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Duke Ellington Essay Example For Students

Duke Ellington Essay Duke EllingtonBy Frank GrayBy the hour of his passing, he was considered among the universes greatestcomposers and artists. The French government respected him with their highestaward, the Legion of Honor, while the legislature of the United States bestowedupon him the most elevated common respect, the Presidential Medal of Freedom. He playedfor the eminence and for the average citizens and before the finish of his fifty-yearcareer, he had played more than 20,000 exhibitions around the world. He was the Duke,Duke EllingtonEdward Kennedy Ellington was naturally introduced to the world on April 28, 1899 inWashington, D.C. Dukes guardians Daisy Kennedy Ellington and James EdwardEllington filled in as perfect good examples for youthful Duke and showed him everythingfrom legitimate social graces to a comprehension of the passionate intensity of music. Dukes first piano exercises came around the age of seven or eight and appearedto not have that much enduring impact upon him. It appeared as though youthful Duke wasmore slanted to baseball at a youthful age. Duke landed his first position selling peanutsat Washington Senators ball games. This was the first run through Duke wasplaced as an entertainer for a group and needed to initially get over hisstage trepidation. At fourteen years old, Duke started sneaking into Frank Hollidayspoolroom. His encounters from the poolroom instructed him to value the worth inmixing with a wide scope of individuals. As Dukes piano exercises blurred into thepast, Duke started to show a flare for the aesthetic. Duke went to ArmstrongManual Training School to examine business craftsmanship rather than anacademically-arranged school. Duke started to search out and tune in to ragtimepianists in Washington and during the summers, where he and his mothervacationed in Philadelphia or Atlantic City. While traveling in Asbury Park,Duke knew about a hot musician named Harvey Brooks. Toward the finish of his excursion Dukesought Harvey out in Philadelphia where Harvey demonstrated Duke some pianistic tricksand easy routes. Duke later related that, When I returned home I had a realyearning to play. I hadnt had the option to get off the ground previously, yet afterhearing him I said to myself, Man youre must do it.Thus the music profession of Duke Ellington was conceived. Duke was taken under the wings of Oliver Doc Perry and LouisBrown who showed Duke how to understand music and improved his general pianoplaying abilities. Duke secured piano playing positions at clubs and bistros all through theWashington zone. A quarter of a year short of graduation, Duke dropped out of school andbegan his expert music vocation. In late 1917, Duke framed his first gathering: The Dukes Serenaders. Between1918 and 1919, Duke made three noteworthy strides towards autonomy. To start with, hemoved out of his folks home and into a home he purchased for himself. Second,Duke turned into his own booking specialist for his band. Thusly, Ellingtons bandwas ready to play all through the Washington region and into Virginia for privatesociety balls and international safe haven parties. At last, Duke wedded Edna Thompson and onMarch 11, 1919, Mercer Kennedy Ellington was conceived. In 1923, Duke left the security that Washington offered him and moved to NewYork. Through the intensity of radio, audience members all through New York had heard ofDuke Ellington, making him a significant well known artist. It is likewise in that yearthat Duke made his first chronicle. Ellington and his renamed band, TheWashingtonians, built up themselves during the disallowance time by playing atplaces like the Exclusive Club, Connies Inn, the Hollywood Club (ClubKentucky), Ciros, the Plantation Club, and in particular the Cotton Club. .u5bf2d28317b8859c8d99d23aabc17089 , .u5bf2d28317b8859c8d99d23aabc17089 .postImageUrl , .u5bf2d28317b8859c8d99d23aabc17089 .focused content territory { min-stature: 80px; position: relative; } .u5bf2d28317b8859c8d99d23aabc17089 , .u5bf2d28317b8859c8d99d23aabc17089:hover , .u5bf2d28317b8859c8d99d23aabc17089:visited , .u5bf2d28317b8859c8d99d23aabc17089:active { border:0!important; } .u5bf2d28317b8859c8d99d23aabc17089 .clearfix:after { content: ; show: table; clear: both; } .u5bf2d28317b8859c8d99d23aabc17089 { show: square; progress: foundation shading 250ms; webkit-change: foundation shading 250ms; width: 100%; mistiness: 1; progress: haziness 250ms; webkit-change: murkiness 250ms; foundation shading: #95A5A6; } .u5bf2d28317b8859c8d99d23aabc17089:active , .u5bf2d28317b8859c8d99d23aabc17089:hover { darkness: 1; change: obscurity 250ms; webkit-progress: murkiness 250ms; foundation shading: #2C3E50; } .u5bf2d28317b8859c8d99d23aabc17089 .focused content zone { width: 100%; position: relati ve; } .u5bf2d28317b8859c8d99d23aabc17089 .ctaText { outskirt base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: intense; edge: 0; cushioning: 0; content enhancement: underline; } .u5bf2d28317b8859c8d99d23aabc17089 .postTitle { shading: #FFFFFF; text dimension: 16px; text style weight: 600; edge: 0; cushioning: 0; width: 100%; } .u5bf2d28317b8859c8d99d23aabc17089 .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; fringe: none; outskirt sweep: 3px; box-shadow: none; text dimension: 14px; textual style weight: striking; line-tallness: 26px; moz-fringe range: 3px; content adjust: focus; content enrichment: none; content shadow: none; width: 80px; min-tallness: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/basic arrow.png)no-rehash; position: total; right: 0; top: 0; } .u5bf2d28317b8859c8d99d23aabc17089:hover .ctaButton { foundation shading: #34495E!important; } .u5bf2d28317b88 59c8d99d23aabc17089 .focused content { show: table; tallness: 80px; cushioning left: 18px; top: 0; } .u5bf2d28317b8859c8d99d23aabc17089-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .u5bf2d28317b8859c8d99d23aabc17089:after { content: ; show: square; clear: both; } READ: Aunt minnie radiology casesThanks to the ascent in radio beneficiaries and the business itself, Dukes band wasbroadcast the country over live on From the Cotton Club. The bandsmusic alongside their ubiquity spread quickly. In 1928, Ellington and Irving Mills consented to an arrangement wherein Millsproduced and distributed Ellingtons music. Recording organizations like Brunswick,Columbia, and Victor came calling. Dukes band turned into the most looked for afterband in the United States and even all through the world. Some of Ellingtons most prominent works incorporate, Rockin in Rhythm, SatinDoll, New Orleans, A Drum is a Women, Take the A Train,Happy-Go-Lucky Local, The Mooche, and Crescendo in Blue. Duke Ellington and his band proceeded to play wherever from New York to NewDeli, Chicago to Cairo, and Los Angeles to London. Ellington and his band playedwith such greats as Miles Davis, Cab Calloway, Dizzy Gillespie, Ella Fitzgerald,Tony Bennett, and Louis Armstrong. They engaged everybody from QueenElizabeth II to President Nixon. Prior to dying in 1974, Duke Ellingtonwrote and recorded several melodic arrangements, all of which proceed tohave an enduring impact upon individuals worldwide for quite a while to come. Classification: Book Reports

8 Phone Interview Tips That Will Land You A Second Interview

8 Phone Interview Tips That Will Land You A Second Interview To get a second phone interview you need to balance the arts of intrigue, suspense and etiquette during your first phone interview. How? Combine the skills of sales, storytelling and James Bond.The advice is the same whether you’re on a phone call for a job interview, investor interview, or for a chance to audition for a Broadway play. (The advice also applies to first dates and marketing new businesses.)Create an adventure story that your mother, best friend, and business partner can get excited about.Keep it clean, keep it real, keep it relevant.Your goal is to create an intriguing positive impact.At the end of the call you need to leave the interviewer wanting more and excited to showcase your potential.What adventures should you share?How do you share them?1.   PHONE INTERVIEW TIP: PAUSE LIKE JAMES BONDJames Bond speaks only when relevant. He doesn’t divulge too much information. He doesn’t talk too fast. He does not hesitate. He pauses.An answer to a question as simple as asking a name exudes confidence. With three words, and one pause, James Bond intrigued the interviewer and suspense floated in the air.“Bond. James Bond.”  Hear his voice and listen to the pause. Say it out loud, just as James Bond would.“Bond.”  Bond who? Just Bond? Is Bond his first name or last name? I’m intrigued. I’m in suspense. Tell me more!“James Bond.”  Now you have all the information. “Bond” is repeated, so you are more likely to remember the name.Pauses are not hesitations. Agent 007 doesn’t respond to question saying “Bond. Er, James Bond.”  If your mind flows faster than your spoken words, practice pausing.  Psychologists train people to pause while speaking to help with impulsiveness, speech disturbances and speech fluency.To get that second job interview, you must be concise. When your mind moves fast, spoken words can jumble. To be concise, use a pause.To get that second interview, you must listen to the interviewer. Pausing before answeri ng a question helps you focus.How long is a pause?The tactic of pausing is different for phone interviews than it is for public speaking.Time is relative.Five minutes to be on hold during a phone conversation or wait for a fast food order is painfully long. Five minutes to get through security at an airport is cause for celebration.Seth Godin suggests a ten second pause for a public speech, but if you go without speaking on a phone for ten seconds, the interviewer will think you’ve been disconnected, distracted, or that you’re dumbfounded.When you’re done reading this article, view the scene from “Dr. No” in which James Bond introduces himself for the first time. In this 1962 movie, the pause between “Bond” and “James” is around two seconds. The impact is profound. 2.   Pitch Low. (Not a grenade, your voice.)  Change the Tone of Your VoiceThe pitch of your voice is the range from low to high.Men tend to have larger vocal folds than women, and the size of your vocal fold contributes to the pitch of your voice. Testosterone levels can affect voice levels in men, and estrogen can affect voice pitches in women.Sinuses, nutrition, sleep and exercise also contribute to voice pitch.The audio frequency of females is often twice as high as the frequency level of men.Mean Fundamental Frequency of Men vs. Women: Source for data: Erwan Pépiot.It’s no surprise babies and puppies prefer higher pitched sounds and adults equate low-pitched voices with leadership and dominance.Can you change genetics and centuries of social perceptions before your phone interview? No. Butâ€"You can manage your phone interview impression with voice pitch frequency levels.  When we end a sentence with a declaration, “The name is James Bond,” we end it with a low pitch. When we ask a question “What is your name?” we use a higher pitch. Say those two sentences out loud.Asking questions is certainly a leadership quality, but filling your interview with more declarative statements than questions will help tame a high voice. If you need to achieve likability and have a tremendously low-pitched voice or an overly-aggressive past, pepper your conversation with more questions.A 2011 edition of the Journal of Evolution and Human Behavior carried a study that demonstrated low-pitched voices are an advantage during elections.This is important because you are essentially trying to win an election in your phone interview.However, the same study also pointed out that lower voices are preferable during wartime environments, and higher pitched voices are preferable during peaceful environments.An interview for a job running a day care center will be more successful with a higher pitched voice, and an interview for a job to run a private prison will be more successful with a lower pitched voice.How can you be sure to win that second phone interview if you have a high-pitched voice?You can do more than just manage your sentence structure. Take professional voice lessons.Not practical?Search for “Daily Elocution Exercises” and develop a daily voice exercise routine so you can master the interview. Simple introductory voice exercise:  Find your everyday pitch. Say your first name out loud in your standard conversational voice.Repeat your name at three higher levels.Now go back to your standard con versational level.Repeat your name at three lower levels.Repeat the exercise with your name in a sentence. “My name is James Bond.”Find a pitch that is close to your ideal pitch and comfortable for you.Talk to yourself in that pitch, and gradually increase sentences in length and complexity.Record yourself on your phone and review the audio to make sure you sound natural.3. Design Your Phone Interview with a Pitch PatternIn suspense movies, the action rises and subsides. The same goes for talking. A pitch pattern is also known as intonation. Notice the difference between the following sentences as you read them out loud (put emphasis on the capitalized words):I caught the bad guy. It was fun.I CAUGHT the bad guy. It was SO much fun.I CAUGHT the BAD GUY! It was SOOO much FUN!It’s easy to tell from the above example who the more enthusiastic person is.However, you don’t want overkill during the phone interview.Enthusiasm and self-regulation are required during phone interviews . Jobs requiring an enthusiastic personality still require professionalism, and venture capitalists seeing someone enthusiastic about a business still wants to see someone who can calmly recognize and manage the negative points of the business.Emphasis on a word implies passion and enthusiasm, but it is also a tool you can use to help compare and contrast.Emphasizing one name over another gives importance to the name that is emphasized. Emphasizing the words “had” or “past” or “future” can help frame events. Emphasizing feeling words will emphasize emotions. “The clients were THRILLED with my suggestion.”Emphasize what’s important as it relates to your skills. It’s important you “CAUGHT” the bad guy, because you are trying to prove that you have the skills to perform the job. “Bad guy” does not need to be emphasized, unless the bad guy is a client that your interviewer would kill to have (not literally).A lawyer might emphasize “I CAUGHT the CHIEF OF PO LICE in a lie on the witness stand.” That would not be overkill.An entrepreneur could safely emphasize to an investor “…then I LANDED the multi-million-dollar account to manage archives for JAMES BOND.”The skills are important, and the account holder is significant. Emphasis approved (calmly) by England.   Don’t get too excited.Pauses are also used for emphasis. The pause between “Bond” and “James Bond” also occurs after the word “shaken” when Bond orders his vodka martini “…shaken. Not stirred.” Two of the most memorable Bond phrases have a similar pause.4. Speak at the Speed LimitJames Bond can floor an Aston Martin while dodging bullets, but if you want to drive in your speaking points, keep your speaking speed at an acceptable range.You don’t want to roll answers off your tongue as fast as an Aston Martin Vulcan or spout them out as slow as a 1950 Mini-Cooper. (In case you’re wondering, the Aston Martin Vulcan can go from 0-60mph in under three se conds, the 1959 Mini-Cooper takes almost 30 seconds to go from 0-60mph.)A conversational tone of voice runs about 100-125 words per minute. Toastmasters recommends a speaking voice of 120-150 words per minute to establish authority. Ted Talks recommends 190 words per minute for public speaking.How to test the speed of your conversational voice:Find a famous speech to read out loud that is at least 500 words.(Try Steve Job’s 2005 Stanford Commencement address. then watch his speech.)Make an indicator mark after every 25 words, and a large mark after the first 150.Set a stopwatch to run for a minute and start reading out loud.Stop after a minute.How many words did you read in that minute?Are you a fast reader or slow speaker? An Exercise for Fast ReadersIf you are a fast reader, use a stopwatch and try saying ONE of the following words in two seconds:PassionStretchDeliciousHappyNow repeat the two second test for each word.Notice your rhythm. Can you slow yourself down? Go back and a pply it to a speech.5. Train and Tame Your Tongue  Content AppropriatenessStudies published in the journal Personnel Psychology have shown that when body language is removed, content appropriateness becomes a primary factor in an interviewer’s decision-making process.Are you talking about your work history, or are you talking about your personal history?James Bond did not always exhibit appropriate behavior with women, but he would leave a woman, regardless of the position he was in, if he had to do his job and save England.You may not be saving England, but you are trying to save your future.Focus, and stay on-topic.What content will you be discussing when you pick up the phone?You don’t know. But you better discuss it politely.One of the clear marks of a sales professional, and one that will lead to greater success, is class. â€" Zig ZiglarYou don’t have to wear a suit to have class.You must remain calm and mind your manners during a phone interview.There are interviewers th at interrogate interviewees with accusations to see if they will break under pressure. The interviewer will ask questions to draw out your negative points. Was there a co-worker that really irked you? Why did you lose that client?Hold back your anger. The interviewer may ask you about your worst client, your biggest loss, your worst boss, and your biggest failure.   Be emotionally prepared.Take a deep, silent breath before you start and get ready to swim with the sharks.James Bond wouldn’t give out a password after being whipped in a chair. You can refrain from exhaling the evils of your nemesis co-worker or ex-partner during a phone interview.The interviewer won’t tie you up to a chair and torture you, but they may make you feel like you’re being tortured. Don’t lash out. Don’t vent.Bond kept his wits and stayed calm. He didn’t clam up, he gave relevant answers, and moved on.Okay, so you’re not James Bond and you hate phones.Quiet Ways to Reduce Anxiety During a Phone Interview:Walk while you’re talkingFake Smile while you’re talkingQuietly breath in some lavenderWhen the interviewer is talking, breathe through your nose and hold your breath for a few seconds. Keep the phone on your ear, move the mouthpiece away from your face, and exhale slowlyâ€"then answer.Have a vodka martini, shaken, not stirredUse your manners.  Manners are an essential part of your impression management.Manners are essential to sales, respect, and professionalism.Even if the company is young and casual and the “F” word flows fluently, the first phone interview requires professionalism.Quite often, the first phone interviewer works outside the company and screens the first group of potential applicants.The interviewerâ€"quite possibly a human resource management professional well versed in all the reasons a company could get suedâ€"is the person you need to impress.Timely Phone EtiquetteIs it a good time to talk? Some phone interviews are scheduled and some are not .Expert interviewers use the element of surprise to see if you can think on your feet.As soon as you know you are on the phone with an interviewer, shush everyone around you with your hands and simultaneously move to a quiet place.If the interview is scheduled, make arrangements for a quiet place ahead of time.If the interview is unscheduled and you’re stuck with noise, explain the situation to the interviewer, but do your best to keep the surroundings quiet. You do want to prove you can manage spontaneous situations.If you have an unexpected phone interview:Tell the interviewer you are happy they called.Tell them how much time you have to talk.If you only have a few minutes to talk, tell them you wish you had more time, and make concrete arrangements for a date and time to continue the interview.If you’re on a cell phone and worried about the battery, explain the situation and get a name and contact number to call the interviewer back.Once the discussion starts, communication b ecomes paramount. Interview content traditionally revolves around your character, skills, problem-solving abilities, and professional relationships.6. Create Your Character with SentencesDesired Character Traits for Phone InterviewsBe modest, not arrogant.  Say: “I topped our region’s expectations with $5.5 million in sales.”Not: “The people I work with are lazy, and I beat everyone’s record with $5.5 million in sales.”Your statement should be about the company and should not belittle others.Be confident, not insecure.Say: “I’m confident my snowboarding knowledge can be applied to the situation.” Give example.Not: “I think my snowboarding skills will help? What do you think?”Make your sentences declarative and stay away from vague phrases like “kind of” or “possibly” when you’re describing your skills.Be inquisitive, not annoying.Say: “What types of projects are the most challenging at the company?”Not: “I have a specific project in mind using m y favorite software that will help me in my career.”Keep your interest and focus on the company, not your professional and personal advancement.Be honest, not an exaggerator.  Say: “I didn’t finish my college degree because I was raising a family and working two jobs.”Not: “I graduated,” when you didn’t.The interviewer may have already completed an informal background check.   Be authentic.Be accountable, not a blamer.Say: “The business went bankrupt, and I now know what I would have done differently.” (List things you would have done differently.)Not: “The business went bankrupt because my partner made stupid decisions.”If the interviewer sees you place blame on others, you can blame yourself for not getting called back for a second interview. (Even if your partner was stupid.)Be motivated, not a robot.  Say: “Business was slow, so I created a new sales pitch.”Not: “Business was slow and I had nothing to do.”Interviewers want to know that you can take initiative.7. Spend Time on StorytellingInterviews aren’t all one-sentence answers.You’ll need to answer some questions about your skills, problem-solving abilities, and professional relationships. Stories are your tools.Be prepared for “Tell me about a time…” and be prepared to make yourself the main character of an intriguing story.To find your story, channel some Zig Ziglar and apply it to your storytelling:Ask yourself what the interviewer wants.  The Interviewer wants to know that I can ___________________.Example: The interviewer wants to know that I can manage a team effectively.Think of times when you’ve done that thing the interviewer wants to know.  Now think of times you’ve done that thing when times were tough.Imagine your story.What was the root problem in your story?The problem happened because _____________________.Example:   Our competitors played dirty. One day, they threw a grenade into the office.How did you solve the root problem?I had _____________ _____ skill/quality/ability/character trait.Because of this, I was able to __________________________.Example: I don’t wait for others to act. I quickly yelled “Grenade! Get under the desks!” and nobody questioned me.The grenade exploded with fragments of our product. We were scared, but not hurt, and we cleaned up the mess together.I felt the team had confidence in me, and it was heartwarming that we all stuck together even after the disaster. I suggested to the CEO we take legal action, and our competitors haven’t bothered us since.Take time to find your stories before your phone interview.  Ask yourself why you want the job, or why you are interested in this specific group of investors.Spend some introspective time evaluating the strengths and weaknesses that that were common themes in your lifeâ€"personally and professionally.Define the unique “you” and the skills and quirks you bring to the table. Don’t deceive yourself. Ask others how they perceive you.James Bond was a spy. (Stay with me.)Bond had communication skills, people skills, analytical skills, and athletic skillsâ€"he can prove it.He was not the Head of the Secret Intelligence Service. He did not make all his weapons personally. Bond’s boss “M” was skilled in project management.Agency workers were skilled in data analytics.Gadgets makers were skilled in innovation, engineering and mechanics.It wasn’t just James Bond saving England.Everyone gave their unique contributions.What are yours?They key to a successful interview is to identify your stories ahead of time. Spend time rehearsing them. See if you can recreate them without notes.   The glory of a phone interview is that you can have all the notes you want. If you drop them on the floor, no one will see.Write down the bullet points of your stories. Include approximate dates in case you’re asked questions to confirm your employment. Look into your past for odd moments and memorable moments.Then look at your past as a wov en thread of events. What always happens? How do you always act in certain circumstances?Start writing notes on these stories now:Three stories that demonstrate your skills.Three stories that demonstrate problem-solving.A story involving a boss.A story involving a coworker.A story involving a client.Make one version emphasizing your strengths, make another version which identifies your weakness.For each story, make sure you can identify the who, what, where, when, why and how.  You can mix and match, but have at least six stories you can pull from.For every weakness you have, write a sentence that turns it into a positive.For instance, James Bond could say, “I’m not an expert at project management like “M,” but I can manage to catch a criminal in a tank full of sharks.” (Of course, he’d never say that because he doesn’t have to prove himself. But you do.)Find a supporting character in your story that complements your weakness. Showcase the complementary teamwork.Try it :I’m not an expert at __________________ like ________________, but I can _____________ and produce ________________________.  Having trouble writing a story? Even Ian Fleming uses the basics:A beginning. (A great place to set the scene. Ian Fleming starts with an action scene.)A middle. (What happened and why?)An end. (How did you save the day?)Do not go into intricate details that aren’t relevant unless there is an irrelevant fact that makes the story interesting, odd or intriguing. Do include some intelligent data and promote the gifts you have to offer. Make sure you pause.Use real life experiences. Ian Fleming called his authoritative mother “M” in real life. It’s no coincidence Bond references his boss at M16 by the name of “M.”The middle of your story should include a plot twist or something unusual. Look back at everyday events. Do you remember a day when things didn’t go as planned?Corporate Bond on phone interview: “I was dancing with my partner to get so me information when she was shot in the back. Nobody noticed. I made sure to remove her from the dance floor carefully so as not to disturb the party.”  Your Turn:I was: ____________________ (List traditional event that happened.)Then this happened: _________________ (List the unexpected or unusual.)Everyone:   _________________ (List shared reaction.)This is what I did: ________________________ (Tell what skill you used and how you used it.)If you have a story with a funny scene, tell that one. Laughter helps release endorphins, and endorphins may promote togetherness. If your interviewer connects with you, you’re one step closer to getting to that second phone interview.Good storytellers ask questions and make the audience think.You can lead into a question to the interviewer asking if there’s one trait that is common in most hires. If you’re interviewing with a venture capitalist, you can ask what traits portfolio companies share, or how the company handles disasters.Aski ng a question after a story also gives the interview a shorter opportunity to pick apart your story, because their mind will switch focus to your question.8. Dash through the DisasterHandling Disasters During Phone InterviewsA phone disaster can hang up your chance to get a second interview.To increase your chances of being called back for a second interview, expect the unexpected. James Bond acted swiftly to unexpected events, but he was prepared.Disaster prevention for phone interviews:Always line up a private place and time for a scheduled phone interview.Always get the phone interviewer’s name and phone Number at the beginning of a conversation.Always have your phone fully charged before the interview. Have a charger and outlet nearby.Always have your notes, pencil, pen, and paper nearby.Use a landline if you have one available.Keep a glass of water nearby in case you get the awkward cough that doesn’t go away.Have this question written down on a sheet of paper in front of y ou: “May I have a moment to collect my thoughts?” Use it if your mind goes blank.  Afraid of freezing on the phone? Afraid you’ll scramble your story?Reach for your life jacket.Keep notes on the facts you’re likely to forget, practice your story, and be prepared to go with the flow. With the right presentation, even mediocre stories can sound great.With all due respect to Harvey Mackay and Swim with the Sharks, the 1965 movie Thunderball demonstrates what to do when you’re drowning in a phone interview. In Thunderball, Bond is trapped underwater in a neighborly backyard shark tank.   A shark swims inches from Bond. (He survives.)The real story: The scene was filmed with a presumably dead shark being pulled by a wire and several drugged sharks. James Bond was nervous swimming with the sharks.Impression: An Academy Award winning scene. (Remember, this was 1965.)The real story continued:   The “dead” shark had a revival towards the end of the scene.The point: James Bond w as nervous. Movie viewers did not see the wire. The movie won an award. Your interviewer will not see you looking at notes and they won’t see you drowning in sweat from nervousness. Focus on the impression you want to make.Do whatever it takes to finish the scene. Pull the dead shark. When your mind goes blank, use your notes. If you can’t use your notes and you forgot your stories, pause, and ask a question.Alternatively, if your mind does go blank, pause, breathe in, and ask “May I have a moment to collect my thoughts?” then wait for the answer yes. If you can’t get back on your feet in time, keep pulling that dead shark and ask the interviewer if they could please repeat the question. The shark might come alive, and you’ll be back in the game.Fill your mind, and notes, before the interview. Don’t drown in fear, drown in preparation.Always research a company before the interview.  James Bond knew his targets.Spy Things to Do Before a Phone Interview:Visit and read th e company website.Scroll through the company’s social media streams.Research the history of the company and mentions in news and other periodicals.Get a feel for the company culture being portrayed.Find the names of executives, human resource managers, your new boss, and the person that will be interviewing you.See what their significant others and family members are posting.Take note of any familiar names or common connections.Do some spy-worthy social media snooping and Googling to see what’s valued. Be sure to check out LinkedIn profiles.If it’s a U.S. public corporation, look at the most recent 10-K report on the Securities and Exchange Commission (SEC) government website.Review stock market history.Make sure you’re familiar with the product line and services offered.Identify the company’s competitive advantage.Review investor relations and sponsors.If applicable, look at public agency records for health and safety.Do a search for the company name using Google Scholarâ €™s case law feature.Review the employment reviews of the company on Glassdoor and industry websites.Review company reviews on Google, Yelp and other review websites.Studies in personnel psychology that have carried through decades show that to have a successful interview, interviewees must:Respond concisely. (Have speaking skills.)Answer questions fully. (Have storytelling skills.)Stay Relevant. (Communicate appropriately with the interviewer.)If you use the eight tips we gave you, you’re sure to have a successful interview.Ending the call and getting the second interviewEnding a phone interview is a bit like ending a sales call. You can’t be too pushy, but you can get some more information.Whether you or the interviewer end the phone call, be sure to do these five things:1. Thank the interviewer in a complimentary manner and use their name.(“Thank you “M” for an intriguing discussion.”)  2. Ask if you can have their email address for follow-up.(“May I have your email address for follow-up on our discussion?”)3. Ask if there’s a reason you wouldn’t get a second interview. If they give you a reason, address it.(“Through our discussion, do you think there’s a specific reason I won’t get called for a second interview?” [Interviewer mentions she saw the 1960s movies and how he treated women.]“Oh, my attitude towards women? I’ve since taken classes on sexual harassment in the workplace and have stellar behavior. My boss, also named“M,” will be happy to speak with you.   Would you like me to make arrangements for her to contact you?”)4. Ask who will be conducting the second interview.(“Do you have any insight on the person who will be conducting the second interview?”)5. Thank the interviewer again by name, mention you’ll look forward to hearing from them, and inquire about the response time frame.(“Thank you, again, “M” for an enlightening interview. I’ll look forward to hearing from you in a few weeks. Is that a reasonable time frame?”)James Bond has the talent to save England and you have the talent to get a second interview.Follow our tips and you’ll be writing the script for your new life adventure.

An Analysis Of A Mergers Profitability - Free Essay Example

Sample details Pages: 8 Words: 2253 Downloads: 3 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Abstract Introduction In the last few years we have observed a revived surge in the number of mergers. They are more often observed in countries with better accounting standards. Companies undergo mergers for a number of reasons. Don’t waste time! Our writers will create an original "An Analysis Of A Mergers Profitability" essay for you Create order The primary reason is the proper allocation of resources and thus, increasing cost efficiency. A small amount of research has been done in the past years analyzing the short and long term effects of mergers in creating value for the companies. It has been seen that most mergers result in failures but not much research has been done in analyzing the reasons behind it. My research would be based on few of the biggest mergers that have taken place in the last few years. Firstly, my analysis of a mergers profitability would be based on standard event study methodology. It would take into account the return to shareholders. Secondly, it would also aim to provide evidence regarding the signalling theory and the synergistic and the agency views. This would be based on an in-depth analysis of various determinants such as the excess returns around the announcement of the merger bid and around the termination of the merger and the significant differences in the responses of firms attempting fo cusing versus diversifying mergers respectively. Lastly, this would be followed by a thorough analysis of the valuation effects of mergers. There have been varied views but no one conclusion has been reached. I would thus, like to investigate deeper into it 2. Literature Review and Hypotheses Analysis revealed My research concentrates on the effects of a focusing and diversifying merger on the abnormal returns around the announcement period of the merger. The study by Delong (1999) can be seen as an extension to my research. He based his research on evaluating the stock pricing behaviour of the bidder and the target in bank mergers. He further studied the abnormal returns according to the nature of the merger i.e. focusing or diversifying. In my analysis, I take into account only activity focused mergers, whereas Delong (1999) considers mergers which focus on both activity and geography. His results show an enhancement in value of a focusing firm of about 2 % to 3 % as compared to a diversifying firm irrespective of the time period. On investigating further, he found that the relative market size of the target to the bidder and the pre-merger performance of the targets show an apparent relationship with the cumulative abnormal returns so calculated. Wong and Cheung (2009) analyse the changes in the stock prices of the bidding and target firms in Hong Kong, China, Taiwan, Singapore, South Korea and Japan, following a merger or an acquisition announcement. It can be seen from their analysis that such an announcement yields positive results for the bidding firms but does not prove to be very beneficial for the target firms. Their hypotheses considered the consequences of the mode of payment, the type of acquisition and the type of the target firm on the stock pricing. Out of them only the second variable seems to have a direct effect on the post announcement returns of the bidding firm. Huang and Walkling (1987) conducted similar research by extracting a sample of acquisitions from the Wall Street Journal which consisted of all initial front-page acquisition announcements. But this, took into account slightly different variables as compared to the other analyses discussed above. They determined the effect of tender offers vs. mergers; cash offers vs stock offers and resisted offers vs. unresisted offers. Their analysis revealed higher abnormal returns for tender offers which were quite insignificant once the effect of the extent of resistance and the payment type were isolated from it. The deals which faced resistance during a merger or tender offer showed higher abnormal returns irrespective to the mode of payment. All the results obtained above were either insignificant or marginally significant, but the effects of the third variable i.e. the form of payment showed some concrete results. The cumulative abnormal returns obtained from cash offers were radically high er than those obtained from stock offer. This research carried out by Huang and Walkling gave quite a holistic overview of the effect of the announcement of an acquisition, as it took into consideration, variables which are affected by both the bidding and target firms decisions. All the literature discussed earlier in this paper, has illustrated some positive effects of an acquisition for both the bidders and the target firms. But, the analysis conducted by Bruner (2001) showed a little variation to the above. It suggested that only the target shareholders draw upon the benefits of the acquisition. No such profitable return is observed for the bidding firms. But, the combined returns of the bidder and the target yield positive results. The approach followed by Bruner differs significantly from most of the research discussed earlier. He measures the performance of a merger and acquisition based on the investors required returns. After observing the abnormal returns of the acquirer around the announcement date of the merger as per my research, the most obvious next step would be to analyse the long term effects of the merger. Various studies have been done in order to rightfully determine the outcome .The study by Asquith (1983) showed drastic negative returns after about three years of the merger. One of the best analyses that I found was by Agrawal, Jaffe and Mandelkar (1992) in their paper à ¢Ã¢â€š ¬Ã‹Å"The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly. Their results are based on a thorough analysis of a number of mergers that took place from 1955 to 1987. They explored the effect of the size of the firm and its beta risk, and found a loss of 10 % in the total wealth of the acquiring firm, five years after the merger was completed. An attempt was also made to find the additional NPV which is not captured by the announcement returns analysis. But, it was seen that the modificat ion of the market was similar for both the announcement and post merger analyses. Cole et al (2006) Investigate a number of unsuccessful mergers in order to determine if they create or destroy value for acquirers by using mainly two approaches. Their signalling approaches show that the value of the bidding firm is reduced by a large margin in the market, which is a form of a punishment for considering the acquisition of a low NPV project. They also find that horizontal mergers yield negative CAR. Hypothesis 1: The average abnormal returns (AAR) yield positive results for all sub-periods in the event Hypothesis 2: The Cumulative average abnormal returns (CAAR) yield positive results for all sub-periods in the event. Hypothesis 3: The type of acquisition, kind of acquisition, the mode of payment and the type of target firms affects the value of the cumulative abnormal returns (CAR) around the announcement day t=0 in the event. Take into account focusing and diversifying 3. Methodology We begin by classifying the effective sample into two categories à ¢Ã¢â€š ¬Ã¢â‚¬Å" Focusing and Diversifying. The classification approach has been adopted by Mann and Sicherman (1991).This can be done by comparing the two-digit SIC Codes of the acquirer and the target firm respectively. If both the firms involved in a deal have the same two-digit SIC Code, it can be classified as a focusing acquisition, whereas, if both firms have different codes, it is classified as a diversifying acquisition. Now we progress towards analysing the cumulative value created by a focusing and diversifying acquisition around the announcement date, using a standard event-study methodology described by MacKinlay (1997), Huang and Walkling (1987) and Wong and Cheung (2009). The Market Return Model is used in this case, to calculate the abnormal returns of the sample using a linear relationship between stock returns and market return. Rit = ÃŽÂ ±i + ÃŽÂ ²iRmt + ÃŽÂ µit (1) E (ÃŽÂ µit = 0) var (ÃŽÂ µit) = à Ã†â€™ÃƒÅ½Ã‚ µt2 Where: Rit : Return on security i on day t Rmt : Return on market portfolio on day t ÃŽÂ µit : Zero mean disturbance term ÃŽÂ ±i, : expected value of the difference between Ri and ÃŽÂ ²iRmt ÃŽÂ ²i : covariance between Rit and Rmt divided by the variance of Rmt à Ã†â€™ÃƒÅ½Ã‚ µt2 : variance of the error term We use the market model instead of the constant mean return model as it gives us a more accurate judgement of the effect of the event. This is true as it does not take into account the variation of the market return , thus, giving us more accurate abnormal returns. ( if any words remain add how to calculate rit and rmt) In order to calculate the abnormal returns, we use the market model parameter estimates. ^ ^ ARit = Rit à ¢Ã¢â€š ¬Ã¢â‚¬Å" (ÃŽÂ ±i + ÃŽÂ ²iRmt) (2) Where: ARit : the abnormal return for security i on day t ^ ^ ÃŽÂ ±i and ÃŽÂ ²i : estimates of ÃŽÂ ±i and ÃŽÂ ²i In order to calculate the abnormal returns we use a maximum of 351 daily observations (Huang and Walkling, 1987). We start collecting data from t -300 to t +50 days, with t = 0 being the announcement date of the acquisition. These 351 days include non-trading days as well. In other words, we actually gather data from t -214 to t +36, taking only trading days into account. We use different time periods of an event for a complete comparative analysis of abnormal returns in each sub period which is described as below: Event period : day t -10 à ¢Ã¢â‚¬  Ã¢â‚¬â„¢ day t +30 (41 days) Pre-announcement period : day t -10 à ¢Ã¢â‚¬  Ã¢â‚¬â„¢ day t -2 ( 9 days) Announcement period : day t -1 à ¢Ã¢â‚¬  Ã¢â‚¬â„¢ day t 0 ( 2 days) Post Announcement Period : day t +1 à ¢Ã¢â‚¬  Ã¢â‚¬â„¢ day t +30 (30 days) diagram To analyse the effect of the event , we now calculate the average abnormal return (AAR) for all the securities for a time period t. AAR is the sum of all abnormal returns of firms on day t divided by N( the number of firms): (3) The t statistic, à Ã¢â‚¬ ¢, is calculated by dividing AARt by the standard deviation of the average abnormal returns. This is final step of the model, which helps in determining the significance of the AARt in the event period. (4) While calculating the standard error, an estimator is used to calculate the variance of the abnormal returns in the absence of but in this case we use the sample variance measure of that we derive from the market model regression. The estimator is as follows: In order to establish a more holistic viewpoint, the cumulative average abnormal returns (CAAR) are calculated: Where T1 to T2 is the duration of the event in which the AARt is collected. According to our hypotheses we have to calculate one more variable, the cumulative average abnormal return (CAAR) over a certain period. In order to find out the significance of CAAR we calculate its t statistic as follows: Where var(CAAR) is the variance of the cumulative average abnormal returns. We could use a variety of formulas to calculate the standard deviation and t statistic such as those described in Campbell, Lo and MacKinlay (1997) and Brown and Warner (1985). But we calculate using the method adopted by Kothari and Warner (1985): Where: : Variance of the average abnormal return for one period. L : Longer the L, the higher is the variance of CAAR To test the third hypothesis, another variable is taken into consideration the Cumulative abnormal returns (CAR). We now develop a regression model using dummy variables to test the effect of the type of acquisition, kind of acquisition, the type of the target firm and the mode of payment on the CAR of the acquirers. The control variables are the relative market size of the market value of the target to acquirer (RMV) and the market size of the acquiring firm (M) (Wong and Cheung, 2009). Where: : Cumulative abnormal return from day d1 à ¢Ã¢â‚¬  Ã¢â‚¬â„¢ day d2 D1 : 1 if the type is acquisition D1 : 0 otherwise i.e. merger D2 : 1 if it is focusing D2 : 0 otherwise i.e. diversifying D3 : 1 if target firm is private D3 : 0 otherwise i.e. public D4 : 1 if mode of payment is cash D4 : 0 otherwise i.e. stock M : Market Value of the acquiring firm=Number of outstanding share *closing price on the announcement date The tests of hypotheses 1, 2 and 3 can be described as the following tests: H1 : H0 : AARt = 0 H1: AARt à ¢Ã¢â‚¬ °Ã‚   0 H2 : H0 : CAARt = 0 H1: CAARt à ¢Ã¢â‚¬ °Ã‚   0 H3 : H3i :ÃŽÂ ²1 = 0 (Acquisitions vs. Mergers) H3ii :ÃŽÂ ²2 = 0 (Focusing vs. Diversifying) H3iii :ÃŽÂ ²3 = 0 (Public vs. Private target firms) H3iv :ÃŽÂ ²4 = 0 (Cash offer vs. Share offer) 4. Data Description The number of mergers and acquisitions carried out in India has been quite extensive. Hence, certain criterion has been used to select a suitable sample. The deals carried out with Morgan Stanley, JP Morgan, Goldman Sachs, UBS, Deustche Bank and Citi as their financial advisors should be included. These banks have been chosen as they deal with high valued mergers which are perfect for highlighting the true effects of a focusing or diversifying merger. All deals should have been completed from January, 2003 to March, 2010. The sample consists of only 178 completed transactions. All the acquirer firms must be publicly listed in the Bombay Stock Exchange. The SIC Codes for the target and acquirer should be available in the CRSP Database. This helps in dividing the sample into focusing and diversifying mergers. Because of these restrictions, the sample reduces to 70 firms, three of which have some information missing regarding the stock returns etc and hence our effective sample is 67. It has been further classified into 44 focusing and 23 diversifying deals. Using only publicly listed firms enables us to extract information about these deals such as à ¢Ã¢â€š ¬Ã¢â‚¬Å" announcement dates, termination dates, stock returns, market returns etc. from the Thomson One database, company websites and the Bombay Stock Exchange. The Bombay Stock Exchange Sensitivity Index or the BSE Sensex (30) has been used to gather the market returns of the firms TABLES 5. Estimated Result 6. Conclusion (Limitation)

The Production Of Animal Products For Human Consumption

The production of animal products for human consumption contributes over 14.5 towards global greenhouse gas emissions, and is one of the biggest factors of climate change . Most consumers of meat and dairy are uninformed of this fact, as they believe that transportation and the burning of fossil fuels are the leading contributors towards global warming, and not the production of foods that they consume on a daily basis and in large quantities. However, the consumers are not the only ones to blame; in America, large meat and dairy corporations as well as the government are two forces that heavily advertise and influence the consumption of animal products. In fact, companies such as Tyson Foods have successfully lobbied for the Agriculture†¦show more content†¦To change their diets of meat and dairy, people have to understand and adopt growth mindsets. When people have a growth mindset, they believe that intelligence and talent are developed rather than fixed . People who have growth mindsets are more open towards challenges, and make efforts to learn. The same can be applied to changing one’s diet to consume less meat and dairy. People with growth mindsets are open towards new experiences. Consequently, they will be more willing to switch their diets to include less meats and dairies. At the same people, people who are less likely to change their diets, 62% of Americans , can learn to adopt a growth mindset, through understanding oneself, learning from experiences, and seeing things from different perspectives and challenging oneself to take action . After adopting a growth mindset, people can use positive psychology techniques to challenge themselves to consume less animal products. For people to understand the reason why they need to consume less meat and dairy products, they have to apply the concept of PERMA, the model of well-being. They need to identify that their well-being is greater when eating less animal products and explain it using a spects of PERMA. For example, consumers who have made an active change in their lives to change their diets can explain their reasoning with experiencing more â€Å"Positive Emotion† – they receive

What Pros Are Saying About Societal Issues and How It Affects You

What Pros Are Saying About Societal Issues and How It Affects You The only means to do so is to work with each other to resolve the problems. A good deal of things were culminating. You have to make them understand what you're fighting for and what you are interested in getting the world to comprehend and see. Also as the world shrinks and everything gets more global in nature, it will become ever more important in order to communicate in more than 1 language. There's an exciting connection between the idea of smart cities and the Internet of things. The public wasn't prepared to face the controversial topics. If there's an area you'd love to dwell in after graduation then hoping to become into a program in that area may be excellent method to network and make connections for your upcoming position. Another instance is Ariel. Choosing Societal Issues Most families were quite poor. The Reasons for Divorce There are a number of reasons couples seek divorce. Living with a single parent can change the emotional well-being of the kid. Lasting Complications While there isn't any evidence which every child of divorce is going to be impacted severely in any way, it is not possible to define the precise effect of divorce on any kid. If You Read Nothing Else Today, Read This Report on Societal Issues Athletes are tasked with providing for their community in a number of ways, and their actions are continuously monitored, particularly in the era of social networking. Women and girls face unimaginable challenges in nearly every region of the world. Men often did not develop into work and thus they were made to steal. In the context of social problems, however, social issues might be more common, but it doesn't indicate it's always more correct. Some of the most well-known questions deal with topics which are important to humanitarian causes and reveal how you are feeling about societal problems. Athletes are nowadays highlighting several aspects of a ll social and political issues due to the fact that they know that the present generation will listen to what they need to say. The political problems are among the significant challenges in Nigeria. Societal Issues at a Glance It's better to enjoy life more in whatever ways you are able to. Hope it can help you learn different facets of creativity. The idea was supposed to inspire researchers to contemplate the many ways electrochemistry can be applied to fix issues of international significance, explains Salmon. In case it takes as much power and effort to be happy as it does to miserable, you may as well try happiness to learn how it feels. The Downside Risk of Societal Issues In the calendar year 1960, Nigeria was officially provided independence. Education has become the most powerful weapon that you can utilize to modify the world Nelson Mandela. Bilingual education is a concern in other nations in addition to in america. Stress is a term most individuals are all too acquainted with. It's critical for everybody wanting to tackle social issues to take into account the sorts of impact they need to get, the scale of it, and why. Speaking about your social anxiety to a close peer, or merely using communication to repair a healthful relationship are manners in which you can relieve some stresses. The issue with testing has at all times become the pain and inconvenience. The Unusual Secret of Societal Issues My personal belief is that children from some other cultures who might speak different languages at home need to get familiar with English and that English should be the necessary language for most governmental affairs. On the positive side, there are lots of advantages of students learning another language at a rather young age. Once a student gets familiar with another language it is significantly easier for her or him to master it as they grow older. Some students might be well versed in English while others might not. Excellent People You can receive a lot of funding from good folks who believe in your cause. Wanting to earn an impact' is just the beginning. Possessing a comprehension of Spanish social and company culture is extremely important if doing business in Spain. Change has ever been the goal for everybody that's protesting. Using technology for mental health purposes should adhere to the exact same principle. Only it is possible to know whether it's indeed the optimal solution for your present situation. It's also noteworthy an increase in governmental power over the economy isn't necessarily equivalent to a rise in institutional power over the economy. There's power in agreement so, no matter their denomination, do it!

The structure of UK tour operations market Essay Example

The structure of UK tour operations market Essay 1.0 Introduction 1.1 Terms of reference This report is the result of an investigation on the UK outbound tour operating market for Cole Venture Capital. The objective of this report is to give a clearer understanding of the structure of UK tour operations market and give recommendations on whether investment in such industry will be profitable for Cole Venture Capital. 2.0 Historical Review We will write a custom essay sample on The structure of UK tour operations market specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The structure of UK tour operations market specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The structure of UK tour operations market specifically for you FOR ONLY $16.38 $13.9/page Hire Writer 2.1 Developments 1945-1960 Overseas travelling increased after World War Two. This was due to social, economical and technological improvements of their respective environment. The first air tour was credited to Vladmir Raitz whose Horizon Holidays bought surplus Douglas Dakota troop carrying aircraft from the army to carry 32 holiday makers on a trip to Corsica in 1950 (Yale 1995). The availability of cheap transport plus the lower accommodation and food costs in Spain and other Mediterranean countries made foreign holidays affordable to a generation emerging from war-time austerity and looking to enjoy the social equality and economic prosperity promised by governments of the era (Holloway 2002). 2.1.1 Development 1960s to 1980s The removal of visa requirements and the gradual easing of exchange controls encouraged further growth of foreign travel. The demand for travelling was largely met through inclusive tours rather than independent travel. This was because British people liked security of booking holidays from tour operators because the tour operators reduced the fear of the three Fs- flying, foreigners and foreign food (Yale 1995). Technological development continued to shape the tourism business. The introduction of Boeing 747 making it possible to travel in less time, made travelling more appealing (Yale 1995). Other factors, which influenced this growth, were the tour operators three main competitive advantages, which are low price due to bulk purchase of flights and hotels, quality assurance of well-known brand, and convenience booking through a local travel agent (Sharpley 2002). 2.1.2 Major developments 1980s to 2000 With the emergence of Thompson (Now TUI UK) as market leader, companies were adopting price led competitive strategies as consumers were expecting lower price. Thompson used its financial strength to pursue a strategy to gain market shares through cost leadership (Porter 1980 in Sharpley 2002). One of Thompsons major strength is that it is a vertically integrated company. Thompson owns the charter airline Britannia as well as retail chain Lunn Polly. Vertical integration has given Thompson more bargaining power with suppliers (Sharpley 2002). As a result of Thompsons tactics smaller operators were driven out of business and the sector became very much oligopolistic (Holloway 2002). One of the major developments during this period was the horizontal integration between Thompson and Horizon. The merger confirmed Thompson as the market leader, however the price wars have undermined the profitability of the whole sector (Yale 1995). The collapse of International Leisure Group (ILG) the second largest tour operator in 1991 signalled the full impact of the cutthroat nature of the industry (Yale 1995). By the mid 1990s a massive buying spree by Thompson and its rivals has changed the industry dramatically. The top four operators have spent millions buying other smaller tour operators and travel agents in the rush for dominance in the UK market. It all started with the Monopolies and Mergers Commission After several years of investigation, the UK Governments Monopolies and Mergers Commission announced at the start of 1998 that the foreign package holiday market was broadly competitive and served the interests of the customer well (Sharpley 2002). The report did impose three significant rulings on the sector: 2.1.3 Travel agents could no longer make discounts on the price of holidays conditional on the purchase of their preferred travel insurance scheme 2.1.4 Tour operators could no longer impose conditions on travel agents banning them from offering bigger discounts on other companies products 2.1.5 The big integrated companies now had to display their ownership links on the inside and outside of their agency shops and on brochures The MMC said the big operators had to make their ownership links more transparent. For example, Thomson Travel Group had to ensure that its travel agency chain Lunn Poly clearly stated its ownership links in its high street shops. The ruling of MMC meant the big companies were going ahead with more acquisitions (Holloway 2002: 227-231) 3.0Â  Structure of the travel and tourism industry 3.1 Structure The tour operating sector in the UK travel industry is dominated by the four big players- Airtours PLC, Thompson Travel Group, Thomas Cook and First Choice Holidays PLC. Between them they control 60% of the market (Sharpley 2002). To be a tour operator a licence (ATOL) is needed from the Civil Aviation Authority (CAA). An operator buys aircraft seats, hotel accommodation and other services or products required to make up a package holiday and sells them to the general public, traditionally through the travel agent but nowadays also directly to the public by various means including the internet. They make these purchases off principals in bulk, which generates economies of scale, thus making savings, which can be passed on, to the customer (Holloway 2002). The essential link in the process of selling holiday products is the brochure, which communicates the product to the customer, but as mentioned the Internet is becoming increasingly important. The barriers to entry are low, however it is very hard to compete with big tour operators. To survive it is essential to concentrate on a niche market or buy market share through integration (Sharpley 2002). The current structure of UK tour operating as mentioned by Sharpley (2002) is characterised by: 3.1.1 An elite group of about 10 vertically and horizontally integrated tour operators who collectively account 70 percent of the air holiday market. This group includes big players like Airtours and Thompson who are mass tourism operators. 3.1.2 A central group of established medium sized operators who have a strong niche market presence. They carry 100,000 to 300,000 passengers a year, however in recent years these companies have been taken over by big players for example Direct Holidays is now part of Airtours. 3.1.3 A very large number of small but specialised operators who carry less than 100,000 passengers a year. These operators focus on specific markets or destination. (Sharpley 2002:76). 3.2 Integration in tour operating In November 1996 Thomson and Airtours were referred to the Mergers and Monopolies Commission as part of an investigation covering the entire holiday industry. The investigation focused on vertical integration and whether travel agents sell their own holidays in preference to those of other operators or control their domination of the package holiday industry to control supply and fix prices. A further issue that was considered was brochure racking and switch selling, that is whether the larger travel agents such as Lunn Poly were giving preference to their own parent company when displaying brochures and selling holidays (Hudson et al 2001). Smaller tour operators were complaining that they were not getting a fair deal at the travel agents who were owned or linked to the larger operators. Integration both vertical and horizontal became more common with big tour operators after the Monopolies and Mergers Commission investigation into the travel industry. The outcome of the enquiry, which was announced in December 1997, effectively gave a green light to the big operators to go on their spending spree (Holloway 2002). 3.2.1 Cases of horizontal integration Horizontal integration is acquiring a company across the same level of chain distribution; the first focus of the major operators was on buying up other tour operators. Thomson bought smaller but profitable companies such as upmarket tour operator Simply Travel and Magic Travel Group. Airtours acquired companies such as Panorama Holidays while First Choice bought up medium-sized rival Unijet and long-haul specialist Hayes and Jarvis. Meanwhile, Thomas Cook bought Flying Colours Leisure Group, which operates Club 18-30 and Sunset Holidays and merged with Carlson Leisure Group (Sharpley 2002). After acquiring smaller tour operators the attention turned to securing distribution for the tour operators new, enlarged portfolio. Thomson acquired smaller, regional travel agent chains such as Scottish travel agency chain Sibbald Travel and South Wales chain The Travel House. Airtours bought up Travelworld and did a deal with an independent travel agency chain, Advantage Travel Centres, to sell its holidays through 350 of their branches. Thomas Cook literally doubled its travel agency chain overnight when it merged with Carlson Leisure Group and took over the Carlson Worldchoice (Holloway 2002). 3.2.2 Cases of Vertical integration Vertical integration is the common ownership of tour operator, airline and travel agent (or any two of these) it is a significant feature among the leading tour operators and travel agents and has increased in recent years. Prior to the late 1980s only Thompson among todays leading companies had been fully vertically integrated-with the purchase of its airline Britannia in 1965 and Lunn Poly in 1972 (Yale 1995:24-26). Among the leading organizations, the vertical integration picture is set out in appendix 1. 3.2.3 Impacts of horizontal and vertical integration on smaller independent operators In theory horizontal integration leads to economies of scale, this means that due to bulk purchases and shared marketing cost saving techniques are utilised. The cost savings enables tour operators to become more competitive, allowing it to develop better range of products at a cheaper rate (Yale 1995). Big tour operators have used integration as means of competitive strategy to gain greater immediate market shares as mentioned earlier in the report (See part 2.1.2 Thompson merger with Horizon). The vertically integrated groups now supply a large proportion of the tourism market. Vertically integrated operators have the market power to put competitors (especially smaller independent ones) at a disadvantage, for example in de racking or threatening to de rack their brochures in an attempt to negotiate larger commissions, by pressurising operators not to supply independent travel agents on better terms, or by pushing their own holidays through in house incentive schemes (Yale 1995). In many industries it is the role of small or medium size enterprises to develop new niche market segments, which if successful are taken over by larger organisations. This has certainly been the case in tour operating as the major groups have sought to diversify into higher yield specialist markets. In a report by Mintel (2001) the Association of Independent Tour Operators ruefully reflect that many of their former members are now part of larger vertically integrated groups. 3.2.4 Independent tour operator survival The keys to success are considered to be specialisation and exclusivity, with distinguishable niche products, and tailored personal service. These holidays are generally sold through direct sell advertising in newspapers and magazines, with high levels of repeat business and recommendation. However, AITO has also formed an alliance with independent retail agents under the banner of CARTA the Campaign for Real Travel Agents- who position themselves as genuine travel consultants as opposed to the holiday shops of the major groups. The big threat to the independents from the consolidation of tour operating is the fight for seat allocations. 4.0 Market Sizing Trends Despite the impact of the tragic events of 11th September 2001 on the outbound tourism market, expenditure overseas by UK residents (excluding fares), the number of UK residents visits overseas, and the number of nights spent overseas, all increased in 2001. The value of the outbound market including fares decreased in 2001, reflecting price pressure on fares as a result of increased competition (see appendix 2). This was accentuated by the development of low-cost airlines and the impact of 11th September. Prior to 11th September, the market was growing as it had since the Gulf War and the recession in 1991 (Keynote Travel Agents Overseas Tour Operators 2002). Keynote (2002) has stated that growth of outbound tourism from the UK has been greater than the world average during the 1990s. This is because Britons are getting better off. Many who could not previously afford overseas holiday can now do so. Also airfares are becoming less expensive, due mainly to competition and bigger airlines. There are also many other countries that are developing their tourist industry and the choice of where to go is getting bigger every year. Other trends included different channels of distribution such as the Internet and other forms of new media and digital technology.