Tate & Lyle plc finanical valuation Dissertation

Tate & Lyle plc finanical valuation - Dissertation Example Every model incorporated in the calculation presents a different per share price of the company. But one thing which is common in the result from all of these models is that the share price of the company, as at 31st December 2012, is significantly overvalued. The paper also evaluates the historical share prices and dividend payment ability of the company in the past few financial years. 1 A Background to the Company Tate & Lyle is one of the fines when it comes to global provider of ingredients and solutions to the food, beverage and other industries. The company is a British based agribusiness and is listed on the London Stock Exchange. Owing to its resilient management and state of the art production techniques, the company’s financial outlook appears to be strengthened and it has been a constituent of the FTSE 100 index as of June 20, 2011. The company was formed in 1921 as a result of the merger between the two giant names in the sugar refineries business i.e. Henry Tate & Sons and Abram Lyle and Sons. Through their state of the art production facilities the company turns the raw materials into rich and high quality ingredients for its customers. Through their process, the company adds taste, texture, nutrition and functionality to various edible items consumed by millions of people all across the globe. The company has been actively involved in exploring other horizons and thus has able to put its footprint in various locations all across the world. Tate & Lyle is now a global business dedicated to serving our customers from over 30 locations worldwide. The company operates through two global business units – Bulk Ingredients and Specialty Food... The intention of this study is Tate & Lyle as one of the fines when it comes to global provider of ingredients and solutions to the food, beverage and other industries. The company is a British based agribusiness and is listed on the London Stock Exchange. Owing to its resilient management and state of the art production techniques, the company’s financial outlook appears to be strengthened and it has been a constituent of the FTSE 100 index as of June 20, 2011. The company was formed in 1921 as a result of the merger between the two giant names in the sugar refineries business i.e. Henry Tate & Sons and Abram Lyle and Sons. Through their state of the art production facilities the company turns the raw materials into rich and high quality ingredients for its customers. Through their process, the company adds taste, texture, nutrition and functionality to various edible items consumed by millions of people all across the globe. The company has been actively involved in explorin g other horizons and thus has able to put its footprint in various locations all across the world. Tate & Lyle is now a global business dedicated to serving our customers from over 30 locations worldwide. The company operates through two global business units – Bulk Ingredients and Specialty Food Ingredients. In Tate & Lyle, each division has its own manufacturing and commercial operations to provide the necessary focus and expertise for customers in their two different and markets.

Editing and Conclusion Writing Essay Example for Free

Editing and Conclusion Writing Essay Initial Conclusion: As my report states, you will not always you’re entire life have to devote yourselves to cleening up the enviroment in order to make a differance to the World. Therefore, we should all put more enargy in to re cycling. Its made a difference in my house because we useto have more trash then we do now since we re cycle.   Also, seperating is good. I hope you enjoyed reading my paper on re cycling. THE END 🙂 Revised Conclusion: As can be seen in the aforementioned discussion, it is not necessarily to entirely devote one’s self to cleaning the environment in order to make a difference in the world. It is only necessary to develop environmental friendly habits such as recycling one’s trash. The benefits of recycling are not only limited to having cleaner surroundings but also extends to the maintenance of a cleaner and healthier environment.

Development of Extended Low Frequency Enclosure

Development of Extended Low Frequency Enclosure Introduction The rationale for this work is to present a theoretical and practical analysis of an extended low frequency enclosure capable of 20-65Hz, obtained through a method of careful cabinet design built around a suitable transducer and to support the findings with a build supporting sufficient evidence through implementation of testing. Low frequency tones Enclosure types Reinforced low frequencies cannot depend entirely on the driver itself for extended low end and requires a form of baffle or enclosure to completely isolate the front and rear drives. D. Weems (page 11) states also that a speaker can deliver 100 times greater sound intensity at low frequencies in a suitable box than in free air. Nearly all drivers are sat in an enclosure or at least some kind of baffle in order to increase and extend the low frequency output from the speaker system (J.Murphy pg 17). It is shown in figure 1 the importance of separation, illustrating how pressure waves from the front of the cone equal that of the pressure radiating from the rear and therefore are of opposite polarity and cancel each other out. Sound is directional at mid and higher frequencies and so these can be audible at a greater level, though wavelengths as long compared to the diameter of the speaker curve back and around the cone so that the out-of-phase waves mix (J.murphy pg17). When a baffle or box is utilized, the driver becomes much more efficient, using the much more contained air in front and behind the driver like a spring. Another purpose to house a speaker in an enclosure is its help to dampen the driver further from excessive vibrating at its frequency of resonance (fs) and furthermore to increase definition on the musical notes by reducing its hangover. If accurately designed, this should be kept to a minimum and is the relationship or air pressure against the cone between a speaker and its enclosure that helps balance the mechanical properties of air volume within and help generate a smooth flat frequency response. This is known as acoustic or resistive loading. S.Stark (pg141) explains in the lower two-thirds or so of a drivers intended frequency range, the speaker cone requires an extra amount of acoustical impedance (or load) to keep its motion under control. Again if both appliances are well designed, especially the driver construction, this acoustical imp edance is balanced out on the diaphragm movement. Loudspeaker driversThese are known as Thiele-Small parameters and are essentially a set of electromechanical parameters that determine the performance of a low frequency driver. Each driver is sent out with these specifications from the manufacture and help define a relationship between a speaker and an intended enclosure for use. They are very accurate and crucial in establishing constitution in the enclosure design in respect to sound quality and response output. One way to look at these in more depth is to see a direct correlation with the voice coil, magnet, and cone interacting with the cone suspension and the air in and outside the enclosure as an electrical circuit made up of resistors, capacitors and inductors. This can be seen as a relatively simple analysis circuit where changing the parameter increments of the individual components can alter the needed frequency. By then changing these parameters back into physical attributes such as enclosure size for a sealed box, a desi gn can be implemented (A. Ludwig 1997). This practice sets a scientific foundation in the practice of loudspeaker design as much a science as an art. It can often be seen in some cases, speaker designing a trial and error process, though with simple calculation correction methods based on these parameter formulas. For example, from predicted theory or software modelling, once a loudspeaker build has been complete, an initial test for electrical impedance across the driver terminals will demonstrate the first step in comparing the finished result with the simulations. If these are in contrast with the predictions, the enclosure can be tuned founded on these measurements. Often impedance spikes are sensitive to design faults and can cause extended amplification or location shifts at unintended frequencies. Ludwig (1997) however, suggests how these responses can be due to mutual coupling though in some cases such as a bass-reflex or ported designs actually a necessary result benefittin g the design by allowing air to enter the duct and work in alliance with the speaker cone. There are three parameter categories as constituted by Neville Thiele and Richard small. These are acoustical, mechanical and electrical and can be determined by either an A, M or E in their symbol script. Acoustic parameters are established by the effective piston area of the cone where the mechanical attributes are obtained by multiplying by the square of this area in the case of mass and resistive loss, or dividing by the square of the area in the case of compliance. Ludwig (1997). The electrical components involve two energy diffusions: the voice coil DC resistance and the amplifiers output resistance. To build a loudspeaker these parameters must be fully understood so justified usage can be applied in the different stages of design. Q has no dimensions though is a measure of damping on a speaker. It is simply the ratio between energy storing and energy dissipative mechanisms at resonance and in electrical terms, it is the ratio of the reactance to the resistance at its resonant frequency. D. Pierce (1995). The greater the damping of a speaker i.e. higher the Q, the lower its output is at resonant frequency indicating a small mechanical energy transfer in the driver. In other words, the amount of resistance available to dissipate the energy is small compared to the amount of energy stored. Therefore, for larger applications such as long horn or ported enclosures, generally a lower Q is required to produce the synonymous low frequency responses. This is induced by damping the resonant motion quickly as the resonant energy is dissipated quickly and removed from the resonant system. D.Pierce (1995). The mechanical and electrical mechanisms are classed as Qms and Qes with a combined unification closely described as Q ts, also determined by the enclosure volume (Vas) and total Q of the driver. EQUATIONS Essentially the compliance is the measure of stiffness of a drivers suspension measured in litres or cubic ft. Written as Vas, It denotes the same volume of air for the cone as it does for the speaker suspension. Larger drivers predominantly have a larger Vas due to the resistance of air it has to push in comparison to a smaller driver. The compliance must be established in order to ascertain whether an enclosure size is too small or large for the driver. A larger value equates to a stiffer surround and therefore being more suited in large enclosures. This said however, often results in a lower Qts and would correspond better as a mid-bass region either in a three or four way system. To follow on from these few basic parameters, a look into some basic speaker enclosures allows a practical look into the enclosure variables and how each box evolves to ascertain the diagnostics of my final build. EQUATION Compliance ratio =3 ÃŽ ± = Vas / Vab = Cms/cmb compliance of driver is expressed as an equivalent volume of air or Vas (Murphy pg24) Speaker designs can be put into two main classifications: direct radiators and acoustic horns with many variations and combinations to gain different frequency responses from the size, shape and air tightness of the box. Within these classifications bring four sub category types, each with their own advantages and disadvantages so suit different applications. A sealed box or air suspension enclosure uses quite a compact design, mainly found in home hi-fi where excessive SPL is not such an essential necessity. It utilizes the force of air at the rear driver more so than its own suspension, though a floppy driver is often used along with the spring to help dampen the driver cone movement. The rear of a speaker in any enclosure plays a fundamental part in shaping the sound waves. It is therefore clear to see why these types of enclosures are not commonly seen in the larger scale venues or for live music due to its inefficient design of soley manipulating the rear waves of the diaphragm as a linear air spring in a sealed enclosure. The compliance ratio decides whether the box is sealed (infinite baffle) or air suspension. An infinite baffle box usually has a low ratio of about one or two as the box replies predominantly on the cone suspension as a its control with a large box volume behind. This in turn acts similarly to a baffle of infinite proportion where the air gives little resistance to the movement of the cone. On the other hand, an air suspension can have a relatively high compliance ratio of four or five due to the air being reasonably stiff which in turn allows a looser driver where most the control is regulated. This enclosure has one self contained variable known as Vb and as mentioned by Ludwig, by altering the volume size in co-ordinance with driver parameters can help tune the box to its optimum response. As well as a drivers resonance frequency, the enclosure simultaneously also produces a system resonance known as fsc and a second order high pass filter defined as Qtc and corresponds to the sealed box Q. These parameters will perpetually be greater than the drivers uniformed fs and Qts. To gain the enclosures resonance, both the volume of the enclosure and driver parameters have to be applied. Therefore: F(sc) = F (fs, Qts, Vas, Vb) Ported box has two variables V(B) the box volume and F(B) the tuning frequency A ported enclosure essentially allow for extended low end with a given driver and is even possible to reduce the size of box gaining extra low end frequency without increasing the internal stiffness of the air. The air inside the box continues its proficiency as a spring yet the port serves as an additional piston where the vibrating air supplements the resonant frequency for two other contemporary resonances; one in phase slightly higher than the Fs and one lower than the Fs working out of phase. As with a sealed enclosure a balance has to be struck as this lower Fs and out of phase response can run the risk of over excursion as the roll off frequency quickly becomes a much steeper gradient. Stark (2004) explains how when a speaker is given a significant amount of power below the resonant frequency, the speaker unloads and becomes drastically more inclined to push beyond its normal excursion limits. At its best sound bad, but at worst can risk driver failure. Helmholtz resonator stark 178 Port tuning frequency = Fb Further advances on ported designs such as installing additional baffles inside the enclosure result in an even lower resonant frequency of the air mass in the enclosure, fabricating a smaller enclosure at the front with a larger air space at the rear of the driver. These are known as bandpass enclosures and by adjust the volumes of air in the two compartments help to equalize the enclosure with the duct or port used to tune the fs. This again comes as a compromise where a considerable amount of power is needed to produce the equivalent output levels. Transient response differences page 29 murphy What the different frequencies do More about the port Variations, band pass 4th 5th 6th order Horn loaded speakers serves a much more beneficial approach of further increasing efficiency over direct radiators and serve two paramount parameters: A higher composure of directivity control (especially in the higher frequencies) and loading of the driver. By increasing the loaded of the driver over that of the free air, increases efficiency and hence the output and by further concentrating the sound into a fixed solid angle increases the output further (B. Kolbrek horn theory). This method of amplification is not a recent discovery and has dated back thousands of years where ram horns have been used consisting of a small throat and large mouth where perceivable amplification is recognized. Thomas Edison then evolved this principle in 1877 where the first tin horn phonograph was invented, coupling the minute vibrations of the diaphragm to the air of the listening area (J.Dinsdale horn loudspeaker design). To expand this principle further, a loudspeaker propagates pressure producing an internal source impedance and external load impedance and essentially acts as an acoustical transformer, matching the high impedance at the driver to the low impedance of the room air by its smooth rate of increased cross sectional area from the driver cone to the horn mouth. In a direct radiating enclosure, because a mismatch between source and the load, most the energy is converted into heat in the voice coil and the mechanical resistances where the size of source is small compared to the wavelengths its trying to produce and therefore merely push the medium away and making it quite an inefficient design (B.Kolberk). Kolberk goes on to say that high frequency output consist of plane waves (Wave in which the wavefront is a plane surface; a wave whose equiphase surfaces form a family of parallel planes (J. D. Jackson, 1998 )) that do not spread out. The system will therefore be at its optimum efficiency as the load from the driver is at its highest. If the lower frequencies coul d be radiated also in pane waves Quarter wave horns Tapped The build Initially, a tapped horn build was not first choice. A model of a twin loaded 18 4th order bandpass sub was modelled using the software winISD. This program allows modelling of vented, bandpass and passive radiator enclosures with additional tools such as filter calculators and signal generators with help if designing multi-way systems. Various drivers were configured such as BC 6PE13, Beyma G550, PD 1850 and an RCF LF18X400 though a 800W Ciare 18.00sw would have been the driver of choice with a low fs of 22Hz at. This illustrates the maximum SPL response from the predicted cabinet. This was as close to flat as possible with a low f3 (cut of frequency -3db) and tuned to 29Hz. However, size would have been a serious issue with a cabinet size of 600 litres. This was the first initiation into speaker design with little appreciation to what is really intended from a low frequency enclosure. The purpose of this build is to establish an efficient, effective and accurate acoustical reproducing circuit. The circuit system should be able to emphasize the necessary frequency tones and accordingly dampen unwanted characteristics. Furthermore, through the desired frequency bandwidth, an ideal flat response contour should be achieved where the structure should collaborate, emphasizing the bass tones in the music content. From looking at sealed enclosures, an analytical careful design should be constructed where the use of both sides of the speaker should be implemented to its maximum performance. Therefore, by constructing a circuit where the change in phase from the front and rear of the driver actually couple and in turn reinforce the sound level output. For these reverse polarity sound waves to couple and increase efficiency, a folded horn arrangement seems a coherent route to pre-empt and can be either exponential, hyperbolic, tractix, parabolic or conical each giving their own individual response in terms of efficiency and distortion. In essence of a loudspeaker box, distinctively the drivers competence plays a considerable role in quality and magnitude of the sound as much as the structure of the box. A paramount feature of a good enclosure besides its principle design is its backbone of rigidity and strength. A feature of good quality cabinets demand a sturdy design with minimal or no waver from the surrounding walls or internal baffles caused by the high pressure sound waves. Correspondingly, joins and fixings should also be air tight and free from unwanted vibrations. Stark (pg 144) explains how this possible flexing of the walls can create unnecessary resonances and consequently reduces efficiency and maximum output. Furthermore, it also degrades the principle of the infinite baffle and can also diminish transient response. In other words, the enclosure is likely to continue vibrate after the driver has stropped moving. From analysing the different enclosures in research, a further look into quarter wave horns was undertaken. It was found that transmission lines absorbed much of the intensity on output though a slightly adapted rear loaded horn with a tap and could accomply a larger driver could be much more suitable resulting in a smaller driver and box with extended efficiency at low end. A new driver had to be found with a much more in depth look into the thiele-small parameters and which characteristics would work in such a horn. Again various speakers were modelled but the Eminence Lab-12 predicted the best results due to WinISD is not capable of calculating tapped horn responses so a look into the horn modelling software; Horn Response (Hornresp) designed by D.J.McBean was carried out. Here the parameters of the driver can be inserted along with the length and area of each horn section, the rear chamber parameters including acoustical lining specifications and a series of predicted test tools such as schematic diagram of the horn, acoustical impedance, SPL response, electrical impedance, diaphragm displacement, phase response and group delay. On first look at this program the input parameters for each section looked somewhat perplexing and took a lot of time calculating what each section could achieve with different horn designs. On initial play, parameters from other designs were inserted where alterations could be adjusted to see the possible outcome. Advancing from this further, looking at a pattern in previous models and trying to design a horn suitable for the needs of my own chosen driver. It wasnt until extensive reading in speaker design, that the different thiele-small parameters really came into play where a clear relationship between the driver parameters and enclosure parameter knowledge that a formulated pattern could be understood and used on further developments. Although the variables can be adjusted on the different sections, a starting point had to be established. Firstly a driver had to been chosen. It was quickly found however that not any driver would suit a tapped horn. For example, as ownership of a several 12 Ciare drivers a logical and initial route to take to help save money was to use these drivers. Dick pierce: Closed boxes store energy that interacts with the loudspeaker driver in complex ways, especially in vented enclosures. Boxes themselves also have resonances. Normally a high-Q closed box is combined with low-Q loudspeaker driver to give a desirable total system Q. But when we mount a loudspeaker driver on an open baffle this situation is reversed. An open baffle stores no energy and has a low-Q of 0.2 and Carver chose to use a high-Q woofer with a total Q of 3+ to arrive at a desirable total system Q. Sound is the element which occurs when an object is set to vibrate. Reproduced sound can be seen as an art to reinforce these inputs accompanied using sciences of physics, mechanical and electrical engineering. Loudspeakers have evolved considerably since E. W. Siemens built the first moving-coil transducer in 1875. Bibliography Ludwig. (1997). Thiele Small Analysis of Loudspeaker Enclosures. Available: http://www.silcom.com/~aludwig/Sysdes/Thiel_small_analysis.htm. Last accessed 10 April 21010. D. Pierce. (1995). what is Q. rec.audio.tech. 1 (1), 1. S.Stark (2004). Live Sound Reinforcement. 9th ed. Michigan: Artist Pro. 143. B. Kolbrek. (2008). Horn Theory: An introduction, Part 1. Tube, Solid State, Loudspeaker Technology. 1 (1), 1. J.Dinsdale. (1974). Horn Loudspeaker Design. . 1 (1), 1. J. D. Jackson, Classical Electrodynamics (Wiley: New York, 1998 )

A Jack of All Trades: The Importance of Being Well-Rounded in the Workplace :: essays research papers

A JACK OF ALL TRADES: The Importance of Being Well-Rounded in the Workplace Introduction There are literally hundreds of desirable traits in the workplace. Of these, one of the arguably most important is to be well-rounded in the workplace. Many skills can assist an individual in being a well-rounded employee. Oral communication skills, written communication skills, teamwork, technical skills, leadership skills, adaptation skills, computer skills, interpersonal skills and analytic abilities are some of the key factors to a well-rounded employee. While these skills all seem to be of equal ability to the well-rounded employee, the scope of this paper will only delve into a few of the skills preceding. Technical skills, oral communication skills and leadership skills will all be detailed in this review in an attempt to help you (the reader) become a well-rounded employee. Technical Skills in the Workplace Technical skills are the formal name for the knowledge to perform the task at hand. One acquires technical skills by training in formal school systems or in the work environment. Experience is probably one of the most important factors in growing your technical skill in a subject. The importance of technical skills in the workplace is undeniable. Without the knowledge of the subject at hand, there is virtually no way possible to be a well-rounded person. Without technical skills you are not likely to be able to even do the job at hand. Here’s a brief story for example about an individual in the workplace, and how his lack of technical skills hindered his ability to be well rounded in the workplace, and eventually cost him his job. John was a college graduate with a degree in Computer Science. He had completed his degree with a GPA of 3.5. He began his search for a job immediately following his graduation and landed a great job in the technology field based on his merit and because of his professionalism and great communication skills. However, John had very little practical knowledge that is used in the IT field. He had no past experience beyond his degree, no industry level certifications. While his education had trained him in many different facets of computer technology, he lacked the one driving technical skill to help him determine where he would be best suited. It turns out the job that he landed was in computer networking, and when his initial review came up in 3 months, the company decided that they were going to let him go because of his lack of technical skills and because they wanted someone more experienced who actually knew how to do the job.

Banyan Tree Essay

Minimal advertising, still high level of brand awareness through company’s public relations and global marketing programs. Faced the challenge of translating and maintaining the success of a niche Asian hospitality brand into various market segments on a global scale ‘Innovative niche product that could also bridge the price gap in this market’ Building a resort comprising individual villas with locally inspired architectural design and positioned as a romantic and intimate escapade for guests; ‘Sanctuary for the senses’. Banyan Tree Gallery: ‘local culture and heritage and promoting cottage Crafts, retail outlet showcasing indigenous crafts, works closely with village cooperatives and not-for-profit craft marketing agents. Marketing: high-end travel magazines in key markets – public relations – global marketing programs (increase editorial coverage) – few key wholesalers in each targeted market – agents specializing in exlusive luxury holidays targeted at wealthy customers – membership in the Small Luxury Hotels and Leading Hotels of the World – GDS cose ‘BY’ (own global distribution system used by travel providers to process airline, hotel, car rental and other distribution partners around the world. Actively caring for the natural and human environment, revitalizing local communities, worked actively to preserve, protect, and promote the natural and human environments in which BYT resorts where located. Minimizing the impact on the environment Green Communities = planted trees, engage local communities, associates, guests to share the causes of climate change and actions that can reduce our collected carbon footprint. Green Imperative Fund to further support community-based and environmental initiatives in the regions where it has a presence. The company believed in building profitable resorts that would benefit the surrounding environment and contribute to local economies through the creation of employment and community development projects. Businesses with local farmers and traders by making it a point to purchase fresh produce from them. Community Relations Department was set up to develop and manage community outreach programs. Seedling: BTHR’s formalized program which aimed to help young adults from local communities and motivate them and provide the means for completing their education to successfully enter the labor force as adults. Future: openening city hotels and angsana hotels in Dubai and London (angsana brand in response to the demand for hotel operators in Asia that were keen to introduce spa services in their hotel, it is more contemporary and affordable brand. Musem Shop by banyan tree: joint partnetship with Singapor’s national heritage board to showcase Asi’a rich and diverse cultural heritage through unique museum-inspired merchandise. Banyan Tree Holdings (Banyan Tree) is an investment holding company involved in managing and developing premium resorts, hotels and spas in the Asia Pacific. To date, the Banyan Tree Group manages and/or has ownership interests in close to 36 hotels and resorts, around 73 spas, 91 galleries and 3 golf courses in 28 countries The company operates in Asia, Mexico and Morocco, New Zealand, Africa, Dubai, and the UK. Banyan Tree operates through three business segments: hotel investment, property sales, and fee-based. 1: The hotel investments segment relates to hotel and restaurant operations. 2: The property sales segment comprises hotel residences, Laguna property sales and development project/site sales. Hotel residences business relates to the sale of hotel villas or suites which are part of hotel operations, to investors under a compulsory leaseback scheme. Laguna property sales business relates to the development and sale of properties which are standalone vacation homes in Laguna Phuket. Development project/site sales relates to pure development land sales or development land sales which are fully or partially developed with infrastructure. 3: The fee-based segment comprises the management of hotels and resorts, the management of an asset-backed destination club, the management of private-equity funds, the management and operation of spas, the sales of merchandise, the provision of archite ctural and design services, the management and ownership of golf courses, and rental of retail  outlets and offices. The company’s subsidiaries (dochterbedrijf) include Banyan Tree Spa Bangkok, Banyan Tree Spa Bintan, Banyan Tree Spa Ringha, Banyan Tree Spa Phuket, Banyan Tree Sanya, and Banyan Tree Macau, among others. Banyan Tree Holdings (Banyan Tree) is engaged in the management and development of premium resorts, hotels and spas. The company’s key services include the following. Hotel and restaurant operations Sale of hotel villas or suites – Development and sale of properties – Pure development land sales – Management of hotels and resorts – Management of an asset-backed destination club – Management of private-equity funds -Management and operation of spas – Architectural and design services – Management and ownership of golf courses – Rental of retail outlets and offices. The following companies are the major competitors of Banyan Tree Holdings Limited: Central Plaza Hotel Public Company Limited – Four Seasons Hotels Inc – Associated International Hotels Ltd In the past few years, such events risks as the Tohoku earthquake and tsunami, bird flu, floods and riots in Thailand have been hard on our industry, causing tourism as a whole to dry up in their wake. By comparison, economic recessions are part and parcel of the business cycle, which we are able to take in our stride and counter with a variety of measures. During the year, the world remained mired in the European sovereign debt crisis and American economic weakness. Although these conditions affected our arrivals primarily from Europe, we were able to capitalise on the flourishing Chinese market. At our four resorts in the Maldives, for example, the number of Chinese guests surpassed those from Europe. In our continuing efforts to rebalance the Group’s assets, we made the bar gain purchase of Banyan Tree Seychelles which gave rise to a net gain. We also sold and leased back Angsana Velavaru in January 2013. The hybrid structure of this deal is a first for Banyan Tree, and we are pleased with how it allows us to rebalance our portfolio while still participating in the profits from the operations of Angsana Velavaru. 2012: with overall revenue growing 3% to S$338.4 million. Due to improved results from our hotel investments and fee-based businesses, as well as a higher contribution from completed sales of property units. Group EBITDA was S$74.5 million, up 51% on the back of higher revenue and a gain on the  bargain purchase of Banyan Tree Seychelles. This in turn resulted in PATMI increasing by 856% (S$14.9 million), tempered by higher finance costs and income tax expenses. HOTEL INVESTMENTS Our hotel investments delivered a stronger performance in 2012, with Group-owned hotels posting total revenue of S$187.7 million, up 15% from the previous year. This was due to the higher contribution from our Thai properties and the consolidation of revenue from Banyan Tree Seychelles from 2Q12 onwards. These gains were partially offset by lower revenue from our Maldives properties as Banyan Tree Vabbinfaru and Angsana Ihuru were temporarily closed for refurbishment. As a result of the increase in revenue, EBITDA for this segment grew by a healthy 69% to S$36.6 million. PROPERTY SALES Revenue from property sales was S$42.7 million. The 36% decrease was due to the sale of development sites in Lijiang, Yangshuo and Huangshan to our China Fund in 2011. Excluding those transactions, revenue and EBITDA from property sales saw growth of 43% and 74% respectively, thanks to a higher contribution from completed sales of property units. FEE-BASED Total revenue from our fee-based businesses registered growth of 9% to reach S$108.0 million. This was attributable to an increase in fees from hotel management and architectural and interior design and other services. Accordingly, EBITDA for our fee-based businesses grew by 23%. 2013 appears to be another challenging year for the global economy. We anticipate continued weakness in our European target markets. In Asia, which has been the world’s economic engine these past four years, growth is likely to moderate. Despite the cooling of China’s economy, the tourism market both inbound and outbound is expected to continue to grow. The Chinese government is aggressively promoting domestic tourism as part of its strategy to increase domestic consumption, thereby cushioning the slowdown in export manufacturing. Banyan Tree’s strong branding and rapidly expanding footprint  in China will position us to take advantage of this trend. Our seven regional marketing offices in China will be invaluable in enabling us to tap the vast potential of this market and to enhance awareness of our hotels with key accounts in China. Our strategy going forward will include continuing with our asset rebalancing to unlock value and deploy capital to more promisi ng markets. At the same time, we are exploring the possibility of extending the successful Fund model into other areas. In terms of growing particular segments, we will be focusing on increasing income from our fee-based and property sales businesses. We have built the fee-based segment to a point where it now has an impetus of its own. On the property sales front, we plan to move into selling more primary and serviced residences. Primary residences under the Banyan Tree brand,  Ã¢â‚¬Å"We will also be going forward with the establishment of a third brand of residences to be wholly sold and managed by us.† Rather than compete with local property developers, we will leverage our branding and design skills to market to a niche audience in China. We will also be going forward with the establishment of a third brand of residences to be wholly sold and managed by us. Catering to an entirely new market of price-conscious buyers, these properties will be smaller in size yet deliver the quality and innovation that are hallmarks of Banyan Tree. Strongly associated with our brand is the concept of a triple bottom line. In our pursuit of economic, social and environmental success, we made major investments in resource conservation, training and benchmarking, greening and community efforts in 2012. Under the EarthCheck system of sustainability certification, we also planted in six-year a total to over 220,000 trees. Banyan Tree Hotels and Resorts offer an intimate retreat experience featuring its signature blend of romance, rejuvenation and exotic sensuality. Our philosophy is based on providing a place for rejuvenation of the body, mind and soul – a Sanctuary for the Senses. Placing special emphasis on providing guests with a sense of place, each Banyan Tree property is designed to fit into its natural surroundings, using indigenous materials as far as possible and reflecting the landscape and architecture of the destination. Pioneering  the tropical garden spa concept with Asian health and beauty remedies passed down from generations, Banyan Tree Spa was created as the signature experience in all Banyan Tree resorts, to complement the â€Å"Sanctuary for the Senses† wellness concept. With the emphasis on high service standards and consistency, therapists are professionally trained at Banyan Tree Spa Academies in Phuket, Thailand, and Lijiang, China. The Banyan Tree Gallery supp orts local communities by exhibiting and retailing indigenous handicrafts, which are also found in the resorts. A quintessential highlight of the Banyan Tree experience, Banyan Tree Gallery aspires to recreate the unique Banyan Tree experience with its extensive selection of Asian-style furnishings, Banyan Tree Spa collection, eco-friendly products, indigenous village handicrafts, ethnic apparel and accessories, and objects d’art. Banyan Tree Holdings Limited is a leading, international hospitality brand that manages and develops premium resorts, hotels and spas. Its innovative business model is based on seven business segments generating multiple income streams that is unique in itself within the hospitality industry. This formula of developing and managing complementary product offerings with in-house talent makes it difficult for competitors to duplicate with the same level of success. Banyan Tree’s vertically integrated business model comprises: Hotel investment– Banyan Tree owns and manages luxury hotels under its brands, as well as hotels that are managed by other world-class operators. Hotel management– Banyan Tree additionally manages properties under the Banyan Tree and Angsana brands for other owners. Canopy Marketing Group Pte Ltd – A company wholly owned by Banyan Tree Services, Canopy Marketing Group Pte Ltd provides high-level strategic insights on various global niche markets to drive top line performance of our diverse range of lifestyle products including hotels, resorts, spas, gallery, destination club and residential ownership. It has a full-suite of marketing capabilities specializing in the branding, marketing and promotion. Spa operations– Banyan Tree Spa pioneered the tropical garden spa concept, and has since grown to over 60 outlets worldwide. Gallery operations– The retail arm is consolidated under Banyan Tree Gallery, which comprises five brand segments located in over 70 stores worldwide. Hotel residences – Hotel inventory are primarily sold under the brand name Banyan Tree Residences. Property sales – Properties that are not part of hotel operations are sold by our subsidiary company, Laguna Resorts and Hotels, and its subsidiaries, in Laguna Phuket. Design and other services – Revenue from design services is earned by Architrave, Banyan Tree’s in-house architectural arm. Other service fees include income from operating golf clubs. Real Estate Hospitality Funds – Banyan Tree Capital was set upto tap private equity and other sources of investments in order to provide a cost efficient structure to fund the Group’s future developments. With about 8,000 associates of over 50 nationalities, the diversity of its workforce is a key feature of the Group and helps to inspire its international outlook. To address its talent development needs, Banyan Tree launched Banyan Tree Management Academy (BTMA) in 2008. This centralised training facility located in Phuket, Thailand will train future Banyan Tree leaders needed to sustain organisationa l effectiveness and to meet the demands of its rapid global growth. Part of Banyan Tree’s vision has always been to grow into a global business, with a portfolio of properties strategically placed around the world. The Group’s mission is inextricably intertwined with its commitment to corporate social responsibility and sustainable growth, as it continues to expand globally. The launch of Banyan Tree Residences, which allows investors to buy their own signature villa, townhouse or apartment in Banyan Tree resorts. Banyan Tree Private Collection was launched to cater to the growing niche for destination club membership 2005: Marking the group’s long awaited foray into China is Banyan Tree Ringha, in Yunnan. 2001: Banyan Tree established the Green Imperative Fund to formalise its corporate social responsibility efforts. The Banyan Tree Spa Academy was set up to provide training for new therapists as well as research new treatment recipes and techniques. Banyan Tree Capital is a real estate fund management company established by the Banyan Tree group, a renowned luxury hospitality company listed in Singapore, to focus on hospitality-based real estate investment. Banyan Tree Capital raises, develops and manages branded hospitality funds in key development markets of the Banyan Tree group. With a combination of fund management and asset development cap abilities, Banyan Tree Capital leverages on the group’s expertise in premium hospitality real estate development and  management to generate attractive investment returns for its investors. Banyan Tree Capital is headquartered in Singapore with offices in China and Vietnam. We have successfully achieved higher room rates than the existing market in locations such as Lijiang, the Maldives and Seychelles. We have also found that our iconic brands also help raise the value of the surrounding land. Our innovative city products combine all the iconic elements of our brand and differentiate developers within established, high cost city markets. We have the flexibility and capabilities to adapt our model to various locations so as to maximize returns for the developer. As part of our strategy of enlarging our footprint in China, we will also be launching two more hotels in Shanghai and one in Tianjin, adding to our ever growing presence in various gateway cities. We are also employing our capabilities all across China, where large tracts of land are being developed into gated residences and luxury hotels offered to the Chinese elite. One of Banyan Tree’s prime concerns is its associates. We pride ourselves in providing high levels of service excellence and providing tailor made training and career development programmes for our employees. No stone is left unturned in regards to training and proper introduction before a Banyan Tree is put into operation. Trained to the basic standards of 5 star hotels. Employees were empowered to exercise creativity and sensitivity although the strict administrative rules of the management. Employees were taken to and from work in air-conditioned buses, access to various amenities (good-quality canteens, medical services, childcare facilities). Banyan Tree is one of the world’s biggest and well known spa operators. Our levels of quality and service are unparalleled and uncompromised. We are the only vertically integrated hospitality company with strong capabilities to tackle and anticipate the challenges of master planning and developing an integrated resort. We are able to take a property from inception to delivery with efficiencies that is entirely brand specific. Our  in-house design team, Architrave, and project services team are extremely involved in all phases of the development – master planning, designing, developing and coordinating, to ensure developers a timely delivery of their asset. Being experienced developers, we are able to ensure that efficiencies and economies of scale are maximized along with guest experiences. Bintan, the Maldives and Phuket where the Angsana resort is positioned next to a Banyan Tree resort with shared back of house facilities. This model has allowed us to lower costs without cannibalizing rates, thereby boosting returns for our developers.

Maslow’s theory of needs in individualistic and collectivist cultures Malika Kassymova Essay

1. Abstract Maslow’s hierarchy of needs is a motivation theory elaborated by a humanistic psychologist Abraham Maslow in 1943. Maslow’s theory consists of 5 main levels of needs that form a pyramid: Physiological, Safety, Belongingness and Love, Esteem, Self-Actualization (Janet A. Simons, 1987). Even though this theory is most commonly used in individualistic cultures, some findings suggest that it may also be applied in collectivist culture. However, the results will differ from those in individualistic cultures. In a collectivist culture, the basic need is belonging to the society; self-esteem is eliminated, and self-actualization is attained in terms of meeting societal development needs (Gambrel, P. A.& Cianci, R., 2003). Thus, contrary to the belief that the basic concept of self-actualisation applies to any human being in any culture, the current findings suggest that an individual’s needs are partially bound by culture. Implications include important impa ct on the workplace, as the concept of self-actualization shouldn’t be forced upon a collectivist culture and vice versa (Nevis, 1983). 2. Introduction 2.1 Review Most famous authors that have investigated international implications of Maslow’s hierarchy of needs include Geert Hofstede, Edwin C. Nevis. Other individualism-collectivism studies by Hampden-Turner and Trompenaars, Schwartz, Bilsky, Ivtzan and Tanaka have a direct relation to theories of motivation as well. 2.2 Purpose  The purpose of this literature review is to organise, compare and synthesize academic papers related to the Maslow’s theory of motivation and to indicate the sources of obtained data. 3. Application of Maslow’s theory in individualistic and collectivist cultures 3.1 Beginning of studies Individualism – collectivism is one of four dimensions of culture in different countries developed by Geert Hofstede. According to (Hofstede, National Cultures in Four Dimensions, 1983), in an individualistic society individuals look after themselves and immediate family members. He defines collectivism as a preference for a close social framework where family members and other in-group members look after them in exchange for loyalty; individualism, on the contrary, refers to a more self-oriented approach to socialization. 3.2 Methodology & Findings Source: www.geert-hofstede.com In a recent study (Ivtzan, 2010) the cultural validity of self-actualization is tested using the Personal Orientation Inventory (POI) questionnaire developed by (Shostrom, E.L, 1980) as a comprehensive measure of the self-actualizing characteristics originally highlighted by Maslow. The POI questionnaire was tested on 100 British participants and 100 Indian participants as these two cultures belong to 2 different cultures (Hofstede, geert-hofstede.com, 2004). In support of the hypothesis, the results showed British participants scored significantly higher than the Indian participants on 10 out of the 12 scales, meaning that Individuals from an individualistic culture are more likely to be closer to the self-actualizing ideal, as measured by these scales, than individuals from a collectivistic culture. Thus, one’s cognition and motivation are affected by the social system in which they are raised and fulfilling one’s potential is expressed differently in these cultures. Collectivistic cultures are more ‘other orientated’ with strong emphasis on approval, acceptance and adherence to social groups (Erez & Earley, 1993). In support of this, Tanaka (1978) tested individualistic and collectivistic differences in agreeable responses to various behavioural statements. For example, in response to the statement â€Å"To do something good for society†, participants from Indonesia, Pakistan and India scored the highest and those from Australia and New Zealand the lowest. However, in response to the statement â€Å"To achieve personal happiness†, the pattern of results was reversed. Similarly, Riesman et al (1953) describe that the other-directed person â€Å"hardly thinks of himself as an individual† (p.33) further suggesting that collectivists that define themselves in such an ‘other-directed’ way are less likely to be inner orientated than individualists. Therefore, prestigious companies such as Royal Bank of Scotland (RBS, 2007) that actively use Maslow’s motivational theory may fail to effectively ‘reach out’ their more collectivist employees. Source: www.geert-hofstede.com 4. Summary Hofstede (1983) and Nevis (1983) both conclude that the hierarchy of needs developed by Maslow stresses individual achievement rather than collective, since it was developed on the basis of individualistic US model. However, Hofstede (1983) and Trompenaars (1993) agree that the American way of management does not apply across all cultures, especially as those in Asia. Living to our fullest potential is a universal theme and the route towards unlocking this potential and fulfilling it might be dependent on our cultural values. Therefore, the results of using Maslow’s model will differ in individualist and collectivist cultures. Further research is needed to establish whether the fulfilment of the individual in a non-Western, collectivistic culture is idealised in a different way (Ivtzan, I., Gardner, H. E., Bernard, I., Sekhon, M., & Hart, R., 2013). 5. Implications for Managers Individualistic countries desiring to invest in collectivist countries (e.g. China) can increase their profitability through understanding of collectivist culture and vice versa. Companies where management models are based on individualism shouldn’t force their management practices upon a collectivist environment. For example, in a collectivist culture like China, Nevis (1983) suggests that Chinese business practices should be governed by being a good member of society and placing group needs before individual needs. Therefore, a team-based organizational structure should be put in place by the investing firm. The human resource management plan should also design a benefits plan that centres on the work group with a focus on housing, medical care, and education. Cultural research is important in human resource management in order to divide between individualistic and collectivistic cultures, allowing both to work efficiently and effectively, side by side, in the same organisational environment (Ivtzan, I., Gardner, H. E., Bernard, I., Sekhon, M., & Hart, R., 2013). Also, the human resource management plan should implement a comprehensive cultural training program designed to increase understanding and awareness of a collectivist culture to avoid confrontations and situations that would cause one to lose face (Gambrel, P. A.& Cianci, R., 2003).