How Efficient Market Hypothesis Explains Share Price Movements Finance Essay - Free Essay Example

Sample details Pages: 4 Words: 1169 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? The Efficient Market Hypothesis is perhaps the most prevalent, controversial and well-known market theory in the world. EMH is one of the arguments made in favour of the stock market. It was developed throughout the 20th Century however it became more prevalent once Eugene Fama penned the term Efficient Market Hypothesis in his thesis from 1970. Since then the theory has grown and evolved, however the basic concept has remained the same. If new information comes onto the market concerning a business and its performance, this will be quickly and rationally transferred into the business share value. For example if an investment analyst found that in terms of its actual and expected dividends, a particular share was underpriced and thus represented a bargain, the analyst would advise investors to buy. As people then bought shares, their price would rise, pushing the value up to their full worth. So by attempting to gain from inefficiently priced securities, investors will encourage the market to become more efficient (Sloman 2009). The EMH further states that stock prices already reflect all known information and are therefore accurate, and that the future flow of news (that will determine future prices) is random and unknowable in the present. The Random Walk theory in its most primitive; says that stocks take a random and unpredictable path. The chance of a stocks future price going up is the same as it going down. A follower of random walk believes it is impossible to outperform the market without assuming additional risk. (www.investopedia.com) Don’t waste time! Our writers will create an original "How Efficient Market Hypothesis Explains Share Price Movements Finance Essay" essay for you Create order There are three forms of the EMH that show the structure of the theory: Weak Form of Efficiency: Stock prices reflect all the past information in prices. Thus, current stock prices are the best estimated value, provided no change to the companies fundamental value. Fundamental analysis can be used to investigate if the stocks are undervalued or overvalued, as share prices move in cycles that do not reflect underlying performance, however as these techniques are used more and more knowledge/information becomes more perfect making the market more efficient and cycles withdraw. Consequences result in no excess return being made from investment strategies that based on historical stock price or financial information. Technical analysis can also be difficult to implement, but some fundamental analysts still make profits in the stock market. Semi-Strong Form of Efficiency: Stock prices reflect all past and current publicly available information. The stock prices can be adjusted in an unbiased movement to any new public information; e.g. on business news on local newspaper. However, the adjustment is relatively small. The outcome of SSF is that not much gain can be earned by trading on this information. Though fundamental analysis is still useful, nonetheless the returns are normally not as high as in the weak form. Strong Form of Efficiency: Stock prices reflect all relevant information, including data that is not yet disclosed to the general public such as insider information. The effect of this info is that almost nobody can earn high returns on investments over a long period of time. Unless people have access to privileged information, such as CEOs i.e. who know the company will release better than expected profit figures and buy shares prior to this knowledge being unrestricted, if this is the case large returns can be made. Nevertheless it must be noted that the EMH theory relies on the fact that, investors are assumed to be rational and subsequently value securities rationally (Shleifer 2000). Rational investors value each security for its elemental value. When these investors learn something about the value of securities they react quickly to the new information by pushing prices up when news is good and down when the news is bad, by buying securities they expect to have a higher-than-average return and selling those they expect to have lower returns. So for a market to be efficient the current prices should reflect the net result of the entire buy and sell decisions by all investors based on their interpretation of all the information that is known about a company at that time, The hypothesis that new information about a companys current or future performance will be quickly and accurately reflected in its share price (Sloman 2009). Regardless of what one analyst or every investor believes, the market is always right according the EMH theory. However there are cracks within the foundations of EMH that have formed over time. Different investors have different judgements (random walk, rational/irrational) it is impossible to say how their judgements would affect a security to immediately go up or down on notable news. Investor perception can be affected by an infinite number of developments, innumerable events happen every day throughout the world that impact a companies short term and long term earnings/growth rates and therefore, the price/earnings ratios that investors will be willing to pay for different securities. (Pike 1996) Because of this many observers/academics/professionals argue against the concept that markets behave consistently within the efficient market hypothesis, especially in its stronger forms. Some economists, mathematicians and market experts cannot believe that man-made markets are strong/semi strong-form efficient when there are, under closer analysis, reasons for inefficiency i.e. the slow diffusion of information, the relatively great power of some market participants e.g. financial institutions and the existence of apparently sophisticated professional investors e.g. Peter Lynch, Warren Buffett, George Soros etc. The way that markets react to surprising news is perhaps the most visible flaw in the efficient market hypothesis. For example, news events such as surprise interest rate changes from central banks are not instantaneously taken account of in stock prices, but rather cause sustained movement of prices over periods from hours to months. Only a privileged few may have prior kn owledge of laws about to be passed, new pricing controls set by pseudo-government agencies such as the Federal Reserve banks, and judicial decisions that effect a wide range of economic parties. The public must treat these as random variables, but those who act on such inside information can correct the market, generally in a discrete method to avoid detection. Warren Buffett who has argued that the EMH is not correct, on one occasion saying Id be a bum on the street with a tin cup if the markets were always efficient and on another saying, The professors who taught Efficient Market Theory said that someone throwing darts at the stock tables could select stock portfolio having prospects just as good as one selected by the brightest, most hard-working securities analyst. Observing correctly that the market was frequently efficient, they went on to conclude incorrectly that it was always efficient. (www.moneyscience.com) Secondly, to the extent that some investors are not rational, their trades are random and therefore cancel each other out without affecting prices. Third, to the extent that investors are irrational in similar ways, they are met in the market by rational arbitrageurs who eliminate their influence on prices.

How to Use a Running Record to Assess Beginning Readers

A running record is an assessment method that helps teachers evaluate students reading fluency, ability to use reading strategies, and readiness to advance. This assessment emphasizes the students thought process, which allows teachers to go beyond counting the number of words read correctly. In addition, observing a students demeanor while reading (calm, relaxed, tense, hesitant) provides valuable insight into his instructional needs. Running records can be used to guide instruction, track progress, and choose appropriate reading material. A running record is slightly more formal than simple observation assessments, but it is still an easy tool for measuring reading fluency. Tracking Errors The first aspect of a running record is tracking student errors. Errors include misread words, mispronounced words, substitutions, omissions, insertions, and words that the teacher had to read. Mispronounced proper nouns should only be counted as one error regardless of how many times the word appears in the text. However, all other mispronunciations should be counted as one error each time they occur. If a student skips a line of text, count all words in the line as errors. Note that mispronunciations don’t include those pronounced differently due to a child’s dialect or accent. Repeated words do not count as an error. Self-correction—when a student realizes he has made an error and corrects it—does not count as an  error. Understanding Reading Cues The second part of a running record is analyzing reading cues. There are three different reading cue strategies to be aware of when analyzing a student’s reading  behavior: meaning, structural,  and  visual.   Meaning (M) Meaning cues indicate that a student is thinking about what she is reading. She is taking cues from the context of the passage, the meaning of the sentence, and any illustrations in the text. For example, she may say street when she encounters the word road. This error doesn’t affect her comprehension of the text. To determine whether the reading behavior reflects the use of a meaning cue, ask yourself, â€Å"Does the substitution make sense?† Structural (S) Structural clues indicate an understanding of English syntax—what sounds right in the sentence. A student who uses structural clues is relying on  her knowledge of grammar and sentence structure. For example, she may read goes instead of went, or  sea instead of ocean. To determine whether the reading behavior reflects the use of a structural cue, ask yourself, â€Å"Does the substitution sound right in the context of the sentence?† Visual (V) Visual cues show that a student is using his knowledge of the appearance of the letters or words to make sense of the text. He may substitute a word that looks visually similar to the word in the sentence. For example, he may read boat instead of bike or car instead of cat. The substituted words may start or end with the same letters or have other visual similarities, but the substitution does not make sense. To determine whether the reading behavior reflects the use of a visual cue, ask yourself, â€Å"Does the substituted word look like the misread word?† How to Use a Running Record in the Classroom Select a passage that is appropriate for the student’s  reading level. The passage should be at least 100-150 words  long. Then, prepare the running record form: a double-spaced copy of the text the student is reading, so that errors and cue strategies can be recorded quickly during the assessment. To conduct the running record, sit next to the student  and instruct her to read the passage aloud. Mark the running record form by checking off each word that the student reads correctly. Use notations to mark reading miscues such as substitutions, omissions, insertions, interventions, and self-corrections. Record which reading cue(s)—meaning, structural, or physical—the student uses for errors and self-corrections. After the student finishes reading the passage, calculate her accuracy and self-correction rate. First, subtract the number of errors from the total number of words in the passage. Divide that number by the total number of words in the passage and multiply by 100 to get the percentage of accuracy. For example, if a student reads 100 words with 7 errors, her accuracy score is 93%. (100-793; 93 / 100 0.93; 0.93 * 100 93.) Next, calculate the student’s self-correction rate by adding the total number of errors to the total number of self-corrections. Then, divide that total by the total number of self-corrections. Round to the nearest whole number and place the final result in a ratio of 1 to the number. For example, if a student makes 7 errors and 4 self-corrections, her self-correction rate is 1:3. The student self-corrected one time for every three misread words. (7411; 11/42.75; 2.75 rounds up to 3; ratio of self-corrections to errors is 1:3.) Use the first running record assessment to establish a  student’s baseline. Then, complete subsequent running records at regular intervals. Some teachers like to repeat the evaluation as often as every two weeks for beginning readers, while others prefer to administer them quarterly.

The Character of Hareton in Wuthering Heights by Emily...

The Character of Hareton in Wuthering Heights by Emily Bronte Wuthering Heights, written by Emile Bronte, is on of the most famous Victorian novels in English literature. This novel was the only novel written by her. The novel has the social and moral values in England in the nineteenth century as the recurring theme. The adjective ‘wuthering’ is used in some parts of rural England to describe stormy weather. Wuthering Heights is a farmhouse on top of a small hillock, which is open to all the elements of wind and weather and hence is synonymous with passion and violence. The other house nearby, Thrushcross Grange contrasts sharply with Wuthering Heights. The two groups of people residing here,†¦show more content†¦His pride is what holds him together and he does not allow himself to be pushed around by anyone except Heathcliff. Above all, Hareton is the only person, with the exception of Catherine, who loves Heathcliff, though it might be more due to a force of habit. Hareton is introduced into the novel in the second chapter where he is described as a gruff man. But his rough, yet friendly nature can be seen clearly from the fact that he is the only man in the household who holds enough goodwill to let Lockwood into the house and bide him to sit down. Also when Lockwood expresses his desire to go back to Thrushcross Grange despite the storm, Hareton offers to accompany him up to the park, though he was adequately rebuked. Hareton never knew the love of a mother and only had enough good fortune to have Nelly as a nurse for a very short time. The combination of this and fact that Hindley, after Frances’s death became a wild, drunken and lost man, made Hareton a quiet child. We next see Hareton as six-year-old boy with a mouth willing to let out a stream of curses. Heathcliff, after returning and lodging at Wuthering Heights has started to extend his influence over Hareton. He stops his education but makes him feel as though it was his own choice. 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Pest Analysis Essay Example For Students

Pest Analysis Essay MAMEE-DOUBLE DECKER (M) SDN BHD ANALYSIS OF THE MARKETING PROGRAMMES A) PEST ANALYSIS PEST analysis is a useful strategic tool for understanding market growth or decline, business position, potential and direction for operations. In analyzing the macro-environment, it is important to identify the factors that might in turn affect a number of vital variables that are likely to influence the organization’s supply and demand levels and its costs. The radical and ongoing changes occurring in society create an uncertain environment and have an impact on the function of the whole organization. A number of checklists have been developed as ways of cataloging the vast number of possible issues that might affect an industry. A PEST analysis is one of them that is merely a framework that categorizes environmental influences as political, economic, social and technological forces. The analysis examines the impact of each of these factors (and their interplay with each other) on the business. The results can then be used to take advantage of opportunities and to make contingency plans for threats when preparing business and strategic plans. We will write a custom essay on Pest Analysis specifically for you for only $16.38 $13.9/page Order now PEST also ensures that company’s performance is aligned positively with the powerful forces of change that are affecting business environment. PEST is useful when a company decides to enter its business operations into new markets and new countries. i) Political As the government tightens the regulations on fast food advertising, MDD awaits further instructions from Malaysia’s Information Ministry. If its leading product, instant noodles, is to be classified as a â€Å"fast food†, the brand may be faced with an advertising ban and forced to explore alternative promotional channels once the mass media options are closed to it. However, this move towards greater health consciousness and nutritional awareness has been a gradual trend. As one of Malaysias largest food producers, we constantly manage and improve our material emission and waste standards. Independent verifications have been performed to ascertain that our emission levels are in compliance with the Malaysian Environmental Quality Act (Clean Air as well as Sewage Industrial Effluents) regulations. ii) Economic The global economy in the year 2009 began stabilising in the second half after governments worldwide intervened with stimulus plans. Some economies picked up earlier, particularly those within the Asian region; proving themselves to be more resilient to the downturn than initially feared. Likewise in Malaysia, the economy showed signs of recovery toward the end of FY2009, with Gross Domestic Product (â€Å"GDP†) rising by 4. 6% in the fourth quarter compared to the same quarter of the previous year. FY2009 was another record year for the MDD Group a feat considering the challenging economic conditions. According to the 2009 Bank Negara Malaysia Annual Report, the food, beverages and tobacco industry helped sustain the domestic consumer demand, especially food products. The industry ended the year on a positive note as output picked up by year-end. iii) Social Corporate Social Responsibility (CSR) MDD are constantly striving to reach out to the community, and this goes beyond tailoring company’s products to consumer taste or ensuring offerings reach the farthest corners of the globe. MDD too engage in community building and the fostering of moral values. MDD also committed to protecting the environment for the benefit of the younger generations. MDD manage the usage of recyclable materials, energy, water, emissions, effluent and waste to the approval of independent bodies and conform to the Malaysian Environmental Quality Regulations. MDD reached out to the underprivileged communities that they felt deserved their immediate attention, especially those who require dialysis care and children in need. MDD are committed to being a socially responsible company that endeavours to give back to the communities that the company operates in. MDD constantly strive to be able to improve the lives of the less fortunate, while ncouraging all employees to take a hands on approach to company social responsibility initiatives. Caring, committed employees are the hallmark of a holistically successful organization and as a Malaysian entity, MDD are proud to be able to provide for the underprivileged in the society. Yayasan Mamee On Jan 1 2010, MDD have set up the Yayasan Mamee, and have pledged an initial RM2 million to need the foundation. Ya yasan Mamee is the main benefactor to Yayasan Toh Puan Zurina, which is a foundation that cares for the needs of underprivileged dialysis patients. .u35eac8234885b6a512aa256c9f3ec042 , .u35eac8234885b6a512aa256c9f3ec042 .postImageUrl , .u35eac8234885b6a512aa256c9f3ec042 .centered-text-area { min-height: 80px; position: relative; } .u35eac8234885b6a512aa256c9f3ec042 , .u35eac8234885b6a512aa256c9f3ec042:hover , .u35eac8234885b6a512aa256c9f3ec042:visited , .u35eac8234885b6a512aa256c9f3ec042:active { border:0!important; } .u35eac8234885b6a512aa256c9f3ec042 .clearfix:after { content: ""; display: table; clear: both; } .u35eac8234885b6a512aa256c9f3ec042 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u35eac8234885b6a512aa256c9f3ec042:active , .u35eac8234885b6a512aa256c9f3ec042:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u35eac8234885b6a512aa256c9f3ec042 .centered-text-area { width: 100%; position: relative ; } .u35eac8234885b6a512aa256c9f3ec042 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u35eac8234885b6a512aa256c9f3ec042 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u35eac8234885b6a512aa256c9f3ec042 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u35eac8234885b6a512aa256c9f3ec042:hover .ctaButton { background-color: #34495E!important; } .u35eac8234885b6a512aa256c9f3ec042 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u35eac8234885b6a512aa256c9f3ec042 .u35eac8234885b6a512aa256c9f3ec042-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u35eac8234885b6a512aa256c9f3ec042:after { content: ""; display: block; clear: both; } READ: Hamlet as a Comment on Humanity EssayIn 2009, MDD set up Yayasan with an initial contribution of RM800,000 which went towards the construction and upkeep of the centre, 10 dialysis machines as well as maintenance of trained medical staff. So far, MDD have extended free dialysis treatment and medicines to 5 End Stage Renal Disease (ESRD) patients, and hope to extend to reach more patients in need in 2010. Caring for Children In 2009, the staff and management of MDD organized a series of visits to orphanages during festive periods, including Hari Raya, Chinese New Year and Deepavali. Gifts of hampers or ‘ang pows are handed out to children, and staff are encouraged to spend time with the children to bring them a little festive joy. There are also plans in the pipeline to set up a Scholarship Fund to look into the educational needs of deserving students from primary and secondary schools all over Malaysia. . Reduce, Recycle, Reuse In 2009, MDD led the way into the green future by recycling emission gases from company production plants into viable sources of energy that were converted back into power for plants. This reduction of waste also translates into a more efficient way of conserving energy, and will form the basis for company commitment to environmental conservation and responsible manufacturing. iv) Technology The Group remains committed to RD endeavour to develop new wellness products that are nutritious to appeal to the target consumers. Its RD department is manned by 13 full-time staff and plays a crucial role in product improvement and new product development to achieve the company’s export objectives. MDD factories have received prestigious industry certifications such as ISO 9002, ISO 9001 and HACCP, while the company’s flagship brands such as Mister Potato Crisps and Nutrigen Liteyo have been honoured with local accolades. In 2004, its subsidiary, Pacific Food Products Sdn Bhd was awarded a Brand Promotion Grant of RM2 million by MATRADE to promote the Mamee brand in the export market. Being a fast growing organization with far-flung operational centre, multiple product lines and distribution channels, MDD have upgraded its IT implementation systems, in order to shorten decision making time and ensure better and more accurate decisions. MDD put its trust in SAP and credit the SAP ERP solution to a great extent with helping to quadruple revenues from 2002 till now. According to Pang, MDD achieved greater transparency of its internal processes in its day-to-day operations. This was crucial as the company became increasingly geographically diverse and its organizational size grew. This system improved the organization of MDDs database, particularly in the areas of cost analysis, customer service and reporting transparency. MDD also plan to further implement an ERP and MRP solution to even better link up with suppliers and distributors.

Automotive Aftermarket Analysis free essay sample

The automotive aftermarket is a large contributor to the U. S. economy employing nearly 4. 6 million people. New replacement automotive parts such as alternators, brakes, lights, bumpers, fenders, and so on, are parts referred to as â€Å"aftermarket† or â€Å"functionally equivalent† parts when made by a company other than the original car manufacturer (Ford, Chrysler, Chevrolet, and others). This industry sells automotive parts and other products used to maintain or repair light and heavy duty vehicles. Products are sold both to consumers who repair or accessorize their own vehicles, the â€Å"do it yourselfers† (DIY) and to professional service stations or installers like gas stations, auto repair shops and service departments which are the â€Å"do it for me† (DIFM) providers. Dominant Economic Features Nearly 45,000 companies with combined annual revenue of $135 billion define the wholesale and retail automotive parts industry. Top companies include Genuine Parts/NAPA, AutoZone, Advance Auto Parts, CSK Auto, and Pep Boys, all with annual sales over billion. We will write a custom essay sample on Automotive Aftermarket Analysis or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The top 25 wholesalers and top 40 retailers each have annual sales over $100 million. Many large firms operate both wholesale distribution centers and retail stores (Hoovers, 2008). During the 2003 -2007 periods, the US automotive aftermarket demonstrated fairly slow but steady rates of growth and is expected to continue over the forthcoming five years (DataMonitor, 2007). As stated by AAIA, â€Å"Overall aftermarket sales increased in 2004 to $257. 0 billion, an increase of 5. 4 percent from 2003. An increasing number of miles driven by an ever-growing vehicle population helped the aftermarket increase in 2004. Sales in the automotive aftermarket (cars and light trucks) totaled $190. billion and sales in the heavy duty vehicle aftermarket totaled $66. 5 billion† (AAIA, 2008). Estimated as a $257 billion market in the United States, the aftermarket helps keep vehicles on the road by providing consumers the choice to where they want their vehicles serviced, maintained or customized (AAIA, 2008). As indicated by AAIA, â€Å"The automotive aftermarket is the part of the automotive industry concerned with the manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, tools, equipment and accessories for light and heavy vehicles† (AAIA, 2008). Porter’s Five Forces Power of Buyers Aftermarket auto parts retailers are prevalent throughout the country. In most cases the power of buyers is directly proportional to the availability of options given the buyer. Buyers can choose products based on price, brand and retailer assuming the retailers are readily available. Retailers can empower buyers by choosing store locations in proximity to competitors. By being readily available to buyers, aftermarket auto parts retailers such as Advance Auto and AutoZone give buyers the power to choose their store. Conversely the buyer’s power is less when there are limited options available or if the market has not been tapped and choices are limited. Both AutoZone and Advance Auto spend a great amount of money in building their brands and developing customer loyalty. This is a direct result of the buyer’s power to choose between these retailers and others. While buyers may have power in choosing retailer or brand they have little power to drive down prices in the aftermarket auto parts industry. Advance Auto and AutoZone both market to a large number of relatively small buyers. Neither company has large buyers that are significant enough to their businesses to drive prices down. Although single buyers do not influence the market and affect prices, buyers are able to be price sensitive as there is little product differentiation between sellers. Without product differentiation these price sensitive buyers put pressure on Advance Auto and AutoZone to lower prices to remain competitive. The lowering of prices and increased competition in trying to â€Å"win† customers cuts directly into the profits of these retailers. Proprietary information has decreased the power of buyers as well as the power of sellers in the aftermarket automotive industry. As the automotive industry becomes more advanced with the use of computers and special tools the independent repair shops and consumer are losing the ability to make repairs and replace parts. The information needed to work with the computers and special tools is held by these specialty manufacturers. They continue to withhold any information in an effort to capitalize not only on the sale of an automobile but also the repair. This disadvantage which is created by the automobile manufacturers is being fought on Capitol Hill. The â€Å"Right to Repair† act has been gaining support in an effort to make this proprietary information public and give the consumer the opportunity to purchase these items in a competitive market. Power of Suppliers Large suppliers like Delphi, Johnson Controls and Visteon, and many thousands of smaller suppliers and manufacturers make parts for auto companies under new vehicle programs and also make replacement parts specifically for the aftermarket retailers and wholesalers. A wholesaler/retailer typically buys from 200 to 300 vendors. Production programs for new cars typically include 5 to 10 percent of production that goes to the aftermarket. Long-term supply contracts are rare, and in most cases, several suppliers are available for any particular product (Hoovers, 2008). Key inputs to the automotive aftermarket include various materials such as metals, plastics and equipment for the manufacturing process. Steel and aluminum prices have increased over the past few years and ongoing consolidation in the steel industry may lead to further price rises. Price increases are passed along from the steel industry to the aftermarket manufacturer, from the aftermarket manufacturer to the retail company and finally on to the end consumer. Raw material prices are also increasing and therefore will also negatively affect aftermarket manufacturers and retailers like Auto Zone and Advance Auto profits. Some suppliers are large companies such as steel manufacturers and they supply to a wide range of industries; thus brake manufacturers are not vital to their success in the market, strengthening supplier power. The quality of the product is crucial to the success of the brake aftermarket, particularly with brake components as they are integral to the safety of automotive vehicles (DataMonitor, 2007). According to DataMonitor Industry Research, â€Å"There is little risk of market players backward integrating as suppliers businesses are very different to their own and this would require high capital outlay. Although similarly it is unlikely that suppliers would attempt forward integration here†. Overall supplier power in this industry is strong (DataMonitor, 2007). Threat of New Entrants As more firms attempt to enter an industry, the profits of existing firms will ultimately decrease as well as lower their market share. Therefore, large retailer such as AutoZone and Advance Auto Parts must find innovative techniques to assure that they can keep new firms at a large disadvantage in competition. However, at present, the threat of new entrants in the automotive aftermarket industry is low to moderate. This was determined by examining criteria relevant to new entry threat as discussed below. New entrants need to operate scale economies to achieve success with the need for extensive distribution networks and efficiency in production to compete against large incumbents. Barriers to entry are therefore fairly high and this combined with slow market growth makes entry to the market problematic (DataMonitor, 2007). Economies of scale are a key factor to the success of new entrants in automotive aftermarket industry. In order for new entrants to earn significant profits they will have to sell large quantities of product, and therefore have to accumulate large amounts of assets to compete in the retail industry. Currently, AutoZone has over 4,000 retail locations and Advance Auto Parts has just over 3,000. From a cost perspective, new entrants will be disadvantaged because the dominate firms have a large level of production that brings costs down to the lowest possible level. These factors make it difficult for new firms to enter the market and compete with large, dominate firms such as AutoZone and Advance Auto Parts at the same price level. Industry growth is currently slow; therefore new entrants will only be able to gain significant volume by taking it from the industry giants. However, the exception to this is the entry into the online segment of the market. In contrast with the retail segment, in the online segment barriers to entry are low and new entrants can establish a web presence at relatively low costs. Thus, low start up costs and minimal barriers to entry make it easy for new competitors to join this portion of the market at any time. However, currently the online market represents a relatively insignificant portion of the industry. According to the AAIA, in 2006, the online and mail order portion of aftermarket auto parts is estimated at $2. billion, representing only one percent of the market. Having access to many channels of distribution and developing relationships with suppliers and distributors is another key to the success of new entrants in this industry. Access to channels of distributions and relationships is high because it is essential to maintain low costs from suppliers in order to increase profit and to maintain business the suppl iers that provide the lowest cost. AutoZone and Advance Auto Parts have built strong relationships with suppliers. New entrants will face difficulty in finding a supplier that sells its products at the lowest possible price to compete with these incumbents. Overall, the threat of new entrants in the automotive aftermarket industry is moderate. It is harder for new firms to enter the industry because of the barriers to entry posed by the larger competitors. As the top two dominate competitors in this industry, AutoZone and Advance Auto Parts have set relatively high barriers for new entrants. Threat of Substitutes Estimated as a $257 billion market in the U. S with few competitors, there is a great market for automotive aftermarket. The threat of substitutes is low because there is a progressive shift of powers between the high power and the low powers: the automobile industry and the aftermarket parts manufacturers. Still, there is an attractiveness for substitution and even counterfeiting aftermarket parts. Substitution in this market is possible due to the variety of market research available for purchase from independent research companies and many suppliers of product and market data. These research companies offer local, national, and global research with product and market segment as their main focus. The higher power in this industry is the automobile companies; each has its own unique parts for its products. Each automobile company specializes its vehicles and strives to distinguish its original equipment parts from the rest. Such inherent competitive elements in the automobile industry allow each automobile maker to have the power in pricing and limits distribution of its parts to the automotive after market. However, as the automotive aftermarket industry works to have Congress approve the â€Å"Right to Repair† legislation, the power balance will shift. As the Right to Repair press release states that this Right to Repair act will make the products less exclusive to the industry: â€Å"[the legislation] requires car companies to make the same service information and tools capabilities available to independent repair shops that they provide to their franchised dealer networks†. With this legislation, there is more opportunity for the automotive aftermarket industry and coherently, more opportunity for product substitutions to enter this market and compete with the existing ones. The lower power falls within the existing automotive aftermarket companies and their abilities to produce and sell their own parts under their own name as original spares. Currently, most automotive aftermarket companies carry more generic replacement parts that fit a variety of vehicles and have a variety of applications. Such general specifications can make it very simple for parts to be copied and duplicated and therefore enabling parts substitution in the form of counterfeiting. Although not a significant threat in Western markets, fake parts can often be very similar to true aftermarket parts and even original equipment parts. It has been demonstrated that the most reputable garages can unwittingly fit counterfeit parts. However, in general, the trade in counterfeit vehicle parts does not occupy a large share of the market due to aftermarket affiliations such as the Automotive Aftermarket Industry Association (AAIA). The AAIA serves as a central information center and provides aftermarket producers and retailers information and serves as a liaison for all companies within this market. According to the AAIA competitive interchange information is an important tool for curbing counterfeiting and increasing sales at the retail and wholesale point of service. Thus, nearly all part manufacturers in this market have the same information available to them. Another threat to replacement parts would be buying an entirely new vehicle. However for most end users, this is not a convenient or affordable alternative. Overall, the threat of substitutes for the automotive aftermarket is low because the shifts of high and low powers are changing. Existing Competitors As stated above in the industry overview, the aftermarket auto parts market consists of many companies and about 25 wholesalers and 40 retailers each have annual sales over $100 million. Many large firms operate both wholesale distribution centers and retail stores. The $257 Billion (2007) aftermarket auto parts sector has been dominated by brick and mortar retailers such as AutoZone (AZO), Advance Auto Parts (AAP), OReilly, Napa, Pep Boys, etc. The domestic demand for US auto parts is forecast to increase at an annual compounded rate of 5. 7 percent between 2007 and 2012. Auto Zone and Advance Auto Parts are the #1 and #2 retailers for the aftermarket auto parts. But many competitors like O’Reilly and Pep Boys are quickly closing the gap. Externally, the major competition for aftermarket auto parts is the original equipment manufacturer (OEM) parts. Equivalent comparisons in the mechanical parts business would be aftermarket items such as Sears ® Die-Hardâ„ ¢ batteries, Monroe ® shocks and Midas ® mufflers to name a few replacements to the original parts that are not manufactured by original equipment manufacturers (OEM). The car manufacturers fiercely advertise against buying aftermarket parts. In addition, since 1998, most states have passed laws that prohibit or limit the use of aftermarket auto parts in collision repair work and/or require enhanced disclosure or vehicle owner consent before using aftermarket auto parts in such repair work. Competitive Pricing For example, in 1992 an OEM fender for the Toyota Camry cost $253, before any comparable aftermarket part was available. By 1996, when an equivalent, quality aftermarket fender was available for only $100, the price of the OEM Camry fender had suddenly dropped to $143. 88. Auto owners today enjoy price reductions as much as 40% or more, depending on the part and complexity of repairs involved. In comparison, if a repair shop were to completely rebuild a car using only OEM parts, the cost would still be nearly three times the original retail price. For example, an average Ford or GM car selling for $14,000 on the showroom floor would cost more than $40,000 if purchased piece by piece using OEM parts. Aftermarket As mentioned previously, products are sold both to consumers who work on their own cars, the do-it-yourselfers (DIY); and to commercial installers (do-it-for-me, DIFM market). The DIY segment accounts for about 30 percent of the market, the DIFM segment 70 percent. The main domain AZO and AAP try to rival each other is customer service. The primary sector where there is opportunity for growth is the commercial (DIFM) market and each of them are trying to capture the customers by giving huge price incentives. But price is not the only thing, availability of parts and having parts specialists in the stores is also critical. The two retailers also have moderately high attrition rates as employees shift companies. The net sales for Auto Zone and Advance Auto were $6. 1 Billion and $4. 9 Billion respectively for year 2007. The net income for Auto Zone and Advance Auto was $595 million and $238 million respectively. Auto Zone has around 4200 stores whereas Advance Auto has just over 3000 stores which to some extent explain the difference in net sales and net incomes. This industry has high fixed costs, so having more stores with an efficient distribution network is a key strategy. The profitability of individual companies depends largely on inventory management and marketing. Computer technology is essential to auto parts wholesalers and retailers because they deal with large inventories of many items, bought from many suppliers, and with numerous small orders from customers, many that buy on account. Computerized catalogs that allow customers to find the correct parts based on auto year and make are common, and some companies, like AutoZone. com and PartsAmerica. com, allow customers to buy parts over the Internet using electronic catalogs. Having a friendly and competent internet portal is very important and Advance Auto lacks behind Auto Zone in this sector. Currently just 3% of the U. S. aftermarket auto parts market activity is done online. That number is expected to grow to 13% by 2010. Car makers are rapidly encroaching into the aftermarket space and the most effective tool for protecting their businesses is the Internet. With a drop in new vehicle demand, original equipment manufacturers (OEMs) have their sights set on the aftermarket for profits. They threaten to snatch both consumers and technicians away from the industry. The market will still be where they have stores but the internet provides a more efficient ordering system and a better way to share data with suppliers, while intranets drive internal efficiencies. Also they need to make sure that when people use the internet to find a part, its going to be there when they drive to our stores. While both the OEM and aftermarket parts industries continue to develop and smooth out their negativities to gain the favor of the consumers, the competition can only benefit both the purchasers and the industry. Automotive Aftermarket Analysis free essay sample The automotive aftermarket is a large contributor to the U. S. economy employing nearly 4. 6 million people. New replacement automotive parts such as alternators, brakes, lights, bumpers, fenders, and so on, are parts referred to as â€Å"aftermarket† or â€Å"functionally equivalent† parts when made by a company other than the original car manufacturer (Ford, Chrysler, Chevrolet, and others). This industry sells automotive parts and other products used to maintain or repair light and heavy duty vehicles. Products are sold both to consumers who repair or accessorize their own vehicles, the â€Å"do it yourselfers† (DIY) and to professional service stations or installers like gas stations, auto repair shops and service departments which are the â€Å"do it for me† (DIFM) providers. Dominant Economic Features Nearly 45,000 companies with combined annual revenue of $135 billion define the wholesale and retail automotive parts industry. Top companies include Genuine Parts/NAPA, AutoZone, Advance Auto Parts, CSK Auto, and Pep Boys, all with annual sales over billion. We will write a custom essay sample on Automotive Aftermarket Analysis or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The top 25 wholesalers and top 40 retailers each have annual sales over $100 million. Many large firms operate both wholesale distribution centers and retail stores (Hoovers, 2008). During the 2003 -2007 periods, the US automotive aftermarket demonstrated fairly slow but steady rates of growth and is expected to continue over the forthcoming five years (DataMonitor, 2007). As stated by AAIA, â€Å"Overall aftermarket sales increased in 2004 to $257. 0 billion, an increase of 5. 4 percent from 2003. An increasing number of miles driven by an ever-growing vehicle population helped the aftermarket increase in 2004. Sales in the automotive aftermarket (cars and light trucks) totaled $190. billion and sales in the heavy duty vehicle aftermarket totaled $66. 5 billion† (AAIA, 2008). Estimated as a $257 billion market in the United States, the aftermarket helps keep vehicles on the road by providing consumers the choice to where they want their vehicles serviced, maintained or customized (AAIA, 2008). As indicated by AAIA, â€Å"The automotive aftermarket is the part of the automotive industry concerned with the manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, tools, equipment and accessories for light and heavy vehicles† (AAIA, 2008). Porter’s Five Forces Power of Buyers Aftermarket auto parts retailers are prevalent throughout the country. In most cases the power of buyers is directly proportional to the availability of options given the buyer. Buyers can choose products based on price, brand and retailer assuming the retailers are readily available. Retailers can empower buyers by choosing store locations in proximity to competitors. By being readily available to buyers, aftermarket auto parts retailers such as Advance Auto and AutoZone give buyers the power to choose their store. Conversely the buyer’s power is less when there are limited options available or if the market has not been tapped and choices are limited. Both AutoZone and Advance Auto spend a great amount of money in building their brands and developing customer loyalty. This is a direct result of the buyer’s power to choose between these retailers and others. While buyers may have power in choosing retailer or brand they have little power to drive down prices in the aftermarket auto parts industry. Advance Auto and AutoZone both market to a large number of relatively small buyers. Neither company has large buyers that are significant enough to their businesses to drive prices down. Although single buyers do not influence the market and affect prices, buyers are able to be price sensitive as there is little product differentiation between sellers. Without product differentiation these price sensitive buyers put pressure on Advance Auto and AutoZone to lower prices to remain competitive. The lowering of prices and increased competition in trying to â€Å"win† customers cuts directly into the profits of these retailers. Proprietary information has decreased the power of buyers as well as the power of sellers in the aftermarket automotive industry. As the automotive industry becomes more advanced with the use of computers and special tools the independent repair shops and consumer are losing the ability to make repairs and replace parts. The information needed to work with the computers and special tools is held by these specialty manufacturers. They continue to withhold any information in an effort to capitalize not only on the sale of an automobile but also the repair. This disadvantage which is created by the automobile manufacturers is being fought on Capitol Hill. The â€Å"Right to Repair† act has been gaining support in an effort to make this proprietary information public and give the consumer the opportunity to purchase these items in a competitive market. Power of Suppliers Large suppliers like Delphi, Johnson Controls and Visteon, and many thousands of smaller suppliers and manufacturers make parts for auto companies under new vehicle programs and also make replacement parts specifically for the aftermarket retailers and wholesalers. A wholesaler/retailer typically buys from 200 to 300 vendors. Production programs for new cars typically include 5 to 10 percent of production that goes to the aftermarket. Long-term supply contracts are rare, and in most cases, several suppliers are available for any particular product (Hoovers, 2008). Key inputs to the automotive aftermarket include various materials such as metals, plastics and equipment for the manufacturing process. Steel and aluminum prices have increased over the past few years and ongoing consolidation in the steel industry may lead to further price rises. Price increases are passed along from the steel industry to the aftermarket manufacturer, from the aftermarket manufacturer to the retail company and finally on to the end consumer. Raw material prices are also increasing and therefore will also negatively affect aftermarket manufacturers and retailers like Auto Zone and Advance Auto profits. Some suppliers are large companies such as steel manufacturers and they supply to a wide range of industries; thus brake manufacturers are not vital to their success in the market, strengthening supplier power. The quality of the product is crucial to the success of the brake aftermarket, particularly with brake components as they are integral to the safety of automotive vehicles (DataMonitor, 2007). According to DataMonitor Industry Research, â€Å"There is little risk of market players backward integrating as suppliers businesses are very different to their own and this would require high capital outlay. Although similarly it is unlikely that suppliers would attempt forward integration here†. Overall supplier power in this industry is strong (DataMonitor, 2007). Threat of New Entrants As more firms attempt to enter an industry, the profits of existing firms will ultimately decrease as well as lower their market share. Therefore, large retailer such as AutoZone and Advance Auto Parts must find innovative techniques to assure that they can keep new firms at a large disadvantage in competition. However, at present, the threat of new entrants in the automotive aftermarket industry is low to moderate. This was determined by examining criteria relevant to new entry threat as discussed below. New entrants need to operate scale economies to achieve success with the need for extensive distribution networks and efficiency in production to compete against large incumbents. Barriers to entry are therefore fairly high and this combined with slow market growth makes entry to the market problematic (DataMonitor, 2007). Economies of scale are a key factor to the success of new entrants in automotive aftermarket industry. In order for new entrants to earn significant profits they will have to sell large quantities of product, and therefore have to accumulate large amounts of assets to compete in the retail industry. Currently, AutoZone has over 4,000 retail locations and Advance Auto Parts has just over 3,000. From a cost perspective, new entrants will be disadvantaged because the dominate firms have a large level of production that brings costs down to the lowest possible level. These factors make it difficult for new firms to enter the market and compete with large, dominate firms such as AutoZone and Advance Auto Parts at the same price level. Industry growth is currently slow; therefore new entrants will only be able to gain significant volume by taking it from the industry giants. However, the exception to this is the entry into the online segment of the market. In contrast with the retail segment, in the online segment barriers to entry are low and new entrants can establish a web presence at relatively low costs. Thus, low start up costs and minimal barriers to entry make it easy for new competitors to join this portion of the market at any time. However, currently the online market represents a relatively insignificant portion of the industry. According to the AAIA, in 2006, the online and mail order portion of aftermarket auto parts is estimated at $2. billion, representing only one percent of the market. Having access to many channels of distribution and developing relationships with suppliers and distributors is another key to the success of new entrants in this industry. Access to channels of distributions and relationships is high because it is essential to maintain low costs from suppliers in order to increase profit and to maintain business the suppl iers that provide the lowest cost. AutoZone and Advance Auto Parts have built strong relationships with suppliers. New entrants will face difficulty in finding a supplier that sells its products at the lowest possible price to compete with these incumbents. Overall, the threat of new entrants in the automotive aftermarket industry is moderate. It is harder for new firms to enter the industry because of the barriers to entry posed by the larger competitors. As the top two dominate competitors in this industry, AutoZone and Advance Auto Parts have set relatively high barriers for new entrants. Threat of Substitutes Estimated as a $257 billion market in the U. S with few competitors, there is a great market for automotive aftermarket. The threat of substitutes is low because there is a progressive shift of powers between the high power and the low powers: the automobile industry and the aftermarket parts manufacturers. Still, there is an attractiveness for substitution and even counterfeiting aftermarket parts. Substitution in this market is possible due to the variety of market research available for purchase from independent research companies and many suppliers of product and market data. These research companies offer local, national, and global research with product and market segment as their main focus. The higher power in this industry is the automobile companies; each has its own unique parts for its products. Each automobile company specializes its vehicles and strives to distinguish its original equipment parts from the rest. Such inherent competitive elements in the automobile industry allow each automobile maker to have the power in pricing and limits distribution of its parts to the automotive after market. However, as the automotive aftermarket industry works to have Congress approve the â€Å"Right to Repair† legislation, the power balance will shift. As the Right to Repair press release states that this Right to Repair act will make the products less exclusive to the industry: â€Å"[the legislation] requires car companies to make the same service information and tools capabilities available to independent repair shops that they provide to their franchised dealer networks†. With this legislation, there is more opportunity for the automotive aftermarket industry and coherently, more opportunity for product substitutions to enter this market and compete with the existing ones. The lower power falls within the existing automotive aftermarket companies and their abilities to produce and sell their own parts under their own name as original spares. Currently, most automotive aftermarket companies carry more generic replacement parts that fit a variety of vehicles and have a variety of applications. Such general specifications can make it very simple for parts to be copied and duplicated and therefore enabling parts substitution in the form of counterfeiting. Although not a significant threat in Western markets, fake parts can often be very similar to true aftermarket parts and even original equipment parts. It has been demonstrated that the most reputable garages can unwittingly fit counterfeit parts. However, in general, the trade in counterfeit vehicle parts does not occupy a large share of the market due to aftermarket affiliations such as the Automotive Aftermarket Industry Association (AAIA). The AAIA serves as a central information center and provides aftermarket producers and retailers information and serves as a liaison for all companies within this market. According to the AAIA competitive interchange information is an important tool for curbing counterfeiting and increasing sales at the retail and wholesale point of service. Thus, nearly all part manufacturers in this market have the same information available to them. Another threat to replacement parts would be buying an entirely new vehicle. However for most end users, this is not a convenient or affordable alternative. Overall, the threat of substitutes for the automotive aftermarket is low because the shifts of high and low powers are changing. Existing Competitors As stated above in the industry overview, the aftermarket auto parts market consists of many companies and about 25 wholesalers and 40 retailers each have annual sales over $100 million. Many large firms operate both wholesale distribution centers and retail stores. The $257 Billion (2007) aftermarket auto parts sector has been dominated by brick and mortar retailers such as AutoZone (AZO), Advance Auto Parts (AAP), OReilly, Napa, Pep Boys, etc. The domestic demand for US auto parts is forecast to increase at an annual compounded rate of 5. 7 percent between 2007 and 2012. Auto Zone and Advance Auto Parts are the #1 and #2 retailers for the aftermarket auto parts. But many competitors like O’Reilly and Pep Boys are quickly closing the gap. Externally, the major competition for aftermarket auto parts is the original equipment manufacturer (OEM) parts. Equivalent comparisons in the mechanical parts business would be aftermarket items such as Sears ® Die-Hardâ„ ¢ batteries, Monroe ® shocks and Midas ® mufflers to name a few replacements to the original parts that are not manufactured by original equipment manufacturers (OEM). The car manufacturers fiercely advertise against buying aftermarket parts. In addition, since 1998, most states have passed laws that prohibit or limit the use of aftermarket auto parts in collision repair work and/or require enhanced disclosure or vehicle owner consent before using aftermarket auto parts in such repair work. Competitive Pricing For example, in 1992 an OEM fender for the Toyota Camry cost $253, before any comparable aftermarket part was available. By 1996, when an equivalent, quality aftermarket fender was available for only $100, the price of the OEM Camry fender had suddenly dropped to $143. 88. Auto owners today enjoy price reductions as much as 40% or more, depending on the part and complexity of repairs involved. In comparison, if a repair shop were to completely rebuild a car using only OEM parts, the cost would still be nearly three times the original retail price. For example, an average Ford or GM car selling for $14,000 on the showroom floor would cost more than $40,000 if purchased piece by piece using OEM parts. Aftermarket As mentioned previously, products are sold both to consumers who work on their own cars, the do-it-yourselfers (DIY); and to commercial installers (do-it-for-me, DIFM market). The DIY segment accounts for about 30 percent of the market, the DIFM segment 70 percent. The main domain AZO and AAP try to rival each other is customer service. The primary sector where there is opportunity for growth is the commercial (DIFM) market and each of them are trying to capture the customers by giving huge price incentives. But price is not the only thing, availability of parts and having parts specialists in the stores is also critical. The two retailers also have moderately high attrition rates as employees shift companies. The net sales for Auto Zone and Advance Auto were $6. 1 Billion and $4. 9 Billion respectively for year 2007. The net income for Auto Zone and Advance Auto was $595 million and $238 million respectively. Auto Zone has around 4200 stores whereas Advance Auto has just over 3000 stores which to some extent explain the difference in net sales and net incomes. This industry has high fixed costs, so having more stores with an efficient distribution network is a key strategy. The profitability of individual companies depends largely on inventory management and marketing. Computer technology is essential to auto parts wholesalers and retailers because they deal with large inventories of many items, bought from many suppliers, and with numerous small orders from customers, many that buy on account. Computerized catalogs that allow customers to find the correct parts based on auto year and make are common, and some companies, like AutoZone. com and PartsAmerica. com, allow customers to buy parts over the Internet using electronic catalogs. Having a friendly and competent internet portal is very important and Advance Auto lacks behind Auto Zone in this sector. Currently just 3% of the U. S. aftermarket auto parts market activity is done online. That number is expected to grow to 13% by 2010. Car makers are rapidly encroaching into the aftermarket space and the most effective tool for protecting their businesses is the Internet. With a drop in new vehicle demand, original equipment manufacturers (OEMs) have their sights set on the aftermarket for profits. They threaten to snatch both consumers and technicians away from the industry. The market will still be where they have stores but the internet provides a more efficient ordering system and a better way to share data with suppliers, while intranets drive internal efficiencies. Also they need to make sure that when people use the internet to find a part, its going to be there when they drive to our stores. While both the OEM and aftermarket parts industries continue to develop and smooth out their negativities to gain the favor of the consumers, the competition can only benefit both the purchasers and the industry.

Free Essays on Judy Chicago

Chicago is one of the world’s most notable feminist artists. In 1970 Judy Chicago and CalArts professor Miriam Schapiro founded the Feminist Art Program. The first project completed by Chicago and program volunteers was a work entitled Womanhouse. Chicago and her team remodeled an abondoned house and turned it into a series of environments that represented women’s traditional household roles. Chicago has chosen to present these rooms as works of installation art, using art forms typically regarded as crafts. The Womb Room is a perfect example, the walls of the room are crochet, a technique usually view as women’s art. Womanhouse is quite typical of Chicago’s work. Throught it she is examining women’s roles throughout history, and presenting it with art form pioneered by women. Soon after the completion of Womanhouse Chicago began work her most notable installation, The Dinner Party. With team of over 400 volunteers Chicago created a huge triangular dinner table, 48 feet on each side, complete with place settings, to honor women’s achievements throughout history. Again Chicago has used a typical domestic scene to present women’s history. The table has 39 place settings, each representing a goddess, historic figure, or otherwise important woman. Though many of the names are unknown to most people, Chicago believed these women should be as well known as their male counterparts. In addition to the 39 women represented with place settings, the â€Å"herratige floor† in the center of the work is covered with hundreds of names of other important female figures. Again in this work Chicago has presented traditional women’s crafts as fine art pieces. Each unique place setting in completed with embroidered table runner, and hand painted china. The china paintings, all designed by Chicago herself, feature symbolic representations of the vulva and butterflies. As you move around the table the china paintings rise... Free Essays on Judy Chicago Free Essays on Judy Chicago Chicago is one of the world’s most notable feminist artists. In 1970 Judy Chicago and CalArts professor Miriam Schapiro founded the Feminist Art Program. The first project completed by Chicago and program volunteers was a work entitled Womanhouse. Chicago and her team remodeled an abondoned house and turned it into a series of environments that represented women’s traditional household roles. Chicago has chosen to present these rooms as works of installation art, using art forms typically regarded as crafts. The Womb Room is a perfect example, the walls of the room are crochet, a technique usually view as women’s art. Womanhouse is quite typical of Chicago’s work. Throught it she is examining women’s roles throughout history, and presenting it with art form pioneered by women. Soon after the completion of Womanhouse Chicago began work her most notable installation, The Dinner Party. With team of over 400 volunteers Chicago created a huge triangular dinner table, 48 feet on each side, complete with place settings, to honor women’s achievements throughout history. Again Chicago has used a typical domestic scene to present women’s history. The table has 39 place settings, each representing a goddess, historic figure, or otherwise important woman. Though many of the names are unknown to most people, Chicago believed these women should be as well known as their male counterparts. In addition to the 39 women represented with place settings, the â€Å"herratige floor† in the center of the work is covered with hundreds of names of other important female figures. Again in this work Chicago has presented traditional women’s crafts as fine art pieces. Each unique place setting in completed with embroidered table runner, and hand painted china. The china paintings, all designed by Chicago herself, feature symbolic representations of the vulva and butterflies. As you move around the table the china paintings rise...

Dispositions Paper Essay Example | Topics and Well Written Essays - 1000 words

Dispositions Paper - Essay Example Dispositions essential for an early childhood educator An early childhood educator should delight in the development of children and have a curiosity about the same. This will allow them to have a strong liking for children and be able to approach and interact with them in and out of class every time and not only when direction or correction is needed (Kidd et al 316). According to Danielson et al (235), playing forms an essential part in the life of a child and their proper development. Therefore, an early childhood educator should value children’s play. This disposition will motivate them to arrange the environment, provide opportunity and materials for play, and be part of it either by watch closely or active participation. They will not find themselves interrupting play and replacing it with teacher-directed activities. The world is dynamic and some of these changes bring challenges in the way we handle and deal with situations we are used to. The early childhood education al centers are not exempted from these challenges and changes for example changes in children’s behavior due changing social-economic and technological situations in the society. An early childhood educator should therefore expect and welcome continuous challenges and change. ... gence of new circumstances and challenges in the society including children, an early childhood educator should have the will and be ready to take risks and make mistakes. This will allow them to move and perform in new upcoming areas within the early childhood education. It will also enable them to handle situations or issues in the early childhood education set up they have never handled before. Whenever mistakes arise, they take them as important learning opportunities instead of sources of self-condemnation and discouragement. Lack of this disposition leads to rigidity and less interest in professional development (Danielson et al 235). Collaboration is necessary for the attainment of results that individual people cannot achieve to the best or those that can be achieved better if approached or done as a group. This requires that an early childhood educator should seek collaboration and peer support. Peer support is very important especially in tackling challenges that relate dir ectly to the education of young children. An educator with such a disposition will use all opportunities to brainstorm and problem-solve with colleagues while requesting or offering help where needed (Thornton 25). Early childhood educators have a significant role in the life of young children to shape, care and protect them due to the much time children spend in school during the day. This requires that early childhood educators should actively advocate for children and teaching practices that are appropriate for them. This disposition will drive them to learn all rights and needs of children in order to ensure that they are provided for. These will include the educational needs required by children for them attain to their best education wise for example the best instructional methods and