The Secular deterioration in terms of trade of developing countries confine them to be imitators and never innovators. Discuss.

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Secular deterioration the deterioration in the (commodity) terms of trade. Raul Prebisch and Hans Singer launched a hypothesis, secular decline in the terms of trade of primary products and primary producing region vis-a-vis manufactures and the industrial North (respectively). During the days of industrial revolution in the West, colonisation of the South led to the colonial pattern of North-South trade. Raw materials and food moved from the colonies and semi-colonies in the South to the industrial centre in the North. Artisan activities declined in the South due to competition from the machine-made goods as a part of the design of the colonial rulers.

Economic historians described this phenomenon as de-industrialisation. Mainstream economists hail this phenomenon as international division of labour according to comparative advantages. It was expected that the fruits of technical progress taking place in the industrial centre of the North would be transmitted to the peripheral agrarian countries constituting the South. This transmission mechanism was thought to be the improvements in the terms of trade of the agrarian region. Under free trade the operation of the so-called classical law of improvements in the terms of trade of primary product vis-à-vis manufactures operate.

Some of the explanations that have been offered for this decline include productivity differentials between countries, asymmetric market structure (where manufacturing industries capture oligopolistic rents relative to competitive firms earning zero economic profits and producing primary commodities) and high income elasticity of demand for manufacturing goods relative to that of primary commodities. One consequence of these findings is that developing countries, to the degree that they export primary commodities and import manufactures, will be subject to a secular deterioration in their net barter terms of trade. The clear policy implication is to diversify exports away from primary commodities or stimulate domestic production of manufactures.

In developing countries this secular deterioration was attributed to differences in the

possibility to capture the benefit spreading out from technical change. In the developing countries wages were said to be fixed at a competitive level as an effect of the high level of unemployment and of weakness of the labour unions. On the contrary, in the developed economies, the structure of products and of the labour markets tend to be more monopolistic, characterised by the existence of large corporation and well-organised labour unions.

While the developed countries productivities improvements were said to be translated into higher wages, in the developing countries labour supply pressure was said to keep wages unchanged, thus leading to lower prices.

With Prebisch's wordsthe great industrial centers not only kept for themselves the benefit of the use of new techniques in their economy, but are in a favourable position to obtain a share of that deriving from technical progress of the periphery. The combination of low income and price elasticities of demand for primary product, along with these different structures of the product and factor markets, were thought to be the keys of this persistent decline. These ideas support the view that developing countries had to develop a strategy that involved industrialisation, and in particular a reduced role of primary exports.

Several authors, notably Prebisch (150) and Singer (150), have argued that there is a secular tendency for the terms of trade for primary commodities to deteriorate over time. The confirmation of such a tendency through historical data is of course problematical. Since such data also include those for years characterized by unusual occurrences, like World Wars and breakdowns of currency regimes (as happened to the Bretton Woods system in 171), which have the effect of suddenly pushing up primary commodity prices, any tendency towards secular deterioration gets obscured by these sudden occasional boosts.

For long stretches of time, both before and after such sudden boosts however, a secular deterioration in the primary commodity terms of trade is clearly discernible. In particular, the fact that these terms of trade have moved against primary commodities over the last couple of decades, precisely when the contemporary phenomenon of globalization is claimed to have manifested itself, is undeniable.

Explanations for such a secular tendency for the terms of trade to move against primary

commodities have invariably focused on the behaviour of goods markets. Many of theses explanations of course, including Prebischs own one, are logically untenable. Prebisch argued that the effects of technological progress, leading to increases in labour productivity, in the manufacturing segment of the world economy do not get passed on in the form of lower prices, while the effects of similar technological progress in the primary commodity segment do; this according to him caused a secular deterioration in the primary commodity terms of trade.

The structure of the export trade of developing countries has, however, undergone a substantial transformation since the early 180s, with a rapid growth in the exports of manufactures, which by the early 10s had come to be the dominant flow of merchandise from developing to developed countries. By 11, for example, manufactures exports to developed countries represented three times the value of non-oil commodities, whereas in 180 exports of commodities had exceeded the value of manufactures exports. Over the past decade, the dominant exchange between developing countries and developed countries has thus become the `horizontal exchange of manufactures for other manufactures. This change in trade structure has led to the extension of the earlier debate on the vertical commodities/manufactures terms of trade to the new issue of the trend, if any, in the manufactures/manufactures terms of trade.

However, this new focus of the debate must not be taken to imply that the traditional concern with the commodities/manufactures terms of trade can now be ignored. This is because the expansion in developing countries exports of manufactures has been confined to relatively few countries. The four Newly-Industrializing Countries (NICs) of East Asia (Hong Kong, Singapore, South Korea and Taiwan) together with the Asian 4 (Indonesia, Malaysia, Philippines and Thailand) and China accounted for almost 80 per cent of the increase in the value of manufactures exported by all developing countries, including China, from 180 to 10. This leaves well over one hundred countries dependent, to a greater or lesser extent, on revenue from the export of primary (non-oil) commodities for the bulk of their export earnings. So, for the great majority of developing countries the commodity terms of trade remain a crucial element in their capacity to import essential goods for their economic development.

To say that the secular deterioration in terms of trade of developing countries confine them to be imitators and never innovators is partly true in the sense that the developing countries tend to imitate the developed countries in the terms of products so that

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THE EU

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THE EUROPEAN UNION

Member States

15 democratic States - 65 million citizens - voluntarily joined by a political desire to present a united front to the great challenges of our age Germany, France, Italy, UK, Spain, Belgium, Greece, Netherlands, Portugal, Austria, Sweden, Denmark, Finland, Luxembourg and Ireland. UK a member for 0 years.

1 other countries are applying for membership Bulgaria, Cyprus, Estonia, Hungary, Latvia, Lithuania, Malta,Poland, Czech Republic, Romania, Slovakia and Slovenia. Most of these are expected to join by 007, some by 004.

Objectives

• To promote European unity;

• To improve living and working conditions for citizens;

• To foster economic development, balanced trade and fair competition;

• To reduce economic disparities between regions;

• To help developing countries;

• To preserve peace and freedom the EU was originally conceived as the Coal and Steel Community to prevent another world war (coal and steel were crucial to war preparation).

Resources

• Community legislation, applicable in the 15 Member States;

• The budget, financed by the Communitys own resources ( billion euros, £58bn, in 000);

• The administrative and technical staff employed by the Community institutions.

Subsidiarity principle

• A superior authority should only be involved when a goal can not be achieved more effectively at a lower level. of 7

Institutions and bodies

• The EU is now a major political force in many international fora and has a much stronger voice than any of its members, even the UK.

• 40 per cent of UK legislation originates from the EU process. (This rises to 80% for Environmental legislation). Regulations go straight to local authorities/agencies.

• Legislation is proposed by the Commission and sent to the Council and the European Parliament, both of which have to pass the legislation if it is to be enacted. The Economic and Social Committee and the Committee of the Regions will normally give their opinions to the Commission, the Council and the European Parliament before legislation is passed.

• Whilst there are 11 languages currently spoken in the EU, English has become the lingua franca.

• Bottom line, the EU works.

The European Commission

• The College of Commissioners is composed of 0 independent members, proposes Community legislation, monitors compliance with legislation and with the Treaties, and administers common policies. They have to agree to any amendments by the Council of Ministers or European Parliament.

• Romani Prodi, president; Neil Kinnock, vice-president, administrative reform; Chris Patten, external relations; Loyola de Palacio, transport & energy and 16 other Commissioners meet on a weekly basis.

They have real and well informed discussions.

• The College is very political, but not party political. The rest of the staff are similar to any other civil service.

• At present, 0 Commissioners are appointed by a common agreement of member states (

Commissioners for each of the 5 larger states and 1 Commissioner for each of the other states.

• Commission now invested by the European Parliament.

• 4 Directorates-General (Departments in UK speak). Economic and financial affairs; Enterprise; Competition; Employment & social affairs; Agriculture; Transport & energy; Environment; Research; Information; Fisheries; Internal market; Regional policies; Tax system and customs union; Education & culture; Health & consumer policies; Justice & internal affairs; External relations; Commercial policy; Development; Enlargement; Common service on external relations; Personnel & administration; Budget; and Financial Control.

• Grown from 5,000 staff/0,000 transactions in 180 to 8,000 staff & contractors/600,000 transactions today. Currently being re-organised by Neil Kinnock to reflect today's needs. Up till now the organisation and its practices were based on the much smaller organisation. See

http//europa.eu.int/comm/governance/white_paper/index_en.htm for proposals to reform the EU.

• Corruption really only a minor issue and no more prevalent than in any other government. Institutional reform, held back by other priorities and vested interests, now being pushed through by Neil Kinnock.

Some reforms will require changes to the EU treaties and to Belgian employment law before they can be completed.

• Forward looking - DG Environment developed a 10 year vision, which is used to formulate future proposals for legislation. Use incentives, not just strictures.

• DTI view is the they want to promote 50% and resist the other 50%.

• See http//europa.eu.int for further information and links to all of the EU institutions.

The Council of Ministers (or Council of European Union)

• The Council, composed of 15 members (one minister from each government), takes decisions and adopts Community legislation. Its membership depends on the subject under consideration (it may be made up of the 15 Ministers for Foreign Affairs, Agriculture, Transport, Finance, etc.).

• The European Council is part of this and comprises The Heads of State and Government and their Foreign Ministers, together with the President of the European Commission. Its task is to boost the construction of Europe at the highest level, to resolve blockages, and to define the general guidelines for economic and political cooperation in Europe. It is the major organ for political impulse.

• Presidency rotates among the member states every six months (001/ Belgium, 00/1 Spain, 00/ Denmark).

• Simple majority required in very limited circumstances. of 7

• Qualified majority required for a wide range of subjects. 6 out of 87 votes required Germany, France, Italy & UK 10 votes each; Spain 8 votes; Belgium, Greece, Netherlands & Portugal 5 votes each;Austria & Sweden 4 votes each; Denmark, Finland & Ireland votes each; and Luxembourg votes.

• Unanimity is required for sensitive subjects of a diplomatic, political or social nature.

• The Council must be unanimous in order to amend a Commission proposal.

• Legislation will only be adopted if also agreed to by the European Parliament.

• Council meetings are held in camera. Object is not to make enemies. Ministers make the political points, then the President and officials retire to a room and try to build consensus.

• COREPER is the permanent representatives committee. It is composed of the permanent

representatives of each member. Each delegation is led by an ambassador who takes part in the work of COREPER on matters of a political nature or a deputy for matters of a technical nature.

• COREPER prepares the Council decision.

• Proposed legislation is reviewed by Committees in the House of Commons and the House of Lords (their analysis is highly regarded). But with about 1,500 proposals each year, it is difficult for them to review all proposals in detail.

• UK Departments review all proposals in detail and provide detailed briefings to UK ministers, officials and MEPs (the UK briefings are reported to be the best in Europe). The UK position is coordinated by the Cabinet Office, who consider tactics to be everything. The UK office is known as UKREP and has 140 staff in Brussels. Their view is that the name of the game is building the broadest possibleconsensus.

• What a minister says in Brussels (usually very supportive), can be very different to what he/she says in the UK (often very negative).

• The Secretariat of The Council of Ministers has ,700 staff working in 10 Directorates General. Its Secretary General, also known as the High Representative, is Javier Solana.

• See also http//ue.eu.int

• The Council of Ministers (or Council of European Union) should not be confused with the Council of Europe, which is based in Strasbourg, and has 4 European countries as its members. See www.coe.int for further information.

The European Parliament

• The European Parliament, directly elected by universal suffrage, represents the peoples of the Community. It takes part in the lawmaking and budgetary processes and has limited, but increasing, powers of control. Most legislation has to be approved by both the European Parliament and the Council of Ministers. The EP is not responsible for the cost of its decisions.

• It has 66 MEPs, including 87 from the UK. They are all elected by proportional legislation.

• In the UK, they are elected on a regional basis. The MEPs for the South-East region are Nirj Deva (Con), James Elles (Con), Nigel Farage (UK Ind), Daniel Hannan (Con), Chris Huhne (LibDem), Caroline Lucas (Green), Baroness Nicholson of Winterbourne (LibDem), Roy Perry (Con), James Provan (Con), Peter Skinner (Lab) and Mark Watts (Lab). Full details of the UK MEPs can be found on www.europarl.org.uk.

• There are currently 8 parties in the European Parliament. They are Group of the European People's Party (Conservatives - MEPs); Group of the European Socialist Party (Labour - 181); European Liberal Democrat and Reforms Party (5); Green Group/Free European Alliance (46); Group of the European United Left/Nordic Green Left (4); Union for Europe of Nations (0); Technical Group of Independent Deputies (1); European Group for Democracies and Differences (16); plus 8 non-attached MEPs. The political groups do not have a constituency role.

• All work is organised through committees which report back to the EP for final discussion and voting.

• The politicians are surprisingly accessible, open to discussion, seeking information. In meetings, and in the corridors of the Parliament, narrow nationalism and intolerance are not evident. The MEP's view is that they can get on with the work and that they do genuinely make a difference. MEPs must master their brief and know their colleagues if they are to be successful.

• The EP's responsibilities and powers have been widened. In 1, it censured the then Commission and all 0 Commissioners had to resign. The defeat of the Takeover Directive, due to the concerted action of the German MEP's, was a wake up call to the EU.

• See www.europarl.eu.int for further information.

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The Economic and Social Committee

• Alongside these institutions, the Economic and Social Committee, a consultative body, involves representatives of employers, trade unions and other groups in the process of drafting Community legislation.

• There are members, including 4 from the UK, appointed for four years. This is part-time work (0-5 days/year), done in addition to their normal job they are there because of their job.

• They are organised in three groups Group 1 Employers; Group Workers; and Group Various Interests (farmers, craftsmen, dealers, professional activities, etc.).

• ECOSOC has to be consulted by the Commission, Council and the EP on the following issues Agriculture policy; Free movement of workers; Right of establishment; Freedom to provide services; Transport; Internal market; Social policy; European social fund; Vocational training; Research and technological training; and Environment.

• Whilst the Commission, Council and EP do not have to accept ECOSOC's advice, it is part of the EU method of consensus building. This contrasts with the UK approach of I win, you lose, where the majority party normally gets its way, regardless of what the other parties and the majority of the population think. But there is a question on how beneficial this consultation is.

• In 000, ECOSOC issued 154 opinions upon consultation by the Council and Commission; 44 opinions on its own initiative; and 5 information reports.

• See www.esc.eu.int for further information.

The Committee of the Regions

• Another body ancillary to the Commission, Council and the European Parliament, the Committee of the Regions, introduces representation for regional and local bodies in the Community institutional system and has advisory functions.

• There are also members, including 4 from the UK, appointed for four years. This is again parttime work (0-5 days/year), done in addition to their normal job they are there because of their job.

• They are organised into 8 Committees.

• The COR has to be consulted by the Commission, Council and the EP on the following issues Education; Culture; Public health; the Regional Development Fund; Implementation of the trans-European networks; and the Framework agreements for the structural funds

• There is a question as to whether the COR has influenced any proposals. The view of one MEP was that the COR should lobby the EP in the same way as everyone else if the MEP's are used to working this way, it may be the right thing to do.

• See www.cor.eu.int for further information.

The European Investment Bank

• The role of the European Investment Bank is to contribute on a financial level to the balanced development of the Community.

• It can currently lend up to Euro 50 billion to eligible projects. This money is obtained from the capital markets, using its AAA rating, supported by the commitment of its members.

• Eligible projects are in areas that the EU want to develop and would not otherwise happen or not happen quickly enough. Examples of such projects are Glasgow, where the council borrowed money from the EIB in order to install IT throughout its schools; major infrastructure links; renewable energy projects (the EU goal is 10%, with the market only expected to provide 5%).

• See www.eib.org for further information.

• The EIB should not be confused with the European Central Bank, which is based in Frankfurt, and is responsible for the Euro and setting interest rates for its participating countries. See www.ecb.int for further information.

The Court of Auditors

• The Court of Auditors monitors the implementation of the Community budget.

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• 15 Judges appointed for six years, by Council of Ministers in consultation with the European Parliament. John Wiggins appointed from UK

• Independent, acting supremely, it looks after the external control of European public expenditure and gives opinions on the financial and budgetary plans of the EU.

• It has about 500 staff and is organised into four audit groups. All the Judges, except their President, are members of one or more audit groups.

• Draft reports and opinions are prepared by the groups and submitted to the 15 Judges for approval.

• See www.eca.eu.int for further information.

The Court of Justice and the Court of First Instance

• The Court of Justice, based from the outset in Luxembourg, together with the Court of First Instance, ensures that the law is observed in the process of Community integration.

• The Court of First Instance is the lower court. It has 15 Judges (Judge Nic Forwood from the UK) appointed for six years. It operates through 5 Chambers of to 5 Judges, although all 15 can meet for important cases.

• It can deal with cases brought by individuals or non-state organisations. Appeals on points of law (but not fact) can be made to the Court of Justice.

• The Court of Justice has 15 Judges (Judge David Edward from the UK) assisted by Advocates-General. They are appointed for six years.

• Advocates-General (not found in the UK legal system) make reasoned submissions in open Court, with complete impartiality and independence, on cases brought before the Court of Justice, in order to assist the Court in the performance of the task assigned to it.

• See www.curia.eu.int for further information.

Rapporteurs

• A system of Rapporteurs and shadow rapporteurs is used widely in the EU, particularly in the EP.

Rapporteurs are appointed by the various committees and courts to review a proposal, obtain any necessary advice, and prepare a draft for the committee or court to review.

• Where a proposal affects more than one committee, the rapporteurs will liaise with each other.

Implementation of legislation

• Regulations are compulsory. They establish the end to be achieved and how to do it. The regulation is directly applicable in each state, simultaneously and uniformly.

• Directives bind each state as to the result to be achieved, but leaves the national authority to decide the form and the means. In practice, the maneuvering margin for each state is minimal.

• Decisions are addressed to a precisely defined individual, entity or member state.

• Recommendations and opinions are not binding, but useful guidance of national behavior and legislation.

• Once legislation has been passed by the EU, it is then generally passed to the member countries to implement. The members normally have several years to complete the implementation.

• It is at this stage that local officials can add interpretations that cause ridicule. One example was a UK official who was also a nature enthusiast. He modified the EU proposal in its UK drafting, with the consequence that a golf club had to flood its bunkers twice a year, in order to protect a species of grass the official was concerned about.

• National ministers undoubtedly take advantage of EU legislation to implement legislation they believe in, but publicly blame on the EU.

Lobbying

• This needs to be done at the start of the legislative process, if it is to be effective. It must also be focused and concise. A fax just before a vote is far too late and there is no time to read generic information.

• Send any proposed amendments electronically, preferably in before and after versions this really will be appreciated. 6 of 7

• Any proposal should be seen to address the big picture. Get cross-border support if possible.

The EUs view of Britain

• Surprisingly good at various levels!

• The Commissioners are political animals and have a great interest in our parliament and political processes. Many have studied here and have a soft spot for the UK.

• The Commission as a whole, and perhaps the Council too, likes us. There is a feeling that if they get Britain on board for a particular proposal then it is more likely to succeed and be more complete. There was also an intellectual challenge to bring the UK round to an acceptable common position.

• There is some sympathy for the UKs position on the Euro. But we must join at some point. It is realised that with the UK's anti-Euro press and many sceptical politicians, the UK cant jump in yet. On the other hand, if we dont decide relatively soon ( to years?), the goodwill may evaporate.

• British civil servants are highly regarded for the quick analysis of issues presented at meetings, and for briefings sent to the UK MEPs, etc - these are sought by other nationals.

The Press

• Whilst there is generally reasonable reporting of the EU throughout its member states, the UK xenophobic press is unique. It lacks coverage and has a negative attitude to the EU. None of the UK tabloids have a full time correspondent in Brussels. This is ridiculous, given that 40% of UK legislation originates here.

• It is good to have criticism, but the UK press is extreme. Whereas our MEPs, etc can expect to be interviewed by the press of other members periodically, the UK press are normally not interested and only become interested if they can report the EU in a negative way. When asbestos was found in one of the EU offices, one tabloid headline the next day was EU to blow up Brussels HQ. This was nonsense and pure sensationalism. The building is still there and is due to re-open shortly, with the asbestos removed.

• The exception to this is the FT, which is now a paper of note through-out Europe, read by most decision makers. If the Commission wants to progress something, they will often leak it to the FT. The Independent also has a reasonable reporting of EU issues.

• The UK regional press appears to have little interest in the EU, unless it is of direct relevance to its readership area.

Electoral attitudes

• The apathy shown by the UK and other electorates is a problem for the future.

• It may be that the affluence of the electorate leaves them uninterested. It may be that the press, particularly in the UK, disengages them from the political process. It may be that the management of the political messages, the spin-doctoring, disengages them from the political process.

• If the electorates are content to leave the politicians to get on with the job, it is sad but not a problem. If, on the other hand, this leads to violent activism by small minorities, as recently seen in the petrol price protests last year and the anti-capitalism protests this year, it becomes a problem that both the politicians and the press should think about.

• Whilst the people in the EU appear to want to get their message across, they are unclear as how to do it. It is not always in the member country government's interest to give the EU credit (they like to take credit for the good bits & blame the EU for the difficult bits).

• Even when there is a clear message to deliver (and there are briefings every day in Brussels), these have limited benefit if the press is unwilling to report on them and/or only reports the negative side of every thing.

• If the EU is about consensus building, then it would seem that the EU system may give the electorate a more responsive result than the UK model. But it can be slower and involve a lot of horse trading.

• A problem for the EU is the sheer size of size of a constituency. How do you represent 600,000 people? The superiority of the EU system to Westminster may be illusory. It will always be difficult for 7 of 7 the EU to be close to its citizens and the EU does sometimes get out of step with the majority view. Perhaps the key is the politicians and civil servants if they are motivated to move the EU/UK forward, then either system will probably produce a good result. If they are motivated to move themselves forward regardless of moving the EU/UK forward, then neither system will produce a good result.

ECONOMIC AND MONETARY UNION

Economic and monetary union is a logical accompaniment to the single market and a major political milestone on the road to a united Europe. Uniting currencies which to the countries of Europe were the symbols and instruments of their sovereignty for several centuries is a venture which has neither a precedent in our history since the Roman Empire, nor any equivalent elsewhere in the world. A single European currency should come into circulation on 1 January 1, replacing national currencies as from 1 January 00, and helping to make the man in the street more aware of belonging to a new entity.

The emergence of the single European currency is the result of lengthy, patient development.

In 170 the Werner Report came out in favour of creating an economic and monetary union in three stages over a period of ten years. But the political will to press ahead with this union was weakened by the first oil crisis and the project ran out of steam.

However, a European exchange-rate system, popularly known as the snake, was introduced in 17. In 174 the Council adopted a Decision designed to bring about a high degree of convergence between national economies and a Directive on stability, growth and full employment. However, growing economic instability gradually eroded the foundations of the system and the French franc, sterling and the Italian lira left the snake.

THE EUROPEAN MONETARY SYSTEM

The EMS has three main components. On 6 and 7 July 178, at the Bremen European Council, the Heads of State and Government decided to establish the European Monetary System (EMS), which came into force on 1 March 17.

The EMS has created a zone of monetary stability in Europe, encouraging growth and investment.

·The ECU This is seen as the key element in the system. It is a basket of the currencies of the Member States.

·The exchange-rate and intervention mechanisms Each currency has a central exchange rate linked to the ECU. This is used to determine central rates for each pair of currencies. Until August 1 bilateral exchange rates were allowed to fluctuate within a band of .5%, or up to 6% in exceptional cases, around the central rate. Since then the band has been increased to 15% following serious upsets on the currency markets.

·The credit mechanisms In the event of bilateral exchange rates approaching the 15% threshold, central banks have unlimited liability to intervene to ensure that the threshold is not crossed.

The EMS has succeeded in creating a zone of increasing monetary stability. But it has still to achieve its true potential. Several currencies remain outside the exchange-rate mechanism or are allowed to fluctuate within wider bands. Insufficient convergence of national budgetary policies has created tensions, and some competitive devaluations have threatened the unity of the single market.

The last lap on the road to EMU

In order to remove the non-tariff barriers to the free movement of goods, capital, services and persons and complete the single market, the single currently quickly seemed to be a necessity.

On the basis of the report submitted by the Commission President, Jacques Delors, in June 18, the Madrid European Council defined the objectives in broad terms the Community was to embark on a process comprising several stages, the first of which was to begin on 1 July 10, and culminating in the introduction of a single currency. Monetary and economic progress would go hand in hand.

During the first stage the Member States would draw up convergence programmes designed to promote improvements in and convergence of economic performance, thereby making it possible to establish fixed exchange rates.

The Treaty of Maastricht

The Treaty signed in Maastricht on 7 February 1 makes progress towards a single currency irreversible, by splitting the timetable of achievements into three stages.

The criteria for going on to the third stage have been set as follows

·price stability the rate of inflation may not exceed the average rates of inflation of the three Member States with the lowest inflation by more than 1.5%;

·interest rates long-term interest rates shall not vary by more than % in relation to the average interest rates of the three Member States with the lowest interest rates;

·deficits national budget deficits must be close to or below % of the GNP;

·debt public debt may exceed 60% of GNP only if the trend is declining towards this level;

·exchange rate stability a national currency shall not have been devalued during the two previous years and must have remained within the EMS .5% margin of fluctuation.

Stage II of economic and monetary union began on 1 January 14. It is a transitional stage during which a determined effort will be made to achieve economic convergence. A European Monetary Institute (EMI) was set up in Frankfurt to strengthen the coordination of Member States monetary policies, promote the use of the ECU and prepare the ground for the creation of a European Central Bank in Stage III.

The Madrid European Council on 15 and 16 December 15 christened the future European currency the Euro and adopted the technical procedure for creating it.

Stage III will begin on 1 January 1. In May 18 the Member States Finance Ministers will decide, on the basis of reports from the Commission and the EMI, which Member States meet the conditions for adoption of a single currency. The Commission considers that as regards the economic forecasts of the future, a majority of Member States will be able to fulfil the conditions set for the Euro by 1 January 1. The Heads of State and Government meeting within the Council will confirm by qualified majority, after consulting the European Parliament, which Member States fulfil the conditions necessary for the single currency to be adopted.

At the beginning of Stage III a European Central Bank will be set up and the exchange rates between the participating currencies will be fixed once and for all. The Bank will be independent of national governments and will manage the monetary policies of all the Member States joining the single currency. Member States outside the currency union will join as soon as their economic performance permits, or when they take the political decision.

The single currency, the ECU, must be introduced on 1 January 1 for the administrations and the banks. On 1 January 00 at the latest, the Euro coins and notes must be in circulation. The common faces of the coins were officially introduced at the Amsterdam European Council. Technical discussions considered the opinion of the partially sighted and consumers as to their shape and composition.

On 1 July 00, the Euro will replace national currencies in the Member States joining the single currency. Between these two dates, prices will be displayed both in ECUs and in the national currency to help European consumers familiarise themselves gradually with the new currency.

Under protocols to the Treaty, the United Kingdom and Denmark reserve the right to opt out of Stage III even if they meet the economic performance criteria. Following a referendum Denmark stated that it did not intend to take part. Sweden also made clear its reservations.

In order to complete the provisions of the Maastricht Treaty, the European Council meeting on 17 June 17 in Amsterdam adopted two important resolutions

·the first one, known as the stability and growth pact, commits the Member States to keep to their budgets. This discipline will be guaranteed by multilateral supervision and a ban on excessive deficits.

·the other resolution concerns growth. It indicates whether the Member States and the Commission are firmly committed to providing the impetus for keeping jobs at the forefront of the Unions political concerns.

In the resolution on the coordination of the economic policies during Stage III of the EMU, which the European Council adopted in Luxembourg on 1 December 17, it took an important decision by stipulating that the Ministers of the Member States joining the EMU may meet together informally to discuss questions arising from the specific responsibilities they share under the single currency. The Heads of Government of the Fifteen thus opened the door to a process of strengthening joint membership, which could bring those countries which adopted the Euro in their economic, budget, social and tax policies even closer together, beyond monetary union itself.

The introduction of a single currency by the end of the century is the European Unions most ambitious goal yet. There are bound to be setbacks along the way which will test the political will of the Member States involved. The crucial question of public opinions acceptance of an innovation which directly affects the daily life of every citizen will also decide the success of the Euro.

The Timetable of the Euro 10 December 11 Treaty on the European Union signed ·decision made to set up a monetary union and adopt five convergence criteria 1er January 14 second stage of the EMU (transitional period) ·EMI set up in Frankfurt; ·procedures strengthened for coordinating European economic policies; ·excessive deficits fought and policy for economic convergence of the Member States; ·independence of national central banks. 16 December 15 Madrid European Council ·the name Euro adopted; ·the technical procedure for introducing the Euro and the timetable for going over to the single currency established. 14 December 16 Dublin European Council ·pact on budget stability and growth adopted ·the Euro acquires legal status. 16 June 17 Amsterdam European Council ·treaty on stability and growth confirmed; ·regulations adopted on the legal status of the Euro; ·EMS First Round for countries not involved in the single currency resolved; ·design of the coins chosen. 1 December 17 Luxembourg European Council ·coordination of economic policies during the third stage of the EMU (multilateral supervision) and Art. 10 and 10b of the Treaty resolved (exchange rate policy and the Communitys representation at international level) 1 and May 18 the European Council defines the list of countries joining the single currency based on the convergence criteria; ·the European Parliament is consulted; ·irreversible bilateral exchange rates set. In 18 European Central Bank (ECB) established, ·Its executive committee appointed; ·Production of coins and notes started.1 January 1 ·third stage of the EMU; the Euro becomes a currency in its own right; ·banks and businesses transfer to the Euro. 1 January 00 the Euro is introduced; coins and notes go into circulation. 1 July 00 at the latest the status of national coins and notes as legal currency is abolished.

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Othello

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Shakespeare's Othello is a controversial play which depicts and addresses the issue of miscegenation. Race and racism play an intricate part in the plot of the play. Othello's race is significant in the play and provides the basis for his own insecurities, Iago's villainous acts, and his dishonorable downfall.

Shakespeare's audience of the early seventeenth century held the stereotypical assumption of African-Americans as savages.(Little 05) This discriminatory assumption also comes into play in Othello's ending rage as it is described by Iago he foams at mouth, and by and by, breaks out to savage madness(IV i 61-6). Yet, it is Othello's own insecurities which are his greatest flaw.(Berry 18) Othello prides himself on his achievements for his social status.(Slights 7) He gives no account for his position to his origin.(Slights 7) Even Desdemona's affection for him, he believes, can only stem from his grand accomplishments.(Little 06)

In his defense against Brabantio of the use of black magic to seduce his daughter causing her, in spite of nature, of years, of country, credit, everything, to fall in love with what she feared to look on, (I iii 107-10) Othello proclaims, From year to year, the battle, sieges, fortune the I have passed. Of hairbreadth scapes i' th' imminent deadly breach, of being taken by the insolent foe… These things to hear would Desdemona seriously incline(I iii 144-45,50-51,5-60), (Slights 8). In this declaration Othello gives no mention of his appearance or how he romantically lures Desdemona, yet it is only his adventures which he refers to as the object of her affection.

Iago in persuading Othello of the affair between Desdemona and Cassio uses the racial distinction by pointing out to Othello Not to affect many proposed matches, of her own clime, complexion, and degree, whereto we see in all things nature tends…Her recoiling to her better judgment, may fall to match you with her country forms, and happily repent(III iii 5-61,66-68). Iago feeds upon the infant insecurities within Othello to invoke his rage.(Berry 1)(Little 14)

Othello's insecurities eventually lead to his demise. His doubt within himself causes him to doubt Desdemona and her love for him.(Berry 15) Othello uses his heritage as his scapegoat for his belief in being poor spoken and revolting, as he states, My name, that was as fresh as Dian's visage, is now begrimed and black as mine own face(III iii 47-), (Little 08).

As Othello falls deeper into his rage he is viewed as reverting back to his native savagery.(Berry 16) Just as Brabantio accused him of black witchcraft and devilry such accusations seemed to materialize in Othello's horrific change(Berry 17), when he reveals to Desdemona, That handkerchief, did an Egyptian to my mother give. She was a charmer, and could almost read the thoughts of people. There's magic in the web of it(III iv 57-60,7). Iago continues to feed the fire commenting on Othello's vicious actions, I have seen the cannon when it hath blown his ranks into the air and, like the devil, from his very arm puffed his own brother(III iv 14-45).

Othello allows himself to be engulfed by the green-eyed monster and abandons his human characteristics to reinstate his animal instincts(Slights 87), as he tells Iago he is, a horned man a monster and a beast(IV i 70). Othello begins to reveal his distrust in Venice and the discrimination against him as a foreigner.(Berry 1) He places his anguish against Venice onto Desdemona, But, alas, to make me the fixed figure for the time of scorn. I took you for that cunning whore of Venice that married with Othello(IV ii 61-6,100-01). Othello is now acting out of survival instincts. He desperately is trying to preserve his image and reputation, which he feels Desdemona has tarnished in her act of infidelity.(Slights 86) With his wrath inevitable his primal instincts are in complete control and his downfall unavoidable. From this point on Othello is blind to any truth of his wife's innocence and only seeks justice against this discriminatory act.

Othello moves about in a trance state. His only focus now is on those he must avenge. As he is about to commit his crimes he feels no doubt or remorse. Truly the savagery believed of him is evident in full effect.(Berry 16) After smothering Desdemona to death he states, I that am cruel am yet merciful; Methinks it should be now a huge eclipse of sun and moon(V ii 104,18-1).

As Emilia lies on her deathbed she unveils the truth to Othello, Moor, she was chaste. She loved thee, cruel Moor(V ii 0), (Berry 0).

As Othello accepts the truth of her words he condemns himself to the fate believed worthy of a black man, O cursed, cursed slave! Whip me, ye devils, roast me in sulfur(V ii 1,1), (Slights 8). Still, as he condemns himself he is assured that his acts are not of vicious savagery, but of honor. Othello is determined to die an honorable death despite his hysterical actions.(Slights 86) An honorable murderer, if you will; For naught I did in hate, but all in honor(V ii 7-8). Before Othello kills himself he reveals his faults, Nothing extenuate, nor set down aught in malice. Then you must speak of one that loved not wisely, but too well; of one not easily jealous, but, being wrought, perplexed in the extreme(V ii 0-4).

Othello, as the protagonist, falls prey to his own faults. Due to his cultural insecurities he allowed himself to be manipulated and deceived.(Little 10) As a foreigner Othello endured discrimination for his appearance.(Slights 84) Yet, in the beginning Othello's pride eluded him of such hate against him.(Slights 8) Othello entrusted his social status upon his achievements and accomplishments. But when the possibility is presented to him that his differences could be reason for his only love to abandon him he forgets his pride. Othello gives in to the stereotype of the Venetian's against him and becomes the villain. Lodovico states of Othello's savagery, O thou Othello that was once so good, Fall'n in the practice of a cursed slave(V ii -4).

Othello's color eludes him in the beginning of the plot as he is only focused on his ability and social status. When Brabantio addresses his cultural difference Othello eloquently subdues him with his magnificent description of his adventures, proclaiming that even he does not believe his appearance is the cause of Desdemona's love. Othello never addresses the accusations of devilry, witchcraft, or savagery. It is only when he has lost his senses that he gives blame to the color of his skin.(Berry )(Little 08) Othello greatly emphasizes on his deeds which displays his own discomfort with himself.(Little 0)

Othello only speaks of his performance and finances, and aspires to improve his eloquence. Othello seems to attempt to avoid all approaches about his race.(Berry 1) To Othello his race appears to be a set-back.(Berry ) It is Othello himself who allows this inner disdain to prompt his destruction.

As Iago labors to inflame Othello's jealousy he plays upon his most vulnerable flaw, his race.(Slights 86) Othello not steadfast within himself about his origin falls directly into Iago's trap.(Berry 1) He accepts the fact that as a black man he is not good enough for Desdemona. As he initially believed that only his adventures captured her, he believed his appearance could not contain her. Othello is sure that physically Desdemona would prefer a man of her own race, which without proof allows him to believe the deceitful words of Iago.(Berry 1)

The more Othello submits to his fury the more he begins to embody the stereotype that Brabantio initially labels him.(Berry 16) He savagely slaps Desdemona, and without remorse kills her. He looses his human nature and reverts to animal instincts, as he calls himself a horned-man, monster, and a beast(IV i 70). It is by his own hand that Othello is dishonorable destroyed. In the end Othello is believed the villain and vicious savage, when he was only a victim of his own flaws.(Berry 18) Still, this is a common factor of Shakespeare's protagonist, that one is flawed in some inherent way.

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KFC

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INTRODUCTION

Colonel Harland Sanders founded Kentucky Fried Chicken (KFC) in 1, which first gave the world a taste of his most famous creation, Original Recipe Kentucky Fried Chicken, featuring that secret blend of 11 herbs and spices. Since that time, millions of people around the world over have come to love his one of a kind chicken finger licking good, home-style side dishes and hot and fresh biscuits.1

Chronological overview of KFC's management team

15KFC started it franchisees.

164Sold to Jack Masssey & John Yong Brown Jr. for S$ million.

171Acquired by Heublein, Inc. for $85 million.

18R.J. Reynolds Industries, Inc. acquired Heublein and merged it into a wholly owned subsidiary.

186PepsiCo acquired KFC for approximately $840 million.

Today, KFC was the world's largest chicken restaurant chain and third largest fast-food chain in 000. KFC had a 55 percent share of the chicken segment of the U.S. fast-food (based on sales revenues) and operated more than 10,800 restaurants in 85 countries. KFC's early international strategy was to grow its company and franchise restaurant base throughout the world.

With growing competitive rivalry among the leading fast-food chains, KFC under the management of Tricon Global Restaurants face greater challenge to compete with other big player to launch into new market especially in Latin America and North Africa. Leads to changes to strategic growth of KFC to globalization and facing the environment risk and opportunities associated with the international expansion particularly looking at Mexico and Latin America.

ASSUMPTIONS

Please note that all facts given are accurate at the time of printing. Anything happen to KFC after year 000 is not considered because it falls outside the case. The financial figures provided are accurate and does not have to be proven.

SITUATION ANALYSIS

Situation analysis covers all respective area that company should consider in the competitive market includes internal and external, they are, SWOT analysis; Industry and competition analysis; Company Analysis; Stakeholder Analysis; and Macro-environmental Analysis.

SWOT Analysis

Strengths (Internal)

Colonel Sanders Logo is very well know, endorse by Governor Ruby Laffoon as Kentucky Colonel. KFC's earn it brand loyalty and strong name recognition with it proprietary secret receipt of 11 herbs and technology, quality and consistency in taste and also by providing good service and cleanliness environment for it customers'. KFC's management have achieve efficiency in operational and resources with it global experience in the international market, able to do cost sharing in global advertising which meet economy of scale, and able to diversify it group product to sell a variety of food together with Pizza Hut, Taco Bell, etc. As cash rich company its restaurant conveniently located around the world more than 10,800 restaurants in 85 countries. By year 000, KFC's has captured large market share in chicken segment at 55%.

Weakness (Internal)

Due to today life-style, deep fried food are consider unhealthy and too much substitute in market today. Lack of product innovation, as it primary product is CHICKEN only. Management pump in too much money into acquisition; some restaurants are too small and or take-out service only; there are still a number of outdated restaurants and restaurants in deteriorating locations; quality and service of product could be improved, this problems have hurt KFC's reputation in those location where service / cleanliness / quality problems exist. Employees are very diverse in relationship and sometime affect the culture. KFC's also relying on independent franchisees for expansion in many markets adds to the difficulty of maintaining consistent quality and cleanliness and otherwise striving for standardized operating from restaurant to restaurant.

Opportunities (External)

KFC's could expand its product line with one of the In today for healthy choices; its could includes roasted chicken menu items; adapt to local taste-for instance, Thai Spices, Korean Kim-che, and, burger business, likes-Japanese rice burger, Vegetarian burger, etc; Co-branding with Pizza Hut and Taco Bell provide more product choice; Expansion of the KFC all-you-can-eat buffet. Upgrade the existing restaurant's that is small; enhance cleanliness of restaurant; modify the advertisement to localize to individuals countries culture to capture consumer awareness. Expand distribution channels to malls, home delivery. Low labor cost in many foreign countries makes international expansion more attractive as KFC is well received in international market. There is great potential market in Latin America as U.S. market in the stage of maturing.

Threats (External)

Threats that KFC's face is the entry of competitors likes -Hardee's, Wendy's and McDonald's and other chains into chicken items, especially McDonald's is moving aggressively in Brazil and Mexico. Changing of diet to healthy life-style and increased in trend of vegetarian. Continued moves of consumers away from fast food to more upscale chains and dining as finance level improved. Boutique style of restaurant, example some restaurant is opening it kitchen to show how food is prepare (e.g. break talk); more upscale chicken chains (Pollo Loco, Boston Chicken); and, limited menu (given that more fast-food chains are offering chicken products) and also threats from increased competition from microwave food segment.

INDUSTRY AND COMPETITION ANALYSIS

Market size of $58 billion for the entire food service industry in 1. Market growth rate is 5.0% for fast-food; 5.4% for the total food service industry in 1; 7% for full-service, sit-down restaurants. Competitors up to 800,000 U.S. restaurants and food outlets in 1. KFC was rank number 6 contributing to annual sales amounting to $4,78 millions and 55.% in Chicken Chains segment FY1 in US fast-food restaurants. Competitors in Chicken Chain are Popeyes; Chick-fil-A, Boston Market and Church's sales turn-over still far away from KFC (Refer below charts in Figure 1 & ). KFC is dominant leader in chicken segment, with sale sof $4.4 billion in 1. Dispite it dominance, KFC was losing market share as other chicken chains inclreased sales at a faster rate, it share of chicken segment sales fell from 71% in 18 to less than 56% in 1, 1 10 year drop of 15%. Another threat KFC facing is the image of an upsce deli offering healthy, home-style alternatives to fried chicken promoting by Boston Market and Chick-fil-A taken up 17% of the market shares. Market is maturing for fast-food segment. Nevertheless, KFC's still managed to remained it customer base loyalty because of it unique taste.

The industry was segmented according to the type of food served, with 8 major segments sandwich chains, pizza chains, family restaurants, dinner houses, chicken chains, grill buffet chains, other dinner chains, and non-dinner chains. MaDonald's was rank number one accounted sales $1,006 which nominated the Sandwich Chains, follow by Burger King, Wendy's, whom is consider as KFC competitors as they do served Chicken in their menu other than competirors from Chicken Chains based.

Despite stage in life cycle for fast-food in US is maturing but competition for patrons is primarily local as consumers are normally willing to travel to fast-food outlets only within a fairly small radius of a few miles. Competitive forces is moderate to fierce when promotion start to heat up, KFC's should focus on quality and quick services with convenience location instead of Prices as they are similar with competitors. The other fact is that, there is great petential growth stage in international markets. KFC's should take the advantage of first comers/pioneer before its competitors, which provide great advantage of it brand awareness, KFC's have to be up-to-date in technological change mainly to menu innovation, product innovation, and food preparation techniques to maintain as pioneer for Chicken Segment and competing in International stage.

Source Nation's Restaurant News.Figure 1

Source Nation's Restaurant News.Figure

Source Nation's Restaurant News.Figure

Market Shares of Top U.S. Chicken Chains Based on Annual Sales, 18-

YearKFCPopeyesChick-fil-ABoston MarketChurchsTotal

1870.80%1%6.0%0%11%100%

1071.1.6.60.8100

117.711.4708.100

171.511.47.50.8.7100

168.711.488.100

1465.411.8.6.78.5100

1560.710.78.1.8.1100

1657.8.8.416.7.7100

1756.110.116.88100

1856.11.510.51.78.4100

155.61.5110.100

14- change-.80%1.0%.80%4.0%0.50%

18- change-15.0%0.50%5.80%10.0%-%

FIVE-FORCES ANALYSIS

The Five-Forces Model of CompetitionFigure 4

Rivalry among the various fast-food chains

A strong competitive force rivalry among the leading fast-food chains is the strongest of the five forces due to market maturity and a slowdown in industry growth rates, the high market visibility of the 50 or so largest fast-food chains, and the fact that, except for industry leader McDonald's, the major players in the industry are relatively similar in size and resources. If price wall will to start among the big player, it could result in shake-out of the weak and less efficient restaurants. Plus, many are choosing to pursue expansion into many of the same foreign markets with relatively similar strategies. The weapons of competition are price, quality, menu attractiveness and appeal, location, dining atmosphere and cleanliness, advertising and promotion (including celebrity endorsements in some instances), and brand name recognition. Rivalry is strong for several reasons Slowing industry sales growth; there's intense jockeying for sales and market share among existing chains, fresh competitive moves are made frequently by one or more players in order to gain business at the expense of their rivals; high first mover rewards (e.g., McDonald's created brand awareness for its chicken sandwich by introducing its sandwich before KFC); low customer switching costs increase pressure on chains to attract customers through advertising, new product offerings, and price discounts.

Substitutes

There are numerous substitutes for fast-food and for the fast-food offerings of the chicken chains, examples - Side walk caf, eating house; family restaurants, and other quick-serve food establishments with other menu concepts (fish and seafood, Mexican dishes, pasta dishes, sandwiches, Japanese, Chinese, Thai, Vietnam); Pizza outlets and home delivery; Microwaveable products sold at supermarkets that can be easily prepared at home; Supermarket delis; Full-service, formal restaurants; and Homemade meals. Despite some non-chicken chains fast-food subsitutes are not selling wholly chicken items like KFC, it is still considered as substitutes or rivals from KFC's perspective, but not as direct competitor. With many chains now offering products that are traditionally offered by fast-food chains in other menu segments, the competitive line between the various fast-food segments is getting confused. If we analysis by business segmentation, McDonald's is one of KFC direct competitors in the international stage in the 180s and early 10s. By the late 10s, KFC became more focused and now views other chicken-on-the-bone chains (e.g., Popeyes, Chick-fil-A, and Churchs) as its primary competitors too. As these chains serve similarity as KFC and are a strong competitive force, reasons are- There are a variety of high quality, reasonably priced eating alternatives available; Numerous restaurants and other eating alternatives located near most KFC locations; Buyer switching costs are low, sometime price does not seem to be much different, thus enable customer to select.

Bargaining Power of Customers

There is moderate to weak force in terms of individual bargaining power and leverage over the terms and conditions of sale, as customers are it individual or a group lack of barggaining power over fast-food restaurants, as compare to goods likes clothes, home appliances. Nevertheless customers have their choices of which chains to patronize and how frequently to go there. From the standpoint of individuals looking for a meal away from home, there are many substitutes and almost no switching costs between competing restaurant chains. Customers tend to be price sensitive, location sensitive, relatively health conscious, and increasingly more quality conscious. Some may be more loyal to regular restaurants.

In fact, if company noticed that as a group, customer do have some bargaining power by creating pressures stemming by traffic volume if a chain/location is unable to attract a sufficient volume of traffic and sales, it must respond by improving the attractiveness of its product offering or go out of business. There can be no denying that fast-food consumers are price sensitive. As there are some much choices, promotion usually have the prio consideration, especially to family, who want to be dolloars & cents count. Fast-food consumers want convenience and are location sensitive. Grap and go, less time spend travelling from place to place; thus, any fast-food chains located near will have the prio choice in mind. Fast-food consumers are quality sensitive. Hygenec and cleaniliness of restaurants and toliet will be factors for repurchase. Fast-food consumer switching costs are low. As price of fast food and some eating-house are getting competitive or slightly more, customer sometime may consider changing of environment.

Bargaining Power of Suppliers

View as relatively weak force over Suppliers. Suppliers to the fast food industry have very little leverage and bargaining power for numerous reasons- Their customers are large and buy in bulk. Quantity discount is given. Items supplied are generally commodity items (paper products, plastic products, chicken, hamburger patties, etc. are fairly standardized items). MacDonals own potato farm to supply it own chains, eliminate middleman cost, created some impact on KFC whom demand the supply from market. Competing amount supplier as items being purchased are offered by many different suppliers and can, in many instances, be sourced from several different suppliers (based on who offers the best prices, delivery, and other terms and conditions). Purchaser switching costs tend to be fairly low in the case of many itmes obtained from suppliers.

Threat of New Entrants

A moderately strong force and growing stronger as existing chains look to new geographic markets for expansion, especially in countries where consumers may be attracted to fast-food products and there is significant growth potential for fast-food enterprises to establish new locations. Latin America's is one of them. Newcomers (especially new start-up enterprises) have several formidable entry barriers to overcome, for instance; Slowing industry growth rate domestically (especially in the U.S. where the market is pretty saturated with fast-food locations); High costs of market entry (to build outlets, recruit/train franchisees, and fund advertising/promotional efforts); Established competitors with well-known reputations and menu selections; Existing brand loyalties; and, high cost to exit, thereby increasing resistance of existing competitors to new entrants.

Despite the above barriers mentioned, there's still new entrants such as Romano's Macaroni Grill, Lone Star Steakhouse, and Outback Steakhouse. New chains crop up quite frequently, so there's some threat of entry, even in the saturated U.S. market. KFC's threat would be the likelihood that other fast-food chains would decide to add popular chicken items to their menus. There is growing threat of existing restaurant chains to enter the markets of foreign countries where they currently have little or no market presence. Hence, the threat of additional entry is a relatively strong competitive force in those country markets where fast-food opportunities present themselves, certainly there are entry threats in Latin America and Mexico. KFC's will be facing entry threats strongest from other chicken chains and from fast-food chains with other menu formats. KFC management know that it is better to be a first-mover and lead the establishment of fast-food restaurants in new countries to create strong brand awareness.

In conclusions, the global fast-food market is quite competitive, with rivalry, substitutes, and the threat of entry presenting the strongest sources of competitive pressure. Some country markets are more competitive than others, however. The U.S. fast-food market is the most competitive of all the country markets, and competition is heating up in Latin America. There may be some first-mover advantages accruing to chains which move early to establish many new restaurants in country markets where fast-food can win ready acceptance from consumers; late-movers face more of an uphill battle in getting a market foothold unless they have a differentiated product that can rapidly win consumer approval.

COMPANY ANALYSIS

Different owners have managed KFC's. Under Heublein as he had no experience in nor understanding of the fast-food restaurant business, business opportunities and economical of scale does not contribute to KFC's, thus, growth slowed, performance suffered more when he put its own management team in place at KFC's, quality control and restaurant cleanliness deteriorated for years, till Heublein finally realized it problems and stared to refocused KFC's, when it start to have some improvement, it immediately sold to R.J. Reynolds. KFC under R.J. Reyonolds was better as Reynolds left KFC management team intact and maintained a hands-off approach. Employees' was motivated and committed with company, in result, KFC experienced aggressive expansion and profitability.

KFC under PepsiCo had benefited both PepsiCo and KFC due to strong management and resources could be synergies in both marketing and distribution and to share marketing and management skills. The problems were primarily culture-based between KFC and PepsiCo and strong competition between managers.

Culture

Despite KFC have been managed by different owners, the culture of Colonel Harland Sanders had remained unchanged during the Heublein and RJR years till its' acquired by Pepsi Co's. During Sanders laid-back approached of management, it managed by more People Orientated style. Employees enjoyed good job security and stability; thus, a strong loyalty had been created among KFC employees over the years as a result of the Colonel's efforts to provide for his employees' benefits, pension, and other non-income needs. Including the southern environment in Louisville resulted in a friendly, relaxed atmosphere at KFC's corporate offices.

In contrast to Sanders style of management, PepsiCo's focus more on Performance Orientated. Top performance expected to move up through the ranks quickly. PepsiCo have also transfer it management staff into KFC to replace the existing branch managers, and rotating its best managers through the five division on average years, this practice created immense pressure on managers to demonstrate their management skills within short periods in order to maximize their potential for promotion. It makes the KFC existing managers feel that they have fewer opportunities for promotion within the company. Conflicts between KFC and PepsiCo's corporate cultures created morale problems within KFC. Another problem for PepsiCo was its poor relationship with KFC franchisees.

Opportunity

As PepsiCo's corporate strategy in the 180s and early 10s is to build the strongest food services company in the world, corporate strategic areas including -soft drinks (Pepsi-Cola), snack foods (Frito Lay), and fast-food restaurants (KFC, Pizza Hut, and Taco Bell), with also strong corporate cash flow, created one of the world's largest consumer product companies and a portfolio of some of the world's most recognizable brands. All this is possible for PepsiCo's valued added to KFC's business because of similarities and overlaps in their respective value chains.

Transfer of Management and marketing skills KFC gained accessed to PepsiCo's management expertise, as there were similarities and better performance in the markets and synergies in marketing and distribution and to share marketing and management skills. Thus, most upper level KFC managers were quickly replaced with managers from PepsiCo.

Economies of scale Since all are under the same food and beverage sectors, hence, purchasing, transportation, and warehousing (Distribution synergies) are more efficiently, effectively, and economically in resources. For instance, power to negotiate helps lower prices with it restaurant suppliers (examples -food, paper, supplies, equipment, and construction costs) have increased in terms of volume discounts.

Access to Pepsi-Cola products Pepsi-Cola was sold in all KFC restaurants, which previously have also choices of competitor product Coca-Cola. These enable sales of Pepsi products to increased and lowered overall cost of distributing its soft drinks.

Marketing and Advertisement synergies All products could be synergies in advertising budget and synchronize with promotion. Examples, KFC products were advertised alongside Pepsi-Cola products (Colonel's Chicken meals, fries, and a Pepsi for S$.); these enhance both economies of scale and KFC's image of family product. Awareness of customer is created.

Financing

PepsiCo financing was used to support restaurant construction. This was especially important for establishing company-owned restaurants, which required more capital than franchised restaurants. As a result, PepsiCo's restaurant chains absorbed nearly one-half of PepsiCo's annual capital spending during the 10s; in return, it generated less than one-third of PepsiCo's cash flows. In view of the reduced of corporate return on assets, create difficulty for PepsiCo's to compete effectively with Coca-Cola, and hurt its stock price. Hence, in 17, PepsiCo decided to spin off its restaurant business into a new company called Trico Global Restaurants, Inc. based at KFC's headquarters in Louisville, Kentucky.

There other reason to spin off all restaurants into a stand-alone company is to allow focus for company to deal with it separately. For instances- Maturing fast-food industry in the United States; Profits and operating margins at KFC, Pizza Hut and Taco Bell were declining; Enable resources to better invested in higher return business for soft drinks and snack food revenue; Prevent overall corporate return on assets (ROA) been affect by fast-food chain, as PepsiCo's restaurant business was a cash hog.

Leadership

As KFC under the culture and leadership of Colonel, it portray towards more people orientated. In contract to KFC, PepsiCo's culture of managing is much emphasis on performance. Top performers expected to move up the ladle while slow mover stay put. It also practices rotating top managers through the 5 divisions (KFC, Pizza Hut, Taco Bell, Frito-Lay, and Pepsi-Cola) on average every two years. It is a very cruel and realistic world, as management push for high performance, high accountability, and highly driven culture. Eventually, folks who cannot performance will ether leave the company, as there are 100 ambitious guys with higher qualification at PepsiCo's headquarters in New York who are waiting to replace the empty post.

STATE HOLDERS ANALYSIS

Primary

KFC greater concern was the shortage of employees of age category from 16 to 4. As most Americans in this age category had never experienced a recession or an economic downturn before unlike in 170 Americans experienced double digit inflation, high interest rate, and high unemployment including two major oil crises. Labor costs make up to 0% of a fast-food chain's total cost, followed by food and beverage costs. Intense competition made it difficult for KFC to increase it price sufficiently to cover the increasing cost of labor. To overcome this, KFC have to eliminate low-margin food items, giving discount coupons, valued meals. And also by increasing the use of technology, e.g. computerize most of it operating system including labor scheduling, accounting, payroll, sales analysis, inventory controls, point-of sales, it served both purpose to cut cost from labor and increased operations efficiency.

Managers in KFC must be performance orientated, as only top performers expected to move up through the ranks, this practice created immense pressure on managers to demonstrate their management skill within year periods in order to maximize their potential for promotion. Sad to say, ironically, this is also how Pepsi-Co could maintain a powerful and strong management.

Demographic and societal trends of customer is very different compare from the past two decade, demand for food eaten no longer constrain at home, with rising incomes, higher divorcer rates, and people married later in life contributed to the rising number of single households and the demand for fast food. There is more than 50% of woman workforce since 170, and it will expect to rise another 15% by 010. Double income households and less time to prepare meals inside the home added to dinning out. KFC customers mainly are Baby Boomers aged 5 to 50, then, Generation Xers ages from 5 to 4, lastly, the mature category of ages 51 to 64. As consumer aged, and rise of income, a portion of it will patronize at dinner houses and full-service restaurant instead. With the incoming of Japanese, Indian, and Vietnamese restaurant become more fashionable, it taken away sales of fast-food chains. KFC's shareholder includes Tricon groups, Pizza Hut, Taco Bell and Tricon restaurants all under the management of Tricon Global Restaurants, Inc, corporate office in Louisville, Kentucky.

Secondary

Growing health and nutrition consciousness among more and more consumers have instantly hit KFC, where customers are health conscious and products prepare and cook with special care maintaining low fat content and cholesterol count have appeal to such buyers. Communities promote healthy diet, life-style by avoiding oily fried food. Religion countries, Muslin only ate HALAL chicken; require procedures in preparing of chicken. Government may stop the import of Chicken from countries that have contact with diseases like bird-flu. Competitors may compete in others form in public relation by doing community, charity publicities.

MACRO ENVIRONMENTAL ANALYSIS

Political

January 1, 14, the North American Free Trade Agreement (NAFTA) signed between Canada, The United States, and Mexico have eliminated the tariffs on goods shipped among the three countries. Despite strongly opposed by farmers and unskilled worker in Mexico. Trader between these countries increased significantly.

Economic

Mexico practiced a two-tiered exchange rate system between 18 and 11, the system consisted of a controlled rate and a free-market rate, till 11, controlled rates was abolished and replaced with an official free rate. Peso was depreciate thereafter by the government to encourage foreign import that exacerbated Mexico's balance-of-trade deficit, and make export became less competitive on world markets. As Mexico is close to the United States, cost for transporting equipment and supplies is much lower than compared to other foreign locations.

Social Cultural / Political

During President Zedillo's government, a number of social issues including lack of success in controlling organized crime surrounding the drug trade; High profile political murders; High poverty rate in southern Mexico; and; Political corruption.

Technological

With the globally increasing usage of computer, advertising in web site is an alternative to target on young generation. With the help of computer technology, many things could be done to improve organization operation includes- payroll; accounting; stock tracking; point of sales system; human resource system; duties rooster, etc. Cooking method can be automatic to reduce oil content.

Geographic, Demographic

Mexico population was one-third of the United State. KFC's early entry into Latin America gave it a leadership position over McDonald's in Mexico and the Caribbean. Mexico and Puerto Rico were KFC's first expanded due to their geographic proximity, as well as political and economic ties to the U.S.

Figure 5, below diagram of macro environment charts.

ALTERNATIVE OPTIONS

KFC's could strategically invest and expand it products by building more restaurant and franchisee in Latin America and Mexico to protect KFC's market share from competitors, and be the leaders in fast-food segment. Mexico is attractive due to it population is one-third that of the United States. Mexico is also close to United States. Hence make it cost effective in logistic compare to other foreign locations. Chicken is a major component diet of the Mexican. Plus, the NAFTA eliminated tariffs on goods shipped from United States.

Alternatively-China is also promising market. KFC's could also invest in country like China, whom have the most populated market in the world and chicken is a staple food in Asia. But, this could be the next stage for KFC's as it needs to concentrate it strategic and financial for Latin America and Mexico.

RECOMMENATION

KFC's should protect its leadership position in Latin America and Mexico by building additional company owned restaurants. To prevent fund diverted too much from Tricon Global. The risks can be mitigated by relying on franchising restaurants, which, helps to expand it map too. The advantage for KFC to become strongest in Latin America and not to be overtaken by McDonald's who's also expanding aggressively. Others Pull factors were- Cheap labor; cheap chicken; able to control and maintain standard due to it proximity to U.S.; Chicken is still consider new as compare to burger; Fried food is generally acceptable by Mexican diet; Free trade in Mexico; Company enjoy 5 years tax break. There are also Push factors, they are- Stick very often; unskilled worker which requires training; and also due to cultural, most Mexican doesn't like the American. Despite these Push factors, it is still recommended as KFC's can penetrate moderately and build brand awareness, is the pioneer, and also considered the global market is slowing it scale.

SUSTAINABLE COMPETITIVE ADVANTAGE

To sustain competitive advantage, KFC's should transfer it specialty recipes and management experience, includes- High operating efficiency Technologies, using point to order system to centralize and link with store, computerize pay roll, systematic reporting system, duties rooster, training. Implements wide variety of product line, example- more than chicken only, healthy focus, vegetarian, and tailor to localize taste. Consistency in food preparation meet with ISO standard, and better way to cook which help reduce oil. Restaurant cleanliness establish new image from bottom Toilet, installed high-tech auto-cleaning system for toilet seats, (very common in Japan and Europe hotels and restaurants) to enhance KFC image. Improving franchising standard Worldwide maintaining good relationship with franchisee, encourage communication among franchisees to bring up their stall problems and encourage recommendation to help solving it.

Clever, catchy advertising that captures the attention of fast-food consumers. Advertisement slogan featuring Healthy / Energy Meals, Special Promotion, Happy Family Meals, and/or Prizes. Aggressive and strong marketing and promotion skills to enhance, implant the mindset of consumers of KFC whenever they thought of fast food. Focus should be more during pre-school holiday, season's e.g. Christmas Special Package, Valentine set meals for couples, etc.

IMPLEMENTATION & ACTION PLAN

Management will need to register it business with local government. Setting vision and quality standard by management team as corporate identity. Finance should implement a strong control system. Business development/Marketing department should have a team to do further research and understanding the environment. Recruitment should be arranged the human resources department to maintain standing of service and consistency should provide month before and training. Franchisee contract should be revised with precaution to jeopardize against local legal terms and conditions, which could causes disadvantages to the company. Promotion and advertising department should create advertisement and slogan with strong identify to KFC's brand name and equity.

A details action plan from varies department will to be compiled and put in place accordingly.

Reference List

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Macbeth v

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Techniques

Amongst the most essential of characters in the play Macbeth by William Shakespeare is Lady Macbeth. Upon the introduction of Act 1 Scene 5, Lady Macbeth is brought into the plot of the play. In this soliloquy, Lady Macbeth comments on her thoughts after having read a letter from her husband, Macbeth, informing her about the witches' prophecies on the possibility of Kingship. A variety of well-known topics are explored, including the revelation of the true traits of characters such as Macbeth and Lady Macbeth. Glamis thou art, and Cawdor, and shalt be What thou art promised; yet do I fear thy nature, It is too full o'th'milk of human kindness To catch the nearest way. Thou wouldst be great, Art not without ambition, but without The illness should attend it. What thou wouldst highly, That wouldst thou holily; wouldst not play false, And yet wouldst strongly win. Thou'dst have, great Glamis, That which cries, 'Thus who must do' if thou have it; And that which rather thou dost fear to do. Than wishest should be undone. Hie thee hither, That I may pour my spirits in thine ear And chastise with the valour of my tongue All that impedes thee from the golden round, Which fate and metaphysical aid doth seem To have crowned thee withal. -Lady Macbeth, Act 1 Sc5, Lines 1 8 Her first thoughts are based on the reaction of the realism of Macbeth being Thane of Glamis, and possibly Cawdor as the witches predicted. This is expressed through the words What thou art promised. The idea of having soliloquy interacting with the witches' predictions creates a sense of spirituality. This being Lady Macbeth's first appearance in the play is effective as it allows the reader to associate this sense of spirituality and evil with her character, that has yet to have any substance to allow the reader to interpret her role by. She continues by expressing her fear over not being able to catch the nearest way due to Macbeth's overly kind character. This is demonstrated through a variety of techniques. For example, Lady Macbeth explains how her husband would 'not play false' nor would he 'wrongly win'. This suggests a fair person with a kindness too powerful for him to be a false king, through murder. The extent of Macbeth's kind character is described as too full o'th'milk of human kindness. This is extremely significant as milk, similar to a mother's breast milk, is filled with the vital pureness and nutrition that a baby needs in order to grow. This can be used to mirror Macbeth's kind character to the importance of a mother's breast milk in the eyes of a newly born baby. In addition, Lady Macbeth's envy for her husband is shown through the compilation of words such as 'great', 'highly' and 'holiliy'. These words create imagery of religion and heavens to support her feelings towards Macbeth. The presence of the thought of heavens being the place of good after death can be used to mirror the extent of Macbeth's kind character. Lady Macbeth describes the action of murdering King Duncan through the words to catch the nearest way. The use of this euphemism to describe the action of killing Duncan can be seen as though she is trying to hide the harsh imagery of blood and violence in the action of murder. This is an example of Lady Macbeth's diminishing sense of honesty. Throughout the course of the soliloquy, the developing theme of evilness continues to show through words such as spirits and metaphysical which produce an authoritative feeling of negativity. This form of negativity is extremely effective as it relates to the topic of the supernatural and unknown that causes for greater intrigue amongst the audience as a result. Also, these words being said through Lady Macbeth gives the audience an opportunity to further build their personal folio of her character. The idea of having to call upon the spirits and gods, the most divine of beings also can be interpreted to suggest multiple meanings. The fact that Lady Macbeth has to call upon the most powerful of beings suggests the extent of Macbeth's kindness, that only the most commanding of beings has the dominance to sway Macbeth's conscience. Alternatively, the act of Lady Macbeth calling upon the most divine of beings can be interpreted to suggest the manner in which she plans to manipulate Macbeth. The fact that she is performing a ritual to the gods, as if she is seeking genuine help, suggests the desperation she is in. This is further justified by the use of the term Hie thee hither, which also suggests the desperation and haste she is in. The manner in which she wants to manipulate Macbeth in is also shown when Lady Macbeth says she wants to pour my spirits in thine ear. The smooth, fluent and gradual movement involved in the action of pouring can be used to reflect the manner in which Lady Macbeth plans to transform her husband into a murderer slowly. This too can be symbolic towards the reinforcement of Lady Macbeth's developing sense of evil as it shows that Lady Macbeth is trying to do this deed as discretely as possible, without any sudden changes that would otherwise make her actions fairly noticeable. The obscurity of pouring her evilness into Macbeth's ear as opposed to the mouth is not only unexpected, but also cunningly discrete. In this line, Lady Macbeth uses the word spirits to represent the substance of her evilness that she wishes to pass on to Macbeth. This shows her hunger and will power in which she would like to complete this deed in. This is achieved through the importance of the word spirits, a representation of ones body and soul. The fact that Lady Macbeth is willing to sacrifice her spirits reflects on the extreme levels of her will and hunger. This is also shown through the fluency of the manner in which she delivers her soliloquy. This shows that she feels very strongly for what she is saying as she does not run out of things to say. Lady Macbeth says she wishes to chastise with the valour of her tongue. The tongue being a somewhat sexual body part can be used as a representation of a certain amount of sex appeal. At a symbolic level, sex appeal in this situation can be interpreted towards the fact that Lady Macbeth, being a female, will exploit her gender in luring Macbeth to change. This can reflect Macbeth's weak heart as a result of his overly kind character. In addition, this shows the strong level of trust Macbeth has over Lady Macbeth to the extent that in their relationship, he puts himself in a position of danger. The effort in which Lady Macbeth is going to put in into making Macbeth evil to murder Duncan is expressed through the words chastise and valour. This is achieved through the harsh and commanding tones of these words. The fact that she wishes to discipline him, through the word chastise, can be seen as though Lady Macbeth feels like a teacher to Macbeth in this situation. Being the teacher, Lady Macbeth feels that she is superior and in control towards Macbeth. This also contributes towards the development of Lady Macbeth's character of one not only of utmost evilness, but also a character with plenty of fortitude. This is further strengthened by the supremacy of the word all. The extent of her confidence is further shown in this single word as it shows that she is fearless of anything that stands in her way. Lady Macbeth working extremely hard to make her husband perform the murder emphasizes her greedy character to the extent that she is prepared to jeopardize her husband's stature and pride in society for the sake of her own glory. Throughout the soliloquy, Lady Macbeth uses a mixture of euphemisms to symbolize the crowning of Macbeth. For example, she uses terms such as golden round and what thou art promised. This choice of using euphemisms can be interpreted to further show Lady Macbeth's true character. The fact that she is ashamed of what she is planning suggests a negligible quantity of humanity that may provide as one of the very few positive traits in Lady Macbeth's character. On the contrary, this could suggest otherwise. The first images that come to mind when the word golden is used, is that of joyous riches and significant wealth. This image can be used to reflect her greed for riches and wealth emerging from the position of her becoming Queen as a result of Macbeth's kingship.

Please note that this sample paper on macbeth v is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on macbeth v, we are here to assist you. Your persuasive essay on macbeth v will be written from scratch, so you do not have to worry about its originality.

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