Vark Analysis

Reading and Writing Learning Preference Crystal D. Lynch Grand Canyon University NRS 429V November 11, 2012 Learning Style After completing the Vark questionnaire, this author showed a strong preference for learning by reading and writing. In the reading and writing learning preference, this preference is for information displayed as words (Fleming, 2001). Many students and teachers show a high preference toward this type of style. The ability to write, and read well are attributes widely sought by employers of recent graduates.In this learning style, emphasis is on text based input and output, using all forms of material especially manuals, reports, essays and textbooks (Fleming, 2001). People who prefer this model spend hours on the internet, gravitating toward power point presentations over audio presentation. In defining the reading and writing learning strategy, the author identified that the reading and writing learning model uses intake of material in a text-based format. It u ses lists, headings, dictionaries, handouts and textbooks as the prime source of intake material.Notes taken during lecture and manuals are also used as a source. When preparing to study, rewriting notes taken during lecture, and reading notes over and over, either out loud or silently, are some strategies used in this type of learning style. When preparing for test assignments or exams, taking practice exams with multiple choice questions is often helpful for students with the preference for the reading and writing learning style. In comparing, this authors’ preferred learning strategy to the identified strategies already in place, the model is actuate with only a few slight differences noted.This author finds it extremely helpful to use handouts, textbooks, and lecture notes as reference material when studying. Rewriting lecture notes, after class, has also been very beneficial for this author, as well as taking practice exams with multiple choice questions, which has been an effective aide in preparing for taking major examinations. Reading rewritten lecture notes out loud and over and over several times is a common study habit for this author.In contrast, however; the model suggests that students that lean toward this preference spend hours on the internet searching material and using power point presentations as a way to enhance their study habits. This author finds using the internet to be distracting, and cumbersome wasting time with material that is not beneficial. In addition, she finds the format of power point presentations hard to follow. The model suggests turning diagrams and charts into words as a helpful tool; not being accustom to using diagrams or charts this idea has not been tested by this author.The Vark questionnaire has raised some valuable points in the need for this author to make a change in the present study habits being used. Incorporating the differences into strategies already in place, with those listed on the Vark analysi s, should enhance the study habits, allowing for better results. The use of the internet as a resource as an enhancement to the study material can be beneficial, although the need to learn to use the internet in a more efficient way will help take some of the frustration out of searching endlessly for the material needed.The incorporation of the library as a resource is another area that this author will need to further investigate. Improving the way, in which the library is accessed, can be beneficial in enhancing the desired outcome for this student. In the final analysis of the Vark learning assessment tool: it is valuable, as it alert the student to the preferences they have toward learning. The assessment tool focuses on the best way to learn using a sensory model. The Vark model of learning styles is one of the most popular models in us today by students and educators.Developed by Neil Fleming in 1987, learners are identified by whether they have a preference for visual, audit ory, reading and writing, or kinesthetic learning (Cherry, 2012). The Vark questionnaire provides strategies that can lead to success in any learning environment (Fleming, 2011). The Vark model is not an exact science, but a guideline to help the student recognize their learning preferences, in an attempt to enhance study habits. By completing the Vark model assessment, the student is enabled to become more successful at tudying and to retain the information being taught. In conclusion, this author feels that the Vark questionnaire is a valuable tool in enhancing the success of students. By learning to recognize their study habits and incorporating those findings identified from the model, the student will become more proficient by limiting the time it takes preparing for an assignment. To be successful in the ever-competitive job market, students must learn to take advantage of all resources available.The Vark assessment is one such tool that can enhance the students’ abilit ies to succeed. Addendum Your scores were: Visual: 3 Aural: 5 Read/Write: 12 Kinesthetic: 1 You have a very strong Read/Write learning preference. References: http://www. vark-learning. com/english/page. asp http://psychology,about. com http://www. ehow. com Fleming, Neil copyright 2001-2011, Vark: A Guide to Learning Styles. Cherry, Kendra, About. com Guide2012, VARK Learning Styles: Visual, Aural, Reading, and Kinesthetic Learning. Vark Analysis The VARK Questionnaire is a great tool to use when deciding what one’s best learning strategy is. There is no wrong way to learn, only what works best. This paper will focus on multimodal study strategies and how other learning strategies compare. Summary of Multimodal Learning There are many different study strategies out there. According to VARK, the main study strategies include: Aural, Kinesthetic, Visual, Read/Write and Multimodal. In this case, multimodal will refer to using both visual and read/write study strategies.If one has many different ways they like to study they fit in to the multimodal category. â€Å"Approximately 60% of any population fits (this) category† (Fleming, 2001). Multimodal simply means that one utilizes more than one study strategy in order to learn certain subjects and/or material. Preferred Learning Strategies Visual learners prefer pictures, diagrams, graphs, flow charts, etc. For example, Jason wanted to score well on his exam. He used pictures and graphs he learned about in class, re-drew them repeatedly how he saw them, and chose the correct answer on the exam.Neil Fleming, the author of VARK Questionnaire, stated that one is â€Å"often swayed by the way something looks†¦and is interested in color and layout and design and you know where you are in your environment† (Fleming, 2001). For example, note cards used would be color-coded. Read/write study strategies focus on lists and words. Jason and others that think this way believe that â€Å"meanings are within the words† (Fleming, 2001). Jason, in this case, would utilize handouts, dictionaries, textbooks, and notes for studying.After reading these things through, Jason would then convert them into a way that was easy for him to understand. Diagrams, charts, and graphs would be turned into words and the meaning of the text would become much easier to understand. These words would then be written down on note cards to make for an easier and mo re efficient way of studying. With the combined visual and read/write study strategies, more of a secure feeling of knowledge is felt. In other words, the more ways he/she studies something; the more he/she will really learn it. Each student in a classroom has a unique and complex system of thinking and learning† (Lutz, 2011). Although multimodal studying works for Jason, it may not work for others. This is why there are several study strategies out there in order to cater to each unique individual. Comparison of Learning Strategies Two other study strategies that might help are Aural and Kinesthetic. â€Å"An aural learner soaks up information the easiest when it is presented in an auditory way. Speaking, listening and music all come naturally to the aural learner† (Priddy, 1999).In other words, he/she learns best by listening. He/she might tape class lectures, get together with a group to talk about certain subjects, or read their notes out loud when studying for an e xam. Kinesthetic learners â€Å"learn best when they discover things by doing them† (CLARE, 2010). If he/she is a kinesthetic learner, it might be hard to sit still in class and he/she will rarely take notes. He/she learns best by being active, physically. If he/she were this type of learner, it would help to make flash cards, and study for short periods over time.It is best to ask for help in class by way of examples. The more examples there are, the better. When comparing Jason’s preferred multimodal method of learning with the other above mentioned study strategies, multimodal works best for him. This is because he is able to combine more than one study strategy in order to achieve success in the learning environment. With multimodal referring to both visual and read/write study strategies in this case; VARK is spot on when detailing what works best for these learners.Visual, Aural, and Kinesthetic study strategies my be useful but will not give Jason the results th at his multimodal study strategies do. Study Habits Emphasis with these study strategies would be on utilizing highlighters, symbols, pictures and re-writing/re-reading notes over and over again (Fleming, 2001). However, one thing that Jason might want to include would be to imagine notes he made as multiple-choice questions in order to test himself on the info that has been collected. This is done in order to make sure that he is on the right track with his information.When in doubt always ask questions! Conclusion In conclusion, The VARK Questionnaire is indeed the best way to find out what one’s best learning strategy is. Not everyone learns the same way and it is because of that these learning strategies are out there. Multimodal studying works best for Jason but may not be the best choice for others. Find out what is, mold it in to a specialized, individual study plan, and stick with it. There is no wrong way to learn, only what works best. References CLARE. (2010, Decem ber 13).The study gurus: study advice for kinesthetic learners. Retrieved from http://www. thestudygurus. com/kinesthetic-study-tips/ Fleming, N. (2001). Vark: A guide to learning styles. Retrieved from http://www. vark-learn. com/english/page. asp? p=helpsheets Lutz, D. (2011, September 09). Learning strategies. Retrieved from http://www. seenmagazine. us/articles/article-detail/articleid/1663/multi-modal-learning-strategies-for-all-students. aspx Priddy, B. (1999). ehow: Aural learning style. Retrieved from http://www. ehow. com/about_5472528_aural-learning-style. html

Financial Ratios and Hershey

A. TWO KEY LESSONS LEARNT FROM THIS CASE Hershey Company is famous known for being the biggest manufacturer of chocolates and confectionery products in North America and grocery products in over 60 countries worldwide. In 2009, Hershey sales up to 3. 23 percent. Advertising expenses increased by 46 percent as the company continued to promote iconic brands such as the Hershey Kiss and Reese’s products. Due to lower commodity prices, the company plans to discontinue their Cacao Reserve brand as well as their Starbucks chocolate partnership. The company also plans to close their online gift business.The company expanded its global presence via joint ventures in china and India. From this case, we found two key lessons as following: (a) The first lesson is about the important of expanding to global market (b) The second lesson is about the importance for the firm to keep developing customer preferences. It is important for company to focus on how to formulate global product strate gy to penetrate growing international markets. Therefore, Hershey should come up with new strategies in finance, marketing and production department to complete globally and to increase the customer satisfaction and market share.B. Vision Statement Since we could not find a vision statement of Hershey company then we suggest a vision as below: â€Å"Achieving consumers needs which making chocolate more healthy, delicious and delightful for life† From our opinion, this vision is clear in term of to help the company to see where the company is going on in the future which the company more concern about customer need and offer the product of natural and organic chocolate for health. According to researchers led by Natalie Rose, MD, of the University of California at San Diego.The result suggests several possible relationships between eating chocolate and wellness, it helps to increase the level of specific neurotransmitters in our brain that in turn promotes feeling of happiness and help to raise the good hormone that act as an ati-depressant. Therefore, It captures the importance not only for healthy but also the happiness of eating chocolate. C. Mission Statement The current mission of the Hershey company is â€Å"Bringing sweet moments of Hershey happiness to the world everyday† To our stakeholders, this means: Consumer: Delivering quality consumer driven confectionery experiences for all occasions. * Employees: Winning with an aligned and empowered organization while having fun. * Business Partner: Building collaborative relationships for profitable growth with our customers, suppliers, and partners. * Shareholder: Creating sustainable value. * Communities: Honoring our heritage through continued commitment to making a positive difference. The current mission consists of the following characteristics: 1. Customer 2. Concern for survival, profitability, growth 3. Philosophy 4. Self-concept 5.Concern for public image 6. Concern for employees Missi on statement is often the most visible and public part of the strategic management process. The current mission is sufficient to remind the company on their attitude and outlook. However, it is important to include the nine characteristic, as mission statement would be more effective. From our analysis, the current mission lacks of another three characteristics, which are products, market, and technology. These four characteristics are important for the company in the long-term development. Thus, we think that the current mission can be improved as follows: Bringing sweet moments of chocolate Hershey happiness to the world every day† To stakeholders, this means: Consumer: Delivering quality consumer with the lastest technology to drive experiences for all occasions. Employee: Winning with an aligned and empowered organization while having fun. Business Partners: Building collaborative relationships for profitable growth with our customers, suppliers, and partners in the intern ational market. Shareholders: Creating sustainable value. Communities: Honoring our heritage through continued commitment to making a positive difference.D. External Audit Opportunities 1. Organic foods products are one of the fastest growing sectors in the United States with a projected value of $26. 3 billion by 2011. 2. Seasonal sales such as Halloween and Valentine's Day account for 10 percent of the annual sales in the industry. 3. Nestle's image, however, has suffered within the global community due to allegations about sourcing of cocoa from farms that employed children in Africa, as well as its marketing tactics used to promote its infant milk substitutes in developing nations. 4.Consumers are increasingly aware of the nutritional value of various product ingredients with purchase decisions reflecting a preference for organic and nonadulterated products. 5. Confectionery products include chocolate, gum, cereal bars, and sugar confectionery products with a projected global ma rket value of $107. 4 billion by 2010. 6. Chocolate currently accounts for 55. 8 percent of the market's overall global value. Threats 1. Mergers and acquisitions in the past few years have influenced both the market share and product portfolio of global firms in the confectionery industry. 2.Nestle, one of the global leaders in the industry, expanded its nutritional product with the acquisition of Jenny Craig, a company with an established brand of nutritional weight-management products. 3. Nestle recently entered the organic products segment with projected sales of $24 billion by 2010. 4. Due to increased consumer concerns about artificial ingredients, the company [Cadbury] also manufactures a line of products with no artificial colors or artificial flavorings under the Natural Confectionery Company. 5. Cadbury has a 71 percent market share in India, and enjoys a 53 percent market share in the chocolate category in Australia. . Due to increased consumer preference for low fat and organic products, Mars Nutrition and Health Well Being has also developed a line of low-fat products and healthy snacks. 7. Some research analysts expect that international wholesale sugar prices may reach 40 cents a pound. 8. Cocoa future contract prices in 2008 ranged from $0. 86 to $1. 50 per pound, which represented a significant increase from 2007 prices. CPM – Competitive Profile Matrix * Estimates for Hershey focused on similar product lines with Nestle, Cadbury and Mars The Competitive Profile Matrix (CPM)Critical success factors| Weight| Hershey| Nestle| Cadbury| Mars| | | Rating| Score| Rating| Score| Rating| Score| Rating| Score| Global Expansion| 0. 2| 4| 0. 8| 4| 0. 8| 3| 0. 6| 3| 0. 6| Financial Position| 0. 10| 2| 0. 2| 4| 0. 4| 3| 0. 3| 2| 0. 2| Advertising ;amp;Marketing| 0. 15| 4| 0. 6| 2| 0. 3| 3| 0. 45| 3| 0. 45| Customer Loyalty| 0. 1| 2| 0. 2| 3| 0. 3| 3| 0. 3| 3| 0. 3| Market share| 0. 15| 3| 0. 45| 4| 0. 6| 4| 0. 6| 2| 0. 3| Product Quality| 0. 12| 4| 0. 36| 2| 0. 24| 3| 0. 36| 3| 0. 36| Price Competitiveness| 0. 10| 3| 0. 30| 3| 0. 30| 4| 0. 40| 3| 0. 0| Management| 0. 08| 2| 0. 16| 4| 0. 32| 2| 0. 16| 3| 0. 24| Total| 1. 0| 3. 07| 3. 26| 3. 17| 2. 75| The Competitive Profile Matrix (CPM) show that weighted score of Hershey, Nestle, Cadbury and Mars. Nestle has got total weighted scores is 3. 26 which is highest score and Hershey is the third scores, less than Nestle and Cadbury. The CPM indicates that Hershey is the strongest in terms of Product Quality and Advertising ;amp;Marketing. This means if Hershey is to be competitive, it has to focus on global expansion and market share. The External Factor Evaluation (IFE) MatrixKEY INTERNAL FACTOR| WEIGHT| RATING| WEIGHTED SCORE| OPPORTUNITIES| | Organic foods products are one of the fastest growing sectors in the United States| 0. 1| 4| 0. 4| Seasonal sales account for 10 percent of the annual sales in the industry| 0. 05| 3| 0. 15| Nestle’s image has suffered from farms tha t employed children in Africa| 0. 04| 4| 0. 16| Consumers are increasingly aware of the nutritional value of various product| 0. 07| 3| 0. 21| Confectionery products projected global market value of $107. 4 billion by 2010| 0. 09| 4| 0. 36| Chocolate currently accounts for 55. percent of the market’s overall global value| 0. 08| 4| 0. 32| Sub-total for Opportunities| 1. 00| | 1. 60| THREAT| WEIGHT| RATING| WEIGHTED SCORE| Mergers and acquisitions have influenced both the both the market share and product portfolio of global firms| 0. 01| 3| 0. 3| Nestle expanded nutritional product| 0. 08| 2| 0. 16| Nestle entered the organic products segment| 0. 08| 2| 0. 16| Cadbury manufactures a line of products with no artificial colors or artificial flavorings| 0. 07| 3| 0. 21| Cadbury has a 71 percent market share in India, and enjoys a 53 percent market share in chocolate category inAustralia| 0. 06| 2| 0. 12| Mars Nutrition and Health Well Being has developed a line of low-fat produc ts and healthy snacks| 0. 07| 4| 0. 28| International wholesale sugar prices may reach 40 cents a pound| 0. 06| 4| 0. 24| Cocoa future contract prices in 2008 ranged from $0. 86 to $1. 50 per pound| 0. 05| 4| 0. 20| Sub-total for Threats| 1. 00| | 1. 67| Total| 1. 00| | 3. 27| The EFE matrix reveals that score for Opportunities versus score for Threats. Hershey’s total weighted scores is more than average which is at 3. 27.This indicates that Hershey is responding strongly above average to the existing opportunities and threats. In other words, the company’s current strategies are able to gain advantage of the existing opportunities and minimize the potential effects of external threats. E. Internal Audit Strengths 1. The Hershey and Godrej venture will distribute Hershey products via Godrej's distribution network to over 1. 6 million outlets in India. 2. Advertising expenses for the quarter increased by 46 percent as the company continued to promote iconic brands such as the Hershey Kiss and Reese's products. 3.The company relies on special promotions to increase holiday sales, and it also uses advertising programs to supplement seasonal sales. 4. During the past several years, the company has expanded its global presence through a variety of acquisitions and joint ventures with established firms in the international market. 5. Hershey also has special editions products that are themed with events, such as their Dark Knight Collection (milk chocolate peanut butter bats) created for the release of the movie Dark Knight. The company also encourages customers to personalize messages and gifts via its interactive home page. . Due to increased consumer preferences for healthy and organic products, the company portfolio of healthy snacks has expanded to include Payday Pro energy bars and sugar-free products such as Twizzlers. 7. Hershey, as well as other competitors in the industry, is acquiring nonchocolate products as well as nutritional products to complement its existing products. 8. Hershey products are sold to more than 2 million retail outlets, including wholesale distributors, chain grocery stores, convenience stores, and wholesale clubs as well as natural food stores. 9.Direct research on consumer preferences as well as process innovations are supported via the Hershey Center of Health and Nutrition developed in 2007. 10. Operating Profit Margin: 14%(2008) 15%(2009) Weaknesses 1. The company also plans to close their online gift business, which featured seasonal products and gifts that could be personalized by the consumer. 2. Due to global supply initiatives, the company projects a reduction of 1,500 positions over the next three-year period. 3. The company plans to discontinue their Cacao Reserve brand as well as their Starbucks chocolate partnership. 4.Hershey's iconic brands such as Hershey Bar, Hershey Kisses, and Reese's are instantly recognized within the domestic market. 5. The company’s long-term debt in creased from $1,279,965 in20O7 to 1,505,954 in 2008. The Internal Factor Evaluation (IFE) Matrix KEY INTERNAL FACTOR| WEIGHT| RATING| WEIGHTED SCORE| STRENGTHS| | The company will distribute Hershey products via Godrej’s distribution network in India| 0. 06| 3| 0. 18| Advertising expenses for promote iconic brands| 0. 09| 4| 0. 36| The company relies on special promotions| 0. 07| 3| 0. 21| The company has expanded its global presence| 0. 8| 3| 0. 24| Hershey has special editions products that are themed with events| 0. 06| 2| 0. 12| The company portfolio of healthy snacks has expanded to include Payday Pro energy bars and sugar-free products| 0. 08| 4| 0. 32| Acquiring nonchocolate and nutritional products| 0. 09| 4| 0. 36| Hershey products are sold to more than 2 million retail outlets| 0. 07| 3| 0. 21| Direct research on consumer preferences and process innovations are supported by the Hershey Center of Health and Nutrition developed| 0. 06| 3| 0. 18| Operating Profit Margi n: 14% (2008) 15% (2009)| 0. 6| 3| 0. 18| Sub-total for strengths| 1. 00| | 2. 36| WEAKNESSES| WEIGHT| RATING| WEIGHTED SCORE| The company plans to close their online gift business| 0. 06| 2| 0. 12| The company projects a reduction of 1,500 positions over the next three years| 0. 05| 2| 0. 12| The company plans to discontinue Cacao Reserve brand Starbucks chocolate partnership| 0. 06| 3| 0. 18| Hershey’s iconic brands are instantly recognized within the domestic market. | 0. 06| 3| 0. 18| The company’s long-term debt increased| 0. 05| 2| 0. 10| Sub-total for weaknesses| 1. 00| | 0. 68| Total| 1. 00| | 3. 4| Based on the IFE evaluation shows that score for Strengths versus score for Weaknesses. Total weighted scores for Hershey is 3. 04 considered as above average which is indicates that the company’s internal position is strong. Financial Ratio Analysis (2008) Growth Rates % (5-Year Annual Avg. )| ABC Company| Sales | 16. 22%| Net Income (5-Year Annual Avg. )| 4 5. 81%| Dividends (5-Year Annual Avg. )| 41. 27%| Profit Margins| | Gross Margin| 34%| Pre-Tax Margin| 11%| Net Profit Margin| 6%| 5Yr Net Profit Margin (5-Year Avg. )| 8. 97%| Financial Condition| | Debt/Equity Ratio| 10. 42|Current Ratio| 1. 06| Quick Ratio| 0. 59| Investment Returns %| | Return On Equity| 98%| Return On Assets| 9%| Return On Equity (5-Year Avg. )| 62. 95%| Return On Assets (5-Year Avg. )| 10. 72%| Management Efficiency| | Income/Employee| 24. 33| Revenue/Employee| 400. 99| Inventory Turnover| 8. 66| Asset Turnover| 1. 41| NET WORTH ANALYSIS OF AVP (2008 IN MILLION)| | | | | | | | | | Growth ratios:| Growth rate = [(current year – base year) / base year] * 100| | | | | | | | | | | | | | | | Percentage| | | 2009 Growth rate in sales| | 3. 23| | | 2008| | | | | 3. 76| | | 2007| | | | | 0. 5| | | 2008 Growth rate in net income| | | 45. 41| | Stockholders' Equity + Goodwill  | $ 872,876| Net Income * 5|   |   |   | $ 1,557,025| Share price * Net Income| 34. 74 * 311,405 = 10,818,210| Number of Shares Outstanding * Share Price| 227,035 * 34. 74 = 7,887,196| Method Average|   |   |   | 5,283,826. 70| FINANCIAL ANALYSIS The financial analysis for Hershey will be provided giving by liquidity ratios, leverage ratios, activity ratios, and profitability ratios as following. PROFITABILITY RATIOS From an accounting standpoint, profitability is defined as business gain in an activity.The measures used in this section detail how profitable the firm’s operations are and how well the firm generates a return on capital. The ratios for profitability analysis are return on assets, sales margin, return on equity, and the dividend payout ratio. Return on Assets: Return on assets (ROA) measures a company’s efficiency in generating profits from its available assets. This is calculated by dividing net income by total assets. An increasing ratio indicates higher efficiency. Hershey’s ROA improved from 5% in 2007 to 9% in 2008 indicating that Hershey became more efficient over the 2008 fiscal year.Return on Equity: The return on equity (ROE) is a measure of how well a company is able to return a profit using the shareholder’s investment. It is calculated by dividing net income by the shareholder’s equity. A higher number indicates a better return from shareholder’s investments. Hershey’s return on equity improved from 36% in 2007 to 98% in 2008, indicating a higher efficiency and better return from shareholder’s investment. Improvements were noted between 2007 and 2008 for Hershey’s ROA, ROE, Gross Profit Margin, Operating Profit Margin, Net Profit Margin and Earning Per Share were increased proportionally.LIQUIDITY RATIOS A company’s liquidity can be described by how easily a company can pay off short-term debts, in specific those due in the fiscal year. Current Ratio: The current ratio gives a strong measure of a company’s liquidity. It compares t he cash and cash equivalents plus any current assets that will be turned into cash within a year to current liabilities that must be paid within the year. This ratio indicates how well a company can pay its current debts. It is calculated by dividing current assets by current liabilities. Hershey’s current ratio improved from 0. 8 in 2007 to 1. 06 in 2008. Although this is an improvement, a ratio of 1 or better is desired in order to show the ability to pay of all current debts with current assets. Quick Ratio: The quick ratio is similar to the current ratio. Instead of using all current assets, the quick ratio only uses cash, market securities, and accounts receivables to compare against current liabilities. This is done to further narrow the assets to those that can more quickly be turn into cash. Hershey’s quick ratio improved from 0. 51 to 0. 59.Although an improvement can be seen, a more desirable ratio would be closer to 1 so that debts could be paid with current cash and cash equivalents. All measures of liquidity showed improvements for Hershey between 2007 and 2008. This is largely due to Hershey’s ability to generate a greater amount of operational cash flows between the two years. The improvement in current ratio and quick ratio shows an improved ability to pay off short term debts with current assets, which is also indicative that future payments of the long term debt will be possible. ACTIVITY RATIOSActivity in a firm is typically categorized as creation of product and moving product out the door for sales. Activity measures focus on these actions and evaluate how a firm uses its assets to generate revenues. If a company is able to utilize its assets efficiently, fewer funds from financing are needed. The ratios analyzed in this section are inventory turnover and asset turnover. Asset Turnover: Asset turnover takes an overall focus on how the company uses all of its assets to generate revenues. A higher number is desired becau se it indicates that each dollar of asset is producing a greater amount of revenue.It is calculated by dividing the company’s revenue by the total amount of assets for the current year. Hershey’s asset turnover ratio improved from 1. 16 in 2007 to 1. 41 in 2008. This shows that Hershey’s was more efficient in using its assets between evaluation periods. Inventory Turnover: Inventory turnover is a measure of how often within a year that inventory is sold and replaced. It is calculated by dividing cost of goods sold by inventory. A high ratio indicates efficiency and a high rate of sales. Hershey’s inventory turnover slightly improved from 8. 24 in 2007 to 8. 6 in 2008. Improvements were seen in inventory and asset turnover ratios. Hershey’s assets decreased in value while revenues increased, resulting in a more efficient use of assets. LEVERAGE RATIOS A company’s leverage defines how a company handles its debt. Companies that have a high leve rage can have difficulty paying back debts, securing new debts from creditors, and are usually higher risk. But, these companies can also attain tax advantages and gain large returns from investing. The ratios analyzed in this section include the debt ratio, debt to equity ratio and imes interest earned ratio. Debt Ratio: The debt ratio indicates how much debt a company has relative to its assets. This ratio is calculated by dividing total liabilities by total assets. This ratio is one of the components typically used by investors to determine the risk level of a company. A lower number is favored because it shows the company has a larger percentage of assets when compared to liabilities. Hershey’s debt ratio increased and deteriorated from 0. 762 in 2005 to 0. 836 in 2006. This is due to a decrease in company assets while liabilities increased.The increase in liabilities can be noted most in the long-term liabilities. This adds risk to Hershey’s from an investment sta ndpoint. Debt to Equity Ratio: The debt to equity ratio is a measure of what proportions of debt and equity are used in its financing. It is also a measure of a company’s financial leverage. The ratio is calculated by dividing total liabilities by stockholder’s equity. A lower number is favored because it indicates a higher amount of shareholder’s equity when compared to liabilities. Hershey’s debt to equity ratio increased and deteriorated from 6. 16 in 2007 to 10. 2 in 2008. This is largely a result in Hershey’s large decrease in shareholder’s equity. Times Interest Earned Ratio: The times interest earned ratio gives shows how well a company is able to pay its interest expenses with earnings before taxes. The number represents how many times over the interest expense can be paid with the earnings before interest. A higher number is favored. The ratio is calculated by dividing earning before interest and taxes (EBIT) by net interest expense . The times interest earned ratio for Hershey’s increase from 3. 87 in 2007 to 6. 03 in 2008.Hershey achieved many improvements in their financial ratios. Between 2005 and 2006, Hershey showed improvements in many areas. Their overall profitability improved. Liquidity also improved in all areas. This can be attributed to their ability to generate a greater amount of operational cash flows. Because of their increased liquidity, Hershey shows that they are in a better position to pay off their debts and is able to distribute their earnings to stockholders more readily. G. SPACE Matrix 2. 44, -1. 06 2. 44, -1. 06 6 5 4 3 2 1 -6 -5 -4 -3 -2 -1 1 2 3 4 5 6 -1 -2 -3 -4 -5 -6 CompetitiveIS ES CA FS Conservative Aggressive Defensive X 6 5 4 3 2 1 -6 -5 -4 -3 -2 -1 1 2 3 4 5 6 -1 -2 -3 -4 -5 -6 Competitive IS ES CA FS Conservative Aggressive Defensive X Financial Position (FP) Return on Investment ROE, ROA+4 Leverage+2 Earning Per Share+5 Inventory+3 Liquidity+4 Subtotal (FP) +18 Indu stry Position (IP) Growth potential+6 Extent leverage+5 Profit potent+5 Productivity+4 Subtotal (IP) +20 Competitive Position (CP) Market share -5 Product quality -1 Control over suppliers and distributers-2 Subtotal (CP) -8 Stability Position (SP) Barriers to entry into market-4Demand variability-6 Competitive pressure-6 Subtotal (SP) -14 x-axis = -2. 66 + 5= 2. 44 y-axis = -4. 66+ 3. 6= -1. 06 Based on this formula, it shows that The Hershey company x-axis is 2. 44 and y-axis is -1. 06. Therefore firm’s directional vector is located in the lower-right or competitive quadrant of the SPACE Matrix. In other word, The company has competitive advantages in a growing industry, The Hershey should pursue competitive strategies which include; backward, forward and horizontal integration; market penetration; market development and product evelopment. H. Grand Strategy Matrix Quadrant IV business have a strong competitive position but are in a slow-growth industry. Hershey has the str ength to launch diversified into more promising growth area such as India and China. The company also has characteristically high cash-flow levels and limited internal growth need as the result of 86% market share in America. I. Boston Consulting Group (BCG) Matrix BCG is a private management consulting firm base in Boston. The purpose of BCG Matrix is graphically shows the company’s position in terms of relative market share and industry growth.Hershey is in the Star quadrant because Hershey is leading in terms of market share in America and the growth rate sale is higher than zero for several years. As the result, the Star quadrant indicates that Hershey has good long-run opportunities for growth and profitability. To maintain this position Hershey need a substantial investment especially in global market and to strengthen its dominant position. Strategies that is best for Hershey includes market penetration, market development, product development, and forward, backward an d horizontal integration. J.The Internal-External (IE) Matrix | | | The IFE Total Weighted Score| | | | | | | | | | | | | | Strong| Average| Weak| | | | | | 3. 0 to 4. 0| 2. 0 to 2. 99| 1. 0 to 1. 99| | | | | High| IFE = 3. 04 IFE = 3. 04 I| II| III| | | | | EFE = 3. 27 EFE = 3. 27 3. 0 to 3. 99| | | | | | | | Medium| IV| V| VI| | | The EFE Total Weighted Score| 2. 0 to 2. 99| | | | | | | | Low| VII| VIII| IX| | | | | 1. 0 to 1. 99| | | | | | Key: | Grow and build| | Hold and maintain| | Harvest or diverstiture|The Internal – External (IE) Matrix The IE matrix is based on two key dimensions such as the IFE total weighted score and the EFE total weighted score. The total weighted scores allow construction of the corporate-level IE Matrix. The result from IE Matrix states that Hershey Company is appropriate for division 1 or can be described as grow and build. The most appropriate strategies for this division can be intensive market penetration, market development, and product development or company can also consider intensive backward integration, forward integration and horizontal integration.Based on the interpretation, suggest two best alternatives that the company could pursuit, then perform QSPM matrix. K. QSPM Strategic Alternatives| Key Internal Factors Weight| Alternative 1: Global Expansion| Alternative 2: Develop Organic Products| Strengths| AS | TAS| AS| TAS| 1. Distribute Hershey products via Godrej’s distribution network in India| 0. 06| 4| 0. 24| 2| 0. 18| 2. Advertising expenses for promote iconic brands. | 0. 09| 4| 0. 36| 3| 0. 27| 3. Relies on special promotions| 0. 07| 3| 0. 21| 2| 0. 14| 4.The company has expanded its global presence. | 0. 08| 4| 0. 32| 2| 0. 12| 5. Hershey has special editions product that are themed with events. | 0. 06| -| -| -| -| 6. The company portfolio of healthy snacks has expanded| 0. 08| 2| 0. 16| 4| 0. 32| 7. Acquiring non-chocolate and nutritional products| 0. 09| 2| 0. 18| 4| 0. 36| 8. Products are sold to more than 2 million retail outlets. | 0. 07| -| -| -| -| 9. Hershey Centre of Health supported research on consumer preferences and process innovations. | 0. 06| 2| 0. 12| 3| 0. 18| 10. Operating profit Margin: 14% (2008) 15% (2009)| 0. 6| -| -| -| -| Weaknesses| 1. Plans to close online gift business. | 0. 06| 3| 0. 18| 1| 0. 06| 2. The company projects a reduction of 1,500 positions. | 0. 05| 2| 0. 10| 1| 0. 05| 3. Plans to discontinue Cocao Reserve brand Starbucks chocolate partnership. | 0. 06| 3| 0. 18| 1| 0. 06| 4. Hershey’s iconic brands are instantly recognized within the domestic market| 0. 06| -| -| -| -| 5. The company’s long-term debt increased| 0. 05| -| -| -| -| SUBTOTAL| 1. 00| | 2. 05| | 1. 74| | Global Expansion| Develop Organic Products| Opportunities| AS| TAS| AS| TAS| 1.Organic foods products are the fastest growing sectors. | 0. 10| 1| 0. 10| 4| 0. 40| 2. Seasonal sales account for 10%| 0. 05| -| -| -| -| 3. Nestle’s image has suffe red. | 0. 04| 3| 0. 12| 2| 0. 08| 4. Consumers are increasingly aware of the nutritional value. | 0. 07| 3| 0. 21| 4| 0. 28| 5. Confectionery products projected global market value of $107. 4 billion by 2010| 0. 09| 3 | 0. 27| 2| 0. 18| 6. Chocolate currently accounts for 55. 8% of the market’s overall global value. | 0. 08| -| -| -| -| Threats| 1. Mergers and acquisitions have influenced both the market share. 0. 01| 4| 0. 04| 2| 0. 02| 2. Nestle expanded nutritional product. | 0. 08| 3| 0. 24| 4| 0. 32| 3. Nestle entered the organic product segment. | 0. 08| 3| 0. 24| 4| 0. 32| 4. Cadbury manufactures a line of products with no artificial colors or flavorings| 0. 07| 1| 0. 07| 2| 0. 14| 5. Cadbury has a 71% market share in India, and 53% Australia. | 0. 06| 3| 0. 18| 2| 0. 12| 6. Mars Nutrition and Health Well being has developed low-fat and healthy snacks| 0. 07| 2| 0. 14| 3| 0. 21| 7. International wholesale sugar prices may reach 40 cent a pound| 0. 06| -| -| -| -| 8.Coc oa future contract prices in 2008 ranged from $ 0. 86 to $1. 50 per pound| 0. 05| -| -| -| -| SUBTOTAL| | | 1. 57| | 2. 07| SUM TOTAL ATTRACTIVENESS SCORE| | | 3. 66| | 3. 81| As the result of QSPM, we consider two alternative strategies As following:a) Global expansion b) Develop organic products The sum total attractive scores are 3. 66 and 3. 87. The analysis indicates that Hershey should develop organic products. L. Recommendations From the evaluations of the company’s conditions, performance, and the analysis provided from SWOT matrix, IFE-EFE matrix, and Grand strategy matrix.We recommend three specific strategies as following: 1) Expand to global market Hershey has recently market share 86% in America and it is well known in America as the chocolate maker since 1906. On the other hand, In the global market, Hershey is the third rang next to Nestle and Cadbery. Hershey needs to continue to focus on the global market. Hershey currently has a limited presence in many area s of the world. However, compare to the actual plan strategies of the company, they have begun to expand into new areas such as China and India. We are suggesting the new organization structure to Hershey Food Corporation.In this structure, we have suggested continental president, which will help to complete globally or to increase the market share globally because they will have the experience of the particular continents and they will work according to market conditions. The Hershey Company needs to go international advertisement to promote the product as well as they have to find out the new channels of distribution and adopt the new channels to increase the sales. For the cost of expand to global market, the company must spend more in terms of marketing that amount is indicated in the projected income statement. ) Continue chocolate partnership with coffee store, and online gift business Hershey should continue to provide new chocolate flavored coffee product in supermarkets and coffee stores. This allows Hershey to market to new segment, more consumers , and participate in new trends. Besides, Hershey should continue online gift business to get the new channel to increase the sales as well as to provide the seasonal products and the gifts that could be personalized by the consumer. 3) Develop organic product People have become much more aware of the various factors that negatively affect their health.Chocolate and other candy are viewed as an unhealthy snack. Organic food products are one of the fastest growing sectors. Therefore, Hershey needs to continue to expand the market healthy products in order to gain a greater market share. If Hershey continues to market the products they already have in categories and continues to develop new products that address the healthy to the public, then their revenues will increase throughout the years as the projected income statement as following. Projected financial statementsProjected The Hershey company Statements of Income| | | | | | | | | | | | | | | In thousands of dollars except| For the year ended December 31| 2008| 2009| 2010| 2011| | | | | | | | | | Net Sales| 5,132,768| 5,298,668| 5,671,009| 6,238,110| Costs and Expenses 😠 | | | | | | | | | | | | Cost of sales| | 3,375,050| 3,245,531| 3,255,801| 3,402,798| | | | | | | | Selling, marketing and administrative| 1,073,019| 1,208,672| 1,426,477| 1,511,119| | | | | | | | | Business realignment and | | 94,801| 82,875| 83,433| 90,080| | impairment charges, net| | | | | | | | | | Total costs and expenses| 4,542,870| 4,537,078| 4,765,711| 5,003,997| | | | | | | | | | Income before Interest and Income Taxes| 589,898| 761,590| 905,298| 1,234,113| | Interest expenses, net| | 97,876| 90,459| 96,434| 111,070| | | | | | | | | | Income before Income Taxes| | 492,022| 671,131| 808,864| 1,123,043| | Provision for income taxes| | 180,617| 235,137| 299,065| 393,065| | | | | | | | | | Net Income| 311,405| 435,994| 509,799| 729,978| Projected The He rshey Company's Balance Sheet| | | | | | | | | | all numbers in thousands)| | Period Ending| 2008| 2009| 2010| 2011| | | | | | | | | | | Total Asset| | | 3,634,719| 3,675,031| 4,272,732| 4,913,642| Short term debt| | | 501,504| 39,313| 285,480| 157,014| Long term debt| | | 1,505,945| 1,502,730| 1,541,825| 1,418,479| Stockholders' Equity| | | 318,199| 760,339| 937,601| 1,021,985| M. Evaluation of the recommendations based on Islamic perspective Islamic perspective As we know, Hershey produces good quality of chocolate and Chocolate is made from plants, which means it contains many of the health benefits of dark chocolate.These benefits are from flavonoids , which act as antioxidants. Moreover, the other benefit that we are able to gain from chocolate such as Lower Blood Pressure, Lower Cholesterol, endorphin production and so on. Allah orders us to consume good thing and try to avoid the meal that it will damage our bodies. As Allah said: Messengers! eat of the good thing s and do good; surely i know what you do Chapter: 23 , Verse: 51 eat of the lawful and good things with which allah has provided you and be thankful for the favors of allah if it is he you worship Chapter: 16 , Verse: 114 Moreover, Hershey produce halal product to consumer. The ingredients that are utilized to produce chocolate are not the ingredient that Allah forbidden as said in Quran. He has only forbidden you what dies of itself and blood and flesh of swine and that over which any other name than that of Allah has been invoked, but whoever is driven to necessity, not desiring nor exceeding the limit, then surely Allah is forgiving, merciful Chapter: 16 , Verse: 115 Hershey also has policy to maintain and concern about environment. It was one of the companies who are in World cocoa Foundation which support environmental project. This project includes non-chemical pest management practice and encourage sustainable farming practice to support ecosy stem in the region.Allah does not love people who harm environment as said in Quran ? â€Å"Seek not mischief in the land, for Allah loves not those who do mischief. † (Quran 28:77) According to scientists and philosophers, man is considered as the major factor in disturbing the natural balance of the universe. Man interferes intentionally or unintentionally in the earth's ecosystems by impairing its perfect order and precise sequence. However, it seems that man has cut off his nose to spite his face and he now is the victim. Grave dangers are anifested in pollution of the air, water, soil, outer space and others, as well as the irrational exploitation of the environment's resources, and inconsistent distribution of human settlements. All these factors have lead to different problems, all of which are marked by a disturbance to the earth's natural balance. If companies or industries exploit or use up natural materials and environment, all damage will revert back to them. As promised Quran. Mischief has appeared on the land and sea, because of (the need) that the hands of man have earned, that (Allah) may give them a taste of some of their deeds: in order that they may turn back (from evil). †Ã‚  (Quran 30:41) REFFERENCES About Hershey. Retrieved on 02/02/12. From: http://www. thehersheycompany. com/about-hershey. aspx â€Å"Chocolate is good for you. † Chocolate Trading Co. July 13th, 2005 November 1st, 2007. Financial Report. Retrieved on 02/02/12. From: http://www. thehersheycompany. com/ investors/financial-reports. aspx. Fred R. David, â€Å"Strategic Management: Concept and Cases, Hershey Company—2009† 13th Edn.Page 111-119. Pearson Education, 2011 Halal and Haram Foods according to Quran. Retrieved on 02/02/12. From: http://www. parsquran. com/eng/subject/halal. htm Karem S. Ghoneim (Prof. ), Quran Recitations : The Quran and the Environment . Retrieved on 02/02/12. From: http://www. whyquran. co m/877/content/blogsection/0/98/9/18/ Mark Stibich, Health Benefits of  Chocolate. Retrieved on 02/02/12. From: http://longevity. about. com/od/lifelongnutrition/p/chocolate. htm Organization’s key Competitors. Retrieved on 02/02/12. From: www. foodproductiondaily-usa. com |

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