Phase 2 DB Essay Example | Topics and Well Written Essays - 1250 words

Phase 2 DB - Essay Example The brand image of the company and its products would greatly influence the very being of the training requirements so that they are able to focus on customer demands. The competitive advantage of the firm would be a positive signal for getting the products across and making the right kind of move for getting the job done. The training requirements for the firm’s products can be arranged to the separate division for the company to plan and would take care of such requirements. Creating a new division for the sake of catering the training requirements would enhance the aims of the company so that they are able to meet with the company policies and at the same time take full advantage of the brand image of the company on the whole. The training and consultation requirements form a major requirement of the company and would entail the greater allocation of resources at their disposal and management commitment are the strongest points for getting the proper management of the new division of the firm. The catering of the services to the customers would meet the objectives of the firm so that they are able to render better services in the form of getting the products perform better and render after sales service. It has been pointed out that the negative sequence of the profit margin is due to costs incurred by the company so that they are able to manage the company’s resources. A new division is more beneficial to establishing a new separate company so that they are able to cut costs and take the operations to a new different level. The training demands for the products are likely to increase the bulk of orders and would promote a sense of vision for the marketing of the products so that it can be taken up for the purpose of achieving the goodwill of the customers at a large scale. Creating a new company for meeting the training demands would entail separation of some employees to the new organization which

The Import-substitution Industrialisation (ISI) Failure in Argentina Essay

The Import-substitution Industrialisation (ISI) Failure in Argentina - Essay Example Center of discussion in this paper is import substitution industrialization in Argentina that depended on the exchange rate and trade restrictions. They included several exchange rates, import licenses, quotas, protective tariffs, and export taxes. The main aim was to limit external trade and prepared the domestic market for local manufactures. Further, another aim was to protect the domestic industries from stiff competition arising from external industries. The domestic industries were expected to compete internationally. However, these policies typically led to inefficient firms and high cost industrial substitutes. The consequences were diverse, for instance, the local industries could not pose any competitive challenge internationally. As a result, Latin Americans had to pay high prices for substandard goods that could not satisfy their need for quality. Further, Argentina was not able to have foreign exchange to pay for the much required imports; they had spent much time de-emp hasizing exports. ISI had actually led to some economic gains, however, by 1980s, it had been exhausted. During 1980s and 1990s, Argentina was forced to injstitute a number of policies with the aim of opening its economy, decrease the size of the government as well as improving efficiency. Other countries in the Latin America such as Brazil and Paraguay experience government involvement in infrastructure development and in the production sectors. However, the major difference between these countries and Argentina was the issue of funding. This issue was not well addressed in Argentina. The country began to use inflation taxation as the best solution to their problems. Inflation taxation occurs when the government decides to print money to pay the state bills. From the mid 1940s, Argentina witnessed huge difference in its rising inflation figures from the low inflation figures in other countries of the world (Zanetta, 2004). High inflation rates, high fiscal deficits and huge governm ent debts were the main challenges facing Argentina from 1940s to the end of the century. Several argentine citizens argued that the excessive government interference in the economy and the fiscal laxness were not the only problems that led to economic down turn in Argentina. Another challenge that faced Argentina was the relatively trained administrative personnel. The argentine government was not prepared to put in place policies that could lead to stable economic growth. Corruption also affected this problem as well (Birkbeck, 2011). President Peron’s earlier economic gains in Argentina quickly ran into a number of challenges. In 1949, Peron’s government witnessed inflation of about 31percent. This was due to Peron’s strategy of demand expansion through wage increases. At this time, employment was already high. Further, the controlling of imports and the stronger purchasing power siphoned off exports and led to inflation in Argentina (Birkbeck, 2011). In 1949 , Argentina was affected by its first foreign trade deficit since the First World War. In addition, the drought that affected Argentine’s agricultural export further affected argentine’s economy. Further, the terms of trade had started to work against the country. The terms of trade included the rising prices of imports and the decreasing prices of exports. Peron’s approach to economic growth was making the problems worse. For instance, in giving artificially low prices to farmers, to ensure that urban food

The Battles of Lexington and Concord Essay Example | Topics and Well Written Essays - 750 words

The Battles of Lexington and Concord - Essay Example oiling conflict between the British and the colonists which stemmed from the determination of George III and the British Parliament to make the colonies pay the tea tax and force them to abide by the coercive regulations that followed the Tea Party. General Gage, the military governor of Massachusetts, was ordered to enforce the tax laws. His first move was to send troops, led by Lieutenant Colonel Francis Smith and Major John Pitcairn, to Concord to seize stores of arms from which the rapidly forming companies of militia were being supplied. On the night April 18, the British started from Boston. Three colonists known as the riders became pivotal in the colonists answer to this move. Paul Revere and William Dawes, riding by different routes, warned Hancock and Adams of their arrest and aroused the whole countryside along the fifteen miles to Lexington. The third rider, Dr. Samuel Prescott, got the warning to Concord so that when the British arrived, the colonials were ready and expecting them. By April 19, the colonials were ready and they were led by Captain John Parker. The Triangular town common at Lexington was where the British encountered the colonials. Both of the military leaders have ordered their men not fire unless fired upon. Captain Pitcairn, who was leading the assault, declared: â€Å"Ye villains, ye rebels disperse! Lay down your arms!† (Uschan 2003, p. 28) The heavily outnumbered rebels started to leave when, suddenly, a shot was fired. No one know who fired first but after the shot hundreds the firefight began. There were eight dead rebels in the wake of the British army which started for Concorde. At Concord, the people of the town had been busy hiding the Patriots store of arms and ammunition when the British arrived. They set fire to some wooden houses believed to have housed cannons and firearms. By this time, the countryside was swarming with colonial militia and they were angry. (Cook, Perry and Ward, p. 217) From Concord to back to

Teenage Prostitution Essay Example | Topics and Well Written Essays - 2500 words

Teenage Prostitution - Essay Example (India Today) The reasons why children work as prostitutes and why adults seek sexual favors from them, are multiple and interdependent. From information gathered during interviews with children, the following reasons seem most prevalent (Jain P & Kasturi 25) Almost all the girls interviewed mentioned poverty, lack of financial support from their parents and the need to eat and clothe themselves as reasons for getting involved in prostitution. Thus, in many ways, in addition to mere sexual exploitation, the children's poverty is exploited. Another way in which child prostitutes are victimised is their social exclusion and stigmatisation. Most girls become prostitutes to seek better living conditions and due to their desperate situation and/or lack of information -do not care about the consequences, which can include contracting STDs and HIV through unprotected sex. Child prostitution is also caused by changes from traditional values to those of a contemporary society. The consequences of rural to urban migration, and the subsequent reorientation of lifestyle can have far-reaching effects, most notably on the structure of the family. Fewer girls than boys enroll at school, and girls are more likely to drop out. For those who have the opportunity to go to school, conditions are basic and learning materials are in short supply. Many pupils have to travel long distances to get to the schools, which are overcrowded and under-equipped. Also, poverty and the need to contribute to the family's income often cause children to leave school to go to work instead. (Jain P & Kasturi 25) Because of their limited educational opportunities, many girls realise that their chances of obtaining good jobs are poor. Informal education and recreational opportunities are basically non-existent. All of these contribute to a lack of optimism with regard to the future (5) Social attitudes towards child prostitution Many girls testify to facing problems from their parents, their peers or members of the community because of the work they are doing. The social alienation can occur before the girls take up sex work. It is evident that the stigmatisation of the child who is vulnerable and at risk of getting involved in prostitution can be a factor in driving her towards prostitution. (6) Sexual abuse/violence and rape (7) Use of children as 'attractions' by owners and managers of bars, discotheques and restaurants Teenage prostitution is a growing phenomenon in the world. The reasons for this are multiple, but they include chronic family poverty owing to a lack of employment for adults and young persons; a breakdown in family support mechanisms; migration; gender inequality; and the impact of HIV/AIDS. Another contributory cause is the inadequacy of the education systems, which provide quality schooling for only a limited number of children. (India Today) Child prostitution is often dealt with exclusively as a form of child abuse. Although teen prostitututes

Great Expectations Essay Example for Free

Great Expectations Essay How does Charles Dickens create effective images of people and places in chapters 1 and 8 of Great Expectations? Great Expectations is a novel that is recognised as a classic. This particular Charles Dickens enchanting tale is based on the life of a young boy in the Victorian times named Pip. He is both the main character and narrator of the novel. In the chapters one and eight we meet Pip as well as his older sister and his sisters husband Joe. We also meet Magwitch an escaped convict. These characters are representing the lower class of the Victorian society. I believe this novel is about the fact lower class people may find it harder to push boundaries and achieve big thing. Dickens, I think, is trying to show just how wrong this is that people with lower social status are expected to stay lower class. Other Characters we meet in the novel are Estella the beautiful young adopted daughter of Mrs Havisham an eccentric, and possibly a quite mad but importantly rich old woman. I think it is no coincidence that Dickens shows these two upper class figures to be bitter and not accepting and at times quite stubborn. This highlights the idea that Victorian society is socially rigid. It is not based on who or what you are but instead about your heritage and your riches. Dickens uses this novel to demonstrate that people lower class are more than capable to easily slot into the life of riches and perhaps too easily. So the opening chapter starts with Pip he is in the process of analysing his parents and brothers gravestones in desperation for any knowledge of his heritage. This sense of desperation allows the readers to feel pity towards Pip. This is a great example of how effortlessly Dickens is able to control the emotions of his audience. Also the fact pip was visiting the grave alone may show how lonely Pip is without his parents and he may almost feel anger towards them for abandoning him with his rather unfeeling and regiment sister. She was often inclined to beat him regularly. Dickens starts by describing the graveyard as a dark flat wilderness. This allows the reader to point an image of a quite scary desolate place and perhaps quite intimidating. Dickens then quickly moves on to describe Pip as a small bundle of shivers. This again allows the reader to point an image but this time of a minute vulnerable child possibly quite haunted at the situation. This contrast seems to exaggerate the timid Pip allows the feelings of sorrow towards him to increase. Dickens then introduces us to quite threatening Magwitch who opening words were Keep still, you little devil or Ill cut your throat. This instantly makes the reader assume he is dangerous and threatening. As Pip explains he had a great iron on his leg it becomes quite clear he is a convict. This begins to make reader worry for Pip because we are not enlightened as to why he is a criminal. As Magwitch threatens Pip he takes it extremely seriously this helps to enhance three important characteristics of Pip the first that he is extremely scared shows he is very vulnerable and the second is the fact that he replies sir shows he has been brought up with manners. This again contradicts negative views of lower class people in Victorian times. Also the fact he worked out this man could possibly be dangerous showed Pip to be sharp and quick to react. Certain phrases like Who dye live with makes it clear that Magwitch is from a lower class background. Although after this negativity the reader cannot help but feel pity towards Magwitch and this because you can imagine how difficult it must have been. Dickens shows this in such lines as A man with no hat, and broken shoes. This is Dickens demonstrating his use of description to encourage emotions and reactions. The first chapter is set in a desolate church yard near the marsh land. Dickens descriptions such as This bleak place overgrown and raw afternoon towards evening contribute to the ever growing dark and oppressive atmosphere. This kind of description also help to redeem the understandably scared Pip but they almost make him seem more pathetic and helpless. If for example Dickens had decided to set the scene in a pleasant grave yard on a sunny day it would withdraw the sense of suspense amongst readers. Satis house is introduced to us in chapter 8 as well as the characters Estella and Mrs Havisham. Estella explains to Pip that Satis means enough this was because the designer of the house assumed whoever had this house would be satisfied and need nothing more. This extra information seems to contrast the first impression given to be by Pip where he is describing it as old brick and dismal. This allows the reader to ask questions about why such a great house now appears to be in ruins. The description of Satis house continues in this manner. He also mentions windows were barred and cemented. This makes the house seem daunting. Dickens also makes you acknowledge the houses former glory by saying there were no pigeons in the dove cot, no horses in the stable, no pigs in the sty, no mat in the stone house, no smells of grains and beer in the copper vat. However this line also illustrates how far from it is former glory. This leaves the reader to assume the owner has given up.

Case enron Essay Example for Free

Case enron Essay Enron faces most of the risk ordinarily faced by any energy company, including price instability and foreign currency risks. Enron operated in many different areas of the world with different regulatory and political risks. Enron faced business risks such as a complex business model, extensive use of derivatives and special purpose entities, aggressive transaction structuring and accounting, rapid expansion of business through complex and unconventional ventures, extensive reliance on credit rating, and limitations in GAAP. The complex nature of the business model of Enron increased the likelihood of material misstatements. It enabled the management to overstate its revenue while not disclosing the actual value of its debt. The risk of fraud by management was high. The transactions involving SPEs essentially involved Enron receiving borrowed funds that were shown as revenue without recording liabilities. Also, the amount of misstatements was huge as Enron had hundreds of such SPEs. Complex financial derivative transactions were used to hide enormous amounts of debt. Huge increases in borrowing were made to look like hedges for commodity trades rather than new debt financing. The network of SPEs along with complicated speculations and hedges kept an enormous amount of debt off the balance sheet. The accounting standards were inadequate in providing for the proper accounting of these transactions. The loopholes in the standards were used to structure transactions in such a way that hundreds of SPEs were excluded from consolidation. Also, the management took advantage of the complexity of accounting standards to shroud the actual economic substance of the transactions. Adequate disclosures with regard to related party involvement and securing outside SPE investors against possible losses were not made.

Dart Group Plc SWOT and Porters 5 Analysis

Dart Group Plc SWOT and Porters 5 Analysis We chose our company from the aviation industry, because we think it can be interesting to analyze an airline in the current economic situation, how they can survive and actually realize profit and growth in this really strong competition. Furthermore our company, the Dart Group PLC is not just an airline but operates in three segments, it is a Leisure Airline, Package Holidays and Distribution and Logistics Company. So it can be interesting to see in the end of our semester that which is the part they can really grow and which segments need to be focused on and manage precisely. The company is specializing in the operation of scheduled and charter flights by Jet2.com to leisure destinations throughout Europe; the provision of ATOL protected package holidays by its tour operator Jet2holidays, and the distribution of fresh produce, temperature-controlled, and ambient products to supermarkets and wholesale markets throughout the United Kingdom. Dart Group Plc is a successful British company established in 2003 and only came to Hungary in 2006. The CEO is Philip Meeson, the company is operating from 8 airports, with 42 aircrafts, with more than 1500 employees. The leisure but also low cost airline division trades under the Jet2.com brand and operates scheduled flights to a range of destinations from its home base at Leeds Bradford International Airport, and Belfast, Blackpool, East Midlands, Edinburg, Glasgow, Manchester and Newcastle airports. Jet2holidays is the Groups package holiday operator; it is an integral part of the leisure travel activities, working closely with Jet2.com to provide holidays to a wide range of destinations from their 8 Northern UK bases. The Fowler Welch is one of the UKs leading logistics providers, serving UK retailers, importers and manufacturers. The business operates from 12 regional distribution centers and offers a range of logistics solutions, including storage, case pick-to-order and national distribution of both temperature-controlled and ambient products. They success is in always keeping the deadlines, working 24/7, providing integrated supply chain solutions to leading supermarkets including Tesco, A sda. Porters five forces This model analyzes the micro environment of the firm and gives a detailed understanding and evaluation of the forces that helps to measure the direct strategic competition. According to Porter the five forces are: the buyer and supplier bargaining power, threat of entry, industry competitiveness and threat of substitutes of products and services. The more unique the product, the smaller is the buyer power. The customers are sensitive for the price however if they make alliances for their best interest, they can get more information about the product and prices. The bargaining power of suppliers is influenced by their concentration and the number of unique product they offer. National and industry standards determine the entry to the market, and if these limits can be met easily then the sector becomes more and more attractive for other companies as well. If certain products or services are inflexible, so there is no substitute product, the company is able to determine very high pric es because the customers do not have other choices just buy them. So the profit of the firm depends on the substitute products and the quality of those products. The most important force is the bargaining power, the competitiveness, the strategy of the prices, the quality and the marketing. Buyer bargaining power The strong bargaining power of the Dart Group Plc. can be seen from the ratios analysis that we will mention later in the paper. The customers are very sensitive for the prices, so that is why they sometimes choose another airline that offers the same quality for cheaper prices. The services are not really differentiated, only in some parts eg. Jet2.com flies with allocated seats while like Ryanair let you seat wherever it is not taken yet. Some people prefer one some prefer the other. The bargaining power is very important in case of the cost reduction. If the company has lot of information of others and other opportunities they have the opportunity for change. They also need good and improved technology and their loyalty program to attract the customers with highly developed and fast services to be successful. Supplier bargaining power As we know the suppliers bargaining power is growing because the logistics and distribution industry is more strongly concentrated which can be seen in the prices and in the quality they offer. The change of the supplier can cause problems and has a high risk factor, it can result lower quality for the customers which decrease the whole value of the service. Also there is a threat that the supplier also can manufacture, produce the products. The bargaining power of suppliers depends on price of fuel, taxes and government policies which we are going to mention later as well. Threat of entry In the aviation industry the possibility of competitors to entry the market is small because large capital it is needed, which has a risk that it will not return. The congestion is high of the airports, even if these low cost airlines use the smaller airports. The industry has so many regulations, government policies, economic conditions, environmental and political risks which we are going to mention later in the paper. Finally we have to mention the brand loyalty because people prefer to use their well-know airlines, not just because the comfort but their loyalty program. So to conclude the barriers are very high to enter this industry. In the logistics and distribution the entry is easier, but to be successful they need to be good at several fields, transportation, inventory, packaging, integrating information and security also. Competition, Competitors The Group has active competitors in each business areas. The distribution market has consolidated; smaller companies exited the market or got taken over by bigger players. Risk appears in the sector by losing substantial customers, but the company could focus on services levels and cost control so the risk factor has been decreasing. The airline and the package holiday sectors are very intensely competitive, and the fare price competition is still intense at every base where they fly from. There are a huge number of airlines who try to be successful in different areas, in different comfort and price levels. They have to face slow growth rates because of the high competition and high fixed costs. As we already mentioned the low service differentiation does not help customers to choose, so it is only about small differences in schedules, prices on a given day and also the frequent flier program can be a reason for our decision. They try to focus on the customer needs, and reschedule in order to maximize the load factor, yield and revenue. For example in the winter they fly from Manchester to Budapest in the morning at 8am, while in the spring at 1pm and in the summer at 3pm. To operate efficiently after arriving to Budapest they depart back to Manchester in half hour. Jet2holidays operates competitively from all 8 UK base to the European destinations, mainly to the Mediterranean Sea in the summer, and to the ski resort in the winter time. Threat of substitutes of products and services The substitute of the aviation is road by car and bus, rail by train and the marine by ferry and ship. These are sometimes cheaper solutions, but definitely take longer time to get to a further destination; however sometimes the low cost airlines can offer very cheap tickets that can be cheaper even in shorter way however we have to add longer waiting time (get to the airport 1-3 hours before takeoff). So we can say that the threat of substitute of service is moderate. In case of the distribution the substitutes can be other transportation opportunities for cheaper. SWOT analysis Table: SWOT analysis Strengths 3 operating sections Growth and expansions Strong bargaining power Friendly low fares Safety Good technology Best scheduled British Airline in 2005 Group Leisure Award in 2012 Weaknesses Weather conditions High Competition Non-differentiated services Opportunities Exposure the high fuel price differences Expand the Jet2holidays program Expand the destinations of the airline Expand the companies who they deliver for Threats Fuel pricing Economic conditions Environmental risk Government policy Own Source In the next part we would like to mention further characteristics of the company that they have to face. The Groups strategy is to grow a combination of organic expansion and carefully planned acquisitions in the existing businesses and markets. The group has many uncertainty factors through its competitors, fuel prices, economic conditions, environmental risks and government policy. The cost of fuel it very important risk factor and the company aims a fuel price risk management strategy that enables to exposure the high price differences. In this case the Distribution sector is not very affected by the price fluctuation because due to their contracts they can increase prices to their customers. Due to economic uncertainty there was a discretionary reduction in travel in case of the UK consumers, even if they regard their pleasure time as a very important element of their budget. The company will plan its flying program carefully and use new strategies to forecast the demand more precisely to decrease the uncertainty risk. They also plan to expand the Jet2holiday program with new locations and new offerings that can increase the revenue as well. The political uncertainty also has an impact on the demand, and also on the prices of fuel and exchange rates. They can decrease this risk with a good management of the routes and through hedging fuel and foreign exchange risk. The aviation is always at a risk from the extreme weather conditions, and also we could see in the last years that volcanic activities can have a serious impact. They need a very precise respond to uncertainty events, and also they have a high level of liquid funds to get through an unsuccessful period. The tax burden increase in the aviation industry and the increase in Airline Passenger Duty caused the suspension of two flights to Egypt in 2011. These cost are always increasing and there is a chance that these economic cost of emissions will also decrease the demand of passengers. Strategy versus Ratios In the business life we use financial ratios to figure out what is the real standing of a certain firm. Through the usage of financial ratios we are able to understand better how the operations of the firm run, how utilized the all-day processes are, and how well does the company prevail in the competitive environment of its industry. The strategy of a firm bright out clearly from these easily-estimated ratios; in the following of our paper we will describe the relationship between the strategy of the Dart Group Plc., and the ratios that came from its annual reports starting from 2007. Of course the frame of this paper does not enable a wide and deep analysis; we would rather concentrate on those ratios that could show us how the strategy is supported by the financial policy of the group. First of all in the previous section of our paper we found that the group must operate in a very competitive environment together with several other jet companies that provide similar services. In our opinion a strong competitive environment generates price war, and harsh cost reduction. Price war brings the revenue down, that doesnt mean too much trouble on its own, but if it comes along with almost strict cost, then the profit margin will be quite small. In the case of an airline company this is the reality if we look at the structure of the costs. The main types of costs are fixed; these costs must be paid to anyway, so their reduction is not a real option. In addition one main element of the operating costs, namely the fuel cost is very sensitive to the changes of the global economy. Because of the fixed operating costs and through the price war generated almost strict costs, the only real option to maintain the profit level is to expand, to diversify the services of the group, a nd to build an empire. As we have already described in the previous sections of our paper, the strategy of the firm is to be bigger and bigger, because in the current economic situation this is the only reasonable strategy to generate enough profit, and to be successful in the aviation industry. The group level revenue is continuously increasing, from the 2007 amount of 349 M pounds to the amount of 683 M pounds in 2012, which is an almost 200% increase. This trend could be observed in the case of the costs, from the 2007 starting 348 M pounds they increased almost to the double, to 654.5 M pounds in 2012. This is a significant growth level, however in the case of the Gross Profit Margin a little fluctuation could be observed. The value of the ratio is the less in 2007 (0.3%) and the most in 2009 (9%), but mostly it is in the interval of 3-5%. Another issue is the liquidity risk at the company that we would like to cite from the Annual Report 2012 At the end of the year the Group had significant cash balances, together with a range of unutilized banking facilities, and had met all banking covenants. The Groups strategy for managing liquidity risk is to maintain cash balances in appropriately liquid form and in accordance with approved counterparty limits, whilst securing the continuity and flexibility of funding through the use of committed bank facilities. Additionally, short term cash flow volatility risk in relation to margin calls in respect of fuel and foreign exchange hedge positions is minimized through diversification of counterparties and appropriate credit thresholds. The Group seeks to match long term assets with long term liabilities wherever possible. (Annual Report 2012 p.15.) The company also uses foreign exchange and fuel forward contracts to hedge its exposure to movements in US dollar and euro exchange rates and to jet fuel prices. (Annual Report 2012 p.15.) The Groups policy is to forward cover future fuel requirement up to 100% and up to three years in advance. (Annual Report 2012 p.15.) They have a remarkable foreign currency exposure; the most notable are the US dollar and the euro. We also know from the Annual Report that the company have a conservative dividend policy, they rather retain the profit to support further growth in the sector. Another important phenomenon, the increasing bargaining power of the firms can be identified from the financial ratios of the Dart Group Plc. The stronger bargaining position comes eventually with the large size of the company, and it is also supported by the ratios. Let us see how the turnover times of the group change in time!As we could easily observe from these ratios the companies of the group seem to be in a position where they are able to hold back payments to finance their current assets in the best way. From these ratios we are able to read out the strategy of the group: their goal is to build up a dominant position in their supply chain in order to be more flexible, and less reliant on maintaining good liquidity. The average turnover period of the Payables is very high and it goes up year by year; so is the situation with the average turnover period of the Receivables, however the increasing rate is not as high as in the case of the Payables, and it is much more controllabl e in our opinion. When we examine the relationship between the current assets and current liabilities we can observe some other strategically important issues. It comes logically from the large difference between the accounts payables and account receivables that the difference between the current assets and current liabilities will be also large; plus the fact that the amount of current liabilities is more than the amount of current assets will generate a negative net working capital ratio. This ratio show us that not only short term assets are financed with short term liabilities, some of the non-current assets are also financed with such sources, what could generate a problematic situation, if the bargaining power is low. But in the case of Dart Group Plc we found that their bargaining position is strong, so they are able to perform such a financial strategy. We can also observe from this ratio, that its value decreases year by year, that points towards a more stable and sustainable future. This ca n also mean that the company will reach the mature position in the life cycle of corporations, its size will be even more controllable, and the possible problems from the empire building strategy will be easier to manage. The empire building and growing strategy of the firm could be also observed in the usage of their Free Cash Flow. The group uses a large amount of their free cash flow on capital expenditures; however the negative working capital change does influence the reinvestment rate, which will be also negative because of it. From these ratios we are able to see, that in the current state of the Group the growth is slightly unstable, some of the free cash flow needs to be hold back to ensure the controlling of the net working capital changes, plus the high amount of capital expenditures and depreciation also reduces largely the free cash flow. The growth is financed from inside. Conclusion So as a conclusion we can state that strategy of the company is to continue to grow in all three business section organically. They aim is to ensure the high quality service by meeting and transcending the needs and expectations of customers in all three section. They also try to improve their website with more convenient access to their services. The holiday program is carefully tailored to different leisure destinations according to the season and also provides carefully chosen accommodations from all-inclusive to self catering with leisure airline scheduled flights. Their strategy is to maximize revenue through fully loaded aircrafts and utilize the cabin crew. In case of the logistics, provide the best distribution service of both ambient and temperature-controlled products.