Monday, December 9, 2019

Ancient Greek Civilisation Essay Example For Students

Ancient Greek Civilisation Essay The earliest Greek civilization thrived around 4,000 years ago. Some of the things thatthey had that we still use today are the arts, science, math, literature, and politics. TheGreeks were known for their great intelligence, military strategies, and their buildings. All Greeks spoke the same language. This made it easier to trade and tocommunicate between different parts of the country. All Greeks believed in the same godsand also shared some common heritage. The Greeks believed that there was a god foreverything on earth. A few examples of these gods are Zeus, ruler of the gods. Posidonwas the god of the ocean and Hades, god of the under world. The Greek government was not a monarchy with a king and queen. Instead theGreek government was a city-state. A city-state is when each city has its own separatepolitical unit. The men were a very important part of the Greek civilization because they werethe ones that ran the government. The men were also the ones who would plant and workthe fields or would oversee them. They would also spend time sailing, hunting, ormanufacturing things for trade. For fun, the men would attend drinking parties, wouldwrestle, and enjoyed horse back riding. When the men held drinking parties for his friendsthe wives and daughters were not aloud to attend. The women in the Greek civilization were very limited to what they were allowedto do. They were permitted to attend weddings, funerals, and visit female neighbors forbrief periods. The main responsibility for the women were to bear children and to watchover the house and make sure it was cleaned by one of the slaves because women wererarely ever responsible for cleaning the house. Women slaves were the cooks, cleaners,and sometimes even worked in the fields. The male slaves would act as a guard andwould stand at the door and protect the women when the man was away. Only otherwomen were allowed to enter when the man was away. Women were not allowed toparticipate in the Olympic games except for the chariot racing, which they were onlyallowed to participate in if they owned a horse. There were several different ways in which a person could be made a slave. If youwere captured in battle then you could be sold as a slave. If a child was abandoned andthen was found he could be kept by the person as his slave or could be sold. Sometimes apoor family might sell their baby as a slave to earn some money and in hopes that the babymight have a better life as a slave than with them. The worse thing that could happen tosomeone that was then put into slavery was when the baby or child was kidnapped andsold for money. Many houses in Greece in the 5th and 6th century were made up of clay, stone,and wood. They usually had two to three rooms and were built around an open aircourtyard. If you were richer you might have had a kitchen, mens drinking area, andmaybe even a room for bathing. The Greeks used an irrigation system to get water to their crops which consistedof olives, grapes, and figs. They would also keep goat to get milk and cheese. ManyGreeks made their own wine which was a very popular thing in Greece. Meat was veryexpensive and was rarely eaten but was often used for religious sacrifices. The types of clothing that the Greeks wore were wool in he winter and linen in thesummer. Since Clothing was very expensive to buy most families made their own clothesand just bleached them white or a bright color. All cloths if made at home were made bythe mother, daughter, or female slave. .u7d7ad9ecb1d2914e39ed8c624fa4cc2e , .u7d7ad9ecb1d2914e39ed8c624fa4cc2e .postImageUrl , .u7d7ad9ecb1d2914e39ed8c624fa4cc2e .centered-text-area { min-height: 80px; position: relative; } .u7d7ad9ecb1d2914e39ed8c624fa4cc2e , .u7d7ad9ecb1d2914e39ed8c624fa4cc2e:hover , .u7d7ad9ecb1d2914e39ed8c624fa4cc2e:visited , .u7d7ad9ecb1d2914e39ed8c624fa4cc2e:active { border:0!important; } .u7d7ad9ecb1d2914e39ed8c624fa4cc2e .clearfix:after { content: ""; display: table; clear: both; } .u7d7ad9ecb1d2914e39ed8c624fa4cc2e { 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; } .u7d7ad9ecb1d2914e39ed8c624fa4cc2e:active , .u7d7ad9ecb1d2914e39ed8c624fa4cc2e:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u7d7ad9ecb1d2914e39ed8c624fa4cc2e .centered-text-area { width: 100%; position: relative ; } .u7d7ad9ecb1d2914e39ed8c624fa4cc2e .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u7d7ad9ecb1d2914e39ed8c624fa4cc2e .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u7d7ad9ecb1d2914e39ed8c624fa4cc2e .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(; position: absolute; right: 0; top: 0; } .u7d7ad9ecb1d2914e39ed8c624fa4cc2e:hover .ctaButton { background-color: #34495E!important; } .u7d7ad9ecb1d2914e39ed8c624fa4cc2e .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u7d7ad9ecb1d2914e39ed8c624fa4cc2e .u7d7ad9ecb1d2914e39ed8c624fa4cc2e-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u7d7ad9ecb1d2914e39ed8c624fa4cc2e:after { content: ""; display: block; clear: both; } READ: Perceptions of Administrative and Academic Support EssayWe use many of the things that the Greeks have discovered today in our modernsociety. We should be thankful that we have used merchants to create cultural diffusion. If we hadnt done this than we wouldnt have many of the things that we consideredimportant or even vital to our society. History Essays

Monday, December 2, 2019

Mumia Abu Jamal Essays (1785 words) - Mumia Abu-Jamal,

Mumia Abu Jamal The following paper will discuss the topic of racial injustice in the United States Legal System. Since this topic is so broad, it will deal with the trial of Mumia Abu Jamal in 1982. This paper will show how the "system" will try anything to keep a minority down. The system consists of upper middle class to upper class whites that believe minorities are inferior to them. The system is used is a "political machine" used by whites to keep these minorities from becoming powerful. If minorities can speak their minds, have power, or bond together, they can be a threat to the status quo. This "system" still thrives in our world. A stunning article, Race and the Death Penalty reminds us that a low percentage of Whites were being executed for the death of a Black person. Meanwhile, almost triple the number of Blacks that were being put to death for the killings of a White people. Where is the justice in this so-called democracy? Imagine driving up to an intersection and seeing your own flesh and blood being beaten... What do you do? Any normal person would try and help out. What if the one who is assaulting him/her is a police officer? Should it make a difference? A police officer is trained to "serve and protect". When he isn't protecting you or your relatives, whom is he protecting? Mumia encountered this same scenario. He raced to the aide of his brother. And in the midst of battle, shots rang out. Mumia was shot, and later recovered. The police officer was killed. Witnesses reported two men fleeing the scene. However, when police arrived and realized that they had a black critic of the police department, who was also a member of the Black Panthers, they immediately beat him, and charged him with murder. In an interview with The Revolutionary Worker, Mumia referring to the question, "How did they (the police) treat you?" stated "I would not say they 'treat' me, I would say that they 'beat' me. They beat me in the street. They beat me in the paddy wagon."(Interview) Mumia was a broadcast journalist whose purpose was to give angered civilians an open forum for discussion. Mumia, like any person who speaks his/her mind, has their share of opposition. The only problem was Mumia's opposition held some of the highest positions in politics. Having enemies in those positions isn't a good thing. During the time prior to the trial, Mayor Frank Rizzo had made attacks on several radical organizations. Stings and raids had filled the streets. Mumia let the radicals present their sides on the radio; this caused them to gain support. This counteracted what the mayor had planned. Once again, this angered the politicians who run the "system". (Weinglass, L.I., Jones, D.) Being a member of the Black Panther Party wasn't much help either. They were upset that a Black man had such power and influence over his audience. They "system" once again stepped in and tried to destroy the reputation of the Black Panthers. They stated that the Panthers weren't a credible organization claiming they were radical and terrorist in order to dissuade persons from joining them, or sympathizing with them. In a Standard English dictionary, radical means "Departing markedly from the usual; extreme." That is what they thought of these groups, and in fact they were right. These groups believed in what they thought was right, and were willing to pursue it to the very end. The word radical is often paired off with the word terrorist. The word terrorist means "The political use of violence and intimidation". You may ask where is the connection between the two? Well, the government thinks that because these groups are radical and sometimes are forced into violent situations, they use this violence as a motivation builder. (American Heritage Dictionary) You also may ask where do they get these ideas of radicalism and terrorism. Do you think giving food to the hungry is radical? How about the creation of several social skills programs across the US? They aren't but you can imagine what the government claims the driving force behind these groups. Drugs, money, racism, that is what the government claims is going on. Do you see that? In the trial, Mumia, an educated black man, was not allowed to represent himself. Instead a court-appointed attorney, who obviously didn't want any part of the deliberations, represented him. Mumia was barred from the court because his questioning of jurors for the case was so-called "intimidating". Also,

Tuesday, November 26, 2019

Use of Science in Frankenstein and Present Day Society essays

Use of Science in Frankenstein and Present Day Society essays In our world today, science plays a vital role in many different aspects. Science is important in roles such as aiding the sick, and finding cures. Although many people believe science can only do well for society, there are many ways science can be responsible for negative outcomes. In the motion picture, Frankenstein, director James Whale shows how some aspects of science, one being the creation of life, can have harmful results. In our world, such examples as cloning and nuclear energy also raise questions about harmful results. In the field of science, many creations or ideas have bad outcomes in their finished products. In Frankenstein, Dr. Henry Frankenstein uses science to attempt to successfully create a perfect human being. By mistake, his assistant takes a criminal brain instead of a normal brain. Unaware of the mistake, Henry continues with his creation. When he is first brought to life, he seems to be harmless, seems to listen well, and seems like he is a perfect creation. Shortly after, however, he begins to notice many things wrong with him. After he finds out though that his creation turned out defective, things began to turn horrific. He was uneducated, disobedient, and destructive. A scene that exemplifies this is when the monster is playing by the lake with the little girl. The girl shows the monster how the flowers float. After she demonstrates, the monster makes a flower float, and becomes fascinated. From observing the flower, the monster then attempts to throw the little girl into the lake, believing she will float as well, however, she cannot swim, and ends up drowning. Since he was not educated, he was not aware that all objects do not float. The monster, ironically, also almost killed his creator, Dr. Frankenstein, which is also a fear of science in out society today. In todays world, science plays such a vital role. Science aids and advances the field of health tremendously, by fi...

Saturday, November 23, 2019

Vet, Vetted, Vetting

Vet, Vetted, Vetting Vet, Vetted, Vetting Vet, Vetted, Vetting By Maeve Maddox The verb vet, â€Å"investigate someone’s suitability for a job,† took the American media by storm during the presidential campaign of 2008. Vet was Number Two on Merriam-Webster’s Word of the Year list that year. (Bailout was Number One.) Although the word has been in American dictionaries for close to 100 years, few US speakers seem to have heard of it before 2008. Some forum participants continue to puzzle over it: The past presidential election is the first time I heard the term â€Å"vet† or â€Å"vetting  a candidate.† What does it mean? (2012) Honestly, I had never heard the word before until today. (2013) Here are some examples of the word’s current use on the Web: Hollywoods medical storylines vetted by those who know 10 Steps for Vetting Unknown Internet Sources The Garda Central Vetting Unit (GCVU) provides the only official vetting service in the Republic of Ireland. While it is general practice for most employers to call references and confirm previous employers, vetting an employee delves a little deeper into the applicants background. Some speakers–apparently lacking access to a dictionary–speculate that the verb vet may derive from veteran or veto: Coming from the word veteran maybe? From Latin veto (to prohibit), referring to the practice of having an opportunity to veto a decision before it is finalized. Wrong. The verb â€Å"to vet† is derived from the noun veterinarian. It originated as a term meaning, â€Å"to submit an animal to examination or treatment by a veterinary surgeon.† The earliest citation in the OED illustrates the word in the context of horse racing: 1891: Beau is shaky in his fore legs. I shall have him vetted before the races. By 1904, the term had spread to general usage with this meaning: to examine carefully and critically for deficiencies or errors; specifically, to investigate the suitability of (a person) for a post that requires loyalty and trustworthiness. As for veteran and veto, the English word veteran comes from a Latin word for old. â€Å"Old soldiers,† for example, were called veterani. Veto translates as â€Å"I forbid,† a declaration spoken by Roman tribunes of the people when they wished to oppose measures of the Senate or actions of the magistrates. The Latin source word for veterinary and veterinarian is veterinus: â€Å"a beast of burden.† Veterinus may have been a contracted form of vehiterinus, a word related to the verb vehere, to carry or convey. A beast of burden carries things. Veterinarians care for beasts of burden. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:100 Idioms About NumbersOn Behalf Of vs. In Behalf OfWhile vs. Whilst

Thursday, November 21, 2019

Education and Training Policy Essay Example | Topics and Well Written Essays - 2750 words

Education and Training Policy - Essay Example In the beginning of 2000, an emphasis is given for the changes in national implementation practices regarding executive and administrative structures of education, training and development systems. However, the administrations face the task of formulating policy for education and training and it needs transmission through a wide range of subsidiary competences to the institution levels. The differences in policy decisions with varying degrees of urgency and authority are subject to differing degrees of interpretation at various stages of implementation. The afore-mentioned aspect is due to complexity in the policy decisions and their implementation. However, the complexity is great when the policy is supranational policy (Phillips, David (Editor), 2003). 1 According to Adey and Philip (1994), there is a notion that the educational standards are not up to the mark in secondary school level and the afore-mentioned standards are regarding the acceptance of certificates of public examinations at secondary school level. ... The question of standards arises if there is wide acceptance for the notion of not considering the certificates of public examinations as the only criteria for standards in secondary education. The next question is about the complacency of teaching staff and ill designed material affecting the standards, as they may not stop students in getting certificates of public examinations in UK. If the later reason is true, the concern is about the methods that enhance the standards of education and the reliability and relevance of them to secondary education. The first step is to set up higher standards that can lead to higher achievement through fear of loss of job. However, the afore-mentioned aspect may lead to malpractices in education, as the impositions are not enough to enhance or bring out the ability of teaching staff. However, one should keep in view that the popularisation of educational policy may often result in crude instruments of intervention. When the interventions are crude , the methods have poor innovation in judging the standards of secondary education. The innovative intervention should have professional credibility that can lead to higher scores in national testing process. The creation and implementation of the afore-mentioned innovative interventions need investigation of the implications of our understanding about how children learn. Moreover, the understanding about the affects of curriculum on children and the way the professional development in children is affected by curriculum; ways and means of teachers and education policy decide the nature of interventions. For the afore-mentioned aspect, the emphasis on psychological foundations of innovation and a well

Tuesday, November 19, 2019

Direct effect in the EU Law Essay Example | Topics and Well Written Essays - 2500 words

Direct effect in the EU Law - Essay Example This paper shall discuss the development of the doctrine of direct effect, the issues arising therefrom, and how the European Court of Justice resolved them. Moreover, it shall examine the dynamics in the relationship between the EU and the member-states and their individual citizens. Finally, it shall look into how the courts settle issues with regard to conflict arising from the implementation or non-implementation of EU laws and directives. Supremacy of EU Law The principle of supremacy of the EU law holds that in the event of conflict between the provisions of EU law and domestic law, the EU law shall prevail.1 This principle is anchored on the fact that when states signed the treaty creating the former EEC, the members had also signed off a part of their sovereignty to create a new sovereign that can bind both the state and its individual citizens.2 The Preamble of the Treaty on European Union declared in no uncertain terms that it aims to â€Å"establish a citizenship common t o nationals of their countries†3 and create â€Å"an even closer union among the peoples of Europe, in which decisions are taken as closely as possible to the citizen in accordance with the principle of subsidiarity.†4 Finally, the supremacy of EU law is sanctioned by the Treaty on European Union itself which mandates all states to â€Å"facilitate the achievement of the Community’s tasks†¦ [and] abstain from any measure which could jeopardise the attainment of the objectives of this Treaty.†5 Aptly, the European Court of Justice interpreted the foregoing provision as a conferment of legal and enforceable rights unto the individual citizens of member states. EU treaties produce direct effects and â€Å"individual rights which national courts must protect.†6 Needless to state, concomitant with the exercise of these rights is compliance with the obligations created by virtue of the Treaty. Doctrine of Direct Effect The landmark case of Van Gend e n Loos saw the birth of the doctrine of direct effect which made the EU law a reliable source of statutory rights and obligations for parties litigating cases before domestic courts. In particular, the Court ruled that Article 30 of the Treaty on the Functioning of the European Union (TFEU) which prohibits the imposition of custom duties within the Union has confered rights upon the individual nationals which may not be impaired by domestic laws and which may be invoked before national courts.7 Apparently, the realm of treaties does not end with member states; it extends further to individual citizens, vested rights and imposed obligations alike. The court has upheld the rights acquired by individual citizens by virtue of the provisions of the Treaty and declared that it â€Å"must be interpreted as producing direct effects and creating individual rights which national courts must protect.†8 Van Gend en Loos became the controlling jurisprudence insofar as direct effect of tre aties is concerned. However, subsequent cases had pushed the bar and thus expanded the doctrine’s application to include other forms of EU legislations. Seven years after the 1963 case of Van Gend en Loos, the Court ruled in the case of Grad v Finanzamt Traunstein that provisions of Council Decisions are also capable of â€Å"producing direct effects in the legal relationships between the member states to which the decision is addressed and those subject to their jurisdiction.†

Sunday, November 17, 2019

Fossil Essay Example for Free

Fossil Essay Kosta had noted the recent success of Swatch fashion watches and was aware that watches and other goods could be imported from the Far East at very low cost. On a visit to Hong Kong, Tom studied a number of potential products for import including toys and stuffed animals before following Kosta’s advice and returned to the U. S. to develop a watch import business. Enlisting the aid of two friends, Lynne Stafford for her sense of design and Alan Moore who had a master’s degree in accounting, he invested his savings of $200,000 to found Fossil as a Texas corporation in 1984. Fossil’s initial purchase of watches from a Hong Kong manufacturer included some retro and jumbo designs that Macy’s thought were â€Å"hot,† and significant orders followed. A design staff was developed that included watch buyers from retail chains. Inspiration came from many sources. , however: the strongest was â€Å"retro† themes from the 1940’s and 50’s. Designers paged through magazines from this era, including Life, Look, and Time, and visited flea markets searching for old watches. Between 1987 and 1989 sales grew from $2 million to $20 million, assisted by liberal credit from the Hong Kong manufacturers of Fossil watches. One sector included conservatively styled time pieces including brands such as Citizen and Seiko. The second sector included products designed to reflect emerging fashion trends and included Swatch, Guess? , Anne Klein and Anne Klein II, and Fossil. This segment was fueled by fashion-conscious consumers who considered watches as fashion accessories and often owned multiple watches. Branded fashion watch sales were estimated to represent approximately $400 million in retail sales in 1990. Major Competitors Fossil’s major competitors were Swatch and Guess?. Although market share data were difficult to obtain, it was generally believed that Fossil and Guess? had nearly equal market shares and that Swatch had slipped to third in recent months. Numerous other considerably smaller competitors existed including Anne Klein, Anne Klein II, and Gucci. Swatch Although quartz watch technology had been developed in Switzerland, by the late 1970’s the Japanese companies’ Seiko, Citizen, and Casio and the United States’ firm Texas Instruments exploited production improvements and economies of scale to drive prices down. Strategic use of the manufacturing experience curve led to an oversupply of quartz watch movements and a severe price war. Many competitors were driven out of business with Casio, Hong Kong producers, and a few other firms surviving in mass market watches, and Seiko and Citizen in the moderately priced segment. The Swiss watch industry was under severe attack at the low and mid price points, and both unemployment and losses on bank loans were increasing. In 1978, the Swiss government agreed to provide up to one-third of the costs or a maximum of Sfr. 5 million for a venture of the leading watch manufacturers to develop a Swiss electronic watch program. Additional financing was supplied by banks, who wrote off existing loans and provided hundreds of millions of francs of new capital, and a group of investors who paid $100 million (Sfr 151 at the time) for a 51 percent share. The consulting firm of Hayek Engineering was hired to lead the effort to revive the lower-priced segment. This venture produced a number of new patents and developed both new watch and watch manufacturing technologies, along with the ability to design and manufacture watches efficiently at low cost. The resulting firm, Swiss Corporation for Microelectronics and Watchmaking (SMH) included the existing brands Omega, Longines, Tissot, and Rado in the moderate and fine watch segments. N. Hayek and E. Thomke led efforts in the low priced segments that resulted in the Swatch manufactured by SMH’s ETA division. Development of the Swatch began in 1980, resulting in a product launch in 1983. The manufacturing process was highly automated using robots and computers in the manufacturing and assembly processes. The watch had been designed with only 51 parts, instead of the usual 90 to 150 parts in other watches, had an ex-factory price of Sfr15. Parts were injected directly into the plastic case which was sealed by ultrasonic welding. This process was highly capital intensive, leading to direct labor costs of less than ten percent of total costs. The manufacturing process permitted a wide variety of dials, cases, and straps: however, variations in the shape and size of the watch case were quite difficult. One plant could produce up to 35,000 watches a day. Swatch was test marketed in the United States in December 1982 at 100 Sanger Harris department stores in Dallas, Salt Lake City, and San Diego without any advertising or public relations. Although consumer reactions were mixed, Swatch was officially launched in Switzerland in March 1983, followed by a gradual worldwide release. A second U. S. test market in December 1983 through the Zale jewelry chain and Macy’s was not successful. Swatch made extensive adjustments throughout their marketing program, and by 1985, U. S. sales accelerated. In 1986, a worldwide single price of $30 for most models was set and sales accumulated to over 50 million units worldwide by 1988. The 100 millionth Swatch was sold in 1993, when the price of a basic Swatch was $40. In 1992, SMH had combined sales for all brands of $2. 1 billion, producing $286 million in profits and a market equity value exceeding $3. 5 billion. Banks had encouraged Nicholas Hayek to assume a 20 percent equity ownership in the mid-80’s, a successful arrangement for both. Fifteen thousand employees worked in plants in Switzerland and Thailand producing semi-conductors, watches, movements, batteries, and straps. Guess? In 1983, Philip â€Å"Mickey† Callanen acquired the worldwide license to manufacture and market watches with the Guess? name. Investing $40,000 of his personal funds, he opened business in his garage, sourced watches from Hong Kong, and shipped for the 1983 Christmas season. Growth continued through the 1980’s at over 20 percent annually. In 1991, Callanen Company was acquired by Timex, expanding distribution to Japan, Australia, France, England, Germany and Canada and providing Callanen an additional source of watch technologies such as Indiglo dial illumination. In 1993 Callanen marketed both Guess? watches for men and women and Monet watches for women. Guess? represented 85 percent of the $80 million shipments (3 million watches) in 1992. The Guess? product line included 250 to 300 styles including classic, fashion, sporty, multi-function, chronograph, novelty, and metal bracelet watches. About 20 percent of the product line was revised seasonally four times a year. Guess? watches had a suggested retail price between $42 and $115, using department stores as the major retail outlet. Fifteen percent of Guess? sales were in international markets. Additional products included watch bands and private label watches for Disney, Hard Rock Cafe, Limited Express, Macy’s, and others. Virtually all Guess? watches were designed and manufactured at Guess? ’s partly owned manufacturing facility in Hong Kong. The 270 employees included a design staff of 19. Callanen’s business offices, warehouse, and watch repair facility were located in Norwalk, Connecticut, and they had a showroom in New York City. Manufacturing and Sourcing About two million, or eighty-five percent of fine watches sold worldwide, were manufactured in Switzerland in 1988, making Switzerland the largest value producer with sales of $4. 9 billion (96 million watches) in 1990. Most other watches were manufactured in the Far East, with the major exception of Swatch, which was manufactured in a highly automated factory in Switzerland. The development of the Swatch and its robotic factory was credited with saving the Swiss watch industry. Japan was the world’s largest producer in terms of units, with 325 million units, representing 44 percent of the world’s production in 1990. Hong Kong, relying on assembly by hand, produced 175 million watches in 1990, and was expected to produce 340 million, or one-third of the world’s watches in 1993 (Table 6). Due to Hong Kong’s focus on low-priced watches, this represented only nine percent of the total value of watches produced. Fossil chose to assemble watches in Hong Kong, using components from Japan, China, Taiwan, Italy, and Korea. FOSSIL IN 1993 Business Strategy Fossil’s initial public offering prospectus defined their business strategy as: â€Å"Brand Development. The Company has established the FOSSIL brand name and image to reflect a theme of fun, fashion, and humor, and believes that the FOSSIL brand name has achieved growing acceptance among fashion-conscious consumers in its target markets. Product Value. The Company’s products provide value by offering quality components and features at moderate prices. For example, the Company’s FOSSIL watches, which offer features such as raised indexes, enamel, textured, shell or semi-precious stone dials, gold electroplating, and fine leather straps, are sold at an average retail price of $63. Likewise, the Company’s RELIC watches, which incorporate a number of features offered in FOSSIL watches, are sold at an average retail price of $42. Fashion Orientation. The Company ifferentiates its products from those of its competitors principally through innovations in fashion details, including variations in the treatment of watch dials, crystals, cases, and straps for the Company’s watches and trimming, lining, and straps for its handbags. Expansion of International Business. The Company is seeking to achieve further growth in its international business through the establishment of a joint venture to operate a European distribution center, the establishment of a branch office in Canada, and the recruitment of new distributors in selected international markets. Introduction of New Product Categories. The Company may leverage its design and marketing expertise to expand the scope of its product offerings through the introduction of new categories of fashion accessories that would complement its existing products. Active Management of Retail Sales. The Company manages the retail sales process by carefully monitoring its customers’ sales and inventories by product category and style and by assisting in the conception, development, and implementation of their marketing program. As a result, the Company believes it enjoys close relationships with its principal customers, often allowing it to influence the mix, quality, and timing of their purchasing decisions. Close Relationships with Manufacturing Sources. The Company has established and maintains close relationships with a number of watch manufacturers located in Hong Kong. The Company believes that these relationships allow it to quickly and efficiently introduce innovative product designs and alter production in response to the retail performance of its products. Coordinated Product Promotion. The Company coordinates product design, packaging, and advertising functions in order to communicate in a cohesive manner to its target markets the themes and images it associates with its products. Personnel Development. The Company actively seeks to recruit and train its design, advertising, sales, and marketing personnel to assist it in achieving further growth in its existing businesses and in expanding the scope of its product offerings. Cost Advantages. Because the Company does not pay royalties on products sold under the FOSSIL and RELIC brand names and because of cost savings associated with the location of its headquarters and warehousing and distribution center in Dallas, Texas, the Company believes that it enjoys certain cost advantages which enhance its ability to achieve attractive profit margins. Centralized Distribution. Substantially all of the Company’s products are distributed from its warehousing and distribution center located in Dallas. The Company believes that its distribution capabilities enable it to reduce inventory risk and increase its flexibility in meeting the delivery requirement of its customers. (Fossil, 1993, 23-24) Manufacturing Fossil East, a 35 employee subsidiary of Fossil (owning 20 percent interest), acted as Fossil’s exclusive agent, buying all of Fossil’s watches from approximately 20 factories located in Hong Kong. In 1992, about 21 percent of these watches were purchased from Pulse Time, a Hong Kong corporation in which Fossil held a minority interest. Three other factories each accounted for more than 10 percent of Fossil’s watches. The company felt that developing long-term relations with suppliers was essential to its success. While the loss of any single manufacturer could disrupt shipments of certain watch styles, it would not impact their overall marketing program. Leather goods were manufactured in 12 factories located in Brazil, China, Hong Kong, Korea, Taiwan, and Uruguay. Fossil believed â€Å"that its policy of outsourcing products allows it to achieve increased production flexibility while avoiding significant capital expenditures, build-ups of work-in-process inventory, and the costs of managing a substantial production work force† (Fossil, 1993, 27). Products Fossil’s flagship products were the Fossil watches introduced as a brand in 1986. Handbags were introduced in 1991 as the first entry into the leather goods market. Watch Products Watches represented 98. 1, 96. 4, and 92. 5 percent of sales in the years 1990, 1991, and 1992 respectively. Following the Fossil brand, Fossil introduced the Relic brand, Fossil watch straps, and private label products. FOSSIL Watches: Fossil states its â€Å"watches are targeted at middle and upper income consumers between the ages of 16 and 40 and are sold at retail prices generally ranging from $45 to $110, with an average price of $63† (Fossil, 1993, 25). RELIC Watches: The Relic brand shared many of the features found in Fossil watches but in a format suitable for lower priced fashion watches. Relic watches â€Å"are targeted at lower and middle income consumers and are sold at retail prices generally ranging from $40 to $50, with an average price of $42. † Fossil Watch Straps: Watch straps were targeted at customers who bought Fossil watches; however, they could be used with a wide variety of watches. They were priced from $13 to $15. Private Label Products: Fossil provided private label watches for retailers and other customers. Leather Goods Following the introduction of Fossil handbags in 1991, small leather goods such as coin purses, key chains, personal organizers, wallets, and belts for women were introduced in 1992, accounting for about five percent of sales in 1992. The handbags emphasized classic styles and creative designs, including a tan and black binocular bag, a green and tan drawstring sac, and a natural color military ammunition pouch retailing from $48 to $130, with an average price of $87. Fossil felt that since women’s leather goods tended to be located near women’s watches in department and specialty stores, purchase of one Fossil product might lead to another. They also felt that they were price competitive. Design and Development The design staff sought to â€Å"differentiate its products from those of its competition principally by incorporating innovations in fashion details into its product designs. † These included variations in the treatment of dials, crystals, cases, and straps for the company’s watches and trimming, lining, and straps for handbags (Fossil 1993, 26). Fossil’s watch lines included Airmaster, Casual, Chronograph, Dress, Limited Edition, Pyramid, Crystal, Skeleton, and Vintage watches. About 500 different styles were available at any given time, with new designs offered five times a year. Over 1,000 models were available in 1992. Design prototypes of watches were created in Hong Kong in as little as a week, and lead-time from committing orders to shipment ranged from two to three months. Fossil believed that its close relationships with manufacturers gave it a competitive advantage in quickly introducing innovative product designs. Promotion Fossil made use of an in-house advertising department for design and execution of packaging, advertising, and sales promotions. Company executives felt that extensive use of computer-aided design reduced time and encouraged greater creativity in developing these programs. The company’s stated advertising themes â€Å"aim at evoking nostalgia for the simpler values and more optimistic outlook of the 1950’s through the use of images of cars, trains, airliners, and consumer products that reflect the classic American tastes of the period. These images are carefully coordinated in order to convey the flair for fun, fashion, and humor which the Company associates with its products† (Fossil, 1993, 28). A sundial watch sold over 250,000 pieces at a retail price of $16. Fossil developed cooperative advertising programs with major retail customers and developed in-store visual support through its packaging, signs, and fixtures. Consumers were offered promotional items, including unique tin boxes as watch packaging, T-shirts, caps, and pens. In ten locations, Fossil opened a â€Å"shop-in-shop† format including a wide variety of Fossil products and promotional materials. With greater emphasis on product design, retailer relations, and promotion, Fossil conducted advertising limited to spot television in local markets since 1989, national spots since 1991, outdoor advertising in four markets, and occasional ads in Elle, Mademoiselle, Vogue, and Seventeen. Distribution and Sales Force The majority of Fossil’s products were shipped to its warehouse and distribution center in Dallas. A significant number were bar coded prior to shipment for entry into a computerized inventory control system, which enabled Fossil to track each item from receipt to its ultimate sale. Products were distributed to approximately 12,000 retail locations in the United States including department stores and specialty retail stores. In 1991 and 1992, department stores accounted for about 67 percent of net sales. (Table 8 provides data on watch distribution by price and retail channel. ) Fossil’s ten largest customers accounted for 40 percent of sales. The largest customers were Dillard’s and the May Company, each accounting for from ten to thirteen percent of sales. Other principal customers included Carter Hawley Hale Stores, Dayton Hudson, Federated Department Stores, JCPenney, Macy’s, Nordstrom, and Service Merchandise. Although the industry typically used independent sales representatives, Fossil made use of 25 in-house sales and customer service employees and 12 independent sales representatives. In-house personnel received a salary while independent sales reps worked on a commission basis and did not represent competing product lines. International sales in 1990, 1991, and 1992 were 5. 6, 7. 2, and 8. 1 percent of net sales, respectively. Sixteen independent distributors operated in Europe, South and Central America, Africa, and Australia. These distributors resold watches to department stores and specialty retail stores. Fossil received payment in U. S. dollars based on a uniform price schedule. Financial Strategy Fossil had started out as a â€Å"bootstrap† financed firm. Personal income and savings from Tom Kartsotis’ ticket-brokering business had provided the initial capital for the operation, and the company had further financed operations by the creative use of trade credit and bank loans. With sales growing rapidly, Fossil’s expansion needs exceeded what it could raise internally. To sustain sales growth, Fossil needed a substantial increase in working capital. Fossil’s ability to continue to fund itself with debt capital, given their exposure to volatility in the fashion product market, was questionable. An initial public stock offering (IPO) which would provide access to capital needed to expand Fossil’s working capital base and fund additional sales growth, was managed by Montgomery Securities of San Francisco. While not uncommon, IPO’s of less than $20 MM involved transaction costs that many viewed as being too high to justify the offering. A critical decision that needed to be made was what proportion of the ownership should be issued.