History of Jesuits in Latin America Essay

The presence of the Catholic Church in almost all the corners of the world has gone on unchallenged. For centuries, Catholic Orders have played a role in exerting social, religious and economic influences over underdeveloped remote societies. Whereas today such missions may have deemed redundant especially with the emergence of rival denominations and modernization, history is laden with examples of such missions that changed the course of societies. One such presence that has been closely examined and one recognized for the multi-tiered influence it had on the society is the Jesuits Order in Latin America. In their wake, they left a society with an established network of economic, social and educational order before they were expelled by the crown governments for their conflicting economic, political and ideological interests. The Catholic Dogma remains a formidable force in Latin America surpassing that of any other church and having a solidified control over the religious life of the populace. The history of the Catholic Church in Latin America dates back to the late 16th century as priests from various orders embarked on a mission to spread the word to the indigenous remote areas of the South American continent. The Jesuits had a late arrival compared to other orders but despite this, they have been recognized as having left an indelible mark and impression upon the natives more than any other religious group. The story of their settlement has been well chronicled and retold to generations after generations. Though their relationship would eventually sour leading to the hostile eviction and suppression of their dogma, the Jesuits were warmly welcomed by the Spanish and Portuguese colonial governments who positively viewed western religion as an apt tool for civilizing the natives and introducing western ways thus make them easily governable (Robert, 2008). Immense scholarly attention has been channeled to establish the major reasons behind the success of Jesuits in Latin America and the rationalization of their solid foothold despite being late entrants. While some literature may focus on the seemingly vast resources they wielded as enabling them to finance elaborate religious expeditions, many historians have come to the conclusion that the success lay in Jesuits willingness to blend Christianity with the existing pre-colonial culture. It has to be reiterated that the main motivation the colonial governments welcoming the missionaries was because they saw them as sugar coated baits to the Indians which would ensure their submissiveness to the colonial authority. To the colonists, these Reductions (mission settlements) would be appropriate tools for bringing the Indians together for the purpose of taxation and effective colonization. In Mexico, these settlements were referred to as conregacion while in Brazil they were called aldeias and were seen as appropriate instruments for the Europeanization of the Indians (Gary, 2010). The Jesuits first set foot in Paraguay, amongst the Tupi-Guarani peoples before extending their influence to areas such as Brazil, Uruguay and Argentina amongst others. The initial arrival of the Jesuits in Latin America was facilitated by the Spanish crown and the superiors in Rome as a joint effort to popularize Christianity as well as civilize the indigenous communities. It is the zeal with which they interacted with the natives and also with the Spanish colonial government that would determine their success. Their initial abodes were in the European dominated settlements. They found themselves at a disadvantage because other mission pioneers such as the Dominicans and the Franciscans had already mapped out and occupied the easily accessible territories and hence the Jesuits had to venture deep into the Aztec imperialism to reach the indigenous populations. Although eager to work with the native communities, prudence dictated that they had to commence their mission in the Spanish populated zones before venturing into the interiors. It is here hence that they set a solid foundation and initiated educational institutions that had a philosophical impact upon the immediate society as well as extending to the rest of the colony (Herman 1). One glaring impact that the Jesuits had in Latin America was the solidifying of the economic base of the locals. Scholarly interest has over the years been devoted to explore the extent of the Jesuits wealth and economic interests across South America and has revealed astronomical resources that led to the survival and the expansion of the Jesuit mission but ironically was also a source of conflict with the state and also the private secular haciendas. The Jesuit order was institutionalized in Rome in 1535 and unlike other orders was able to cultivate a cohesive structure away from the wrangles that characterized the state and church relations. Coupled with astute management of financial resources, the urban and rural properties that they owned, the Jesuits were able to expand the sphere of their mission deep into the interior (Enrique 1981). With such immense resources, the Jesuits were able to set up major development facilities as well as ensure the provision of social amenities such as health and education. As most have concurred, the Jesuits were administrative geniuses with their file and rank laden with individuals of various skills and competences. As Oreste (97) agrees, â€Å"under the religious habit of the order were hidden skilled technicians in the most distinct specialties: educators and psychologist; engineers and architects; metal workers and agriculturalist; artisans of many different trades; doctors and pharmacists; and even painters and sculptors. † Armed with such immense human resources, they left a decisive influence on the local communities. The schools they set up for the natives were unprecedented. Although there exists other universities set up by the Dominicans and the Franciscans, the Jesuit schools have been recognized for their powerful impact. An example of the famous universities they set up include san Ignacio de Loyola in Cordoba and Xaverian University in Bogota situated in Argentina and Colombia respectively. A notable contribution has been hailed as having been upon the Indian tribes spanning across both North and South America. By the time the Jesuits began their settlement in Latin America, the Indians were either gatherers or nomadic hunters. By the close of their 150 years of stay, the Indians had become a more organized and educated community with social and economic height equaling that of medieval western towns. Examples that have been greatly highlighted are the Guarani towns referred to as the Settlements of Paraguay. These settlements would later become urbanized being put under the charge of Jesuit priests aided by selected Indians. These settlements formed core units of the national economy creating a concentrated web of economic and social traffic. Each settlement was self autonomous complete with a church and artisan workshops. Education was a core concern and was a main preoccupation to the priests; it was a hence necessary that each town be equipped with a school and a library. Indians in the Jesuit settlements were able to accomplish a high level of economic, social and cultural development outdoing even the Spanish towns in the region. Undoubtedly, the Jesuits had a huge economic, social, religious and cultural impact in Latin America. Their prosperity and a strong sense of independence put them on a collision path with the Spanish and Portugal crowns and it was only a matter of time before they were expelled. Indeed in 1767, the Spanish king announced the banishment of all Jesuits from all the Spanish controlled areas. This would consequently lead to the taking over of all Jesuit possessions by the colonial government and the return to Europe of all Jesuits under arrest. The woes leading to the expulsion of the Jesuits can be traced to Europe where strong opposition began to arise coupled by a papal decree to dissolve the Jesuit mission or what was known as the Company of Jesus. A diagnosis of the conflict between the Jesuits and the Spanish crown reveals that it revolved around economic, ideological and political factors. There are those that have pointed out that the immense resources that the Jesuits accumulated and their seemingly prosperity was their undoing. As reiterated above, the Jesuits became a major economic class leading to the development of Jesuit haciendas. A wealthy class of Jesuits that owned huge tracts of plantations becoming influential figures in both social and political circles. This involvement in economic concerns in the long-term led to the development of conditions that deviated from the original intent of the Company of Jesus. Like the secular haciendas, the Jesuits began enjoying elite privileges and pursuing interests that put them at a crossroad with the crown administration. The Jesuits were also seen as undermining the crown by exploiting the special relations they enjoyed with the Indians they protected. There were claims that the Jesuits were treasonable and were engaged in secret plots against the crown. An example would be an uprising in Oporto referred to as the Taverners Revolt which was alleged to have been plotted by the Jesuits albeit never being proven. To the secular haciendas, the Jesuits economic prowess was a major threat to their livelihood. The Jesuits were accused of unfair trade practices and of grabbing the fertile lands at the expense of other enterprising Europeans. For instance they were accused of monopolizing the spice trade in the Amazon and of locking other interested traders using unfair practices. Herman, 1980) The wealth and the influence that the Jesuits wielded hence left them at a precarious situation creating a fear amongst other groups that their domination would lead to the disintegration of the Portuguese and the Spanish crowns paving way for the taking over the mantle by the Jesuits who by then were spread almost across the whole of South America. It was for these reasons that the pope issued a banning decree and the crown governments followed it up by expelling all the Jesuits, confiscating their properties and their huge plantations (Jeffrey, 2004) Indeed the history of the Jesuits in Latin America and their accomplishments remain exemplary. Touted as one of the most influential group of missionaries from Europe, the Jesuit settlement in its wake, and after close to 150 years, left a more advanced economy with advances in education that has continued to be recognized more than two centuries after the banishment of Jesuits. While the major reasons for their expulsion lay in the numerous political, economic and ideological conflicts with the secular haciendas, the crown and the authorities in Rome, their exit left a major blow to south America that would take years to mend.

Discussing the Front Piece of the Leviathan

Salah Rushdy POLI 357 Discussing the front piece of the leviathan The Latin quote on the book cover translates into â€Å"There is no power on earth to be compared to him†. According to my own interpretation, in this front piece of Thomas Hobbes leviathan, the sea monster is presented as the absolute sovereign. He rules the people that form his being. All the people of that state are looking up to him in the image as to express their submission and acceptance of the social contract to be ruled. In the front piece, the leviathan holds two objects in his hand which are a crosier and a sword. A crosier in Christianity is a symbol of the governing office of the bishop or apostle. Here, one can assume that what Hobbes meant by the leviathan holding a crosier is that the absolute sovereign of the state will be in charge of the spiritual side of the state to prevent any disagreements or religious wars. One has to understand as well that the era by which Thomas Hobbes was living in witnessed a century worth of religious warfare and the book itself was written during the English civil war. So a lot of his philosophy regarding the state of nature and social contract was a solution to the war existed at his era. The sword resembles power by which all has to abide or else will be obligated to face the consequences raised by breaking the social contract which will be perceived as a threat to the stability of the sovereignty as a whole.

Active and Passive Indexing

From 1986 to 1996, the amount of money invested in index funds grew from $556 million to $65 Billion. And if anything, individual investors have been slow to embrace passive management. Institutional investors invest a far larger percentage of their assets passively. Many individual investors are simply uneducated and unaware of the arguments and experimental evidence supporting passive management. Institutional investors and academics have known for years (many for decades) that passive investing is extremely difficult to beat and that the majority of active investors will fail in their attempt to outperform the market. Active indexers assert they can outperform the marketplace. Passive (index) portfolios state they can mirror the performance of the indices. Both have their good times and their bad times. Active indexers raise cash in times of increased risk and instability while passive indexers remain fully invested. This can be quite painful during times of large declines in the market. Passive portfolios mirror the gains of the indices during roaring bull markets and eventually outperform the majority of active money managers who must remain diversified and who sometimes take on additional risks in an attempt to produce the performance and safety that they have promised their clients. The evidence has piled up during today’s bull market that the average dollar managed by active managers does not keep up with the market index. Finally, indexing is a way to avoid being blind-sided in certain areas of the marketplace. Active management themes can easily find themselves on the wrong side of an investment. There is a perception among investors that a strategy designed to match stock market returns is less risky than a comparable actively managed portfolio. Since the index approach invests in a manner that is most friendly with the market’s natural liquidity, it produces the least disturbance. The passive investor also has diversified his risk. Specific negative things can happen to individual companies or groups. As a passive investor, one is not exposed to any of these things. However, it does not mean you have a risk-free investment. The downside to passive index investors is that they â€Å"fuel the fire† of a market that appreciates well beyond its true value. Index mutual funds must put new money to work†¦ they can not hold cash†¦ and their investors all buy the exact same stocks. When stocks go down, index funds, being fully invested, will receive the ultimate effect of the decline. Combined with this loss is the fact that they will also have to sell shares to cover shareholder redemptions. These funds will get hit harder than many active portfolios with a cash cushion. Most active managers of investment portfolios raise cash as they perceive higher valuations, excessive instability, and extreme risks, therefore; reducing the display to loss during declining markets. Another downside to passive indexing is the impact they have on market instability. This gives the patient active money manager a welcome opportunity to take advantage of stock selection at very attractive prices and, to some extent, time the market in making their decisions of when to buy and when to sell. Index investing is a tricky business that can roil markets. Actively indexed funds have gone upward over the last decade. This has occurred despite the fact that investors have poured huge amounts of money into active funds over this period. The costs of investing in index funds have trended downward as they have become more popular with investors. The costs of active index funds just might decrease in the future, thereby narrowing the cost gap with passive index funds. But all evidence to date has shown just the opposite trend – the costs of active funds continue to go up and the costs of index funds continue to go down. Actively indexed funds typically generate relatively large amounts of taxes while passive index funds generate relatively small amounts. Some of the resulting gap in performance caused by taxes would seemingly be narrowed if the federal government were to lower tax rates. Congress did this at the end of July 1997 when it reduced the maximum long term capital gains tax rate from 28% on investments held more than one year to 20% on investments held 18 months or longer. The tax bill provides that in the year 2001 this rate will be reduced to 18% for investments held five years or longer. Finally, active money managers serve the specific needs of their clients. They manage portfolios based exactly on the investor’s objectives and tolerance for risk. They make decisions based on a stated time frame and they are capable of changing the goals and direction of a portfolio on a moment’s notice. They are the investor’s personal link to the market and the protector of their capital. The value of these services is immeasurable to most investors. One thing that really does not influence the investor as much as it should is the lack of appreciation with respect to the tax consequences of passive index management. The capital gains, created during the year by a fully active index manager, is reported to the IRS, and the investor ends up being taxed. For a taxed investor, the buy-and-hold is a winning strategy. Turnover is the enemy of the investor who pays taxes. Conversely, most investors would be more than happy to pay taxes on the returns produced by active money managers during periods of declining markets. Not many investors prefer losses to earning some gains and interest, even with the tax man waiting. The effect of so many investors buying index funds is that they tend to guard the money market. An investor could actually, in a cost-effective manner, buy and sell the market. The asset funding of active managers, combined with the efficiency of the passive manager, allows one to implement strategies that provide an optimal mix of securities to match a particular scenario, objective, or risk aversion. From time to time, it is possible that the major assets can get out of balance. Investors can run up prices where the lawfulness market is overvalued. When this reaches a untrustworthy level, more self-corrective measures are needed. This is where the expertise of the active manager becomes useful. As an investor, you are always trading off what Jeremy Bentham, the British economist, referred to as the â€Å"pain-pleasure calculus. † Good returns produce pleasure. Bad returns produce pain. An active money manager is always balancing off the pleasure vs. e potential pain. The active manager tends to determine what that balance is and if it finds that the market is deployed otherwise, it works in balancing the portfolio. Tactical asset funding combined with a passively managed portfolio has been called the â€Å"holy grail† of investing by Jonathan Burton, of Dow Jones’ Asset Management magazine. During declining markets, index funds take the full force of the market’s loss. Managers of these funds are forced to sell stocks in order to meet the demand for redemptions as their investors got out of the market. During markets of very little movement, investors quickly drain of insufficient or no returns on their investment. Finally, a philosophy of capital preservation causes the active manager to raise cash, providing a cushion for portfolios during times of extreme risk. Active or passive? Both have their advantages and their risks, but the two are found to be the best long-term plans for both performance and safety. Index (passive) funds are likely to beat active funds, yet the Morningstar data show that 92% of all the money is U. S. stock funds is in active funds. Active and Passive Indexing From 1986 to 1996, the amount of money invested in index funds grew from $556 million to $65 Billion. And if anything, individual investors have been slow to embrace passive management. Institutional investors invest a far larger percentage of their assets passively. Many individual investors are simply uneducated and unaware of the arguments and experimental evidence supporting passive management. Institutional investors and academics have known for years (many for decades) that passive investing is extremely difficult to beat and that the majority of active investors will fail in their attempt to outperform the market. Active indexers assert they can outperform the marketplace. Passive (index) portfolios state they can mirror the performance of the indices. Both have their good times and their bad times. Active indexers raise cash in times of increased risk and instability while passive indexers remain fully invested. This can be quite painful during times of large declines in the market. Passive portfolios mirror the gains of the indices during roaring bull markets and eventually outperform the majority of active money managers who must remain diversified and who sometimes take on additional risks in an attempt to produce the performance and safety that they have promised their clients. The evidence has piled up during today’s bull market that the average dollar managed by active managers does not keep up with the market index. Finally, indexing is a way to avoid being blind-sided in certain areas of the marketplace. Active management themes can easily find themselves on the wrong side of an investment. There is a perception among investors that a strategy designed to match stock market returns is less risky than a comparable actively managed portfolio. Since the index approach invests in a manner that is most friendly with the market’s natural liquidity, it produces the least disturbance. The passive investor also has diversified his risk. Specific negative things can happen to individual companies or groups. As a passive investor, one is not exposed to any of these things. However, it does not mean you have a risk-free investment. The downside to passive index investors is that they â€Å"fuel the fire† of a market that appreciates well beyond its true value. Index mutual funds must put new money to work†¦ they can not hold cash†¦ and their investors all buy the exact same stocks. When stocks go down, index funds, being fully invested, will receive the ultimate effect of the decline. Combined with this loss is the fact that they will also have to sell shares to cover shareholder redemptions. These funds will get hit harder than many active portfolios with a cash cushion. Most active managers of investment portfolios raise cash as they perceive higher valuations, excessive instability, and extreme risks, therefore; reducing the display to loss during declining markets. Another downside to passive indexing is the impact they have on market instability. This gives the patient active money manager a welcome opportunity to take advantage of stock selection at very attractive prices and, to some extent, time the market in making their decisions of when to buy and when to sell. Index investing is a tricky business that can roil markets. Actively indexed funds have gone upward over the last decade. This has occurred despite the fact that investors have poured huge amounts of money into active funds over this period. The costs of investing in index funds have trended downward as they have become more popular with investors. The costs of active index funds just might decrease in the future, thereby narrowing the cost gap with passive index funds. But all evidence to date has shown just the opposite trend – the costs of active funds continue to go up and the costs of index funds continue to go down. Actively indexed funds typically generate relatively large amounts of taxes while passive index funds generate relatively small amounts. Some of the resulting gap in performance caused by taxes would seemingly be narrowed if the federal government were to lower tax rates. Congress did this at the end of July 1997 when it reduced the maximum long term capital gains tax rate from 28% on investments held more than one year to 20% on investments held 18 months or longer. The tax bill provides that in the year 2001 this rate will be reduced to 18% for investments held five years or longer. Finally, active money managers serve the specific needs of their clients. They manage portfolios based exactly on the investor’s objectives and tolerance for risk. They make decisions based on a stated time frame and they are capable of changing the goals and direction of a portfolio on a moment’s notice. They are the investor’s personal link to the market and the protector of their capital. The value of these services is immeasurable to most investors. One thing that really does not influence the investor as much as it should is the lack of appreciation with respect to the tax consequences of passive index management. The capital gains, created during the year by a fully active index manager, is reported to the IRS, and the investor ends up being taxed. For a taxed investor, the buy-and-hold is a winning strategy. Turnover is the enemy of the investor who pays taxes. Conversely, most investors would be more than happy to pay taxes on the returns produced by active money managers during periods of declining markets. Not many investors prefer losses to earning some gains and interest, even with the tax man waiting. The effect of so many investors buying index funds is that they tend to guard the money market. An investor could actually, in a cost-effective manner, buy and sell the market. The asset funding of active managers, combined with the efficiency of the passive manager, allows one to implement strategies that provide an optimal mix of securities to match a particular scenario, objective, or risk aversion. From time to time, it is possible that the major assets can get out of balance. Investors can run up prices where the lawfulness market is overvalued. When this reaches a untrustworthy level, more self-corrective measures are needed. This is where the expertise of the active manager becomes useful. As an investor, you are always trading off what Jeremy Bentham, the British economist, referred to as the â€Å"pain-pleasure calculus. † Good returns produce pleasure. Bad returns produce pain. An active money manager is always balancing off the pleasure vs. e potential pain. The active manager tends to determine what that balance is and if it finds that the market is deployed otherwise, it works in balancing the portfolio. Tactical asset funding combined with a passively managed portfolio has been called the â€Å"holy grail† of investing by Jonathan Burton, of Dow Jones’ Asset Management magazine. During declining markets, index funds take the full force of the market’s loss. Managers of these funds are forced to sell stocks in order to meet the demand for redemptions as their investors got out of the market. During markets of very little movement, investors quickly drain of insufficient or no returns on their investment. Finally, a philosophy of capital preservation causes the active manager to raise cash, providing a cushion for portfolios during times of extreme risk. Active or passive? Both have their advantages and their risks, but the two are found to be the best long-term plans for both performance and safety. Index (passive) funds are likely to beat active funds, yet the Morningstar data show that 92% of all the money is U. S. stock funds is in active funds.

Microsoft BSA Assignment Example | Topics and Well Written Essays - 500 words

Microsoft BSA - Assignment Example Moreover, most of the information leakage is due to the same reason, as a common hacker can attack to the vulnerability of weak password and break into your information (Green & Richard, 2011). The option of adopting the strong password policy set restricts the users to develop strong local account passwords. Therefore, after setting the strong password policy the user cannot develop simple, easy to crack, blank and / or the password that is the same as the username to avoid hacking and information leakage vulnerability (Green & Richard, 2011). The Malware attacks the digital information in multiple ways. The Malware gets downloaded with the product being downloaded and starts working slowly with the passage of time. Some of the Malware irritates by displaying diverse pop-ups, as the malicious pop-up program runs secretly in the downloaded product (SpamLaws, n.d). There are many types of Malware that include but not limited to the Adware, Bot, Bug, Ransomware, Rootkit, Spyware, Trojan Horse, Virus and Worm (Lord, 2011). There are several software applications that could be utilized in the computers to prevent the Malware including anti-virus and anti-adware. The Conficker is a computer worm that has ability to infect a computer and widen itself automatically (without human interaction) to the other computer over the computer network. The Conficker worm attacks the computer network services through the internet on diverse Microsoft’s operating systems including Windows 2000, XP and Windows Server 2008 etc. The Microsoft launches out-of-band patch in 2008 to avoid the Conficker attacks (Microsoft, 2013). The organizations could use the MBSA to detect the missing patches by utilizing the security information automatically received through the application of Conficker programs in the computer systems. Moreover, the Windows operating systems have ability to

Employment Law for Business Today and Tomorrow Research Paper

Employment Law for Business Today and Tomorrow - Research Paper Example The employment laws came into being as a result of the untiring struggle of laborers for the better working conditions, wages and their right to raise through trade unions and to present a charter of demands to the management when due. In order to strike a balance between the employers and the employees, the positive role of the trade union cannot be ignored. It is a matter of fact that without the cordial relationship between the employees and the employers, running the affairs of an organization smoothly is a big question mark (Deakin & Morris, 2005). The infrastructure of employment law around the globe is more or less the same in terms of rights and obligations of the employees and the employers. The rights and obligations of the employees and the employers are implemented through a contract of employment (Deakin & Morris, 2005). ...In many countries of the world, minimum wages of the employees are determined by their respective governments. We may cite here the example of Sweden where minimum wages are negotiated by the Collective Bargaining Agent on behalf of the employees with the management, keeping in mind the profitability of the organization/other factors. The CBA strives hard for a better deal for the benefits of workers (Deakin & Morris, 2005). Here we can mention the minimum wage laws that were introduced in different countries seriatim: USA (1938); Brazil (1940);Â  India (1948); France (1950) and last but not the least, UK (1998). Today 18 out of 25 members are part of the European Union where minimum wages for the workers are in vogue (Deakin & Morris, 2005). While looking back at the era of the Industrial Revolution, we observe that at that time workers were forced to work approximately up to 14 hours or even longer. Along with adult employment, children employment was also common with drastic features. In England, children had to work 8 hours a day in the textile factories. The Factory Act of 1802 and subsequent acts addressed the issues rela ted to children employment and the minimum working hours of an employee. According to the said act, the racial and sexual discrimination is unacceptable and considered illegal (Selwyn, 2008). The subsequent employment act, which came to surface in 1938, set a maximum of 44 hours and later on 40 hours a week. Even the immigrant workers are benefited from the mentioned act. There are areas where this act is not implemented. For instance, in the agricultural field, working hours can be spanned to 72 hours a week in the harvesting season.

How to use marketing mix buile Chiang Rai province as a destination Assignment

How to use marketing mix buile Chiang Rai province as a destination during winter season - Assignment Example 116,664 + 18.90 119,450 + 2.39 YEMEN 3,469 - 2.88 2,993 - 13.72 MIDDLE EAST 282,879 + 6.62 298,076 + 5.37 Source- (Ambhanwong 2010) International Tourist Arrival in Thailand in 2009 -14,149,841 International Tourist from Middle East alone 298,076 (5.37%) Source - (Ambhanwong 2010) Marketing Mix According to Kotler et al (2006), marketing mix connotes the elements that a business owner or a manager can manage to influence the consumers in decision- making on the tourist visit to Chiang Rai province, especially in winter. As per Shoemaker, Lewis and Yesawich (2007), Professor Neil Borden of Harvard can be said as the father of the concept namely â€Å"marketing mix.† Borden developed the â€Å"four Ps† principles namely â€Å"product, place (distribution), price and promotion. (Kotler et al, 2006) The term product connotes to features like the business range of services or products, the novelty of those services or products, their distinctiveness from the products of the ir rivals, or their excellence to the competitors’ services or products with reference to quality. Price connotes to the services / or product’s prices enumerated in the price list or any incentive offered for the promotions of such services or products, and if there is any price incentive available for the peak season or offseason period. Place connotes to the delivery of the services or products gauged by the elements like availability, distribution and convenience. The term promotion connotes to informative sales campaign like displays, features and discount, detailing and advertising. McCarthy is of the view that marketing of tourism industry is different from that of marketing of products and thus, needs a varied approach to the marketing mix – that is – the concept of the marketing mix to... This essay discusses that Chiang Rai has large potential to offer medical tourism, adventure tourism and golf tourism to the foreign tourist at the affordable cost with the world-class luxury. In the last decade, tourism industry is one of the major revenue earners for the Thailand economy, and tourism accounted about 7% of its GDP (Gross Domestic Product). Tourism Authority of Thailand (TAT) has launched various programs to promote the tourist industry both domestic and inbound one with attractive slogans like â€Å" Unseen Thailand â€Å", & â€Å" Amazing Thailand.† The revenues generated through tourism industry are mainly meant for income distribution to various regions of Thailand and for economic growth, including Chiang Rai province. According to TAT, about 14,584,226 international tourists arrived in Thailand in 2008 14,149,841 international tourists arrived in Thailand in 2009 alone. Goeldner & Ritchie , in their empirical research study ,have found that respondent s in a survey who visited Baan Phangam province in Thailand gave the highest mean positive feedback (3.99) on the service/product aspects for adventure tourism. This is trailed by place (3.43), and then, the price and then promotion. Further, the tourists also gave more weight to natural beauty of the surrounding or scenic beauty, daring adventure movements and a mixture of adventure activities. As regards to tourist’s demeanours , positive feedback given by colleagues / friends who visited Thailand already scored high mean score of 56% for a tourist to decide as Thailand as their favourite tourist destination.

Essay For Bursary Example | Topics and Well Written Essays - 1000 words

For Bursary - Essay Example I will also articulate the core reason I think that I am eligible and deserve to receive this bursary award to attain my education goals and objectives. Due to discrepancy with my personal income, accessing OSAP assistance has remained a challenge. In addition, lack of compatibility and inconsistency in my income has proved to be an obstacle to be eligible for OSAP initiative. Moreover, having no stable income has been a provocation for in being a beneficiary of the OSAP initiative as other students. Besides the aforementioned obstacles, attending classes without learning materials remains as the most discouraging in my education life. As a major factor for comprehensive learning, it is a challenge to keep up with the pace of teachers and other students when lacking essential learning materials. Lack of adequate learning stationeries has disadvantaged me in effectively doing homework, assignments and preparations of my exams. Due to lack of adequate support to fund my post-secondary education, I established several income generating activities to help meet my educational and personal needs. For instance, I work every day during my free time to enable me raise enough tuition fees and money for personal needs. Consequently, I have lost concentration and performance ability due to inability to have adequate studies time. My class performance has continually worsened over the years mainly because I always prefer to concentrate on accomplishing employment tasks. Normally, having excellent performance at work has enhanced my job security and continued income. However, excellent employment performance has existed at the expense of my educational brilliance. Obtaining the bursary would enable me to pay my tuition fees and adequately find more time to concentrate on studies. I believe in my potential to perform brilliantly if I pay my school fees in time and have adequate studies time. In addition, I would have e nough

International Business Environment Essay Example | Topics and Well Written Essays - 3750 words

International Business Environment - Essay Example India is one of the largest markets in the world in terms of its size and with the growing GDP, the spending propensity too will increase within the next decade. Although there is a certain degree of political and business risks involved in Indian investments, these do not surpass that of any other developing nation. In terms of its tourism industry, the local market is equally important as the foreign tourist inflows and the industry competitiveness is currently placed in average scale though forecasted for high growth during next decade. India has changed its stance from a closed economy to a open economy with much success with a short span of time and its ranking in global trade and FDI is very promising. Many new initiatives and policy measures have been recently introduced to promote international trade and tourism industry in particular as well as creating favourable FDI climate. However the country is still saddled with bureaucratic red tape and administrative restrictions. Me mbership in WTO and being party to many regional integration agreements place India in a reliable perspective in the eyes of potential investors. The country is also extending a high regard for intellectual property rights and has already implemented WTO’s TRIPS agreement. Closely managed Indian monetary system is one of the key deterrence and hindrances faced by many international investors and the close scrutiny of profit repatriation needs to be noted.

Real Estate Foreclosures Essay Example | Topics and Well Written Essays - 1250 words

Real Estate Foreclosures - Essay Example Through foreclosure process, banks or creditors can reclaim the possessions of owner if he/she is unable to fulfill the contract of mortgage loan. As the financial crisis has occurred in the USA, the numbers of foreclosures have increased. Several banks such as Bank of America, JP Morgan Chase, and Ally among others had announced foreclosures against the homeowners who failed to repay the loan amount. Real Estate Foreclosures and the Financial Crisis The unreasonable strategies of financial institutions in the USA had allowed many people to purchase houses which they could not manage to pay for. It was unwise for people to think that house prices will only increase and as a result people started to take loans and purchase property from them in the prediction that the cost will increase in future, which will make it easy for them to repay the amount. When the bubble burst, the house price began to decrease considerably and several home owners were trapped unexpectedly to pay for the l oan amount. As people understood that they will lose more money by selling their property compared to the loan amount, they foreclosed. The increasing rate of foreclosure had freaked several banks as well as hedge funds that had already converted the loan amounts to securities and comprehended large amount of losses (Edmonds, â€Å"What's The No. 1 Reason for Foreclosure?†). According to Mortgage Banker Association (MBA) above 900,000 households had foreclosed in the year 2008 which was 71% more compared to 2007. It was recoded as highest foreclosure rate over 36 years in the US economy. The main reason for foreclosure was the attitude of people of maintaining lifestyle beyond their affordability. The subprime loans frequently arrive with low preliminary interest rates and thus people with less affordability are the key receivers of it (Edmonds, â€Å"What's The No. 1 Reason for Foreclosure?†). Causes of Foreclosures The unconscious purchasers of loans are liable for f oreclosure crisis in the USA. In order to benefit from the large loan values, people had chosen several dishonest paths such as fabricating their income, and increasing the values of pledged properties. The lenders had also avoided taking necessary actions against such conducts and made this happen. Generally, people are not very aware about financial details with respect to planning their own revenues. They were simply attracted by the smartly influencing media and thus often fall for overwhelming mortgage culture. The leaders and politicians were more engaged with spending more amounts compared to tax revenue. The high expenditure had resulted in deficit of budget. In order to deal with the deficit, government had produced more currency which brought inflation and the value of Dollar fell significantly. As a result, the prices of essential goods increased and ordinary people became incapable to cope up with the higher inflation rate. The expense for mortgage amount increased due t o fluctuating interest rate and foreclosure was the end result of it. Several unethical decisions to deal with the deficit of budget such as borrowing money from overseas countries and spending excess money on war had degraded the economy of the USA (Vidmar, â€Å"Seven Ways Foreclosures Impact Communities†

Gambling Research Paper Example | Topics and Well Written Essays - 2000 words - 2

Gambling - Research Paper Example There was a time when gambling was considered illegal or a disrespectful activity but now it has become a Multi-billion dollar activity in most parts of the world. In many parts of the world funding charities and other voluntary works are heavily funded with the money raised from gambling. People tend to fantasize that what they would do when they would win the lottery but mostly people rely on buying lottery tickets and some occasionally gamble with intentions that their lives are not seriously affected with it. After the approval of legalizing gambling in the United States, there has been a significant decline in certain types of gambling which include buying lottery tickets and mostly bingo for different cash prizes (Pew Research Center 2006). Gambling in the view of many people is the most popular kind of fun enjoyment activity today. Most of the people indulge in gambling because they feel a rush or another kind of feeling each time they place a bet whether it is on sports on its casino gambling. Mostly it is a tool to have fun among most of the people. Since gambling is being legalized in many parts of the world, therefore legislative bodies have imposed many laws for safe gambling. All in all the basic reason behind legalizing gambling was the establishment of gambling places which plays an important role in the economic development. Many religious groups protested against the legalization of gambling and they mainly focused on the key points that it will threaten the stability of the community (Azmier 2000). After the Gambling was legalized in the United States of America, it was evident that people started to spend more money on legal gambling now and this is a significant change if compared to history. The legalization of gambling encouraged people to gamble more than the limit they could afford. Buying lottery tickets has increased significantly in United States of America and a large proportion of people believe that it is a way to

Turtles Hatching Essay Example for Free

Turtles Hatching Essay English Essay In the poems ‘Turtles Hatching’ and ‘The Pairing Of The Terns’, Mark O’Connor explores the idea of the circle of life and compares nature to human beings to show how much more evolved nature is then humans are and also the experiences that we go through. O’Connor’s use of visual imagery in ‘Turtles Hatching’ not only tells us, but shows us about the life cycle of the turtles. When the baby turtles are trying to get to the water the seagulls and crabs try and catch them so that they can eat them, which leaves only a few that make it to the water. Slipping in, as it left, the shadow, a thousand times larger, of a parent come shoreward to lay; two ends of the earthbound process linked in the uncomprehending meeting of kin’. This quote tells us, that when a baby turtle has hatched and made its way to the water to begin its life in the ocean, a mother turtle has come to shore to lay her eggs. ‘I gathered a living brother, hiked it over the rock-flats, (fighting on in my hand). Through this use of personal pronouns, O’Connor helps us to connect with the environment he is describing. In this way, O’Connor enables the reader to feel for the turtles. In O’Connor’s poem, ‘The Pairing Of The Terns’, he links the terns to humans. ‘Human lovers know it only in dreams, the wild mating flight of the terns’. This quote tells us that human couples can only dream about what the terns feel when they are flying. When the terns fly they stay motionless in half gales then suddenly they plunge down and across the sky, their strong wings beating into thick vortices of the air. As much as humans wish they could feel free like the terns do when they fly, we humans can only dream about it. ‘locked in pairs by invisible steel’. In this quote, O’Connor explains to us that no matter which way the terns move, they will always be together because they are so in sync with each other. Humans can never have the same love that the terns have, and O’Connor hopes to evoke in the reader a feeling of wonder and desire. O’Connor deliberately compares nature to human beings because it shows how different they are and that humans can only dream about what it feels like to be a part of something more evolved. The experiences that humans go through help to change the way they view the life of nature.

United Nations Environmental Program Essay Example for Free

United Nations Environmental Program Essay There are a lot of articles, books and essays that have been written, touching on the relationship that land has with agricultural practices. For instance, Helmut Geist and Lambin Eric in their essay make postulations that irresponsible agricultural practices have been responsible for the disappearance of tropical forest covers, both at the local and regional levels. The two, being postdoctoral researchers in geography, specializing in the field of global climatic change, posit that irresponsible agriculture is far much responsible for the concept of land use and land cover change (LUCC). To back this argument up, Helmut and Lambin elucidate on the matter, postulating that irresponsible agriculture negatively affects the LUCC than any other practice carried out within the auspices of human civilization. To bolster this notion, it is posited by the two that apart from the fact that agricultural activities has the potency to deliver negative environmental degradation, irresponsible agriculture has the ability to deliver soil erosion- a feat that environmental degradation cannot receive from the industrial sector and its pollution. Evidence Presented The strengths in these claims are that farming and irresponsible agriculture has in most times been blamed for soil degradation. Much evidence is adduced and presented by Helmut and Lambin in this work. For instance, Helmut and Lambin quote the United Nations Environmental Program 2004 statistics that indicate that tilling land that is on a hill and failure to build gabions have in most instances been blamed for over 75% of cases touching on soil erosion (Levine 2006). In another wavelength, it is true that irresponsible farming activities harms the soil when very strong inorganic fertilizers are used, making the soil become resistant to fertilizers and pesticides. Weaknesses Critics such as Geist (2006) point that there are pitfalls in this work that was presented by Helmut and Lambin. For example, in the first case, not all the adverse effects of irresponsible farming practices are dealt with herein. For example, there is no point on the role overstocking (of animals) plays towards soil erosion and the depletion of the scarce resources within the environment. Nevertheless, it is true that all the above factors contribute to the disappearance of the land cover. Assumptions made by the writers At the same time, there are some assumptions that Helmut and Lambin make. Assuming that keeping the right size of cattle, building gabions, using the right quantities of organic fertilizers and pesticides are the only panacea in themselves against the spread of the loss of fertile land is a fallacy on its own. On the contrary, the two forget to address important farming practices such as the growing of leguminous crops, crop rotation and fallowing of land, as being instrumental in the cause against soil erosion. Growing leguminous crops such as beans help in nitrogen fixing in the soil, whereas crop rotation and mixed cropping helps the land receive nutrition from different types of crops. Letting land lay fallow on the other hand, enables the revitalization of pedological energy and the recovery of humus. These are the counterarguments that have been put forth by other critics such as Singh and Fox (2001). Conclusion and importance of the problems and the argument being tackled The sacrosance of the argument at hand is that there is a serious interrelationship between LUCC and human life. This means that mismanagement of the former has the potency to ruthlessly damage the cause of human life. It is no wonder that calls are rife from UNEP for the leading economies to tow the line in ensuring that there is the assuaging of soil, water and air pollution so that the prospects of future human survival can be consolidated. Works Cited Singh, Ram and Fox, Jefferson. A Look at Land Use and Cover Change. New York: McGraw Hill. 2001. Geist, Helmut. A Study on Earth’s Changing Landscape. Colorado: John Wiley and Sons. 2006. Levine, Joel. Global Change and the Burning of Biomass. Massachusetts: Massachusetts Institute of Technology. 2006.

The Ritz Carlton Hotel Company In Jamaica Tourism Essay

The Ritz Carlton Hotel Company In Jamaica Tourism Essay Introduction Executive Summary: Ritz Carlton was founded by Mr. Cesar Ritz who initially worked in finest Hotels and restaurants in Paris. He owned grand Hotel Ritz and within one year he expanded wings in London and opened Hotel Carlton which became Ritz Carlton Hotel Company. He believed in excellent personalized services which satisfied the discerning guest. Ritz Carlton expanded to North America and ownership changed during 1983 to Johnson Company. During 1983 1987 Ritz Carlton expanded domestically and internationally under new ownership.  [i]   During 1997 Marriott International purchased Ritz Carlton and by 2000 it became primarily a management company operating 38 Hotels and resorts worldwide with minority stake in 10 properties and outright ownership of 3 hotels. The company used to obtain management contracts for new hotels and resorts around the world. Over the years hotel conglomerate won acclaimed for its services and had been awarded Best Hotel in Asia Pacific in the eight Business Traveler Asia / Pacific magazine Travel Awards Subscribe Survey and for two consecutive years Best Business Hotel in Malaysia. The Ritz Carlton Hotel Company for the first time now wants to open a hotel in historic Foggy Bottom district of Washington D C in Multi Use facility complex owned by Millennium Partners. The Hospitality Complex is 162 Luxury Condominiums, sports club, splash Spa, three restaurant, and 40,000 square feet of street -level restaurants and retail shops and 300-room hotel. Millennium partners founded in 1990 that set up high end luxury apartments and Lincoln square four building complex in New York was their first project and exhibited their future intensions. Millennium partners ended up in hotel business. In this case study Essence of Ritz-Carlton experience, the Ritz-Carlton selling, how the Ritz-Carlton creates Ladies and Gentlemen in only 7 days. Also McBride, Ritz-Carlton GM, to lengthen the amount of time spent on training hotel employees before hotel opening. McBride should consider a total overhaul of the hotel opening process. Products and Services Ritz-Carlton Hotel Company develops and Operates luxury hotels. Hotels are designed and identified to appeal to and suit the requirements of major customers including meeting event planners, Business travelers and leisure travelers. Ritz- Carlton set out to open any new hotel Ritz-Carlton including detailed analysis of site selection, new product and service development and feasibility study. The detailed analysis also includes target customers, their needs and expectations. The each hotel customized to meet local market demand. Innovation through make use of latest technology for enhancing customer satisfaction level Link restaurant services through internet KobaltExpress.com. It allows customers to decide menus ahead of time and also select the choice of table. Differential aesthetic look and best quality interior was few of the additional features. Core Values Business Model Following are the core values and Business model exist at Ritz Carlton: Core values: Trust, honesty, integrity and commitment. A great emphasizing on human resources, believes it important and biggest assets Foster work environment to fulfill individual aspirations Focus on Service but not sales Guest greets at Airport with mimosas and discount coupons on a silver tray Airport check in concierge Techno savvy to ensure customers needs satisfied Event Planners Ritz -Carlton managed properties for Millennium partners who were one of several hotel owners. Ritz Carlton charged management fees of 3% of total revenue besides wholly owned luxury hotels around the world. The customer segment was Independent travelers and Meeting Event planners. The key success indicators of hotel business were Average Daily Rate and Revenue per Available Room. Independent travelers were influenced through special services like providing discounting coupons at airports, created hotel room at airport and also introduced Technology Butler. The specialized services increased customer convenience and outpaced the competition. The nature of services is perishable and individual travelers are aiding in profitability. The event business / meeting business are growing and desirable for the sustainable profitability. The management contracts tend to meet needs of owners and operators. Quality at Ritz Carlton: Ritz Carlton has a great emphasizing on human resources. Robust HRM practices envisage right people for the right job and inducted to become perfect lady and gentleman. The total quality management philosophy began to permeate the organization. Company focused on new activities and measures including quality standards, continuous improvements for delivering better service quality. New programs designed to meet customer specific need and service quality indicators. The Quality policy believes in Exceeding Standards. Warm and sincere greeting, anticipation and compliances of guest needs and warm good bye are key service steps. Human resources at Ritz Carlton: Human resources is critical element in the process for understanding of the service to be delivered and priorities in doing so, are aligned closely with customers expectations and marketing communications by the organization. For managers, the service climate needs to support and reward employees in their efforts to deliver the service product reliably at the promised standard. The value creation for customer If the customer perceives quality of the service to be higher than the cost incurred, the customer receives value. The greater the difference between the quality of service and the cost, greater will be the satisfaction or dissatisfaction. Ritz Carlton turnover rate was 20% compared to hotel industry average rate of 100%. This exhibits how Ritz Carlton cares about their employees and viewed their employees as one of the important and biggest assets and has passion for the people. Ritz Carlton nurtured and maximizes talent of each individual. Through the extensive formal and informal training employee were prepared to meet current obligations and also higher responsibilities in future. Employees were also trained to meet futuristic obligations and encouraged to cross train and learn about many different aspects. Performance was not only criteria but also managed by the employees themselves. Employees monitoring their own performance and recognized for outstanding work. Staffing: To minimize failure in delivering services, key HRM practices like employee recruitment, selection and training focused and implemented. People having aptitude, talent and attitude to serve people, training schedule made sure to shape out staff for delivering exceptional services. The key of maintaining exceptional service standards was to keep high morale and motivation of each employee. Various tools were used to attract applicants for the various positions include visiting competitors restaurants, advertisement in news papers and visiting hospitality schools. Ritz Carlton job fair was organized for mass recruitment. Aspirants treated well including convenient reaching to destination of job fair, offering snacks and beverages, make them aware about organization. Service Oriented Approach of Ritz-Carlton The customer service oriented approach has three elements: For whom services and products created who will deliver and how will be delivered. Customer Value Customer relationships and customer loyalty Different communication and pricing strategies Assessment of customer satisfaction and complaints Making customer value more tangible People Role of employees in value creation Nature of competencies required to deliver services Empowerment of employees Reduction of stress Operations and Technology Designing processes to create value Design and location of facilities Role of technology Capacity management The Ritz Carlton having different value and philosophy in business which includes and they operate The Credo, The Motto, The Three Steps of Service, Service Values, the 6th Diamond the Employee Promise. The company is engage in the services oriented which have the unique characteristics for providing the services in order to meet the expectation of the customer. Some of the highlights have been captured depicted below:- Excellence in service not in Selling The Ritz-Carlton Philosophy states as they are not in the hotel business. The Ritz-Carlton is selling an experience, and experience that is based on excellence of service. As stated by Schulze, We are not in the hotel business. The hotel business is about selling rooms, selling food, selling the bar. We do those things incidentally, but our business is service. We charge for service. Our commitment to our customers is excellence in service. Their commitment to customers is excellence in service. Service is their profession. The total service oriented approach. The Credo The Ritz-Carlton Hotel is a place where the genuine care and comfort of guests is the highest mission. Pledge to provide the finest personal service and facilities for guests who will always enjoy a warm, relaxed, yet refined ambience. The Ritz-Carlton experience enlivens the senses, instills well-being, and fulfils even the unexpressed wishes and needs of guests. Motto At The Ritz-Carlton Hotel Company, L.L.C., We are Ladies and Gentlemen serving Ladies and Gentlemen. This motto exemplifies the anticipatory service provided by all staff members. Motto of the company, Employee commitment, The credo, employee promises and twenty basics are gold standards and success mantras. Gold standards reinforced on daily basis in order to build the habits of employees to deliver the highest level of services The three steps of service,- A warm and sincere greeting. Use the guests name. Anticipation and fulfillment of each guests needs Fond farewell give a warm good-bye and use the guests name. Service Values: Employees feel proud To Be Ritz-Carlton as they have opportunity to do following which gives them job satisfaction. The Ritz Carlton is known for service excellence and follow following principals to provide excellent service to their customers.. 1. Employee satisfaction. 2. Leadership involvement. 3. Determination, commitment, and accountability. 4. Attend to voice of the customers. 5. Two-way communication. 6. Freedom to act. 7. Employees as ambassadors. 8. Adapt service recovery model (L.A.S.T.: Listen, Apologize, Solve, and Thank You.) 9. Anticipate needs. 10. Scripting to convey the right message  [ii]   The 6th Diamond is Mystique, Emotional Engagement Functional , these all cared by Ritz- Carlton and known 6th Diamond. Employee Promises At The Ritz-Carlton Ladies and Gentlemen are the most important resource in service commitment to guests. By applying the principles of trust, honesty, respect, integrity and commitment, they nurture and maximize talent to the benefit of each individual and the company. The Ritz-Carlton fosters a work environment where diversity is valued, quality of life is enhanced, individual aspirations are fulfilled, and The Ritz-Carlton Mystique is strengthened.  [iii]   Creating Service Oriented culture through orientation Servitisation approach means bundling goods services and makes a integrated package. This approach more focus on associated services than product Four steps in creating servitisation approach:- Knowing your customers Organizing service delivery systems Making sure employees have appropriate skills Employing technology A services discipline is defined by the following main features: The benefits it offers to customers The need to integrate, manage and deliver processes The importance of establishing and maintaining relationships The Ritz-Carlton As a premium hotel whose utmost mission is to provide genuine care and comfort to guests, The Ritz-Carlton pledges to provide the finest personal service and facilities to the guests who will always enjoy a warm, relaxed yet refined ambience.And this objective can only be fulfilled by satisfied and engaged employees. The three goals of Ritz are financial results, customer satisfaction and employee satisfaction. These goals are not exclusive from each other. They are very closely interrelated. Without satisfied and engaged employees, there is no way to achieve excellent financial results and guest satisfaction. To ensure such high service standards, Management team look for people who will fit the existing culture and see the following qualities in the people. People who share the same values and purpose. People who care for and respect others. People who smile naturally. People who seek a long term relationship. People who have talent for the job Process of Ritz to create Ladies and Gentlemen in only 7 days The seven days countdown was formulated for hotel opening process which was refined during in the process of last several years , this was the new employees first encounter with hotel, which started exactly seven days before the grand opening of the hotel. The first two (2) days were devoted to orienting employees to the company culture and values. The next five days were devoted to more skills training and trial runs of service delivery. To ensure that employees are get aligned with organization mission and core values. Trainers from 23 nationalities The orientation process is slow and thorough, and ensures that the employees are aligned with the organizations mission and a great deal of focus is kept on the conveying the values of the organization. The trainers for the orientation program are gathered from 23 different countries, all considered the best of the best in their role within the organization. These trainers are responsible for ensuring that each employee is at the required level or standard in their specific job function at the hotel. Schulze addresses the new team by stating, You are not servants. We are not servants. Our profession is service. We are ladies and gentleman. We are ladies and gentleman and should be respected as such. He conveys a message of unity, a message of equality and team work during his address, and he again insists that We are ladies and gentleman serving ladies and gentleman, as per the Ritz Carlton motto. The Ritz-Carlton employed the Gold Standards to ensure this message was communicated effectively to all employees; the Gold Standard included The Credo, The Three Steps of Service, The Motto, The Employee Promise and the Twenty Basics to ensure employees were focused on the organizations values. Through continuous communication and brain storming session and directives from top to down level and intensive training, skill development and an aligned HRM strategy, within 7 days the Ritz-Carlton managed to create ladies and gentleman out of their employees. The steps for making Ladies and Gentleman Training and daily line-up: During the first two days employees were aware, trained and dipped into the culture and values of the organization and remaining five days devoted to specific skill training and trial runs of service delivery ensuring everything perfect and meeting service standards. The orientation process ensures aligns the worker with the mission of company and ensured service philosophy ingrained in all its employees, they ingrained the message that all employees are in the service business and not the hotel business. The executive team and Human Resources explain The Ritz-Carlton Credo, Employee Promise, and 12 Service Values. After that, they will receive 30 days of training from a certified trainer from the department. On Day 21, new employees are asked to give the management feedback on how they can improve their training program for future training and recertification. In addition, every employee gets a minimum of 130 hours of training every year, which spans training for his or her department, company culture, and language and computer skills. Day 365 is recognition of one year of loyal service and is an opportunity to reinforce the hotels culture. Every employee will also go through annual recertification after they pass written tests, role-play and interviews on culture and skill. Daily line-up is a daily briefing to reiterate the companys standard and convey important business messages. It takes place every morning in each department. While each department may conduct briefings differently, the message they convey is the same worldwide: they will talk about one of the 12 Service Values. Listening and communication: Communication is important and creates abundant opportunities to interact with employees beginning with the interview and continuing through monthly breakfast meetings and his daily rounds of the hotel: Human Resources also holds a monthly feedback session with randomly selected employees for 1 to 1.5 hours to discuss their concerns. Overall, every employee has one opportunity every year to speak with the General Manager or HR Director in private. In addition, the hotel conducts annual employee satisfaction surveys, and on an ongoing basis, collects opinions on employee issues and posts them in public areas identifying those responsible for solving them. The executive team then notes the number of issues solved and measures the satisfaction of the employees. Empowerment and continuous improvement: Employees are also encouraged to be innovative and creative when it comes to improving their jobs. Money is not the key motivator; employees are rewarded for improving the goals measured by guest satisfaction, financial performance and employee satisfaction at year-end. Employees are rewarded and recognized for their outstanding customer service.  [iv]   Information support: Through their numerous interactions with guests throughout their stay like check in, room service, and housekeeping, employees continuously record guest preferences and needs in Guest Preference Forms. Every night, such preferences and needs are entered into The Ritz-Carltons worldwide database Project Mystique, so whenever guests make a reservation at a Ritz-Carlton hotel, their needs and preferences are known and taken care of. Reward and recognition: At The Portman Ritz-Carlton, employees are recognized and rewarded both financially and non-financially. Mark DeCocinis believes if you want your people to be the best, you must pay them top market salaries. While money is not the key motivator, employees are rewarded for improving the goals measured by guest satisfaction, financial performance and employee satisfaction at year end. Employees are rewarded and recognized for their outstanding customer service. Every quarter, a Five-Star Employee Award is granted; with the winner receiving a five-night stay for two at a Ritz-Carlton anywhere in the world, along with round-trip tickets for two and US$500 allowance. At Ritz -Carlton human resources are very well planned they treat with hospitality. As per their President who says you are not servant. We are not servant. Our profession is service. We are ladies and gentleman, just as the guests are whom we respect as ladies and gentleman. If you impart such culture be sure you will create ladies and gentle to serve. Give the respect take the respect, which costs nothing only wins, the heart of the customer who is taking the service will have regards for the service provider. Employee orientation schedule Employee orientation is key part of the training and development process which introduces employees to the jobs, colleagues and organization. Researchers have found that formal orientation can achieve significant cost savings by reducing anxiety of new employees, fostering positive attitudes, job satisfaction and sense of commitment at the start of the employment relationship. The 7 day countdown was a Hallmark of Ritz Carltons well defined hotel opening process which synchronized all steps leading to the opening of a new hotel.  It was Ritz Carltons orientation process aimed at aligning the employee with the vision and mission of the organization. The 7 day orientation process was standardized and ensured that Ritz Carlton has the right employees to support its vision which was Excellent Personalized Service. The seven day countdown was a worldwide best practice for the organization but in our opinion McBride should lengthen the 7 day countdown because of the following reasons: Current difficulty faced in training new hires to meet the high expectation of Ritz Carltons standards in only 7 days. An increase in the training period would help employees understand their role in achieving the key success factors and creating the The Ritz Carlton Mystique. By lengthening the 7 day countdown the service could become flawless which in turn could help translate the 5% dissatisfied customers to satisfied customers. This would result in occupancy going up from 80% to 88% due to increase in satisfaction level translating to $300 million. Extending the 7 day countdown means investing in long standing excellence in areas such as employee orientation and customer oriented training resulting in increased customer engagement and satisfaction. Research on guest-spending patterns indicates that a four percent increase in customer engagement company-wide would generate an extra $40 million in incremental revenue. Employees morale is boosted as they are protected from feeling overwhelmed. A longer employee engagement would also mean further decrease in the annual turnover which stood at 18%. Adults by virtue of having lived longer accumulate greater volume, knowledge and mind-sets. It would help to have more time for the employees to o un-learn and learn new things. Continuous improvement was absolutely critical to keep the commitment to customer for excellence in service and extending the 7 day countdown would help the process. Would help thwart competition from The Four Seasons by offering flawless service which can be achieved by increasing the orientation period. Would help meet the expectations of the Millennium Partners about this hotel offering great great service which means it expected Service par excellence. Thus we believe that Ritz Carlton should therefore increase the length of the orientation to further ingrain service excellence in its new employees which will ensure higher productivity and foster competitiveness. An assessment of 7 days vs 14 days training program 50% occupancy revenue = $5,000,000 Cost of the 7 day training program = $10,00,000 (estimated) 80% occupancy revenue = $8,000,000 Cost of the 14 day training program = $20,00,000 (estimated) Benefit of the program = 3,000,000 Additional Cost = 1000,000 Return On Investment = 300% Every investment including investment for employee training associated with cost and benefit. The cost and benefit mean cost involved in training of employees, direct revenue benefit, intangible benefits. The increase / decrease training schedule also adversely / favorably impact. Ritz Carlton is well known name to the industry and known for service centric approach. Initial Occupancy may not affected by training period but message of customer care approach need to be ingrained. Local culture also affects the training schedule as behavior of individual employees need to framed up in line of the global approach. Change in hotel opening process Change is part of life. World scenario is becoming dynamic and industry is coming up with innovative products to lure customers. In order to stay ahead in competition, Ritz Carlton also need to think differently. The entire training module, customer expectancy needs overhaul of the hotel opening process. The defects need to eliminate within shortest time frame.. Additional training and development will increase the cost but it will build up confidence and set new industry bench mark. Ongoing operation is very different from the opening a new hotel. The opening hotel require two core competencies One is dealing with the development of the site. Human resource processes necessary to get the hotel up running. Ritz-Carlton regarded employees as the cornerstone of its exceptional service culture. The company understood that, as a service organization, the quality of its end product was only as good as the people providing it. Therefore it took care to see that it not only recruited the right kind of employees, but also provided them with the necessary inputs to enable them to provide exceptional service. Although Ritz-Carltons salaries were not significantly higher than those of other comparable organizations in the hospitality industry, the company was a preferred employer because of its organizational culture and the way it treated its employees. Ritz-Carltons organizational culture not only helped the company provide exemplary customer service, but also created an atmosphere where employees felt valued. It is difficult to train new hires to meet the high expectation of the Ritz Carlton service standards in only seven days, but it worked in Ritz Carlton. Training should not be longer which will not be cost effective in the short span of the time. The employees already working should be given chance to in the second opening millennium to avoid taking risk at the opening itself. Recruitment should be done for the Ritz Carlton not for the millennium because the employee can be transferred as per the requirement. The employees of the Millennium partners can be taken for the opening, as the partners employees will feel proud to work jointly as a team. This will give opportunity to the partners employee who knows the brand fame of the Ritz Carlton by giving the Ritz Carlton basics. Ritz-Carlton management takes the following four steps to ensure that employees maintain the companys high standards for quality and service Excellence, as articulated in the Gold Standards: (i) rigorous employee selection process, (ii) employee orientation, (iii) employee training certification, and (iv) continuous coaching. Conclusion: The service industry is becoming more competitive. Global aspirations and technological innovations are challenges for the industry. Customers are loyal to the services rather than company. The services need to revisit and provide latest offers. Worlds best organizations believe in beating their own standards and developing innovating products to serve and win customer hearts. 100 % employee pride Joy, Zero customer difficulty and 100% customer loyalty are performance criteria of performance excellence set by Ritz Carlton Hotels. The road map created for performance excellence through strategic planning, leadership, Human resources, Processes Systems, customer focus, information analysis finally business results. Employees groomed and equipped to exceed (Not meet) customer requirements. Regular updating training needs, deliverance evaluation, PDCA (Plan, Do Check, Act) and Z- back approach; unlearning learning approach aided in meeting industry challenges.

Rhetorical Analysis of President Roosevelts Pearl Harbor Speech

Rhetorical Analysis of President Roosevelt's Pearl Harbor Speech The Pearl Harbor address to the nation is probably one of the most famous speeches made throughout time. In this essay I will evaluate the rhetorical effectiveness of Franklin Delano Roosevelt's famous speech and show that his speech is a successful argument for the United States of America. I will focus on the speaker's credibility, all the different appeals made throughout the speech, as well as the purpose and the audience of the speech. Also, I will discuss whether or not there are any logical fallacies that may have weakened his speech. President Roosevelt does a few specific things to be able to establish his credibility as a speaker. Since Roosevelt was the current president, the United States was inclined to listen to him and believe what he was saying. Being the president, the people knew that he was a credible source to receive information from. The president had also been appointed Assistant Secretary of the Navy in 1920. This shows that he had experience with the United States military services and knew how to handle the Pearl Harbor situation. Roosevelt?s speech is short, but it still utilizes pathos, ethos, and logos and has just enough detail to let the world know what was going on. The author of this essay is Franklin Delano Roosevelt. He was the president of the United States at the time of the Pearl Harbor attack. The purpose of this speech was to inform the entire United States about what had happened the day before at Pearl Harbor. The nation was to be warned that the United States was going to declare war against Japan. The intended audience is everyone in the United States. President Roosevelt ef... ... was a well-written and very credible speech that President Roosevelt gave to the United States of America. Through all the different appeals he makes a successful argument for declaring was. He makes many statements that could have only been made by someone who really knew what was going on. With all the facts he proves that he does know what he is talking about and that everyone should believe him. This speech gave just the right amount of information to be able to let people know what was going on without too much detail that may confuse them. The president did not commit logical fallacies in his speech. It was strictly facts and events that had taken place. The fact that there are no logical fallacies makes it a more credible speech, as well as a successful argument. So, this speech was very successful in the way that the ideas were put together and written.

Computers and Education :: Argumentative Persuasive Essays

Computers have both positively and negatively impacted the education field. They have helped teachers keeping a spreadsheet on the students so it is easier to keep their grade average straight. Computers have helped students write reports and gain information from the Internet but there are also negative affects from the computers. Students are able to obtain information from the Internet and use it as their own. Students are also able to purchase reports/papers online and turn them in. By looking at both of these one can see that the computer has impacted the field of education both positively and negatively. For teachers the computer has become an important tool in the classroom. Teachers are now able to keep a running spreadsheet on their student’s grades along with the agenda for the week. No longer do teachers need to calculate the student’s average. All that needs to be done is a simple spreadsheet with the formulas and grades/scores plugged into the cells. This helps the teacher save time so it can be used for more important things such as grading papers and planning new activities. This helps teachers because students are always asking a teacher where they stand and with this the teacher will know as long as all the information is plugged into the cells. By having the agenda on the computer the teacher is able to print it off quickly incase a student loses it. Another way the computer/Internet helps teachers is they can get new lesson plans on line. There are many sight on line that allow teachers to go to get information on activities for subjects and for certain grade levels. They also can go onto chat rooms with other teachers and exchange information. By doing this teaches can talk about what works in their classrooms and what did not. They can tell each other what activities the students liked and what activities that they did not. This helps them get new information and new ideas so the lessons are not the same and they can find variety on what is taught. Students are able to attain research for term papers/reports from the Internet. They are able to get more information on line in less time then it would take to go to the library; look up the books needed and read the books. The Internet allows students to browse through topics in a wide range in a minimal amount of time, by doing this it takes students less time to research and gives them more time to work on papers and projects.

Article Review on John Fitzgerald Kennedy, a Warrior for Peace :: President JFK

J.F.K The Making of America: A Warrior for Peace By David Talbot TIME Magazine, July 2, 2007 This article concerns one of the most famous presidents of the twentieth century, John Fitzgerald Kennedy. It is a thoroughly written piece on Kennedy’s devotion to peace throughout his administration. The author, David Talbot, focuses on the major points of Kennedy’s administration, starting with his aggressive campaign against Richard Nixon, touching on the Bay of Pigs invasion, and finally addressing the infamous Cuban Missile Crisis. Throughout the article, Talbot sprinkles in Kennedy’s commentary on the issues at the time of their occurrence, and Kennedy’s colleagues’ commentary on the issues long after they have passed. Talbot is careful to stay true to what Kennedy was like as a person. He titled the article A Warrior for Peace for a specific reason: Kennedy truly was a man that tried to keep the peace. This is evident with all of the issues that Talbot addressed. In the beginning of the article, Talbot includes an excerpt from a letter Kennedy wrote to his family saying â€Å"All war is stupid.† This is the tone that is effectively set for the article, that Kennedy did everything possible to avoid war. In the Bay of Pigs episode, Kennedy firmly stood his ground and did not send military enforcements (Marines and Air Force) to back up CIA officials Dulles and Bissell. Talbot remarks that that decision was the turning point of the Kennedy presidency, from then on it became a government at war with itself. Talbot harks upon the fact that Kennedy often did what he wanted instead of what he was advised. He was a man on a mission who consistently did what he, not others, thought was best and right and prosperous for his country. However, he was deft in his methods, that is, he very cleverly deflected his espionage chiefs’ military council. Talbot firmly suggests that the sort of ‘theme’ of Kennedy’s presidency was the following: â€Å"J.F.K.’s strenuous efforts to keep the country at peace in the face of equally ardent pressures from Washington to go to war.† The war that he is most likely referring to is war with Cuba. It is a constant recurrence that during the Kennedy administration, the CIA and Air Force chief General Curtis LeMay wanted Kennedy to attack and declare war on Russia/Cuba. Kennedy, warrior for pace that he was, did not. Looking back, a few members of his administration were surprised to find that though Kennedy’s Joint Chiefs assured him that there were no nuclear warheads in Cuba, there actually were.

Strategic Plan-Hertz

Strategic Plan for the Hertz Corporation February 18, 2011 Table of Contents Introduction of Team and Assignment4 Company Profile6 Mission Statement6 Vision and Values7 Economic conditions7 Strategic Analysis9 SWOC Analysis: Strengths10 SWOC Analysis: Weaknesses13 SWOC Analysis: Opportunities17 Internal Actions17 Opportunities18 SWOC Analysis: Challenges20 Dependence on the United States Automobile Industry20 Technological Changes and Advances20 Competitive Pressures21 Maintaining customer satisfaction and employee morale22 Merger Transitions22 Pressures to Go â€Å"Green†22 Expanding the â€Å"Global Footprint†23 STRATEGIC ISSUES25 Market Share Vehicle Rental25 Car Manufacturers25 Debt and Interest payments26 Technology26 Focus on Green27 Off Airport Rental27 People27 Equipment Business28 Summary29 Foundations of goals and strategic plan30 Increased Market Share30 Movement toward sustainable inventory30 Improve customer satisfaction by training and technology31 Dedication to Employees31 Drastically decrease debt owed32 Hertz Strategic Plan Implementation33 Mission33 Vision33 Strategies33 REFERENCES36 Introduction of Team and Assignment In recent years, leaders of American organizations have faced a multitude of challenges. The numerous trends and events that have occurred in the past two decades have affected both American society and business practices. Think of the influences the following events and trends have had on our government, communities, and public agencies: an aging and diversifying population; changes in the nature of families; dramatic shifts in federal and state responsibilities and funding priorities; the emergence of the poor as the largest group of poor Americans; fears about terrorism; the emergence of obesity as an important health concern; and a recent crippling recession (Bryson, 2004). Now think how American society would suffer if our government did not institute policies, programs, and plans in response to these conditions and crises. The same holds true for business organizations around the world. Organizations that want to survive, prosper, do good and important work must respond to the challenges the world presents (Bryson, 2004). In this environment, strategic plans are required to combat current challenges and provide future direction for business practices. Organizations that embark on strategic planning drastically increase their chances to endure current and future crises and are inherently closer to creating a sustainable organization that has public value. Students enrolled in the HR504 Strategic Planning class offered at the University of Scranton, were given the daunting assignment of creating a strategic plan for an organization of their choice. The strategic plan outlined in this paper was developed by the following students; Elisa Cosner, Patricia Dungan, Jacqueline Lombardo, and Mark Trautman (Team 3). These four students represent current and aspiring human resource professionals in pursuit of their Master’s degree in the field of Human Resources. The unique challenge of this assignment was to find a medium that could bring this geographically dispersed group of students together on a regular basis so they could collaborate and execute assignment responsibilities. The chosen medium was a chat forum called Meebo. Students met on Meebo for a minimum of thirty minutes every week, for a period of six weeks, to formulate, direct, and assign task responsibilities for their strategic planning efforts. When it came time to choose an organization for this assignment, Team 3 opted to conduct studies on struggling America business organizations that were experiencing financial difficulties and extreme pressures from both internal and external threats, ultimately choosing an organization that would unequivocally benefit from these strategic planning efforts. After much deliberation, Team 3 decided to formulate a strategic plan for the Hertz Corporation. The Hertz Corporation is the largest car rental brand in the world, with approximately 3,500 locations in the United States and 7,500 worldwide. Recent economic threats have caused double digit declines in car and rental equipment volumes, forced Hertz to drastically downsize its workforce and have seen the corporation experience hundreds of millions of dollars in net losses over the past three years. The strategic plan outlined hereafter, is an attempt by Team 3 to secure a strategic advantage for Hertz in the car rental marketplace, by mitigating the effects of environmental threats and severe economic influences, while at the same time utilizing the existing strengths of the organization and manipulating growth opportunities. Before we embark on this endeavor, we find it beneficial to provide a brief history of the Hertz Corporation. Company Profile Hertz Global Holdings (Hertz) operates vehicle and equipment rental businesses in the United States and Europe as well as global services for industries like construction, automobile manufacturing, railroad, power generation, and shipbuilding. The company employs 24,900 people and has company headquarters in Park Ridge, New Jersey. Hertz’s businesses are separated into two divisions. The Car Rental division, Hertz, which operates ental facilities near airports, central business districts, and suburban areas of cities, and also retails and leases, used cars in the United States and France where associates accept reservations for car rentals at approximately 8,000 locations in approximately 145 countries. The Equipment Rental division, Hertz Equipment Rental Corporation (HERC), rents earthmoving equipment, material handling equipment, aerial equipment, el ectric equipment, compressors and generators, and construction-related vehicles and tools. The Equipment Rental division also offers claim management services for both divisions investigating and negotiating various claims including bodily injury, property damage, and general and product liability for its customers. Mission Statement The mission at Hertz is to be the most customer focused, cost efficient vehicle and equipment rental/leasing company in every market we serve. We will strengthen our leading worldwide positions through a shared-value culture of employee and partner involvement by making strategic investments in our brand, people and products. The focus of everything we do will be on continuously improving shareholder value. Vision and Values Hertz has a vision to be the first choice brand for vehicle and equipment rental/leasing and total mobility solutions. In order to achieve this vision, Hertz, its employees and subsidiaries will adhere to the values of Integrity, Transparency, Continuous Improvement, Diversity, Passion, Commitment, Teamwork and Accountability. Economic conditions The current recession in the United States has adversely affected almost all domestic organizations, with Hertz being no exception. The uncertainty of current economic conditions has lead to serious revenue instability for Hertz. In 2009, Hertz experienced the most difficult macro-economic conditions in its 91 year history. Revenues were down 1. 4 billion from the previous year, and overall Hertz experienced a net loss of $126 million. A great portion of these conditions can be attributable to Americans traveling less. In should be of no surprise that car and equipment rental companies are significantly influenced by general economic conditions. One of the many economic challenges facing Hertz is the organizations dependence on drastically reducing operating costs. Hertz has been successful at doing this, but this success could have potential consequences. By drastically reducing its workforce, Hertz jeopardizes customer satisfaction levels and employee morale. In addition, Hertz’s current indebtedness has presented the following challenges to its operations: the organization is now increasingly vulnerable to adverse economic and industry conditions, they are at a competitive disadvantage to any competitors with significantly less debt, inflexibility in planning for and reacting to changing conditions in their business and industry, limited ability to react to competitive pressures, and it is increasing difficult to carry out capital spending that is necessary and important to Hertz’ growth strategy to improve operating margins. According to the Hertz 2009 Annual Report, the company recorded revenues of $8,525. 1 million during FY2008 which was 1. 8% decrease from 2007. The operating profit in FY2008 was $631. 2 million, a decrease of 50% compared to 2007. The net loss was $1,206. 7 million in FY2008, compared to the net profit of $265 million in 2007. Despite this, Hertz emerged from the 2009 recession a more efficient, customer focused company that is poised for strong revenue growth. Costs were reduced by over $1. billion since 2007, strategic plans to further improve service have been implemented, and in 2009, new business opportunities were developed. As a result, over $170 million of incremental revenues have been generated, the consolidated operating margin for 2009 was equal to 2008, and the margin for worldwide car rental increased to 7. 8%. Going forward Hertz will focus on costs, service and revenues combined with improving conditions in our car and equipment rental businesses. Hertz is expecting significant margin expansion and increased shareholder value. Strategic Analysis Subjects Employees Equipment dealers (Ford, John Deere) Players Board of Directors Senior Management Shareholders Customers Lenders Crowd Government Authorities (Airports to environmental matters) Franchises Context Setters Subordinated debt holders Subjects Employees Equipment dealers (Ford, John Deere) Players Board of Directors Senior Management Shareholders Customers Lenders Crowd Government Authorities (Airports to environmental matters) Franchises Context Setters Subordinated debt holders Subjects: have interest but little power Context setters: have power but little direct interest Crowd: Stakeholders with little interest or power Players: have interest and power Power versus Interest Grid, used to array stakeholders in the organization and the stakeholder’s power to affect the organizations future. In Hertz case, as a largely leveraged organization this analysis can prove telling as those with power may be more self-interested than in the game for the long term health of the organization. SWOC Analysis: Strengths * Strong Market Presence Strong Name Recognition * Strong Global Presence * Strong Diversification * Effective Cost Containment * Good Business Partnerships * Entrepreneurial culture * Recent Acquisitions * Agile * Our Employees * Novel Services * Variety Offered Hertz Global strengths include the company’s strong presence in the rental car and equipment market and strong name recognition as they remain the number one airport car rental provider in the United States. The company also has a strong global presence with outlets in Europe, North America, Latin America, Australia, New Zealand, Asia, Africa and the Middle East. Hertz’s strong diversification of businesses, products, and market protects the company offering a long-term competitive advantage through difficult times. Hertz is poised to serve every type of customer in the market including business accounts, hourly renters, budget travelers, and multi-month rental customers. Hertz continues to lead the industry in cost management and containment through lean strategic plans like fleet management, back-office reengineering, and organizational redesign. A good example of the company’s ongoing success recovering its financial performance is the refinancing $3. 2 billion of the U. S. fleet debt one year ahead of schedule with pricing comparable to 2005 rates. In addition, $990 million of capital was raised through a successful convertible debt and equity transaction. Efforts helped the company emerge from a difficult year in 2009 as leaner and more focused and Hertz is expecting higher returns throughout 2010. Good business partnerships and the company’s entrepreneurial culture helped Hertz to better effectively manage changing market conditions and take advantage of growth opportunities. For example, Hertz made the following important recent acquisitions: * The Dollar Thrifty Automotive Group, which not only strengthened Hertz financially it also expanded Hertz's share in the business travel off-airport market, * The purchase of Eileo SA, a car-sharing service and provider of technology for Connect by Hertz. This investment in technology will help advance Hertz’s leadership by taking the customer experience to the next level, * The addition of the Advantage value brand giving them an even greater share of the growing Leisure segment, the acquisition already has resulted in gaining a full point of U. S. airport market share, * Several smaller acquisitions further expanding their Equipment Rental market. The company’s agility is demonstrated by its ability to quickly adjust labor and fleets to match sudden changes in demand. For example, company transaction days in 2009 were down 8% while worldwide was down 9. 7%. The company can and has, through strategic fleet management, successfully held its fleet and aged it a little further, while adjusting the fleet rotation planning to ensure the fleet remains aligned with demand. Our employees are highly skilled and able to handle difficult situations. During the economic downturn, they were quick, analytical, strategic, and acted with an absolute sense of urgency. All departments work together toward the same goal. Everyone took action by developing a plan and maintaining strong communication. Company strength’s also include Hertz’s novel and innovative services like Hertz #1 Club Gold, NeverLost navigation systems, rental coupons, and Sirius Satellite Radio. To set itself apart from its competitors, Hertz also offers members guaranteed satisfaction, increased discounts, free use of one child, infant or booster seat, free unlimited mileage on most rentals, no Saturday night keep required, and no airline ticket required to qualify for low weekly rates. Finally, Hertz’s strength includes the variety of rentals offered to customers like SUVs, vans and specialty rentals. In an effort to further increase its variety, Hertz introduced the Corvette ZHZ to their rental line-up. The new addition is part of their â€Å"Fun Collection† the purpose of which is to serve those clients wishing to rent a sporty car or a specialty vehicle as the Corvette ZHZ comes with a powerful V-8 engine or 436 horsepower. The company expects this limited edition car will be an asset during the summer vacation rental season and ordered 500 of them in 2008. SWOC Analysis: Weaknesses Over the past 18 months, the United States and international markets have experienced a significant decline in economic activity that has affected the car rental market, including a tightening of the credit markets, reduced business and leisure travel, reduced consumer spending and volatile fuel prices. In the equipment rental business, the decline in economic activity has resulted in a decline in activity in construction and other businesses in which our equipment rental customers operate. Accordingly, the car and equipment rental industries have both experienced unprecedented declines in volume and demand. Hertz is not unlike any other organization in this economic climate in that they have aspirations of seeing the upside of this downward spiral. Unfortunately, most of what Hertz is dependent upon to make it through is outside of their realm of control. The car and equipment rental industry is significantly affected by general economic conditions, and any further decreases in general economic activity could materially and adversely affect their financial condition and results of operations. The results of operations are affected by many economic factors, including the level of economic activity in the markets in which they operate. The car rental business, which provides the majority of the revenues, is particularly sensitive to reductions in the levels of airline passenger travel, and any further reduction in air travel could materially adversely impact their financial condition and results of operations. The car rental industry is particularly affected by reductions in business and leisure travel, especially with respect to levels of airline passenger traffic. Approximately 84% of our worldwide revenues during 2009 were provided by the car rental segment, and they estimate that approximately 67% of the car rental revenues were generated at their airport rental locations. Further reductions in levels of air travel, whether caused by general economic conditions, airfare increases (e. g. , due to capacity reductions or increases in fuel costs borne by commercial airlines) or other events such as work stoppages, military conflicts, terrorist incidents, natural disasters, epidemic diseases, or the response of governments to any of these events, could materially and adversely affect Hertz. Other factors that could adversely affect Hertz include: * Intense competition that may lead to downward pricing, or an inability to increase prices. If Hertz tries to increase their pricing, their competitors, some of who may have greater resources and better access to capital than them, may seek to compete aggressively on the basis of pricing. In addition, their competitors may reduce prices in order to attempt to gain a competitive advantage or to compensate for declines in rental activity associated with reductions in economic activity. Slow economic periods could constrain their liquidity and adversely affect our results of operations. Certain significant components of their expenses are fixed in the short-run, including minimum concession fees, real estate taxes, rent, insurance, utilities, maintenance and other facility-related expenses, the costs of operating their information technology systems and minimum staffing costs. * They may not be successful in the business strategy to expand into the off-airport rental market. They have been increasing their presence in the off-airport car rental market in the United States and intend to continue to pursue profitable growth opportunities through a combination of selected new location openings, a disciplined evaluation of and strategic changes with respect to existing locations, and the pursuit of same-store sales growth. * A downsizing of their rental car fleet could require them to make additional cash payments for tax liabilities, which could be material. An inability to purchase adequate supplies of competitively priced cars or equipment and the cost of the cars or equipment purchased increases, their financial condition and results of operations may be materially adversely affected. * Declines in the value of the non-program cars in their fleet due to decreases in residual values could adversely impact the financial condition and results of operations. For the year ended December 31, 2009, approximately 53% of the cars purchased in the combined U. S. n d international car rental fleet were subject to repurchase by car manufacturers under contractual repurchase or guaranteed depreciation programs. * The failure of a manufacturer of cars that Hertz owns to fulfill their obligations under a repurchase or guaranteed depreciation program could expose them to loss on those cars and adversely impact the outstanding asset-backed financing facilities, which could in turn adversely affect the liquidity and results of operations. For the year ended December 31, 2009, the highest outstanding month-end receivable balance for cars sold to a single manufacturer was $95. million owed by Hyundai Motor Company in January 2009, which was subsequently paid. Although there is no guarantee that Hertz will be paid these amounts by any car manufacturer that files for bankruptcy protection in the future and/or otherwise ceases operations, any failure by a manufacturer to pay such amounts due could, among other things, cause a credit enhancement deficiency with respect to the asset-backed financing, in which case the collateral requirements for such facilities could be increased. * Significant increases in fuel costs or reduced supplies of fuel could harm our business. Fuel prices have been volatile recently, and could fluctuate severely and/or increase overall in 2010. According to the U. S. Energy Information Administration, from 2008 to 2009, the average retail cost of a gallon of gasoline in the United States decreased 27. 9%; however it was projected that over the course of 2010 fuel prices would increase 20. 8%. * Heavy reliance upon communications networks and centralized information technology systems to accept reservations, process rental and sales transactions, manage our fleets of cars and equipment, account for activities and otherwise conduct business. This reliance exposes them to various risks that could cause a loss of reservations, interfere with their ability to manage the fleet, slow rental and sales processes. * Risks related to liabilities and insurance since their businesses exposes them to claims for personal injury, death and property damage resulting from the use of the cars and equipment rented or sold by Hertz, and for workers’ compensation claims and other employment-related claims by our employees. SWOC Analysis: Opportunities Hertz has weathered the economic storm of 2008, the worst economic conditions in their 91 year history by looking ahead for growth opportunities and ways to improve service levels. A review of external and internal actions that have prepared Hertz to capitalize on opportunities: External Actions * Improved conditions in car and equipment rental business * Successfully developing business in key emerging markets: Brazil, China and India; * Experiencing improvement in the US Car rental, the largest share of the Hertz business Internal Actions * Reduced costs by 1. billion dollars; headcount reduction (4,000 employees) taken in non strategic locations (with a bit of help from the economy Hertz should be poised for solid growth). * Refinanced 3. 3 billion dollar debt one year ahead of schedule on favorable terms. * Hertz has stayed the course intentionally focusing on three key business emphasis areas: asset management, employee satisfaction and customer satisfaction. * Lighthouse projec t that utilizes employee input in the development of customer features has improved employee engagement and customer satisfaction. Opportunities Hertz is â€Å"leading the way with High-Tech, High-Touch innovations†; Hertz. om, self service kiosks at 36 major airports, including 11 in Europe (which have successfully completed 500,000 transactions), portable rental devices, enabling roving customer service agents to address customer needs; integrated car sharing technology including online booking, applications for iPhone and Blackberry smartphones; GPS navigation upgrades with touch point screens. Hertz has more than 700 locations in Europe, along with franchise partners which rivals its airport locations – European local rentals continues to grow for business people as it is the most efficient means of travel in Europe. They possess the most diverse car fleet in the rental industry, enabling service to all customer segments; vacationers, business people and local residents. This is a key area of expansion as Hertz looks to 2010 to open 150 new locations. Looking to expand their leisure â€Å"driving for fun† market, Hertz introduced a pre-paid program that is used primarily by the 21-25 year old market, a market segment that was and in many cases is not allowed to even rent before this program. In addition they introduced three new programs for vacation travelers; i. Prestige collection – high end SUVs’ and luxury car models (Volvo, Lincoln, Cadillac, BMS, Audi and Land Rover. ) ii. Green collection – Toyota Prius, Ford Fusion, Toyota Corolla, Camry hybrids. iii. Fun collection – Ford Mustang, Chevy Corvette, Jeep Wrangler. To further diversify, Hertz purchased Advantage Rent –A-Car a very reasonably priced car rental popular with those who do the Priceline on line booking. Hertz has combined their fleet with Advantage in order to offer a variety of peak and off peak vehicles to meet a variety of renter needs. They’ve begun looking at renting electric cars, a zero carbon, and rechargeable vehicle, introduced in late 2010 in North American and European markets. The target market for the electric cars is a university setting where the charging stations make sense for car sharing experiences. In addition, car sharing, Connect by Hertz, a total mobility solution offering high tech, high touch rental option for urban, university and corporate travelers. To further expand their offerings, Hertz purchased Paris based Eileo in 2009, the pioneer of integrated car sharing technology, a concept that has been launched in London, Paris and NYC. This offering reduces the number of cars on the road which also reduces pollution, creating an economic benefit for crowded urban areas. In their global markets, Hertz has expanded their equipment rental revenue into China and the Middle East with entertainment services, power generation and industrial equipment. This expansion of global footprint gives Hertz the ability to offer first class rental experiences through corporate owned or franchised partners. Special attention was given to China (Beijing and Shanghai) and China’s new 48 airports, Saudi Arabia/Middle east with equipment where construction is booming currently. SWOC Analysis: Challenges Dependence on the United States Automobile Industry The financial instability of U. S. car manufactures has presented significant challenges to the Hertz Corporation. Hertz depends on its business partnerships with these organizations. The bankruptcy of many American auto manufacturers has led to double digit declines in car and equipment rental volumes. The majority of Hertz’s rental cars are purchased from Ford and General motors. In the event that these companies would cease manufacturing and selling vehicles, Hertz would have to increase purchasing vehicles from other manufactures. However, there is no guarantee that Hertz will be able to purchase vehicles at their current purchasing price. Technological Changes and Advances Many futurist and economists see technological innovation as one of the major forces driving industrial change (Schwartz, 2003 as cited in Bryson, 2004). As technology becomes increasing dominant in American organizations, Hertz employees will need to develop new skills to use and the organization will need to adopt these processes, structures, and resource allocations. Hertz will need to continually improve the way in which technology â€Å"drives† its business. These could represent challenges for them to improve the operation and effectiveness of their website, self-serving kiosks at airports, the GPS systems in their vehicles, and also includes the advancing their smart phone applications. Information technology is currently driving major changes likely to have dramatic impacts on organizational performance, accountability, and issues related to data and privacy (Bryson, 2004). Hertz reliance on technology exposes risk that could cause loss of a reservation; interfere with their ability to manage fleets, privacy issues, and the slow operation of the car rental and sales process. Hertz needs to protect against these risks because they could adversely affect customer relations, operating results, and financial conditions. Competitive Pressures Hertz operates in a highly competitive market. They currently posses a 25. 7% share of the rental car market (AVIS/Budget- 28. 9%, Enterprise- 31. 4%, Dollar/Thrifty- 12. 0%) Enterprise brands currently dominate off-airport rentals and the insurance replacement markets respectively. One of Hertz’s priorities is to present a bigger challenge to Enterprise in these particular arenas. In order to do so, Hertz needs to remain cognizant of the business strategies of their biggest competitors. Significant changes in the competitive market will affect Hertz’s business strategies and policies, not excluding pricing practices and incentive programs. For example, most consumers have become more cost conscientious since the recent recession. If Hertz were to increase costs, their competition, some of which has greater resources and better access to capital, may seek to compete aggressively on the basis of pricing. In essence, Hertz competition could gain strategic advantages by reducing their prices. Hertz may also be presented with additional challenges from future competition. Worldwide equipment rentals, an area in which Hertz does especially well in, is currently highly fragmented with few national competitors. It is reasonably foreseeable for new competition to develop and penetrate that particular market. Maintaining customer satisfaction and employee morale The present economy has made maintaining customer satisfaction and employee morale particularly challenging. The recession has caused Hertz to focus intensely on reducing operating costs. This means they had to drastically reduce staff and close many under-performing locations. In order for Hertz to maintain customer satisfaction with fewer employees and locations, they must develop more efficient practices and policies. This would also require Hertz to- consistently monitor the need for additional staffing at improving locations, constantly assess environmental trends, and introduce customer-centered technologies. Hertz must also be prepared to combat a potential decline in employee morale. With lay-offs perpetually looming, it is reasonable to expect employee morale to waver. If this happens, it could present deficiencies in operations which would directly affect customer satisfaction levels. Merger Transitions Hertz recently acquired Eileo, a France based company that specializes in car-sharing programs. They also acquired the Advantage Rent-A-Car company in April of 2009. One of the challenges of these major acquisitions for Hertz is for them to be able to effectively integrate these associated offices, without diluting the Hertz brand. In essence, they must realize operational synergies. Doing this does involve numerous risks including: potential disruptions of ongoing business, distractions of management, difficulties integrating different business practices, and exposure of unknown liabilities. Pressures to Go â€Å"Green† â€Å"Green† policies and practices are becoming preferred by the majority of the American population. Consumers are increasingly concerned with the longevity of the planet. Hertz business policies need to accept America’s vision of â€Å"greener† practices. In order to do this, Hertz most take on a moral responsibility to utilize vehicles with higher MPG and better fuel emission standards that are safer for the environment. This could also include the challenges of effectively developing electric car initiates and car sharing programs. Expanding the â€Å"Global Footprint† Approximately one-third of Hertz’s revenue is generated outside the U. S. market. They currently have franchise partners in over 136 countries. One of the biggest challenges Hertz faces is to minimize the economic effects in their international market, particularly in Europe. This is especially challenging, considering the fact that global recession has caused most companies to eliminate market expansion plans. And yet, Hertz still has ambitions to add locations worldwide, including establishing a higher concentration in the Chinese market. China happens to be the world’s fastest growing car and equipment rental market. ) Other Challenges Facing the Hertz Corporation include; * Fossils fuels- rising fuel costs and/or shortages in fuel directly impact rental acquisition, leaving consumers to find it too expensive to travel. * External threats affecting travel- war, terrorist attacks, epidemic disease, natural disasters, etc * Risk management- the liability of Hertz being responsible for equipment damage, property damage, personal injury, death, and the litigation expenses that could result from these occurrences. * Seasonality- a decrease in travel uring the winter and increase during the spring and summer month’s present challenges to efficiently manage fleet operations. * Government laws, mandates, and controls- Hertz is subjected to many governmental regulations in relation to pricing/advertising, privacy and data collection, currency controls, labor relations, charge card operations, insurance policies, environmental protection, and used car sales and licensing procedures. Changes in any governmental policy, or the adoption of new laws, could result in significant changes in Hertz procedures, which may increase cost of operations and applicable tax rates. Marketing- Hertz will be continually challenged to conduct active sales and marketing programs that attract and retain customers. STRATEGIC ISSUES Hertz is a front runner in the rental vehicle business, number two only to AVIS in the current markets Hertz serves. In order to maintain and grow a competitive edge there are some strategic issues that Hertz must address directly. Market Share Vehicle Rental Hertz is at the top with Avis edging them out for the top spot, however staying at top means keeping the â€Å"Brand† in front of the audience. In the SG ; A discussion of the 2009 Annual Report Hertz trimmed their advertising expense by almost 30%. They did not mention a new structure for media buying to be facilitated by a new agency to save costs. I am left to think they simply decreased advertising. In recent travels and paying closer attention to media in travel magazines: Delta Airlines and US Airway’s flight magazine AVIS – big red versus big yellow was the dominant vehicle rental advertiser. Should you look at any other established, well known brand, Coke and Pepsi as an obvious example; they spend millions keeping that logo â€Å"front of mind†. Advertising is seen anywhere you could potentially think about drinking a soft drink. In order to continue to branch out with new technology in an effort to capitalize on the brand, Hertz must continue a very aggressive media campaign to be present anywhere people may think of rental car need. Car Manufacturers Hertz suffered greatly when the US car manufacturer’s financial challenges. Hertz has depended on the partnerships with manufacturers who were not able to meet the obligations of their agreements with Hertz which left Hertz scrambling to develop new avenues for fleet vehicle programs. Ford who Hertz relies on in the US must stay solvent in order to Hertz to enjoy the ability to purchase fleet and program vehicles and the tax incentives they enjoy because of their inventory management of fleet. Debt and Interest payments For the next two to five years in order to survive Hertz must meet obligations for all interest payments and as a sign of financial stability should look to significant debt reduction. The 2009 annual report indicates 126 million in losses, interest expense of 680 million which are material amounts. The debt is held by two primary lenders: Deuschte Bank and Bank of Scotland. If either organization called their notes requiring payment in full, Hertz would not succeed. Hertz is not the low cost leader and needs to maintain that position in a positive way to ensure financial trends are positive. Technology Hertz must focus on the ability execute operationally any technology introduced. It is one thing to advertise iPhone applications, internet and wifi connections; the ability to produce what the customer has reserved using the wireless technologies has to be present in order to build customer confidence. If one reserves, arrives and has no vehicle – does the technology really matter if you did not save time or feel that you had received value or convenience. To that traveler at that moment Hertz must be able to execute. The ability to distribute their assets to the right place, at the right time to support demand from these new technologies is critical. Focus on Green Hertz is committed to what they refer to as the â€Å"electric car revolution†. This is a vehicle with a zero carbon footprint. At the present time, lack of recharging stations will temper the demand for the electric cars. The hope is that in the next few years university settings and very urban markets will take the lead for the establishment of charging stations will then provide a structure for this next generation of green transportation. In the short term availability of hybrid models such as the Toyota Prius, Nissan Altima and Toyota Camry are Hertz’ response to those who require a greener model. Off Airport Rental Hertz is beginning to enter new location space with their fleet:  off airport rental. Hertz is going face to face with the established leader, Enterprise system. Is this an appropriate move for the next 2 – 5 years in the US market? Europe where Hertz has a presence and daily/weekly rentals are a â€Å"way of life† is one thing (add to that most of those markets are franchised so you can terminate an arrangement). Hertz will be risking additional asset costs in fleet, leased property, staffing in hope to gain ground in an area held firmly by Enterprise. People Hertz North America has reduced headcount to a bare minimum deploying human assets on an admitted â€Å"as needed† basis to strategic hubs. This is a very short term view of growth. The ability to grow infrastructure must include a committed front line, operational management team. The Annual Report stated an increase in employee satisfaction. The hope is then that Hertz continues to communicate and reach out to those dedicated to customer service second to none in spite of financial challenges. That part of the human touch with customers leasing employees where customer contact is needed; airport leasing, returns with checkout is necessary in order to build repeat business. Equipment Business Hertz’ equipment business does not report a leadership presence in any one market, in any one geographic area. By Hertz’ own admission the competitive landscape in this business segment is â€Å"intense. Can Hertz realistically, financially maintain a healthy presence in both industries? EBITDA results were maintained for the equipment portion of the business through cost cutting measures as revenues dropped dramatically. US new construction continues to struggle and from the readings the European market is no better. China is bustling, but are we confident based on current locations that we can enter then stay competitive those new and emerging markets? The equipment is expensive in multiple ways: assets are expensive to purchase, maintain, and insure. Is the return versus other similarly situated usinesses sound? Hertz is in a business where receivables can become problematic. Credit is extended, and during financially challenging times generally extended past healthy limits. There was a surprisingly low 1. 1% bad debt due to non-payment, and the receivable turnaround time was not addressed. The fact is you generally do not immediately receive your payment as you would in a fleet rental transaction. The current uncertainty of the future global construction market begs  Hertz to question whether they can appropriately focus on two different business rental segments given their current financial condition. Summary Hertz has significant brand recognition, good ideas to generate revenue for the future. However they are in a precarious situation; two distinctly different business segments that have experienced huge revenue declines, specifically, construction and the vacation and leisure vehicle rental declines of 2008 and 2009 that have left Hertz with extraordinary debt to consider in order to remain a going concern. Foundations of goals and strategic plan We have successfully completed both external and internal analyses of the rental car and equipment markets as it pertains to the Hertz Corporation. The goals and future direction of the corporation must unequivocally elicit actions, that when taken, establish and maintain strategic advantages for Hertz in this extremely competitive market. We believe the goals established herein educe such responses. The subsequent section of this strategic plan will outline the strategies and approaches to be taken by Hertz to facilitate obtainment of their principal goals. The following goals have been established for the Hertz Corporation: Increased Market Share In the last 5 years, Hertz has consistently relinquished percentages of their car-rental market share to their principal competitors. Currently, it is estimated that Hertz’s market share is at 25. 7%. The goal over the next 3 years is for Hertz to secure one-third of the share in this market. In doing so, Hertz will also maintain its dominance in the equipment rental market and begin to compete with Enterprise in the off-airport rental market. Hertz will also aggressively pursue its international markets, including significantly extending operations in China, the worlds’ fastest growing car and equipment rental market. Movement toward sustainable inventory Hertz will significantly extend its social responsibility programs. The goal is for Hertz to drastically increase eco-friendly vehicles to its operating fleet (a 30% increase by 2014). Hertz believes it has a moral obligation to do so and will diligently pursue business directives that are safer for the environment. This includes introducing â€Å"smart car† initiatives, increasing electric car fleet additions, and contracting more fuel efficient vehicles that emit lower carbon-dioxide into the atmosphere. Improve customer satisfaction by training and technology Hertz has always recognized its required allegiance to the customers of their brand. Hertz will continue to pursue business objectives that improve customer’s experience with the product. This will include increasing customer relationship trainings for all our employees. The company will also set aggressive goals over the next 3 years to be the most technologically advanced rental car and equipment company in the world. Essentially, the technology goals were established to make the customer’s experience more rewarding. At Hertz, we believe that the consequences of improving our technology will result in a better brand image and improved customer satisfaction. The satisfaction/technology goals rely on the principle of the â€Å"four mores†: 1) more safe and responsible 2) more simplistic 3) more reliable 4) more comfortable Dedication to Employees Over the next 3 years, it will be increasingly evident that Hertz feels morally responsible to the environment, their customers, and shareholders. However, our company would like to further acknowledge its commitment to the employees of Hertz. We understand that the current economic crisis has forced the company into making tough decisions, decisions that ultimately left thousands of Hertz employees jobless. Hertz also understands that no goal outlined in this strategic plan will be attainable without the commitment and dedication of all its employees. Therefore, Hertz is introducing its M. O. R. A. L. E program (Movement of Recognizing All Leadership Employees). This movement will provide the following benefits for Hertz employees: incentives for excellent job performance, lucrative rewards for obtaining organizational goals, commission plans added to employee’s base salary- purposefully designed to improve performance, monthly employee recognition meetings, and an aggressive career advancement campaign. The goal here is for Hertz to improve the morale of all its employees and be recognized as the number one employer in the car and equipment rental industry. Drastically decrease debt owed Hertz currently owes a substantial monetary amount to two primary lenders: Deuschte Bank and Bank of Scotland. Operating under such debt has caused strategic limitations and will undoubtedly effect the attainment of the goals laid herein. Hertz is also subjected to the arbitrary decisions of the aforementioned lenders. The corporation may struggle to sustain itself if either lender requires payment in full or radically increases payment contingencies. Therefore, over the next 3 years, Hertz will industriously contribute to paying off debt owed. It is believed that Hertz’s ability to do so will be promoted by obtaining all of the other goals outlined in this strategic plan. Hertz Strategic Plan Implementation Hertz Global Holdings (Hertz) operates vehicle and equipment rental businesses in the United States and Europe as well as global services for industries like construction, automobile manufacturing, railroad, power generation, and shipbuilding. Hertz vehicle rental business is the largest worldwide. Headquartered in Park Ridge, New Jersey, the company employs 24,900 people in approximately 8,200 locations in 146 countries worldwide. Mission It is the mission of Hertz to be the most customer focused, cost efficient vehicle and equipment rental/leasing company in every market we serve. We will strengthen our leading worldwide positions through a shared value culture of employee and partner involvement by making strategic investments in our brand, people, and products. The focus of everything we do will be on improved shareholder value. Vision Hertz will be the first choice brand for vehicle and equipment rental/leasing and total mobility solutions. Strategies * Ensure that the Hertz Brand is in front of the target audience through aggressive and consistent media campaigns to further increase vehicle rental market share. * Hertz will increase marketing expenditures by 15% over the next three years. The company will frontline its new marketing campaign epitomized by its new slogan. â€Å"Hertz, driving you towards the future. The focus of this campaign will be to characterize Hertz’s image as an enviro-friendly car rental company that has embraced technological advancements. * Expand partnerships to avoid conflicts and retain an ability to purchase fleet and program vehicles. * Meet and exceed obligations for all interest payments to secure financial stability in an additional effort to significantly reduce debt. * Focus on, plan for, and in vest in new and useful technologies and facilities to meet and match customer expectations in order to build customer confidence and to distribute Hertz products to the right place at the right time to support demand. Continue to embrace the principles of environmental sustainability that serve the evolving needs of our employees and customers. Remain committed to vehicles with the lowest carbon footprint. Waiting for and accessing infrastructure as the demand for electric cars increases. In the short term, hybrid models such as the Toyota Prius, Nissan Altima and Toyota Camry will be used in response to customer demand. * Continue to find and use new location space off the airport rental market challenging the competition. Challenge, empower and engage employees seeking to increase satisfaction through affirming communication to improve morale and decrease turnover. Hertz will strive to increase the diversity of the workforce as a contribution to the overall success, and to recruit and retain talented employees. * Increased use of ‘the human touch’ instead of technology where needed, and will respect and care for each customer through each transaction in order to build repeat business. * Consider the equipment rental/leasing portion of the business for cost utting measures as revenues dropped dramatically, U. S. new construction continues to struggle and China is competitive. REFERENCES Hertz Annual Report: http://phx. corporate-ir. net/External. File? item=UGFyZW50SUQ9Mzc2NTI0fENoaWxkSUQ9Mzc1MTMxfFR5cGU9MQ==;t=1 Hertz Global Holdings, Inc. Q4 2009 Earnings Call Transcript http://seekingalpha. com/article/190491-hertz-global-holdings-inc-q4-2009-earnings-call-transcript Hertz Mission Statement, Vision and Values: https://images. hertz. com/pdfs/VMVWeb. pdf