Report on Portfolio Management for Investors - Free Essay Example

Sample details Pages: 8 Words: 2518 Downloads: 6 Date added: 2017/06/26 Category Marketing Essay Type Analytical essay Did you like this example? When investing in some securities, investors are expecting to receive returns, which will compensate the risks taken. Usually, investors form a portfolio, which involves a number of securities, and expect them to generate returns. However, by buying, for example, stocks of leading companies in flourishing industries is not a guarantee of high returns and the effectiveness of the portfolio. Don’t waste time! Our writers will create an original "Report on Portfolio Management for Investors" essay for you Create order That is why investors should choose and apply the appropriate strategy of portfolio management. Today, there are two strategies, which can be implemented for effective portfolio management: the traditional approach based on a balance of the portfolio, its diversification (selecting of papers of well-known companies from different industries, which have a sufficient level of liquidity), and modern portfolio theory approach (constructing portfolios basing on the calculation of the correlation of investment instruments returns: negatively correlated investment may compensate for the failure of one instrument by increasing the profitability of others, while the maximum effect of diversification is achieved by combining a portfolio of negatively correlated investments). All investors, no matter how wealthy he/she is, aim to reach the specific goals, such as safety of the investments, their profitability/returns, and capital growth. The most reliable and secure securities are governm ent securities, which virtually eliminates the risk of the investor. More profitable securities are these of traded firms, but they have a high degree of risk. The most risky investments are stocks of young high-tech companies, but they may be most beneficial in terms of capital gains. Construction of the Portfolio As the major goal of portfolio is its diversification, only the right and wise portfolio structure can provide such diversification. So, constructing the portfolios structure is the essential step in portfolio management. If constructed well, the portfolio can bring significant returns. While being constructed poorly, it can lead to huge losses. The more aggressive an investment portfolio is, the higher the level of risk is and correspondingly higher possible returns are. Thus, the profitability of any investment is a kind of prize for that risk, which the investor takes. Due to the clients requirements of constructing the risky portfolio, the following promising industries have been analyzed: Consumer Goods, Basic materials, Technology, and Healthcare. The choice of industries is based on their influence on peoples lives and economy development. In these particular industries, the following sectors have been identified for further companies selection: services, biotechnology , sporting goods, gold, and communication equipment. According to Bodie (2009), when the economy on its contraction stage, it is advised to choose technology, financials, utilities, consumer durables, and health care sectors; when the economy on its expansion, it is advised to invest in materials, industrial, and energy (p.383). So, taking into account these recommendations, the sectors listed above have been chosen as targeted ones for investments. Asset Allocation Asset allocation is the essential part of the portfolio construction. There are two approaches of asset allocation: bottom-up and top-down. This particular portfolio was constructed using the top-down approach. Thus, the very first decision to be made is to choose between major asset classes, such as money market, bond market, and equity market. , in this case equity market is the most preferable class for allocation of assets. As far as the client is a wealthy person and aims to receive high returns by investing in high risk portfolio, the target securities to invest in are stocks. After deciding on assets class, it is necessary to identify the potential companies, in whose stocks investment will most likely be made. Stocks Selection After the targeted asset class has been identified, the following step is stocks selection. As far as the wealthy investor is interested in earning a high rate of return and is willing to take on substantial risk, therefore, high risk securities. Basing on this requirement and by analyzing historical prices performance for the past two years, ratios in comparison with industry and SP 500, and also taking into account analysts rating, and coefficients of correlation, the portfolio with following companies has been constructed: Aviat Networks, Inc. (AVNW), Codexis, Inc. (CDXS), Claude Resources, Inc. (CGR), DreamWorks Animation SKG Inc. (DWA), and Johnson Outdoors Inc. (JOUT). These companies are not listed in the SP 500 market index. According to analysis of past prices performance (Appendix 4), all stocks, except DWA, have been performing well with the increasing trend, while DWA experienced a decrease in stock price. During the two-year period, DWA reached its min. price of $27 .08 and max. price of $44; CDXSs min. price was $7.11 and max. price was $14.45; JOUTs min. price was $8.96 and max. price was $15.22; CGRs min. price was $0.92 and max. price was $2.3; AVNWs minimum price was $3.46 and maximum price was $7.87. Analysts stocks ratings also were taken into account in order to evaluate and forecast the future stocks performance. According to Zacks Investment Research (2011), DreamWorks Animation Skg Incorporated, a mid-cap growth company in the consumer services sector, is expected to significantly outperform the market over the next six months with average risk; Claude Resources Inc., a micro-cap growth company in the basic industries sector, is expected to underperform the market over the next six months with very high risk; Johnson Outdoors Inc., a small-cap value company in the consumer services sector, is expected to match the market over the next six months with above average risk. The major condition for creation a well-diversified portfo lio is choosing negatively correlated stocks. For revealing stocks, which will provide portfolio diversification, the correlation analysis was conducted. The results of this analysis are presented in the Appendix 2. According to this matrix, DWA is negatively correlated with both JOUT (-0.42) and CGR (-0.36). JOUT is also negatively correlated with AVNW (-0.42) and CGR is negatively correlated with AVNW (-0.16). The negative correlation means that a failure of one investment will be compensated by a rise of another. Correlation analysis has also revealed that coefficient of correlation of DWA and AVNW is 0.86, meaning that if DWA stock price rises, AVNW stock goes down, and vice versa. Regarding the results of analyses described above, the portfolio was structured the following way: AVNW 19%, CDXS 2.23%, CGR 9%, DWA 12.19%, JOUT 58.26%. Companies Overview Aviat Networks, Inc.  [1]  is a leader in wireless transmission solutions. The company applies innovation and IP networking expertise toward building a carrier class foundation for future mobile and fixed broadband networks. With more than 750,000 systems installed around the world, Aviat Networks has built a reputation as a leader in offering best-of-breed solutions including LTE-ready microwave backhaul and a complete portfolio of service and support options to public and private telecommunications operators worldwide. With a global reach and local presence in more than 46 countries, Aviat Networks works by the side of its customers allowing them quickly and cost effectively seize new market and service opportunities. Aviat Networks listed on NASDAQ (AVNW). Codexis, Inc.  [2]  develops industrial biocatalysts, enzymes, and microbes for energy, pharmaceutical, and environmental industries. The company focuses on conversion of renewable resources into transportation fuel s and pharmaceuticals. It offers development of technologies for air and water treatment and chemical manufacturing. The companys products include biocatalyst panels, custom biocatalysts, enzymes, active pharmaceutical ingredients and intermediates, and human cytochrome biocatalysts. Codexis is listed on NASDAQ (CDXS). Claude Resources, Inc.  [3]  acquires, explores, and develops precious metal properties, as well as produces and markets minerals in Canada. The company principally focuses on gold. Its primary mineral properties are located in northern Saskatchewan and northwestern Ontario. The company owns the Seabee Mine, a producing gold mine located at Laonil Lake, Saskatchewan; and Madsen properties located in the Red Lake Mining District of northwestern Ontario. It also holds interests in a portfolio of exploration properties that are located in the provinces of Saskatchewan, Manitoba, and Ontario. Claude Resources is listed on NYSE (CGR). DreamWorks Animation SKG, In c.  [4]  engages in the development, production, and exploitation of animated feature films and characters worldwide. It provides animated feature films and characters for the theatrical, home entertainment, television, and merchandising and licensing markets. The company has strategic alliances with McDonalds, Hewlett-Packard, Intel, and Samsung. DreamWorks Animation SKG, Inc. is listed on NASDAQ (DWA). Johnson Outdoors, Inc.  [5]  , together with its subsidiaries, engages in the design, manufacture, and marketing of outdoor recreation products worldwide. Its Marine Electronics segment provides battery-powered fishing motors for trolling or primary propulsion; sonar and GPS equipment for navigation; downriggers for controlled-depth fishing; and marine autopilot systems for large boats. It offers its products through outdoor specialty retailers, retail store chains, marine distributors, international distributors, and original equipment manufacturers. PORTFOLIO EVALUATION For proper portfolio evaluation, it has been monitored during a three-week period. For its assessment such tools as CBOE and RiskGrades were applied. CBOE.com provided a possibility of virtual trading and monitoring the portfolio performance during three weeks from January 31, 2011 to February 18, 2011. Also, with the help of CBOE.com it was possible to buy/sell the chosen stocks and watch how the portfolio could have changed. Another tool, RiskGrades, provided evaluation of risks associated with stocks and portfolio itself. It also helped to make Risk vs. Return analysis, Sector analysis and Risk ranking. Portfolio Performance As mentioned above, the portfolio has been monitored for three weeks. On the January 30, 2011 the following stocks were bought at amount and a price respectively: 20 shares of AVNW, $5.09 per share 5 shares of CDXS, $9.18 per share 85 shares of CGR, $1.98 per share 5 shares of DWA, $28.4 per share 90 shares of JOUT, $15.19 per share As it was an experimental portfolio, such insignificant amount of shares was purchased. The initial portfolio value totaled $1,896.00. During the three-week period the stocks were performing comparatively well and positive; the average change in AVNW price was 0.46%, CDXS 0.12%, CGR 0.13%, DWA 0.44%, JOUT 0.28%. Along with positive average changes in stock prices, the SP-500 market index changed by 0.31%. On February 7, 2011, I have sold 20 shares of CGR @ $2.58 and 70 shares of JOUT @ $15.59 due to constant down falling behavior; moreover, selling of these stocks could help improve portfolio performance and minimize losses. Aft er selling these stocks, the portfolio value also decreased, amounted to $758. From the sales proceeds, I have purchased 80 shares of JOUT @ $15.66 and sold another 10 shares of CGR @ $2.58. As a result of these transactions, the ending value of portfolio was $1,979. Therefore, during three-week period the portfolio gained $68. Risk and Return Analysis Risk and return are the major issues, which the investor is always mainly concerned about. For risk and return evaluation the Risk Grades tool was applied. So, according to RiskGrades.com, the riskiest stock in the portfolio is the stock of Claude Resources, Inc. (CGR), it has a risk rank of 64%, which means that 36% of the tickers in U.S. markets are riskier than CGR (RiskRanking, n.d.). The next, less risky stock is that of Aviat Networks, Inc. (AVNW) having risk rank of 55%. The stocks of DWA, JOUT and CDXS have the risk rank of 30%, 37% and 47% respectively. The portfolio has the total risk rank of 29%, which implies that 71% of the stocks in SP-500 are riskier than the portfolio. According to RiskGrades, the portfolio is 1.81 times as volatile as the SP SP 500 Index. Basing on Return Analysis, the average expected return of the portfolio is 47%. In the short-term perspective, JOUT will generate the highest return in the portfolio (24%), and the lowest return will be that o f DWA (-11%). In the long-term perspective, CDXS will not generate any return, whereas the CGR will generate the highest return (136.6%). But DWA will continue to generate negative return (-39.5%). All in all, the average return in the long-term perspective is going to be 24.38%. Sector Analysis Sector Analysis focuses on how much value movement of the portfolio is explained through average value movement of each sector in your market. Portfolios weights are compared to risk contribution in each sector against markets benchmark index (Sector Analysis, n.d.). So, taking the Risk Grades as a basis for this analysis, it can be concluded that: Financials is the most overweight sector compared to the benchmark. Health Care is the most underweight sector compared to the benchmark. Materials is the most overexposed sector to risk compared to the benchmark. Industrials is the most underexposed sector to risk compared to the benchmark. According to Sector Analysis, the portfolio specific risk (86.4%) is twice as higher than the specific risk of SP-500 (43.5%). Although, the investor wants to invest in high risk portfolio, the fact that the portfolio specific risk is higher than that of SP-500 can be omitted. However, the diversification benefit of 14.5% can minimize the specific risk of the portfolio. RECOMMENDATIONS The primary purpose of this report was to research, analyze the market and construct the portfolio for a high net-worth client, who aims to invest in a high risky portfolio. After conducting the research of literature, industries and sectors, colleting historical prices of some stocks, and making careful financial analysis of key ratios and correlation analysis, and also after monitoring the trial portfolio for three weeks, the following conclusions and recommendations can be made. First of all, the chosen industries and companies are performing quite well for this time and are at high demand. Although, stocks of Codexis, Inc. have been underperforming, and causing significant losses. Also DreamWorks Animation SKG, Inc. stocks have not been generating positive returns; moreover, its return will continue to decrease in the long-term perspective. So, in case the investor will keep the current trial portfolio, I would advise to replace the stocks of DWA and CDXS with other stocks. Des pite the fact the CGR stocks the riskiest ones in the portfolio; they will bring the highest return to the investor. So, it is advised to keep them. In addition, it is advised to include such stocks as JOUT and CGR in the new future portfolio, as these stocks have been performing well and are most likely to generate high returns in the long-term perspective, moreover these companies stocks have the high risk rank. But, by including the AVNW stocks in the new portfolio, which are negatively correlated to both JOUT and CGR, an investor will compensate potential losses. REFERENCES Bodie, Kane, Marcus. (2009). Essentials of investments (8th ed.). McGraw Hill Primis. CBOE trading system. (2011). Retrieved from https://www.cboe.com/ MSN Money. (2011). Key Ratios. Retrieved March 20, 2011 from https://investing.money.msn.com/investments/ Morningstar. (2011). Financials. Retrieved March 20, 2011 from https://financials.morningstar.com/ratios/r.html?t=AVNW Risk grade system. (2011). Retrieved from https://riskgrades.com/ APPENDIX 1 Company Ticker Sector DreamWorks Animation SKG Inc. DWA Services Codexis Inc. CDXS Biotechnology Johnson Outdoors Inc. JOUT Sporting goods Claude Resources, Inc. CGR Gold Aviat Networks, Inc. AVNW Communication Equipment APPENDIX 2 DWA CDXS JOUT CGR AVNW DWA 1 0.65 -0.42 -0.36 0.86 CDXS  1 0.34 0.15 0.66 JOUT   1 0.46 -0.42 CGR    1 -0.16 AVNW     1 APPENDIX 3 Ratio Company Industry SP 500 DWA P/E Ratio 13.3 13.7 20.3 Price/Book Value 1.76 11.59 3.59 Leverage Ratio 1.4 2.1 2.3 Current Ratio 2.63 1 1.4 ROE 14.2 -62.6 22.4 ROA 10.8 -26.6 8 CDXS P/E Ratio NA 14 20.3 Price/Book Value 3.56 5.64 3.59 Leverage Ratio 1.32 1.7 2.3 Current Ratio 3.35 4 1.4 ROE -12.01% 1.7 22.4 ROA -3.71% -2.38 8 CGR P/E Ratio 231 40.4 20.3 Price/Book Value 2.73 3.31 3.59 Leverage Ratio 2 1.5 2.3 Current Ratio 2.3 5.2 1.4 ROE 1.6 3.2 22.4 ROA 0.7 -22.8 8 JOUT P/E Ratio 15.4 13.7 20.3 Price/Book Value 1.2 2.88 3.59 Leverage Ratio 2 2 2.3 Current Ratio 2 2.6 1.4 ROE 8 15.9 22.4 ROA 4 8.3 8 AVNW P/E Ratio NA 26.3 20.3 Price/Book Value 1.36 3.12 3.59 Leverage Ratio 2 2.7 2.3 Current Ratio 1.88 2.6 1.4 ROE -48.9 13.4 22.4 ROA -29.2 6.3 8 APPENDIX 4

Marketing and Gillette - 1387 Words

Marketing Management Case 7: Gillette The Razor Wars Continues Prepared by: Hala Question 1: Evaluate product innovation at Gillette throughout its history. Has Gillette been a victim of its own success? Has product innovation in wet-shaving market come to an end? Explain? King C. Gillette has founded Gillette in 1901. It was one of the first great multinational organizations and a marvel of marketing effectiveness. Gillette has set a goal for his company: To offer consumers high-quality shaving products that would satisfy basic grooming needs at a fair price. Throughout its history Gillette has always strived to be on cutting edge of shaving technology in a market that thrives on innovation. Gillette did a great job in†¦show more content†¦Wither it is product or marketing innovation, Gillette has to always exceed in innovation to stay dominant in its market. Gillette launched the new technology for Fusion in June 2010, the Gillette Fusion ProGlide and Fusion ProGlide Power, the number 1 Dermatologist recommended razor. Gillette combined seven technological advancements in shaving performance, Keeping Gillette on cutting edge for technological advancements. Question 2: What do you make of the battle between Gillette and Schick? Is the battle of one-upmanship good for either company? The war has first started around 1962 with Schick introducing the first stainless steel blade by this decreasing Gillettes market share. Yet Gillette was lucky because Schick couldnt exploit the niche it has created and Schick ended up in selling its blades to Gillette. Another technology was introduced by Schick in 2003, the Quattro four-bladed razor to gain market share from Gillette. The battle of one-upmanship is aggressive between Gillette and Schick and this is leading to all technology advancements in the wet-shaving industry. 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Annual Production Budget in Beverage Industry †MyAssignmenthelp

Question: Discuss about the Annual Production Budget in Beverage Industry. Answer: Introduction Food and beverage industry runs on some basic strategies, which are common with most of the reputed restaurants across the globe. Strategy making is required while designing the menu for the customers. This affects the profit margin. It is indeed necessary to be flexible with the designing of menu. If one menu is not working the way it was implemented for. Then it is wise enough to switch over to another kind of menu style. The implemented strategy requires a monitoring of sales over the few coming weeks to check the feasibility of the strategy (Hou et al. 2015). This study is also focused on an authentic Italian restaurant, which is based in Australia. The study revolves around a given case study, which shows that the restaurant is on a reducing graph in terms of overall sales. The owner of the restaurant Francesco Del Piero is worried of the sales because of which the owner has intended to switch over to all you can eat buffet concept from the previously used A La Carte style of me nu. The study checks the viability of the selected menu in terms of overall sales with the help of relevant evidences on it. The switch over strategy of Francescos looks a potential option to increase the sales and control the average expending on the food and the drinks items. The hotel in the case study had initially used the a la carte menu style, which means that customers can select their choice of dishes from list of numerous kinds of dishes. Additionally, in such menu style, the price for every item differs to one another. Additionally, there will be a distinguishing wait time for the preparation of each food that is being ordered (Gormley, Rawal and Little 2012). Despite the facts that it is a traditional style of offering food to the customers, the strategy has seemed to have not worked for the Bellini Italian Restaurant. A decreasing trend for sales has been observed. Additionally, the average weekly spending on the foods is also proving to be costlier, which is different to the traditional style of pricing (AbuKhalifeh and Som 2012). The owner of the company has shown some resistance by switchin g over to a different strategy for menu. The strategy is all you can eat in buffet style. In the buffet system, customers are encouraged to have different items in a sequential form. Definitely all the items are priced differently and it is little reliable than the a la carte style of menu (Liu et al. 2012). The chosen strategy by the owner of the selected restaurant looks effective because of the various following reasons: The strategy will help to reduce the average spending on the foods and drinks because the selected strategy will help in increasing the unit sales. This is so because the format of menu is something that customers will think of package rather than few selected items. An increasing unit sale will help in reducing the average spending because customers are buying in package such as the complete breakfast or lunch. This is less possible with the a la carte style because customer can also select only one item. This is clear that the volume of unit sales will increase. The company might be able to bring back the average spending within a standard range such as 28 to 35 percent of the gross income (Asaolu, Agorzie and Unam 2012). The strategy will help to increase the unit of items sold. This means that there will be an increase in overall sales. It has already been mentioned above that the strategy will help in reducing the average spending on the foods and drinks. On the other hand, an increase in sales will result in enhanced profit margin, which is what Francesco is looking for. The switching over to another strategy is just to get the average profit, which other reputed companies make (Rezende and Silva 2014). Key information to monitor over the next few weeks The implemented strategy needs to validate the hopes of Francesco. The owner wants to implement the strategy in order to reduce the average spending on foods and drinks. Additionally, the owner also wants to enhance the profit margin to a standard level as it is evident from the business performance of reputed food beverage companies across the globe (Guimares, Klabjan and Almada-Lobo 2012). The expected increase in sales can only be felt if the visitation of customers have enhanced. Additionally, if they have changed perception for the offered foods and drinks then it means that they like the changed menu style. This is for all such reasons it is necessary that a continuous monitoring on the visitation numbers is necessary. This is also necessary to avoid from an unexpected loss (Wu, Huang and Chou 2014). This can happen as customers might not think the way the owner of the restaurant think. This is also necessary because flexibility is utterly required in the food and beverage bus iness. Moreover, this will help in changing of decisions if it is required at any time after implementing the all you can eat buffet style. Flexibility indeed is a key factor in the food and beverage business (Ivkov et al. 2016). It is also necessary to monitor the daily behavior of food preparation and the amount of wastes if it occurs. The monitoring of food production along with the wastages is immensely required as this will supply some important information. Moreover, the information supplied is very essential to attain success with the implemented strategy. The management should have clear information on the wastages as this will educate on the trend for the flow of foods. Avoiding wastages is utterly required to earn maximize benefits and save on the average spending. A clear idea of the wastages on a daily basis will guide to a more measurable approach for producing the foods (Mirabella, Castellani and Sala 2014). Cross checking the average spending on food manufacturing and the amount of wastages on a daily basis will provide the following benefits (Betz et al. 2015): Reduction in food wastages Consequent reduction in average spending on food manufacturing Enhancement in the profit margin as the cost of production will be reduced; however, the rate of benefits will remain the same. Moreover, sales figure does not depend on the wastages. Difference in contribution margins (buffet vs. a la carte) This is another very important look out for the few coming weeks. The switching over to a buffet style menu will require a quick analysis of the responses that it will generate after its implementation. The analysis will help in measure the changes after the implementation of the strategy. The changes can be either positive or negative as well. However, it is indeed required to measure the changes occurred in order to judge the viability of the changed strategy (Yang 2012). There are advantages and disadvantages of both the menu style; however, the real lookout is not to discuss the advantages but it is rather focused on attaining the presumed advantages. Following are the benefits of cross checking the differences in business behavior with the help of the both the kinds of menu style (Auchincloss et al. 2013): Quick analysis of average spending on foods and simultaneous benefits will be observed The calculated benefits will help in analyzing the percentage of spending in the overall profit This will further help in analyze the differences the changed strategy has brought if there is any Overall sale volume and the gross profit will also help in analyze the effectiveness of the implemented strategy. The earlier menu style and the resultant gross profit are already known. Calculating the overall effect of after implementing the strategy will tell the resultant changes. Moreover, this will help in analyze the effects that the changed menu style has brought. If the changes are positive then this is good to move with the implemented strategies. On the other hand, if the changes are not positive then there is a requirement to quickly fix the issue or jump to some better strategy. Apart from the overall effects, this is also necessary to consider few cautious moves to prevent any unexpected loss. This can be done by measuring the wastages of foods on a daily basis and the costs incurred in producing the foods (Dopson and Hayes 2015). Recommended ways to investigate the problem and to improve the overall profitability The investigation could have been done in some other ways as well. Stock maintenance is a key to understand the behavior of average spending on foods drinks and the resultant sales. Stock maintenance not only observes the inflow and outflow of goods but it also observes the wastages amount. Moreover, this is very necessary to measure the effectiveness of any menu style. Additionally, flexibility is also required in designing the menu to avoid the loss of customer base. A responsive nature will indeed make them feel served. Table Dhote (Deals) service will have indeed produced a much better results. The mentioned service is all about offering fixed menu to the customers on a fixed price. Moreover, it could have been much wiser to run a la carte with the table dhote (deals) service. This would have categorized the different set of customers based on the two kinds of menu style. A la carte is for those who belong to a decent income group. On the other hand, table dhote (deals) service is for those who belong to a lower income group. Moreover, the combination of the two strategies will have attracted the both kinds of customers, which will only result in an increased sale. Conclusion The strategy selected by Francesco Del Piero in the Bellini Italian Restaurant is a potential option; however, this could have been much better. The combination of two menu styles such as A La Carte and Table Dhote (Deals) could have produced a much better result. The combination of strategies will have attracted customers of different types such as belonging to both the descent and low income group. This will have resulted in an increased customer visitation and consequently, this will also resulted in an increased volume of sales. Moreover, the purpose of Francesco Del Piero could have effectively been attained if the owner had considered the combination of both the strategies. References AbuKhalifeh, A.N. and Som, A.P.M., 2012. Service quality management in hotel industry: a conceptual framework for food and beverage departments.International Journal of Business and Management,7(14), p.135. Asaolu, T.O., Agorzie, C.J. and Unam, J.M., 2012. materials management: an effective tool for optimizing profitability in the Nigerian food and beverage manufacturing industry.Journal of Emerging Trends in Economics and Management Sciences,3(1), p.25. Auchincloss, A.H., Mallya, G.G., Leonberg, B.L., Ricchezza, A., Glanz, K. and Schwarz, D.F., 2013. 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Ivkov, M., Blesic, I., Simat, K., Demirovic, D., Bozic, S. and Stefanovic, V., 2016. INNOVATIONS IN THE RESTAURANT INDUSTRY-AN EXPLORATORY STUDY 1.Ekonomika Poljoprivrede,63(4), p.1169. Liu, P.J., Roberto, C.A., Liu, L.J. and Brownell, K.D., 2012. A test of different menu labeling presentations.Appetite,59(3), pp.770-777. Mirabella, N., Castellani, V. and Sala, S., 2014. Current options for the valorization of food manufacturing waste: a review.Journal of Cleaner Production,65, pp.28-41. Rezende, D.C.D. and Silva, M.A.R., 2014. Eating-out and experiential consumption: a typology of experience providers.British Food Journal,116(1), pp.91-103. Wu, P.H., Huang, C.Y. and Chou, C.K., 2014. Service expectation, perceived service quality, and customer satisfaction in food and beverage industry.International Journal of Organizational Innovation (Online),7(1), p.171. Yang, S.S., 2012. Eye movements on restaurant menus: A revisitation on gaze motion and consumer scanpaths.International Journal of Hospitality Management,31(3), pp.1021-1029.

The Roman and Anglo-Saxon conquest Essay Example

The Roman and Anglo-Saxon conquest Paper There were 3 main reasons why The Romans wanted to conquer Britain: 1st Big amount of corn; 2nd Rome was a slave owning society and they needed more slaves; 3rd In the first century b. C. Rome was in war with Gaul and the Cells from Britain helped Gaul to fight against the Romans. It took 98 years for the Roman to conquer a part of Britain known today as England. 55 years b. C. Julius Caesar undertook the first attempts but failed because of the very strong Celtic opposition . 54 years b. C. Caesar came back with an army of 25. 00 people and conquered a small terrier near present day London . His aim, however, was not to conquer the terrier as such, he took everything he wanted (corn, slaves) Introduced heavy taxes Celebrated. 43 years a. D. (after Jesus was born) Emperor Claudia finally conquered the terrier of pres day England and pushed the Cells, who lived there to the less fertile and more mountains area of present day Scotland and Wales. The Roman legacy: 1. They build a large network of solid military roads some of which exist and are used even today. Ex: The road that connects 2 cities London and Chester and Is called Witling Castro) these camps later developed into a number of English towns, so If today the name of an Eng town has the suffix Chester, it means that to was founded by the Romans. Ex: Manchester, Chester, Lancaster,Lester,Windcheater. 3. The Romans brought reading and writing, naturally in Latin. 4. They brought the tradition of Baths to Britain. (They founded hot mineral springs near pres day town of Bath and established the first SPA -area In Britain. 5. The Romans build a number of protective walls to defend themselves against the hostile Cells. Ex: The Hadrons wall, which nowadays stands on the border between England and Scotland and was build in the 4th century. 6. The Romans developed a small village of Linden into a own and maid it their capital with the name Aluminum. In pres day English there is a number of Latin borrowings that came from the Romans . There are some groups : 1 . Words connected with food and drinks :wine, cheese, peas. 2. Words connected with clothing : shirts,belt. 3. Rods con with Christianity: In the year 395 Roman Empire was divided into 2 parts and all the Romans in England were withdrawn to defend the rest of the empire against the Barbaric attacks from the Germanic lands, unfortunately in 476 the Roman Empire finally collapsed and there started a knew era of Middle Ages. The Angle-Saxon conquest. In the middle of the 5th century 3 Germanic tribes started their invasion in England. 1st the Juts; 2nd the Angles (they both came from pres day Denmark and established the following small kingdoms!! : 1. Northumberland, 2. Hurls. 3. We will write a custom essay sample on The Roman and Anglo-Saxon conquest specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Roman and Anglo-Saxon conquest specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Roman and Anglo-Saxon conquest specifically for you FOR ONLY $16.38 $13.9/page Hire Writer East Anglia, 4. Kent. Ad tribe Saxons. They came from Another Germany and established the following small kingdoms : 1) Wastes: 2) Essex; 3) Sussex. The Anglo- Saxons and the Jutes were close to each other in speech and customs so they gradually formed into one group called Anglo-Saxon. However Wales, Cornwall and Scotland remained unconquered , so many Cells that survived after the Germanic attacks fled to these territories and thus the culture of Cells continued Its existing, conquered the Picks and the territory formed into the Scottish kingdom in 1 lath century. The struggle between the Cells and Anglo-Saxons gave place fore manifold tales most famous of which are legends of King Arthur and his Knights of the Round table. The Anglo-Saxons were pagans and worshipped different gods, their names are reflected in the names of pres days of the week : Tit (Tuesday) was the god of war, Wooden(Wednesday) god of kings, Thro (Thursday) god of storm, Frigid (FRR) Woodened wife, goddess of nature and love. Saxon villages consisted of 20 to 30 families all faithful to their leader. The Saxons kingdoms fought between one another and in the 9th century Wastes became the leading kingdom and united the rest of England to fight against the Danes and since 829 the greater part of the country was united under the name England. An important event that united the country and developed the culture was the adoption of Christianity in England in 664. Christianity began to develop much earlier. It is connected with the name SST. Augustine that found the Church of England in 597.