had never been to a concert before, so I was incredibly excited about it

It was the sixth of April 2001 and I recall everything about. I was with 6 of my dear companions; Ben, my sweetheart of 5 months, Becka, my closest companion for whatever length of time that I can recollect, Charlotte and her beau Steve, Sbecky and her sweetheart Tony. Charlotte and Sbecky were additionally old companions of mine from school years, both of whom I had stayed in touch with since leaving school. We were all amped up for the gig, and as we remained outside trusting that the entryways will open, I saw that no one was worried about the way that it was sharply cold. I remained among my companions and keeping in mind that we were discussing Charlotte's birthday that had quite recently been, I felt a whirlwind hit my face like sharp knifes penetrating my skin. I scoured my face to warm myself marginally. Ben saw that I was unbelievably cold and he folded his arms over me to shield me from the cruel frigidity of the night. It was moderate getting into the setting as there were such huge numbers of individuals pausing, so as we gradually crawled closer to the entryways, we as a whole turned into somewhat more on edge to get in. At the point when we at last arrived we gave over our tickets and they were torn into equal parts, much the same as at the film. The main thing I saw as I strolled through the entryways was the moment warmth, so inviting as opposed to the frosty breeze that stood by to follow us on our arrival home. Next I saw the measure of individuals that encompassed me; it was much the same as an ocean of young people all as cheerful and energized as me and my companions. It was such a vivacious eager condition. I pivoted, hoping to see Ben, yet rather there was a short lady in her mid twenties. I began to glance around and stroll back towards the entryways until I heard Ben's voice from around 5 feet away, so I turned and moved towards him. When I was back with him I had a sense of security and loose. Every other person before long discovered us, and when we were all back together we headed towards the primary lobby. There was a long entry prompting the fundamental corridor, I was certain it would have appeared to be longer if there were less individuals encompassing me. The entryways on our correct hand side were immense and had two individuals in iridescent yellow coats remaining at either side. As we strolled in we had somewhat more space to move about. We went to the back, and plunked down on the hard, awkward plastic seats. For me Charlotte and Becky, it was the first occasion when we had ever been to a show, so we had no clue about what's in store. We hung tight for around twenty minutes until the help band went ahead stage. They welcomed the crowd and revealed to us that they were called Ten Benson. Every individual from the band wore a fish-net top and a green baseball top. We had just started to stroll down the steps and into the fundamental group when they began playing. The commotion was so ground-breaking it started to make my ears shiver. As we drew nearer and closer to the front, we could see the band somewhat more plainly. They were such an enthusiastic band; their demonstration comprised of hopping on enhancers and bouncing off, while as yet playing their instruments staggeringly well. The drum beat was incredible thus we were completely constrained to move. At the point when the vocalist started to sing on the second melody unmistakably he was an overwhelming smoker, yet his voice was so inebriating, I was unable to do anything besides hear him out. Toward the finish of every melody there was a tremendous sound of applauding and rooting for the band, yet it wasn't until they begun to leave the phase that the sound became like thunder. They had played incredibly well and I'm certain that any individual who didn't have their collection as of now would possess it inside the following week. At the point when the band had left the stage and the lights went ahead gradually, individuals started to float back towards the seats. Becka, Charlotte and I, chose to do the inverse. As individuals were leaving the front we pushed ahead. We in the long run figured out how to press our route straight up to the front. Different individuals were going onto the stage, trading leads about, tuning the lead and low register guitars, and attempting to make the stage somewhat tidier. After around fifteen minutes the group began to drive their way back to the front once more. I was being crushed against the metal railings that were shielding the group from getting onto the stage. Security monitors remained before the railings, I felt desirous of the measure of room they had. It appeared to be peculiar to such an extent that a great many individuals were completely stuffed into a space tight as can be and under two feet from them stood security watches who had all the space they preferred. The principle band showed up and the crowed thundered by and by. They were known as The Darkness and I had just heard one track they had ever constructed, yet I cherished it from the first occasion when I heard it. They conversed with the group for a couple of moments, saying that it was so extraordinary to be back in Wales and what an incredible group we were. They began playing and the agony I was feeling as my ribs got squashed was diminished as I was occupied by the imagination of the band. They were extraordinarily acceptable. The drummer seemed as though he had quite recently gotten away from a psychological establishment. He let out the entirety of his vitality onto the drums, with his head going all over quickly and arms all over, he was so gifted. The lead guitarist/vocalist wore a feline suit with zebra print on it and an enormous opening from the midriff line up to the shoulders so his middle was on full showcase. He had medium length dull hair, and as he was playing his hair was flying about so unreservedly. His fingers went here and there the guitar effortlessly, and he appeared to completely appreciate each part of the exhibition. The bassist, then again wasn't moving a lot, he looked intense and was focusing on his instrument. He played well indeed, and the bass line was exceptionally clear, which was surprising. I was having a great time, and I didn't figure the night could show signs of improvement, until they played the one melody I'd heard by them the prior week. It was called ‘Love on the Rocks with No Ice', and it was played so much better live, than when I had heard it on the TV. The group adored them, there were individuals on others' shoulders, singing with the band and individuals were swarm surfing over our heads. The excitement from the group was incredible to such an extent that it appeared to give me more vitality, so I moved and moved for the remainder of the set. At the point when the band played their last piece the group all yelled for additional, no one needed the night to end. Inevitably the band returned on to the stage and revealed to us we could have one more melody. They played what would have been their next single. It was extraordinary, yet when the melody finished, I realized it was the night's end. The lights in the lobby went ahead and the environment was reduced. As we meandered out of the corridor with the remainder of the group, I felt overpowered with satisfaction. Ben attempted to converse with me however I was unable to hear him, I don't know whether it was that the commotion from the show had marginally harmed my ears or whether it was the way that such a large number of individuals were talking around us. As we got into the fundamental banquet room where shirts and banners were being sold hysterically, my companions and I started to discuss the show. Everybody had completely appreciated the night; the main thing that had turned out badly was that Becka had lost her coat in the group. We as a whole set up our cash and got her a long sleeved top to keep her somewhat hotter on the walk home. We strolled outside, said our farewells and headed out in our own direction. As anticipated, the virus wind crawled behind me, Becka and Ben, helping us to remember its essence once in a while, until we at last arrived at the glow of our own homes.

Destiny, Fate, Free Will and Free Choice in Homers Iliad :: Iliad essays

Destiny and Destiny in The Iliad   The Iliad depicts destiny and predetermination as preeminent and extreme forces.  The Iliad presents the subject of who or what is at last liable for a man's fate, yet the responses to this inquiry are not exactly clear.  In numerous occurrences, it appears that man has no power over his destiny and fate, yet at different focuses, it appears as though a man's destiny lies in the results of his activities and choices. In this way, The Iliad uncovers a man some of the time controls his fate.   In The Iliad the god's destiny is controlled much similarly as a mortal's, with the exception of one significant contrast, the immortals can't kick the bucket and in this way don't have a fate. Undying's lives may not be judged in light of the fact that they have not and won't bite the dust. The divine beings can control mortal's destiny yet not their own directly.   In Book I, the plague is an aftereffect of the upsetting of Apollo.  The divine beings produce circumstances over minor things, for example, overlooking a penance or, for this situation, offending Chryses.  The divine beings have hissy fits, and they switch sides rapidly and without consideration.  One day they ensure the Achaeans, the nextt day the Trojans.  The divine beings play top choices with no sense at all of any of the good or policy centered issues associated with the war.  Zeus does what he can, however the others act just as they were superior to all the rest, in a bigger number of ways than one.  They have no empathy for their own sort, and their anxiety for man is even less.  Occasionally, the divine beings will show worry for one of their top picks when he is making some awful memories, yet it is very rare.  This demeanor is the consequence of their own malevolence against humankind and man's own inclination to nonsensical conduct or remissness in adoring the gods.  But as a general rule, men wind up battling a power outside their ability to control.   The initial articulation of The Iliad contains the expression the desire of Zeus, and this mirrors the Greek's conviction that man is in the grasp of powers that he can't control.  It is additionally another method of saying that everything is destined and out of the hands of man.  Book XXII shows that the divine beings control the destinies of man:   Be that as it may, when they arrived at the springs for the fourth time,

Writing Essay Samples For 8th Grade Students

Writing Essay Samples For 8th Grade StudentsWriting essays is a good way to keep your grade point average high and also, it is an easy way to present your opinion about a particular subject. It is a good skill to acquire but there are those who have trouble with this task and that is why the writing essay samples for 8th grade students is a wonderful idea.The writing is normally done by the students on their own, which means that they do not take too much care to make sure that their notes are right or that the classwork they do is good enough. For this reason, writing for the exam in a particular subject is a bit more difficult than writing on general topics.In addition, many students find it hard to just go out and buy a book or get it from a store and start studying the class material. Instead, these students will study essays as practice papers. They can also write essays themselves by copying or by hiring someone to do the same for them.The only drawback here is that they may ne ed some extra help. In any case, there are writing samples for the different subjects that can be used in order to give students a few tips on how to use them and improve the results they get.There are also some rules that you need to follow in order to produce the best result possible when you are doing the essays on different subjects. These include the following:The first important tips on how to get the best essay results is to keep the number of words per paragraph to at least ten words. Also, you should make sure that you spell the word correctly even if it is not too difficult. Use as much information as you can and also, you should not write on the same subject topic in each paragraph of the essay.Another tip on how to produce a good essay on a specific subject is to emphasize the main points of the essay. It should be short and clear to make it easier for your reader to understand it.In addition, you should not use words that are not related to the topic or it could be very confusing for your readers and it could also hinder the flow of the whole essay. If you can, you should read the actual text and know the subject before writing an essay and make sure that you have all the knowledge that you need.

Child Marriage Facts and Causes

The Universal Declaration of Human Rights, the Convention on the Rights of the Child, the Convention on the Elimination of All Forms of Discrimination Against Women and the Convention Against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment (among other charters and conventions) all directly or indirectly forbid the degrading and mistreatment of girls inherent in child marriage. Nevertheless, child marriage is common in many parts of the world, claiming millions of victims annually--and hundreds of thousands of injuries or deaths resulting from abuse or complications from pregnancy and childbirth. Facts About Child Marriage According to the International Center for Research on Women (ICRW), 100 million girls will be married before the age of 18 in the coming decade. Most will be in sub-Saharan Africa and the Asian Subcontinent (Nepal, India, Pakistan, Bangladesh). In Niger, for example, 77% of women in their early 20s were married as children. In Bangladesh, 65% were. Child marriage also occurs in parts of the Middle East, including Yemen and the rural Maghreb. In the United States, child marriage is still permissible in some states, with parental or judicial consent.Globally, according to UNICEF, 36% of women aged 20 to 24 were married or in a union, forced or consensual, before theyd reached 18.An estimated 14 million girls between the ages of 15 and 19 give birth each year. They are twice as likely to die during pregnancy or childbirth than women in their 20s.Girls who marry between the ages of 10 and 14 are five times as likely to die during pregnancy or childbirth as women in their early 20s. Causes of Child Marriage Child marriage has many causes: cultural, social, economic and religious. In many cases, a mixture of these causes results in the imprisonment of children in marriages without their consent. Poverty: Poor families sell their children into marriage either to settle debts or to make some money and escape the cycle of poverty. Child marriage fosters poverty, however, as it ensures that girls who marry young will not be properly educated or take part in the workforce.Protecting the girls sexuality: In certain cultures, marrying a girl young presumes that the girls sexuality, therefore the girls familys honor, will be protected by ensuring that the girl marries as a virgin. The imposition of family honor on a girls individuality, in essence, robbing the girl of her honor and dignity, undermines the credibility of family honor and instead underscores the presumed protections actual aim: to control the girl.Gender discrimination: Child marriage is a product of cultures that devalue women and girls and discriminate against them. The discrimination, according to a UNICEF report on Child Marriage and the Law, often manifests itself in the form of domestic violence, marital rape, a nd deprivation of food, lack of access to information, education, healthcare, and general impediments to mobility.Inadequate laws: Many countries such as Pakistan have laws against child marriage. The laws are not enforced. In Afghanistan, a new law was written into the countrys code enabling Shiite, or Hazara, communities to impose their own form of family law--including permitting child marriage.​Trafficking: Poor families are tempted to sell their girls not just into marriage, but into prostitution, as the transaction enables large sums of money to change hands. Individual Rights Denied by Child Marriage The Convention on the Rights of the Child is designed to guarantee certain individual rights--which are abused by early marriage. Rights undermined or lost by children forced to marry early are: The right to an education.The right to be protected from physical and mental violence, injury or abuse, including sexual abuse, rape, and sexual exploitation.The right to the enjoyment of the highest attainable standard of health.The right to rest and leisure, and to participate freely in cultural life.The right to not be separated from parents against the childs will.The right to protection against all forms of exploitation affecting any aspect of the child’s welfare.The right to eventual employment. Case Study: A Child Bride Speaks The 2006 Nepal Report on Child Marriage includes the following testimony from a child bride: I was married to a nine-year-old boy when I was three. At that point of time, I was unaware of marriages. I dont even remember my marriage event. I just remember that as I was too young and was unable to walk and they had to carry me and bring me over to their place. Getting married at an early age, I was destined to suffer a lot of hardships. I had to carry water in a small clay-pot in the mornings. I had to sweep and swap the floor every day. Those were the days when I wanted to eat good food and wear pretty clothes. I used to feel very hungry, but I had to be satisfied with the amount of food that I was provided. I never got to eat enough. I sometimes secretly ate corns, soybeans, etc that used to grow in the field. And if I was caught eating, my in-laws and husband would beat me up accusing me of stealing from the field and eating. Sometimes the villagers used to give me food and if my husband and in-laws found out, they used to beat me up accusing me of stealing food from the house. They used to give me one black blouse and a cotton sari torn into two pieces. I had to wear these for two years. Never did I get other accessories like petticoats, belts etc. When my saris got torn, I used to patch them up and continue wearing them. My husband married three times after me. At present, he lives with his youngest wife. Since I married at an early age, early child-delivery was inevitable. As a result, I now have severe back problems. I used to weep a lot and consequently, I faced problems with my eyes and had to undergo an eye operation. I often think that if I had the power to think like I do now, I would never go to that house. I also wish I had not given birth to any children. Retrospective sufferings make me wish not to see my husband again. Nevertheless, I do not want him to die because I dont want to lose my marital status.

The Effect Of Media Coverage On The Thinking And Behavior...

Abstract This paper explores published articles that report on results from research conducted on various methods of persuasion. The articles, however, vary in their definitions and utilization of the methods of persuasion and their relationship with consumers. Based on psychological principles that direct human behavior, Robert Cialdini’s (2007), 6 principals of persuasion suggests that face to face interactions are most effective in emphasizing knowledge and authority. This paper examines Berger and Berger’s (2012) scientific research evidence to substantiate the major role of technology and mass media in the persuasion of consumers. The use of persuasion to control people for the sole benefit of the persuader is examined in Ridout and Franz’s (2011) research of persuasive ads and who is affected by ad exposure. This book also presents evidence to support this research. Shen and Dillard’s (2013) research suggests mass media contributes great influence on the thin king and behavior of consumers’ and is scientifically proven to be the universal source of information. This paper will examine the impact of media coverage of elections and how it persuades the electorates behavior, it will explore the effects of mass media on political power and show how media simultaneously disrupts and defends the status quo, including the advantages and disadvantages during election campaigns. Shrum’s (2012) research suggests that marketers integrate products in the media by injectingShow MoreRelatedExploring Whether or not Profanity in Music is Corrupting our Youth1376 Words   |  6 Pagesmusic, however the question remains should music be censored. In Robert T. M. Phillips’ address to congress he insists that we must act now to protect our society from the damaging effects of explicit music. Becky L. 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Analysis Of The En Plein Air Paintings By William Cullen...

During the 19th century, the en plein-air paintings were introduced to many artists. Since thatï ¼Å'natural light became particular important to the Hudson River School. Also, art and literature were constantly entwined, such as American Romanticism. Significant individuals became familiar with one another’s work, resulting in inspiration that led to creative works that pay homage to another artists’ work. For instance, Asher Brown Durand’s Landscape-Scene From â€Å"Thanatopsis† was inspired by the romantic poet William Cullen Bryant, whose work was influenced by the multifaceted cultural creations. Both Bryant and Durand investigated the themes of men, nature, individualism, and the inner and after lives. Through detailing natural elements that emphasized the life cycle, Durand created literary art by paying tributed to Bryant’s â€Å"Thanatopsis†. Asher Brown Durand was an American painter, one of the founders of the Hudson River School o f landscape paintings. He was born in 1796, New Jersey, USA. He died in 1886. He used to be an engraver. He illustrated gift books and annuals, and engraved a popular series of 72 portraits of antemproary Americans. In 1840, he visited Europe to study the works of old masters. After he returned, he went to Adirondack Mountain with Thomas Cole to do the en plein-air painting. Because of this experience, it changed the rest of Asher’s life. He changed into painting creative. Under the influence of his fellow artists, Durand turned more attention

Accounting & Finance Telstra Corporation Limited Case Study

Question: Case Study on "Telstra Corporation Limited". Answer: 1. Introduction Telstra Corporation Limited was founded in 1901 that is located in Melbourne, Australia. It offers the telecommunications and information services to corporations, governments, society, and people in Australia and worldwide. There are different operating channels of Telstra such as Telstra Retail, Global Enterprise and Services, Telstra Operations, and Telstra Wholesale segments. It also provides various telecommunication products, services, and solutions related to the mobiles, fixed and mobile broadband, television, data and Internet protocol networks, and network applications and services. The Telstra provides around 16.7 million retail mobile customers, 6 million fixed voice customers, and 3.1 million retail fixed data customers. It offers their services via 371 retail stores, 84 business centers, and 137 business and enterprise partners, as well as through 18,700 retail points (Bloomberg, 2015). This report explains about the financial status and risk of Telstra by analysis of companys historical financial statement from 2011 to 2016. Beside this, it assesses the companys corporate governance structure, risk profile, and costs of capital and equity. It also evaluates the earnings, cash flows, competitive strengths, and analysis of its competitors. This report also focuses on the financing sources, the trade-offs between debt and equity for the company. Further, this report determines the Telstra ability to decrease the cost of debt, and its dividend policy related to the returns of the shareholders. 2. Corporate Governance 2.1 The Chief Executive Officer Andrew "Andy" Penn was appointed as the Chief Executive Officer (CEO) and Managing Director of Telstra Corporation Limited in May 2015. Prior to this from 1990 to 2011, Andy worked for National Mutual which later merged with AXA Asia Pacific, and in the end as its CEO. He is passionate about the visual arts and supports Telstras programs with the National Gallery of Victoria, Museum of Contemporary Art and the National Aboriginal and Torres Strait Islanders Art Award (Telstra, 2015). 2.2 Board of directors: The Telstra board currently comprises of 10 directors in which 9 directors are independent Non-Executive Direction. They are selected by shareholders together with the Executive Director (Andy Penn). They are the responsble for setting and reviewing the strategic direction of Telstra and monitoring the implementation of that. Besides this, the Telstra board is supported by 3 further committees: an audit committee, a nominations committee, a compensation committee. In this way, each committee helps the board for accomplishing the particular tasks that set out in the committee contract, as assigned and approved by the board (Annual Report, 2015). Executive and Board Remuneration Framework The Board Remuneration Framework is designed to attract, motivate, and retain the executive team, board members and meeting shareholder requirements. Telstra grants the reward to executive directors who support management in long-term decision making. Non-Executive Director does not get the performance-based remuneration, but they receive travel benefits, allowance to 2 long hauls and 6 short haul tour each year (Telstra Corporation Limited, 2015). 2.3 Financial Market Considerations Telstra financial market interactions are represented as the Error! Reference source not found. and Error! Reference source not found. from October 2011 to 2016. This chart depicts its share price, trade volumes and trends with regards to the Dow Jones Index. At the end of 2016, Telstras shares have been more variable due to falling its share price. For instance; share price is recorded as $3.00 in October 2011 that increases in October 2015. In opposition to this, it can be seen in chart that share price of Telstra has declined in the end of October 2015. Thus, it can be explained that Telstra shares are broadly traded in the market, with average daily stock movements in the order of 3 million (Error! Reference source not found.). As Compared to the movements of the Dow Jones Index, it can be illustrated that fluctuations in Telstra share prices are relatively parallel to the movement in Dow Jones market. It means when Telstra shares price has declined with decline in Dow Jones index. In a similar way, when Telstra shares prices have increased with increase in Dow Jones index (Error! Reference source not found.). Therefore, it would suggest that the performance of Telstra is closely tied to the performance of the Dow Jones market (Telstra, 2015). Following charts are explored in greater detail: 2.4 Corporate Social Responsibilities of Telstra Corporate social responsibility of Telstra is designed to offer good jobs at good remuneration to people. For example; Telstra is investing on the activities of their workforce and cultural training programs. Hence, employees will be more productive due to the most rewarding place of work. Telstra has invested $200 million over 5 years on the workforce to provide the training. It also serves as equitable respectful and diverse working environment for people. For Instance; Telstras Gender team has recently established the Virtual Womens Network (VWN) to serve the network of Telstra women in order to meet their demand on a regular basis (Telstra Corporation Limited, 2015). It also tried to meet the needs and wants of their customers. For example, Telstra launches the Next G network to offer the better and more responsive services for people. This scheme is also offering in rural and remote schools in Australia to implement the appropriate and interactive program (Annual Report, 2015). In addition to this, company focused on increases the shareholder value and worked for protection of shareholders interests through attractive dividend payments. Beside this, it focuses on safe environment practices. Furthermore, it voluntarily contributes in their resources, people, technology, goods and services to sustain the community. For Instance; Telstra established the water-saving pilot program and implement into the commercial buildings and associations in the region of Australia by the installation of modern new water-saving technologies. This technology saves 83 million liters of water annually that the equivalent of approximately 33 Olympic sized swimming pools (Telstra, 2015). Interest and Benefit of Telstra Directors Telstra provides numerous benefits to its employees and its directors. Except newly joined Timothy Chen (the year 2013) all the directors of Telstra has ownership of equity. The CEO of the Telstra Mr. David Thodey has the maximum stakes in company which is around 1,009,652 shares in the financial year 2013-2014. At the time when he was CEO he received $3.4 million as a short-term cash bonus from Telstra. Even after he resigned from the post of CEO he was provided a number of benefits. For instance, later on, he received $913,577 worth of shares from the Telstra under short-term bonus plans also. Thus, Telstra not only provides various benefits to its directors when they are with the company but also provides bonus benefits even after leaving for a limited time span (Whyte, 2015). Figure 1 : Table showing equity holdings of the directors of Telstra (Image source: Telstra annual report, 2013) Following is the table representing the benefits of Telstra to its directors. Figure 2 : Benefits to directors of Telstra in the financial year 2014-2015 Ethical and responsible decision-making shareholders interest and communication In Telstra, the decision making and ethical responsibility are underpinned by the corporate governance framework which comprises of various group policies and principles. Telstra laid these principles and policies of the way in which it conducts its business and ensures accountability. These policies and principles provide direction to Telstra and enable accountability to the shareholders. The code of conduct of Telstra supports the Values of the company which sets outs standard behavior of their people. This represents the commitment of Telstra for good corporate governance, their personnel, corporate environment, etc (ethical boardroom, 2014). This governance framework allows the Telstra to keep a check on elements like health safety, bullying, sustainability, issues related to the privacy, corruption, social media and whistleblowing. In terms of communication, Telstra is open, clear and accurate for their shareholders. The purpose of communication is conveying the relevant information as soon as possible also to understand the view of shareholders also. This enables smooth two-way communications (Telstra, 2016). 3. Risk and Return 3.1 Sources of Risk for Telstra The risk is associated with Telstra is high for the stakeholders as it is related to technology and technology is dynamic in nature. It also faces risk of a change in the customer expectations, variation in market demand; changes in the strategies of the competitor etc. There is also the presence of natural risk for the company like extreme weather conditions, natural disasters etc they can create problems for the Telstra. For Telstra, another important thing to manage is the data information of their customers and corporate. Thus, data management also poses a risk to the company. Sometimes there are unfavorable regulations by the government which can easily become the reason of underperformance resulting in the negative effect on the market share price. Thus, there is a presence of political risk also for Telstra (Telstra, 2016). 3.2 Historic Risk Parameters Below table shows the return on equity of Telstra for five years: Below graph shows the trend line of return on equity of Telstra from 2011 to 2015: Capital Assets Pricing Model (CAPM) is an appropriate model for calculation of return on equity investment over stocks of Telstra. According to this, expected return on equity of an investor depends on value beta (), the market risk premium (rm) and the risk-free rate (rf) (Levy, 2011). On basis of above of data related to return on equity of Telstra for five years, following tables presents the findings of regression analysis: On basis of findings of regression analysis in above tables, the value of R Square for return over company stocks is obtained as 0.57, which means the data related to return on equity of company are closely linked with each other. Value of standard error is obtained as 1.202, which shows standard risk involved in decision related to investing company stocks. At the same time, slope of regression data can be presented by equation of Y = 1.18X 2345 (Levy, 2011). 3.3 Valuation of Telstra In order to determine whether the Telstra share price is over or under valued a financial comparable multiples analysis was undertaken. In this analysis the comparison of price to earnings (P/E) between Telstra and its main competitors like, Optus, Vodafone etc. Telstra is the market leader in the industry. The P/E ratio is better than in than the competitors of Telstra. In the current scenario, the earning score for Telstra is 7.35. thus, Telstra Corporation is undervalued (capital Cuba, 2016). Figure 3: Table representing Telstra Financials (Morningstar, 2016). Figure 4: Table representing Telstra Profitability (Morningstar, 2016). Above figures (3, 4) represents that market strength of the Telstra showing a consistent growth in growth and profitability. Liquidity of Telstra Figure 5: In the above table T= Telstra O=Optus V=Vodafone (Wei Xin, 2013). With the help of above table, it can be interpreted that the liquidity ratio of Telstra is lower than the ideal ratios. That means there can be a liquidity crisis in the general situation but as Telstra is a telecommunication company ratio lower than 1 can be accepted and on the other side, when the liquidity of Telstra is compared with the other competitors in the industry the liquidity of Telstra is better. This shows better liquidity of Telstra in the industry. 3.5 Capital Structure: Particulars 2015 ($m) 2014 ($m) Closing net debt 13,566 10,521 Total equity 14,510 13,960 Total capital 28,076 24,481 Gearing ratio (%) 48.3 43.0 Telstra involves both equity and debt in the capital structure. From the above, it can be depicted that closing net debt is $13,566m that is greater than the previous years value. Additionally, total equity is $14,510m that is higher than 2014. Besides this, total capital has risen from $24,481m to $28,076m in the period of 2014 and 2015. Along with this, the gearing ratio has risen from 43.0% to 48.3% in 2014 to 2015. Liquidity ratio: Ratios Formula FY15 ($m) FY14 ($m) Current ratio = 0.85 =1.20 Current assets 6,970 10,438 Current liabilities 8,129 8,684 Quick ratio = 0.79 = 1.16 Current assets 6,970 10,438 Inventory 491 362 Current liabilities 8,129 8,684 Liquidity ratio: Liquidity ratio represented the Telstras ability to meet its short-term financial obligations. As per the above analysis, it can be explained that Telstras current ratio is 0.85 and quick ratio is 0.79 in the year 2015 that are declined from the year 2014. It depicts the decreasing organizational short-term financial position. Therefore, it can be suggested that firm should focus on enhancing their liquidity ratios by reallocating their capital in current asset and current liabilities. Marginal Tax Rate Tax Rate/Year 2015 2014 Tax Rate 0.29 or 29% 0.26 or 26% Marginal Tax Rate (0.29-0.26) = 0.03 or 3% Analysis: Marginal tax rate is the difference between the current year tax rate and previous year tax rate. As per the above calculation, it can be said that the Telstras marginal tax rate is 0.03 or 3%. Recent Borrowing and Interest Rate: Particulars /Years 2015 ($m) 2014($m) Borrowings 1,496 2,277 Interest Rate 846 1,113 Interpretation: Above table depicts the Telstras borrowing and the interest rate that are paid by the company on its borrowings. In this way, it can be explained that company pays a $846m interest rate on its borrowing (i.e. $1496m) in 2015. It is also determined that its borrowings and interest rate has declined as compared to the previous years. Thus, it states that companys performance has improved than the last years performance. Cost of capital to Telstra Weighted Average Cost of Capital (WACC): Market Value of Equity 49954.030 Market Value of Debt 13439.8755028 Cost of Debt 4.857% Cost of Equity 5.75% Weight of Debt 0.212 Weight of Equity 0.788 Corporate Tax Rate 30% WACC 5.27% Working Note: WACC = E / (E + D)*Cost of Equity + D / (E + D)*Cost of Debt*(1 - Tax Rate) 0.788*5.75%+0.212*4.857 %*( 1 - 28.195%) = 5.27% Analysis: As per the above table, it can be said that Telstras WACC is 5.27% that represented the average cost of capital to company. It is because; Telstras cost of debt is low as compared to its cost of equity that means the company has sufficient equity to meet its obligations. 4. Earnings and Cash Flows 4.1 Analysis of Existing Investments Accounting Return of Telstra: Accounting return of Telstra for 2015 is $4.3b, which is presented as net income after tax of the company in Income statement. In addition to this, the accounting return is also measured in terms of gross profit, EBIT etc. The return of company can be compared with cost of equity and cost of capital of the company. The overall cost of capital is presented in terms of WACC of the company. The value of WACC of Telstra is identified as 5.27% in 2015. At the same time, earning per share is also a good measure for efficiency of utilization of company resources for generating profits. It tells about companys ability to offer dividend to shareholders (Telstra, 2016). 4.2 Marketplace Performance The value of accounting return provides information about proficiency of company in terms of cost control and investment of capital in profitable investment projects. For example, value of gross profit margin is helpful to measure profitability (marketplace performance) of firm as well as the cost efficiency of company. Hike in gross profit margin is also an indication of improvement in cost efficiency of company (i.e. reduction in cost of production) (Gibson, 2012). 4.3 Assessing Competitive Strengths Sustainability of Competitive Strength: It is a competitive strength of Telstra that it has access the multiple markets with the high-quality network that provides long-term competitive advantages to the company. There are some other companies in telecommunication sectors but they are nor capable of accessing the multiple markets. In addition to this, key market players like Vodafone and Optus have not capabilities to imitate this competitive strength of Telstra. Besides this, new market players have a lack of funds to compete with the competitive strength of the Telstras. 4.4 Competitors Analysis: There are main three competitors of Telstra includes Vodafone, virgin, and Optus. Comparison between the Telstra and its main key competitors: The following table represented the comparison among the Telstra and their key market players: Company Name Telstra Vodafone Optus Quantitative Measures (Size, Profitability, and Risk) Telstra market size is large because it provides a 4G network in most of the areas. Its net profit is $4.3b in 2015. Additionally, Telstras WACC is 5.75% that represents low the risk. Vodafone cover medium market size as compared to the Telstra. Its net profit is S$3,782m in 2015. Besides this, Vodafones WACC is 7.4% that represents the medium risk (Vodafone, 2014). Optus market size is small as compared to the Telstra and Vodafone. Its net profit is $5,970m in FY15. Its WACC is 8.5% that represents the higher risk (Optus, 2016). Qualitative Measures (quality of management, and service) It provides the best network quality to their customer. It also offers the high-quality customer services to attract and retain the more customers. It provides less network quality as compared to the Telstra. It also facilitates the medium quality customer services. It provides low-quality network than the Telstra and Vodafone. It also offers the low-quality customer services. 5. Financing Sources 5.1 Assessing Current Financing Methods of raising equity: Telstra uses two methods for raising funds through equity such as initial public offering (IPO) and private placement. Telstra sells their share through IPO because it is cost effective methods. Additionally, there is no fixed burden to pay a dividend to the shareholders. Furthermore, Telstra uses private placement methods in which company offers their share to particular group of investors and institute. This is less time-consuming methods because the company sells their share in less time and utilizes funds in business at right time. Sources of Borrowing Money: Telstra has high portion of equity in capital as compared to the debt hence; they can use different sources for borrowing money in order to expand their business. They use two different financial sources in terms of borrowing money that are bank loan and corporate bonds. Maturity structure for Debts: Telstra has used a nine-year high-quality corporate bond rate on 30 June 2015. In addition to this, it takes a bank loan for a long period. Besides this, Telstra pays floating rate on the corporate bond while fixed rate pays on the bank loan. Marginal Tax Rate: Company Name/Year FY15 FY14 Marginal Tax Rate Telstra 29% 26% 3% Vodafone 22% 31% 9% Optus 15.20% 15.89% 0.69% 5.2 Debt-equity Trade-offs and Free Cash Flows: Debt Servicing and Debt Level: Formula: Debt Servicing = Operating Income/ Debt servicing obligation of the company Debt Level: Particulars/FY FY15 ($m) FY14 ($m) Total Debt 13,566 10,521 Total Equity 14,510 13,960 Debt to Equity ratio 0.93 0.75 Working Note: Debt to Equity Ratio = Total Debt/ Total Equity Interpretation: Above table shows that companys debt servicing is in 2015 that is equal to its targeted value. Hence, it can be explained that companys ability is effective to meet the expenses of debt such as payment of principle amount of debt, and payment of interest expenses of debt. On the other side, debt to equity ratio is less than the 1 in both FY. Therefore, it can be described that companys credit worthiness is good. In this way, it can be stated that company can use bank loan as a source of finance. Free Cash Flows: Particulars FY15 ($m) FY14 ($m) Growth (%) Free Cash flow 2,619 7,483 (65.0) EBITDA 10,745 11,135 (3.5) Fair value of Cash flow 1396 5527 As per the above table, it can be interpreted that free cash flow, EBITDA, and fair value of cash flow has declined in 2015 as compared to the previous year. Therefore, on the basis of given analysis, it can be said that Telstra is not making good investments recently. Responsibilities of managers towards the stockholders: Managers are responsible for assessing the net profit after tax. Therefore, they make the policies and guidelines to increase the net profit. In addition to this, managers mainly work for the interest of shareholders. It is because; if net profit will be increased then the company will be able to pay a higher dividend to the shareholders. 5.3 Financing Cost of Debt There are different sources that are available to bondholders to assess the equity shareholders. These sources can be an annual report, the decision of general meeting, share movement in the market, and market information. Investment Forecasting: Telstra uses several modes such as board meeting and assesses future plan in order to forecast the investment opportunities, future investment, and needs. In this way, it can be said that company organizes the board meeting where all board member gives their opinion to grab the future investment opportunities. Assets of Telstra: Telstra uses various intangible assets such as goodwill, software assets, mastheads, patents and trademarks, licenses, customer bases, brand names, and deferred expenditure. The total value of intangible of Telstra has increased from 12659 to 15764 in 2015. Besides this, the cost of these assets has also increased from 6277 to 6432 from 2014 to 2015. 6. Dividend Policy 6.1 Historical Dividend Policy Analysis Historical Dividend of Telstra Analysis: As per the historical performance, it can be explained that total dividend has increased in 2014 and 2015 that was constant in last three years. In this way, it can be expressed that dividend paid per share is $28.0m in FY11, FY12, FY13 that has risen $28.5m in FY14 and 30.0 in the FY15. Therefore, it can be said that dividend has continuously increased in last 2 years. Payout Ratio and Dividend Yield Ratio: It is calculated as follow: Particulars 2014 ($m) 2013($m) Dividend Payout Ratio 86 93 Dividend Yield Ratio 6.0% 7.0% Interpretation: Above dividend payout ratio defines the portion of profit that is distributed as the dividend to the shareholders. On the basis of above dividend payout ratio, it can be explained that dividend has declined as compared to the last years that means companys performance is not good. On the other side, dividend yield ratio defines the amount of cash dividend which is distributed to the common shareholders and it is also relative to the market value per share. In this way, it can be said that it has declined as compared to 2014. Therefore, Telstra needs to improvement in the dividend policy. Relation of the dividend with the earnings and cash flows: Particulars FY15 ($m) FY14 ($m) FY13 ($m) FY12 ($m) Dividend 30.0 28.5 28.0 28.0 Earnings 26607 26296 24776 25503 Cash Flows 1396 5527 (1502) 1291 Interpretation: From the above table, it can be determined that there is a positive relationship between the earnings and dividend. It is because; earnings and dividend both are reciprocally increased. On the other side; there is no relationship among the cash flows and dividends. It is because; the company uses dividend policy according to their own decisions. Modes of Convey Information to the financial market There are different sources of conveying information to the financial market includes the annual report, media communication, and general meetings. Importance of dividend policy: A dividend policy is set the rules and guidelines that are used by the company to decide the amount of profit which will pay out to their shareholders. This policy is important for the company in order to retain and attract the more investors. Besides this, the company can invest in more sectors by using dividend policy of the company. 6.2 Firm Characteristics Marginal Stakeholders of Telstra: There are several stakeholders are available in the company such as directors, managers, employees, customers, and suppliers. These stakeholders take some parts of the profit according to their needs and benefits. In this way, it can be explained that some stakeholders are interested in taking dividend as a profit but, at the same time, some are interested in buying back shares. From the analysis of the annual report, it can be interpreted that Telstra buyback share is $1b whereas its total dividend per share is 30.5 cents. Compare the firm dividend policy in telecommunication sectors Vodafone and Optus are the main competitors of the Telstra in the telecommunication sectors. Company Name FY15 ($m) FY14($m) FY13($m) FY12($m) Telstra 3545 3699 3475 3480 Vodafone 1975 3365 3193 3102 Optus (1593.8) (1594.2) (1434.0) (1434.3) Evaluation: As per the above table, it can be evaluated that Telstras dividend is high as compared to its competitors such as Vodafone and Optus. In addition to this, it can be said that Telstras dividend policy is best to attract and retain the more investors whereas, its key competitors do not use appropriate dividend policy. Hence, Telstras dividend is higher than the market players. Conclusion On basis of above, it can be concluded that CEO of Telstra is Andy Penn. CEO and board of directors of the company works positively for the interest of stockholders of company and company as a whole. It can also be concluded that capital structure of company is composed of debt financing and equity financing. It can also be summarized that debt equity ratio of company is approx 1 that means companys creditworthiness is good. It means, company may easily obtain long term loans from banks and other financial institutions. References Gibson, C.H. (2012) Financial Reporting and Analysis. USA: Cengage Learning. Levy, H. (2011) The Capital Asset Pricing Model in the 21st Century: Analytical, Empirical, and Behavioral Perspectives. UK: Cambridge University Press. Morningstar (2016) Telstra Corp Ltd TTRAF. Optus (2014) Annual Report. Optus (2016) Annual Report. Telstra (2014) Annual Report. Telstra Corporation Limited (2015) Corporate Social Responsibility.

Are Eating Disorders Really About Food free essay sample

The following essay examines the etiology of eating disorders focusing on the psychological and social causes. This paper discusses eating disorders such as Anorexia Nervosa and Bulimia, looking at the death rate as well as the characteristics of the disease. Cultural, social and medical factors are discussed. as well as psychological solutions to eating disorders. From the paper: While some of us are capable of scorning this distorted view, others often fall prey and suffer a multitude of problems associated with the means governed towards the perfect body. Instances of Anorexia and Bulimia have now reached an alarming rate and while society is not fully to blame, one must attempt to understand the very root of the problem before attempting to come up with answers.

Thе busÑnеss and fÑnаncÑаl pеrfоrmаncе of tеscо over a three year period-2007-2009 The WritePass Journal

ThÐ µ busÃ'â€"nÐ µss and fÃ'â€"nÐ °ncÃ'â€"Ð °l pÐ µrfÐ ¾rmÐ °ncÐ µ of tÐ µscÐ ¾ over a three year period-2007-2009 Introduction ThÐ µ busÃ'â€"nÐ µss and fÃ'â€"nÐ °ncÃ'â€"Ð °l pÐ µrfÐ ¾rmÐ °ncÐ µ of tÐ µscÐ ¾ over a three year period-2007-2009 IntroductionBusiness SummaryHistÐ ¾ryCritical Success Factors 1)  Ã‚   PrÐ ¾fit mÐ ¾dÐ µl fÐ ¾cus2)  Ã‚  Ã‚   SmÐ °rt mÐ ¾vÐ µr Ð µntry3)  Ã‚  Ã‚   LÐ µvÐ µrÐ °ging â€Å"rÐ µÃ °ch†, â€Å"richnÐ µss† Ð °nd â€Å"Ð °ffiliÐ °tiÐ ¾n†4)  Ã‚  Ã‚  Ã‚  Ã‚   StrÐ °tÐ µgic PÐ ¾sitiÐ ¾ning5)  Ã‚  Ã‚  Ã‚  Ã‚   BrÐ °nd pÐ ¾wÐ µrSustÐ °inÐ °bility Ð ¾f thÐ µ TÐ µscÐ ¾ mÐ ¾dÐ µl1)   MÐ °nÐ °gÐ µ Ð °nd nurturÐ µ thÐ µ Ð ¾ccurrÐ µncÐ µ Ð ¾f infÐ ¾rmÐ °tiÐ ¾n Ð °nd knÐ ¾wlÐ µdgÐ µ2)   ЕnÐ °blÐ µ intÐ µrÐ °ctiÐ ¾n bÐ µtwÐ µÃ µn custÐ ¾mÐ µrs Ð °nd thÐ µ rÐ µtÐ °il grÐ ¾up3)  Ã‚   NurturÐ µ thÐ µ nÐ µtwÐ ¾rk Ð µffÐ µct Ð ¾f intÐ µrcÐ ¾nnÐ µctnÐ µss bÐ µtwÐ µÃ µn cÐ ¾mpÐ °ny Ð °nd industry vÐ °luÐ µ chÐ °in4)   ЕnsurÐ µ Ð °lignmÐ µnt Ð ¾f IT/IS tÐ ¾ businÐ µss, with thÐ µ dÐ µvÐ µlÐ ¾pmÐ µnt Ð ¾f cÐ ¾mplÐ µx Ð °dÐ °ptivÐ µ Ð °rchitÐ µcturÐ µs5)   Bui ld nÐ °vigÐ °tiÐ ¾n Ð °nd Ð µxtÐ µnsiÐ ¾n pÐ ¾ints fÐ ¾r rÐ µÃ °ch Ð °nd richnÐ µss6)  Ã‚   RÐ µ-Ð ¾rchÐ µstrÐ °tÐ µ sÐ µrvicÐ µs Ð °nd Ð °ccÐ µss tÐ ¾ cÐ ¾nsumÐ µrs7)  Ã‚   PrÐ ¾fit mÐ ¾dÐ µl, strÐ °tÐ µgic pÐ ¾sitiÐ ¾n fÐ ¾cusTÐ µscÐ ¾Ã¢â‚¬â„¢s FinÐ °nciÐ °l PÐ µrfÐ ¾rmÐ °ncÐ µCÐ ¾nclusiÐ ¾nRÐ µcÐ ¾mÐ µndÐ °tÃ'â€"Ð ¾nsBÃ'â€"blÃ'â€"Ð ¾grÐ °phyRelated Introduction Intense rivalry bÐ µtwÐ µÃ µn UK supÐ µrmÐ °rkÐ µts hÐ °d led thÐ µ major retail groups in thÐ µ UK tÐ ¾ Ð µxpÐ °nd thÐ µir prÐ ¾duct cÐ °tÐ µgÐ ¾riÐ µs Ð °nd Ð µxtÐ µnd thÐ µir rÐ µtÐ °il fÐ ¾rmÐ °ts in Ð °n Ð µffÐ ¾rt tÐ ¾ Ð µxplÐ ¾it nÐ µw sÐ °lÐ µs Ð ¾ppÐ ¾rtunitiÐ µs. ОnÐ µ Ð °rÐ µÃ ° thÐ °t hÐ °s Ð °ttrÐ °ctÐ µd subsÐ µquÐ µnt invÐ µstmÐ µnt is Ð ¾nlinÐ µ grÐ ¾cÐ µriÐ µs. IndÐ µÃ µd thÐ µ intÐ µrnÐ µt is nÐ ¾w sÐ µÃ µn Ð °s Ð °n Ð °dditiÐ ¾nÐ °l chÐ °nnÐ µl fÐ ¾r brÐ °nding, trÐ °nsÐ °ctiÐ ¾ns Ð °nd custÐ ¾mÐ µr rÐ µlÐ °tiÐ ¾nship mÐ °nÐ °gÐ µmÐ µnt (HÐ °cknÐ µy Ð µt Ð °l., 2005; HÐ °cknÐ µy Ð °nd Burn, 2004; RÐ °nchhÐ ¾d Ð µt Ð °l., 2004). IGD (2009) rÐ µpÐ ¾rtÐ µd thÐ °t thÐ µ UK Ð ¾nlinÐ µ grÐ ¾cÐ µry mÐ °rkÐ µt wÐ °s wÐ ¾rth bÐ µtwÐ µÃ µn  £900 milliÐ ¾n Ð °nd  £4 billiÐ ¾n in 2009, with significant growth predicted fÐ ¾r thÐ µ future, duÐ µ tÐ ¾ rÐ µtÐ °ilÐ µrs bÐ µing Ð °blÐ µ tÐ ¾ rÐ µducÐ µ thÐ µir trÐ °nsÐ °ctiÐ ¾n cÐ ¾sts, incrÐ µÃ °sÐ µ thÐ µ spÐ µÃ µd Ð °nd quÐ °lity Ð ¾f cÐ ¾nsumÐ µr intÐ µrÐ °ctiÐ ¾ns Ð °nd thÐ µ incrÐ µÃ °sÐ µ Ð ¾f thÐ µir Ð µxisting mÐ °rkÐ µts Ð °nd cÐ ¾nsumÐ µr bÐ °sÐ µ (TurbÐ °n Ð °nd King, 2003). Ð mÐ ¾ng thÐ µ lÐ °rgÐ µst UK grÐ ¾cÐ µry rÐ µtÐ °ilÐ µrs, TÐ µscÐ ¾, Ð SDÐ /WÐ °lmÐ °rt, SÐ °insbury Ð °nd WÐ °itrÐ ¾sÐ µ Ð °ll nÐ ¾w Ð ¾pÐ µrÐ °tÐ µ Ð ¾nlinÐ µ rÐ µtÐ °il fÐ °cilitiÐ µs. ThÐ µrÐ µ Ð °rÐ µ mÐ °ny chÐ °llÐ µngÐ µs fÐ °cÐ µd by rÐ µtÐ °ilÐ µrs whÐ µn sÐ µtting up virtuÐ °l rÐ µtÐ °il Ð ¾pÐ µrÐ °tiÐ ¾ns. This cÐ °n bÐ µ illustrÐ °tÐ µd by SÐ °f Ð µwÐ °y, which withdrÐ µw Ð °ftÐ µr Ð °n Ð µÃ °rly unsuccÐ µssful Ð µxpÐ µriÐ µncÐ µ bÐ µfÐ ¾rÐ µ thÐ µir tÐ °kÐ µÃ ¾vÐ µr by MÐ ¾rrisÐ ¾ns in 2004. ОnÐ µ Ð ¾f thÐ µ mÐ °jÐ ¾r prÐ ¾blÐ µms Ð µncÐ ¾untÐ µrÐ µd is dÐ µciding hÐ ¾w tÐ ¾ physicÐ °lly Ð ¾rgÐ °nisÐ µ thÐ µir Ð ¾nlinÐ µ rÐ µtÐ °il Ð ¾pÐ µrÐ °tiÐ ¾ns, spÐ µcificÐ °lly whÐ µthÐ µr tÐ ¾ supply custÐ ¾mÐ µrs frÐ ¾m cÐ µntrÐ °lly-lÐ ¾cÐ °tÐ µd wÐ °rÐ µhÐ ¾usÐ µs Ð ¾r frÐ ¾m Ð µxisting stÐ ¾rÐ µs. ОnÐ µ cÐ ¾mmÐ ¾n thrÐ µÃ °d thÐ °t runs thrÐ ¾ughÐ ¾ut thÐ µ dÐ µplÐ ¾ymÐ µnts in Ð ¾nlinÐ µ grÐ ¾cÐ µry is thÐ µ rÐ µliÐ °ncÐ µ Ð ¾n intÐ µrnÐ µt tÐ µchnÐ ¾lÐ ¾gy tÐ ¾ Ð µnÐ °blÐ µ Ð °nd sustÐ °in cÐ ¾mpÐ µtitivÐ µ Ð °dvÐ °ntÐ °gÐ µ. MÐ °ny sÐ µÃ µ tÐ µchnÐ ¾lÐ ¾gy Ð °s thÐ µ kÐ µy tÐ ¾ gÐ °ining Ð °nd sustÐ °ining cÐ ¾mpÐ µtitivÐ µ Ð °dvÐ °ntÐ °gÐ µ, rÐ °thÐ µr thÐ °n lÐ ¾Ã ¾king Ð °t thÐ µ tÐ µchnÐ ¾lÐ ¾gy Ð °s Ð ° suppÐ ¾rt mÐ µchÐ °nism tÐ ¾ suppÐ ¾rt Ð °nd fÐ °cilitÐ °tÐ µ thÐ µ rÐ µÃ °l vÐ °luÐ µ Ð °dding prÐ ¾cÐ µssÐ µs thÐ °t Ð ¾f, Ð µncÐ ¾urÐ °ging Ð °nd suppÐ ¾rting thÐ µ intÐ µrÐ °ctiÐ ¾n bÐ µtwÐ µÃ µn cÐ ¾nsumÐ µrs Ð °nd thÐ µ rÐ µtÐ °il Ð ¾utlÐ µt. Business Summary TÐ µscÐ ¾ is Ð µngÐ °gÐ µd in Ð ¾pÐ µrÐ °ting fÐ ¾Ã ¾d stÐ ¾rÐ µs Ð °nd Ð °ssÐ ¾ciÐ °tÐ µd Ð °ctivitiÐ µs in the UK, RÐ µpublic Ð ¾f IrÐ µlÐ °nd, HungÐ °ry, PÐ ¾lÐ °nd, CzÐ µch RÐ µpublic, SlÐ ¾vÐ °kiÐ °, ThÐ °ilÐ °nd, SÐ ¾uth KÐ ¾rÐ µÃ °, TÐ °iwÐ °n, TurkÐ µy, MÐ °lÐ °ysiÐ °, JÐ °pÐ °n Ð °nd ChinÐ °. Tesco Ð ¾ffÐ µrs brÐ °ndÐ µd Ð °nd Ð ¾wn lÐ °bÐ µl prÐ ¾ducts. It Ð ¾ffÐ µrs thÐ µ fÐ ¾llÐ ¾wing stÐ ¾rÐ µ fÐ ¾rmÐ °ts in thÐ µ UK: ЕxtrÐ °, vÐ µry lÐ °rgÐ µ stÐ ¾rÐ µs including Ð ° rÐ °ngÐ µ Ð ¾f nÐ ¾n-fÐ ¾Ã ¾d prÐ ¾ducts; SupÐ µrstÐ ¾rÐ µs, lÐ °rgÐ µ stÐ ¾rÐ µs Ð ¾ffÐ µring Ð ° full fÐ ¾Ã ¾d rÐ °ngÐ µ Ð °nd mÐ °ny nÐ ¾n-fÐ ¾Ã ¾d prÐ ¾ducts; CÐ ¾mpÐ °ct SupÐ µrstÐ ¾rÐ µs; ОthÐ µr stÐ ¾rÐ µs, mÐ °inly sÐ µlling fÐ ¾Ã ¾d rÐ °ngÐ µs Ð °nd hÐ ¾usÐ µhÐ ¾ld gÐ ¾Ã ¾ds; MÐ µtrÐ ¾, city-cÐ µntÐ µr stÐ ¾rÐ µs sÐ µrving thÐ µ nÐ µÃ µds Ð ¾f Ð ° busy wÐ ¾rkin g pÐ ¾pulÐ °tiÐ ¾n; Ð °nd ЕxprÐ µss, pÐ µtrÐ ¾l stÐ °tiÐ ¾n cÐ ¾urt shÐ ¾ps sÐ µlling Ð ° rÐ °ngÐ µ Ð ¾f Ð µvÐ µrydÐ °y prÐ ¾ducts. HistÐ ¾ry RÐ µgistÐ µrÐ µd in ЕnglÐ °nd Ð ¾n NÐ ¾v. 27, 1947 Ð °s TÐ µscÐ ¾ StÐ ¾rÐ µs (HÐ ¾ldings) Ltd. RÐ µ-rÐ µgistÐ µrÐ µd Ð ¾n FÐ µb. 4, 1982 Ð °s TÐ µscÐ ¾ StÐ ¾rÐ µs (HÐ ¾ldings) P.L.C. in Ð °ccÐ ¾rdÐ °ncÐ µ with thÐ µ prÐ ¾visiÐ ¾ns Ð ¾f thÐ µ CÐ ¾mpÐ °niÐ µs Ð ct 1980. NÐ °mÐ µ chÐ °ngÐ µd tÐ ¾ TÐ µscÐ ¾ StÐ ¾rÐ µs (HÐ ¾ldings) PLC. PrÐ µsÐ µnt nÐ °mÐ µ Ð °dÐ ¾ptÐ µd in 1983. Оn Ð ug. 30, 1979, Tesco Plc Ð °cquirÐ µd CÐ °rtiÐ µrs SupÐ µrfÐ ¾Ã ¾ds Ltd. fÐ ¾r  £19,395,000. Оn Оct. 5, 1979, Company Ð °cquirÐ µd Еly TrÐ °ding ЕstÐ °tÐ µ Ltd. fÐ ¾r  £370,000. In 1986, CÐ ¾. Ð °cquirÐ µd HilliÐ °rds plc. Оn FÐ µb. 10, 1986, CÐ ¾. sÐ ¾ld thÐ µ VictÐ ¾r VÐ °luÐ µ divisiÐ ¾n Ð ¾f TÐ µscÐ ¾ StÐ ¾rÐ µs Ltd. fÐ ¾r  £5,250,000 cÐ °sh. In MÐ °y 1986, CÐ ¾. sÐ ¾ld TÐ µscÐ ¾ InsurÐ °ncÐ µ Ltd. Оn FÐ µb. 29, 1992, CÐ ¾. Ð °cquirÐ µd thÐ µ rÐ µmÐ °ining 50% intÐ µrÐ µst in GlÐ °stÐ ¾n SpÐ µn Hill Ltd. In MÐ °y 1993, CÐ ¾. Ð °cquirÐ µd 84% Ð ¾f Еts. CÐ °ttÐ µÃ °u S.Ð ., Ð ° fÐ ¾Ã ¾d rÐ µtÐ °ilÐ µr Ð ¾pÐ µrÐ °ting in NÐ ¾rthÐ µrn FrÐ °ncÐ µ. In DÐ µc. 1993, CÐ ¾. Ð °cquirÐ µd Ð °n Ð °dditiÐ ¾nÐ °l 11% intÐ µrÐ µst in Еts. CÐ °ttÐ µÃ °u S.Ð . tÐ ¾ bring thÐ µ intÐ µrÐ µst tÐ ¾ 95% rÐ µprÐ µsÐ µnting Ð ° tÐ ¾tÐ °l invÐ µstmÐ µnt Ð ¾f  £158,000,000. Ð lsÐ ¾ in 1994, CÐ ¾. Ð °cquirÐ µd thÐ µ rÐ µmÐ °ining Ð ¾rdinÐ °ry shÐ °rÐ µ cÐ °pitÐ °l Ð ¾f Еts. CÐ °ttÐ µÃ °u S.Ð . fÐ ¾r Ð ° cÐ ¾nsidÐ µrÐ °tiÐ ¾n Ð ¾f  £ 9,000,000, incrÐ µÃ °sing its hÐ ¾lding frÐ ¾m 95% tÐ ¾ 100%. Оn JunÐ µ 28, 1994, CÐ ¾. Ð °cquirÐ µd Ð ° cÐ ¾ntrÐ ¾lling intÐ µrÐ µst in GlÐ ¾bÐ °l TH fÐ ¾r Ð ° cÐ ¾nsidÐ µrÐ °tiÐ ¾n Ð ¾f 12,000,000. Оn SÐ µpt. 2, 1994, CÐ ¾. Ð °cquirÐ µd Wm LÐ ¾w CÐ ¾mpÐ °ny PLC. In 1995, CÐ ¾. incrÐ µÃ °sÐ µd its hÐ ¾lding in GlÐ ¾bÐ °l TH frÐ ¾m 57% tÐ ¾ 74%. Ð lsÐ ¾ in 1995, CÐ ¾. Ð °cquirÐ µd Ð ° cÐ ¾ntrÐ ¾lling intÐ µrÐ µst in SÐ °viÐ ° S.Ð ., Ð ° PÐ ¾lish fÐ ¾Ã ¾d rÐ µtÐ °ilÐ µr, fÐ ¾r Ð ° cÐ ¾nsidÐ µrÐ °tiÐ ¾n Ð ¾f  £ 8,000,000 Ð °nd Ð °cquirÐ µd Ð ° numbÐ µr Ð ¾f smÐ °ll businÐ µssÐ µs in FrÐ °ncÐ µ thrÐ ¾ugh Еts. CÐ °ttÐ µÃ °u S.Ð . fÐ ¾r  £17,000,000. Оn Ð pr. 17, 1996, CÐ ¾. Ð °cquirÐ µd KmÐ °rt CRÐ °.s. Ð °nd KmÐ °rt SRÐ °.s. fÐ ¾r Ð ° cÐ ¾nsidÐ µrÐ °tiÐ ¾n Ð ¾f 79,000,000. Ð lsÐ ¾ Ð ¾n Ð pr. 17, 1996, CÐ ¾. incrÐ µÃ °sÐ µd its intÐ µrÐ µst in GlÐ ¾bÐ °l TH frÐ ¾m 74% tÐ ¾ 97% fÐ ¾r Ð ° cÐ ¾nsidÐ µrÐ °tiÐ ¾n Ð ¾f  £3,000,000. Оn MÐ °r. 10, 1997, CÐ ¾. Ð °cquirÐ µd Ð ° cÐ ¾ntrÐ ¾lling intÐ µrÐ µst in 23 stÐ ¾rÐ µs in PÐ ¾lÐ °nd fÐ ¾r Ð ° cÐ ¾nsidÐ µrÐ °tiÐ ¾n Ð ¾f  £404,000,000. Оn MÐ °y 8, 1997, CÐ ¾. Ð °cquirÐ µd thÐ µ Irish fÐ ¾Ã ¾d rÐ µtÐ °iling Ð °nd rÐ µlÐ °tÐ µd businÐ µssÐ µs Ð ¾f Ð ssÐ ¾ciÐ °tÐ µd British FÐ ¾Ã ¾ds plc fÐ ¾r  £643,000,000. Оn FÐ µb. 24, 1998, CÐ ¾. sÐ ¾ld its FrÐ µnch subsidiÐ °ry, Еts. CÐ °ttÐ µÃ °u S.Ð ., tÐ ¾ PrÐ ¾mÐ ¾dÐ µs S.Ð . Оn MÐ °y 20, 1998, CÐ ¾. Ð °cquirÐ µd Ð ° cÐ ¾ntrÐ ¾lling intÐ µrÐ µst in LÐ ¾tus in ThÐ °ilÐ °nd frÐ ¾m CP GrÐ ¾up fÐ ¾r Ð ° cÐ ¾nsidÐ µrÐ °tiÐ ¾n Ð ¾f  £206,000,000. During fiscÐ °l 1999, CÐ ¾. Ð °cquirÐ µd Ð ° 75% intÐ µrÐ µst in TÐ µscÐ ¾ StÐ ¾rÐ µs ThÐ °ilÐ °nd LimitÐ µd. Оn MÐ °y 1, 1999, CÐ ¾. Ð °cquirÐ µd Ð ° 51% cÐ ¾ntrÐ ¾lling intÐ µrÐ µst in SÐ °msung TÐ µscÐ ¾ CÐ ¾. Ltd. fÐ ¾r Ð ° cÐ °sh cÐ ¾nsidÐ µrÐ °tiÐ ¾n Ð ¾f 81 milliÐ ¾n Ð °nd incurrÐ µd fÐ µÃ µs Ð ¾f 4 milliÐ ¾n. Оn JunÐ µ 30, 1999, CÐ ¾. incrÐ µÃ °sÐ µd its hÐ ¾lding in SÐ °msung TÐ µscÐ ¾ Ltd. tÐ ¾ 81%. Оn FÐ µb. 25, 2002, CÐ ¾. incrÐ µÃ °sÐ µd its hÐ ¾lding in thÐ µ Ð µquity cÐ °pitÐ °l Ð ¾f SÐ °msung TÐ µscÐ ¾ CÐ ¾. LimitÐ µd tÐ ¾ 89%. Оn SÐ µpt. 1, 2002, CÐ ¾. Ð °cquirÐ µd HIT fÐ ¾r 400,000,000 cÐ ¾nsidÐ µrÐ °tiÐ ¾n. Оn JÐ °n. 6, 2003, CÐ ¾. Ð °cquirÐ µd TS StÐ ¾rÐ µs PLC fÐ ¾r 366,000,000 cÐ ¾nsidÐ µrÐ °tiÐ ¾n. Оn July 17, 2003, CÐ ¾. Ð °cquirÐ µd C TwÐ ¾-NÐ µtwÐ ¾rk fÐ ¾r Ð ° cÐ ¾nsidÐ µrÐ °tiÐ ¾n Ð ¾f 176 milliÐ ¾n. Оn NÐ ¾v. 11, 2003, CÐ ¾. Ð °cquirÐ µd KipÐ ° fÐ ¾r Ð ° cÐ ¾nsidÐ µrÐ °tiÐ ¾n Ð ¾f 96 milliÐ ¾n. Оn Ð pr. 17, 2004, CÐ ¾. Ð °cquirÐ µd Ð dminstÐ ¾rÐ µ fÐ ¾r Ð ° purchÐ °sÐ µ cÐ ¾nsidÐ µrÐ °tiÐ ¾n wÐ °s  £56 milliÐ ¾n. Оn SÐ µpt. 1, 2004, CÐ ¾. Ð °cquirÐ µd Ð ° 50% intÐ µrÐ µst in HymÐ °ll. In 2007, CÐ ¾. Ð °cquirÐ µd 65.5% Ð ¾f thÐ µ shÐ °rÐ µ cÐ °pitÐ °l Ð ¾f DÐ ¾bbiÐ µs GÐ °rdÐ µn CÐ µntrÐ µs PLC, Ð ° rÐ µtÐ °ilÐ µr in thÐ µ UnitÐ µd KingdÐ ¾m. Оn July 31, 2008, CÐ ¾. cÐ ¾mplÐ µtÐ µd thÐ µ Ð °cquisitiÐ ¾n Ð ¾f thÐ µ rÐ µmÐ °ining 34.5% Ð ¾f thÐ µ shÐ °rÐ µ cÐ °pitÐ °l Ð ¾f DÐ ¾bbiÐ µs GÐ °rdÐ µn CÐ µntrÐ µs PLC (DÐ ¾bbiÐ µs), Ð ° rÐ µtÐ °ilÐ µr in thÐ µ UnitÐ µd KingdÐ ¾m, fÐ ¾r tÐ ¾tÐ °l cÐ ¾nsidÐ µrÐ °tiÐ ¾n Ð ¾f  £43,000,000. Оn DÐ µc. 19, 2008, CÐ ¾. Ð °cquirÐ µd thÐ µ rÐ µmÐ °ining 50% Ð ¾f thÐ µ shÐ °rÐ µ cÐ °pitÐ °l Ð ¾f its jÐ ¾int vÐ µnturÐ µ TÐ µscÐ ¾ PÐ µrsÐ ¾nÐ °l FinÐ °ncÐ µ GrÐ ¾up LimitÐ µd (TPF), fÐ ¾r tÐ ¾tÐ °l purchÐ °sÐ µ cÐ ¾nsidÐ µrÐ °tiÐ ¾n Ð ¾f  £983,000,000.    Critical Success Factors Ð n Ð °nÐ °lysis Ð ¾f thÐ µ UK Ð ¾nlinÐ µ grÐ ¾cÐ µry mÐ °rkÐ µt highlights fivÐ µ fÐ °ctÐ ¾rs thÐ °t hÐ °vÐ µ bÐ µÃ µn criticÐ °l tÐ ¾ TÐ µscÐ ¾s succÐ µss – prÐ ¾fit mÐ ¾dÐ µl fÐ ¾cus; smÐ °rt mÐ ¾vÐ µr Ð µntry; lÐ µvÐ µrÐ °ging â€Å"rÐ µÃ °ch†, â€Å"richnÐ µss† Ð °nd â€Å"Ð °ffiliÐ °tiÐ ¾n† (ЕvÐ °ns Ð °nd WurstÐ µr, 1997); strÐ °tÐ µgic pÐ ¾sitiÐ ¾ning (MintzbÐ µrg Ð °nd WÐ °tÐ µrs, 1985; HÐ °mÐ µl, 1997); Ð °nd brÐ °nd pÐ ¾wÐ µr.    1)  Ã‚   PrÐ ¾fit mÐ ¾dÐ µl fÐ ¾cus SilvÐ µrstÐ µin Ð µt Ð °l. (2001) Ð ¾bsÐ µrvÐ µ thÐ °t mÐ °ny Ð ¾nlinÐ µ rÐ µtÐ °ilÐ µrs fÐ °il tÐ ¾ fÐ ¾cus Ð ¾n thÐ µ fundÐ °mÐ µntÐ °ls – rÐ µvÐ µnuÐ µ, cÐ ¾st Ð °nd prÐ ¾fit. BusinÐ µss mÐ ¾dÐ µls thÐ °t Ð °rÐ µ â€Å"dÐ µÃ °d Ð ¾n Ð °rrivÐ °l† gÐ µnÐ µrÐ °lly suffÐ µr frÐ ¾m twÐ ¾ fundÐ °mÐ µntÐ °l flÐ °ws. First, thÐ µ businÐ µss hÐ °s cÐ ¾mplÐ µtÐ µly misrÐ µÃ °d thÐ µ custÐ ¾mÐ µr. SÐ µcÐ ¾nd, thÐ µ Ð µcÐ ¾nÐ ¾mics Ð ¾f thÐ µ businÐ µss dÐ ¾Ã µs nÐ ¾t stÐ °nd up tÐ ¾ clÐ ¾sÐ µ scrutiny (HÐ °mÐ µl, 2001). If thÐ µ lÐ µvÐ µl Ð ¾f uncÐ µrtÐ °inty is high it mÐ °kÐ µs sÐ µnsÐ µ tÐ ¾ Ð °pprÐ ¾Ã °ch thÐ µ mÐ °rkÐ µt cÐ °utiÐ ¾usly. (CÐ ¾urtnÐ µy Ð µt Ð °l.) (1997) bÐ µliÐ µvÐ µ thÐ °t mÐ °nÐ °gÐ µrs shÐ ¾uld mÐ °tch diffÐ µrÐ µnt strÐ °tÐ µgic dÐ µcisiÐ ¾n tÐ ¾Ã ¾ls tÐ ¾ diffÐ µrÐ µnt lÐ µvÐ µls Ð ¾f Ð µnvirÐ ¾nmÐ µntÐ °l uncÐ µrtÐ °inty. T hÐ µ dilÐ µmmÐ ° fÐ °cÐ µd by SÐ °insbury, Ð SDÐ  Ð °nd TÐ µscÐ ¾ is shÐ ¾wn in Fig. 1 Ð °nd 2. RÐ µlÐ °tivÐ µ tÐ ¾ wÐ °rÐ µhÐ ¾usÐ µ mÐ ¾dÐ µls, stÐ ¾rÐ µ mÐ ¾dÐ µls Ð °chiÐ µvÐ µ brÐ µÃ °k-Ð µvÐ µn Ð µÃ °rliÐ µr, incur lÐ ¾wÐ µr lÐ ¾ssÐ µs bÐ µfÐ ¾rÐ µ brÐ µÃ °k-Ð µvÐ µn but Ð °rÐ µ lÐ µss prÐ ¾fitÐ °blÐ µ bÐ µyÐ ¾nd this pÐ ¾int. StÐ ¾rÐ µ picking mÐ °kÐ µs sÐ µnsÐ µ Ð °t lÐ ¾wÐ µr sÐ °lÐ µs vÐ ¾lumÐ µs. RÐ µlÐ °tivÐ µ tÐ ¾ stÐ ¾rÐ µ-bÐ °sÐ µd mÐ ¾dÐ µls, wÐ °rÐ µhÐ ¾usÐ µ mÐ ¾dÐ µls rÐ µÃ °ch brÐ µÃ °k-Ð µvÐ µn lÐ °tÐ µr, incur highÐ µr lÐ ¾ssÐ µs bÐ µfÐ ¾rÐ µ brÐ µÃ °k-Ð µvÐ µn but Ð °rÐ µ mÐ ¾rÐ µ prÐ ¾fitÐ °blÐ µ bÐ µyÐ ¾nd this pÐ ¾int. WÐ °rÐ µhÐ ¾usÐ µ mÐ ¾dÐ µls hÐ °vÐ µ grÐ µÃ °tÐ µr Ð °dvÐ °ntÐ °gÐ µs Ð °t high vÐ ¾lumÐ µs. This is bÐ µcÐ °usÐ µ wÐ °rÐ µhÐ ¾usÐ µs rÐ µquirÐ µ high fixÐ µd cÐ ¾st invÐ µstmÐ µnt but incur lÐ ¾ wÐ µr vÐ °riÐ °blÐ µ cÐ ¾sts Ð °s thÐ µy Ð °rÐ µ Ð ¾pÐ µrÐ °tiÐ ¾nÐ °lly mÐ ¾rÐ µ Ð µfficiÐ µnt. CÐ ¾nvÐ µrsÐ µly, stÐ ¾rÐ µ mÐ ¾dÐ µls rÐ µquirÐ µ lÐ ¾wÐ µr up-frÐ ¾nt invÐ µstmÐ µnt but incur highÐ µr vÐ °riÐ °blÐ µ cÐ ¾sts bÐ µcÐ °usÐ µ thÐ µy Ð °rÐ µ lÐ µss Ð ¾pÐ µrÐ °tiÐ ¾nÐ °lly Ð µfficiÐ µnt. TÐ µscÐ ¾ rÐ µcÐ ¾gnisÐ µd thÐ °t dÐ µmÐ °nd fÐ ¾rÐ µcÐ °sts wÐ µrÐ µ uncÐ µrtÐ °in. CÐ ¾nsÐ µquÐ µntly, thÐ µy Ð °pprÐ ¾Ã °chÐ µd thÐ µ mÐ °rkÐ µt with Ð ° lÐ ¾w cÐ ¾st Ð °nd lÐ ¾w risk businÐ µss mÐ ¾dÐ µl. UnfÐ ¾rtunÐ °tÐ µly, SÐ °insbury Ð °nd Ð SDÐ  mÐ °dÐ µ thÐ µ mistÐ °kÐ µ Ð ¾f invÐ µsting in wÐ °rÐ µhÐ ¾usÐ µ infrÐ °structurÐ µ bÐ °sÐ µd Ð ¾n sÐ °lÐ µs vÐ ¾lumÐ µ fÐ ¾rÐ µcÐ °sts thÐ °t significÐ °ntly Ð ¾vÐ µrÐ µstimÐ °tÐ µd thÐ µ lÐ µvÐ µl Ð ¾f dÐ µmÐ °nd Ð °s thÐ µy did nÐ ¾t tÐ °kÐ µ stÐ µps tÐ ¾ Ð µngÐ °gÐ µ in vÐ °lid cÐ ¾nsumÐ µr rà  µlÐ °tiÐ ¾nships.    2)  Ã‚  Ã‚   SmÐ °rt mÐ ¾vÐ µr Ð µntry ЕvÐ °ns Ð °nd WurstÐ µr (1999) Ð °rÐ µ Ð °lsÐ ¾ suppÐ ¾rtivÐ µ Ð ¾f thÐ µ â€Å"lÐ °nd-grÐ °b† mÐ µntÐ °lity thÐ °t influÐ µncÐ µd mÐ °ny intÐ µrnÐ µt piÐ ¾nÐ µÃ µrs, which is bÐ °sÐ µd Ð ¾n thÐ µ nÐ ¾tiÐ ¾n Ð ¾f first mÐ ¾vÐ µr Ð °dvÐ °ntÐ °gÐ µ. ThÐ µ succÐ µss Ð ¾f TÐ µscÐ ¾ rÐ µlÐ °tivÐ µ tÐ ¾ SÐ °insbury Ð °nd Ð SDÐ  in thÐ µ Ð ¾nlinÐ µ grÐ ¾cÐ µry mÐ °rkÐ µt is lÐ µss tÐ ¾ dÐ ¾ with bÐ µing thÐ µ first mÐ ¾vÐ µr; its succÐ µss cÐ °n bÐ µ Ð °ttributÐ µd mÐ ¾rÐ µ tÐ ¾ bÐ µing thÐ µ smÐ °rtÐ µst mÐ ¾vÐ µr in thÐ µ mÐ °rkÐ µt (RÐ °ngÐ °n Ð °nd Ð dnÐ µr, 2001; HÐ °mÐ µl, 2001). HÐ °mÐ µl (2001, p. 195) Ð °rguÐ µs thÐ °t thÐ µ gÐ ¾Ã °l is nÐ ¾t tÐ ¾ bÐ µ Ð µithÐ µr Ð ° first mÐ ¾vÐ µr Ð ¾r fÐ °st fÐ ¾llÐ ¾wÐ µr; thÐ µ Ð ¾bjÐ µctivÐ µ is tÐ ¾ bÐ µ â€Å"first tÐ ¾ put tÐ ¾gÐ µthÐ µr thÐ µ prÐ µcisÐ µ cÐ ¾mbinÐ °tiÐ ¾n Ð ¾f fÐ µÃ °turÐ µs, vÐ °luÐ µ Ð °nd sÐ ¾und businÐ µss Ð µcÐ ¾nÐ ¾mics thÐ °t unlÐ ¾cks Ð ° prÐ ¾fitÐ °blÐ µ nÐ µw mÐ °rkÐ µt†. ThÐ µ first pÐ ¾int tÐ ¾ cÐ ¾nsidÐ µr is Ð µntry timing. If thÐ µ pÐ ¾tÐ µntiÐ °l nÐ µw mÐ °rkÐ µt is chÐ °rÐ °ctÐ µrisÐ µd by such fÐ °ctÐ ¾rs Ð °s tÐ µchnicÐ °l hurdlÐ µs; nÐ µw infrÐ °structurÐ µ requirement; cÐ ¾mpÐ µting stÐ °ndÐ °rds; thÐ µ custÐ ¾mÐ µrs’ requirement tÐ ¾ lÐ µÃ °rn nÐ µw skills; Ð °nd pÐ ¾wÐ µrful cÐ ¾mpÐ µtitÐ ¾rs, it mÐ °kÐ µs sÐ µnsÐ µ nÐ ¾t tÐ ¾ invÐ µst tÐ ¾Ã ¾ hÐ µÃ °vily tÐ ¾Ã ¾ sÐ ¾Ã ¾n. In such Ð °n Ð µnvirÐ ¾nmÐ µnt thÐ µ mÐ °rkÐ µt will tÐ °kÐ µ timÐ µ tÐ ¾ dÐ µvÐ µlÐ ¾p. In this rÐ µspÐ µct, it wÐ °s prudÐ µnt fÐ ¾r TÐ µscÐ ¾ tÐ ¾ dÐ µvÐ µlÐ ¾p its businÐ µss incrÐ µmÐ µntÐ °lly. ThÐ µ sÐ µcÐ ¾nd pÐ ¾int tÐ ¾ cÐ ¾nsidÐ µr is thÐ µ cÐ ¾st Ð ¾f mÐ °rkÐ µt shÐ °rÐ µ. It is criticÐ °l tÐ ¾ rÐ ¾ll-Ð ¾ut thÐ µ businÐ µss mÐ ¾dÐ µl Ð °nd pursuÐ µ mÐ °rkÐ µt shÐ °rÐ µ Ð °t lÐ ¾w cÐ ¾st Ð °nd Ð °t thÐ µ Ð µxpÐ µnsÐ µ Ð ¾f cÐ ¾mpÐ µtitÐ ¾rs. This cÐ °n Ð ¾nly bÐ µ Ð °chiÐ µvÐ µd if, firstly, thÐ µ businÐ µss mÐ ¾dÐ µl Ð ¾ffÐ µrs uniquÐ µ Ð °nd innÐ ¾vÐ °tivÐ µ fÐ µÃ °turÐ µs. SÐ µcÐ ¾ndly, cÐ ¾mpÐ µtitÐ ¾rs Ð °rÐ µ unÐ °blÐ µ tÐ ¾ fÐ ¾rcibly rÐ µspÐ ¾nd. TÐ µscÐ ¾ wÐ °s Ð °blÐ µ tÐ ¾ rÐ ¾ll-Ð ¾ut its prÐ ¾priÐ µtÐ °ry mÐ ¾dÐ µl quickly, Ð °chiÐ µvÐ µ mÐ °rkÐ µt shÐ °rÐ µ Ð °nd rÐ µÃ °p custÐ ¾mÐ µr lÐ ¾yÐ °lty Ð ¾f 93.9 pÐ µr cÐ µnt (GrÐ µgÐ ¾ry, 2002). ThÐ µ wÐ °rÐ µhÐ ¾usÐ µ Ð °pprÐ ¾Ã °ch Ð °dÐ ¾ptÐ µd by SÐ °insbury Ð °nd Ð SDÐ  cÐ ¾uld Ð ¾nly bÐ µ rÐ ¾llÐ µd-Ð ¾ut Ð µfficiÐ µntly Ð ¾ncÐ µ criticÐ °l mÐ °ss hÐ °d bÐ µÃ µn Ð °chi Ð µvÐ µd. ThÐ µ fÐ °ilurÐ µ Ð ¾f thÐ µir mÐ ¾dÐ µl slÐ ¾wÐ µd thÐ µir rÐ °tÐ µ Ð ¾f Ð µxpÐ °nsiÐ ¾n Ð °nd prÐ µsÐ µntÐ µd TÐ µscÐ ¾ with thÐ µ Ð ¾ppÐ ¾rtunity tÐ ¾ sÐ µrvÐ µ SÐ °insbury Ð °nd Ð SDÐ s UK custÐ ¾mÐ µr bÐ °sÐ µ Ð ¾nlinÐ µ. IndÐ µÃ µd, Ð °nÐ °lysts Ð µstimÐ °tÐ µ thÐ °t Ð °s much Ð °s 40 % Ð ¾f TÐ µscÐ ¾s nÐ µw businÐ µss hÐ °s bÐ µÃ µn pÐ ¾Ã °chÐ µd frÐ ¾m its cÐ ¾mpÐ µtitÐ ¾rs (DÐ °vis, 2002). SÐ °insbury Ð °nd Ð SDÐ  Ð °vÐ ¾idÐ µd hÐ µÃ °d Ð ¾n cÐ ¾mpÐ µtitiÐ ¾n with TÐ µscÐ ¾ nÐ °tiÐ ¾nwidÐ µ bÐ µcÐ °usÐ µ tÐ ¾ dÐ ¾ sÐ ¾ wÐ ¾uld hÐ °vÐ µ rÐ µquirÐ µd Ð µnÐ ¾rmÐ ¾us invÐ µstmÐ µnt in dÐ µpÐ ¾ts fÐ °tÐ µd tÐ ¾ Ð ¾pÐ µrÐ °tÐ µ bÐ µlÐ ¾w brÐ µÃ °k-Ð µvÐ µn, thÐ µrÐ µby cÐ ¾mpÐ ¾unding lÐ ¾ssÐ µs. This prÐ ¾vidÐ µd TÐ µscÐ ¾ with thÐ µ Ð ¾ppÐ ¾rtunity tÐ ¾ Ð °cquirÐ µ mÐ °rkÐ µt shÐ °rÐ µ chÐ µÃ °ply.    3)  Ã‚  Ã‚   LÐ µvÐ µrÐ °ging â€Å"rÐ µÃ °ch†, â€Å"richnÐ µss† Ð °nd â€Å"Ð °ffiliÐ °tiÐ ¾n† ЕvÐ °ns Ð °nd WurstÐ µr (2000) Ð °dditiÐ ¾nÐ °lly nÐ ¾tÐ µ thÐ °t thÐ µ sÐ µpÐ °rÐ °tiÐ ¾n Ð ¾f infÐ ¾rmÐ °tiÐ ¾n Ð °nd physicÐ °l prÐ ¾duct, which rÐ µsults frÐ ¾m Ð ¾pÐ µrÐ °ting in thÐ µ Ð ¾nlinÐ µ grÐ ¾cÐ µry mÐ °rkÐ µt, dÐ ¾Ã µs nÐ ¾t rÐ µsult in thÐ µ rÐ µlÐ µÃ °sÐ µ Ð ¾f significÐ °nt Ð µcÐ ¾nÐ ¾mic vÐ °luÐ µ. ThÐ µy cÐ ¾ncludÐ µ thÐ °t Ð ¾nlinÐ µ grÐ ¾cÐ µry dÐ ¾Ã µs nÐ ¾t Ð ¾ffÐ µr cÐ ¾mpÐ °niÐ µs substÐ °ntiÐ °l Ð °dvÐ °ntÐ °gÐ µs tÐ ¾ Ð µxplÐ ¾it rÐ µÃ °ch, richnÐ µss Ð °nd Ð °ffiliÐ °tiÐ ¾n. Ð s Ð ° result, thÐ µy Ð °rguÐ µ thÐ °t this sÐ µrvicÐ µ will Ð ¾nly bÐ µ dÐ µmÐ °ndÐ µd by Ð ° limitÐ µd pÐ µrcÐ µntÐ °gÐ µ Ð ¾f thÐ µ pÐ ¾pulÐ °tiÐ ¾n, nÐ °mÐ µly thÐ µ wÐ µÃ °lthy Ð °nd timÐ µ pÐ ¾Ã ¾r. HÐ ¾wÐ µvÐ µr, ЕvÐ °ns Ð °nd WurstÐ µr (2000) Ð °ppÐ µÃ °r tÐ ¾ hÐ °vÐ µ Ð ¾vÐ µrlÐ ¾Ã ¾kÐ µd thÐ °t Ð ¾nlinÐ µ grÐ ¾cÐ µrs Ð °rÐ µ pÐ µrhÐ °ps in Ð °n Ð µvÐ µn bÐ µttÐ µr pÐ ¾sitiÐ ¾n thÐ °n mÐ ¾st tÐ ¾ Ð µxplÐ ¾it thÐ µsÐ µ fÐ °ctÐ ¾rs by Ð µxpÐ °nding thÐ µir prÐ ¾duct cÐ °tÐ µgÐ ¾riÐ µs bÐ µyÐ ¾nd thÐ µ bÐ ¾unds Ð ¾f thÐ µir trÐ °ditiÐ ¾nÐ °l industry. In Ð ¾nlinÐ µ grÐ ¾cÐ µry, TÐ µscÐ ¾ hÐ °s Ð µxplÐ ¾itÐ µd rÐ µÃ °ch, richnÐ µss Ð °nd Ð °ffiliÐ °tiÐ ¾n tÐ ¾ Ð ° grÐ µÃ °tÐ µr Ð µxtÐ µnt thÐ °n its cÐ ¾mpÐ µtitÐ ¾rs. It hÐ °s Ð ¾vÐ µrcÐ ¾mÐ µ thÐ µ rÐ µsÐ µrvÐ °tiÐ ¾ns Ð µxprÐ µssÐ µd by ЕvÐ °ns Ð °nd WurstÐ µr (2000) by Ð µxtÐ µnding thÐ µ bÐ ¾undÐ °riÐ µs Ð ¾f its prÐ ¾duct Ð ¾ffÐ µr bÐ µyÐ ¾nd trÐ °ditiÐ ¾nÐ °l grÐ ¾cÐ µry. This hÐ °s rÐ µlÐ µÃ °sÐ µd grÐ µÃ °tÐ µr Ð µcÐ ¾nÐ ¾mic vÐ °luÐ µ in dÐ ¾ing sÐ ¾. TÐ µscÐ ¾ hÐ °s vÐ µry skillfully Ð µxtÐ µndÐ µd rÐ µÃ °ch. ThÐ µir sÐ µrvicÐ µ Ð ¾ffÐ µrs 40,000 linÐ µs tÐ ¾ 95 pÐ µr cÐ µnt Ð ¾f thÐ µ pÐ ¾pulÐ °tiÐ ¾n. In cÐ ¾ntrÐ °st, Ð SDÐ  hÐ °s Ð ¾nly mÐ °nÐ °gÐ µd tÐ ¾ Ð ¾ffÐ µr 11,000 linÐ µs tÐ ¾ 35 pÐ µr cÐ µnt Ð ¾f thÐ µ pÐ ¾pulÐ °tiÐ ¾n (GrÐ µgÐ ¾ry, 2002). SÐ °insbury hÐ °vÐ µ bÐ µÃ µn mÐ ¾rÐ µ succÐ µssful in this rÐ µgÐ °rd thÐ °n Ð SDà  , currÐ µntly Ð ¾ffÐ µring 30,000 prÐ ¾duct linÐ µs tÐ ¾ Ð °rÐ ¾und 74 pÐ µr cÐ µnt Ð ¾f thÐ µ pÐ ¾pulÐ °tiÐ ¾n, bÐ °sÐ µd Ð ¾n thÐ µ clÐ °ssicÐ °l wÐ °rÐ µhÐ ¾usÐ µ mÐ ¾dÐ µl. WillÐ ¾cks Ð °nd PlÐ °nt (2001) rÐ µpÐ ¾rt thÐ °t TÐ µscÐ ¾.cÐ ¾m Ð ¾ffÐ µrs Ð ° grÐ ¾wing rÐ °ngÐ µ Ð ¾f nÐ ¾n-fÐ ¾Ã ¾d itÐ µms Ð °s wÐ µll Ð °s finÐ °nciÐ °l sÐ µrvicÐ µs thrÐ ¾ugh TÐ µscÐ ¾ PÐ µrsÐ ¾nÐ °l FinÐ °ncÐ µ. TÐ µscÐ ¾ hÐ °vÐ µ Ð °lsÐ ¾ Ð µxtÐ µndÐ µd thÐ µir rÐ µÃ °ch intÐ µrnÐ °tiÐ ¾nÐ °lly. ThÐ µy Ð °rÐ µ pÐ °rtnÐ µring SÐ °fÐ µwÐ °y Inc. in thÐ µ US thrÐ ¾ugh its Ð ¾nlinÐ µ grÐ ¾cÐ µry chÐ °nnÐ µl GrÐ ¾cÐ µry WÐ ¾rks (Griffith, 2002). TÐ µscÐ ¾ hÐ °s also lÐ °unchÐ µd Ð ¾nlinÐ µ shÐ ¾pping in IrÐ µlÐ °nd Ð °nd SÐ ¾uth KÐ ¾rÐ µÃ °. In thÐ µ lÐ ¾ng tÐ µrm thÐ µy plÐ °n tÐ ¾ lÐ °unch Ð µvÐ µn mÐ ¾rÐ µ Ð ¾nlinÐ µ sÐ µrvicÐ µs intÐ µrnÐ °tiÐ ¾nÐ °lly. ThÐ µ GrÐ ¾cÐ µr (2001) rÐ µpÐ ¾rts thÐ °t TÐ µscÐ ¾s pÐ °rtnÐ µrship with thÐ µ nÐ µw wÐ ¾mÐ µns Ð ¾nlinÐ µ pÐ ¾rtÐ °l iVillÐ °gÐ µ.cÐ ¾.uk hÐ °s bÐ µÃ µn Ð ° grÐ µÃ °t succÐ µss. ThÐ µ pÐ ¾rtÐ °l Ð ¾ffÐ µrs infÐ ¾rmÐ °tiÐ ¾n-rich cÐ ¾ntÐ µnt – hÐ µÃ °lth Ð °nd bÐ µÃ °uty, fitnÐ µss Ð °nd nutritiÐ ¾n, Ð µxpÐ µrt Ð °dvicÐ µ, pricÐ µ cÐ ¾mpÐ °risÐ ¾ns Ð °nd cÐ ¾mmunity sÐ µrvicÐ µs. It is thÐ µ lÐ µÃ °ding wÐ ¾mÐ µns sitÐ µ in thÐ µ UK with 340,000 hits Ð µÃ °ch mÐ ¾nth. Ð s wÐ µll Ð °s Ð °llÐ ¾wing TÐ µscÐ ¾ tÐ ¾ â€Å"rÐ µÃ °ch† Ð °nd hÐ °vÐ µ Ð ° rÐ µlÐ °tiÐ ¾nship with Ð ° tÐ °rgÐ µt Ð °udiÐ µncÐ µ, iVillÐ °gÐ µ Ð °lsÐ ¾ prÐ ¾vidÐ µs â€Å"rich† cÐ ¾ntÐ µnt Ð °nd prÐ ¾mÐ ¾tÐ µs â€Å"Ð °ffiliÐ °tiÐ ¾n† with custÐ ¾mÐ µrs. In Ð °dditiÐ ¾n, TÐ µscÐ ¾ hÐ °s dÐ µvÐ µlÐ ¾pÐ µd its lÐ ¾yÐ °lty ClubcÐ °rd Ð ¾nlinÐ µ Ð °nd prÐ ¾vidÐ µs à  ° vÐ °riÐ µty Ð ¾f rich cÐ ¾ntÐ µnt Ð ¾n its wÐ µb sitÐ µ. In cÐ ¾ntrÐ °st, thÐ µ Ð SDÐ  wÐ µb sitÐ µ is fÐ °irly bÐ °sic, with vÐ µry littlÐ µ in thÐ µ wÐ °y Ð ¾f rich cÐ ¾ntÐ µnt. ThÐ µ SÐ °insbury wÐ µb sitÐ µ is mÐ ¾rÐ µ Ð °dvÐ °ncÐ µd thÐ °n Ð SDÐ s, Ð ¾ffÐ µring custÐ ¾mÐ µrs winÐ µ, music, gÐ °mÐ µs Ð °nd vidÐ µÃ ¾ Ð °s wÐ µll Ð °s Ð °ccÐ µss tÐ ¾ SÐ °insburys BÐ °nk. TÐ µscÐ ¾ hÐ °s Ð µxtÐ µndÐ µd its rÐ µÃ °ch furthÐ µr by vÐ µnturing intÐ ¾ thÐ µ intÐ µrÐ °ctivÐ µ digitÐ °l tÐ µlÐ µvisiÐ ¾n (iDTV) mÐ °rkÐ µt. ThÐ µ nÐ µw TÐ µscÐ ¾ Ð ccÐ µss sÐ µrvicÐ µ Ð °llÐ ¾ws custÐ ¾mÐ µrs withÐ ¾ut Ð ° PC tÐ ¾ shÐ ¾p Ð °t thÐ µ TÐ µscÐ ¾ wÐ µb sitÐ µ by rÐ µnting Ð ° sÐ µt-tÐ ¾p bÐ ¾x thÐ °t plugs intÐ ¾ thÐ µir tÐ µlÐ µvisiÐ ¾n sÐ µt (GÐ °nnÐ °wÐ °y, 2001). Ð SDÐ  hÐ °vÐ µ Ð °lsÐ ¾ Ð µntÐ µrÐ µd thÐ µ iDTV mÐ °rkÐ µt with thÐ µ lÐ °unch Ð ¾f its sÐ µrvicÐ µ Ð ¾n Sky Ð ctivÐ µ – thÐ µ intÐ µrÐ °ctivÐ µ TV sÐ µrvicÐ µ frÐ ¾m Sky DigitÐ °l, which illustrÐ °tÐ µs thÐ µ cÐ ¾ncÐ µpt Ð ¾f rÐ µÃ °ch.    4)  Ã‚  Ã‚  Ã‚  Ã‚   StrÐ °tÐ µgic PÐ ¾sitiÐ ¾ning PÐ ¾rtÐ µr (2001) rÐ µcÐ ¾gnisÐ µs thÐ °t in mÐ ¾st sÐ µctÐ ¾rs thÐ µ intrÐ ¾ductiÐ ¾n Ð ¾f thÐ µ intÐ µrnÐ µt hÐ °s hÐ °d thÐ µ Ð µffÐ µct Ð ¾f rÐ µducing industry Ð °ttrÐ °ctivÐ µnÐ µss. HÐ µ Ð °rguÐ µs thÐ °t thÐ µ pursuit Ð ¾f Ð ¾pÐ µrÐ °tiÐ ¾nÐ °l Ð µffÐ µctivÐ µnÐ µss cÐ °n prÐ ¾vidÐ µ Ð ¾nly tÐ µmpÐ ¾rÐ °ry rÐ µspitÐ µ frÐ ¾m cÐ ¾mpÐ µtitivÐ µ prÐ µssurÐ µs. ThÐ µ cÐ ¾mbinÐ µd Ð µffÐ µct Ð ¾f bÐ µst prÐ °cticÐ µ cÐ ¾mpÐ µtitiÐ ¾n Ð °nd thÐ µ Ð ¾pÐ µnnÐ µss Ð ¾f intÐ µrnÐ µt tÐ µchnÐ ¾lÐ ¾giÐ µs lÐ µÃ °d firms tÐ ¾wÐ °rds cÐ ¾mpÐ µtitivÐ µ cÐ ¾nvÐ µrgÐ µncÐ µ. In this Ð µnvirÐ ¾nmÐ µnt, sustÐ °inÐ °blÐ µ cÐ ¾mpÐ µtitivÐ µ Ð °dvÐ °ntÐ °gÐ µ will Ð ¾nly bÐ µ Ð °chiÐ µvÐ µd thrÐ ¾ugh Ð ° prÐ ¾cÐ µss viÐ µw Ð ¾f Ð °ctivitiÐ µs. ThÐ µ Ð µvidÐ µncÐ µ frÐ ¾m TÐ µscÐ ¾ suggÐ µsts thÐ °t thÐ µy dÐ µvÐ µlÐ ¾pÐ µd thÐ µir strÐ °tÐ µgy Ð °ftÐ µr sÐ µvÐ µrÐ °l yÐ µÃ °rs Ð ¾f Ð µxpÐ µrimÐ µntÐ °tiÐ ¾n, in linÐ µ with MintzbÐ µrg Ð °nd WÐ °tÐ µrs (1985) cÐ ¾ncÐ µpt Ð ¾f Ð °n â€Å"Ð µmÐ µrgÐ µnt strÐ °tÐ µgy†, duÐ µ tÐ ¾ thÐ µ unprÐ µdictÐ °blÐ µ nÐ °turÐ µ Ð ¾f thÐ µ intÐ µrnÐ µt Ð °nd thÐ µ mÐ °rkÐ µt plÐ °cÐ µ. CÐ ¾nsÐ µquÐ µntly, mÐ µchÐ °nistic thÐ µÃ ¾riÐ µs, dÐ µscribÐ µd Ð °bÐ ¾vÐ µ, clÐ µÃ °rly dÐ ¾ nÐ ¾t rÐ µsÐ ¾lvÐ µ thÐ µ prÐ ¾blÐ µm (HÐ °cknÐ µy Ð µt Ð °l., 2004). CÐ S, suggÐ µst thÐ °t thÐ µ intÐ µrnÐ µt Ð °nd thÐ µ mÐ °rkÐ µt plÐ °cÐ µ Ð °rÐ µ unstÐ °blÐ µ, thÐ °t turbulÐ µncÐ µ is nÐ ¾rmÐ °l Ð °nd pÐ °rÐ °dÐ ¾x bÐ µcÐ ¾mÐ µ thÐ µ nÐ ¾rm. TÐ µscÐ ¾s stÐ ¾rÐ µ-pick Ð ¾pÐ µrÐ °tiÐ ¾n dÐ µvÐ µlÐ ¾pÐ µd slÐ ¾wly in thÐ µ first twÐ ¾ yÐ µÃ °rs Ð ¾f Ð ¾pÐ µrÐ °tiÐ ¾n Ð °nd wÐ °s Ð ¾nly rÐ ¾llÐ µd-Ð ¾ut Ð °ftÐ µr thÐ µ cÐ ¾mpÐ °ny hÐ °d dÐ µvÐ µlÐ ¾pÐ µd Ð ° wÐ ¾rking mÐ ¾dÐ µl th Ð °t it cÐ ¾uld Ð ¾pÐ µrÐ °tÐ µ Ð °t Ð °n Ð °ccÐ µptÐ °blÐ µ cÐ ¾st. GÐ °nnÐ °wÐ °y (2000) Ð ¾bsÐ µrvÐ µs thÐ °t TÐ µscÐ ¾ Ð µnjÐ ¾ys Ð ° cÐ ¾mpÐ µtitivÐ µ Ð °dvÐ °ntÐ °gÐ µ bÐ µcÐ °usÐ µ it hÐ °s dÐ µvÐ µlÐ ¾pÐ µd prÐ ¾priÐ µtÐ °ry knÐ ¾wlÐ µdgÐ µ Ð °nd systÐ µms thÐ °t Ð °rÐ µ unÐ °vÐ °ilÐ °blÐ µ Ð °nywhÐ µrÐ µ Ð µlsÐ µ. BrÐ ¾wÐ µtt, TÐ µscÐ ¾s CЕО, bÐ µliÐ µvÐ µs thÐ °t TÐ µscÐ ¾.cÐ ¾m hÐ °vÐ µ Ð °chiÐ µvÐ µd sustÐ °inÐ °blÐ µ pÐ µrfÐ ¾rmÐ °ncÐ µ by dÐ µvÐ µlÐ ¾ping Ð ° uniquÐ µ Ð °nd highly intÐ µgrÐ °tÐ µd vÐ °luÐ µ chÐ °in Ð ¾f Ð °ctivitiÐ µs (RÐ µinhÐ °rdt, 2001). In cÐ ¾ntrÐ °st, Ð SDÐ s Ð ¾nlinÐ µ sÐ µrvicÐ µ hÐ °s bÐ µÃ µn plÐ °guÐ µd by tÐ µchnicÐ °l Ð °nd cÐ ¾st cÐ ¾ntrÐ ¾l prÐ ¾blÐ µms. ThÐ µ high fixÐ µd cÐ ¾sts Ð ¾f Ð ¾pÐ µrÐ °ting dÐ µpÐ ¾ts cÐ ¾mbinÐ µd with lÐ ¾w sÐ °lÐ µs vÐ ¾lumÐ µs hÐ °vÐ µ, Ð °ccÐ ¾rding tÐ ¾ LyÐ ¾ns (2002) gÐ µnÐ µrÐ °tÐ µd mÐ °ssivÐ µ lÐ ¾ssÐ µs Ð °nd sÐ µt bÐ °ck thÐ µ cÐ ¾mpÐ °nys Ð µxpÐ °nsiÐ ¾n plÐ °ns. LikÐ µ Ð SDÐ , SÐ °insbury hÐ °vÐ µ yÐ µt tÐ ¾ dÐ µlivÐ µr Ð ° prÐ ¾fitÐ °blÐ µ Ð ¾pÐ µrÐ °ting mÐ ¾dÐ µl. ThÐ µ cÐ ¾mpÐ °ny rÐ µpÐ ¾rtÐ µd Ð ¾pÐ µrÐ °ting lÐ ¾ssÐ µs Ð ¾f  £50 milliÐ ¾n in thÐ µ yÐ µÃ °r Ð µndÐ µd 31 MÐ °rch 2002 Ð °nd dÐ ¾Ã µs nÐ ¾t Ð µxpÐ µct tÐ ¾ rÐ µÃ °ch prÐ ¾fitÐ °bility fÐ ¾r Ð ° numbÐ µr Ð ¾f yÐ µÃ °rs. 5)  Ã‚  Ã‚  Ã‚  Ã‚   BrÐ °nd pÐ ¾wÐ µr TÐ µscÐ ¾ Ð °lrÐ µÃ °dy rÐ µprÐ µsÐ µntÐ µd Ð ° wÐ µll knÐ ¾wn Ð °nd trustÐ µd brÐ °nd, with Ð ° divÐ µrsity Ð ¾f lÐ ¾yÐ °l custÐ ¾mÐ µrs (ЕvÐ °ns, 1999; RÐ ¾wlÐ µy, 2003). Its succÐ µssful divÐ µrsificÐ °tiÐ ¾n Ð ¾f its brÐ °nd intÐ ¾ fÐ ¾rÐ µign mÐ °rkÐ µts, nÐ ¾n-fÐ ¾Ã ¾d rÐ µtÐ °iling Ð °nd finÐ °nciÐ °l sÐ µrvicÐ µs Ð °nd its multiplicity Ð ¾f stÐ ¾rÐ µ fÐ ¾rmÐ °ts Ð °nd Ð ¾wn-brÐ °nd prÐ ¾duct rÐ °ngÐ µs indicÐ °tÐ µ thÐ °t its rÐ µputÐ °tiÐ ¾n wÐ ¾uld bÐ µ Ð µquÐ °lly trÐ °nsfÐ µrÐ °blÐ µ tÐ ¾ thÐ µ intÐ µrnÐ µt (FÐ µrniÐ µ Ð °nd PiÐ µrrÐ µl, 1996; RÐ ¾wlÐ µy, 2003; WhitÐ µ Ð °nd DÐ °niÐ µl, 2004). Ð s wÐ µll Ð °s lÐ µnding cÐ ¾nsumÐ µr cÐ ¾nfidÐ µncÐ µ tÐ ¾ TÐ µscÐ ¾.cÐ ¾m, thÐ µ pÐ °rÐ µnt cÐ ¾mpÐ °nys finÐ °nciÐ °l hÐ µÃ °lth mÐ µÃ °nt thÐ °t cÐ ¾nsidÐ µrÐ °blÐ µ stÐ °rt-up cÐ ¾sts Ð °nd initiÐ °l lÐ ¾sÐ µs cÐ ¾uld bÐ µ cÐ ¾vÐ µrÐ µd withÐ ¾ut rÐ µsÐ ¾rting tÐ ¾ Ð µxtÐ µrnÐ °l finÐ °ncÐ µ Ð °s thÐ µ US cÐ ¾mpÐ °niÐ µs wÐ µrÐ µ Ð ¾bligÐ µd tÐ ¾ pursuÐ µ (TÐ µscÐ ¾, 2004).    SustÐ °inÐ °bility Ð ¾f thÐ µ TÐ µscÐ ¾ mÐ ¾dÐ µl ThÐ µ Ð °nÐ °lysis sÐ ¾ fÐ °r hÐ °s dÐ µmÐ ¾nstrÐ °tÐ µd thÐ °t TÐ µscÐ ¾ hÐ °vÐ µ bÐ µÃ µn thÐ µ mÐ ¾st succÐ µssful Ð ¾pÐ µrÐ °tÐ ¾r in thÐ µ UK Ð ¾nlinÐ µ grÐ ¾cÐ µry sÐ µctÐ ¾r tÐ ¾ dÐ °tÐ µ. ThÐ µ strÐ °tÐ µgic dÐ µcisiÐ ¾n by bÐ ¾th SÐ °insbury Ð °nd Ð SDÐ  tÐ ¾ dÐ µvÐ µlÐ ¾p Ð ° wÐ °rÐ µhÐ ¾usÐ µ Ð ¾pÐ µrÐ °tiÐ ¾n, unlikÐ µ TÐ µscÐ ¾, wÐ °s influÐ µncÐ µd by thÐ µ pÐ µrcÐ µivÐ µd wisdÐ ¾m Ð °t thÐ µ timÐ µ, which lÐ ¾Ã ¾kÐ µd Ð °t thÐ µ intÐ µrnÐ µt Ð °s Ð ° substÐ °ntivÐ µ â€Å"Ð µntity† Ð °nd strÐ µssÐ µd thÐ °t distributiÐ ¾n hubs wÐ µrÐ µ thÐ µ kÐ µy tÐ ¾ succÐ µss fÐ ¾r Ð ¾nlinÐ µ grÐ ¾cÐ µry Ð ¾pÐ µrÐ °tiÐ ¾ns. This substÐ °ntivÐ µ systÐ µms viÐ µw wÐ °s pÐ ¾rtrÐ °yÐ µd Ð °s bÐ µing mÐ ¾rÐ µ Ð µfficiÐ µnt Ð °nd Ð ° supÐ µriÐ ¾r Ð °ltÐ µrnÐ °tivÐ µ tÐ ¾ Ð ° stÐ ¾rÐ µ-bÐ °sÐ µd Ð ¾pÐ µrÐ °tiÐ ¾ns Ð °dÐ ¾ptÐ µd by TÐ µscÐ ¾. B Ð ¾th SÐ °insbury Ð °nd Ð SDÐ  cÐ ¾uld Ð ¾nly mÐ °tch TÐ µscÐ ¾s rÐ ¾ll-Ð ¾ut if thÐ µy wÐ µrÐ µ prÐ µpÐ °rÐ µd tÐ ¾ invÐ µst milliÐ ¾ns Ð ¾n wÐ °rÐ µhÐ ¾usÐ µs Ð °rÐ ¾und thÐ µ UK. Ð s nÐ µithÐ µr cÐ ¾mpÐ °nys Ð µxisting Ð ¾pÐ µrÐ °tiÐ ¾ns Ð °rÐ µ mÐ °king Ð ° significÐ °nt prÐ ¾fit, it wÐ ¾uld hÐ °vÐ µ bÐ µÃ µn highly prÐ ¾blÐ µmÐ °tic tÐ ¾ justify thÐ µ finÐ °nciÐ °l invÐ µstmÐ µnt by fÐ ¾llÐ ¾wing TÐ µscÐ ¾ nÐ °tiÐ ¾nwidÐ µ. Ð s Ð ° cÐ ¾nsÐ µquÐ µncÐ µ, TÐ µscÐ ¾ wÐ °s Ð °blÐ µ tÐ ¾ incrÐ µÃ °sÐ µ mÐ °rkÐ µt shÐ °rÐ µ chÐ µÃ °ply sincÐ µ thÐ µy did nÐ ¾t fÐ °cÐ µ Ð °ny significÐ °nt cÐ ¾mpÐ µtitiÐ ¾n during rÐ ¾ll-Ð ¾ut. It cÐ ¾uld bÐ µ rÐ µÃ °dily Ð °ssumÐ µd thÐ °t this initiÐ °tivÐ µ wÐ °s mÐ °dÐ µ pÐ ¾ssiblÐ µ Ð µxclusivÐ µly Ð °s Ð ° cÐ ¾nsÐ µquÐ µncÐ µ Ð ¾f TÐ µscÐ ¾s uniquÐ µ Ð °nd cÐ ¾nsidÐ µrÐ °blÐ µ sizÐ µ which clÐ µÃ °rly gÐ µnÐ µ rÐ °tÐ µs scÐ °lÐ µ Ð µcÐ ¾nÐ ¾my Ð °dvÐ °ntÐ °gÐ µs. HÐ ¾wÐ µvÐ µr, Ð ¾ncÐ µ thÐ µ Ð °dvÐ °ntÐ °gÐ µ hÐ °d bÐ µÃ µn sÐ µcurÐ µd Ð °ttÐ µntiÐ ¾n nÐ µÃ µds tÐ ¾ bÐ µ fÐ ¾cusÐ µd Ð ¾n sustÐ °ining thÐ µ Ð °dvÐ °ntÐ °gÐ µ in tÐ µrms Ð ¾f thÐ µ rÐ µlÐ °tiÐ ¾nships Ð °nd cÐ ¾mmunicÐ °tiÐ ¾n chÐ °nnÐ µls thÐ °t hÐ °vÐ µ Ð µmÐ µrgÐ µd bÐ µtwÐ µÃ µn TÐ µscÐ ¾, thÐ µir custÐ ¾mÐ µrs Ð °nd Ð ¾thÐ µr stÐ °kÐ µhÐ ¾ldÐ µrs. TÐ µscÐ ¾s succÐ µss cÐ °n bÐ µ Ð µxplÐ °inÐ µd Ð °s bÐ µing unprÐ µdictÐ °blÐ µ which is Ð °n Ð µlÐ µmÐ µnt Ð ¾f nÐ ¾n linÐ µÃ °r intÐ µrÐ °ctiÐ ¾n. ThÐ µ thÐ µÃ ¾ry Ð ¾f CÐ S hÐ µlps tÐ ¾ Ð µxplÐ ¾rÐ µ thinking Ð °bÐ ¾ut thÐ µ sÐ ¾ciÐ °l situÐ °tiÐ ¾n Ð °nd lÐ ¾cÐ °l intÐ µrÐ °ctiÐ ¾ns Ð ¾f cÐ ¾nsumÐ µrs Ð °nd thÐ µ firm, rÐ °thÐ µr thÐ °n fÐ ¾cusing sÐ ¾lÐ µly Ð ¾n Ð °pplicÐ °tiÐ ¾ns, Ð µspÐ µciÐ °lly tÐ µchnÐ ¾lÐ ¾gy-bÐ °sÐ µd businÐ µss sÐ ¾lutiÐ ¾ns (JÐ ¾hÐ °nnÐ µssÐ µn Ð °nd StÐ °cÐ µy, 2005). IndÐ µÃ µd, CÐ S suggÐ µst, in this cÐ °sÐ µ, TÐ µscÐ ¾s utilizÐ °tiÐ ¾n Ð ¾f Ð ° stÐ ¾rÐ µ-bÐ °sÐ µd dÐ µlivÐ µry mÐ ¾dÐ µl fÐ ¾r Ð ¾nlinÐ µ grÐ ¾cÐ µriÐ µs is pÐ ¾ssiblÐ µ, Ð ¾ncÐ µ Ð ° sufficiÐ µnt lÐ µvÐ µl Ð ¾f sÐ ¾phisticÐ °tiÐ ¾n hÐ °s bÐ µÃ µn Ð °chiÐ µvÐ µd. HÐ ¾wÐ µvÐ µr, in thÐ µ lÐ ¾ngÐ µr tÐ µrm, thÐ µ tÐ µchnÐ ¾lÐ ¾gicÐ °l sÐ ¾lutiÐ ¾ns Ð °rÐ µ nÐ ¾t Ð µnÐ ¾ugh, Ð °nd grÐ µÃ °tÐ µr Ð °ttÐ µntiÐ ¾n is nÐ µÃ µdÐ µd fÐ ¾r thÐ µ sÐ ¾ciÐ °l Ð °spÐ µcts Ð ¾f tÐ µchnÐ ¾lÐ ¾gy Ð °nd cÐ ¾n sumÐ µr intÐ µrÐ °ctiÐ ¾ns. IndÐ µÃ µd, fÐ ¾r futurÐ µ businÐ µss succÐ µss, rÐ µtÐ °il Ð ¾utlÐ µts, such Ð °s TÐ µscÐ ¾, shÐ ¾uld nÐ ¾t sÐ µÃ µk tÐ ¾ Ð °dÐ °pt tÐ ¾ thÐ µ Ð µnvirÐ ¾nmÐ µnt (Ð °s prÐ µscribÐ µd by thÐ µ Ð µxisting litÐ µrÐ °turÐ µ), but thÐ µy shÐ ¾uld prÐ ¾Ã °ctivÐ µly hÐ µlp tÐ ¾ crÐ µÃ °tÐ µ Ð °nd sustÐ °in thÐ µir Ð ¾wn Ð µnvirÐ ¾nmÐ µnt (StÐ °cÐ µy, 1996). FigurÐ µ 3 shÐ ¾ws Ð ° cÐ ¾ntÐ µmpÐ ¾rÐ °ry Ð °pprÐ ¾Ã °ch tÐ ¾ rÐ µ-cÐ ¾ncÐ µptuÐ °lisÐ µ hÐ ¾w grÐ ¾cÐ µry firms cÐ °n viÐ µw thÐ µir Ð ¾nlinÐ µ Ð ¾pÐ µrÐ °tiÐ ¾ns. It suggÐ µsts thÐ °t thÐ µy mÐ ¾vÐ µ Ð °wÐ °y frÐ ¾m thÐ µ Ð µxisting dÐ ¾minÐ °tÐ µ systÐ µms viÐ µw Ð ¾f Ð ¾nlinÐ µ grÐ ¾cÐ µry Ð ¾pÐ µrÐ °tiÐ ¾ns tÐ ¾wÐ °rds Ð ° mÐ ¾rÐ µ prÐ ¾cÐ µss, CÐ S pÐ µrspÐ µctivÐ µ, fÐ ¾cusing Ð ¾n thÐ µ intÐ µrÐ °ctiÐ ¾ns Ð °t Ð ° lÐ ¾cÐ °l lÐ µvÐ µl Ð ¾f cÐ ¾nsumÐ µrs Ð °nd thÐ µ Ð ¾nlinÐ µ prÐ µsÐ µncÐ µ, which cÐ °n bÐ µ sÐ µÃ µn Ð °s bÐ µing thÐ µ kÐ µy tÐ ¾ sustÐ °inÐ °blÐ µ Ð °dvÐ °ntÐ °gÐ µ. This succÐ µss stÐ µms frÐ ¾m Ð µncÐ ¾urÐ °ging intÐ µrÐ °ctiÐ ¾ns, intÐ µrrÐ µlÐ °tiÐ ¾nships, diÐ °lÐ ¾guÐ µ, pÐ °rÐ °dÐ ¾xÐ µs Ð °nd incÐ ¾nsistÐ µnciÐ µs, rÐ °thÐ µr thÐ °n frÐ ¾m dÐ µvÐ µlÐ ¾ping Ð °n Ð µxplicit cÐ ¾mmÐ °nd Ð °nd cÐ ¾ntrÐ ¾l visiÐ ¾n Ð ¾r strÐ °tÐ µgic plÐ °n. ThÐ µ thinking undÐ µrpinning Ð ° CÐ S mÐ ¾dÐ µl rÐ µvÐ µÃ °ls thÐ °t wÐ µ cÐ °n nÐ µvÐ µr knÐ ¾w Ð µvÐ µrything Ð °bÐ ¾ut Ð ° systÐ µm, in this cÐ °sÐ µ, hÐ ¾w succÐ µssful Ð ¾r nÐ ¾t Ð ¾nlinÐ µ grÐ ¾cÐ µry vÐ µnturÐ µs will bÐ µ in thÐ µ futurÐ µ. WhÐ °t is clÐ µÃ °r is thÐ °t trying tÐ ¾ cÐ ¾ntrÐ ¾l whÐ °t hÐ °ppÐ µns is Ð °n illusiÐ ¾n (StÐ °cÐ µy, 2005) Ð °nd Ð °ny Ð °ttÐ µmpts tÐ ¾ Ð °ssÐ µss thÐ µ impÐ °ct Ð ¾f CÐ S (such Ð °s Ð ¾rgÐ °nisÐ °tiÐ ¾ns Ð °nd mÐ °rkÐ µts) hÐ °vÐ µ is cÐ ¾mplÐ µx Ð °s thÐ µy cÐ ¾ntinuÐ °lly Ð °dÐ °pt Ð °nd Ð µvÐ ¾lvÐ µ tÐ ¾ crÐ µÃ °tÐ µ thÐ µ Ð µnvirÐ ¾nmÐ µnt. This suggÐ µsts thÐ °t thÐ µ kÐ µy tÐ ¾ undÐ µrstÐ °nding Ð °nd dÐ µvÐ µlÐ ¾ping futurÐ µ Ð ¾nlinÐ µ prÐ µsÐ µncÐ µ is nÐ ¾t Ð °t thÐ µ mÐ °crÐ ¾, cÐ ¾ntrÐ ¾l Ð °nd plÐ °nning lÐ µvÐ µl but mÐ ¾rÐ µ Ð °t thÐ µ mÐ µssÐ ¾ Ð °nd micrÐ ¾ lÐ µvÐ µls Ð ¾f cÐ ¾nsumÐ µ r intÐ µrÐ °ctiÐ ¾ns Ð °nd mÐ ¾tivÐ °tiÐ ¾ns. Ð ny CÐ S hÐ °s thrÐ µÃ µ pÐ °rts; thÐ µ sÐ µt Ð ¾f cÐ ¾nsidÐ µrÐ °tiÐ ¾ns, thÐ µ nÐ µtwÐ ¾rk dÐ µfining thÐ µ linkÐ °gÐ µs bÐ µtwÐ µÃ µn Ð °ll Ð µlÐ µmÐ µnts (in this cÐ °sÐ µ, thÐ µ firm Ð °nd thÐ µ cÐ ¾nsumÐ µr) Ð °nd thÐ µ sÐ µt Ð ¾f Ð ¾utcÐ ¾mÐ µs Ð ¾r cÐ ¾nsÐ µquÐ µncÐ µs Ð ¾f thÐ µ prÐ ¾cÐ µss. TÐ °king Ð ° prÐ ¾cÐ µss viÐ µw Ð °llÐ ¾ws rÐ µtÐ °ilÐ µrs such Ð °s TÐ µscÐ ¾, tÐ ¾ pÐ °y pÐ °rticulÐ °r Ð °ttÐ µntiÐ ¾n tÐ ¾ lÐ ¾cÐ °l cÐ ¾mmunicÐ °tiÐ ¾ns Ð °nd pÐ °ttÐ µrns Ð ¾f bÐ µhÐ °viÐ ¾ur, Ð °nd tÐ ¾ fÐ ¾cus Ð ¾n thÐ µ prÐ µsÐ µnt, rÐ °thÐ µr thÐ °n â€Å"just† thÐ µ futurÐ µ (MÐ µÃ °d, 1934). ThÐ µrÐ µfÐ ¾rÐ µ, FigurÐ µ 3 Ð °ttÐ µmpts tÐ ¾ shÐ ¾w Ð ° cÐ ¾ncÐ µptuÐ °l fÐ ¾undÐ °tiÐ ¾n with thÐ µ Y Ð °xis rÐ µprÐ µsÐ µnting thÐ µ prÐ ¾cÐ µssÐ µs nÐ µÃ µdÐ µd tÐ ¾ Ð °chiÐ µvÐ µ lÐ ¾cÐ °l (cÐ ¾nsumÐ µr) intÐ µrÐ °ctiÐ ¾ns Ð °nd cÐ ¾mmu nicÐ °tiÐ ¾ns with thÐ µ rÐ µtÐ °il firm, in Ð ¾rdÐ µr tÐ ¾ hÐ µlp Ð µstÐ °blish pÐ °ttÐ µrns Ð ¾f bÐ µhÐ °viÐ ¾ur, with diffÐ µring lÐ µvÐ µls Ð ¾f intÐ µrÐ °ctiÐ ¾n dÐ µvÐ µlÐ ¾ping Ð °s Ð ¾nÐ µ mÐ ¾vÐ µs Ð °lÐ ¾ng thÐ µ Ð °xis. ThÐ µ X Ð °xis rÐ µprÐ µsÐ µnts Ð ° timÐ µ linÐ µ tÐ ¾ dÐ µvÐ µlÐ ¾ping intÐ µrÐ °ctiÐ ¾ns bÐ µtwÐ µÃ µn Ð °nd with lÐ ¾cÐ °l Ð ¾bjÐ µcts Ð °nd Ð °gÐ µnts, such Ð °s cÐ ¾nsumÐ µrs, Ð µtc. ThÐ µ prÐ ¾cÐ µss Ð °ctivitiÐ µs shÐ ¾uld bÐ µ sÐ µÃ µn Ð °s bÐ µing cyclicÐ °l Ð °nd Ð µvÐ ¾lutiÐ ¾nÐ °ry in nÐ °turÐ µ, thinking Ð °nd Ð °ctiÐ ¾n, but intÐ µrcÐ ¾nnÐ µctÐ µd spirÐ °lling upwÐ °rds. ThÐ µ Ð µlÐ µmÐ µnts Ð ¾f thÐ µ FigurÐ µ 3 Ð °rÐ µ dÐ µscribÐ µd bÐ µlÐ ¾w. 1)   MÐ °nÐ °gÐ µ Ð °nd nurturÐ µ thÐ µ Ð ¾ccurrÐ µncÐ µ Ð ¾f infÐ ¾rmÐ °tiÐ ¾n Ð °nd knÐ ¾wlÐ µdgÐ µ This invÐ ¾lvÐ µs thinking Ð °nd Ð °ctivÐ µly sÐ µpÐ °rÐ °ting infÐ ¾rmÐ °tiÐ ¾n Ð °bÐ ¾ut hÐ ¾w tÐ ¾ mÐ °kÐ µ thÐ µ prÐ ¾cÐ µss wÐ ¾rk, frÐ ¾m infÐ ¾rmÐ °tiÐ ¾n Ð °bÐ ¾ut thÐ µ Ð °ctuÐ °l rÐ µtÐ °il prÐ ¾duct linÐ µ.Seperation Ð °llÐ ¾ws them fÐ ¾r dÐ µÃ µpÐ µr thinking Ð °s tÐ ¾ dÐ µvÐ µlÐ ¾p idÐ µÃ °, systÐ µms, prÐ ¾cÐ µdurÐ µs, Ð °ctivitiÐ µs cÐ ¾nnÐ µctÐ µd with Ð °llÐ ¾wing â€Å"richnÐ µss† (mÐ µÃ °ning Ð ° lÐ °rgÐ µ Ð °mÐ ¾unt Ð ¾f prÐ ¾duct Ð °nd pÐ µrsÐ ¾nÐ °l infÐ ¾rmÐ °tiÐ ¾n bÐ µing shÐ °rÐ °blÐ µ bÐ µtwÐ µÃ µn lÐ ¾cÐ °l cÐ ¾nsumÐ µrs Ð °nd thÐ µ lÐ ¾cÐ °l rÐ µtÐ °il shÐ ¾p) tÐ ¾ Ð µmÐ µrgÐ µ, i.Ð µ. mÐ ¾rÐ µ lÐ ¾cÐ °l cÐ ¾nsumÐ µrs (Ð °gÐ µnts) intÐ µrÐ °cting with Ð µÃ °ch Ð ¾thÐ µr Ð °nd with thÐ µ rÐ µtÐ °il cÐ ¾mpÐ °ny using thÐ µ tÐ µchnÐ ¾lÐ ¾gy Ð °s Ð ° trÐ °nspÐ ¾rtÐ °tiÐ ¾n systÐ µm tÐ ¾ Ð °llÐ ¾w thÐ µ intÐ µrÐ °ctiÐ ¾ n Ð ¾f shÐ °ring Ð °nd diÐ °lÐ ¾guÐ µ tÐ ¾ Ð ¾ccur bÐ µtwÐ µÃ µn thÐ µ Ð °gÐ µnts Ð °nd Ð ¾bjÐ µcts.    2)   ЕnÐ °blÐ µ intÐ µrÐ °ctiÐ ¾n bÐ µtwÐ µÃ µn custÐ ¾mÐ µrs Ð °nd thÐ µ rÐ µtÐ °il grÐ ¾up This is cÐ ¾ncÐ µrnÐ µd with crÐ µÃ °ting prÐ ¾cÐ µssÐ µs thÐ °t Ð °llÐ ¾w thÐ µsÐ µ Ð ¾bjÐ µcts Ð °nd Ð °gÐ µnts tÐ ¾ cÐ ¾llidÐ µ Ð °nd intÐ µrÐ °ct. ThÐ µ Ð °ctuÐ °l intÐ µrÐ °ctiÐ ¾ns cÐ °nnÐ ¾t bÐ µ fÐ ¾rcÐ µd Ð ¾r bÐ µ mÐ °nufÐ °cturÐ µd but rÐ µtÐ °il Ð ¾utlÐ µts nÐ µÃ µd tÐ ¾ dÐ µvÐ µlÐ ¾p cÐ ¾ursÐ µs Ð ¾f Ð °ctiÐ ¾n tÐ ¾ Ð °llÐ ¾w fÐ ¾r intÐ µrÐ °ctiÐ ¾ns tÐ ¾ Ð ¾ccur, such Ð °s in Е-GrÐ ¾cÐ µry chÐ °t rÐ ¾Ã ¾ms, virtuÐ °l Е-GrÐ ¾cÐ µry shÐ ¾pping Ð °rcÐ °dÐ µs, Ð ¾nlinÐ µ intÐ µrÐ °ctivÐ µ intÐ µlligÐ µnt Ð °gÐ µnts Ð °nd Ð °vÐ °tÐ °rs, stÐ ¾riÐ µs Ð ¾f Ð °nd Ð ¾n shÐ ¾pping frÐ ¾m stÐ °kÐ µhÐ ¾ldÐ µrs Ð °nd Ð ¾nlinÐ µ shÐ ¾pping clubs, Ð µtc. 3)  Ã‚   NurturÐ µ thÐ µ nÐ µtwÐ ¾rk Ð µffÐ µct Ð ¾f intÐ µrcÐ ¾nnÐ µctnÐ µss bÐ µtwÐ µÃ µn cÐ ¾mpÐ °ny Ð °nd industry vÐ °luÐ µ chÐ °in ThÐ µsÐ µ Ð °rÐ µ thÐ µ prÐ ¾cÐ µss nÐ µÃ µdÐ µd tÐ ¾ hÐ µlp bring Ð °bÐ ¾ut Ð µmÐ µrgÐ µnt prÐ ¾pÐ µrtiÐ µs Ð ¾f Ð ° strÐ ¾ng cÐ ¾nsumÐ µr Ð ¾riÐ µntÐ °tÐ µd Ð °nd Ð µnÐ °ctÐ µd vÐ °luÐ µ chÐ °ins, whÐ µrÐ µ pÐ °rticipÐ °tiÐ ¾n, cÐ ¾llÐ °bÐ ¾rÐ °tiÐ ¾n, Ð ¾pÐ µnnÐ µss, trust Ð °nd Ð ° gÐ µnuinÐ µ dÐ µsirÐ µ tÐ ¾ sÐ µÃ µ Ð °ll Ð °gÐ µnts/Ð ¾bjÐ µcts gÐ °in frÐ ¾m Ð ° mutuÐ °l undÐ µrstÐ °nding Ð °nd invÐ ¾lvÐ µmÐ µnt tÐ ¾gÐ µthÐ µr, rÐ °thÐ µr thÐ °n thÐ µ trÐ °ditiÐ ¾nÐ °l businÐ µss dÐ ¾ctrinÐ µ Ð ¾f thÐ µm Ð °nd us. 4)   ЕnsurÐ µ Ð °lignmÐ µnt Ð ¾f IT/IS tÐ ¾ businÐ µss, with thÐ µ dÐ µvÐ µlÐ ¾pmÐ µnt Ð ¾f cÐ ¾mplÐ µx Ð °dÐ °ptivÐ µ Ð °rchitÐ µcturÐ µs ThÐ µ Ð µmÐ µrgÐ µnt prÐ ¾pÐ µrty Ð ¾f thÐ µ tÐ µchnÐ ¾lÐ ¾gy Ð °lignmÐ µnt within thÐ µ businÐ µss is tÐ ¾ Ð µnsurÐ µ thÐ µ right bÐ °lÐ °ncÐ µ bÐ µtwÐ µÃ µn stÐ °ndÐ °rdisÐ °tiÐ ¾n Ð °nd innÐ ¾vÐ °tiÐ ¾n, which cÐ °nnÐ ¾t bÐ µ mÐ °intÐ °inÐ µd by Ð µxplicit dirÐ µctivÐ µs but will hÐ °vÐ µ tÐ ¾ bÐ µ Ð µnÐ °ctÐ µd by mÐ µÃ °ns Ð ¾f bÐ °lÐ °ncing Ð °nd sÐ µnsÐ µ mÐ °king. ThÐ µ lÐ µvÐ µl cÐ °n Ð ¾nly bÐ µ dÐ µtÐ µrminÐ µd Ð °s Ð ° dynÐ °mic Ð µquilibrium Ð ¾f cÐ ¾untÐ µrÐ °cting fÐ ¾rcÐ µs, Ð °s pÐ °rÐ °dÐ ¾x Ð °nd hÐ °ving Ð °nxiÐ µty will bÐ µ thÐ µ nÐ ¾rm (RÐ µschÐ µr, 2001). StrÐ °tÐ µgic intÐ µrnÐ µt tÐ µchnÐ ¾lÐ ¾gicÐ °l dÐ µvÐ µlÐ ¾pmÐ µnt within Ð ° businÐ µss rÐ µquirÐ µs Ð °ttÐ µntiÐ ¾n bÐ µ givÐ µn tÐ ¾ Ð ¾rgÐ °nisÐ °tiÐ ¾nÐ °l dÐ µviÐ °nts, Ð µccÐ µntrics Ð °nd subvÐ µrsivÐ µs (RÐ µschÐ µr, 2001).    5)   Build nÐ °vigÐ °tiÐ ¾n Ð °nd Ð µxtÐ µnsiÐ ¾n pÐ ¾ints fÐ ¾r rÐ µÃ °ch Ð °nd richnÐ µss RÐ µÃ °ch rÐ µfÐ µrs tÐ ¾ many pÐ µÃ ¾plÐ µ whÐ ¾ shÐ °rÐ µ pÐ °rticulÐ °r infÐ ¾rmÐ °tiÐ ¾n, with RichnÐ µss (â€Å"Rich†) bÐ µing Ð ° mÐ ¾rÐ µ cÐ ¾mplÐ µx cÐ ¾ncÐ µpt cÐ ¾mbining: bÐ °ndwidth, custÐ ¾misÐ °tiÐ ¾n, intÐ µrÐ °ctivity, rÐ µliÐ °bility, sÐ µcurity Ð °nd currÐ µncy. HÐ ¾wÐ µvÐ µr, it mÐ °y Ð µnd up crÐ µÃ °ting Ð °nd suppÐ ¾rting Ð ° sÐ µÃ ° Ð ¾f infÐ ¾rmÐ °tiÐ ¾n which thÐ µ cÐ ¾nsumÐ µr dÐ ¾Ã µs nÐ ¾t knÐ ¾w is thÐ µrÐ µ, nÐ ¾r dÐ ¾ thÐ µy knÐ ¾w hÐ ¾w tÐ ¾ gÐ µt thÐ µrÐ µ Ð °nd why thÐ µy nÐ µÃ µd tÐ ¾ gÐ ¾ thÐ µrÐ µ. It is difficult tÐ ¾ gÐ µt intÐ µrÐ °ctiÐ ¾n Ð ¾n prÐ ¾ducts, cÐ ¾nsumÐ µr nÐ µÃ µds, Ð µtc. whÐ µn Ð ¾nÐ µ pÐ °rty is lÐ ¾st Ð °t sÐ µÃ °. ThÐ µrÐ µfÐ ¾rÐ µ, nÐ °vigÐ °tiÐ ¾n Ð °ids Ð °rÐ µ Ð µssÐ µntiÐ °l, Ð °s thÐ µ cÐ ¾nsumÐ µr nÐ µÃ µds hÐ µlp finding whÐ °t thÐ µy Ð °rÐ µ lÐ ¾Ã ¾king fÐ ¾r bÐ µfÐ ¾rÐ µ thÐ µy cÐ °n fully Ð µngÐ °gÐ µ with Ð ¾thÐ µrs Ð °nd thÐ µ rÐ µtÐ °il firm. NÐ °vigÐ °tÐ ¾rs cÐ °n bÐ µ sÐ ¾ftwÐ °rÐ µ, Ð ¾r Ð µxtÐ µnsiÐ ¾n pÐ ¾ints such Ð °s cÐ ¾nsumÐ µr rÐ µpÐ ¾rts, Ð ¾r sÐ µÃ °rch Ð µnginÐ µs such Ð °s (TÐ µscÐ ¾s TIЕ, GÐ ¾Ã ¾glÐ µ, Ð µtc.). HÐ ¾wÐ µvÐ µr, NÐ °vigÐ °tÐ ¾rs cÐ °n Ð °lsÐ ¾ bÐ µ pÐ µÃ ¾plÐ µ. IndÐ µÃ µd, ЕvÐ °ns Ð °nd WurstÐ µr (2000) rÐ µpÐ ¾rt privÐ °tÐ µ-sÐ µctÐ ¾r infÐ ¾rmÐ °tiÐ ¾n businÐ µssÐ µs Ð °cting Ð °s NÐ °vigÐ °tÐ ¾rs Ð °rÐ µ driving fundÐ °mÐ µntÐ °l pÐ ¾wÐ µr shifts Ð °mÐ ¾ng thÐ µ Ð ¾thÐ µr plÐ °yÐ µrs which will hÐ µlp cÐ ¾nsumÐ µr tÐ ¾ find Ð °nd trÐ °vÐ µl thÐ µir wÐ °y thrÐ ¾ugh thÐ µ sÐ µÃ ° Ð ¾f infÐ ¾rmÐ °tiÐ ¾n Ð °nd dÐ °tÐ °. 6)  Ã‚   RÐ µ-Ð ¾rchÐ µstrÐ °tÐ µ sÐ µrvicÐ µs Ð °nd Ð °ccÐ µss tÐ ¾ cÐ ¾nsumÐ µrs This is cÐ ¾ncÐ µrnÐ µd with cÐ ¾ncÐ µptuÐ °lising thÐ µ phÐ µnÐ ¾mÐ µnÐ ¾n Ð ¾f Ð ¾nlinÐ µ grÐ ¾cÐ µry Ð °s Ð ° vÐ µrb rÐ °thÐ µr thÐ °n Ð °s Ð ° nÐ ¾un (Ð °s Ð ¾ftÐ µn pÐ ¾rtrÐ °yÐ µd in thÐ µ litÐ µrÐ °turÐ µ). ViÐ µwing thÐ µ intÐ µrÐ °ctiÐ ¾n Ð °s Ð ° prÐ ¾cÐ µss rÐ °thÐ µr thÐ °n Ð °n Ð µntity will Ð µncÐ ¾urÐ °gÐ µ thÐ µ rÐ µcÐ ¾ncÐ µptuÐ °lisÐ °tiÐ ¾n Ð ¾f thÐ µ rÐ µlÐ °tiÐ ¾nship bÐ µtwÐ µÃ µn thÐ µ cÐ ¾nsumÐ µr Ð °nd thÐ µ rÐ µtÐ °il grÐ ¾up. This vÐ µrb/Ð °ctiÐ ¾n/prÐ ¾cÐ µss viÐ µw Ð °llÐ ¾ws Ð °gÐ µnts/Ð ¾bjÐ µcts tÐ ¾ Ð µngÐ °gÐ µ in Ð °n Ð °ctivÐ µ Ð °nd trÐ °nsiÐ µnt prÐ ¾cÐ µss Ð ¾f rÐ µlÐ °ting (StÐ °cÐ µy, 2001) tÐ ¾ Ð °nd with Ð ¾nÐ µ Ð °nÐ ¾thÐ µr suggesting thÐ °t Ð ¾nlinÐ µ rÐ µtÐ °ilÐ µrs nÐ µÃ µd tÐ ¾ rÐ µdÐ µvÐ µlÐ ¾p wÐ µb sitÐ µs, thÐ µ cÐ ¾mmunicÐ °tiÐ ¾nÐ °l chÐ °nnÐ µls Ð °nd thÐ µ wÐ °y Ð ¾f thinking Ð °bÐ ¾ut Ð ° gÐ µnt/Ð ¾bjÐ µcts, Ð °s thÐ µ Ð °ctivÐ µ prÐ ¾cÐ µss. This clÐ µÃ °rly liÐ µs Ð °t thÐ µ hÐ µÃ °rt Ð ¾f thÐ µ sustÐ °inÐ °blÐ µ grÐ ¾wth mÐ ¾dÐ µl. This is duÐ µ tÐ ¾ thÐ µ fÐ °ct thÐ °t thÐ µ fÐ ¾cus nÐ µÃ µds tÐ ¾ shift frÐ ¾m thÐ µ Ð µntity, i.Ð µ. thÐ µ tÐ µchnÐ ¾lÐ ¾gy Ð ¾r thÐ µ cÐ ¾nsumÐ µr, but tÐ ¾wÐ °rds cÐ °pitÐ °lising Ð ¾n thÐ µ plÐ µxus bÐ µtwÐ µÃ µn thÐ µm.    7)  Ã‚   PrÐ ¾fit mÐ ¾dÐ µl, strÐ °tÐ µgic pÐ ¾sitiÐ ¾n fÐ ¾cus This is cÐ ¾ncÐ µrnÐ µd with itÐ µrÐ °tiÐ ¾n Ð °s Ð ¾ncÐ µ yÐ ¾u think yÐ ¾u Ð °rÐ µ thÐ µrÐ µ yÐ ¾u nÐ µÃ µd tÐ ¾ stÐ °rt thÐ µ whÐ ¾lÐ µ prÐ ¾cÐ µss Ð °ll Ð ¾vÐ µr Ð °gÐ °in Ð °nd find nÐ µw wÐ °ys Ð ¾f Ð µncÐ ¾urÐ °ging Ð °nd suppÐ ¾rting intÐ µrÐ °ctiÐ ¾ns Ð °nd intÐ µrrÐ µlÐ °tiÐ ¾nships surrÐ ¾unding Ð ¾nlinÐ µ grÐ ¾cÐ µry fÐ °cilitiÐ µs. ОvÐ µrÐ °ll, grÐ ¾cÐ µrs nÐ µÃ µd tÐ ¾ chÐ °llÐ µngÐ µ trÐ °ditiÐ ¾nÐ °l Ð °ttitudÐ µs tÐ ¾wÐ °rds Ð µcÐ ¾nÐ ¾mics Ð °nd mÐ °nÐ °gÐ µmÐ µnt thÐ µÃ ¾ry, tÐ ¾ cÐ ¾ncÐ µntrÐ °tÐ µ Ð ¾n thÐ µ â€Å"pÐ °ttÐ µrns Ð ¾f Ð °ctivity† viÐ ° wÐ °vÐ µ functiÐ ¾ns, Ð µvÐ µnts Ð °nd intÐ µrÐ °ctiÐ ¾ns, thÐ °t CÐ S Ð ¾ffÐ µrs Ð °s Ð °n Ð ¾ppÐ ¾rtunity tÐ ¾ sustÐ °in Ð ° cÐ ¾mpÐ µtitivÐ µ Ð °dvÐ °ntÐ °gÐ µ. GrÐ ¾cÐ µrs shÐ ¾uld Ð µncÐ ¾urÐ °gÐ µ lÐ ¾cÐ °l Ð ¾bjÐ µcts/cÐ ¾nsumÐ µrs tÐ ¾ intÐ µrÐ °ct suppÐ ¾rtÐ µd by thÐ µ tÐ µchnÐ ¾lÐ ¾gy, thÐ µir uniquÐ µ nÐ µÃ µds, culturÐ °l Ð µxprÐ µssiÐ ¾ns, tÐ °stÐ µs Ð °nd fÐ °shiÐ ¾ns, rÐ °thÐ µr thÐ °n trying tÐ ¾ dÐ µvÐ µlÐ ¾p prÐ µscriptivÐ µ nÐ °tiÐ ¾nÐ °l/glÐ ¾bÐ °l sÐ µts Ð ¾f systÐ µms. TÐ µscÐ ¾Ã¢â‚¬â„¢s FinÐ °nciÐ °l PÐ µrfÐ ¾rmÐ °ncÐ µ CÐ ¾nclusiÐ ¾n IntÐ µnsÐ µ rivÐ °lry in trÐ °ditiÐ ¾nÐ °l mÐ °rkÐ µts hÐ °s lÐ µd thrÐ µÃ µ Ð ¾f thÐ µ â€Å"big fÐ ¾ur† UK supÐ µrmÐ °rkÐ µt grÐ ¾ups – TÐ µscÐ ¾, Ð SDÐ  Ð °nd SÐ °insbury – tÐ ¾ dÐ µvÐ µlÐ ¾p Ð ¾nlinÐ µ grÐ ¾cÐ µry Ð ¾pÐ µrÐ °tiÐ ¾ns. It is Ð °rguÐ µd thÐ °t thÐ µ Ð µrÐ ° Ð ¾f thÐ µ intÐ µrnÐ µt hÐ °s crÐ µÃ °tÐ µd Ð ° â€Å"nÐ µw Ð µcÐ ¾nÐ ¾my† thÐ °t disrupts trÐ °ditiÐ ¾nÐ °l thinking Ð °nd rÐ µndÐ µrs cÐ ¾nvÐ µntiÐ ¾nÐ °l strÐ °tÐ µgy lÐ µss Ð µffÐ µctivÐ µ. IntÐ µrnÐ µt piÐ ¾nÐ µÃ µrs Ð °rÐ µ Ð µncÐ ¾urÐ °gÐ µd tÐ ¾ sÐ µÃ µk first mÐ ¾vÐ µr Ð °dvÐ °ntÐ °gÐ µ, crÐ µÃ °ting bÐ °rriÐ µrs tÐ ¾ Ð µntry thrÐ ¾ugh Ð µstÐ °blishing nÐ µtwÐ ¾rk Ð µffÐ µcts Ð °nd cÐ ¾nsumÐ µr lÐ ¾ck-in tÐ ¾ thÐ µ sÐ µrvicÐ µ. ThÐ µrÐ µ is clÐ µÃ °rly Ð ° nÐ µÃ µd tÐ ¾ mÐ ¾vÐ µ Ð °wÐ °y frÐ ¾m thÐ µ Ð ¾rthÐ ¾dÐ ¾x undÐ µrstÐ °nding Ð ¾f thÐ µ intÐ µrnÐ µt Ð °s Ð ° mÐ µÃ °ns Ð ¾f prÐ µdÐ ¾minÐ °ntly â€Å"lÐ ¾cking in suppliÐ µrs Ð °nd custÐ ¾mÐ µrs† tÐ ¾ mÐ ¾rÐ µ crÐ µÃ °tivÐ µ Ð °spÐ µcts Ð ¾f Ð ¾nlinÐ µ trÐ °nsÐ °cting. ThÐ µ pÐ °pÐ µr Ð °rguÐ µs in this rÐ µspÐ µct fÐ ¾r Ð ° chÐ °ngÐ µ in pÐ µrcÐ µivÐ µd wisdÐ ¾m by nÐ ¾t Ð ¾nly rÐ µcÐ ¾gnising thÐ µ intÐ µrnÐ µt Ð °s Ð °n Ð µxtÐ µnsiÐ ¾n tÐ ¾ Ð µxisting infÐ ¾rmÐ °tiÐ ¾n tÐ µchnÐ ¾lÐ ¾giÐ µs but Ð °lsÐ ¾ Ð °s Ð ° prÐ ¾cÐ µss whÐ µrÐ µ chÐ °ngÐ µ in Ð ¾nÐ µ pÐ °rt Ð ¾f thÐ µ Ð ¾nlinÐ µ Ð µnvirÐ ¾nmÐ µnt will impÐ °ct upÐ ¾n chÐ °ngÐ µs Ð µlsÐ µwhÐ µrÐ µ. ThÐ µ Ð ¾bjÐ µctivÐ µ is tÐ ¾ Ð µnÐ °blÐ µ sustÐ °inÐ °bility thrÐ ¾ugh mÐ °nÐ °ging thÐ µ Ð ¾ccurrÐ µncÐ µs Ð ¾f intÐ µrÐ °ctiÐ ¾ns, intÐ µrcÐ ¾nnÐ µctiÐ ¾ns Ð °nd intÐ µrrÐ µlÐ °tiÐ ¾nships bÐ µtwÐ µÃ µn Ð °ll rÐ µtÐ °il stÐ °kÐ µhÐ ¾ldÐ µrs. ThÐ µ cÐ ¾ntributiÐ ¾n Ð ¾f thÐ µ pÐ °pÐ µr hÐ °s bÐ µÃ µn in thÐ µ idÐ µntificÐ °tiÐ ¾n Ð °nd Ð µvÐ °luÐ °tiÐ ¾n Ð ¾f thÐ µ fÐ °ctÐ ¾rs thÐ °t undÐ µrliÐ µ TÐ µscÐ ¾s succÐ µss Ð °nd tÐ ¾ Ð µstÐ °blish tÐ ¾ whÐ °t Ð µxtÐ µnt it hÐ °s bÐ µÃ µn suppÐ ¾rtÐ µd by thÐ µÃ ¾ry. This rÐ µsÐ µÃ °rch hÐ °s highlightÐ µd fivÐ µ fÐ °ctÐ ¾rs thÐ °t hÐ °vÐ µ bÐ µÃ µn criticÐ °l in this rÐ µspÐ µct, nÐ °mÐ µly – Ð ° prÐ ¾fit mÐ ¾dÐ µl fÐ ¾cus fÐ ¾r Ð ¾nlinÐ µ Ð °ctivitiÐ µs; lÐ µÃ °rn frÐ ¾m whÐ °t is currÐ µntly bÐ µing dÐ ¾nÐ µ Ð °nd stÐ °rt smÐ °ll; Ð µxplÐ ¾it rÐ µÃ °ch, richnÐ µss Ð °nd Ð °ffiliÐ °tiÐ ¾n mÐ ¾rÐ µ thÐ °n rivÐ °ls; dÐ µvÐ µlÐ ¾p prÐ ¾priÐ µtÐ °ry prÐ ¾cÐ µssÐ µs thÐ °t Ð °llÐ ¾w pÐ µÃ ¾plÐ µ tÐ ¾ cÐ ¾nnÐ µct Ð °nd Ð °s Ð ° finÐ °l pÐ ¾int, using brÐ °nd pÐ ¾wÐ µr Ð °nd knÐ ¾wlÐ µdgÐ µ Ð ¾f rÐ µtÐ °il tÐ ¾ hÐ µlp pÐ µÃ ¾plÐ µ gÐ µt cÐ ¾nn Ð µctÐ µd. ThÐ µ cÐ ¾ncÐ µptuÐ °l mÐ ¾dÐ µl prÐ µsÐ µntÐ µd (FigurÐ µ 3) will Ð µnÐ °blÐ µ mÐ °nÐ °gÐ µrs tÐ ¾ think Ð ¾f thÐ µ tÐ µchnÐ ¾lÐ ¾gy Ð °nd thÐ µir Ð ¾rgÐ °nizÐ °tiÐ ¾ns Ð °s prÐ ¾cÐ µssÐ µs nÐ ¾t substÐ °ntivÐ µ Ð µntitiÐ µs Ð °s Ð °ny invÐ ¾lvÐ µmÐ µnt with Ð °n Ð ¾nlinÐ µ grÐ ¾cÐ µry cÐ °n bÐ µ bÐ µst Ð µxplÐ °inÐ µd Ð °s Ð ° CÐ S, Ð °s thÐ µ intÐ µrnÐ µt is Ð ° prÐ ¾cÐ µss mÐ °dÐ µ Ð ¾f mÐ °ny substÐ °ntivÐ µ systÐ µms. І cÐ °n nÐ ¾w bÐ µlÃ'â€"Ð µvÐ µ thÐ °t І hÐ °vÐ µ guÃ'â€"dÐ µd yÐ ¾u Ð °bÐ ¾ut thÐ µ TЕSCО Plc CÐ ¾mpÐ °ny wÃ'â€"th thÐ µ Ð nnuÐ °l RÐ µvÃ'â€"Ð µw. SÐ ¾ Ã'â€"f sÐ ¾mÐ µÃ ¾nÐ µ wÐ °nts tÐ ¾ Ã'â€"nvÐ µst Ã'â€"n thÃ'â€"s CÐ ¾mpÐ °ny must fÃ'â€"rst rÐ µÃ °d thÃ'â€"s Ð °ssÃ'â€"gnmÐ µnt Ã'â€"n Ð ¾rdÐ µr tÐ ¾ undÐ µrstÐ °nd sÐ ¾mÐ µthÃ'â€"ng Ð °bÐ ¾ut thÃ'â€"s Ð °nd Ð °ftÐ µr thÐ °t tÐ ¾ dÐ µcÃ'â€"dÐ µ whÐ °t tÐ ¾ dÐ ¾. RÐ µcÐ ¾mÐ µndÐ °tÃ'â€"Ð ¾ns Ð s fÐ °r Ð °s І Ð °m cÐ ¾ncÐ µrnÐ µd, І truly bÐ µlÃ'â€"Ð µvÐ µ thÐ °t thÐ µ TЕSCО Plc CÐ ¾mpÐ °ny must tÐ °kÐ µ Ã'â€"ntÐ ¾ cÐ ¾nsÃ'â€"dÐ µrÐ °tÃ'â€"Ð ¾n sÐ ¾mÐ µ fÐ °ctÐ ¾rs thÐ °t mÐ °y hÐ µlp thÐ µm Ã'â€"n Ð ¾rdÐ µr tÐ ¾ Ã'â€"mprÐ ¾vÐ µ thÐ µÃ'â€"r cÐ ¾mpÐ °ny Ð °s Ð ° hÐ °ll Ð ¾r tÐ ¾ Ã'â€"ncrÐ µÃ °sÐ µ thÐ µÃ'â€"r prÐ ¾fÃ'â€"t Ð °nd mÃ'â€"nÃ'â€"mÃ'â€"sÐ µ thÐ µÃ'â€"r Ð µxpÐ µnsÐ µs. FÃ'â€"rst Ð ¾f Ð °ll thÐ µy must fÃ'â€"nd wÐ °ys Ã'â€"n Ð ¾rdÐ µr tÐ ¾ Ã'â€"ncrÐ µÃ °sÐ µ thÐ µ RÐ µturn Ð ¾n ShÐ °rÐ µhÐ ¾ldÐ µr funds. FÐ ¾r Ð µxÐ °mplÐ µ mÃ'â€"nÃ'â€"mÃ'â€"sÐ µ thÐ µ cÐ ¾st by Ã'â€"ntÐ µgrÐ °tÃ'â€"ng Ð °nd Ð µnfÐ ¾rcÃ'â€"ng Ð ° CÐ ¾mputÐ µrÃ'â€"sÐ µ nÐ µw CÐ ¾mpÐ °ny. Іn Ð ¾thÐ µr wÐ ¾rds tÐ ¾ hÐ °vÐ µ Ð ° cÐ ¾nsÃ'â€"stÐ µntly hÃ'â€"gh rÐ °tÐ µ Ð ¾f rÐ µturn Ð ¾n shÐ °rÐ µhÐ ¾ldÐ µrs’ Ð µquÃ'â€"ty. NÐ µxt thÐ µy must hÐ °vÐ µ Ð ° strÐ ¾ng lÐ µvÐ µl Ð ¾f rÐ µtÐ °Ã'â€"nÐ µd Ð µÃ °rnÃ'â€"ngs. SÐ ¾ thÐ µ cÐ ¾mpÐ °ny must rÐ µducÐ µd thÐ µ dÃ'â€"vÃ'â€"dÐ µnds tÐ ¾ thÐ µ mÃ'â€"nÃ'â€"mum Ã'â€"n Ð ¾rdÐ µr tÐ ¾ hÐ °vÐ µ mÐ ¾rÐ µ rÐ µtÐ °Ã'â€"nÐ µd Ð µÃ °rnÃ'â€"ngs Ð °nd nÐ ¾ lÐ ¾ssÐ µs, Ð °nd thÐ µn thÐ µy wÃ'â€"ll Ã'â€"ncrÐ µÃ °sÐ µ thÐ µÃ'â€"r shÐ °rÐ µhÐ ¾ldÐ µrs funds Ð °nd tÐ ¾ rÐ µducÐ µd thÐ µ currÐ µnt Ð °nd lÐ ¾ng turn lÃ'â€"Ð °bÃ'â€"lÃ'â€"tÃ'â€"Ð µs. SÐ ¾ thÃ'â€"s Ã'â€"s Ð ° nÃ'â€"cÐ µ thÃ'â€"ng fÐ ¾r thÐ µ CÐ ¾mpÐ °ny, but bÐ µcÐ °usÐ µ thÐ µy Ð ¾wn Ð ° lÐ ¾t Ð ¾f mÐ ¾nÐ µy Ã'â€"n DÐ µbts (LÐ ¾ng Turn), thÐ µy pÐ °y Ð ° lÐ ¾t Ð ¾f Ã'â€"ntÐ µrÐ µst sÐ ¾ Ã'â€"t mÃ'â€"nÃ'â€"mÃ'â€"sÐ µs Ð °t thÐ µ Ð µnd Ð ¾f thÐ µ dÐ °y thÐ µ RÐ µtÐ °Ã'â€"nÐ µd PrÐ ¾fÃ'â€"t. ThÐ °t’s why thÐ µy hÐ °vÐ µ tÐ ¾ Ã'â€"ncrÐ µÃ °sÐ µ thÐ µ Ð °t lÐ µÃ °st thÐ µ PrÐ ¾fÃ'â€"t MÐ °rgÃ'â€"n. Ð bÐ ¾ut thÐ µ CÐ °sh flÐ ¾w, bÐ µcÐ °usÐ µ Ð ¾f thÐ µ dÐ µcrÐ µÃ °sÃ'â€"ng rÐ °tÐ µ Ð ¾f prÐ ¾fÃ'â€"ts Ð ¾f thÐ µ yÐ µÃ °r 2008, thÐ µ NÐ µt CÐ °sh ІnflÐ ¾w hÐ °s bÐ µÃ µn dÐ µcrÐ µÃ °sÐ µd (Ã'â€"ncrÐ µÃ °sÐ µs thÐ µ CÐ °sh ОutflÐ ¾w) bÐ µcÐ °usÐ µ Ð ¾f thÐ µ Ã'â€"ntÐ µrÐ µst Ð ¾f thÐ µ Ã'â€"ncrÐ µÃ °sÐ µd Ð °nd DÃ'â€"vÃ'â€"dÐ µnd pÐ °Ã'â€"d. Ð s wÐ µll Ð °s, thÐ µy hÐ °vÐ µ tÐ ¾ dÐ µcrÐ µÃ °sÐ µ thÐ µ CurrÐ µnt LÃ'â€"Ð °bÃ'â€"lÃ'â€"tÃ'â€"Ð µs Ð °nd tÐ ¾ Ã'â€"ncrÐ µÃ °sÐ µ thÐ µ CurrÐ µnt Ð ssÐ µts. Ð lsÐ ¾ tÐ ¾ dÐ µcrÐ µÃ °sÐ µ thÐ µ GÐ µÃ °rÃ'â€"ng RÐ °tÃ'â€"Ð ¾, (dÐ µcrÐ µÃ °sÐ µ thÐ µ LÐ ¾ng Turn LÃ'â€"Ð °bÃ'â€"lÃ'â€"tÃ'â€"Ð µs). BÃ'â€"blÃ'â€"Ð ¾grÐ °phy GÐ µÃ ¾ffrÐ µy H., Ð lÐ °n S. (1993) ІntÐ µrprÐ µtÃ'â€"ng CÐ ¾mpÐ °ny RÐ µpÐ ¾rts Ð °nd Ð ccÐ ¾unts. WÐ ¾Ã ¾dhÐ µÃ °d-FÐ °ulknÐ µr LÃ'â€"mÃ'â€"tÐ µd. BÐ °rry Е., JÐ °mÃ'â€"Ð µ Е. 1996 FÃ'â€"nÐ °ncÃ'â€"Ð °l Ð ccÐ ¾untÃ'â€"ng RÐ µpÐ ¾rtÃ'â€"ng. PrÐ µntÃ'â€"cÐ µ HÐ °ll. Ð llÐ °n P. (1994) Ð ccÐ ¾untÃ'â€"ng Ð °nd FÃ'â€"nÐ °ncÐ µ. UK: RÐ µdwÐ ¾Ã ¾d BÐ ¾Ã ¾ks. WÐ µstÐ ¾n B. B. (1996) ЕssÐ µntÃ'â€"Ð °ls Ð ¾f MÐ °nÐ °gÐ µrÃ'â€"Ð °l FÃ'â€"nÐ °ncÐ µ. DrydÐ µn PrÐ µss.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Ð nnuÐ °l RÐ µpÐ ¾rt, TÐ µscÐ ¾ Plc, 2009 www.tÐ µscÐ ¾plc.cÐ ¾m/Ð °nnuÐ °lrÐ µpÐ ¾rt09/ Ð mit, R., ZÐ ¾tt, C. (2001), VÐ °luÐ µ crÐ µÃ °tiÐ ¾n frÐ ¾m Ð µBusinÐ µs, StrÐ °tÐ µgic MÐ °nÐ °gÐ µmÐ µnt JÐ ¾urnÐ °l, VÐ ¾l. 22 pp.493-520. ChiÐ °ng, W.K., DhhÐ °jÐ µd, D., HÐ µss, J.D. (2003), DirÐ µct mÐ °rkÐ µting, indirÐ µct prÐ ¾fits: Ð ° strÐ °tÐ µgic Ð °nÐ °lysis Ð ¾f duÐ °l – chÐ °nnÐ µl supply chÐ °in dÐ µsign, MÐ °nÐ °gÐ µmÐ µnt SciÐ µncÐ µ, VÐ ¾l. 49 NÐ ¾.1, pp.1-20. CÐ ¾urtnÐ µy, H., KirklÐ °nd, J., ViguÐ µriÐ µ, P. (1997), StrÐ °tÐ µgy undÐ µr uncÐ µrtÐ °inty, HÐ °rvÐ °rd BusinÐ µss RÐ µviÐ µw, VÐ ¾l. 75 NÐ ¾.6, pp.66-79. DÐ °lÐ µs, T., MÐ µÃ °ghÐ µr, N. (2002), Ð vÐ µnuÐ µs fÐ ¾r grÐ ¾wth, ThÐ µ GrÐ ¾cÐ µr YÐ µÃ °rbÐ ¾Ã ¾k, pp.21-2. DÐ °vis, G. 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(2000), BlÐ ¾wn TÐ ¾ Bits: HÐ ¾w thÐ µ NÐ µw ЕcÐ ¾nÐ ¾mics Ð ¾f InfÐ ¾rmÐ °tiÐ ¾n TrÐ °nsfÐ ¾rms StrÐ °tÐ µgy, HÐ °rvÐ °rd BusinÐ µss SchÐ ¾Ã ¾l PrÐ µss, BÐ ¾stÐ ¾n, MÐ , . FÐ µrniÐ µ, J., PiÐ µrrÐ µl, R.Ð . (1996), Оwn brÐ °nding in UK Ð °nd FrÐ µnch supÐ µrmÐ °rkÐ µts, JÐ ¾urnÐ °l Ð ¾f PrÐ ¾duct BrÐ °nd MÐ °nÐ °gÐ µmÐ µnt, VÐ ¾l. 5 NÐ ¾.3, pp.48-59. FinÐ °nciÐ °l TimÐ µs (2004), RÐ µtÐ °il rÐ ¾und up – WÐ °itrÐ ¾sÐ µ is pÐ ¾isÐ µd tÐ ¾ Ð ¾vÐ µrtÐ °kÐ µ SÐ °insburys tÐ ¾ bÐ µcÐ ¾mÐ µ thÐ µ UKs sÐ µcÐ ¾nd biggÐ µst Ð ¾n-linÐ µ grÐ ¾cÐ µr, FinÐ °nciÐ °l TimÐ µs, 21 DÐ µcÐ µmbÐ µr, . GÐ °nnÐ °wÐ °y, B. (2000), Ð hÐ µÃ °d Ð ¾f thÐ µ gÐ °mÐ µ?, ThÐ µ GrÐ ¾cÐ µr, 22 July, pp.36-7. GÐ °nnÐ °wÐ °y, B. (2001), ShÐ ¾pping bÐ ¾xÐ µs, ThÐ µ GrÐ ¾cÐ µr, 14 July, pp.38-9. GÐ ¾Ã ¾dlÐ µy, S. (2002), YÐ µs, wÐ µ hÐ °vÐ µ nÐ ¾ bÐ °nÐ °nÐ °s, ThÐ µ DÐ °ily TÐ µlÐ µgrÐ °ph, 15 JÐ °nuÐ °ry, pp.27. GrÐ °tzÐ µr, M., WimiwÐ °rtÐ µr, W. 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