Schindler's List Movie Review Example | Topics and Well Written Essays - 750 words

Schindler's List - Movie Review Example Schindler, a business man in the film, becomes depicted as a person who is profit oriented and self-centered in character (Thomas 3). The film majorly centers on the life of this character as he does around with his life. Apart from Schindler, the film also had Itzhak Stern, an accountant for Schindler. Itzhak in the story becomes depicted as a worker and a lover of his own people. The essay therefore, will analyze the relationship between the two characters in detail and assess some of the way the film managed to use communication concepts (Thomas 4). At the start of the film, Schindler manages to meet and talk with his accountant, Stern concerning his motif to buy the Jewish enamelware factory. Schindler in the film becomes depicted as self-centered and had profit making character. Since Stern had the brains and the zeal to run some of the businesses Schindler had, Schindler trusted Stern. The factory had earlier on been closed by the Nazi’s, but Schindler saw a way of makin g money through it (Zaillian & Keneally 33). Without thinking about the repercussions of buying the company, Schindler insisted he wanted to buy it. Stern did not approve of Schindler’s intentions as he acted as if he did not respect the Jewish community. Schindler in the early scenes could be viewed as a traitor of his own people. ... In terms of non-verbal communication, in the film, Stern shows some gestures of not approving and disliking Schindler’s opinion of wanting to buy the factory, simply by not accepting to have a drink with him. In addition, Stern got some facial expressions suggestive of disliking the idea (Loshitzky 23). Stern in the film becomes depicted as a clever person that does most of the brain thinking for Schindler. Stern ensures that the enamel factory which Schindler wanted become bought, though used bribery. Deeper in the film, Stern saves the lives of his fellow Jews through coming up with ideas that helped in closure of the Plaszow labor camp (Loshitzky 76). In addition, it is Stern that runs the factory that ended up helping thousands of Jews by employing them and not making them ‘non-essential.’ Stern cared a lot for his people right from the very start of the film and did whatsoever possible to ensure they were safe. Stern becomes depicted as the total opposite of Schindler, though the two remain related. In the beginning of the film, the relationship between Stern and Schindler was more of the business type. Schindler in the film depicts characteristics opposite from Stern. As Stern cared for his Jew people from the very first, Schindler had been insensitive to the problems the Jewish people underwent. The film hence brings Stern to represent the elements Schindler lacked (Loshitzky 26). As the film progresses, Schindler starts experiencing a gradual change in character and heart concerning his Jewish people. In one of the scenes, Schindler witnesses the evacuation of the Krakow ghetto by the Nazi people (Keneally 65). He majorly got touched after seeing the girl with the red coat tortured by the Nazi’s.

The Waterfront Movie Review Example | Topics and Well Written Essays - 1500 words

The Waterfront - Movie Review Example The movie, a controversial and powerful part drama part gangster film about mob violence, trade unions and the corruption among longshoreman, is set on New York’s waterfront docks and it is about the struggle of workers for work and dignity..Malcolm Johnson, born on 24 September, 1904 and graduated from Mercer University in 1926, was a noted investigative journalist. He wrote a series of 24 parts called `Crimes on the Waterfront’ about the dock strikes, published in New York Sun. The series exposed corrupt practices, bribery, extortion, theft, murder and the mob’s influence on New York’s waterfront. He eventually won the Pulitzer Prize for Local Reporting for the series in 1949. `The Sun’ articles formed the basis for the movie â€Å"On the Waterfront†. But before Budd Schulberg started working on the screenplay for the movie, Arthur Miller wrote a play â€Å"The Bottom of the River’ about the efforts of Peter Panto who was murdered b y the mob while struggling to organize the dock workers of Brooklyn Red Hook district in the 1930s. In 1950, Miller rewrote the play as the screenplay â€Å"The Hook† for Elia Kazan. Kazan wanted to make the movie but was rejected by the studios. Reason was the pressure imposed by HUAC on the Columbia Pictures studio chief Harry Cohn. Miller was told to change the villains to evil communists from corrupt union officials and gangsters. Arthur Miller refused and was replaced by Budd Schulberg, who wrote `On the Waterfront’ as a result.On the Waterfront' as a result. (Tom Dirks) The story is like this. Johnny Friendly (Lee J. Cobb) is the union boss, who rules the waterfront. He is responsible for a number of murders but police couldn't take any action against him as the witnesses never testify against him i.e. they play deaf and dumb ("plead D &D"). Terry Malloy (Marlon Brando) is a dockworker and a former boxer who does small jobs due to his brother Charley (Rod Steiger) influence. Karl Malden plays the role of Father Barry who encourages Terry, stuck in a moral struggle between right and wrong. Eva Marie Saint plays the role Edie Doyle, sister of the dockworker who gets murdered because he was going to testify against Johnny Friendly. Terry feels somewhat responsible for the death because he could have Intervened. Because of a love towards Edie and encouragement from Father Berry, Terry agrees to testify against Johnny Friendly and his own brother Charley in a federal Crime Commission investigation. (Tom Dirks) On the Waterfront' is said to be a sort of autobiographical film by Elia Kazan. It was his reaction to the criticism he faced for his testimony before the House Un- American Committee, in which he "named names" in 1952. Kazan, during his theatre days in1930s, had been a member of the Communist Party. The Theater also included several professionals who were Communists. At first Kazan agreed to testify before HUAC but refused to name other members, but because of increasing pressure from Hollywood studio management, he provided the names of former Party members. Later, Kazan explained that he resented the Party's to force their Agenda on artists and he felt the testimony was in the best interest of the country. Though the testimony was due to the threat of being blacklisted from the Hollywood studios, Kazan was hated by his former friends. Terry's testimony against Johnny Friendly and his mob was perceived by some as Kazan's reaction to his critics. In 1951, before Kazan, Budd Schulberg also testified before HUAC. Budd Schulberg born in March27, 1914 was the son of B.P. Schulberg, the head of Paramount Pictures, and Adeline Jaffee-Schulberg. Budd Schulberg volunteered to testify when screenwriter Richard Collins testified before

Respiratory Muscle Training for Cervical Spinal Cord Injury Essay

Respiratory Muscle Training for Cervical Spinal Cord Injury - Essay Example Several articles would be used as a way of finding conclusive statement that would be aimed to be a solution to the several problems associated with patient with spinal cord injuries. The other methodology applied in training of patient with spinal cord injury is use of simple breathing device. The effect of these devices would ensure improved respiratory function as a result of the increased strength of the expiratory muscles. The training includes a repeated action by patients through the expiratory muscle training equipment with focuses being laid on the voluntary nature of the patients while in some instances the patients would need to endure a compulsory training session. The focus of the devices according to Roth et al(2010) the training that deploys a low resistance levels would result in improved pulmonary functions which are essential to patients with spinal cord injury. The article also indicate the effectiveness of the resistance training group as compared to the sham model of training The levels of cough according the article are an indicator of the strength of the expiratory muscle which is subject to the training and improvement for the pulmonary fu nctions. Both Silveira et al (2010) and Roth et al (2010) indicates two modes of training with both articles indicating a sitting position to be the preferred method while carrying out the training to people with spinal cord injuries. Roth et al (2010) indicate the effectiveness of the resistance training group as compared to the sham model of training. There is a relationship between trainer and the outcome to quadriplegic patients. The mode of training will involve inspirational training at low loads which would indicate the patient being subjected to conditions of about 30 percent of MIP (Silveira et al, 2010 P 317). The article indicates an improved 20% for the 8 weeks training period for sitting patient Upon attaining the required load

Economies Of Scale Scope Essay Example for Free

Economies Of Scale Scope Essay Economies of Scope: An economic theory stating that the average total cost of production decreases as a result of increasing the number of different goods produced. For example, McDonalds can produce both hamburgers and French fries at a lower average cost than what it would cost two separate firms to produce the same goods. This is because McDonalds hamburgers and French fries share the use of food storage, preparation facilities, and so forth during production. Another example is a company such as Proctor Gamble, which produces hundreds of products from razors to toothpaste. They can afford to hire expensive graphic designers and marketing experts who will use their skills across the product lines. Because the costs are spread out, this lowers the average total cost of production for each product. Economies of scale are the cost advantages that a business can exploit by expanding their scale of production. The effect of economies of scale is to reduce the average (unit) costs of production. Here are some examples of how economies of scale work: Technical economies of scale: Large-scale businesses can afford to invest in expensive and specialist capital machinery. For example, a supermarket chain such as Tesco or Sainsbury’s can invest in technology that improves stock control. It might not, however, be viable or cost-efficient for a small corner shop to buy this technology. Specialisation of the workforce Larger businesses split complex production processes into separate tasks to boost productivity. By specialising in certain tasks or processes, the workforce is able to produce more output in the same time.

Relationship Between Gender and Health

Relationship Between Gender and Health Sex, Gender and Health Introduction One of the main objectives of the National Health Service set out in the 1940’s was â€Å"To ensure that everybody in the country-irrespective of means, age, sex, or occupation-shall have equal opportunity to benefit from the best and most up to date medical and allied services available (Ministry of Health, 1944). Although the words equity and equality do not feature in documents from the early days of the NHS, there are many reasons to conclude that the service was intended to provide equal access or actual treatment for those in equal need (Delamothe, 2008). This concept had been refined since then, and an equitable health service is understood to mean â€Å"one where individuals’ access to and utilisation of the service depends on their health status alone.† (Dixon et al., 2003). There are many explanations for factors attributable to differences in the equity of care, such as income, income inequality, social connectedness, and social capital, which have al l shown some association with health and illness (Berkman Syme, 1979; Fiscella Franks, 1997; Kawachi et al., 1997; Lomas, 1998; Naidoo Wills, 2000). This paper shall examine the meaning of gender as another of these determinants of health. The differences between the terms sex and gender shall first be discussed. Secondly pathways through which gender effects health shall be examined, paying particular attention to risk behaviours, gender roles, and gender discrimination. Finally, the differential exposure and differential vulnerability hypotheses shall be discussed. Sex and Gender Raymond Williams argued that vocabulary involves not only ‘the available and developing meaning of known words’ but also ‘particular formations of meaning-ways not only of discussing but at another level seeing many of our central experiences’ (Williams, 1983 p15). Language in this sense embodies ‘important social and historical processes’ in which new terms are introduced or old terms take on a new meaning. Often ‘earlier and later senses coexist, or become actual alternatives in which problems of contemporary belief and affiliation are contested’ (Williams, 1983 p22). The introduction of ‘gender’ in English in the 1970s as an alternative to ‘sex’ was to counter the implicit and explicit biological determinism pervading scientific lay language (Krieger, 2003). Sociologists describe sex as the relatively unchanging biology of being male or female, while gender refers to the roles and expectations attributed to men and women in a given society, roles which change over time, place and life stage (Phillips, 2005). Genetic profile and hormone profile are both examples of sex, a constant set of biological characteristics that remain the same across societies, whereas expectations about the imperative to bear children, the nature of parenting, or the status of being a mother are more to do with gender roles and expectations. Gender has an impact on health in a variety of ways. Gender inequalities in health While women generally experience poorer health than men, the pattern of gender differences in health is varied (Arber Cooper, 1999). Women have lower rates of mortality but, paradoxically, report higher levels of depression, psychiatric disorders, distress and a variety of other chronic illnesses than men ( McDonough Walters, 2001). The direction and magnitude of gender differences in health vary according to the symptom/condition and phase of life cycle (Denton et al., 2004). Female excess is found consistently across the lifespan for distress, but is far less apparent, even reversed, for a number of other physical conditions and symptoms (Matthews et al., 1999). Gender inequalities in income and wealth make women especially vulnerable to poverty. In some parts of the world this makes it difficult for them to acquire the necessities for health, especially during the reproductive years when family needs are greatest (Doyal, 2001). Social norms about the diversions of responsibility mean that many women have very heavy burdens of work, especially those who combine employment with domestic duties, pregnancy and child rearing (Naidoo Wills, 2001). Often, women in the house receive very little support and many are abused by their family members. It has been estimated that 19% of the total disease burden carried by women aged 15-44 in developed countries is the result of domestic violence and rape (World Bank, 1993). Further to this, anxiety and depression are reported more in women than in men in most parts of the world, yet there is no evidence that women are constitutionally more susceptible to such illness (Doyal, 2001). In Africa, powerlessne ss and lack of control underlie much of the exposure to HIV/AIDS amongst the female population. Disproportionate barriers (relative to men) in access to resources such as food, education and medical care disadvantage women in much of the developing world. In males risk taking behaviour is the norm amongst males in the developing world. Risk taking behaviour and its effects on male health There are now many links on the interaction between masculinity and health emerging (Schoefield et al, 2000). The development and maintenance of a heterosexual male identity usually requires the taking of risks that are seriously hazardous to health (Doyal, 2001). One of the most obvious examples of this regards the working environment. In many societies it is traditional for the man to assume the role of the provider, thus putting males at risk of dying prematurely from occupational accidents (Waldron, 1995), and although there are more women in the labour force, men from the poorest communities still do the most dangerous jobs. Further to the risks of the workplace, men often feel compelled to engage in risky behaviour to â€Å"prove their masculinity†, thus they are more likely than women to die in a car crash or dangerous sporting activities (Canaan, 1996). Men are also more likely than women to drink to excess and smoke, which increases ones physiological predisposition to early heart disease and other related problems (Doyal, 2001). They are also more likely than women to desire unsafe sex. A study in Ontario, Canada examined the causes of male deaths between birth and age 45. There reported 1,812 male deaths, of which 1,372 (76%) are due to motor vehicle accidents, suicide, and AIDS, leaving 440 deaths unrelated to behaviour. Although the male excess of deaths from car accidents may, in part be attributable to greater distances driven and not behaviour while driving, the male relationship with the automobile is almost certainly another aspect of gender roles. Only 308 (33%) of the 936 female dea ths are explained by such behaviour. When non-risk taking causes of death are isolated from the data, women under age 45 have a mortality which is 1.43 times that of mens. Over age 45 the leading causes of death for both men and women are chronic diseases. Men die of heart disease in equal numbers but at a younger age than do women. With increasing age the number of deaths for women creeps upward to equal that of men (Phillips, 2005). Differential exposure and differential vulnerability hypotheses Since gender is a measure of both biological and social differences, it is likely that the health inequalities between men and women reflect both sex-related biological and social factors, and the interactions between them (Denton et al., 2004). There are two general hypotheses that account for these gender based inequalities in health. The differential exposure hypothesis suggests that women report higher levels of health problems because of their reduced access to the material and social conditions of life that foster health (Arber Cooper, 1999), and from greater stress associated with their gender and marital roles. Many studies have shown that women occupy different structural locations than men: they are less likely to be employed, work in different occupations, and are more likely to be on lower incomes, and to do domestic labour and to be a single parent than men (Denton Walters, 1999). There are also gender differences in exposure to lifestyle behaviours, such as those prev iously mentioned (that men are more likely to smoke, consume alcohol) as well as having an unbalanced diet and being overweight, while women are more likely than men to be physically inactive (Denton Walters, 1999). De Vries and Watt (1996) also suggest that women report higher levels of health problems because they are exposed to a higher level of demands and obligations in their social roles, as well as experiencing more stressful life events. Women also have lower levels of both perceived control and self esteem than men (Turner Roszell, 1994), though women report higher levels of social support (Umberson et al., 1996). The differential vulnerability hypothesis on the other hand suggests that women report higher levels of health problems because they react differently than men to the material, behavioural and psychosocial conditions that moderate health (Denton et al., 2004). Multivariate analyses have shown that men and women differ in vulnerability to some, but not all, of the social determinants of health (Denton et al., 2004). That is, the moderating effect of gender is determinant specific. Having a high income, working full time, caring for a family, and having good social support have been shown to be more importance predictors for predicating health in women than men (Prus Gee, 2003). Smoking and alcohol consumption are more important as discussed previously, are more important determinants of health for men than women, while body weight and being physically inactive are more important for women (Denton Walters, 1999). Furthermore, the effects of stress may be experienced and personified b y men and women in a variety of different ways. The literature appears to show that women react more to ongoing strains than men do, and are more likely to report and react to stressors experienced by others (Turner Avison, 1987), while men are more likely to mention and react to economic stressors (Wheaton, 1990). Zuzenak Mannell (1998) argues that women have a greater vulnerability to the effects of chronic stressors on health due to the greater stress associated with their family and marital roles. Denton et al., (2004) used multiple indicators of health and its social structural, behavioural, and psychological determinants to gain a comprehensive understanding of the role that social factors play in determining health. They report that women’s poorer health is partly due to the reduced access, on average, to the material and social conditions of life that foster health, to their differential exposure to stressful life events and to everyday stressors associated with a women’s social roles. Men’s health also seems to be reduced by their greater likelihood to partake in risk taking behaviours such as smoking and excessive drinking. These, as well as physical activity are more important to men’s health. Conclusion Gender is a social construct, and sex is a biological construct. They are each distinct, and are not interchangeable terms. The use of the term gender facilitates discussion of the effects of social norms and expectations on the health of both males and females. It is clear that gender has many effects upon health and well being, and that this is a complex issue, with behavioural and psychosocial determinants of health growing out of the social context of peoples lives. This paper has discussed the social and structural context of peoples lives for health benefits – clearly a strong and well studies theme in the literature (Denton Walters, 1999; Denton et al., 2004). It seems that behavioural determinants play less of a role in predicting health, yet there effects also tend to be mediated by social structure (e.g. those with a low income are more likely to smoke, drink excessively, and be overweight and inactive. These factors can then, collectively, lead to chronic health pr oblems later on in life. It also seems reasonable to conclude that men and women suffer from different types of stressor. They also both cope in different ways. For example, the exposure hypothesis proposes that gender-based health inequalities are the result of the differing social location between men and women. There different life style behaviour’s and the differing number of chronic stressors and life experienced by men and women. The vulnerability hypothesis proposes that women’s health differs from men’s because they also react in different ways to factors that determine health. It seems then, that although there are many other sociological factors that can have an impact on health, there are many gender differences to account for also, making this a very complex issue. References Arber, S., Cooper, H. (1999). Gender differences in health in later life: the new paradox? Social Science and Medicine , 66 (6), 61-76. Bank, W. (1993). World development report 1993: investing in health. New York: Oxford University Press. Berkman, L., Syme, S. (1979). Social networks, host resitance and mortality: a nine year follow up study of Alameda County residents. American Journal of Epidermology , 109, 186-203. Delamothe, T. (2008). Universality, equity and quality of care. British Medical Journal , 336, 1278-1282. Denton, M., Walters, V. (1999). Gender differences in structural and behavioural determinants of health: an analysis of the social production of health. Social Science Medicine , 48, 1221-1225. Denton, M., Prus, S., Walters, V. (2004). Gender differences in health: a Canadian study of the psychosocial, structrual, and behavioural determinants of health. Social Science and Medicine , 58, 2585-2600. De-Vries, B., Watt, D. (1996). A lifetime of events: Age and gender variations in the life story. International Journal of Aging and Human Development , 42 (2), 81-102. Dixon, A., Le Grand, J., Henderson, J., Murray, R., Poteliankoff, E. (2003). Is the NHS equitable? A review of the evidence . Londone: London School of Economics. Doyal, L. (2001). Sex. gender, and health: the need for a new approach. British Medical Journal , 323, 1061-1065. Fiscella, K., Franks, P. (1997). Poverty or income inequality as a predictor of mortality: Longtitudinal cohort study. British Medical Journal , 314, 1724-1728. Kawachi, I., Kennedy, B., Lochner, K., Prothrow-Smith, D. (1997). Social capital and health: Implications for public health and epidemiology. Social Science and Medicine , 87, 1491-1498. Lomas, J. (1998). Social capital and health: implications for public health and epidermology. Social Science and Medicine , 47, 1181-1188. Naidoo, J., Wills, J. (2000). Health Promotion-Foundations for Practice. London: BailliereTindall. Phillips, S. (2005). Defining and measuring gender: A social determinant of health whose time has come. International Journal for Equity in Health , 4 (11), 1-4. Prus, S., Gee, E. (2003). Gender differences in the influence of economic, lifestyle and psyhco-social factors on later life health. Canadian Journal of Public Health , 94 (3), 94-102. Schoefield, T., Connell, R., Walker, I., Wood, J., Butland, D. (2000). Understanding mens health and illness: a gender relations approach to policy, reseacrh and practise. Journal of the Amercian Colege of Health , 48, 247-258. Scotland, M. o. (1944). A national health service. London: HMSO. Turner, J., Avison, W. (1987). gender and depression: Assessing exposure to life events in a chronically strained population. Journal of Neurons and Mental Disease , 77 (8), 443-455. Turner, J., Roszell, P. (1994). Psychosocial resources and the stree process. In W. Avison, I. Gotlib, Stress and mental health: Contemporary issues and prospects for the future. New York: Platinum Press. Umberson, D., Chen, M., House, J., Hopkins, K., Slaten, E. (1996). The effect of social relationships on psychological well-being. Are men and women really no different? Sociological Review , 61, 837-857. Waldron, I. (1995). Contributions of changing gender differentials in behaviour to changing gender differentials in mortalitly. In D. Sabo, G. Gordon, Mens health and illness: gender, power, and the body. London: Sage Publications. Wheaton, B. (1990). Life transitions, role histories, and mental health. American Sociological Review , 55, 209-223. Williams, R. (1983). A vocabulary of culture and society. Revised edition. New York: Oxford University Press. Zuzanek, J., Mannell, R. (1998). Life-cycle squeeze, time, pressure, daily stress, and leisure participation: A Canadian perspective. Society and Leisure , 21 (2), 513-544. 1

The Rights and Responsibilities of an Employee :: Rights Discrimination Age Essays

The Rights and Responsibilities of an Employee My co-worker Amina worked with a marketing firm for many years. When she applied to undertake internal training in new information services, her application was denied because management thought she was too old to learn new information technology like Internet and World Wide Web Marketing. Amina was directly discriminated against based on her age. After suing the company, she was compensated with cash and upper management wrote her a formal letter of apology saying, â€Å"We regret the incident happened but we will make sure such thing will not happen again.† After she shared her story with me, I was eager to research about age discrimination because even though most of the time age discrimination occurs to older employees in a work place but young employees such us myself are also considered most of the time as inexperience and incompetent. So that whether you are old or young knowing your rights and responsibilities as an employee is very important in today’s work force. Age discrimination can also happen in a more indirect way. Sometimes a condition, rule or policy, which seems to be fair and neutral, can actually have a greater negative impact on people of a particular age. For example, a job advertisement specifying that applicants must have 15 years experience would disadvantage young people. Unless this was a reasonable requirement of the job, it would be indirect discrimination and against the law. Every body wants a fair go in life but discrimination means that some people are denied opportunities or are treated badly. This is unfair, unnecessary and against the law. Anti-discrimination legislation makes it easier to every body to get a fair go in life by telling us about our rights and responsibilities as well as establishing process for making a complaint about discrimination and resolving complaints. â€Å"The queensland Anti-Discrimination Act 1991 says that it is against the law to discriminate people because of their age (whether they are young or old). It is also against the law to discriminate against a person on the basis of association with or relation to some one of a particular age. The Act also makes other forms of discrimination and sexual harassment against the law.† (EEOC 1991) Age discrimination occurs when someone is treated unfairly or badly compared to others because of how old they are. This happens because people have unfair, old-fashioned, stereotypical or prejudiced ideas or beliefs about older people or young people in particular. The Rights and Responsibilities of an Employee :: Rights Discrimination Age Essays The Rights and Responsibilities of an Employee My co-worker Amina worked with a marketing firm for many years. When she applied to undertake internal training in new information services, her application was denied because management thought she was too old to learn new information technology like Internet and World Wide Web Marketing. Amina was directly discriminated against based on her age. After suing the company, she was compensated with cash and upper management wrote her a formal letter of apology saying, â€Å"We regret the incident happened but we will make sure such thing will not happen again.† After she shared her story with me, I was eager to research about age discrimination because even though most of the time age discrimination occurs to older employees in a work place but young employees such us myself are also considered most of the time as inexperience and incompetent. So that whether you are old or young knowing your rights and responsibilities as an employee is very important in today’s work force. Age discrimination can also happen in a more indirect way. Sometimes a condition, rule or policy, which seems to be fair and neutral, can actually have a greater negative impact on people of a particular age. For example, a job advertisement specifying that applicants must have 15 years experience would disadvantage young people. Unless this was a reasonable requirement of the job, it would be indirect discrimination and against the law. Every body wants a fair go in life but discrimination means that some people are denied opportunities or are treated badly. This is unfair, unnecessary and against the law. Anti-discrimination legislation makes it easier to every body to get a fair go in life by telling us about our rights and responsibilities as well as establishing process for making a complaint about discrimination and resolving complaints. â€Å"The queensland Anti-Discrimination Act 1991 says that it is against the law to discriminate people because of their age (whether they are young or old). It is also against the law to discriminate against a person on the basis of association with or relation to some one of a particular age. The Act also makes other forms of discrimination and sexual harassment against the law.† (EEOC 1991) Age discrimination occurs when someone is treated unfairly or badly compared to others because of how old they are. This happens because people have unfair, old-fashioned, stereotypical or prejudiced ideas or beliefs about older people or young people in particular.

Marriott Corporation: Business Overview

Harvard Business School 9-282-042 Rev. September 15, 1986 Marriott Corporation The idea of repurchasing shares was no stranger to Bill Marriott by January 1980. Almost five million shares of common stock had been repurchased on the open market by Marriott Corporation during 1979 at a total cost of $74 million and an average price of $15. 16 in the belief that they were undervalued—a belief that still was not fully reflected in the market price. At $19 5/8, the stock was selling at only six times cash flow per share; and its price/earnings ratio of nine was a far cry from historical multiples as high as fifty times as recently as 1973.Its low price seemed to offer once again an obvious opportunity to benefit shareholders. However, the proposal to repurchase 10 million of the 32 million still outstanding shares aroused some uneasiness. If successful, it had the potential of enhancing Marriott's EPS and of increasing family and management control from 20% to 29% of outstanding sh ares. However, it represented a move that was almost entirely financial—one that would run the debt well above the levels advocated before the Board of Directors only two years earlier.The repurchase would also necessitate renegotiation of restrictive covenants in existing loan agreements. Lastly, the huge size of the proposed program would require a tender price of $23 1/2, a hefty premium of $4 over the current market price. All of this seemed somewhat out of character for a corporation known for caution and stability. Background Marriott Corporation was founded as a nine-seat A Root Beer Stand in Washington, D. C. , in 1927 by J. Willard Marriott. Mr.Marriott had a gift for anticipating, or helping to create, trends in public eating habits. Shortly after the first stand opened, a second was built, and soon a chain of Hot Shoppes was underway. In 1934, industrial cafeterias were opened at a General Motors plant in Georgia and at the Ford Motor Company plant in Virginia. In 1937, the airline industry was revolutionized when Mr. Marriott established an airline catering service, providing box lunches from a Hot Shoppe next to the old Hoover Airport, on the site of what is now the Pentagon. Seven years later, Mr.Marriott led the company into the hotel field, opening the Marriott Twin Bridges just over the Potomac River from Washington. It became known as a motor-hotel and helped to revolutionize the lodging industry, for it offered a drive-in registration desk, a restaurant on the premises, and a convention center. By 1964, there were 77 restaurants, 4 hotels, and 9,600 employees generating total sales of $85 million. This case was prepared for class discussion rather than to illustrate either effective or ineffective handling of an administrative situation.Copyright  © 1981 by the President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685, write Harvard Business School Publishing, Boston, MA 02163, or go to http://www. hbsp. harvard. edu. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of Harvard Business School. 1 282-042 Marriott CorporationBill Marriott assumed the presidency from his father in 1964 and initiated further diversification into theme parks, cruise ships and international host services. In 1967 the company acquired the Big Boy Restaurants franchise based in the Los Angeles area. A year later, Marriott opened its first Roy Rogers Roast Beef Sandwich outlet, which would grow into the Roy Rogers Family Restaurant chain. Since 1964, growth was little short of phenomenal. From sales of $85 million 16 years earlier, sales in 1979 exceeded $1. 5 billion.Operations expanded to 476 company-operated restaurants, 55 hotels and resorts, a cruise ship line, two theme parks , and 66,000 employees. (See Exhibit 1 for financial information on Marriott's various businesses. ) Hotels (35% of sales)—Marriott Hotels was one of the world's leading and most successful operators of hotels and resorts. By 1980, more than 23,000 rooms were offered through 55 hotels and resorts located primarily in the U. S. Approximately 70% of company-operated rooms were owned by outside investors and managed by Marriott under agreements averaging 70 years in length.These management agreements contributed approximately $40 million to operating profits in 1979—profits that tended to rise with inflation. Contract Food Service (32% of sales)—Marriott operated almost 300 contract food units, providing a wide range of food service capabilities to a variety of clients. It was the world's leading supplier of catering services to airlines, with 62 flight kitchens serving domestic and international air travelers. The Food Service Management Division also managed rest aurants, cafeterias, conference centers and other facilities for over 200 clients, including business, health care, and educational institutions.Restaurants (25% of sales)—Marriott's Restaurant Group consisted of 476 company-owned units offering a variety of popularly priced food in 46 states. Roy Rogers fast food restaurants and Big Boy coffee shops accounted for 92% of the total units. Theme Parks and Cruise Ships (8% of sales)—The two Great America theme parks, located in Gurnee, Illinois, between Chicago and, Milwaukee, and in Santa Clara, California, were opened in 1976. Both parks combined a wide variety of thrill and family rides, live musical productions and stage shows, arcades and games, merchandise and food.The attractions were set in five authentically recreated areas of America's past and have strong appeal for the entire family. The Sun Line fleet, consisting of three vessels, offered luxury sailing in both the Aegean/Mediterranean and Caribbean cruise ma rkets, and was widely recognized as the leader in quality in the Aegean market. Past Performance Marriott had always been a strong performer in profit terms. Over the entire 25 years ended 1979, there were only two down years and only three other years in which earnings per share grew at less than a 15% rate.Profits doubled on average every 3 to 4 years. A major return on investment improvement program, initiated in 1975, accelerated the earnings growth. The program consisted of three parts: (1) the sale or liquidation of $92 million of marginal assets, including land, 38 restaurants, a security services business, 2 European airplane flight kitchens, and a travel division, (2) a major effort to turn around the Sun Line operation and to develop volume in the recently opened Theme Parks, and (3) the shift of Marriott's hotel strategy from ownership to leasing and management contracts.The shift in the hotel strategy reflected management's belief that its comparative advantage was in ho tel development and management, and not in long-term hotel ownership. 2 Marriott Corporation 282-042 The results were dramatic. Net income as a percentage of sales rose from 3. 1% to 4. 7%. The company's return on average equity improved from 9. 5% in 1975 to 17. 0% in 1979. Earnings per share soared from 69? to $1. 95. (See Exhibit 2 for a summary of Marriott's historical performance. ) Profitability—An Elusive NotionWhile the trend in profitability seemed clear and encouraging, the actual level was a matter of debate and uncertainty for Marriott, as well as for American business in general. Double-digit inflation cast doubts on the usefulness of numbers based on historical costs, and the Financial Accounting Standards Board (FASB) recently issued guidelines which required firms to present, beginning in 1979, supplemental financial information that reflects the effects of general inflation. Marriott even though they reported these adjustments as required by Financial Account ing Standards No. 3 felt the numbers were misleading since they only adjusted for general inflation. Marriott also reported a second method of adjusting for inflation which they called Current Value and which they explained in the annual report: The Financial Accounting Standards Board has recently addressed the problem of financial reporting during inflationary periods. However, each industry and company is impacted differently by inflation and the choice of measurement must reflect the specific situation. Current Value is the best method for tracking Marriott's economic performance, and it differs from either historic costs or the present FASB definition.According to Current Value accounting, the value of shareholders' equity increased by $125 million in 1979 alone, and the increase would have been $199 million more if not for the $74 million share repurchase. (See Exhibit 3 for Current Value Figures). Current Value accounting differs from historic cost accounting in four areas. F irst, it values most fixed assets on a discounted cash flow basis, net of anticipated future capital requirements, thereby eliminating the valuation distortions caused by conventional depreciation accounting.In contrast with manufacturing facilities, Marriott's high-quality building structures, properly maintained, do not physically wear out at the depreciation rates assumed by industry accounting standards. In fact, Marriott's real estate assets actually increase in value during inflation, as demonstrated by actual property sales. For example, Marriott's Essex House Hotel is 50 years old, yet it remains one of America's finest real estate values due to its location in New York City and its excellent maintenance program.Second, Current Value reports an improved measure of annual economic profit— Discretionary Cash Flow—which disregards accounting depreciation and substitutes the actual required capital expenditures made for maintenance of property, plant and equipment. Third, Current Value accounting recognizes the annual gains in purchasing power from repaying debt in cheaper, inflated dollars. Accounting convention charges the inflation component of interest against current earnings, but does not reflect the benefits of debt.Fourth, Current Value reflects the gains from holding debt borrowed at comparatively low interest rates. According to Marriott's calculations the current value price per share of Marriott's stock was $27. 83 versus the historic book value of $12. 88. Prospects Stock price, of course, is based on more than book or replacement value; it is also based on future earnings potential. Marriott's prospects for growth and profitability seemed excellent. Marriott's major chain competitors were not expanding on an ownership basis and only selectively on 3 282-042 Marriott Corporation management basis; and independents were unable to obtain financing for new hotels without a chain affiliation and a management contract from a successful national operator. This presented management with a major opportunity to accelerate the planned annual hotel room growth to 20%-25% per year. There were already over 50,000 hotel rooms, representing nearly 100 properties, in the development â€Å"pipeline. † This was 2 1/2 times the current number of company-operated rooms. Management was optimistic about the future and expected profitability to improve from an aftertax return on assets of 6. 6% in 1979 to 8. 7% by 1983.Furthermore the company seemed ahead of schedule in achieving its goal of a 20% ROE by 1983. Main contributors would include a continued buildup of attendance at the two Theme Parks and a continued shift from hotel ownership to outside ownership and Marriott management contracts. All management contracts provided at a minimum a constant percentage of hotel profits, and most new contracts would provide Marriott with an increased share in profits after achieving certain targeted levels. Financial Policies Marri ott's success seemed certain to present management with a problem of too much cash and underutilized debt capacity. . . a situation almost totally the reverse of what Gary Wilson, chief financial officer, found when he joined Marriott as treasurer in 1974. At that time, he found a company with a high debt burden, heavy debt repayments due to short maturities, and access to only a limited number of funding sources. Wilson immediately went to work at broadening the potential lenders, opening up the commercial paper market, refinancing with longer maturities, and reducing the total debt load from 55% of total capital in 1975 to 41% at year-end 1979.His financial policy guidelines won approval by the board of directors in 1978 and included the following: 1. Maintain senior funded debt to total capital in the 40%-45% range; maintain this ratio including capitalized financing leases below 50%. 2. Maintain the P-1 Moody's commercial paper rating, as it lends credibility to Marriott's claim of prime credit worthiness and impacts the availability and rate of its commercial bank and privately placed bond debt. Among the 500 companies with P-1 rated commercial paper and rated bond debt, only one has a bond rating of less than â€Å"A. â€Å") 3. Position the company further in the domestic, unsecured, long-term, fixed-rate bond market as the principal source of future debt financing. 4. Issue no convertible debt or preferred stock. In addition, while Marriott had begun paying a cash dividend in 1977 and had increased it twice, the firm's policy was not to increase payout substantially as explained in its Annual Report: 5. The company has a good record of reinvesting cash flow at high returns.Marriott will continue this reinvestment strategy, so that shareholders should profit through share appreciation taxed at advantageous capital gains rates, rather than through higher dividends taxed at ordinary rates. Too Much Cash By 1979, Marriott's four-year-old program of impro ving its returns through hotel management fees and the divestiture of low return operations was working so well that it was producing an embarrassment of cash-flow riches. The company was rapidly moving in the direction of unused debt capacity, which Wilson deemed â€Å"imprudent† in an inflationary environment. 4 Marriott Corporation 82-042 By 1983, the debt to capital ratio would fall to roughly 20% if the projected excess cash flow, $125 million over the 4-year period, were merely used to pay down debt while the equity base continued to grow through the retention of earnings. Wilson explained his dislike for low debt ratios: I'm a great believer in prudent leverage. Many other companies aren’t. But in the next decade, inflation will make them come around to my viewpoint. Leverage is attractive for a very simple reason. Capital, which is the stuff by which investments are made, is comprised of two components—equity and debt.Equity in the case of Marriott costs about 17% after tax; that is, the investor expects to earn 17% on an investment in Marriott's stock. Debt costs only about 5% after tax. Given an investment that earns 10% after tax, it is evident that the more debt that I have in my capital structure, the lower will be the cost of my capital, and the more return I will have left over for the holders of my common stock. Since debt is so cheap relative to equity, it would seem attractive to use as much debt as possible in a capital structure. In fact, if cost were the sole criteria for selection, one would use 100% debt.This brings us to the second component of the determinants of capital structure and that is coverage. Debt unlike equity has a fixed interest charge that must be met or the equity holders' investment will be jeopardized. It is common to speak of the firm's ability to meet its interest payments in terms of coverage, or the number of times the pretax cash flow from the firm meets the interest charges. Coverage is proba bly the most important quantitative measure used in the rating of debt instruments by rating agencies; as coverage rises, so does the bond rating.Highly rated firms also tend to have low debt ratios which are more representative of the fact that these firms tend to be exceedingly large, in mature industries, with limited reinvestment opportunities, rather than demonstrative of prudent financial policy. It can be reasonably argued that growth companies should be positioned in the triple-B range or lower, as opposed to the higher ranges. The firm's annual report expanded on this theme by stating: Maintaining excess debt capacity is inconsistent with the goal of maximizing shareholder wealth for three reasons; (1) Unused debt capacity is comparable to unused plant capacity.Fully utilizing this capacity maximizes shareholder's returns. (2) High proportions of debt reduce a company's weighted cost of capital and increase the real returns to shareholders. (3) Debt-financed real estate pro vides distinct advantages in an inflationary environment. Repurchase of 10 million shares would, with one move, eliminate Wilson's concern. In fact, it would push the debt ratio back above the 1975 high and also above the policy guidelines passed less than two years before. Further, it would result in interest coverage of less than three times—well below the six times deemed necessary for an â€Å"A† rating. See Exhibit 4 for pro forma statements based on the proposed share repurchase. ). Bill Marriott's Concerns Bill Marriott had great respect for the judgment of his financial team. However, a $235 million debt issue used to repurchase 10 million shares would put Marriott's debt ratio well outside the range of other food and lodging firms, and would necessitate renegotiation of several restrictive covenants under existing loan agreements. (See Exhibits 5 and 6 respectively for financial information on competitors and for information on restrictive covenants. ) Repurch ase also seemed to 5 282-042 Marriott Corporation be a negative move. . . a cutting back of resources . . . . very different from the tone of aggressive expansion of operations. Maybe Finance was right about the potential leverage benefits; maybe the proposal to repurchase all shares held outside of the family and management was more than jest. But was it obvious that paying a premium of $4 per share to bring in 10 million shares was wise? What was the correct price for Marriott's stock and would a repurchase help increase it? The Street certainly seemed divided on the attractiveness of the stock at $19 5/8. (See Exhibit 7 for a summary of the forecasts and opinions of several leading analysts on Wall Street. 6 Marriott Corporation 282-042 Exhibit 1 Sales Summary of Operations by Principal Business Segment (dollars in millions) 1975 $238 256 268 – 14 $776 1976 $281 289 296 64 17 $947 1977 $335 342 317 72 24 $1,090 1978 $408 388 347 76 31 $1,250 1979 $535 480 377 84 34 $1,510 Hotel group Contract food Restaurants Theme parks Cruise ships and other Total Operating Profit Hotel Group Contract food Restaurants Theme parks Cruise ships and other Total Interest (net) Corporate expenses Income before taxes $33 19 22 – (3) 71 23 8 $40 $38 19 20 15 1 93 27 13 $53 $54 21 26 10 4 115 30 16 $69 $66 23 28 12 5 134 24 15 $95 87 32 29 17 6 171 28 20 $123 Net Assets 1978 Hotel Group Contract food Restaurants Theme parks Cruise ships and other Corporate Total $304 99 162 161 32 69 $827 Employed 1979 $372 124 175 158 32 31 $892 Capital 1978 $63 11 34 9 0 22 $139 Expenditures 1979 $81 20 45 6 1 5 $158 Depreciation 1978 1979 $15 8 12 9 2 1 $47 $16 8 15 9 1 2 $51 7 282-042 Marriott Corporation Exhibit 2 Summary of Historical Performance (dollars in millions, except per share amounts) 1975 1976 $ 947 32 3. 4% $ 326 378 48% 3. 0 10. 4% $ . 86 0 8. 95 13. 54 36. 5 14,765 52,900 1977 $1,090 39 3. 6% $ 366 370 45% 3. 3 11. 1% $ 1. 04 . 03 10. 02 11. 75 36. 15,383 56,100 1 978 $1,250 54 4. 3% $ 419 310 38% 5. 0 13. 9% $ 1. 43 . 13 11. 40 12. 13 36. 7 17,987 63,600 1979 $1,510 71 4. 7% $ 414 365 41% 5. 4 17. 0% $ 1. 95 . 17 12. 88 17. 38 32. 1 20,956 65,700 Sales Net Income % of sales Shareholders' equity Senior debt and capital lease obligations % of total capitala Times interest earnedb Return on average shareholders' equity after taxes Earnings per sharec Cash dividends per share Book Value per share Year-end market price Number of shares outstanding (millions) Company-operated hotel rooms Employees $ 776 24 3. 1% $ 264 406 55% 2. 7 9. 5% $ . 69 0 7. 68 15. 46 34. 4 12,987 47,600 Total capital is defined as total assets less current liabilities. b Times interest earned is calculated by dividing earnings before interest and taxes by interest expense net of interest on projects under construction. c Fully diluted earnings per share based upon the average number of shares outstanding for the year. 8 Marriott Corporation 282-042 Exhibit 3 Current Value Statement (dollar figures in thousands) Changes in Shareholders' Current Value Equity for 1979 Current value, December 28, 1978 Increase in current value of assets Discretionary cash flow Reduction in current value of debt Cash dividends Purchase of sharesCommon stock issued Current value, December 28, 1979 Change in current value during 1979 Change in current value during 1979 before cash dividends, share repurchase and issuance of new common stock $ 767,719 77,227 99,123 25,287 (5,776) (74,187) 3,810 $ 893,203 $ 125,484 201,637 Shareholders' Equity Historical Cost Non-monetary assets (primarily plant and equipment) Less: net monetary liabilities Senior debt and capital leases Convertible debt Other monetary liabilities Shareholders' equity, December 28, 1979 $ 927,287 365,279 26,918 121,587 $ 413,503 Current Value $1,356,244 320,736 20,718 121,587 $ 893,203 282-042 Marriott Corporation Exhibit 4 Pro Forma Financial Statements Based on Repurchase of 10 Million Shares of Common Stoc k, Funded with a $235 Million Debt Issue (dollar figures in millions, except earnings per share) Year Ended December 28, 1979 Actual Pro Forma Earnings before interest and taxes Interest: existing debt $235 million in new debt Profit before tax Income taxes Net income Average number of shares (millions) Earnings per sharea $ 151 28 – $123 52 $71 36 $1. 96 $151 28 31 $92 36 $56 26 $2. 14 Consolidated Balance Sheet, December 28, 1979 ASSETS Cash & Mkt.Securities Accounts receivable Inventories Other Total current Net fixed assets Other Total Actual $ 21 100 47 10 $ 178 825 77 $1,080 Pro Forma $ 21 100 47 10 $ 178 825 77 $1,080 LIABILITIES & EQUITY Short-term loans Current portion, longterm debt Accounts payable Accrued liabilities Income taxes payable Total current Senior debt Capital lease Subordinated debt Other liabilities Equity Total a Fully diluted based upon the average number of shares outstanding for the year. Actual $ 4 10 72 80 22 $ 188 341 24 27 86 414 $1,080 Pro Fo rma $ 4 10 72 80 22 $ 188 576 24 27 86 179 $1,080 10 Marriott Corporation 282-042 Exhibit 5Financial Information on Competitors Holiday Inns $17 1/4 1. 75 9. 9 3. 50 4. 9 . 66 17. 50 Marriott Stock Price January 1980 1979 epsa P/E Ratio 1979 Cash Flow per share a Price/Cash Flow Dividend per share Book Value per share Avg. Annual Growth (1974-1979) Sales Earnings Return on Equity, 1979a Total Long term debt % Book Capital Times Interest Earned Rating of Senior debt Beta a Estimated Hilton $29 1/2 3. 75 7. 9 4. 80 6. 1 1. 09 14. 91 McDonalds $ 44 4. 70 9. 4 6. 80 6. 4 . 51 23. 69 Disney $ 45 3. 50 12. 9 4. 80 9. 4 . 48 29. 75 $19 5/8 1. 95 10 3. 80 5. 2 . 17 12. 88 18. 7% 23. 4% 17% 45% 5. 4 NR 1. 25 6. 2% 41. % 26% 24% 15. 0 NR 1. 30 2. 45% 11. 4% 9% 33% 5. 6 BBB 1. 45 21. 6% 22. 9% 20% 50% 5. 2 A 1. 05 13. 1% 18. 7% 12% 0% – NR 1. 15 Note: Yields on 91-day Treasury bills, 5 yr. Treasury notes and 30 yr. Treasury Bonds were 12. 5%, 10. 4%, and 10. 1%, respectively, as of Janu ary 1980. 11 282-042 Marriott Corporation Exhibit 6 Selected Restrictive Covenants Under the $40 Million Loan Agreement Dated 1977 With Six Life Insurance Companies, 8-3/4% Rate, Due in 15 Equal Annual Installments Beginning December 15, 1983 1. Total book assets shall be at least 155% of the sum of consolidated funded debt plus consolidated capital leases.Funded debt shall mean all indebtedness having a final maturity of more than one year. 2. Consolidated net working capital shall be at least equal to $6 million. 3. Consolidated senior funded debt shall be less than the sum of 66 2/3% of consolidated net hotel assets plus 50% of all other consolidated assets. 4. Consolidated tangible net worth shall be maintained at all times in an amount of least equal to the sum of $240 million plus 25% of consolidated net income for the period from July 31, 1976. Tangible net worth shall mean shareholders' equity minus all intangible items. 5.Net income available for fixed charges for the past year shall have been at least 175% of pro forma annual fixed charges. Net income available for fixed charges shall mean EBIT plus the imputed interest in all capital leases. Source: Casewriter 12 Marriott Corporation 282-042 Exhibit 7 Summary of Forecasts and Opinions of Several Leading Analysts from Major Investment Firms Firm A Est. 1980 eps Est. 1983 eps Est. 1980 return on equity Est. 1983 return on equity Est. long-term eps growth Riskiness of stock $1. 95 3. 00 14% 14% 15% average Firm B $2. 20 3. 80 16% 17% 20% average Firm C $2. 0 3. 25 14% 15% 16% average Firm D $2. 10 3. 60 15% 16% 20% low Firm E $2. 15 3. 25 15% 15% 15% low Avg. $2. 08 3. 38 14. 8% 15. 4% 17. 2% – Recommendation Long-term Hold Long-term Buy Long-term Hold Hold Long-term Hold – Marriott and Market Information Marriott Return on Equity Earnings per share Dividends per share Price/Earnings (Average) Market value/Book value (Avg. ) Standard & Poor's Industrials Return to Equity Earnings per shar e Dividends per share Price/earnings Market value/Book value Interest Rates (Year-end) 91-Day Treasury Bill 5-Year Treasury Note 30-Year Treasury Bonds 7. % 7. 2% 8. 0% 5. 3% 7. 4% 8. 0% 4. 4% 6. 2% 7. 3% 6. 3% 7. 5% 8. 0% 9. 6% 9. 3% 8. 9% 12. 5% 10. 4% 10. 1% 14. 8% $9. 69 4. 72 10 1. 4 12. 3% $8. 55 3. 78 11 1. 4 14. 5% $10. 68 4. 25 11 1. 5 14. 6% $11. 57 4. 96 9 1. 3 15. 2% $13. 12 5. 35 8 1. 2 17. 1% $16. 08 6. 04 7 1. 2 1974 10. 6% $ . 70 0 18 2. 1 1975 9. 5% $ . 69 0 17 1. 6 1976 10. 4% $ . 86 0 17 1. 8 1977 11. 1% $1. 04 . 03 12 1. 2 1978 13. 9% $1. 43 . 13 10 1. 3 1979 17. 0% $1. 95 . 17 8 1. 2 13