Analysis Of The Efficient Market Hypothesis

Analysis Of The Efficient Market Hypothesis The Efficient Market Hypothesis (EMH), one of the most prominent conjectures in finance, emerged in the 1950s due to early application of computers in analysis of time-series behavior of economic variables. A vast body of research literature on this problem has been produced since the first studies attributed to Kendall (1953). The first articles dealing with market efficiency generally were supportive of the idea that securities are priced rationally and stock prices reflect all available at the moment information. However, with the development of advanced econometric techniques and powerful computers a new breed of literature emerged: researchers started to produce evidence debunking the EMH. Nevertheless, despite significant success in finding anomalies which clash with the EMH this great idea has remained to be a hypothesis since neither supporters nor opponents could produce reliable enough evidence to finally confirm or reject it. This essay elaborates on the question of validi ty of the EMH and shows that there is no simple answer which could end the debate about market efficiency. There are three forms of the EMH that are usually tested by researchers: weak form, semi-strong form and strong form. The main difference between them is contained in the information which can be used to predict future price movements of the stock. The weak form of market efficiency states that past prices do not have any influence on the current prices. In other words, it is impossible to use past price information to predict future prices since all this information is already reflected in the prices. The semi-strong form of market efficiency takes into account, besides past information about prices, publicly available information, i.e. financial reports, public announcements etc. And finally, the strong-form of market efficiency states that all available information, including that of insiders, is reflected in prices and, therefore, cannot be useful in price forecasting. Thus, usually researchers specify which type of market efficiency they test as the methods used are different. F ama (1991) presents a slightly different categorization of tests of market efficiency: tests for return predictability, event studies and tests for private information. However, all these tests have one purpose to find out if that is possible to develop profitable strategies based on the different kind of information which could produce significant abnormal returns. If the answer to this question is yes then opponents of the EMH obtain additional advantage in the debate about the EMH. On the other hand, the results testifying to validity of the EMH are generally regarded as common and do not get significant public attention. Before proceeding to critical evaluation of the particular anomalies which are supposed to refute the EMH it can be useful to consider general shortcomings of the tests employed in these procedures. First of all, all tests of market efficiency are based on a particular model which is used to predict normal returns. This leads to the joint-hypothesis problem, i.e. it is impossible to determine whether the obtained results are due to real market inefficiency or just reflect poorly specified model for normal returns. Second, the data-mining problem is especially pronounced in the tests of market efficiency. In other words, for every reported profitable strategy there can be dozens of unprofitable strategies which were not reported due to the fact that they did not produce any sensational result. And finally, all theoretical findings should be tested practically in order to determine the real income which can be generated on the basis of theoretical strategies. Otherwise, even very profi table strategy can be an artifact due to factors that remained unaccounted during the research. The strong form of market efficiency has become the weakest form in terms of the number of its supporters. It is generally believed that insiders can use their information to earn significant profits from trading. Jaffe (1974) finds that insiders have information that is not reflected in the stock prices. Moreover, he documents that outsiders can profit from the publicly available information on insiders trading up to 8 months after this information was released to the general public. However, Seyhun (1986), while confirming that insiders can use inside information to make significant profits, does not confirm that outsiders can earn significant abnormal returns using publicly available information on insiders trading. He argues that Jaffe used misspecified model for normal returns. Another type of studies of the strong form of market efficiency tests whether professional portfolio managers have access to private information. First evidence (Jensen 1969) testifies to the strong form of market efficiency and suggests that managers do not have access to private information as returns to investors in funds in 1945-1964 turn out to be 1% below the market line. On the other hand, Ippolito (1989) states that during 1965-1984 mutual funds outperformed the market line by 0.83% on average every year. This evidence, however, is not confirmed by the tests of the performance of pension funds and endowment funds. More recent evidence (Malkiel 2003) shows that for the twenty years ending December 31, 2001, the average actively managed large capitalization mutual fund performed worse than Standard Poors 500 large cap index by 2% annually. Therefore, it is not clear whether the EMH hypothesis can be refuted with respect to the strong form of market efficiency as various tests demonstrate different answers to this question. Tests of the semi-strong form of market efficiency are accomplished by means of event studies. This type of studies gives the cleanest picture of market efficiency since if the event date can be clearly specified and new information has a significant effect on prices, the models of normal returns do not influence the result to the extent observed in other forms of market efficiency studies. The opponents of the EMH believe that stock prices may underreact to new events. Therefore, purchasing (selling) stock when good (bad) information arrives at the market may produce significant abnormal returns (Gregory 1997). For instance, it is widely documented that companies accomplishing an IPO experience short-term overshooting and long-term negative performance. Another example is negative performance of bidding companies and positive performance of target companies during the process of mergers and acquisitions. These patterns, arguably, can be used to generate abnormal returns. However, as Fama (1998) demonstrates, the apparent underreaction to events is as common as overreaction and post-event continuation of abnormal returns is as frequent as post-event reversals. He also shows that the methods, long-term anomalies measured, play an important role since latter tend to disappear if reasonable changes are introduced in the test. Therefore, most of the anomalies discovered by researchers can be attributed to chance. It turns out that these anomalies do not allow investors to earn significant abnormal returns. The studies of the weak form of market efficiency generally test the Random Walk (RW) hypothesis. According to this hypothesis, stock prices exhibit unpredictable behavior and the best estimate of tomorrows price is todays price of the stock. Early studies in this area showed that prices indeed followed the RW and even if it were possible to find some predictability in price paths it would not be possible to exploit it in order to earn abnormal returns. Discovered patterns explained just up to 2% of the total variation of returns not enough taking into account bid-ask spreads. More recent studies started to use other variables (dividends, earnings per share, term-structure variables) to explain variation in returns. However, even these studies obtained positive first-order autocorrelations of weekly returns at the level of 0.3 (Lo and MacKinlay 1988). Apparently, such low predictability power could not be used to make significant profits. Nevertheless, further research led to revela tion of a number of anomalies. For instance, so-called January effect referred to the situation of abnormally generous returns on stocks of small companies during the first few days of January. Unfortunately, when transaction costs were taken into account (which are substantially higher for small companies than for large corporations) it turned out that this effect could not be exploitable by ordinary investors. Moreover, the January effect was not pronounced every year. A number of other effects were discovered during the course of research. They, however, also were non-dependable and disappeared when transaction costs were accounted for. Overall, it turns out that the idea of the EMH is still alive in spite of numerous facts that could refute it. The absence of the reliable theoretical model which could explain variation in normal returns does not allow one to be sure about discovered anomalies. Moreover, even anomalies which are strongly pronounced disappear as more and more market participants find out about them. This fact testifies to validity of the EMH. This means that even when information is not reflected in prices at the particular moment, as time passes arbitrageurs use the opportunity to earn risk-free profits and gradually correct market. This correction may take a long time (as, for instance, the Internet-bubble of the 2000s) but eventually all prices come to their fair level.

Definition of Year-round school :: essays papers

Definition of Year-round school Year round schools as cited by the thesaurus in the ebsco host states that year round schools are â€Å"schools that operate year-round but have not increased the number of days students must attend.† Education week on the web states that year round education is â€Å"A modified school calendar that offers short breaks throughout the year, rather than the traditional summer vacation. The calendars vary as do the reasons for switching to a year-round schedule. Some schools stagger the schedules to relieve crowding. Others think the three-month break allows students to forget much of the material covered in the previous year† (2002). History of traditional calendar school It is important to understand the reasoning behind the traditional nine-month calendar school year to understand why certain people believe there is a need for change. Woodward, A.C. (1995) â€Å"At one point in time, farming was the primary source of income for families, and everyone in the family was obligated to help. With this in mind, school calendars were scheduled to revolve around the harvesting and planting of crops.† However, the farming population in America dramatically decreased, although the shift away from farming had occurred, the change in the school calendar had not (Huitt, 1995). It is presumed that the school calendar did not change because of tradition of summers as vacation time and the temperatures. Because of the lack of air-conditioning, most schools opted for summer breaks due to the extreme heat and humidity (Glines, 1992). II. Implementing Year-round school â€Å"As determined by the New York State Board of Regents (1978), this school schedule encouraged forgetting. Longer breaks between formal instruction inhibited a student's ability to retain information.† (Woodward, 1995). Many year-round school advocates also argue that year-round school will ease overcrowding, enhance student learning and retention, and reduce cost. (Ballinger, 1988). Alcorn (1992) stated, "If students' longest break from the classroom is one month instead of three, it is possible to avoid what can be called the long summer of forgetting†(p.13). Ballinger (1988) asserts that it is time for a change in the school calendar because â€Å"the customary long summer vacation disrupts the continuity of instruction that curriculum planners desire.† He states that a less interrupted flow of instruction will help and enhance the knowledge learned of most able students by not reviewing at the beginning of each year and wasting time.

Princess and the Pea

In the fairy tale, The Princess and the Pea, by Hans Christian Anderson, a Prince is in search of a Princess for her hand in marriage, but there are many â€Å"Princesses,† and he only wants to marry a real princess. In the exposition of this fairy tale, there is a Prince who has traveled all around the world in search of a real Princess to marry, but unfortunately every Princess he comes across is not the real Princess he wants.The Prince then returns home, and one stormy night, a tattered Princess shows up at his door. In this case, the inciting incident is when the Princess shows up at his door, this leads to the rising action of the plot. In the rising action of this fairy tale, the Prince is faced with the conflict that this Princess is only another fake, and not what he is looking for. As a part of the rising action, the Prince’s Mother puts a single pea under twenty mattresses, which the Princess sleeps on later that evening.This leads up to the climax because th e conflict will be solved by the single pea under the Princess’s bed, and in the morning the conflict will be solved. The climax is reached when the Princess wakes in the morning, and the Prince’s Mother asks her how she slept. This is when the emotional tension reaches its peak because either she felt the pea and she is a real Princess, or she did not, and the Prince would not have married her.The falling action in this fairy tales results when the Princess confesses that she had a terrible night, because she felt something bruising her entire body. By this point the conflict is solved. The Prince and his Mother decide that she is indeed a real Princess, and fit for his hand in marriage. Lastly, the denouement is reached after the Prince’s decision to marry the Princess, they get married and â€Å"Live happily ever after. † This is the denouement because all conflicts have been resolved, and the story has its final resolution.

Interview with an Older Adult

Virginia Western Community College Practical Nursing Program Spring 2013 NUR 135-PN Drug Dosage Calculation Review of Problem Areas Reconstitution of Non-injectable Solutions Prepare the following nutritional solutions for the designated time period. 1. Order: 1/2 strength Isomil 6 oz. p. o. q4h for 24 hours. How much formula and water will you use to prepare a 24-hour supply of feeding? 2. Order: 1/2 strength Ensure 8 oz via nasogastric tube to be given over 8 hrs. How much formula and water will you use to prepare this feeding? 3. Order:1/4 strength Jevity 300 mL via G-tube q6h.How much formula and water is needed to prepare enough feeding for your 8-hour shift? 4. Order: 400 mL of 1/4 strength Ensure over 6 hours via nasogastric tube. Supply: Ensure 240 mL cans. How much formula and water is needed to prepare this feeding? 5. Order: Irrigate wound with 50 mL of 1/2 strength hydrogen peroxide and normal saline q4h while awake. How much hydrogen peroxide and NS will you use to prepa re this solution for each treatment? 6. Order: 1/2 strength Ensure 16 ounces by gastrostomy tube over 4 hrs. Add ________mL of Ensure and ______mL of water to make the desired solution. 7. Order: 3/4 strength Sustacal 400 mL p. . q. i. d. Add _________mL of Sustacal and ______mL of water to make the desired solution. IV Calculations 1. Order: 500 mL NS IV to infuse @ 250 mL/hr. The IV tubing has a drop factor of 10 gtt/mL. You do not have an IV pump available. Calculate the drops per min you would set this IV to run. 2. Order: 1 L of O. 9% NaCl IV to infuse over 6 hours. You will use a microdrop set to administer the IV fluid. What is the flow rate in gtts/min? 3. Order: 1000 mL 0. 45% NaCl to infuse over 12 hours. At what flow rate will you set the infusion pump? 4. Order: Kefzol 1. 5 g IV PB diluted in 100 mL D5W to infuse in 20 min.You are using a 10 drop/mL set. What is the flow rate in gtt/min? 5. Order: Ancef 2 g in 100 mL D5W IVPB in 30 min to be administered by infusion pump . At what rate do you set the infusion pump? Pediatric Dosage 1. Order: Phenobarbital 45 mg p. o. b. i. d. Child’s weight 35 lb. Recommended dosage is 6 mg/kg/day q12h Supply dosage: Phenobarbital 50 mg/mL How many milliliters should be given per q12h dose? _________ 2. Gentamicin 45 mg IV q8h is ordered for a child weighing 45 lb. Recommended dosage is 6 to 7. 5 mg/kg/day in three divided dosages. The available supply of gentamicin is 100 mg/mL.How many mL of gentamicin should be given per dose? __________ 3. Order: Penicillin VK 56 mg/kg/day p. o. in 4 divided doses Child’s weight is 55 lbs. Available: Penicillin VK 125 mg/5 mL How many milliliters should be given per dose? _________ 4. Order: Rocephin 200 mg q8h p. o. Supply: Rocephin 500 mg/mL Recommended dosage is 75-150 mg/kg per day Child weighs 15. 4 lb Is this a safe order? If safe, how many milliliters should be given per dose? _________ 5. Order: SoluMedrol 1. 5 mg/kg is ordered for a child weighing 74. 8 lb s. Supply: SoluMedrol 125 mg/2 mL How many milliliters should the nurse administer? ________ Reconstitution of Injectable Solutions 1. Order: Kefurox 0. 75 g IV q12h Available: [pic] a. How many milliliters of diluent will you add to reconstitute the solution? _____ b. How many milliliters will you administer? _____ 2. Order: Ancef 0. 275 g IM q6h (See label below. ) a. Reconstitute with _______mL diluent b. What is the dosage strength of the prepared solution? _________ c. Give: ________ [pic] 3. Order: cefazolin 450 mg IM q. 8h (See label below. ) a. Reconstitute with ________mL diluent. b. What is the dosage strength of the prepared solution? __________ c. Give: _____________ pic] 4. Order: Penicillin G potassium 450,000 units IM at 7am Available: [pic] a. What is the total dosage strength of the vial? _____ b. Which concentration would be appropriate to mix for the ordered dose? _____ c. How much diluents must be added to make the appropriate concentration? _____ d. How many mil liliters will you administer? ________ Conversions 1. gr v = ________mg 2. 15 mg = gr ________ 3. 40 mg = gr ________ 4. gr 1/5 = _______ mg 5. gr 1/150 = _______ mg 6. 50 mg = gr ________ 7. 5 lbs 12 ounces = ______kg 8. 18 lb = ________kg 9. 24. 2 kg = ________ lb 10. 6 lb 4 oz = ________kg

Strategic, PESTEL and Financial Analysis of Accor Hotels The WritePass Journal

Strategic, PESTEL and Financial Analysis of Accor Hotels 1.INTRODUCTION: Strategic, PESTEL and Financial Analysis of Accor Hotels 1.INTRODUCTION:1.1 COMPANY BACKGROUND:1.1a:Accor Hotels:Accor Services:1.2.Strategic partnership:(A group to group partnership strategy):2. History:3. Accor and Global Competitor:4. Accor Operations and Strategy:4.1:centers of Expertise(operations wheel):Purchasing:Construction and Maintenance:Distribution and Hotel website:Technological Support:4.2: Great Innovation by Accor:Corporate sponsorship:4.3. Dynamic Strategic Plan:5. Marketing   Sales:6.1 Career Advancement:6.2 New talents perspective:7. Management Finance:7.1 Financial Position and Result:8.SWOT analysis:  9.PEST –Analysis of Accor:10 Accor Ambition:10.1. Accor Spirit:10.2. Competitive Market:  11. Strategic Planning for future Market:11.1: Three pillars of Strategy:11.2: Accor Strategic Vision:12.: Result and Research questions:13. Goals and Implementation:13.1. Conclusions and Recommendation:References:Related 1.INTRODUCTION: 1.1 COMPANY BACKGROUND: Accor of France claims to be the leading Hotel operator in Europe and third largest Hotel group in the world. For more than forty   years, Accor has constantly reinvented its core competences to keep pace with the around it, with the goal of providing innovative, high quality products to Hospitality and Service customers. With their highly respected brands, interpersonal relationship and their unique skills to develop and deliver solutions that create wellness. Accor ,the European leader   in hospitality and tourism and the global leader in corporate service, operates in nearly 100 countries with 150,000 employees. It offers to its clients nearly 45 years of expertise in two core business: Hotels, with the Sofitel, Pullman, Novoter, Mercure, Suitehotel, All seasons, Ibis, Etap hotel, Adagio, Formule 1, and Motel 6 brands over 4,100 hotels and nearly 500,000 rooms in 90 countries, as well as strategically related activities, such as Thalassa sea spa, Lenotre, CWL. Services to corporate clients and public institution with 33 million people in 40 countries benefit from Accor Services products-meal and food vouchers, people care, rewards and incentives, loyalty programs and expense management. 1.1a:Accor Hotels: Accor operates includes about 15 complementary brands- from luxury to budget, that are recognized and appreciated around the world for their service and quality. Accor operates   under six brands in UK-the upscale Sofitel, mid-scale Novotel and Mercure, budget Etap, Formula 1,Motel 6.In USA it operates two budget brands Motel6 and Red Roof Inns. Accor sustainable development also made two more new brand Pullman and All Seasons. These two new brands acquisition is remarkable. The new brand has potentially represent a total of 10,000 rooms by 2010, through franchise contracts. Motel 6, Formula 1,Etap Hotel, Suitehotel, Mercure, and Novotol is running with modern innovation and following corporate strategy. Some development plan is organizing by the operational based. Accor always has taken those steps to target future progress under corporate umbrella. Source:Figure-1 htt://www.accor.com/gb/groupe/activites/hotellereie/activites_hotellerie.asp?flash=N Accor Services: The world leader Accor services constantly creates new high- value added, increasingly personalized services in such areas as a gifts and rewards for employees and government social benefit programme. they involves with wide range of marketing, social and community responsibility in advance. A great innovation part of the organization made life with comfort. that’s why they are increasing and diversifying the services they deliver to companies and public institutions-from food and meal-vouchers to a full range of solutions in such areas as employee incentive, customer loyalty, domestic services, culture and recreation health care and transportation. From highly secure paper vouchers, to electronic payment cards and internet and mobile phone also involves in new technologies, as evidenced by promising future for prepaid electronic services. the world leader in the service voucher market, Accor Services deploys a full range of products and services in 38 countries. All prepaid Accor services products have now been brought under the same †Ticket† umbrella brand with its universally recognized †red ball† symbol. Accor services provides tangible responses to changing lifestyles while helping to improve employee well-being and motivation. Accor services uncontested market leadership is based on the two original flagship products-Ticket Restaurant and Ticket Alimentation and its constantly expanding product portfolio is shaped by the growing trend toward urbanization and the resulting need for services and assistance. Each time, the goal is the same: listen to people’s concerns and provide the solution best suited to each situation, in both mature and emerging markets. This objective requires a constantly renewed capacity for innovation and in-depth knowledge of each market.   Source: Accor2009 corporate brochure. 1.2.Strategic partnership:(A group to group partnership strategy): Since 1998, Accor has been developing partnerships with major firms. These alliances manifest a strategic determination to adopt an overall group to group approach that is advantageous for both customers and partners. Naturally, this type of cooperation is concerned with business segments that offer a potential for synergies or that target the same customer base known for its mobility: transport, leisure activities, information and travel-related services. The business net-work is growing up more and more. 2. History: Accor is a best business infrastructure contains historical milestones. Since the opening of the first Novotel in Lille in French, team members have been driven by a pioneering, winning sprit. A key factor in Accor’s success, this mindset is also shaped by a constant concern for people and a commitment to the highest performance standards. 40 years of Innovation: 1967:opening of the first Novetel in life (Franch) 2008: creation of MGallery and launch of the A|club world wide loyalty program. 2009: an alliance between Accor services and Master card Europe to create prepay solutions.(source: www.corporatebrochure 2009.com) The short listed history focused on major successes and core brands. Each stage of the success is bearing so many historical activities. Today’s brilliant progress is supported by historical business performances. 3. Accor and Global Competitor: Accor are highly successful over the long-term effectively acquire, develop and manage resources and capabilities that provide competitive advantages. Their competitors are very smart and world wide famous business organizations. The organizations are Starwood, Marriott, Hilton, Intercontinental, Hyatt and Wyndham. All are established with strong business performance background and capability. 4. Accor Operations and Strategy: 4.1:centers of Expertise(operations wheel): Accor group the largest international hotel chain, confirmed its confidence in the world market as the major tourism market   to which the group pays special interest to implement and continue its strategic plan to promote its growth in corporate service. The centers of expertise model show the best organization infrastructure: Centers   of Expertise, Figure- â€Å"Accor has leveraged its more than forty years of experience to develop very high level skills platforms. These interconnected units extend across all businesses and countries to create a system that is truly unique. By sharing best practices and pooling costs, they enhance the performance of Accor’s brands, support hotel owners and employees in their day to day operations and guarantee that customers always receive the very best service.†-Accor corporate2009. Purchasing: Working with frontline teams and backed by a network of 200 buyers around the world, Accor has developed purchasing procedures and high performance tools that have made it an expert in the optimization of food, equipment and service costs. Recognized by franchisees, this expertise supports negotiations at regional, national, and global level with some 2,800 approved suppliers around the world. Construction and Maintenance: A traditional area of expertise and constant source of innovation, Accor’s construction and maintains platform naturally brings together teams from development, operations, finance, legal affairs, marketing and hotel systems. Experts manage several hundred projects a year, overseeing construction, renovation and maintenance while monitoring environmental impact ever more closely. Distribution and Hotel website: Web teams enhance hotel visibility and make booking easier via the accorhotels.com or individual brand sites. In addition ,they support the brand’s online development through partner websites. Each year, more than 90 million people visit Accor websites around the world. In 2010,some 12.7 million hotel nights were booked online, of which 80% on own sites. Technological Support: Technological support teams install wireless systems in hotels, help migrate services to electronic media and manage booking and distribution systems,with the goal of providing frontline teams with easier access to information and customers with the full range of Accor products at the lowest possible price. 4.2: Great Innovation by Accor: A responsible, community- minded enterprise: It was launched in 2006 to federate their sustainable development initiatives, the Earth Guest program provides a tangible response to growing environmental concerns and major health hazards. In 2010 the organization has taken more steps.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Its set a number of far-reaching goals. They are involving in local development, children protection, lead the fight against epidemics and promote balanced nutrition, for the benefit of Accor’s employees, customers and host communities, it also providing training in AIDS and malaria prevention to all employees. Other programs also provided to eliminate sexual tourism involving children, reducing Hotel water and energy consumption by 10%, equipping 200 hotels with solar panels and introducing waste-sorting programs in all European hotels.   source:www.accor.com Corporate sponsorship: A social responsibility is a part of any leadership, as Accor. In 2010, Accor’s corporate sponsorship priorities focused on their four commitment are local, health, culture and heritage, humanitarian aid. Corporate sponsorship is defined as â€Å"the provision of material support to a cause or person for an activity serving the general interest, with nothing received in return†. Every day, Accor employees support various initiatives through a very active corporate sponsorship program. 4.3. Dynamic Strategic Plan: Continuing expansions of the Hotels and Services business: more than 35,000   new rooms development program between now and 2015. Further divestments of non-strategic businesses: Through non-strategic assets disposal policy, the Group announced the sale of Red Roof Inns to a consortium comprised of Global Special Situations Group and Westbridge Hospitality Fund, L.P.for $1.32 billion. Another sale the Italian institutional catering business to Barclays private Equity for  £135 million. Ongoing program of property disposals: In first-half 2007, Accor pursued its assets-right strategy adapted to risk-reward profile of each market segment and region. The end of 2010,it realized more than  £450 million through the disposals of its property assets(450 hotels) of which more than 50% had already been secured by the end of April,2010 and another  £1.6 billion is expected to be generated in the period from 2010 to 2013.Over the 2009-2010 period, the Group is planning to change the operating structures of an additional 500 hotels. In all, more than 1,600 hotels will have been restructured by the end of 2011. Optimized balance sheet: Debt refinanced with new  £2 billion syndicated of credit and new share buyback program. 5. Marketing   Sales: Brands within the hotel industry are aimed at different customer segments and 2009 saw several companies launch new brands. International Hotels are opened a new brand in early 2009 to target the generation X customers while still being acceptable to older generations(Freed,2009).During the same year, Accor launched a project to reposition the brands. By rethinking strategies, reinventing products, redesigning graphic identities and reworking advertising campaigns, the teams have made the brands even more powerful, in local markets and around the world. â€Å"The Battle of Revenue†-Targeting highest revenue the Accor Marketing Sales. 6.Training Human Resource: In hospitality industry HRM takes an important role which is to forecast the demand for employees and also reducing undesired turnover, lavor cost, improving employee productivity and improving goods and services provided are goals of the HRM function(Demir,2004).Its other important components are developing succession plan, layoff, promotion policies, ensuring compliance with local labour laws(Demir,2004).Accor’s human resource policy focuses on career advancement through training, work, job assessment and motivation. They have always been committed to respecting, training, rewarding and supporting their employees. The goal is to help employees develop not only a skill set but also a mindset. Diversity and equal opportunity are also an integral part of this policy. Source of Accor: 80% of our employees are in day to day contact with customers 171,000 employees received training in 2010 90% managers were promoted from within the organization 6.1 Career Advancement: Accor developing all talents: Nearly 90% of managers got their job through internal promotions Every year Accor welcomes several thousand interns and apprentices. Depending on job vacancies, work study contracts are transformed into permanent work contracts in one of the many Accor brands. Accor strongly encourage: An assessment interview with manager on a regular basis to take stock of career evolution. People can easily have a position through job application. 6.2 New talents perspective: â€Å"Academie Accor Worldwide† network, whose ambition is to: Help employees climb the corporate ladder, by developing qualification training programs for future. Offer every year employee one training session a year, by reinforcing training in the workplace to improve quality. â€Å"In 2010,171,000 employees took part in one more training courses, including over 142,000 non managerial staff. The training budget totalled 2.2% of payroll.†(www.accor.com) Employee benefits: Accor employees receive an incentive bonus and could be obtained company share. Every employee receives a Bienvenue Card offering special advantages at all Group brands in every country where Accor is present. A good management support has been providing to employee to feel free and enjoy the work. Accor doors are always open for those who like to promote them. 7. Management Finance: The end of December 2010, Accor   reported that hotel revenue amounted to  £ 5,693 million, up 98% to increase this revenue  £75 million possible only for the efforts of approximately 145,000 employees(datamonitor 2010).That revenue held steady during the difficult economic condition in 2009,at  £236 million but in full-year it should come to around  £440 million versus the  £400- £420 million target announced in late October. At constant scope of consolidation and exchange rates, the like-for-like increase 8.7%,confirming the favourable trend enjoyed by the Services and Hotels businesses since the beginning of the year. The expansion strategy accounted for 9.4% revenue growth of the year. Disposal carried out under the ongoing asset-right strategy in the Hotel business and divestment of non-strategic assets including Go Voyages, which was sold in April –reduced revenue by 4.4%. Currency effect was negative 2.6% for the year. Press Release, Paris February 23,2011.In the midest of the recession, Accor is one of the multitudes companies facing this problem and came out through this situation because of their strong   strategy of business. Accor business success is remarkable. The financial records show the strong earning growth and dynamic implementation of the strategic plan. The whole businesses are benefiting from a favourable business environment, with the Services business enjoying structural growth in demand and the Hotel business lifted by an upturn in the European hospitality industry cycle. The recent 23 February 2011,press Release disclosed the current strong position of the company. The Q2 financial report take the place to focus on the current situation. (in EUR millions)  Ã‚  Ã‚  Ã‚   2009  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   2010   Ã‚  Ã‚  Ã‚  % change  Ã‚  Ã‚  Ã‚  Ã‚   % change (9 months) (9 months) (reported) (like-for-like) Hotels  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   5,186  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  5,693  Ã‚     Ã‚  +9.8%  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   +7.4% Upscale and  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   3,026     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  3,332  Ã‚  Ã‚  Ã‚   +10.0%  Ã‚  Ã‚  Ã‚  Ã‚   +9.0% Midscale Economy  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   1,626     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  1,806  Ã‚  Ã‚  Ã‚   +11.1%  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   +6.8% Economy US  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   536  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   555  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   +3.8%  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   +0.7% Services  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   543  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  624  Ã‚     Ã‚  Ã‚  Ã‚  +14.9%  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   +12.0% Other businesses   977  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  863  Ã‚     Ã‚  Ã‚  Ã‚  -16.0  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   +1.0% Total  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  5,490  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   5,948  Ã‚  Ã‚  Ã‚   +8.4%  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   +7.1% 7.1 Financial Position and Result: Change in consolidation Development: In services, acquisitions accounted for 4.3% revenue growth for the first nine months, in line with the Group’s long term objectives. The development plan for the Hotels business provides for 101,000 new rooms to be opened in the period to 2014.During the first nine months of 2010,18,000 rooms were opened, contributing   partially to the 8.4% growth in revenue generated by development initiatives. Disposal: In 2010, Accor announced that it had completed the sale of Red Inn to Citi GSS Group and Westbridge, as part of its real estate strategy. The transaction added  £470 million to the Group’s cash position. 8.SWOT analysis: In this section, analysis the operating environment for Accor. The operating environment is internal to the organization and the environment most under the control of company. Many factors are affecting the operation of a hotel business because of growing number of competition in the hospitality industry and also economic downturn affect on external environment and internal environment is affected by its marketing strategy and its organizational structure. Strength: Internal resources to any organization are its strength which provide an advantage. For Accor, the most valuable strength are likely to be intangible of reputation, corporate culture, superior customer service. The hotel group, Accor whose has a great interest cover different regions and categories stable cash flow prospects. According to Datamonitor(2010),one of Accor key strength is its high brand recall. It has demands for upscale, midscale and economy lodging,   covering a wider market segment. It has Sofitel which is a prestige hotel brand in France and other cities in the world. The Novotel , designed for the mid-scale segment and Red Roof which are standardized hotels for the lower class segment. It is also engaged in many business that make more profit for company. Financial resource is also one of its strengths. Accor also allows its customers to get access on the information and able to have reservation through online. Weakness: In 2010, the weakness of Accor has its non-strategic business. By this non-strategic business they losing their brands. currently, the weakness of Accor can be seen from its being the operators may arise. Being hotel group it also a business with its fixed costs higher than other businesses. This may create problems when the demand in hotel decline. Improving the technological services is likely to be requirement to remain competitive but this is not a appear to be a weakness. Another future risk is to be maintain all brands by globally. Opportunities: In Global business there are huge opportunities in spreading operations over different regions like Asia, so it is to Accor take the opportunity with its experience in international operations business sector. Accor has established a name in hotel operations so merger and acquisitions not only in hotel industry but also in other business like restaurants and travel which is easy for growth strategies. To be a Market leader Accor has been developing partnerships with major firms. Different business idea assent-right strategy will open more business way from external side. As a part of the international marketing strategies of its brands, Accor has developed sponsorship actions in the whole world their new brand invention opportunity to compete global market properly. Develop advertising and through the web site they increase their sales and also using new technology Accor able to renew their communication target to internal promotions on language and the users country. For need to cre ate a system that is well integrated. Threats: Accor hotel and services operations are spread in whole world so that they have to face to risks of foreign currency fluctuations because about two thirds of its revenue coming from international operations. In the past the company’s revenues were severely affected due to unfavourable foreign currency fluctuations. For example, during 2003, the weakening of Latin America and US currency reduced its revenues by 4.3% over 2002(datamonitor,2003). This   risk will create a negative impact on its overall financial performance. In tourism and hospitality industry another threats is Geopolitical uncertainties and global and regional economic downturn such as terrorist attacks, the spread of epidemic, unfavourable political conditions, etc, have negative impact on the Industry. For example, in 2009,Accor was confronted with on exceptionally weak economic environment, which caused revenue to decline by 10.1%(datamonitor,2009). There are too many world-wide competitor in hotel industr y such as Hilton Group plc, Marriot International, Hyatt corporation, who are also struggling to overcome the unfavourable market and economic condition are another threats and also be pricing pressures which will affect the company’s margins. The company’s ability to proactively expends presence in the under penetrated markets and to take over independent hotels will determine its market position and growth in future. S.w.o.t Analysis:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     9.PEST –Analysis of Accor: Political factor: In globalized environment Accor the largest hospitality group in Europe now operates in 140 countries based in Every Cedex, France. Accor is highly influenced by the political and legislative conditions of these countries. In hotel industry, Accor French company still didn’t face any big threat because of their reduction in level of terrorism and also good relation with EEC country and others as well. Getting and giving favour through business channel they still do their business with whole world. Economical factor: Accor is a more profitable organisation, between 2006 and 2012 in chain hotels is expected to rise by 5.7% a year, compared with an increase of 3.7% a year for the market as a whole. Economic factor are concern to Accor, because they are influenced on demand, cost, prices and profits. One of the most influence factors on the economy are acquisition, merger and demerger. In last year, Accor was increased its stake in Poland’s Orbis by 4.9%,from 40.58% to 45.48% at a cost of  £42 million. From there financial report their earning objective is so good around the year. Socio-Cultural factor: Current situation indicate that Accor provide good service for customer they using 7 language through the online and graphics and maps also adding value to booking experience, which is due to variety of social changes. Demographic changes such as the aging population and   an increase the female worker because the company believes that men and women at the heart of its strategy. The company also focus on their employer and to make an increased   efforts more and more training place and of social advancement. Accor also provide franchises with added value and HR services and helping earth people they are involve in the Earth Guest programme with ECO and EGO and also developed corporate sponsorship for child aid, local aid, health, and cultural. In future Accor will continue to respect generation, cultural and professional differences. Technological factors: Technology is the major macro-environmental factors which has influenced the benefits of both customer and company. customer satisfaction rises because the world moves so fast, goods are readily available and services are more personalized. so that Accor utilise the following technology- Websites and Hotel Booking Up to date information systems Electronic media card (pre paid card) becoming more demandable. 10 Accor Ambition: â€Å"Accor Ambition is to become or remain the leader, on all continents, in service and in economy and midscale hotels, and major player in the upscale segment.†-Source: Accor 2009 corporate brochure. 10.1. Accor Spirit: Since the opening of the first Novotel in Lille, team members have been driven by a pioneering, winning spirit. A key factor in Accor’s success, this mindset is also shaped by a constant concern for people and a commitment to the highest performance standards for it. For more than forty years, across all bands and regions, Accor’s   five core values of innovation, spirit of conquest, performance, trust and respect have been shared by all employees now 145,000. 10.2. Competitive Market: Companies should focus on porter’s five   forces closely during the strategy planning process and continue   monitoring throughout implementation. These five forces are-industry competitors, new entrants, buyers, substitutes and supplier’s(Pearce Robinson,2004). Factor that indicate rivalries within the hotel industry include competitors that are roughly equal in power, numerous competitors, high fixed costs and high exit barrier’s (Pearce   Robinson,2004). Buyer’s power to use substitutions of porter’s forces that work together for Accor. Buyer increase in power when the products have little differentiation, does not save the money and when buyer’s has incentive to reduce purchasing costs (Pearce Robinson,2004). During the recession buyers of temporary has been more price-sensitive and low switching costs and seek to substitutes. Porter’s five forces analysis on Accor: 1.New Entrants Barrier’s-Low Hotel operating license Capital requirement Building distribution network Human resource requirment 2. Rivalry-High Many competitors Exit barrier 3. Power of Suppliers-Low Many suppliers Switching cost Advance technology 4. Substitutes-Low Readily available and attractive priced Not comparable Switching cost   11. Strategic Planning for future Market: For multinational company Accor, strategy plays a key role to take a place its operation in the diverse environment. As a service industry, the ability to meet the customer needs on a global basis is of growing strategic importance (Nahapiet,1998). Accor’s   always focus on what the customer wants and not what the hotel firm believes is one of their marketing strategies. As a part of their customer service they introduced the new concept at Sofitel to offer ultimate sleeping comfort,it also changes its corpora culture to the changing customers’ needs. Having a corporate governance system to decentralised organization as it takes international expansion, matching its organization’s capabilities and competencies to the competitive conditions of the external environment. For example, in China Accor management consists of Chinese people in order to understand the culture, taste and preference existing there. 11.1: Three pillars of Strategy: Geographically and Structurally balanced business portfolio-Accor hotel is present geographically with its current and future customer, that why it comes up in host countries should limit their exposure to economic and geopolitical rick. This Strength makes a position in other attractive market places. A disciplined, results oriented management-the company is committed to respect, give train, reward thus supports their employees. Their important asset is the quality services provide to their people’s professional skills, it is a main part of them to implement customer’s satisfaction and service quality. A set of powerful, aligned brand-its company aiming to become leader in all continents, Accor position them as umbrella brand to provide its operating brands. In order to support their ambitions its visual identify enhances. Expending the brand portfolio it offers non- standard and slandered products for more demands. 11.2: Accor Strategic Vision: In 2010, Accor become a pure-player in the hotel business. Having demerged from its service business, Accor intends to its strengths to step up the implementation of its strategy and provide its growth: comprehensive brand portfolio suited to needs, unique know how as the world largest hotel operator, a leadership position in four continents and a business model with sound fundamental that withstood the economical crisis. 12.: Result and Research questions: Finding 1.What type of generic strategy does an Accor hotel employ? Accor focus on their strategy that is geared toward identifying market and meeting the needs of the customers in these target groups. It use the guidelines in most of its acquisitions and merger to be the major stakeholder but also have a partner who can help the company with challenging in local market. In that case, they have local partner in France and in US it hold 44 per cent of economic hotels. So the company targets its market and also focuses on offering innovative services and competitive price in order to compete effectively. Again, the company’s success is a result of a carefully crafted generic strategy. Finding2.In competitiveness of the environment, how much opportunity exists of Accor in the international hotel business market? From the case data, the opportunities in tourist market are extremely great. One reason is because the market is going to continue growing. The number of hotels in Europe, the US, Japan will increase sharply. Asia, for example, will be an important market because of its large population and the most tourist places. By focusing on these more affluent markets and competitive prices, Accor has a very good chance of outdistancing the competition. Finding3. What basis would a firm like Accor evaluate performance? There are a number of bases that Accor uses in evaluate performance. One is market share. In evaluating its performance in Europe the company has been keeping track of its success among new subscribers and second way in terms of market capitalization. From the case data that after acquiring communications this value stood  £5,693 million. 13. Goals and Implementation: Every marketing plan must include a control component that compares actual performance with the planned performance. Through collecting performance data the gaps between the objectives and the performance will be evaluated regularly to pursuer required corrective action. Creating implementation plans and strategies is the necessary to the day to day actions of making the dream a reality. In that case Accor faces in product development, marketing, accounting and human resources management as they strive to meet the company’s long term strategic goals. With a focus on growth, Accor should emphasize product development in order to meet the needs of a larger segment of the market. According to research some perceptible improvement are follows- To improve how work together and how develop their people so that a high performance organisations. To deliver an outstanding experience for all customers. To improve the financial performance of the company and deliver for their shareholders. To maintain and improve their performance quality of processes. 13.1. Conclusions and Recommendation: Based on analysis, the following conclusions can be drawn about the nature, extent, and future of Accor Hotel Group. In hotel industry Accor faces some problem because there is shortage of employees 145000, this staff failures have the biggest negative impact on gust loyalty. Their poor services experience explains why 68% of customers shift brands. They should focus on there core/signature services and also service recovery and also target those guest segments who are still most likely to travel and pay a premium for luxury experience. In addition, that can be used as more focused marketing, utilize that premium experience with special offers and bundled packaging. Accor must be careful about their pricing system and advertising. Slashing prices as a reaction to the recession is never good for business in long term but also impact on brand image. Through business strategy Accor shows the best success when received the highest revenue 8.7%. The first half 2007,Accor pursued its asset-right strategy adapted to the risk-rewarded profile of each market segment and region. The organisation already presented their new business model to support and achieve organisation objective. Between 2006 and 2013, the number of overnight stays in chain hotels is expecting to rise by 5.7% a year compared with an increase of 3.7% a year for the market as whole. The supply and the demand chain will have better way to success in future. the business expansion will make the organisation stronger. Accor will be a best global leader in near future. It makes a constant focus on the long term sometimes taking bold action but never excessive risk. References: 1.Hamel,G and C.K Prahalad,(1994). Competing for the Future Boston: Harvard business School press. 2.Aian M .Rugman and Richard M.Hodgetts,(2003). International Business.3rd ed. Pearson education ltd 3.Geof Lancaster and Ian Waddelow,(1998).Strategic Marketing Planning. Journal of marketing management 14.853-878. 4.Laurie J Mullins,(1995).Management and Organisational Behaviour.3rd ed. Pitman publishing. 5.Phillip Kotler, Jhon Bowen, James Makens,(2003). Marketing for Hospitality and Tourism. 3rd ed.Prentice Hall. 6.Jonson Scholl and Gerry,Keven,(1999).Exploring Corporate Strategy(Text cases).6th ed.Prentice Hall Europe.

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Wal Wal-Mart Retention and Promotion Essay Promotion and Retention Wal-Mart follows three basic beliefs: Respect for the individual, Service to our customer and Striving for excellence. Service to our customers means, from every associate from the CEO to our hourly associate in local stores, are reminded daily that our customers are why we are here. The goal is to provide the greatest possible level of service to everyone we come in contact with. Service to our customer means making the customer our first priority, supporting the associate so they can best serve the customer and also giving to the local community in ways that connect to the customer. Respect for the individual has been a priority for every associate, customer and member of the community since the very first store opened. This is done by valuing and recognizing the contributions of every associate. We own what we do with a sense of urgency, and empower each other to do the same and communicate by listening to all associates and sharing ideals and information. Finally the k ey to success is constantly looking for ways to improve ourselves and our business. We strive to lead not just our industry, but also each other to the next level of success. We innovate by trying new ways of doing things and improving every day. We model a positive example as we pursue high expectations and work as a team by helping each other and asking for help. Along those three steps, they also have principles that help associates make the right decisions, and to act with integrity. Those principles are to always act and lead with integrity, and expect others to do the same. Follow the law at all times and be honest and fair. Reveal and report information truthfully, without manipulation or misrepresentation. Work, actions, and relationships outside your position with the company should be free of any conflicts of interest. Respect and encourage diversity, and never discriminate against anyone. Also promptly report suspected violations of the Statement of Ethics. To work at Wal-Mart you must have counting and math skills and communication and basic writing and reading. May be required to lift, carry, and place items weighing up to fifty pounds. You can be at a minimum 16 to work at Wal-Mart but, in order to run a register that sales tobacco 18 and in order to sale alcohol 19. There

Chapters 17-22 Review

22: 17 The Bible encourages them to keep faith (Peter 1 3: 15). Our Greek word is here apolgia. In Paul's life, he met many people accompanying him. People will criticize with lies rather than facts. Paul always calmed down and answered in an orderly way. He did not attack them, but raised the fact. Rather than state the facts, how often will you attack this person. Paul kept him from repeatedly being beaten or killed as Roman citizen. On November 17, the Fordam United Senate the Student Government (USG) Senate and the Executive Committee approved a future section of the Palestinian Judicial Student (SJP). Student Dean Keith Eldridge reported to the members of SJP to review the status of the organization before obtaining certification and then choose to reject USG and denied SJP's approval on 22 December. Having a political goal for a specific group, targeting a specific country, Israel - Palestinian conflict often leads to polarization rather than dialogue. For credit fees, accordin g to the requirements of Chapter 4, Chapter 7, Chapter 4, and this section, the organization will conduct an administrative review of the accrued unit of the student and exclude the unit from 150% of the calculation. Government agencies can nominate staff for administrative review, create reports, or both. As long as students do not change their study plan or lose their excellent academic status, units excluded from administrative reconsideration will be excluded from the future semester. In this case, government agencies can reevaluate credits calculated and excluded through administrative review. If you reevaluate over 150% of the student's unit, the school should impose an extra unit. (A) Direct review - After administrative appeals review under paragraph (2), those applying for identity adjustment under paragraph (a) shall submit such rejection pursuant to Chapter 7 of Chapter 5 of the United States (B) Review after withdrawal of court proceedings - the Federal Court of Appeals performs a judicial review of the application for refusing to make an adjustment under (a) There is an order or exclusion, provided that the validity of the refusal is not denied in previous judicial proceedings of subparagraph (A) There are other legal requirements, but in order to consider such denial The standards shall be managed by subparagraph (C). Chapters 17-22 Review 22: 17 The Bible encourages them to keep faith (Peter 1 3: 15). Our Greek word is here apolgia. In Paul's life, he met many people accompanying him. People will criticize with lies rather than facts. Paul always calmed down and answered in an orderly way. He did not attack them, but raised the fact. Rather than state the facts, how often will you attack this person. Paul kept him from repeatedly being beaten or killed as Roman citizen. On November 17, the Fordam United Senate the Student Government (USG) Senate and the Executive Committee approved a future section of the Palestinian Judicial Student (SJP). Student Dean Keith Eldridge reported to the members of SJP to review the status of the organization before obtaining certification and then choose to reject USG and denied SJP's approval on 22 December. Having a political goal for a specific group, targeting a specific country, Israel - Palestinian conflict often leads to polarization rather than dialogue. For credit fees, accordin g to the requirements of Chapter 4, Chapter 7, Chapter 4, and this section, the organization will conduct an administrative review of the accrued unit of the student and exclude the unit from 150% of the calculation. Government agencies can nominate staff for administrative review, create reports, or both. As long as students do not change their study plan or lose their excellent academic status, units excluded from administrative reconsideration will be excluded from the future semester. In this case, government agencies can reevaluate credits calculated and excluded through administrative review. If you reevaluate over 150% of the student's unit, the school should impose an extra unit. (A) Direct review - After administrative appeals review under paragraph (2), those applying for identity adjustment under paragraph (a) shall submit such rejection pursuant to Chapter 7 of Chapter 5 of the United States (B) Review after withdrawal of court proceedings - the Federal Court of Appeals performs a judicial review of the application for refusing to make an adjustment under (a) There is an order or exclusion, provided that the validity of the refusal is not denied in previous judicial proceedings of subparagraph (A) There are other legal requirements, but in order to consider such denial The standards shall be managed by subparagraph (C).