The Adventures of Huckleberry Finn and 19 century American Society Research Paper - 2

The Adventures of Huckleberry Finn and 19 century American Society - Research Paper Example Different Calvinists additionally clarified that the salvation was held in the possession of God. In the nineteenth century evangelicals like Finney and different evangelicals were in the fore front to lecture the delinquents. They concentrated on the transgressions of the individuals in real life. They likewise lectured about the hellfire so as to attempt to occupy the miscreants from the activity. They felt free to demand that the heathens should atone and escape from all the transgression. In the nineteenth century, the Protestants through the zeal laid a lot of accentuation on the transformation. This was obliged by thoughts regarding the corruption of the individuals after the fall of Adam and furthermore the transcendence of God. It is said after this that God has got kindness towards his kin and he guarantees them salvation after all these. The zeal additionally laid solid accentuation on the how Christ passed on the cross for the wrongdoings of the people. They attempted to c larify that the best thing to comprehend is that change was only an encounter and it was not hard. A significant number of the individuals didn't accept the message that these evangelists gave. Accepting was a significant thing thus for the evangelists I was difficult to persuade the individuals. Yet at the same time what they lectured was heard by numerous individuals and however many would have not reacted yet they were mentally changed. (Claudia 2006). This didn't simply leave them as the standard individuals they were there previously yet it came to resemble a change and the greater part of them had changed and they had those characters of Christians somewhere inside them2. The evangelicals disclosed that what befell them was a profound resurrection and demise of the old somebody to the change and the introduction of someone else who has experienced change. Change comprised of steps that must be followed.â

Genetic Engineering

Researchers cross variety them. Most usually utilized are hereditary organic product flies to contemplate the impacts of hereditary changes on improvement. Flies are favored over other different creatures on the grounds that their vertebrae are more straightforward than different life forms. Changed microbes are utilized to create the protein insulin, to treat hereditary infections like diabetes, hemophilia, and dwarfism. Transgenic creatures have had their qualities changed. A dominant part of these creatures are mice. Researchers would now be able to deliver these creatures because of Crick and Watson disclosures. A transgenic plant; in any case, has qualities that have en embedded in them instead of through pollination.Benefits of these plants are that they can battle dry seasons, just as creepy crawly obstruction. Less pesticide would be utilized. A case of a transgenic plant is the assault plant, which pollinates weeds. As indicated by Google. Com, DNA fingerprinting is the exam ination from tests of body tissues or liquids so as to recognize people. It is improbable two individuals would have a similar unique mark. DNA fingerprinting is gainful from numerous points of view including paternity tests, wrongdoing examination and distinguish living beings causing a diseases.The testing should be possible deliberately by giving an example of blood or a swab of the cheeks inside an individual's mouth . The Human Genome Project was finished in April 2013 and it was an electronic framework where you give your DNA to be examined into a PC base around the world. They coordinate your DNA with individuals everywhere throughout the world. You paid to have your DNA sent in and every one of our qualities sent together are known as a ‘genome. ‘ The undertaking is useful on the grounds that they can follow illnesses and help forestall them. Quality treatment is a strategy that forestalls or treat sickness by utilizing genes.Gene treatment isn't exploitative, it could keep maladies from going down through ages. I feel along these lines since it could help fix infections that we never had the benefit to fix. If I somehow happened to make my own transgenic creature it would be a blend between contractible that catches light from the sun and a bovine. Transgenic dairy animals, can give food and daylight got from the microscopic organisms. It doesn't take up farmland it should simply remain in the sun. It can get all the protein and supplements required. Dairy animals give us milk and meat, which could be more advantageous without all the pesticides. I would all the creature gun. Hereditary Engineering Hereditary Engineering †A Curse or a Blessing? What is geneitc building? Many battle to comprehend the genuine significance and outcrops of this confounded, exceptionally expensinve strategy. Hereditary Engineering is an immediate human control of an organism’s DNA structure. As intricated as it appears, it’s an innovation that has been utilized for a considerable length of time, and is soon to episode into a genuine â€Å"Cloning Aeon†. In this way, how might we know the advantages and the disadvantages of this technique?Let us take a pivot at the striking, grievous revelations this subject has brought to the world: from SciFi books to the main manufactured living things, from genetical built wheat to dreaful transformations of the human bodies. Without a doubt, it appears as though we are as of now living the much-longed for blasting, logical developments. In any case, if such huge numbers of sorts of medications and fixes have been made-up from only a cou ple of changes, one may consider why the greatest issues with respect to human hopeless ailments have not been settled yet.No one can deny this: we own an innovation path outside our ability to comprehend, we hold a profoundly dangerous force in our elastic science lab gloves, yet we feel languid when confronting the most faulty charge: Where are the remedies for Cancer, AIDS and Alzheimer, ailments that break our reality separated? Isn’t it inquisitive how researcher attempt to make fake lives as opposed to relieving the certifiable ones? We ought to concede that it’s not to be our â€Å"contemporany age† any longer. It’s a day break of biohackers. Biohacking joins interests.Interests join struggles. Furthermore, hardships unavoidably lead to losses. By a similar token, a huge number of individuals could be left to battle in a dark, separated independent world in which they figure they could be spared. It’s a tryout, it’s another choice tha t numerous connivances speculations attest. In spite of the fact that we ought not overlook the cloned Dolly sheep and the remainder of the pioneers around there, I dare say that hereditary designing has not yet end up being something in excess of an impediment to what human culture may mean.

Genre Kryptonite Characters Who Love Books

Genre Kryptonite Characters Who Love Books I imagine it comes as a shock to no one that a bibliophile would get weak in the knees for book loving characters and authors. The thing is I don’t actually seek it out. I don’t Google search or look for Goodreads list or even ask my fellow bibliophiles for recommendations. It just happens that I’ll be reading a book and discover that one, or more, of the characters is excited to talk about books and it’s always quite wonderful. And coincidentally seems to always happen in books I end up loving because apparently the only thing I love more than books is more books inside of books. Like in Saga Vol. 2 when Alana reads a novel and then pleads/begs/tries to bribe a coworker into reading it so she can have someone to discuss it withâ€"we’ve all done that, right? I was already in love with this graphic novel thanks to the great story, fantastic characters, and awesome art, then came Alana’s passionate I-love-this-book scene which made me want to hug the comic. And I did. I won’t say more for those who haven’t read it (even though it isn’t a spoiler per say) but she does end up reading it to someone in another fantastic scene and the author of that novel might also be a future character. In Everything, Everything by Nicola Yoon we have Maddy who, instead of celebrating her 18th birthday with a party or wild night out with friends, is having a quiet night in with her mom because she hasn’t been outside her house since she was a baby due to an illness. Rather than being angry or depressed about her incredibly limited life, Maddy fills it with reading. What better way to experience the world you’re currently unable to explore? Along with the bonus of Maddy’s tiny book reviews throughout the book, one of her first conversations with Ollyâ€"the new boy next doorâ€"is a discussion over a recently read book. I can’t think of a better way to start any type of relationship! And if youre curious about the books Maddy reads heres a round-up. You have to read a book three times before you know it. The first time you read it for the story… In Sherman Alexie’s The Absolutely True Diary of a Part-Time Indian Gordy teaches Junior how to truly read by explaining that every time you read a book you’re taking away and learning different things. The conversation also leads Junior to understand that his sister’s love of romance novels is not frivolous and that “if every moment of a book should be taken seriously, then every moment of a life should be taken seriously as well.” It was already an exceptional book that ended up having the perfect bonus of characters discussing reading and Junior even reading, and later calling upon, Tolstoy. (Also really great on audiobook narrated by Sherman Alexie.) Youd think that in Daniel Jose ´ Olders Shadowshaper Sierra would be too busy trying to keep the shadowshapers alive while trying to unravel the mystery behind what/who exactly are the shadowshapers and what/who is trying to harm them to be reading bookswhich she is, but one trip to the library (for research of course) has her quickly distracted by all the books she sees that she never even imagined existed: Studies in Puerto Rican Literature said another. It’d never even occurred to her there was such a thing as Puerto Rican literature, let alone that it would be worthy of a thick volume in a Columbia University Library. Sierra is such an awesome character that Older could write an entire book about her sitting in the library reading books and Id be all over reading that. (Also fantastic in audiobook narrated by Anika Noni Rose.) The Age of Reinvention by Karine Tuil, Sam Taylor (translator) has everything: the question of (religious) identity, betrayal, revenge, reinventing oneself, poverty to opulence, obsession, a love triangle And for as terrible as some of the characters behaveI mean one sends his wife to try and seduce an old lover to prove he officially won her (and thats just at the beginning before all the chaos really starts)their saving moments to me were always their love of literature. Like Samuels memory of his father teaching him that A man found fulfillment in reading and interpreting texts. A life without books was inconceivable. Being that this was one of those suspenseful what-will-happen-next novels I wont say anymore In the so-good-if-you-asked-if-you-should-pre-buy-I-would-emphatically-nod-my-head-YES category we have If I Was Your Girl by Meredith Russo. Also a book about identity but in a completely different way. Here we have Amanda at a new high school trying to navigate life as a teenage girl unsure of what will happen if/when anyone finds out she was born Andrew. Honestly, I couldnt have loved Amanda (or this book) more than I already did so her bookish moments (a boy with a crush on her reads Sandman because she is, and a really important story she writes as a child begins inspired by The Phantom Tollbooth) were really just extra icing on an already perfectly iced cake. (May 3, Flatiron Books) Another 2016 release is The Guest Room by Chris Bohjalian in which one intended fun night (bachelor party) turns horribly wrong. My favorite part about the bookwhich grabs you from the very beginningwas that you got the perspective of everyone involved or affected from the event. While the stripper/hooker/sex slave having the alternating first point of view was great, since its usually told from the cops/lawyers/males perspective only, I loved that one of the characters nine year old daughters had a voice as she tried to understand what was happening. And while I would never want to be in her shoes, I was super jealous about her obsession with funky tights which led her father to bring her back a pair from London that were covered in childrens book covers. Her discovery of British editions having different covers from U.S. was such a lovely moment to read and now I cant stop thinking about those tights! Equal to my love of fictional characters having bookish hearts are when authors discuss books in their nonfiction. Roxane Gay is not only a perfect author to follow for great book recommendations she also discusses books she’s read in Bad Feminist. Amongst her many essays (giving her voice to the current feminist debates and reminding us we’re allowed to be flawed feminist) she discusses a range of books from Sweet Valley High’s childhood impact all the way to her thoughts on the problematic white savior in The Help. Some of the other books discussed are Gone Girl, The Hunger Games, Dare Me… Here’s the list of all 30+ books discussed if like me you want to read them after (or before?) reading Bad Feminist. In Dirty River: A Queer Femme of Color Dreaming Her Way Home Leah Lakshmi Piepzna-Samarasinha takes us back to the mid 90s when she ran away from home in the U.S to Canada in the hopes of leaving her problems behind. This was a beautiful memoir that I inhaled because the writing (almost poetic) and voice was so inviting and grabbing, her details so vivid I felt like I was on her journey with her. And of course you already know the bonus was her appetite for reading and how weaved into her stories were books, bookstores, and libraries that were significant during certain periods of her life. Do bookish characters/authors tug on your heartstrings? Or do you not even notice?

The Developing Toddler Essay - 1872 Words

The Developing toddler The purpose of this essay was to observe the everyday experiences a child has and how it is an illustration of theories and concepts of child development. To also have a better understanding of how these theories and concepts take important role in the child’s life. The observation took place in the child development classroom. The children observed were, Joshua at fourteen months old, Roman at twenty-one months old, Elizabeth at twelve months old, and Jayden at twenty-eight months old. A child is born in to a fast paced world. The child is influenced in every way, in every place, by every person they come in contact with. From the ages 1-5 the child is like a sponge, taking in all their brain can hold.†¦show more content†¦They are the large movements of the body using the arms, legs, torso and feet. Gross motor abilities share connections with other physical functions. Gross motor skills are defined as the movements of the large muscles of the body. Gross Motor skills are important for major body movement such as walking, maintaining balance, coordination, jumping, and reaching (Berger 144-145). For example, Roman plays with a ball, throwing it to another boy, and attempts to catch it as it is tossed back to him. He is using his large muscle to project and catch the ball, he learned body movement and place meant, balance, and control. This is important for the child because he is also developing fine motor skills, interaction with others, and self-awarene ss. Gross motor control enables children to develop the fine motor movements that are essential for success in the school years. Fine Motor Movements use the small muscles of the eyes, fingers, toes, wrists, lips and tongue. The small muscles work with both the large muscles to develop movement. They are often for used communication purposes, both functional and expressive (Berger 144-145). In looking back at Roman, when he was playing with the ball, throwing and catching it. He was not only using his gross-motor skills, he was also using his fine-motor skills. He was learning hand eye coordination, grip, and balance. With the practice of fine motor skill the child becomes more independent withShow MoreRelatedHow Teachers Can Facilitate Problem Solving Development862 Words   |  4 Pagesopportunities to learn, practice, and develop their communicative, interactive, and social skills. At ages 2-4, children are still developing in all of these domains, therefore their problem solvi ng skills are not yet efficient. For example, toddlers have limited awareness of another’s point of view, therefore limiting their social problem solving abilities. Toddlers also lack the language skills needed to communicate in social situations, further limiting those problem solving abilities. For thisRead MoreAnalysis Of The Movie Baby Geniuses 811 Words   |  4 Pagesthe movie of, â€Å"Baby Geniuses†, their are scientist, Dr. Elena Kinder and Dr. Heep that study and conduct research on toddlers/babies. They use the funds for the studies to operate a theme park called, â€Å"Joyworld†, BabyCo. Dr. Kinder research is based on that babies are born possessing vast, universal knowledge and speak a language called Babytalk. The research states the the toddlers lose this knowledge and language when the begin talking human language at the age of 2 or 3. The babies in the researchRead MoreFeeding An Infant Is One Of The Best Ways A Parent Or A Care Provider13 54 Words   |  6 Pagesdevelopment. As infants get older, they will learn as fast as they will in their entire life during their earliest days. Infants require a nurturing environment to understand the concept of trust. Trust is an emotion that lays the foundation in developing positive self-esteem and confidence in later years. Infants will grow and learn more concisely through an encouraging and mentally stimulating relationship with their parents or care provider. It is through the act of feeding that an infant beginsRead MoreDeveloping Gross And Fine Motor Skills1150 Words   |  5 Pagesthere have been many toys developed for toddlers, never the less the basic principle remains the same: By means of playing with toys the toddler is learning to understand their world. This author will discuss common toys for toddlers and how the use of these toys may be affected by the principles of assimilation and accommodation, according to Feldman (2014). Piaget’s theory will be explained this author will also explore how these toys help in developing gross and fine motor skills. FeldmanRead MoreCreative Arts : An Essential Area Of Development For Young Children Essay1738 Words   |  7 Pagesteacher as much as possible so they can clarify and develop their thought (Garvis, 2012). So ultimately, the goal for the educator should be to help children develop a deep understanding about the arts, rather than just using the arts as a basis for developing basic knowledge of the arts (Garvis, 2012). If the teacher were to teach dance for example, â€Å"students will gain a basic understanding of the elements of dance and improvise playfully with the body to explore and control movement† (Garvis, 2012,Read MoreEssay On Touchscreen Media1479 Words   |  6 Pagestouchscreen media use on young children’s development. Touchscreen media is a rapidly developing industry, such that most people use a touchscreen media device everyday (Cheung, Bedford, Saez de Urabain, Karmiloff-Smith Smith, 2017). Whilst touchscreen media is not a brand new phenomenon, it is ever-changing and constantly developing. Little research has been done to assess the longer-term developmental implications of toddlers using touchscreens (Bedford, Saez de Urabain, Cheung, Karmiloff-Smith SmithRead MoreHow Do Infants And Toddlers Develop Their Cognitive Abilities?1372 Words   |  6 Pagesinfants and toddlers develop their cognitive abilities? Essentially, the formative years of research on the aspect of cognitive growth in infants made certain assumptions, for instance, an infant growth was significantly simplified. However, modern research indicates that there is a complex pattern of cognitive development in infants. To answer the question, it is imperative to start by understanding what the cognitive aspect of the development of infants is. Ideally, infants and toddlers do not onlyRead MoreNutrition : A Healthy Health, Growth And Development1065 Words   |  5 Pageshelp them make the best choices when it comes to feeding their toddlers. Why is proper nutrition important? There are approximately 7 billion people in the world, and approximately 460 million (15%) of the world’s population are malnourished. According to the textbook Exploring Lifespan Development by Laura E. Berk, about 27 percent of the world’s children suffer from malnutrition before age 5 (World Health Organization, 2010). Toddler nutrition is important because it can impact the child’s developmentRead MoreSchool Readiness For Infants And Toddlers1038 Words   |  5 PagesIn the article â€Å"School Readiness for Infants and Toddlers? Really? Yes, Really!† by Sandra Petersen, she discusses how from birth to age three are crucial for school readiness. The â€Å"exuberant period† which is the months before and after birth is the time when the brain creates connections, â€Å"each capturing a moment of learning.† During infancy, foundations are built in each developmental area – language, motor, cognit ive, and social-emotional. These later develop into skills such as curiosity,Read MoreEssay about Autonomy’s Independence868 Words   |  4 PagesA toddler is on a mission for independence. When children are at the toddler age they start to develop behaviors of saying no, exploring, and learning self-help skills. These skills deal with the want of power and control in their lives. Toddlers need to feel this power and control in their environments. As an educator, you can facilitate that independence. Having a developmentally appropriate environment, encouragement of self-help skills to reinforce independence, giving choices throughout the

Essay on Atkins or Fadkins - 667 Words

Part 1 1. a. Proteins †¢ made of amino acids †¢ main functions - cell synthesis and repair, energy as needed †¢ examples - soy, beans, legumes, nuts, seeds, animal products (milk, meats, cottage cheese, etc.) b. Carbohydrates †¢ made of carbon, hydrogen, oxygen †¢ main functions - primary energy source, fat and protein metabolism, energy reserves in stored glycogen, blood glucose fuels brain and CNS †¢ examples - starch, sugars (breads, pasta, starchy vegetables, fruit sugars, simple sugars, etc.) c. Fats †¢ made of fatty acids glycerol †¢ main functions †¢ saturated sources (dairy products, meat, margarine, chocolate, coconut oil, etc.), unsaturated/MUFAs/PUFAs sources (safflower/olive/soybean oils, tuna, salmon, etc.) 2. The†¦show more content†¦This homeostasis is controlled by individual fat cells and when they get smaller it sends a signal to the brain to eat. 3. Metabolism is the sum of all chemical reactions that take place in the body and how fast the body utilizes the calories that we put into it. Body weight increases and decreases based on the amount of calories put in and the amount of energy we burn. 4. Increasing muscle mass does increase metabolism because all muscles have a resting energy requirement and more muscle utilizes more energy. 5. A diuretic is any substance that increases the amount of fluid excreted as urine. This can have a negative effect on homeostasis because it can make the fluid that the body actually needs leave too. 6. Exocrine glands, the liver and the kidneys remove toxins. A toxin is a biological poison. Some toxins are known to be stored in fat cells so it could be true that the more fat we have in our body the more toxic our body may become. 7. Yes, Mitchell has a body image problem. More health risks that can result from this are irregular heartbeat, heart failure, gastric rupture in a case of binging, dehydration, tooth decay, irregular bowel movements or constipation, peptic ulcers and pancreatitis. Part 3 1. Carbohydrates are made up of sugars. 2. Blood carries sugar in its stream for energy. Diabetes is a metabolic disease in which carbohydrate use is reduced and that ofShow MoreRelatedAtkins or fadkins Essay1252 Words   |  6 Pagesï » ¿ Katelyn Gibbs 1/30/14 Professor Hayes Anatomy and Physiology Atkins or â€Å"Fadkins† ? Questions: Section I: 1. First, find out what nutrients Janine and Mitchell are talking about. Using a biology textbook and the resources listed, describe what the following molecules are and what they are used for in the human body. List some specific examples of each. Also list major dietary sources of each. a. Proteins- macromolecules made of amino acids. Proteins have many functions inRead MoreEssay on Atkins or Fadkins Story Part 1 (not my work)840 Words   |  4 Pages† â€Å"From where?† Janine asks, looking Mitchell up and down. As you look at your friend, you have to agree with Janine: tall, lanky Mitchell doesn’t look like he has an ounce of spare fat on him. â€Å"Wait a minute,† Janine says, â€Å"You’re not on that Fadkins diet, are you? That diet where you eat all protein and no carbs?† â€Å"Yeah, I am,† Mitchell says, defensively. â€Å"I hear it’s really good. Someone my brother knows lost ten pounds in like a month.† â€Å"Don’t you know those high-protein diets are bad forRead MoreMetabolism and Biology Textbook Essay623 Words   |  3 Pagesï » ¿Atkins or ‘Fadkins’? by Karen E. Bledsoe Biology Department Western Oregon University, Monmouth, OR 1. Please go to School Wires for this link: http://www.sciencecases.org/atkins/case1.asp 2. Read all of Part I: â€Å"Macronutrients and Energy†. When you are finished, answer the following questions: a) First, find out what nutrients Janine and Mitchell are talking about. Using a biology textbook and the resources listed, describe what the following molecules are and what they are used

Education Plays A Very Important Role Education Essay Free Essays

string(81) " determination shapers or policy shaper when enrolling TVET instructor trainees\." Education plays a really of import function in bring forthing human resources for all states around the universe. A state can go good developed based significantly on the quality of human resources and this can be achieved through carry oning instruction. Cambodia is one of the states in the universe which need a good instruction system to bring forth qualified human resources for developing the state. We will write a custom essay sample on Education Plays A Very Important Role Education Essay or any similar topic only for you Order Now The instruction system in Cambodia is divided into four degrees, Pre-School Education, Primary Education, Secondary Education ( lower and upper ) , and Higher Education ( UNESCO, 2008 ) . The Royal Government of Cambodia ( RGC ) has set the end to assist kids acquire basic instruction to at least grade nine. After finishing grade 9, pupils can either travel to upper secondary schools or secondary vocational preparation plan provided by the Ministry of Labour and Vocational Training ( MOLVT ) . After finishing upper secondary school, pupils can either enter vocational preparation or universities ( UNESCO, 2008 ) . Technical Vocational Education and Training ( TVET ) plays a critical function in the socio-economic development of any state. The Royal Government of Cambodia ( RGC ) is committed to economic and societal development as a precedence. The ‘Rectangular Strategy ‘ , the sanctioned national economic development model, and the more elaborate 5 old ages National Strategic Development Plan 2006 – 2010 are committed to skills development. Cambodia will accomplish the Millennium Development Goals ( MDGs ) of Poverty and Starvation Reduction, Enhancing Gender Equity and Creation of Globalization Partnership for Development partially through a antiphonal and better quality preparation system. For growing, employment, equity and efficiency the RGC is committed to beef uping the Technical Vocational Education and Training ( TVET ) sector, ( NSDP, 2006 – 2010 ) . To accomplish this committedness, the RGC mandated the constitution of a new ministry, the Ministry of Labor and Vocational Training ( MOLVT ) , in 2004. Within the ministry the Directorate General of TVET ( DGTVET ) was established and under this sits the National Training Board ( NTB ) with a mission to guarantee that Cambodia meets its economic and development ends through an industry driven, quality TVET system, ( National TVET Development Plan, 2008 ) . A cardinal scheme to accomplish quality effectual TVET and competence based course of study and preparation is designation one of the TVET teacher instruction institute, runing under the Directorate General, TVET, as a Lead Institute and a Centre for Excellence for TVET instructor preparation in Cambodia. That institute is responsible for VET Teacher Training and Development for instructors serving both the Regional and Provincial Training Centers in throughout the state, ( National TVET Development Plan, 2008 ) . There are 38 TVET establishments run by Ministry of Labour and Vocational Training ( MOLVT ) in Cambodia and those establishments are separated as Provincial Training Centers ( PTCs ) , Regional Training Centers ( RTCs ) , and TVET institutes, ( National TVET Development Plan, 2008 ) . TVET instructors instruction are trained by a TVET establishments under the umbrella of MOLVT and it is the lone establishment which has the chief responsibility to develop TVET instructors both Senior and Junior degree for all of the 38 TVET establishments throughout the state. Since 2005, the MOLVT has set the policy to enroll three 300 of TVET teacher trainees every twelvemonth, ( National TVET Development Plan, 2008 ) . 1.2 Problem statement A survey conducted by Nock and Bishop ( 2008 ) showed the major causes of Kampuchean instructor dissatisfaction such as low wage, corruption/nepotism, hapless leading, hapless life conditions, pupils behavior, and working environment. The same survey revealed that 99 % of the respondents said that they could non last on their salary and this problem caused 93 % of them to keep a 2nd occupation. Furthermore, other surveies in Cambodia besides found out the increasing discourtesy from society toward instructors in public schools ( CITA, 2010 ) . MoEYS ( 2010b ) admitted that many instructors have left their instruction places, transferred to new occupations, and reached the retirement age. The jobs besides occur in MOLVT. These surveies above did non stipulate the jobs in TVET but they outlined the common jobs go oning in the Kampuchean instruction environment. In add-on to the affairs mentioned above, it is widely accepted that TVET is a really hapless sector in Cambodia and it is frequently considered as the 2nd pick to all people including pupils, ( ADB, 2009 ) . TVET is a freshly established establishment which merely started developing in 2004, the twelvemonth that MOLVT was established. The registration rate in TVET is really low if compared to academic instruction, ( ADB, 2009 ) . Furthermore, the leading, learning installations, and particularly human resources are in the bad status, ( ADB, 2009 ) . Yet, there are many alumnuss who come and apply for the entryway scrutiny to be a TVET instructor at a TVET instructor instruction institute in Phnom Penh. Based on my occupation, I am able to acquire the information from disposal office and I see that, normally the figure of appliers who applied for the entryway scrutiny ever far exceeds the figure of recruits. For illustration, in the academic twelvemonth 2012 – 2013, there are more than 1,800 campaigners have applied for the entryway scrutiny while MOLVT recruits merely 300 of instructor trainees. Given the relatively low position of TVET, it is ill-defined why there are so many alumnuss enter the entryway scrutiny to go a TVET instructor. 1.3 Research Question To go through the entryway scrutiny at the TVET teacher instruction institute is non easy. Yet, there are some trainees who drop out from this preparation plan when they have another pick or better occupation chance. Therefore, this research is fundamentally aimed at happening out the chief motive factors that encourage trainees desiring to go a instructor in the TVET sector. The specific inquiry that the survey seeks to reply is: â€Å" What are the motivative factors of university alumnuss who have entered the proficient instructor developing establishment in respect to their pick of a proficient vocational instruction and preparation instructor calling? † 1.4 Significance of the research This survey will be utile in some countries as following. First, this survey will lend to determination shapers or policy shaper when enrolling TVET instructor trainees. You read "Education Plays A Very Important Role Education Essay" in category "Essay examples" These people will hold some basic findings from this research so that they will be able to do good determinations when be aftering TVET teacher preparation. If TVET contrivers understand teacher motive, they will be able to turn to any failings in that motive. Second, through understanding teacher motive, this research helps to retain instructors in TVET instruction. Last, but non least, the survey will lend to the present literature on TVET teacher preparation sector, a sector in which virtually no research has been done on TVET instructors. Chapter II Literature reappraisal By utilizing the hunt engine Google Scholar and the James Cook University Library hunt engine with cardinal footings including: Teacher motives, Motivation to go instructors, Motivations to go TVET instructors, and perceptual experiences of university alumnuss toward TVET instructors career, I have found and downloaded many valuable stuffs for my literature reappraisal related to my subject. Those stuffs give an overview on my subject, and they work as a footing of cognition to back up the literature reappraisal. Teacher Motivations The international context A figure of surveies have been conducted in many states throughout the universe over the last 20 old ages researching the motive of those who decide to go school instructors ( Kyriacou A ; Coulthard, 2000 ) . Such surveies indicate that the chief grounds for taking instruction as a calling autumn into three chief countries. First, selfless grounds: these grounds deal with seeing learning as a socially worthwhile and of import occupation, the aspiration to acquire kids successful, and the aspiration to do society developed as we can see that many people wish to portion their cognition and expertness to other people in order to supply the capable affair to their community. Second, instrinsic grounds: these grounds screens facets of the occupation activity itself, such as learning kids activities, and the willingness to utilize their capable affair cognition and expertness in which 95 % of pupils in this survey rated that they find the occupation gratifying as really of import factor i n taking learning calling. Third, extrinsic grounds: these grounds cover facets of the occupation which are non built-in in the work itself, such as long vacations, degree of wage, and position as there are many people choose teacher calling for their ain benefit such as good payment, for journey, or for pleasance. The consequences of such surveies have received peculiar attending because of the enlisting crisis confronting many states in pulling people of sufficient quality into the instruction ( Kyriacou A ; Coulthard, 2000 ) . Kyriacou, Hultgren, and Stephens ( 1999 ) argued similar grounds to what is mentioned in the paragraph above. In this survey, 105 pupil instructors in Stavanger College School of Teachers ‘ Education, Norway, and 112 pupil instructors in University of York, United Kingdom, were asked to finish the questionnaire at the beginning of their instructor preparation class. They revealed the consequence that both groups of pupil instructors reported that their picks came from being strongly influenced by basking the topic they would learn, desiring to work with kids, the fact that teacher calling would give them opportunities to utilize their topic, and long vacations every bit good as societal hours. DeLong ( 1987 ) conducted a survey about â€Å" Teachers and Their Careers: Why Do They Choose Teaching? † in Brigham Young University, Provo, by indiscriminately selected 139 simple and secondary instructors to take part in the survey. The consequence found some similar grounds to the above paragraph why people choose their calling in learning as following: most people rated ‘I like working with children/youth ‘ the most follow by ‘I like to assist others larn and develop ‘ , following is ‘it fulfills a demand of mine to experience useful/contributing ‘ , and so ‘I wish the hours and holidaies ‘ , least rated one is ‘It ‘s a profession that besides allows me clip to prosecute other occupations or concern ‘ and ‘I wish money ‘ . The survey besides stated about the influences on instructors ‘ credence of first learning occupations such as geographical location, learn my country of expertness, me rely needed a occupation, occupation satisfaction, good administration/bosses, long-range security, a opportunity to be originative, good physical environment, benefits, liberty, and promotion into school disposal. The consequence of this survey suggests that instructors go into learning for really different grounds and are influenced in different ways to take learning as calling. Ebru ( 2012 ) surveyed 974 Turkish pre-service instructors to analyze their perceptual experiences about the instruction profession and to seek for ground for taking instruction as a calling. The consequences showed that the motive for taking learning that was highest rated was the â€Å" societal public-service corporation value † of the learning profession such as part to societal, determining the hereafter for kids or striplings, heightening societal equity, etc. Another motive was Personal public-service corporation value of learning profession, for illustration, clip for household, occupation transferability, and occupation security. Besides, the following most rated motive was the anterior instruction and acquisition experiences. Most of the engagement in this survey besides listed their personal abilities and accomplishments as a major ground to take instruction and â€Å" work with kids or striplings † was the following most often mentioned motive of the partici pants. Berger and D ‘ Ascoli conducted a survey about â€Å" Motivations to Become Vocational Education and Training Educators: A Person-Oriented Approach † and they argued some similar to what is discussed above. 605 in-service VET pedagogues in Switzerland were surveyed and the consequences revealed that the most of import for taking a calling as VET pedagogue are intrinsic calling value, perceived teaching ability, personal public-service corporation value, and chance. These consequences showed rather the same survey consequences in general instruction. The Kampuchean context The survey by Nock and Bishop ( 2008 ) about the instructor motive in Cambodia has stated the most common grounds why people want to travel to learning are: a strong involvement in the occupation, a desire to assist Cambodia ‘s development by bettering instruction, and because of they enjoy contact with kids. However, some instructors said that they were influenced by their household, had no other occupation chance, and chose learning to avoid muster into the ground forces. These three grounds seem to be contrasted with all the literature discussed above. The survey went farther to discourse about the features of a motivated instructor are as following. First, they have good relationship and communicating with pupils with a happy and pleasant personality. Second, they focused on and committed to the occupation by hardworking, punctual, painstaking, and confident, with a serious attitude. Third, they obey the regulations and ever hold a good working environment in the schoolroom and ever keep good pupil attending. Fourth, they are adept and willing to actuating pupil acquisition and accomplishing good consequences. Fifth, they behave in a normal manner and suitably. Sixth, they have a good lesson readying and are flexible when it is used. Seventh, they have good relationship with other members and ever portion each other the utile resource. Eighth, they are originative in learning by utilizing ocular AIDSs and schoolroom show. Last, but non least, they take pupils on field trips, Teach pupils about Khmer civilization, and doing betterments in the school environment. In drumhead, most old surveies have shown the most common motive factors that encourage single in taking learning calling. Those factors included: the desire to work with kids and immature people ; the willingness to do the society developed, desiring opportunities to utilize their originative endowment ; and the belief that instruction is a well-paid occupation with respectful from other people. Furthermore, many instructors besides claimed that they like learning calling and they learning is an gratifying occupation. However, some instructor besides stated that they were influenced by their household to be a instructor, they have no other better occupations, and to avoid to be conscripted into ground forces in some political crisis society, ( Nock A ; Bishop, 2008 ) . Chapter III Methodology Research design To carry on this research program, qualitative attacks will be used. Ary, Jacobs, and Sorensen ( 2010 ) depict the intent of qualitative research as being to contextualize findings, interpret behaviour and purpose, or to understand positions. Qualitative research is used to analyze persons, households, and a assortment of group, organisations, industries, and more ( Ary, Jacobs A ; Sorensen, 2010 ) . Lodico, Spaulding and Voegtle ( 2010 ) describe qualitative research workers focus on the survey of societal phenomena and on giving voice to the feeling and perceptual experiences of the participants under survey. Gay, Mills and Airasian ( 2009 ) stated that â€Å" Qualitative research is the aggregation, analysis, and reading of comprehensive narrative and ocular ( i.e, nonnumerical ) informations to derive insight into a peculiar phenomenon of involvement † ( p.7 ) . The survey will hold several strengths. The research worker has a good web or entree to the mark institute. Therefore, the research worker will be able to roll up the necessary information that might be needed in the survey. With this facilitation, the research worker will be able to randomly place teacher trainees in the field of agribusiness and technology. This will assist the research worker collect dependable informations. However, this survey will be limited by three factors. First, it will be a instance survey merely, which will be conducted in merely one moderate-sized TVET instructor developing institute in Phnom Penh. Second, the survey will aim merely 60 instructor trainees from agribusiness and technology group. Therefore, the findings will non be generalizable to other instructor trainees in concern Fieldss. Furthermore, the determination might non good plenty due to the sample size is non big. Finally, the sample choice of this survey might non guarantee wholly dependable findings. In this sense, research workers, bookmans, and pupils, carry oning researches from these findings should be careful about doing generalisations from this survey. However, these findings will decidedly offer the foundation for other research on TVET instruction establishments in Cambodia in which no research has been conducted in this field yet. Tools/instruments for informations assemblage Since the construct of factors act uponing university alumnuss ‘ determination to analyze at a TVET instructor instruction institute are complex and qualitative in nature, the research worker will utilize a study questionnaire and interviews as the chief qualitative informations aggregation methods. Furthermore, since there several different countries that trainee instructors being trained, the research worker will split the participants and interviews into two chief classs: agribusiness and technology. Both primary and secondary informations will be collected. The extended secondary informations demands to be consulted foremost. This includes assorted paperss, publications, books, and paperss from the cyberspace. After the secondary information has been collected, the primary informations research will be done through a guided questionnaire study. The questionnaire will be administered chiefly to trainee instructors in a TVET instructor developing institute. The obtained information will go a model for informations analysis and reading. Site, population, sample size and sampling method The survey will be conducted at a TVET instructor developing institute. The population of survey consists of TVET instructor trainees, pupils who are being trained to go instructors. In qualitative attack, the informations aggregation should include the purposeful sampling attack and informations aggregation signifier such as observations, interviews, paperss, etc. , ( Creswell, 2009 ) . Therefore, the sample will be made up of 60 respondents selected utilizing the purposive sampling technique. The sample includes 30 participants from agribusiness group, and 30 participants from technology group. The instructor trainees will be selected from the 12th Cohort at a TVET instructor preparation plan at a TVET instructor instruction which is being trained in the academic twelvemonth, 2012- 2013. Three 100s of TVET teacher trainees are recruited and trained every twelvemonth and all instructor trainees are divided into different categories based on their major accomplishments. Thirty instru ctor trainees will be indiscriminately selected from each category base on their countries of survey, where they come from, and the ages so as to guarantee the research is representative. Then, the selected respondents will be courteously asked to make full in the questionnaires and six of them will be selected to be interviewed. Data collection processs Data will be collected from a TVET instructor instruction institute, referred as Institute A, in Phnom Penh by agencies of two chief classs of study questionnaire and interview, aiming 30 in agribusiness big leagues and 30 in technology big leagues. Survey questionnaire The research worker will explicate about the intent of research to all groups of instructor trainees and randomly choice 60 of them in the field of agribusiness and technology. All selected teacher trainees will be asked to finish a study signifier with some multiple picks inquiries and open-ended inquiries. The inquiries focus on the motive factors or grounds why they have chosen TVET as their calling. For illustration, what were the two chief grounds why you have chosen a calling in TVET? Who influence your determination to go a TVET instructor? There will be some more inquiries about their background. To guarantee success in the expected research program and expect possible troubles, the research worker will carry on a pilot survey prior to the existent research. The research worker will choose six teacher trainees indiscriminately to reply the inquiries in the questionnaire. After they have answered all the inquiries, the research worker will larn if the instructor trainees understand the inquiries and are able to wholly complete all the inquiries in a fit period of clip. The research worker will do any necessary alterations if he/she finds any misunderstand inquiries to suit with the existent state of affairs and besides to guarantee the expected consequence in the existent survey. Interviewing pupils The research worker will non-randomly choose three trainee instructors from each group, agribusiness and technology. The pupils will be asked about what factors influenced their determination to analyze at the TVET teacher instruction institute and what outlooks they are keeping from their survey after their graduation and travel to the existent instruction work. Along with the two major inquiries, there will be some more relevant inquiries about their background. The interview inquiries will be developed based on three of import phases. First, interview inquiries will be designed based on audiences with experient research workers. Second, the subjects which emerge from the study questionnaire I will administrate will supply a footing for some inquiries. Finally, semi-structured interviews will be conducted along with some extra inquiries for respondents ‘ elucidation if necessary in order to roll up more in-depth information. Ethical considerations The survey will be conducted in a TVET instructor instruction institute in Phnom Penh. The research worker will inquire for a missive from the MEd Program at RUPP to seek permission from the mark institute prior to informations aggregation. The intent and significance of the survey will be attached with the permission-seeking missive and clearly explained to the manager of the institute and all the participants. The manager will be asked to subscribe an blessing for the survey in his/her institute. Likewise, the research participants ( teacher trainees ) will be asked to subscribe an understanding to bespeak their willingness to take part in the survey. The names of the participants or IDs and the institute will be kept anon. . No information refering the study and the interviewees ‘ responses will be used other than the intent of the survey. Besides, the engagements in this survey will be genuinely voluntary. While replying the inquiries, the participants can retreat from the interview or jump any inquiries if they prefer to make so. Creswell ( 2009 ) stated that â€Å" the research proposal needs to turn to the function of the research worker: past experiences, personal connexions to the site, measure to derive entry, and sensitive ethical issues ( p.201 ) † . The connexions between the research workers and the participants, where the research worker behavior the survey at his/her ain organisation, will confront hard power issues and the consequence will be biased and uncomplete, ( Creswell, 2009 ) . Therefore, as the research worker in this survey work as a lector in the institute being studied, there will be a power inequality between the research worker and the participants. However, the research worker will inform the participants that they will experience comfy to decline the requesting to take part in the survey. After the publication of the concluding findings, a transcript of the consequences will be given to the institute. How to cite Education Plays A Very Important Role Education Essay, Essay examples

Representation of men in Hard Times by Charles Dickens Essay Example

Representation of men in Hard Times by Charles Dickens Essay Your Analysis To Show How Dickens Represents Men In The Novel. The extract introduces Mr. Bounder to the reader. He is introduced as being a proud, arrogant, factual man, displaying his dominance and is used by Dickens to represent men in the novel. This idea of Bounders pride and dominance is not unexpected due to the stigmas of the era, men were generally considered to be better, more capable than women. His factual nature Is also typical as It represents the theme of fact and fancy that Dickens has used throughout the book. Firstly Dickens makes It clear that Bounder is successful through the use of the ascendancy list he was a rich man; banker, merchant, manufacturer and what not which shows his some of his accomplishments in life as well as how influential he was in industry. This could be interpreted to demonstrate the many pursuits that are available to men, and their dominance of the business world. Mr. Granddad Is also mentioned briefly in the extract as Bounders eminently practical friend using the motif to represent him. The multiple modifiers suggest that the nature of men is very sensible, factual and elastic. We will write a custom essay sample on Representation of men in Hard Times by Charles Dickens specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Representation of men in Hard Times by Charles Dickens specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Representation of men in Hard Times by Charles Dickens specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Dickens uses the appearance of Mr. Bounder to give the audience an impression of the representation of men throughout Hard Times. The reader is introduced to Bounder as a big loud man, with a stare and metallic laugh. This dramatic declarative uses a metaphor to show how Inhuman, or emotionless/ detached men and Bounder can be, the metallic laugh suggests a certain coldness and robotic nature. The multiple modifiers In great puffed head and forehead indicates the intelligence of Mr. Bounder while also suggesting that he may be big headed and full of himself. This view is supported by the simile a man with a pervading appearance on him of being inflated like a balloon showing that Bounder is over inflated, full of wind and self importance. Dickens describes that Bounder talks with a brassy speaking-trumpet of a voice-Walt this metaphor showing that he talks blasting out what he has to say. It also links to the Idiom blowing your own trumpet, again showing how full of himself this character Is. This is again demonstrated with the noun phrases coarse material, swelled veins stained skin, although these also illustrate how undesirable and horrible Bounder is. Dickens states that he had not much hair. One might have fancied he had talked it off. The dramatic declarative uses a metaphor to indicate that Bounder is always speaking In order to get his pollen across. Furthermore it suggests that his factual nature may grow rather boring. Bounders hair Is also said to be constantly blown about by his windy boastfulness this metaphor may suggest that half the things he says are not true, or exaggerated. Through the appearance of Mr. Bounder Dickens gives a very harsh view of men, it seems he represents them as being egotistical, and lull of self-importance, as well as being generally unpleasant. They are also however shown to be practical and pragmatic. Dickens also uses Bounders actions and behavior throughout the extract to represent men In Hard Times. Dickens states and adverb sufficiently vaunt show that Bounder felt that there was never enough said about him and his less desirable past. The verb proclaiming also suggests this, demonstrating pride and arrogance. Bounder is named the Bully of humility in a metaphor indicating that he tramples over honesty, discretion and humbleness, heartsickness that tend to portray fancy rather than facts. As Bounder talks, he takes a commanding position which to subdue Mrs. Grandkid. The verbs, commanding and subdue show how he is pushing her down and putting her in her place, they additionally demonstrate the different social standings of men and women, women are lower while men are dominant. In conclusion, Dickens has used the descriptions of Mr. Bounders appearance and actions to demonstrate his representations of men throughout Hard Times. Men are shown to be egotistical, factual and rather unpleasant throughout.

Race Education comparing short stories essays

Race Education comparing short stories essays The two children portrayed in the short stories The Circuit by Francisco Jimenez and Dobys Gone by Ann Petry are at a disadvantage because of their races when it comes to forming friendships, overcoming obstacles, and preserving their childhood. While these two stories focus on one character, the difficulties that these children endure plague entire communities and groups of people. In the stories, both children are from minority backgrounds. The young boy in The Circuit is a member of a migrant family and is forced to change schools and move often while Sue, the little girl in Dobys Gone, is African American and is ridiculed because of her race. This causes them to feel like outsiders, making it difficult for them to form concrete relationships. Judging from the way her classmates hurl insults such as nigger girl, her legs are black, and how do you comb that kind of hair?(401), it is obvious that it is a struggle for Sue to fit in and form friendships. Sue has a stronger relationship with her imaginary friend Doby than she has with any children in her class. It is not so obvious in The Circuit that the boy doesnt make friends with his peers; however, instead of playing with the other children during lunch he spends time in the classroom of his teacher, his best friend at school,(262). Because he is Hispanic and new at the school it would be a challenge for him to make friends with the other students because his family is constantly packing everything into cardboard boxes(257) and moving again. Unlike this boy though, in Dobys Gone, Sue eventually makes friends with two of her classmates despite racial issues. Part of the reason Sue forms the friendships with the two other children is that she begins to fight back against her tormenters. She lashe ...

10 Phrases Youre Probably Saying Wrong

10 Phrases Youre Probably Saying Wrong 1. Prostrate CancerThis one goes hand in hand (er†¦ well†¦ goes along with) â€Å"anticdote.† Prostate cancer is experienced by thousands of individuals annually. Prostrate (note the â€Å"r†) has to do with being flat on the ground.   2. First-Come, First-ServeI know, I know, you’re probably well aware that it’s actually first served and it’s just verbal shorthand. But†¦ prove to everyone else that you know it, and you just might help them realize they don’t want to be asking the first people there to serve everyone else.  3. Sneak PeakFun with homophones! Peak, Peek, and Pique are three different words. A peak is the top of a mountain. A peek is a quick look (what you’re sneaking). And pique is what you storm away in a fit of, or perhaps something â€Å"piqued your interest.†Ã‚  4. Deep-SeededThis one sounds like it could be correct! Something planted very deeply as a seed would have roots and be hard to era dicate! But when it comes to language, logic is sometimes the great betrayer. What you’re actually thinking of is â€Å"Deep seated†, and it means firmly established.  5. Extract RevengeIf revenge were a potion and someone had stolen yours and you needed to retrieve it by squeezing, what you’d doing is exacting revenge.  6. Shoe-inThis is the location of your Birkenstocks, right? Because â€Å"shoo-in† is a guarantee.  7. Emigrated toIn this current state of difficulty for immigrants and emigrants alike, the least we can all do- I mean the absolute bare minimum- is to learn that you immigrate to a place, and emigrate from a place. Let the origin or the destination guide whether you emphasize it.  8. Baited BreathThink of it this way- what do fisherpeople use for bait? It all smells gross, right? You wouldn’t want that on your breath. But you might hold it for a minute if the bait got near you- in other words it would have abated. Thusly, ba ted breath is breath that is held in anticipation.  9. 10 Items or LessThis one drives me batty in checkout lines all over the country. Less is for liquids. If you can measure it by moving your thumb and forefinger closer or apart, it’s less. If it’s anything you can count (like the items in your grocery cart), for â€Å"not as many,† it’s fewer.  10. Over 50 billion servedThough we could parse who they’ve served and how well they’ve done it, what McDs means is more than. Think of the cow jumping over (i.e. above) the moon. She probably saw more than 50 billion stars up there!

Education - Communication with Families Essay Example | Topics and Well Written Essays - 500 words

Education - Communication with Families - Essay Example Also, the teacher has provided translators for parents whose first language is not English. Since â€Å"translators† is plural, it is possible the teacher arranged for translators of more than a single language to be present at the meeting. Also, the teacher announces a willingness to stay late one day a week until 8:00 PM. Showing sensitivity to parents provides instant benefits. Thanking attendees for their presence is a basic element in many addresses, because it focuses attention on the audience and the effort they made to get to the meeting. As Mendoza (2003) notes, geographic distances can be difficult for some parents to cross so they can get to school events. By providing translators, the teacher is indicating an understanding that language barriers might exist and need to be addressed. This action says, â€Å"Those of you who can’t speak English deserve to know this, too.† The teacher’s willingness to stay late once a week would positively affect parents who could not make it to the school during regular school hours. Mendoza (2003) cites a study that showed how the structure of the school day limited information exchange to transition periods. A meeting at 6:00 PM would be more peaceful and productive for both parties than a hurried exchange in the parking circle at 3:00 PM. While the speaker clearly has good intentions, the speech is not without examples of insensitivity. The teacher states, â€Å"E-mail is one of the best ways for us to communicate!† This is only true for homes with Internet access, though. Students in households with low incomes might not have such access. Also, while the teacher has not peppered the speech with jargon, it is still not free from confusing vocabulary such as â€Å"state education office,† â€Å"national standards,† and â€Å"country reports,† though she does make an attempt to explain her â€Å"disclosure document† (there has got to be a friendlier name for that!). Such

The process of organizing Essay Example | Topics and Well Written Essays - 3000 words

The process of organizing - Essay Example Thus, at its core marketing is a transaction or exchange. In this broad sense, marketing consist of activities designed to generate and facilitate exchanges intended to satisfy human or organizational needs and wants. Market-driving companies are able to match customer value opportunities with their capabilities precisely because they drive the structure of the marketplace. As previously indicated, this is achieved by a greater capacity of market-driving firms to influence the behaviours of customers and competitors. Such capacity results from an organizational culture that fosters the creation and implementation of innovations (Dawn Burton, 2005). Market-driving organizations are better able to gain a sustainable competitive advantage by changing the structure or composition of a market and/or behaviours of its players (Dawn Burton, 2005). The market-driving organization is likely to propose offerings more valued by consumers than competitors. In addition, driving markets allows organizations to exploit opportunities that competitors cannot (Robert E. Morgan, Christopher R. Turnell, 2005). Market-driving organizations may achieve greater performance than market-driven organizations by reshaping the structure of the market according to their own competencies and by exploiting the competitors' weaknesses. Market type culture is oriented toward the accomplishment of well-defined goals as well as toward enhancing productivity and efficiency (Gordon E. Greenley, 1996). Market type cultures allow for successful communication of innovations and coordination of activities between departments. The formality of communications and inter-functional coordination facilitates the implementation of innovation

The Electoral Process :: President Elections Politics Essays

The Electoral Process There are very many elections each year in America. Though the most important, the national election for president is held every four years. These elections are far from simple in terms of organization. The process for a national election lasts nearly a year. A party must provide nominated people to stand for election. 'Primary election' is the term used in America for the elections which will select the two parties’ presidential nomination. The primary elections start in January of election year and can last until June in what is called the "primary season". Registered voters vote for their delegates. Since 1952 the first primary election has traditionally been in New Hampshire. Of those nominated, only one is selected by the party delegates at the national conventions. This takes place during the summer. The voting body at a national convention is made up of delegates. The delegates, once at a convention, vote for a candidate for the presidential election. The vice-president is also announced at the national convention. Also at the conventions, each party’s policy platform is announced. This is essentially what each party plans to do if elected by the people. After the national conventions, the two parties’ presidential hopefuls can concentrate on campaigning for the ultimate prize in American politics. Each state has a number of delegates attached to it who are members of the state’s Electoral College. It is these people who the voters in that state are in reality voting for as most of these delegates are voted for at the same time as the presidential election. The number of delegates a state gets is dependent on its population and its representation in the House of Representatives. The election of the electors and congress takes place on the first Tuesday in November. The presidential election is done on a winner-take-all basis in a state. Therefore if a candidate has most voters voting for him in a state, he will get all the Electoral votes from that state. This is true even if the number of people who voted against him is greater than the number he received.

Pepsi Cola

9-801-458 REV. OCTOBER 24, 2008 CARLISS Y. BALDWIN LEONID SOUDAKOV PepsiCo's Bid for Quaker Oats (A) Introduction By the end of 1999, following a multi-year restructuring effort, PepsiCo had once again become one of the most successful consumer products companies in the world. In less than four years, it had achieved an 80% increase in net income, on 30% lower sales, and with 75% fewer employees. Exhibits 1 through 3 contain the company’s recent financial statements. PepsiCo’s major subsidiaries were the Pepsi-Cola Company, which was the world’s second largest refreshment beverage company, Frito-Lay, Inc. the world’s largest manufacturer and distributor of snack chips, and Tropicana Products, the largest marketer of branded juices. PepsiCo’s leading brands included carbonated soft drinks (Pepsi, Diet Pepsi and Mountain Dew), AquaFina bottled water, Tropicana juices and juice-based drinks, Lipton tea-based beverages and Frappucino ice coffee, as well as Fritos and Doritos corn chips, Lay’s and Ruffles potato chips, and Rold Gold pretzels. Throughout 1999, PepsiCo was closely tracking several potential strategic acquisitions. In the fall of 2000, it appeared that the right moment for an equity-financed acquisition had arrived.At this time, PepsiCo management decided to initiate confidential discussions with The Quaker Oats Company about a potential business combination. Gatorade, a key brand in Quaker’s portfolio, had long been on PepsiCo’s wish list. On October 5, 2000, an investment-banking team from Merrill Lynch met with the top executives of PepsiCo to discuss a possible business combination between PepsiCo and Quaker. The goals of the meeting were: †¢ to assess the value of Quaker’s businesses; to estimate potential synergies associated with a Pepsi-Quaker merger; and to come up with an effective negotiation strategy. †¢ PepsiCo executives were confident that Quaker’s beverage a nd snack food businesses could contribute to Pepsi’s profitable growth in convenience foods and beverages. However, PepsiCo’s managers, led by CEO Roger Enrico and CFO Indra Nooyi, were committed to upholding the value of PepsiCo’s shares, and as a result, they were determined not to pay too much for Quaker. ________________________________________________________________________________________________________________ Leonid Soudakov (MBA ‘01) prepared this case from published sources under the supervision of Professor Carliss Y.Baldwin. HBS cases are developed solely as the basis for class discussion. Cases are not intended to serve as endorsements, sources of primary data, or illustrations of effective or ineffective management. Copyright  © 2001, 2002, 2008 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1800-545-7685, write Harvard Business School Publishing, Boston, MA 02163, or go to htt p://www. hbsp. harvard. edu.No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of Harvard Business School. 801-458 PepsiCo’s Bid for Quaker Oats (A) PepsiCo’s Origins and History In the summer of 1898 Caleb D. Bradham, a young pharmacist from North Carolina, looked for a name that would better describe the â€Å"Brad’s Drink,† his concoction of carbonated water, sugar, vanilla and kola nuts.He decided to buy the name â€Å"Pep Kola† from the local competitor, which he later changed to Pepsi-Cola, maintaining that the beverage aided in curing dyspepsia, or indigestion. In 1902, Bradham applied for federal trademark protection and founded the first Pepsi-Cola Company. As a result of Bradham’s gambling on the post-World War I price of sugar, the company wen t bankrupt in 1923, and its assets were sold for $30,000. It was reorganized as the National Pepsi-Cola Company in 1928, only to go bankrupt again three years later. Emerging from bankruptcy with new owners, the company’s fortunes changed uddenly in 1934. That year, in the middle of the Great Depression, it introduced a 12-ounce bottle of Pepsi Cola for â€Å"just a nickel. † Its sales soared, and the Pepsi-Cola Company embarked on six decades of sustained and profitable growth. In 1965, the company merged with the Texas-based snack manufacturer, Frito-Lay, Inc. In 1970, its total food and beverage sales passed the $1 billion mark. The major products in its portfolio at this time were Pepsi-Cola, Diet Pepsi and Mountain Dew beverages, plus Fritos, Lay’s, Ruffles, Doritos, Cheetos, and Rold Gold snacks.The company, now called PepsiCo, continued to grow through the 1970s and 1980s. During this period, it used acquisitions to diversify out of its profitable, but re latively slow-growth beverage and snack businesses, acquiring North American Van Lines, a trucking company, in 1968; Wilson Sporting Goods in 1970; Pizza Hut restaurants in 1977; and the Taco Bell fast food chain in 1978. In 1984, PepsiCo was restructured to focus on soft drinks, snacks and restaurants, and the transportation and sporting goods businesses were sold.To strengthen its restaurant division, PepsiCo acquired Kentucky Fried Chicken in 1986; purchased an equity interest in California Pizza Kitchen in 1992; and acquired East Side Mario’s Restaurants and D’Angelo Sandwich Shops a year later. By 1995, PepsiCo sales had reached $30 billion, and it had 470,000 employees worldwide. It was the world’s third largest employer. Restructuring in the Mid-1990s In the mid-1990s, PepsiCo began to encounter severe problems in its international bottling operations and in its restaurant division.In August of 1996, PepsiCo’s long-time archrival, The CocaCola Comp any, bought Pepsi’s largest Venezuelan bottler, and PepsiCo was left with no presence in that market practically overnight. In Brazil and Argentina, a bottler jointly owned by PepsiCo and local investors, came close to bankruptcy. The bottler’s debts were converted into equity, a move that essentially eradicated Pepsi’s claim: PepsiCo reported a one-time loss of $576 million as a result of this restructuring. Simultaneously, the company suffered volume and profit declines in its restaurant businesses.Between 1988 to 1994, PepsiCo had invested close to $7 billion to acquire thousands of fast food and casual dining outlets. But the operational complexity of these businesses was a tax on PepsiCo’s management. Moreover, because of their capital intensity, even profitable restaurant chains could not maintain high returns on invested capital without commensurately high levels of debt. Finally, PepsiCo’s beverage sales to other restaurant chains suffered because of the company’s dual role as a beverage supplier and a major competitor through its own fast food chains. 2PepsiCo’s Bid for Quaker Oats (A) 801-458 In April 1996, Roger Enrico, formerly the head of the Frito-Lay division, became the CEO of PepsiCo. He acknowledged that the company had invested â€Å"too much money too fast, trying to achieve heroic overnight success where, in retrospect, the odds were tougher that they seemed. †1 In the restaurant division, Enrico’s team began by divesting PepsiCo’s restaurant supply and distribution company and the smaller casual dining businesses. Simultaneously, the company announced plans to spin off its core restaurant businesses into a separate company.In 1997, PepsiCo combined its three restaurant businesses, Pizza Hut, KFC and Taco Bell, into a new corporate entity, Tricon Global Restaurants. PepsiCo received $4. 5 billion in cash from Tricon as repayment of certain amounts due and a dividend; Tri con’s shares were then distributed to PepsiCo’s shareholders, and simultaneously listed on the NYSE. These moves created a new public company, with $10 billion in sales and a market capitalization of $4. 5 billion. Altogether, the divestitures of the restaurant businesses brought $5. 5 billion of cash proceeds to PepsiCo.At the same time, PepsiCo’s managers embarked on a major restructuring of the international beverage division. The goals of the program were to lower fixed costs, write down underperforming assets, and divest noncore businesses. Following the lead of Coca-Cola, the company consolidated its previously dispersed bottling operations into the hands of a few large, well capitalized â€Å"anchor† bottlers, who were focused solely on manufacturing, selling and distributing Pepsi’s line of beverages. The new bottlers were designed to be counterweights to large retailers, like Wal-Mart and Carrefour, in the rapidly consolidating retail mark etplace.Thus in 1998 PepsiCo created the Pepsi Bottling Group (PBG) with $7 billion in sales, and bottling operations in countries ranging from the United States to Russia. This move separated the bottling and concentrate parts of the business, and allocated responsibility for building operational efficiency to the bottling companies. Retaining a 35% noncontrolling interest, PepsiCo sold 65% of PBG’s equity in an initial public offering in 1999. The sale brought $1 billion in cash onto Pepsi’s balance sheet, and led to a significant reduction in the company’s asset base.Signaling management’s confidence in the new corporate strategy, PepsiCo used the cash generated by the restaurant and bottling divestitures to launch a share repurchase program. It bought back 54 million shares in 1996, 69 million shares in 1997 and 59 million shares in 1998. Management was now able to focus on building a strong portfolio of brands in beverage and snack foods. In 1998, Pe psiCo acquired the Tropicana juice business from Seagram’s for $3. 3 billion in cash. The acquisition gave the company a strong market presence in the fast-growing noncarbonated beverage segment.Compared to Pepsi’s existing businesses, Tropicana provided a lower return on assets and invested capital, but PepsiCo’s managers, especially Enrico and Indra Nooyi, the CFO, saw a great opportunity for strong margins and profitable growth if this superior brand were brought under the PepsiCo umbrella. Investment analysts and portfolio managers were more skeptical, however. At the time of the Tropicana acquisition, there was a perception on Wall Street that Pepsi might have paid too much. Two years later, however, the Tropicana acquisition was viewed as an outstanding success.Tropicana’s sales volume and profitability consistently exceeded market expectations every quarter from the date of acquisition in the fall of 1998 through September 2000. Moreover, the integ ration of the new business into PepsiCo’s corporate structure was seamless: neither Tropicana’s brand heritage, nor its unique distribution system was harmed by the acquisition process. 1 Letter From the Chairman, 1996 PepsiCo Annual Report. 3 801-458 PepsiCo’s Bid for Quaker Oats (A) Exhibit 4 shows PepsiCo’s stock price history from October 31, 1997 through October 4, 2000.Throughout 1999, PepsiCo’s stock price stagnated as investors shied away from the traditional packaged goods companies in favor of the Internet and technology stocks. This lackluster performance caused PepsiCo’s management to abstain from any major acquisitions. In the words of CFO Indra Nooyi, â€Å"we wanted a few quarters of solid performance behind us, and our currency— that is, our stock price—to reflect our underlying value. †2 When the Internet bubble burst in March 2000, PepsiCo’s stock price began to rise: between March 8 and October 4, it appreciated from $30. 0 to $45. 125, or almost 50%. PepsiCo’s managers believed that it was time to see if a deal could be struck with Quaker that would be advantageous to both sides. The Quaker Oats Company Nearly a century old in 1999, Quaker Oats was a worldwide consumer goods company with annual sales of $4. 7 billion. In addition to its hot cereals, Quaker Oats and Quaker Instant Oatmeal, the company’s portfolio of brands included Gatorade sports beverages, Granola snack bars, Life and Cap’n Crunch ready-to-eat cereals, and Rice-a-Roni and Near East flavored grain dishes.Exhibits 5-7 contain Quaker’s most recent financial statements as of October 4, 2000. Exhibit 8 provides data on Quaker’s financial performance broken down by beverage and food segments and by region. Exhibit 9 shows Quaker’s total sales and growth rates by product line for the years 1994-1999. In 1999, Quaker was emerging from a period of restructuring and refocu sing of its core businesses. During the decade prior to 1999, Quaker divested businesses with more than $2 billion in revenues, or about a third of its initial asset base.The divested operations included chemicals, toy manufacturing, specialty retailing, restaurants and pet foods, as well as the infamous Snapple beverage business. (In 1994, Quaker paid $1. 7 billion for Snapple Corporation, which sold branded juice-based beverages. Quaker then made the mistake of replacing Snapple’s distributors, and alienating the brand’s target consumers. After incurring dramatic losses, Quaker sold the business to Triarc in 1997 for $300 million. ) Robert Morrison joined the company as CEO in 1997, and proceeded to lead the company through an impressive turnaround.By 1999, 93% of Quaker’s U. S. sales came from brands holding the number-one or number-two positions in their product categories, and the company was perceived to be one of the best-managed companies in the packaged food and beverage industry. However, because it was a relatively small player in a highly concentrated and competitive global industry, Quaker was also seen as a potential acquisition target. Table A shows the distribution of revenues among the major players in the global packaged food and beverage industries.Indeed, in August 2000, David Nelson, an analyst at CSFB estimated Quaker’s synergies with various large food and beverage companies, and translated those figures into a potential takeover price for the company. His calculations are summarized in Table B. 2 Quoted in Lauren R. Rubin, â€Å"Profitable Fit,† Barron’s, December 11, 2000. 4 PepsiCo’s Bid for Quaker Oats (A) 801-458 Table A Major Companies Competing in the Global Packaged Food and Beverage Industries Annual Revenues, $Bns 50 40 30 20 10 0 Heinz Kraft Quaker Oats Hershey General Mills Coca-Cola Campbell PepsiCo Unilever Keebler Danone Kellogg NestleTable B Potential Acquirer's Estimated S ynergies ($ in millions) Synergy Estimates Savings Kellogg Campbell Philip Morris Coca-Cola Pepsi-Cola Nestle Danone Source: Capitalized Value Total 450 200 450 650+ 425 400 275 Per OAT Share $20. 36 $9. 05 $20. 36 $30. 00+ $19. 23 $18. 10 $12. 45 Potential Takeover Price $95. 36 $84. 05 $95. 36 $105+ $94. 23 $93. 10 $87. 45 Revenues 150 25 150 500+ 250 150 100 300 175 300 150 175 250 175 CSFB Equity Research Report on Quaker Oats, August 1, 2000. Interest in Quaker was centered on its Gatorade line of sports beverages, which accounted for 39% of Quaker’s sales in 1999.According to one analyst report in August 2000, â€Å"As a small, publicly traded, now well-managed company owning possibly the fastest-growing billion dollar growth potential product in the food and beverage industry, there is little doubt that Quaker is an attractive target or at least a highly desirable merger partner. †3 3 David C. Nelson, David S. Bianco, â€Å"Quaker Oats: Is It in the Stock? ,â⠂¬  Credit Suisse First Boston Equity Research, 08/01/2000, p. 4. 5 801-458 PepsiCo’s Bid for Quaker Oats (A) Rumors linking PepsiCo and Gatorade first surfaced in 1994.Late in 1996, Quaker reportedly attempted to sell both its beverage businesses (Gatorade and Snapple) as a package for about $3 billion. A year later, analysts predicted that PepsiCo’s would use the proceeds from the spin-off of its restaurant unit to finance an acquisition of Gatorade. Finally, in a report published in March 2000, Bill Pecoriello, an analyst at Sanford C. Bernstein & Co. , advocated a PepsiCo-Quaker merger, saying that PepsiCo was â€Å"strongly positioned† to leverage Gatorade through its distribution system in the US and internationally, and to sell Quaker snacks through its Frito-Lay network.Fueled in part by speculation that it might be acquired, Quaker stock appreciated almost 80% from its low of $45. 9375 on March 14 to its recent high of $79. 125 on September 29, 2000. E xhibit 10 shows Quaker’s stock price history from October 1997 through October 4, 2000. Exhibit 11 calculates selected ratios for PepsiCo and Quaker for the years 1996 to 2000. Exhibit 12 provides data on comparable companies. Exhibit 13 shows market interest rates as of October 4, 2000. Gatorade Gatorade was created on the campus of the University of Florida in 1965.Researchers at the school wanted to create a drink that would prevent dehydration among athletes. The drink was named for school’s football team, the Gators: its introduction in the early 1970s launched the commercial sports beverage industry. Quaker acquired rights to the formula and the name in 1983. By 1999 Gatorade was well established as the world’s leading sports drink with $1. 9 billion in global sales, and 82 percent of the U. S. sports beverage market. Its growth had been remarkable: From 1997-1999, Gatorade’s sales grew at an annual rate of 12 percent, while profits grew at around 1 5 percent (see Exhibits 8 and 9).Over the next five years (2000-2004), Quaker’s management expected Gatorade sales to increase by $1 billion, implying a 9. 25% cumulative average growth rate. Should that growth materialize, economies of scale were expected to drive profits upward at a 13. 5% rate over the same time period. As a rehydrating and energy beverage, Gatorade was a seasonal product, with the majority of its sales occurring in the warmer months of April to October. Highest levels of per capita consumption were in the southern parts of United States. Gatorade’s international presence was limited, however: less than 20% of its sales came from outside North America.Its European launch in the mid-1980s had been unsuccessful, partly because of poor brand positioning, but also because heat-driven beverage consumption was not common in Europe’s colder climates. Quaker’s managers believed that Gatorade had huge growth potential in the warm-weather climat es of Latin America and Asia, but the shaky economies in these regions presented major challenges to sustained, profitable growth. At the time of the acquisition by Quaker, Gatorade had only two flavors on the market: orange and lemon-lime. By 1999, there were more than twenty different flavors, from Whitewater Splash to Cool Blue Raspberry.Quaker was also seeking to extend the Gatorade’s brand into new product arenas. In the summer of 2000, Quaker launched a vitamin-fortified flavored water called Propel under the Gatorade brand umbrella in southern U. S. markets. This new product was advertised as a â€Å"fitness water†: it delivered the vitamins, carbohydrates, and antioxidants present in Gatorade with only one-fifth of the calories. This move marked Gatorade’s entrance into the fast-growing bottled water market. At the same time, the company launched Torq, a quick energy, high-carbohydrate diet supplement for intense athletes.Although Torq was a niche produc t with limited market prospects, it signaled Gatorade’s continuing commitment to sports nutrition, thereby enhancing consumers’ perception of the brand. 6 PepsiCo’s Bid for Quaker Oats (A) 801-458 Finally, Quaker’s management had decided to extend the Gatorade brand into the $500 million energy bar market, which was growing at an annual rate of 30%. This was a natural move, given Quaker’s core expertise in snack bar products (see below), and the fact that nearly 70% of energy bar consumers also drank Gatorade. Quaker’s Food BusinessesQuaker’s food businesses were based on an assortment of brands in the categories of hot and ready-to-eat cereals, grain products, snack bars, maple syrups, pancake mixes and grits. Following Morrison’s restructuring, all product lines were profitable, but for the most part their growth rates were low (see Exhibits 8 and 9). None of Quaker’s current food brands had the potential to exceed $ 1 billion in sales in the foreseeable future:? Hot cereals Oats were Quaker’s original product, but by 1999, hot cereals represented only 13% of the company’s U.S. sales. Still oats were the company’s most profitable product line with operating contribution margins of almost 30%, and high returns on invested capital. Recently, sales had benefited from a growing consumer focus on healthy living and diet. Thus in 1999, Quaker’s hot cereal sales increased by 12. 5% compared with the compound annual sales growth of 1. 6% over the prior five years (see Exhibit 9). Quaker managers projected considerable volume growth in this category as the baby boomers grew older and became even more health conscious.In the eyes of consumers, the main drawbacks of oatmeal were its taste and inconvenience in preparation. New product development focused on these issues. Thus in 1999 Quaker introduced several new instant oatmeal flavors, including baked apple, French vanilla, and cinnamon roll. It was testing convenient single-serve microwave-ready cups designed to eliminate the need for a bowl in preparation. Other new hot oatmeal products included Dinosaur Eggs, which were targeted towards kids: when hot water was added to the instant oatmeal, the eggs hatched little dinosaurs.Ready-to-eat cereal In 1999, Quaker held the number four position in the intensely competitive ready-to-eat (RTE) cereal market category, trailing General Mills (33%), Kellogg (31%) and Kraft (16%). The business included three strong brands: Life and Cap’n Crunch, with more than $150 million in annual sales each, and the Toasted Oatmeal line, with sales of around $100 million. The balance of the segment was made up of bagged cereals: Sweet Crunch, Cocoa Blasts, and Marshmallow Safari. Real per-capita RTE cereal demand had decreased about 6% annually in the United States since 1994.Bucking this trend, Quaker’s RTE sales had increased by 1%-2% on average over the last fiv e years (see Exhibit 9). But, although Quaker’s top RTE cereal brands were competing effectively for share in this declining category, it was increasingly difficult to maintain their profitability. In this difficult segment of their business, Quaker management had decided to focus on efficiency. In 2000, the company announced a two-year restructuring plan designed to achieve significant cost savings by closing manufacturing facilities, consolidating manufacturing lines, and reconfiguring the RTE ereal distribution network. Golden Grain Quaker’s Golden Grain business produced flavored rice and pasta. Sales had been flat for the last five years (see Exhibit 9), but Quaker still held the number one position in flavored rice with a 37% market share, and the number two position in flavored pasta with a 33% market share. Competition was increasing in these markets, however: Mars was aggressively marketing flavored rice under its Uncle Ben’s brand, and General Mills wa s promoting flavored pasta under the Betty Crocker label.In response to these competitive moves, Quaker managers felt they might have to defend share by increasing expenditures on promotion and advertising or dropping 7 801-458 PepsiCo’s Bid for Quaker Oats (A) prices. The division contributed about $50 million in operating profits annually, and accounted for about 7% of Quaker’s 1999 operating income. Grain-based snacks Quaker’s Snack Foods division sold Chewy Granola Bars, Fruit & Oatmeal Bars, Rice Cakes, and new Crispy Mini-Rice Cakes. Its products accounted for 17. 4% of the snack/granola bar market, second only to Kellogg Co.Quaker’s Chewy Granola Bars led the $360 million granola bar category with a 39% market share. Over the past five years, Chewy’s growth in revenues averaged 8% annually. Quaker Fruit & Oatmeal Bars were number two to Kellogg’s NutriGrain in the cereal bar category. Quaker Rice Cakes had an impressive 66% market sha re in the $165 million rice cake category. The profits of the snack business had grown at 10% per year over the past three years, owing to the strength of demand for granola and cereal bars, and successful new product introductions (see Exhibit 9). Other U. S. nd international foods Quaker also sold Aunt Jemima syrup and pancake mixes, and through them held a 17% share of the $560 million syrup category and 21% of the $300 million pancake mix category. Quaker Grits dominated the $100 million corn grits market, with a 77% share. These were highly profitable brands, but they were in categories that promised little in the way of future growth. The Quaker’s international food businesses lacked critical mass. Its Latin American food sales were concentrated in Brazil, where sales had declined 17% in 1999, due to severe currency devaluation and economic recession.In Europe, Quaker had a small, growing RTE cereal business, which was concentrated in the United Kingdom and Scandinavia. Its Asian food business was minuscule, accounting for less than $25 million in sales in 1999. Potential Synergies Gatorade If the acquisition succeeded, PepsiCo’s management expected that Gatorade would dramatically enhance both the company’s strategic position and its economic performance. PepsiCo would become the clear category leader in noncarbonated beverages, a market, which was growing at 8%-9% annually, three times faster than the carbonated soft drink market.With Tropicana and Gatorade combined, PepsiCo would control a full quarter of this $23 billion market. One of the major benefits of combining the two companies’ operations would stem from distribution. Gatorade used a warehouse brokers’ distribution system to deliver beverages to convenience stores and supermarkets, whereas PepsiCo’s used a Direct Store Delivery (DSD) system. Each system worked best for different types of products and retail outlets. The DSD system was much more expens ive, usually amounting to 15%-20% of sales, but it gave PepsiCo direct control over product selection, in-store visibility and the size of product displays.Moreover, the labor and equipment costs of DSD were mostly fixed, hence the contribution margins of incremental unit sales were high. DSD worked well for high volume products (like colas), but it was not an economical way to supply lower volume products in large varieties) to supermarkets and convenience stores. As indicated, Quaker used a warehouse brokers’ distribution system. In the case of Gatorade, however, robust consumer demand acted to offset many of the disadvantages of selling through brokers, including lower margins, potential stock-outs and poor product presentation.As a fastmoving convenience store item, Gatorade was regularly allocated highly visible shelf space, almost entirely without slotting fees, which were customary in the retail business. Moreover, Gatorade’s new products and packages historical ly had won increased shelf space for the brand, instead of taking up the same shelf space and cannibalizing older products. 8 PepsiCo’s Bid for Quaker Oats (A) 801-458 The acquisition of Quaker would enable PepsiCo to distribute Tropicana’s nonrefrigerated juices, like Twister and Dole, through Gatorade’s warehouse brokers’ distribution system.The merger would thus considerably enhance company’s position in the $7 billion nonrefrigerated juice segment: According to CEO Enrico, PepsiCo would become the â€Å"category captain† of the nonrefrigerated juice aisle. PepsiCo’s managers estimated that using Gatorade’s warehouse distribution system for Tropicana juices could generate an incremental $400 million in sales and $45 million in operating profit by the year 2004. The PepsiCo management team also projected procurement savings of approximately $60 million annually by 2004 from reductions in the costs of raw materials and supplie s.Moreover, Gatorade used â€Å"hot-fill† production lines, which were similar to those used by PepsiCo’s Twister, Lipton teas, Frapuccino and SoBe beverages. If the two companies were combined, the team anticipated cost savings from better capacity utilization in manufacturing, warehouse, delivery and logistics systems. Collectively, these cost savings were expected to reach $65 million annually by 2004. Other potential benefits of the business combination were more difficult to quantify.For example, PepsiCo’s managers believed that Pepsi’s extensive cooler distribution network could be used to increase Gatorade’s penetration in vending machines, schools, and smaller convenience stores as well as other niche vending channels and food service accounts. PepsiCo CFO Indra Nooyi argued: â€Å"The combination of Gatorade and AquaFina in vending machines is a no-brainer. † Over the longer term, PepsiCo could accelerate Gatorade’s internati onal expansion by using the existing sales and distribution organizations of both Pepsi-Cola International and Frito-Lay International.Finally, the sports technology expertise of the Gatorade Sports Science Institute might be combined with the health research capabilities of the Tropicana Nutrition Center to develop products that would meet the refreshment and nutrition needs of beverage consumers in new ways. Snacks If the acquisition succeeded, PepsiCo’s managers planned to integrate the Quaker’s snack food division into its Frito-Lay unit, which was already the world’s leader in salty snacks. They saw a significant opportunity in the $2 billion snack bars market, which was growing at 9% annually.Frito-Lay was in the process of reengineering its direct store delivery (DSD) distribution system to handle more product units. PepsiCo’s management believed that distributing Quaker’s Chewy Granola and other snacks through Frito-Lay’s system coul d increase Quaker’s revenues from snacks by an incremental $200 million and its operating profit by $34 million by 2004. A nonquantifiable benefit of the acquisition would be that Quaker snacks were not salty. For the most part, its brands connoted nutrition and health more than good taste or fun.Quaker brands’ positioning would give Frito-Lay access to numerous consumption occasions, for example, in the morning, that its existing salty snack brands did not serve. According to Roger Enrico, PepsiCo CEO: â€Å"We see bars as an ideal way to â€Å"smuggle† nutrition into more daily diets. † Other foods If the acquisition succeeded, Quaker’s nonsnack food businesses would represent 10% of the combined company’s pro forma sales. Quaker Oatmeal, RTE cereals, Golden Grain, and Aunt Jemima businesses did not fit within PepsiCo’s convenience-food strategy, nor did they represent significant growth opportunities.Yet these businesses were highl y profitable, and were expected to generate substantial free cash flows and modest growth over the foreseeable future. Lastly, their unit volumes supported the scale of Quaker’s (hence Gatorade’s) warehouse brokers’ distribution system. One complexity of the proposed acquisition stemmed from the fact that PepsiCo’s management would only consider a stock-for-stock transaction. Under that transaction structure, the company would be able to account for the merger as a pooling-of-interests. With a pooling-of-interests 801-458 PepsiCo’s Bid for Quaker Oats (A) accounting treatment, no goodwill would be created, and neither PepsiCo’s nor Quaker’s shareholders would have to recognize a gain or loss as a result of the merger for income tax purposes. On the other hand, under pooling-of-interests accounting, PepsiCo was precluded from selling any significant assets of Quaker for two years following the merger. Thus, if the acquisition succeeded , PepsiCo would not be able to divest Quaker’s slower-growth food divisions for at least two years.By the same token, PepsiCo would not be able to repurchase shares in any significant quantity for two years. Both Pepsi and Quaker used share repurchases as their primary mode of returning cash to shareholders (see Exhibits 3 and 7). If the acquisition succeeded, Pepsi would have to change its cash distribution policy radically. Decision PepsiCo had to determine its initial offer before approaching the Quaker. The timing was critical, as several other companies were likely to be attracted by Quaker’s obvious strengths (see Tables A and B).At the same time, PepsiCo management had two major concerns. First, although Gatorade’s synergies and growth prospects provided a clear strategic rationale for the acquisition, Gatorade plus the snack business accounted for only about 40%-45% of Quaker’s sales and operating income. Food products like Quaker Oats, which Peps iCo was not directly interested in, constituted the bulk of Quaker’s business. Second, Quaker traded at 23 times the earnings, which was lower than PepsiCo, but still at a premium compared to other food manufacturers (see Exhibit 12).Depending on the price and the value of realized synergies, a stock-for-stock transaction could potentially dilute PepsiCo’s earnings and diminish earnings per share, at least in the short run. 10 PepsiCo’s Bid for Quaker Oats (A) 801-458 Sources This case was prepared using the following published sources: PepsiCo, Inc. 2000 Annual Report, available at www. pepsico. com/2000/annual2000. html PepsiCo, Inc. 1999 Annual Report, available at www. pepsico. com/1999/annual1999. html PepsiCo, Inc. 1998 Annual Report, available at www. pepsico. com/1998/content. shtml PepsiCo, Inc. 997 Annual Report, available at www. pepsico. com/1997/content. shtml PepsiCo, Inc. 1996 Annual Report, available at www. pepsico. com/1996/content. shtml The C oca-Cola Company 1999 Annual Report, available at www. cocacola. com/annualreport The Quaker Oats Company 1999 Annual Report, available at www. quakeroats. com The Quaker Oats Company 1998 Annual Report, available at www. quakeroats. com The Quaker Oats Company 1997 Annual Report, available at www. hoovers. com Form S-4, Registration Statement under the Securities Act of 1933, as filed by PepsiCo, Inc. ith SEC on 01/09/2001 â€Å"Pepsi Seeks $5B Credit Line,† Dow Jones News Service, 10/12/1994 â€Å"Analysts Dubious on Pepsi’s Interest in Quaker,† Dow Jones News Service, 10/12/1994 â€Å"Quaker Rises on Pepsi Report,† The Milwaukee Journal Sentinel, 11/30/1996 Michael J. Branca, â€Å"PEP: The Good, The Bad and The Ugly,† Lehman Brothers Equity Research, 11/03/2000 Cathleen Egan, â€Å"S. Bernstein Analyst Muses over a Pepsi-Quaker Merger,† Dow Jones News Service, 03/13/2000 Cathleen Egan, â€Å"Quaker in Talks to Sell Gatorade, Snapple to Pepsi,† Dow Jones News Service, 11/29/1996 David C.Nelson, David S. Bianco, â€Å"Quaker Oats: Is It in the Stock? ,† Credit Suisse First Boston Equity Research, 08/01/2000 Lauren R. Rubin, â€Å"Profitable Fit,† Barron’s, 12/11/2000 Patricia Sellers, â€Å"Can Coke and Pepsi Make Quaker Sweat? † Fortune, 07/10/1995 Janet Kidd Stewart, â€Å"Pepsi Chief Pooh-poohs Deal for Quaker Drinks,† Chicago Sun-Times, 01/25/1997 11 801-458 PepsiCo’s Bid for Quaker Oats (A) Exhibit 1 PepsiCo Financial Statements: Consolidated Statement of Income ($ millions, except per share data) 9/2/00a 1999 1998 1997 1996Net sales New PepsiCo Bottling operations Total net sales Costs and expenses Cost of sales SG&A Amortization of intangible assets Impairment and restructuring charge Total costs and expenses Operating profit New PepsiCo Bottling operations and equity investments Total operating profit Bottling equity income, net Gain on bottling transactions In terest expense Interest income Income before taxes Provision for income taxes Income from continuing operations Income from discontinued operations, net Net income Net income per share of common stock, $ 14,028 0 14,028 8,244 2,123 20,367 14,686 7,662 22,348 13,655 7,262 20,917 20,337 5,433 6,209 96 0 11,738 8,198 9,103 183 65 17,549 9,330 9,924 222 288 19,764 8,525 9,241 199 290 18,255 8,452 9,063 206 576 18,297 2,290 0 2,290 135 0 (156) 43 2,312 740 1,572 0 1,572 1. 09 2,765 53 2,818 83 1,000 (363) 118 3,656 1,606 2,050 0 2,050 1. 40 2,460 124 2,584 0 0 (395) 74 2,263 270 1,993 0 1,993 1. 35 2,252 410 2,662 0 0 (478) 125 2,309 818 1,491 651 2,142 1. 40 2,040 (565) 91 1,566 624 942 207 1,149 0. 73 Source: Company 10(K) and 10(Q) filings. aData for 36 weeks ended September 2, 2000. 2 PepsiCo’s Bid for Quaker Oats (A) 801-458 Exhibit 2 Assets PepsiCo Financial Statements: Consolidated Balance Sheet ($ millions) 9/2/00a 705 97 1,835 975 588 4,200 9,209 (3,928) 5,281 4,531 3,011 636 8,178 17,659 1999 964 92 1,704 899 514 4,173 8,816 (3,550) 5,266 4,735 2,846 531 8,112 17,551 1998 311 83 2,453 1,016 499 4,362 13,110 (5,792) 7,318 8,996 1,396 588 10,980 22,660 1997 1,928 955 2,150 732 486 6,251 11,294 (5,033) 6,261 5,855 1,201 533 7,589 20,101 1996 307 289 2,276 853 225 3,950 10,908 (4,822) 6,086 6,036 1,147 491 7,674 4,450 22,160Cash and cash equivalents Short-term investments, at cost Accounts and notes receivable, net Inventories Prepaid expenses and other current assets Total current assets Property, plant and equipment, net Accumulated depreciation Net PP&E Intangible assets, net Investments in unconsolidated affiliates Other assets Net II&O Net assets of discontinued operations Total assets Liabilities and Shareholders' Equity Short-term borrowings Accounts payable and other current liabilities Income taxes payable Total current liabilities Long-term debt Other liabilities Deferred income taxes Common stock Capital in excess of par value Retained earni ngs Accumulated other comprehensive loss Less: Repurchased common shares, at cost Total shareholders' equity Total liabilities and shareholders' equity Average shares outstanding, millions 16 3,337 168 3,621 2,737 3,033 1,380 29 963 15,040 (1,219) (7,925) 6,888 17,659 1,446 233 3,399 156 3,788 2,812 2,861 1,209 29 1,081 14,066 (989) (7,306) 6,881 17,551 1,466 3,921 3,870 123 7,914 4,028 2,314 2,003 29 1,166 12,800 (1,059) (6,535) 6,401 22,660 1,480 0 3,617 640 4,257 4,946 2,265 1,697 29 1,314 11,567 (988) (4,986) 6,936 20,101 1,528 0 3,378 413 3,791 8,174 1,997 1,575 29 1,201 9,184 (768) (3,023) 6,623 22,160 1,564 Source: Company 10(K) and 10(Q) filings. aData for 36 weeks ended September 2, 2000. 13 801-458 PepsiCo’s Bid for Quaker Oats (A) Exhibit 3 PepsiCo Financial Statements: Consolidated Statement of Cash Flows ($ millions) 9/2/00a 1999 1998 1997 1996Cash Flows from Operating Activities Net income from continuing operations Adjustments to reconcile net income to net cas h provided by operating activities: Gain on bottling transactions Bottling equity income, net Depreciation and amortization Noncash portion of 1998 income tax benefit Noncash portion of restructuring charges Deferred income taxes Other noncash charges and credits, net Net change in operating working capital Net Cash Provided by Operating Activities Cash Flows from Investing Activities Capital spending Investments in unconsolidated affiliates Sales of businesses Sales of property, plant and equipment Short-term investments, by original maturity: More than three months – purchases More than three months – maturities Three months or less, net Other, net Net Cash Used for Investing Activities Cash Flows from Financing Activities Proceeds from issuances of long-term debt Payments of long-term debt Short-term borrowings, by original maturity: More than three months – proceeds More than three months – payments Three months or less, net Cash dividends paid Share repurchases Proceeds from exercises of stock options Other, net Net Cash Used for Financing Activities Net cash from discontinued operations Effect of Exchange Rate Changes Net (Decr. )/Incr. in Cash and Cash Equivalents Cash and Cash Equivalents – Beginning of year Cash and Cash Equivalents – End of period Source: Company 10(K) and 10(Q) filings. aData represents 36 weeks ended September 2, 2000. 1,572 2,050 1,993 1,491 942 0 (135) 642 0 0 138 191 (295) 2,113 (1,000) (83) 1,032 0 37 529 364 98 3,027 0 0 1,234 (259) 254 150 237 (398) 3,211 0 0 1,106 0 233 51 342 196 3,419 0 0 1,073 0 366 160 505 146 3,192 (574) (66) 0 0 (582) 577 0 (137) (782) (1,118) (430) 499 126 (2,025) 2,008 12 (144) (1,072) 1,405) (4,537) 17 134 (525) 584 839 (126) (5,019) (1,506) (119) 221 80 (92) 177 (735) (96) (2,070) (1,630) (75) 43 9 (115) 192 736 (214) (1,054) 108 (716) 103 (32) 375 (594) (1,238) 408 0 (1,586) 0 (4) (259) 964 705 3,480 (1,123) 3,691 (2,741) (2,856) (778) (1,285) 308 0 (1,304 ) 0 2 653 311 964 990 (2,277) 2,713 (417) 1,753 (757) (2,230) 415 0 190 0 1 (1,617) 1,928 311 0 (1,875) 146 (177) (1,269) (736) (2,459) 403 5 (5,962) 6,236 (2) 1,621 307 1,928 1,772 (1,432) 740 (1,873) 89 (675) (1,651) 323 (9) (2,716) 605 (5) 22 285 307 14 801-458 -15- Exhibit 4 PepsiCo Stock Price History PEP Historical Price Performance, October 31, 1997-October 4, 2000 Oct 4: Last close $45. 125 50 45 40 35 30Mar 8: 52 week low of $30. 50 25 Jul-98 Jul-99 Jan-98 Apr-98 Jun-98 Oct-98 Jan-99 Apr-99 Jun-99 Oct-99 Jan-00 Feb-00 Apr-00 Jun-00 Jul-00 Nov-97 Dec-97 Feb-98 Mar-98 Feb-99 Mar-99 Mar-00 Aug-00 Aug-99 Sep-99 Nov-99 May-99 Dec-99 May-00 Aug-98 Nov-98 May-98 Source: Prepared by casewriter based on CRSP data. Sep-98 Dec-98 Sep-00 Oct-00 20 801-458 PepsiCo's Bid for Quaker Oats (A) Exhibit 5 Quaker Financial Statements: Consolidated Statement of Income ($ millions, except per share data) 9/30/00* Net sales Cost of goods sold Gross Profit SG&A Impairment and restructuring (gain) or charge Interest expense Interest income Foreign exchange loss, net Income before taxesProvision (benefit) for income taxes Net income Preferred dividends, net Net income available for common Net income per share of common stock, $ 4,045 1,805 2,240 1,551 172 40 1999 4,725 2,137 2,588 1,904 (2) 62 (12) 18 618 163 455 4 451 3. 36 1998 4,843 2,374 2,468 1,873 129 70 (11) 12 397 112 285 5 280 2. 04 1997 5,016 2,565 2,451 1,939 1,486 86 (7) 11 (1,064) (133) (931) 4 (934) (6. 80) 1996 5,199 2,808 2,392 1,981 (113) 107 (7) 9 416 168 248 4 244 1. 80 477 165 312 3 309 2. 34 Source: Company 10(K) and 10(Q) filings. aData for nine months ended September 30, 2000. 16 PepsiCo's Bid for Quaker Oats (A) 801-458 Exhibit 6 Quaker Financial Statements: Consolidated Balance Sheet ($ millions)Assets Cash and cash equivalents Short-term investments, at cost Accounts and notes receivable, net Inventories Other current assets Total current assets Property, plant and equipment Accumulated depreciation N et PP Intangible assets, net Other assets Total assets Liabilities and Shareholders' Equity Short-term borrowings Accounts payable Other current liabilities Total current liabilities Long-term debt Other liabilities Deferred income taxes Preferred stock Deferred compensation Tresury preferred stock Total preferred stock, net Common stock Capital in excess of par value Retained earnings Accumulated other comprehensive loss Deferred compensation Less: Repurchased common shares, at cost Total shareholders' equity Total liabilities and shareholders' equity Average shares outstanding, millions /30/00* 111 126 391 287 234 1,149 1,872 (797) 1,075 231 57 288 2,512 89 258 648 995 672 510 0 100 (27) (47) 25 840 126 1,051 (108) (22) (1,578) 310 2,512 132 1999 283 0 254 266 193 997 1,852 (745) 1,107 237 56 293 2,396 155 214 570 938 715 523 0 100 (39) (39) 22 840 101 855 (95) (46) (1,457) 197 2,396 134 1998 327 28 283 261 216 1,115 1,819 (749) 1,070 246 79 325 2,510 137 168 704 1,009 795 533 0 1 00 (48) (30) 22 840 79 556 (80) (68) (1,176) 151 2,510 137 1997 84 0 306 256 487 1,133 1,913 (748) 1,165 351 49 400 2,697 169 191 586 946 888 579 36 100 (57) (22) 21 840 29 431 (82) (91) (899) 228 2,697 137 1996 111 0 295 275 209 890 1,943 (743) 1,200 2,237 69 2,306 4,394 568 210 576 1,355 994 559 238 100 (65) (16) 19 840 0 1,521 (68) (103) (960) 1,230 4,394 135 Source: Company 10(K) and 10(Q) filings. Data for nine months ended September 30, 2000. 17 801-458 PepsiCo's Bid for Quaker Oats (A) Exhibit 7 Quaker Financial Statements: Consolidated Statement of Cash flows ($ millions) 9/30/00* 1999 455 124 14 (5) 4 0 13 (38) 32 31 631 (222) 14 (185) 219 14 0 (160) (156) 34 1 (96) 83 (373) (9) (516) 2 (44) 327 283 1998 285 133 (31) (27) 90 38 12 (41) 32 23 514 (205) 266 (166) 143 8 240 287 (160) (17) 2 (109) 112 (377) (8) (557) (1) 242 84 327 1997 (931) 161 (12) 1,151 66 40 42 (91) 20 43 490 (216) 300 0 0 0 0 84 (159) (453) 8 (54) 121 (50) (6) (593) (7) (26) 111 84 1996 248 201 14 (82) 23 0 29 (70) 22 27 410 (243) 174 0 0 0 0 (68) (157) (125) 2 (78) 31 0 (6) (331) 6 17 93 111Cash Flows from Operating Activities Net income from continuing operations Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Deferred income taxes (Gains) losses on divestitures, net Restructuring charges** Asset impairment losses Loss on disposition of property and equipment Net change in operating working capital Change in deferred compensation Other items Net Cash Provided by Operating Activities Cash Flows from Investing Activities Additions to property, plant and equipment Business divestitures, net of tax Purchase of marketable securities Proceeds from sale of marketable securities Proceeds from sale of PP Capial gains tax recovery Net Cash Used for Investing Activities Cash Flows from Financing Activities Cash dividends paid Change in short-term debt Proceeds from issuances of long-term debt Reduction of long-term debt Issuance of common treasury stock Repurchases of common stock Repurchases of preferred stock Net Cash Used for Financing Activities Effect of Exchange Rate Changes Net (Decr. )/Incr. in Cash and Cash Equivalents Cash and Cash Equivalents – Beginning of year Cash and Cash Equivalents – End of period 312 99 4 0 177 0 2 (132) 35 15 512 (199) 0 (354) 232 5 0 (316) (115) (25) 1 (84) 105 (236) (9) (364) (4) (172) 283 111 Source: Company 10(K) and 10(Q) filings. a Data for nine months ended September 30, 2000. bThe 2000 number represents the sum of restructuring charges, asset impairments and losses (gains) on divestiture. 18 801-458 -19- Exhibit 8 Quaker Oats Operating Segment Information (dollars in millions, except per share data) bYear Ended December 31 1999 Net Sales a 1998 1997 Operating Income (Loss) 1999 1998 1997 $2,359. 5 308. 4 215. 4 2,883. 3 1,502. 3 229. 1 103. 8 1,835. 2 4,718. 5 6. 7 $4,725. 2 $2,274. 1 372. 9 202. 9 2,849. 9 $399. 8 26. 2 21. 1 447. 1 253. 9 16. 5 (7 . 3) 263. 1 710. 2 -$710. 2 $2,287. 8 371. 4 205. 7 2,864. 9 1,183. 3 232. 2 103. 0 1,518. 5 4,383. 4 632. 3 $5,015. 7 $369. 8 28. 2 (1. 2) 396. 8 214. 9 25. 6 (7. 4) 233. 1 629. 9 (2. 4) $627. 5 $390. 3 34. 0 (9. 9) 414. 4 182. 7 19. 3 (15. 0) 187. 0 601. 4 (34. 6) $566. 8 1,338. 2 267. 7 103. 1 1,709. 0 4,558. 9 283. 6 $4,842. 5 Foods: U. S. and Canadian Latin American Other c Total Foods Beverages: U. S. nd Canadian Latin American Other c Total Beverages Total Ongoing Businesses Total Divested Businesses d Total Sales/Operating Income Less: (Gains) losses on divestitures, restructuring charges, asset impairments and other–net e (2. 3) 25. 9 50. 2 18. 1 618. 3 163. 3 $455. 0 $3. 36 $3. 23 128. 5 31. 9 58. 9 11. 6 396. 6 112. 1 $284. 5 $2. 04 $1. 97 1,491. 1 50. 1 79. 1 10. 8 (1,064. 3) (133. 4) ($930. 9) ($6. 80) ($6. 80) General corporate expenses Interest expense–net Foreign exchange loss–net Income (Loss) before income taxes Provision (Benefit) for income t axes f Net Income (Loss) Per Common Share: Net income (loss)e Net income (loss)–diluted 801-458 -20- Exhibit 8 (continued) (dollars in millions) Year Ended December 31 1999 Identifiable Assets 1998 1997 1999Capital Expenditures Net of Depreciation 1998 1997 Foods: U. S. and Canadian Latin American Other c Total Foods Beverages: U. S. and Canadian Latin American Other c Total Beverages Total Ongoing Businesses Total Divested Businesses g Total Operating Segments Corporateh Total Consolidated $1,124. 6 174. 0 110. 1 1,408. 7 522. 7 105. 4 79. 6 707. 7 2,116. 4 0. 0 2,116. 4 279. 8 $2,396. 2 464. 2 94. 6 109. 5 668. 3 2,115. 1 37. 5 2,152. 6 357. 7 $2,510. 3 364. 5 81. 9 98. 2 544. 6 1,845. 4 335. 9 2,181. 3 515. 7 $2,697. 0 69. 8 20. 4 1. 7 91. 9 99. 5 0. 0 99. 5 (0. 9) $98. 6 $1,187. 0 167. 7 92. 1 1,446. 8 $1,056. 9 122. 4 121. 5 1,300. 8 $3. 7 3. 7 0. 2 7. 6 $37. 5 6. 5 (0. ) 43. 4 26. 1 6. 3 0. 8 33. 2 76. 6 (3. 5) 73. 1 (0. 9) $72. 2 $7. 2 9. 7 12. 3 29. 2 26. 4 (0. 9) 20. 0 45. 5 74. 7 (18. 7) 56. 0 (1. 7) $54. 3 Source: Company financial statements and casewriter calculations. aIntersegment sales are not material. bOperating results exclude restructuring and asset impairment charges, gains and losses on divestitures and certain other expenses not allocated to operating segments such as income taxes, general corporate expenses and financing costs. cOther includes European and Asia/Pacific businesses. d1999 includes net sales and operating results (through the divestiture date) for the Brazilian pasta business. 998 includes net sales and operating results (through the divestiture date) for the Ardmore Farms, Continental Coffee, Nile Spice and Liqui-Dri businesses and the business divested in 1999. 1997 includes net sales and operating results (through the divestiture date) for the Snapple beverages and certain food service businesses and the businesses divested in 1999 and 1998. e1999 includes pretax restructuring charges of $12. 7 million, or $0. 06 per share, a pretax divestiture gain of $5. 1 million, or $0. 03 per share, and pretax adjustments of $9. 9 million, or $0. 04 per share, to reduce prior restructuring and divestiture reserves. 1998 includes pretax restructuring charges of $89. 7 million, or $0. 8 per share, pretax asset impairment losses of $38. 1 million, or $0. 18 per share, and a combined pretax divestiture loss of $0. 7 million, or a gain of $0. 20 per share, due to certain tax benefits. 1997 includes pretax restructuring charges of $65. 9 million, or $0. 27 per share, a pretax net charge of $4. 8 million, or $0. 02 per share, for an asset impairment loss partly offset by a cash litigation settlement, and a combined pretax loss of $1. 42 billion, or $8. 41 per share, for business divestitures. f1999 includes reductions in the provision for income taxes of $59. 3 million, or $0. 44 per share, related to previously recorded tax accruals and tax assets. Includes the following Divested Businesses: in 1999, the Bra zilian pasta business in 1998 Ardmore Farms, Continental Coffee, Nile Spice, Liqui-Dri and the business divested in 1999; in 1997, Snapple, certain food service businesses and the businesses divested in 1999 and 1998. hIncludes corporate cash and cash equivalents, short-term investments and miscellaneous receivables and investments. PepsiCo's Bid for Quaker Oats (A) 801-458 Exhibit 9 Quaker Oats Company Operations Summary 1994-1999 Annual Sales (dollars in millions) 1994 U. S. and Canadian Gatorade a International Gatorade Total Beverages U. S. Hot Cereals U. S. Ready-to-Eat Cereals Golden Grain Grain-based Snacks Other U. S. nd Canadian Foods Latin American Foods European and Asian Foods Total Foods Total Sales $908 269 1,177 416 679 334 275 483 301 233 2,721 $3,898 1995 $1,040 308 1,348 402 665 324 298 505 319 210 2,723 $4,071 1996 $1,095 283 1,378 440 626 316 285 518 345 207 2,737 $4,115 1997 $1,183 335 1,518 462 693 343 269 521 371 208 2,867 $4,385 1998 $1,338 371 1,709 431 712 341 291 500 373 203 2,851 $4,560 1999 $1,502 333 1,835 485 725 344 305 501 308 215 2,883 $4,718 CAGR 10. 6% 4. 4% 9. 3% 3. 1% 1. 3% 0. 6% 2. 1% 0. 7% 0. 5% -1. 6% 1. 2% 3. 9% Distribution of Annual Sales (%) 1994 U. S. and Canadian Gatorade a International Gatorade Total Beverages U. S. Hot Cereals U. S. Ready-to-Eat Cereals Golden Grain Grain-based Snacks Other U. S. nd Canadian Foods Latin American Foods European and Asian Foods Total Foods Total Sales 23% 7% 30% 11% 17% 9% 7% 12% 8% 6% 70% 100% 1995 26% 8% 33% 10% 16% 8% 7% 12% 8% 5% 67% 100% 1996 27% 7% 33% 11% 15% 8% 7% 13% 8% 5% 67% 100% 1997 27% 8% 35% 11% 16% 8% 6% 12% 8% 5% 65% 100% 1998 29% 8% 37% 9% 16% 7% 6% 11% 8% 4% 63% 100% 1999 32% 7% 39% 10% 15% 7% 6% 11% 7% 5% 61% 100% Source: Company financial statements. aIncludes Europe, Asia-Pacific and Latin America. 21 801-458 -22- Exhibit 10 Quaker Oats Stock Price History OAT Historical Price Performance, October 31, 1997-October 4, 2000 90 Oct 4: Last close $76. 0625 80 70 60 50 40 Mar 14: 52 week low of $45. 9375 Jul-98 Jul-99 Jan-98 Apr-98 Jun-98 Oct-98 Jan-99 Apr-99 Jun-99 Oct-99 Jan-00Apr-00 Jun-00 Jul-00 Feb-98 Mar-98 Feb-99 Mar-99 Feb-00 Nov-97 Dec-97 Aug-98 Sep-98 Nov-98 Dec-98 Aug-99 Sep-99 Nov-99 Dec-99 Mar-00 Aug-00 May-99 May-00 Source: Prepared by casewriter based on CRSP data. May-98 Sep-00 Oct-00 30 PepsiCo's Bid for Quaker Oats (A) 801-458 Exhibit 11 PepsiCo PepsiCo and Quaker Oats: Selected Ratios 1996-2000 36 Wks. 00 39% 44% 16% 16% 32% a 1999 40% 45% 14% 15% 44% -2% 26% 40% 64% 53% 12% 30% 1998 42% 44% 12% 17% 12% 0% 33% 49% 82% 35% 12% 31% 1997 41% 44% 13% 16% 35% -4% 30% 36% 62% 54% 13% 21% 1996 42% 45% 10% COGS/Sales SGA/Sales Operating Profit/Sales New Pepsi Operating Profit/New Pepsi Sales Tax Rate NWC (excl.Cash ST Inv and ST Debt)/Sales a Net PPE/Sales a Net II/Sales a Invested Capital/Sales Shareholders Equity/Invested Capital Return on Invested Capital d Return on Equity c 40% -2% 30% 38% 66% 50% 9% 14% -1% 26% 40% 66% 52% 17% 23% Quaker Oats, Inc. COGS/Sales SGA/Sales b Operating Profit/Sales Tax Rate NWC (excl. Cash ST Inv and ST Debt)/Sales a Net PPE/Sales a Net II/Sales a Invested Capital/Sales Shareholders Equity/Invested Capital Return on Invested Capital d Return on Equity c a 9 Mos. 00 45% 38% 13% 35% 0% 20% 5% 25% 23% 33% 100% 1999 45% 40% 15% 26% -2% 23% 6% 28% 15% 38% 229% 1998 49% 39% 10% 28% -2% 22% 7% 26% 12% 26% 185% 1997 51% 39% -19% 13% 5% 23% 8% 37% 12% -46% -410% 1996 54% 38% 10% 40% 0% 23% 44% 67% 35% 9% 20% Source: Company financial statements. aAnnualized. Quaker Operating Profit = Gross Profit – SG – Impairment, consistent with PepsiCo’s definition. cReturn on Invested Capital = [Operating Profit * (1 – Tax Rate)]/Invested Capital. dReturn on Equity = Net Income from Continuing Operations/Shareholders’ Equity. 23 801-458 -24- Exhibit 12 Quaker Oats: Comparable Food and Beverage Companies Source: Company Annual Reports, Hoover’s Online Bu siness Network. aSara Lee financial information includes RYA/Monarch, the sale of which is scheduled to close in second quarter of fiscal 2001. bH. J. Heinz EBIT includes $464. 6 million gain on the sale of Weight Watchers. Hershey EBIT includes $243. 8 million gain on the sale of U. S. pasta business. Kellogg EBIT incorporates $244. million in restructuring charges and equipment write-offs. PepsiCo EBIT includes $1,000,000 gain on bottling transactions. cAverage diluted shares outstanding, in millions of per-share calculations, including stock options, ESOP and non-vested awards. dCommon Stock price data for 52 weeks prior to October 4, 2000, includes Danone ADR’s traded at NYSE. eP/E calculated as Closing Common Stock price divided by EPS for the last full fiscal year. fMarket Capitalization calculated as the Closing Common Stock price times the average diluted shares outstanding. Using last-available diluted shares outstanding would not change the calculation significantly . PepsiCo's Bid for Quaker Oats (A) 801-458 Exhibit 13