? Explain the Continued Fascination with Katherina in ‘the Taming of the Shrew’

?explain the continued fascination with Katherina in ‘The Taming of the Shrew' Audiences continue to be fascinated and relate with Katherina because of the struggles she faces with not fitting into a very concise, social mould. There's no denying that The Taming of the Shrew is patriarchy at its worst. Shakespeare presents to the audience Katherina – an intelligent, highly stubborn woman who is willing to challenge the sexist patriarchal ideologies of the 16th century. She is subjected to many things like verbal abuse, injustice and double standards, which all resonate with the audience.Katherina doesn't fit into the social convention because she challenges the ‘proper' gender roles of the 16th century. We see Katherina challenging gender conventions when she protests against being treated like a commodity in terms of marriage which at the time was like a business or financial transaction supposed to benefit the families involved. Katherina makes it clear at the be ginning of the play that she does not wish to be married to someone merely because of her dowry, much to Bianca's despair.In Act 2 Scene 1 Baptista agrees for Petruchio to marry her. Katherina is very against the idea, twisting his words, insulting and even striking Petruchio. She is finally shocked to silence when even despite her best efforts to protest, Petruchio deceives Baptista in claiming that Katherina wants to be married to him and she â€Å"hung about my neck, and kiss on kiss She vied so fast†. Katherina also challenges gender roles in that she will willingly stand up for herself, which was very unlike any woman of the time.This did not help her case in being a ‘shrew' with a loud, ill-tempered personality and a â€Å"razor-sharp tongue†. We see this in Act 1 Scene 1 when Katherina is being openly insulted and abused by Bianca's suitors and refuses to step down and accept the fact she is being called a â€Å"devil† and a â€Å"wench†. She retaliates with speech that is witty and shreds the suitor's comments, however it was extremely out of the social practice for women. We find her challenging the roles of men and women relatable merely because of the age old contest of men verses women.Because of the very limited roles women held in this era we find that we begin to appreciate her actions in that she will stand up for what she believes is fair and right, even if it has her portrayed as an outcast. Katherina finds herself ill-equipped for the social mould of the era as she begins to make a mockery of the power struggles not only within marital relationships, but also within society. Once married, women essentially lost all legal rights and their own identity.This is why Petruchio refers to Katherina as his â€Å"goods† and his â€Å"chattels† after their marriage ceremony (Act 3 Scene 2). Katherina hates the idea of not even being able to speak her mind because of her limited power in her marriage. She says in Act 4 Scene 3 that her heart â€Å"will break† if she is silenced and unable to express her frustration about her lack of power and control over even her own wardrobe. The play forces the audience to question their assumptions and attitudes about the power dynamics particularly in romantic couples, but also with friends and relatives.We can relate to Katherina not wanting to be treated like a commodity or be stripped of her own identity and values because every one of us have felt pressure to conform to somebody else's values. Whether it be at school, home or in a romantic relationship, phrases such as â€Å"be a good girl† or â€Å"be a man† reverberates with us all and this is what Katherina attempts to overthrow in her relationship with Petruchio. Katherina is forced to deal with injustice, when she is judged and treated with unfairness, as a result of her inability to conform to social and gender conventions.The main object of Petruchio marrying Kat herina was so that he could have the challenge of ‘taming' her. This to the modern audience seems manipulative – as if Katherina is more like an animal needing to be tamed. As a modern audience we have become far more sensitive to social injustices, and so as we witness the abusive behaviour and misogynistic attitudes towards Katherina we begin to feel almost sympathetic for her misunderstood actions and feelings. It is unfair that the only way Katherina could achieve domestic tranquillity was to conform to how Petruchio wanted her to be.She is never given any choice, pretending that the sun is really the â€Å"moon† and moreover that an old man is really a â€Å"budding virgin† just to make Petruchio happy (Act 4 Scene 5). It is clear that as soon as we meet the Minola family that Baptista is clearly more favourable towards Bianca. In Act 1 Scene 1, Baptista asks Bianca to go inside with him and practice her music and books, he disregards Katherina saying â€Å"Katherina, you may stay. For I have more to commune with Bianca†. It is also in this scene that even though Katherina speaks just three times, we hear more about her than from her .This speaks of the judgemental and misunderstood nature that she is subjected to. This fascinates us because as she struggles to overcome this treatment, it becomes very relatable to the audience. The concept of fairness has become, to nearly all of us, a given right. For the characters in The Taming of the Shrew to willingly let fairness be blatantly ignored, becomes a fascinating idea to the modern day audience. Even though fairness has become a right, we have all been put into situations where fairness hasn't always been practised, and so Katherina's plight becomes relatable.Audiences continue to be fascinated with Katherina's character because of the struggles that she faces with not fitting into a very concise, social mould. The Taming of the Shrew's audience in the 16th century was one that was heavily concerned with the concepts of marriage, and so it is only natural that Shakespeare creates a character that challenges all the concepts tied to marriage entirely. Katherina takes things head on when she not only tests the boundaries of the limited roles and expectations of a female, but also won't accept the distinct power roles of a man and woman in a relationship.The play celebrates the quick-wit and strong mind of Katherina, even whilst revelling in her humiliation and unfair treatment. Whilst the social conventions have changed since the 16th century, they are still very apparent in our society, and there will always be those who test and rebuke those widely held standards. One point that is worth considering is whether or not our conventions are shaping our society for advancement, or worse for regression.

Gran Torino Analysis

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DISCUSSION QUESTIONS Essay Example | Topics and Well Written Essays - 250 words - 2

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Death and Gender in Othello Research Paper Example | Topics and Well Written Essays - 2000 words

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Breast Cancer Prevention by Conjugated Linoleic Acid Essay

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Peter Hunt argues that 'while (children's) books reflect the Essay

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Friendship or interpersonal relationship Essay Example for Free

Friendship or interpersonal relationship Essay The elderly in this study regarded friendship/interpersonal relationship differently and this difference was reflected in the data analysis. As suggested by the findings, many of them seemed not to be interested in getting closer or establishing friendship with others even with the co-residents of the home. Probably the theoretical reason behind this apparent ‘detachment’ could be found in the disengagement theory on aging. It postulates that as people age, they progressively withdraw from social, physical, and emotional interaction with the world. The long standing friendships from the past and the current friendship among the elderly in the home for the aged contributed much to the well-being/happiness of a little more than half of the total participants, the elderly. Friends appear to be most significant to older adults as a source of enjoyment, socializing, and talking about â€Å"good old times† which results in satisfaction with life (Campbell, 1976). The findings expounded that only half of the participants had this influence of friendship on their life whereas the other half did not. The following assertion of Pinquart, Sorensen (2000) would explain this situation: As friends are typically members of the same age group and often share personal characteristics, cohort experiences, life styles; higher similarity in values and experiences may promote a higher satisfaction with friendships and thus a larger influence of friendship on SWB in old age. Authority and Caregivers. The third meaningful relationship among the institutionalized elderly which gave satisfying results in their life was their relationhip with the people in responsibility or in other words the significant people in their present stage and situation of life. According to Carstensen et al. (1996, in Pinquart, Sorensen, 2000) close and long-term contacts are important and give individuals a sense of stability in their past and anticipated future, especially among elderly persons. The findings in the study showed there was a general consensus that the elderly maintained a positive relationship with the authority. It gave them a sense of importance, feeling of security and it affirmed their sense of worth. This friendly relationship seemed to be positively affecting the subjective experience of wellbeing of the institutionalized aged because as several studies have shown most elderly individuals expect emotional support from their children/family members (Ignersoll-Dayton Antonicci, 1988), and this â€Å"invisible providers† are being substituted by the authority and the caregivers in the institutional set up. Besides, positive relationships are helpful in dealing with stressors, which in turn enhance SWB (Sorensen Pinquart, 2000). Studies have also established that people supported by close relationships with family, friends, or other support groups are less vulnerable to ill health and premature death (Doress-Worters Siegel, 1994). Social Interest/Altruism The results reflected that social interest had considerable impact on the sense of wellbeing experienced by the elderly though not many in the home for the aged. The elderly’ interest in reaching out/altruism is supported by findings in the study done by Ryff (1989) on middle aged and older men and women. His study had proven that altruism is highly correlated to sense of well-being as it gave a sense of meaning and fulfillment in the lives of the respondents. According to Thomas Chambers (1989) empathy and altruism are manifestations of social interest and the greatest regret associated with decline of physical ability among the aged is the decreasing ability to engage in â€Å"social work. † The findings showed what Victor Frankl said to be true: a sense of life meaning ensues when we learn to transcend ourselves, when we have forgotten ourselves and become absorbed in someone or something outside of us (As cited in West, 2000). The findings also brought to light a reality that in general many of the elderly of the study were found to be more â€Å"self-oriented† than â€Å"other-oriented† and did not want to engage in any social activities notwithstanding the fact that many of them do reach out to others in their own limited capacity. This observation could be tied up with the disengagement theory that as people age they progressively withdraw from social, physical, and emotional interaction with the world. As they gradually disengage themselves, the society too withdraws from its engagement with the aging person. Interestingly, a few of the elderly felt that they have already done enough and it was their time for rest and didn’t want to be socially involved in any way. This behavioral pattern found in the nature of the elderly could one way be justified the light of the observation made by Warr, Miles Platts, (2001). Older people were found to be, for instance, more conscientious, traditional and careful in interaction with others, and less sociable, outgoing, change oriented and career oriented. Given this milieu, the question arises, as other studies have already indicated if social interest or altruism is one of the contributing factors toward experiencing a subjective sense of well-being among the elderly, how this finding could be explained in the context of the elderly of this study. It is also questionable whether the reason for this withdrawal is due to their status transition, the experience of ‘dethronement’: and the message conveyed to them that they are no longer useful or wanted by the family and the society. Butler et al. (1998) observed that ordinarily, elderly people regard institutionalization as a last resort as they perceive it is a kind of ‘abandonment. ’ This can result in a loss of self-esteem (Suh Suh, 1999) of the once independent, proud, revered persons when they are dispelled into an insignificant existence in a home which is not their home. This is yet to be explored whether the disengagement of theory on aging happen to be a self-fulfilling prophecy in the lives of the elderly.

The reasons that caused Lehman Brothers to collapse

The reasons that caused Lehman Brothers to collapse The bankruptcy of Lehman Brothers was a result of the investment banks exposure to the 2007-2010 financial crisis. In fact, the demise of the investment bank would come to symbolize the crisis. Therefore, in order to understand the Lehman Brothers bankruptcy, a consummate understanding of the 2007-2010 financial crisis is requisite. As such, an examination of crisis will serve as introductory. Several factors contributed to the fall of Lehman Brothers. Perhaps most important, however, was the period of deregulation that preceded the crisis. Arguably, the period of deregulation started during the Reagan Era. Reaganomics, the lassiez faireeconomic policies advocated by the former president, may have served as the starting point for the deregulatory climate that ensued for the following two decades. Either way, the following two decades witnessed an overriding belief in the virtues of deregulation. In 1999, President Clinton signed the Gramm-Leach-Bliley Financial Services Modernization Act into law. The act repealed portions of the Glass-Steagall Act (Banking Act of 1933). The Glass-Steagall Act prohibited universal banking. Universal banking is defined as a single institution acting as an investment bank, a commercial bank, and an insurance company(Investopedia). The repeal of Glass-Steagall allowed for harmful activity on the part of several financial intermediaries, including Lehman Brothers. For example, commercial banks played a crucial role as buyers and sellers of mortgage-backed securities, credit-default swaps and other explosive financial derivatives. Without the watering down and ultimate repeal of Glass-Steagall, the banks would have been barred from most of these activities (Demos 3). Several other factors contributed to the financial crisis, including:subprime lending, credit conditions, financial instruments, and an increase in home prices. Many subprime mortgages were predatory in nature. Often, the borrower had little chance of repayment. As mortgages were often bundled and sold, lenders were less concerned with a borrowers ability to repay the mortgage. In addition, over 80% of subprime mortgages were adjustable-rate mortgages (ARMs)(Lee).A combination of declining home prices and higher reset rates for ARMs caused delinquencies to increase dramatically. Subprime lending was fueled by low interest rates. After September 11, 2001, the Fed lowered rates. In periods of low interest rates, lending becomes more profitable. As such, banks were pressured to increase subprime lending. By 2006, subprime loans accounted for 20 percent of all mortgage loans (Kratz). The use of financial innovation to create complex financial instruments (derivatives) played a significant role in both subprime lending and the financial crisis. For example, banks sold mortgages, through the securitization process, to investors, in order to finance subprime lending. Asset-backed securities (ABSs) were a common securitization arrangement. A portfolio of income-producing assets (loans) is sold by the originating banks to a special purpose vehicle and the cash flows from the assets are then allocated to tranches (Hull 190). The securitized loan is then sold to investors as an ABS. The process is depicted below. ABS CDS In addition, another derivative, a credit default swap (CDS), was designed to provide insurance to protect against default. CDSs allowed investors to synthetically bet against the asset-backed securities. The process is akin to multiple people buying insurance on the same house (Demos). As such, when mortgages began to default, causing the value of ABSs to decline, the losses to insurance agencies were magnified. The combination of all three of the aforementioned factors caused a remarkable increase in home prices. Low interest rates encouraged borrowing. In addition, many subprime borrowers believed home prices would continue to appreciate in perpetuity. As such, subprime borrowers acquired ARMs. ARMs were a product of the financial innovation mentioned earlier. Between 1997 and 2006, the amalgamation of these factors resulted in a 124 percent increase in home prices (SP/Case-Shiller). Market Making In order to better understand the collapse of Lehman Brothers, it is necessary to examine the functions and practices of an investment bank. The sales and trading desks at investment banks had primarily acted as market makers. Market makers are a broker-dealer firms that  accept the risk of holding a  certain number of shares of a particular security in order to facilitate trading in that security (Investopedia). In other words, market makers provide liquidity to markets by quoting both bid and offer prices. In contrast,investment banks eventually began proprietary trading. Proprietary trading involves taking positions in assets, as opposed to profiting from the bid-offer spread (market making). Lehman Brothers, through proprietary trading, had large levered positions in both subprime mortgages and mortgage-backed securities. When the value of these assets began to decline, the firms equity was wiped out and the bank became insolvent. Proprietary Trading Collapse On September 15, 2008, Lehman Brothers filed for chapter 11 bankruptcy. This was the largest bankruptcy filing in U.S. history. The bank declared a debt of $613 billion, bond debt of $155 billion and $639 billion worth of assets. The demise of Lehman Brothers was caused by a combination of the rejection of bailout from the government, lack of a willing buyer, and the mortgage crisis. The reasons behind the government rejection of a Lehman Brothers bailout are hotly contested. Prior to Lehmans bankruptcy, the government had saved both American Insurance Group (AIG) and Bear Sterns from a similar fate. According to Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, the government failed to bailout Lehman Brothers for two reasons. First, the government lacked legal authority to intervene. Second, Lehman had insufficient capital. The Federal Reserve could only make a loan, Bernanke explained, if collateral supported ità ¢Ã¢â€š ¬Ã‚ ¦Giving Lehman a loan then would be lending into a run, Bernanke feltà ¢Ã¢â€š ¬Ã‚ ¦ The assessment was that if there was a run, which there would be . . . all we would have accomplished would be to make counterparties whole and not succeed in preventing the collapse of the company (dailyfinance.com).Many theorize that the government didnt save Lehman Brothers in order to teach market participants a lesson. However , Bernanke refutes, I speak for myself, and I think I can speak for others, that at no time did we say, We could save Lehman, but we wont. Our concern was about the financial system, and we knew the implications for the greater financial system would be catastrophic, and it was (dailyfinance.com). Lehman Brothershad potential buyers in bothBank of America and Barclays Capital. However, without government assistance,both Bank of America and Barclays Capital walked. Lehman was forced into liquidation. September 16, 2008, the day following Lehman Brothers file for bankruptcy, Barclays signed a definitive agreement to acquire certain parts of Lehman as well as their New York headquarters building. The deal was revised days later for Barclays to acquire the core business of Lehman Brothers including their $960 million Midtown Manhattan office skyscraper and 10,000 employees for $1.35 billion. With few other options, Lehman had little choice but to acquiesce. On September 22, 2008, Nomura Holdings Inc. acquired Lehman Brothers franchise in the Asia Pacific region including multiple locations and 3,000 employees. The mortgage crisis played a significant role in the collapse of Lehman Brothers. Lehman was a major player in subprime lending. Lehman was a leader in both mortgage lending and loans securitization of mortgages. Subprime lending and securitization represented an increasing large portion of Lehmans revenues. As such, the firm was irrevocably linked to the mortgage market. When mortgage default rates began to rise, demand for MBSs decreased. Lehman was stuck with billions of dollars of toxic assets on its balance sheet. Lehman would eventually close its mortgage lending operations. The following year, due to holding on to large positions in subprime and other lower-rated mortgage tranches, Lehman faced significant losses. By 2007, Lehmans leverage ratio (measurement of risk) also increased tremendously to 31:1 putting them in a very vulnerable position because they were too thinly capitalized for the leverage used. This was allowed because they were not subject to the same regulations as depository banks. Deregulation allowed for Lehman to take those increasingly risky positions. Market Effects Lehman Brothers bankruptcy filing on September 15, 2008 caused the DJIA to drop over 500 points (-4.4%). September 15, 2008 marked the biggest one day drop since the markets reopened following September 11, 2001. The DJIA would eventually lose an additional 43% of its value, erasing more than US$ 1 T in market capitalization. World stock market indices suffered a similar fate. The FTSE All-World Index would eventually lose 2400 points (44% of its value). The prospect of Lehman liquidating $4.3 billion in mortgage securities sparked a selloff in the commercial mortgage-backed security (MBS) market. Several money and institutional funds had significant exposure to Lehman. BNY Mellons institutional cash fund and the primary reserve fund (an MMMF) both fell below $1 per share due to exposure to Lehman. The Net Asset Value (NAV) of MMMFs normally stays constant at $1 because investment products usually do not produce capital gains or losses (Investopedia). This event was referred to as the breaking of the buck. Overall systematic risk increased drastically as a result of the bankruptcy filing. Due to the increase in systemic risk, there was a US$ 737 B decline in collateral outstanding in the securities lending market. In addition, the TED Spread, the spread between U.S. treasury rates and LIBOR rates, increased almost 400 basis points. Essentially, the dramatic increase in the TED spread was due to overwhelming uncertainty. LIBOR rates incorporate a small amount of credit risk; U.S. Treasury rates are seen as virtually risk-free. The uncertainty caused the rate differential between a small amount of credit risk and risk-free to widen. After the Lehman Brothers bankruptcy filing, in order to address the escalating crisis, the government created the Troubles Assets Relief Program (TARP). TARP was designed to purchase both assets and equity from financial intermediaries (FIs). The purpose of its design was threefold. First, by purchasing assets, the government hoped to remove toxic assets from the banks balance sheets. Second, by increasing equity positions, TARP recapitalized the troubled banks. Third, TARP was also implemented to encourage inter-bank lending. Opinion The bankruptcy of Lehman Brothers was preventable. The preventability of the Lehman Brothers bankruptcy is primarily due to three factors. First, corporate culture is dictated by upper-level management (this is especially true in top-down hierarchical organizations). At Lehman Brothers, CEO Richard Fuld created a culture of risk taking. A corporate culture that reflected conservatism could have prevented the banks demise. Second, as a corollary, tougher risk management policies could have prevented risk taking behavior. For example, by historical measures, Lehman had a tremendous used a tremendous amount of leverage. As mentioned, a 3 percent decline in asset prices would wipe out the firms equity. A leverage cap could have been used to prevent the overuse of leverage. Third, the weak economic climate was disastrous for Lehman. Lehman had large positions in the mortgage market. When the market began to decline, those positions went against the investment bank. To prevent the three factors, the firm should have hired a CEO that advocated a less risky business strategy. In addition, reduce employees compensation based on profit generation. The firm could have also employed a more market neutral trading strategy. In doing so, Lehman would have avoided insolvency. As mentioned, several ways exist to prevent the failure of the investment bank. However,all the above approaches Lehman CEO Richard Fuld are tailored to Lehman Brothers unique situation. They may or may not, however, be industry-wide or socially beneficial.To prevent another financial crisis and, therefore, the failure of financial institutions, we must align the self-interests of those institutions with societal interests. The following are recommendations for aligning the above interests: à ¢- Long-term Incentive Structure à ¢- Fiduciary Responsibility à ¢- Promote Financial Education à ¢- Prevent the Manipulation of Social Interests We need to develop a long-term incentive structure to prevent executives trying to capture profit upfront at expense of the company and/or societys long-term interests. We could design a longer-term incentive structure that employees will be compensated for their performance over longer periods of times other than the currently yearly compensation. Also we could design compensation program make the compensations based on certain activities callable in the future, if the loss of the company is deemed directly related to the those activities that the compensations are based on. Fiduciary responsibility should be mandatory and financial institutions should be held legally accountable. We need to require full disclosure of conflict of interest, not only in the event that two parties have a direct interest conflict, but also full disclosure when companies providing a financial service have different opinions than the clients current position. In addition, we should expand the concept of full disclosure. We propose making academic researchers disclose the benefit they are getting from financial institutions, including board positions and monetary compensation. Promote education of the general public. Specifically, implement finance classes in public high schools, ensuring all students are aware of market basics. In addition, make firms provide optional education on specific products to clients. Lastly, we must reduce or eliminate attempts to make social interests subservient to self-interests. This concept could apply to all industries. We could limit the funding of lobbyists a firm could hire, and highly restrict the political donations from large firms.We must also eliminate the links between government regulators and market participants, eliminating the conflict of interest between corporations and society. In general, the aforementioned actions are attempts to align self-interest with the social interest. Self-interest, the invisible hand in the successful free market system, must be made to serve the interest of the society. Conclusion This report has examined the following: the Lehman Brothers bankruptcy, the bankruptcys causes, the culpable parties, market effects of the bankruptcy, and risk management errors relating to the bankruptcy. In addition, the opinion section of the paper answers the question, Was the bankruptcy preventable? In summary, on September 15, 2008, the Lehman Brothers filed for bankruptcy. It was the largest bankruptcy filing in U.S. history. Several causes forced Lehman into bankruptcy. Of primary importance, however, was the investment banks exposure to the subprime mortgage market. Deregulation and risk management errors allowed Lehman to increase that exposure. Lehmans CEO Richard Fuld, Treasury Secretary Henry Paulson, and Fed Chairman Ben Bernanke are each culpable. Mr. Fuld is responsible because he created a culture of risk taking and pay based on short-term performance. Henry Paulson and Mr. Bernanke could have saved the bank and chose to do otherwise. We believe this event was entirely preventable. As mentioned, the banks exposure to the subprime mortgage market was, ultimately, its downfall. If more stringent risk management policies had been in place and Lehmans corporate culture had been more conservative, the banks exposure to the crisis would have been reduced. Reduced exposure would have undoubtedly increased Lehmans chances for survival. A singular theme continuously appeared while we conducted our research and, consequently, appeared throughout this report. That theme is greed. Greed is defined as excessive or rapacious desire, especially for wealth or possessions. Unquestionably, human greed contributed to the 2007-2010 financial crisis. Both financial intermediaries and individuals erred. For example, AIG reported record profits in 2007. Unfortunately, the insurer earned those profits by taking on enormous amounts of Off-Balance-Sheet risk. These OBS liabilities (contingent liabilities) resulted in an $85 B government bailout of the firm. Individuals speculated on home prices by refinancing mortgages. Often times, these loans were secured by home equity. When home prices declined, the mortgages went underwater.Mortgage defaults soared. In both cases, greed blinded the market participants. Lehman Brothers wasnt impervious to the rapacious desire either. Leverage is the use of either borrowed money and/or derivatives to multiply gains and losses. The multiplication of gains and losses (greater volatility) implies an increase in risk. Recklessly increasing risk demonstrates an excessive desire for wealth.Therefore, leverage metrics (ratios) can be used tomeasure greed. Prior to the crisis, Lehmans leverage ratios soared. Viewing a single financial product, event, action, or asset bubble as the sole cause of the crisis is overly simplistic. Greed served as a catalyst for each. By ignoring this fact, we are doomed to repeat our mistakes.

Phantom of the Opera Essay -- essays research papers

Phantom of the Opera   Ã‚  Ã‚  Ã‚  Ã‚  In the novel, Phantom of the Opera, by Gaston Leroux, we are introduced to a character known to everyone as the mysterious Opera Ghost. His character in this book is very complex. Although the Opera Ghost is very ugly physically and mentally, through his actions, we can find much beauty.   Ã‚  Ã‚  Ã‚  Ã‚  During the masked ball we are given, what the reader believes at the time, a very good physical description of the Opera Ghost. At the masked ball the Opera Ghost does a perfect job imitating death. â€Å"The Grim Reaper himself must have posed for it,† the on looking crowd would comment. But the hideous thing that he wears upon his head is, in fact, only a mask. What he hides underneath the mask is more wretched than anything imaginable to men. The Opera Ghost was, â€Å"Made up entirely of death,†(138). He was so disgustingly ugly that, â€Å"his mother would never let him kiss her, she would throw his mask at him and run away,†(263). Poor Erik’s life knows nothing but ugliness.   Ã‚  Ã‚  Ã‚  Ã‚  We see more of the Opera Ghost’s ugliness when we read of the Persians description of the Opera Ghost’s love of torture. Before the Opera, Erik designs torture chambers for a little sultana in Persia. His design was just a small room with six walls, with each wall being a mirror. There is also a tree with a Punjab Lasso. The Opera Ghost’s idea of torture was not so much physical pain, but a tortur...

Lessons on Divorce :: essays research papers

Divorce, of Course, of Course Bridget Burke Ravizza wrote the article, â€Å"Selling Ourselves on the Marriage Market† and is an assistant professor of religious studies at St. Norbert College, De Pere, WI. After talking with an unnamed group of college students, she discovers that â€Å"These college students have grown up in a society in which nearly half of all marriages end in divorce.† She also reveals â€Å"they are fearful that their future marriages will go down that path, and some question whether lifelong commitment can—or should—be made at all.† Furthermore, Ravizza finds that â€Å"students are bombarded with messages about sexuality and relationships—indeed messages about themselves—that seem to undermine authentic relationships.† Simply put, culture has accepted divorce as a â€Å"normal† thing and has already begun to affect the next generations. The surveyed students are so fearful of divorce, they are, in essence, afraid of marriage a s well. They even go to the extreme of avoiding divorce by saying they may not get married at all to prevent the â€Å"undermining of an authentic relationship.† The fact of the matter is, as the polled students infer, that half (if not more) married couples do get a divorce in today’s society. Whether or not this unfortunate trend will continue down through the following generation is a theory yet to be proven, though it would make sense. The article is missing a few necessary citations, however. I noticed no reference given as to whom Rachel Greenwald is or what her expertise are in relation to the subject. She is simply referred to by her best-selling book, Find a Husband After 35: Using What I Learned at Harvard Business School. Likewise, the theologian Paul Wadell is referred to by nothing other than his book Becoming Friends: Worship, Justice and the Practice of Christian Friendship. Also, the poll discussion with the college students at the beginning of the article is not given a source or from what part of the country the college was located. I agree with the article’s thesis. Divorce has slowly seeped its way into the â€Å"normal† way of life and is running rampant through our country and Americans have become numb and desensitized to its abhorrence. Unfortunately, it is becoming more and more prominent and society equates this as normal. The Funk and Wagnall’s Dictionary defines divorce as the â€Å"Dissolution of a marriage bond by legal process or by accepted custom.

Benedick’s False Love in Much Ado About Nothing Essay -- Much Ado Abou

Benedick’s False Love in Much Ado About Nothing  Ã‚     Much Ado About Nothing is one of William Shakespeare’s best comedies and love stories.   What is not to like about a play that is hilarious, romantic, and has a happy ending?   In this play the foremost and most intriguing character is Benedick, a man who is a devout bachelor and who does not believe he will ever find the perfect woman; --because perfect is exactly what he must have.   This may seem to be a harsh and pessimistic outlook on life, but the way Shakespeare brings this character to life portrays Benedick as a funny and caring man who really is not that certain about what he wants for the future.   Benedick’s counterpart in the play is Beatrice who is an independent woman with a quick tongue.   Benedick and Beatrice despise and cannot stand each other because it is seemingly impossible for them to have a conversation without arguing and angering each other.   The two of them provide some of the more amusing scenes of the play with their word p lay and mocking of each other.   In reality though, they have much in common that they have yet to realize.   Both of them despise marriage, are witty, and are each their own persons.   These however are not the reasons why they come together.   They are brought together by their respective companions who conspire to tell each of them that the one loves the other as the two misdirected lovers listen in.   In his speech directly after this, Benedick is swayed to a life that he previously would have avoided at all costs.   In hearing of Beatrice’s supposed affection he immediately changes his entire outlook on perpetual bachelorhood and pronounces a love that is not real or his own, but comes secondhand from trickery.   Benedick â€Å"neve... ...  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   man loves the meat in his youth that he cannot   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   endure in his age. Shall quips and sentences and   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   these paper bullets of the brain awe a man from the   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   career of his humor? No! The world must be peo-   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   pled. When I said I would die a bachelor, I did not  Ã‚  Ã‚  Ã‚   245   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   think I should live till I were married. Here comes   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Beatrice. By this day, she’s a fair lady. I do spy some   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   marks of love in her.       Works Cited Shakespeare, William;   Much Ado About Nothing;   Washington Square Press;   New York, NY;   New Folger Edition May 1995

Financial Ratio and Costco

Acct Info for Decision Making Project on Costco Wholesale Corp. Costco Group 2012 History & Background Founded by  James (Jim) Sinegl  and  Jeffrey H. Brotman,  Costco opened its first warehouse in  Seattle, Washington, on September 15, 1983. Sinegal had started in wholesale distribution by working forSol Price  at both  FedMart  and  Price Club. Brotman, an  attorney  from an old Seattle retailing family, had also been involved in retail distribution from an early age. Wal-Mart  founder  Sam Walton  had plans to merge  Sam's Club  with Price Club.In 1993, however, Costco merged with Price Club (called  Club Price  in the Canadian province of  Quebec). Costco's business model and size were similar to those of Price Club, which was founded by Sol and Robert Price in 1976 in San Diego, California. Thus, the combined company, PriceCostco, was effectively double the size of each of its parents. Just after the merger, PriceCostco had 206 locations gen erating $16  billion in annual sales. PriceCostco was initially led by executives from both companies, but then Sol and his son Robert Price founded Price Enterprises and left Costco in December 1994.In 1993, when growing competition threatened both Price Club and Costco Wholesale, they entered into a partial merger just after Price’s earnings dropped to 40%. The new company, named PriceCostco, Inc. , focused heavily on international expansion, opening stores in Mexico, South Korea, and England. Despite best efforts to recover losses, sales continued to drop. Disagreement between the two leaders, Robert Price and Jim Sinegal, regarding company direction and recovery policies soon left the merger in tatters.In 1994, the breakup was formally announced. Sinegal continued to manage PriceCostco while Price’s breakaway company was named as Price Enterprises. The first Price Club location was opened in 1976 in an old airplane hangar,  previously owned by  Howard Hughes, and is still in operation today (Warehouse No. 401, located on Morena Boulevard in San Diego). In 1997, the company changed its name to Costco Wholesale and all Price Club locations were rebranded Costco. As of December 011, the Company operated a chain of 598 warehouses in 40 states and Puerto Rico (433 locations), nine Canadian provinces (82 locations), the United Kingdom (22 locations), Korea (seven locations), Taiwan (eight locations, through a 55%-owned subsidiary), Japan (eleven locations), Australia (three locations), and 32 warehouses in Mexico through a 50%-owned joint venture. Financial Highlights Net Revenue Year| 2012| 2011| 2010| Costco Net Revenue| 12,314,000| 11,176,000| 9,951,000| (Currency in USD) The net revenue of COST increase every year, it was a good sign.Year| 2012| 2011| 2010| Costco Net Income| 1,709,000  | 1,462,000| 1,303,000| (Currency in USD) COST did better in the following two years. And COST had most 40. 6 thousand dollars increase from 2011 to 201 2. Total Assets Year| 2012| 2011| 2010| Costco Total Assets| 27,140,000  | 26,761,000  | 23,815,000  | Costco Total Liabilities| 14,779,000  Ã‚  | 14,759,000| 12,986,000  | (Currency in USD) The total assets and liability of COST shows that the company purchased a lot of assets on its credit during these three years. That might be not a good sign, because COST might not have enough cash.Earnings per Share Year| 2012| 2011| 2010| Costco EPS| 3. 89| 3. 3| 2. 92| It’s increasing in every years. It means COST are profiting during every years so that they can paying the EPS. Financial Ratios Analysis Profitability Ratios 1. Return on Assets (ROA) Year| 2011| 2010| 2009| Costco| 5. 78%| 5. 69%| 5. 09%| Return on assets ratio is calculated by dividing net income by average total assets. Return on assets represents the cents in profits for every dollar of assets. This measures how efficiently and effectively the company uses its assets to generate profits.These numbers tell the ability of Costco to make profit. Costco has a positive net income so that its ROA is increasing past 3 years. 2. Return on Equity (ROE) Year| 2011| 2010| 2009| Costco| 12. 81%| 12. 50%| 11. 31%| The Return of Equity is calculated by dividing net profit by total shareholders’ equity. Return on equity measures a corporation's profitability by revealing how much profit a company generates with the money shareholders. The number above shows that Costco is with stable growth in past 3 years, however, ROE ;15% that will attract more investors to invest.Effectiveness Ratios 3. Asset Turnover Year| 2011| 2010| 2009| Costco| 3. 52| 3. 40| 3. 35| Asset turnover  is calculated as sales divided by average total assets. It measures  a firm's efficiency on using its assets to generate sale. The higher assets turnover is, tells the better the company does. Costco’s assets turnover tells us that it did a better job in 2011 because the ratio increased 0. 12 compared with 2010 which only grew about 0. 05. 4. Inventory Turnover Year| 2011| 2010| 2009| Costco| 12. 67| 12. 31| 11. 94| Inventory turnover is calculated as COGS divided by average inventory.It measures how many times per year the company sells its inventory. Firms with a low cost strategy want a high inventory turnover, while firms with a differentiation strategy will experience a lower inventory turnover. The ratios for Costco are increasing during the three years, and Costco seems to have done a better job in selling their inventory because it sells its inventory faster and faster. Liquidity Ratios 5. Current Ratio Year| Aug. , 2011| Aug. , 2010| Aug. , 2009| Costco| 1. 14| 1. 16| 1. 11| The current ratio is calculated by dividing current assets by current liabilities.This ratio measure if a firm has enough in current assets to cover his current liabilities. The current ratios for Costco have gone up during 2009-2010, and decreased during 2010-2011. However, the ratio is greater than 1 which means Costco has enough assets to cover his current liabilities. 6. Quick Ratio Year| Aug. , 2011| Aug. , 2010| Aug. , 2009| Costco| 0. 55| 0. 56| 0. 49| The quick ration is calculated by dividing the sum of cash, account receivable and short-term investment by current liabilities. As with the current ration, an analyst would want to see a minimum of one for the quick ratio.However, the number above shows that Costco’s quick ratio is under 1, which means that Costco is not doing well on its job. It might because Costco has a too big liability to its business or Costco has a less current asset to cover its liabilities. Solvency ratios 7. Long-Term Debt to Assets Year| Aug. , 2011| Aug. , 2010| Aug. , 2009| Costco| 0. 05| 0. 09| 0. 10| The long-term debt to assets is calculated by dividing long-term debt by total assets. This tells us that if a firm can pay its long-term debt. If a firm does not a ability to pay off its long-term debt, shareholder might be left with nothing.The lower long-term debt is the better ability a firm has to pay its debt. Costco is doing well by keeping the long-term debt ratio (average) around 0. 08, which means its assets will be enough to pay the long-term debt. 8. Debt to Equity Year| Aug. , 2011| Aug. , 2010| Aug. , 2009| Costco| 0. 10| 0. 20| 0. 22| The debt to equity is calculated as dividing total liabilities by total shareholder equity. It tests the ability of the firm to cover its interest payment. The higher the ratio is, the lower the likelihood of default.Costco’s debt to equity ratio is quite stable around 0. 10-0. 22 during 2009-2011. Summary According to Costco's 2011 annual report, the Costco Wholesale has a growing rate in making profits. It is one of the largest retailer stores in the global market. Unlike most retail operations, it has built its model around providing only what people want to buy quickly or in volumes that make up for its discounting practices. As the economy has slowed, the warehouse d iscount strategy has come into focus as the go-to source for both consumers and small business supply needs.Costco and its subsidiary companies are mostly like engaged in the operation of membership warehouses in the United States, Canada, the United Kingdom, Japan, Australia, through majority owned subsidiaries in Taiwan and Korea, and a 50 percent-owned joint venture in Mexico. Costco operates membership warehouses based on the concept that offering member’s low prices on a limited selection of nationally branded and private-label products in a wide range of merchandise categories will produce high sales volumes and rapid inventory turnover, management said in a recent filing.Here are the competitive advantages and disadvantages for Toyota based on our research data and analysis: Competitive Advantages: * Know their customer: Costco goes after a certain type of customer: small business owners who are status conscious and who have money to spend on bargain-priced premium ite ms like Dom Perpignan champagne, luxury watches and tech gadgets. * Deliver bigger value, not just lower prices: Costco doesn’t just offer low prices, it offers exceptional bargains on elegant, Treat customer service as an investment, not a cost to be shed: Costco has been criticized by some Wall Street analysts for their high labor costs –and Costco does pay their employees quite well Costco Wholesale SWOT Analysis Strengths: Costco Wholesale offers its customers and consumers lowest prices on a wide range of national and international branded products and goods, in a wide arrange of merchandise categories. The products and services of the Costco Wholesale are reliable as the company deals in best available quality products at competitive prices.The company pays attention to details and has various strengths that add to its success. These factors include rapid turnover of the inventory, running an efficient operating structure, reduced cost of handling of merchandise and generation of high sales volume at each of its store. Costco Wholesale gives preferences to it customers and provides them best value for the money. Weaknesses: Costco’s business conditions constantly change because external and internal forces make other business participants to alter their actions.The driving forces in this sector are the major underlying causes changing business and competitive conditions. Operating on a large scale means difficulty in bringing changes to grass root levels Opportunities Costco Wholesale is one of the first companies to have a growing acceptance of internet shopping. Costco created a website in the United States as well as website in Canada to be more effective and competitive in the internet market. The company is constantly working to make its distribution channels stronger and enter new potential markets.By offering value and working more towards developing a strong loyal customer base the company can gain more market share. Threats Warehouse clubs not only compete in one sector or market but it competes with a wide range of other types of retailers which include Wal-Mart Dollar General, supermarkets, general merchandise chains, specialty chains, fuel stations and internet retailers. Their competitiveness changes because the different types of products they deal in. Due to its tremors growth and growing market share, the company has caught the attention of many of the market leaders and its competitors.The industry of wholesale has a number of individual companies that are highly competitive and have very effective strategies. They have developed loyal customer bases and everyone is relentlessly fighting for the greatest market share. Costco’s major competitors include Wal-Mart. Recommendation 1. Develop more types of the products. The Costco involved every kind of products in the store, but we can see there are just few types of each product, so the optional become less and less.Every customer wants to the lower price at Costco, but they still want to have more choices on each product. And every single product just has the biggest packet so that it may cause to the waste. So the member of the Costco doesn’t have any choices to select the same product, such as the size, color and so on. 2. Improve the quality of the products. The strategy of Costco is the right products in the right place for the right price, but the right price should be with the good quality, but some customers said the quality of the clothes is not good.We cannot deny that most of the products have the good quality, but the company should check on every product, or just a little customers' unsatisfaction will influence all the customer's choice. 3. Increase the amount of the stores. The company has 600 locations wide world. In US, there are 433 locations. As an international global company, Costco should develop more location out of the United States so that it can open a new market in the world. For othe r countries, the customers are still inconvenient to purchase in the Costco. It will decrease the confidence of Costco's members.The Costco's strategy is the right products in the right place for the right price. If the members of other countries doubt the right place, the strategy will be broken. 4. Reduce the prices of some products. The company guarantees the low price and most of the products are, but we still can see a lot of products are more expensive compare to other stores, especially Jewelry. For most customers can understand that the high quality with the high price, but the huge amount of numbers, such as 12,234. 99 will make the members confuse to the strategy of the company

Berlucchi Market Analysis

————————————————- Berlucchi ————————————————- Marketing Plan 2012 Table of contents Executive Summary Introduction Guido Berlucchi & Co. SpA is one of Italy’s leading sparkling wine producers. After years of outstanding success, the company finds itself facing a stable market, with competition becoming even more intense, distribution more complex and consumers more sophisticated.The executive Committee is convinced that the strategy that drove the company’s development in its first 40 years needs to open up a new growth path, thus this marketing plan for the strategy for the upcoming three years. External Analysis Customer analysis Approximately 35% of the 313,000 million inhabitants of the U. S. drink wine at a per capita rate of 11. 5 liters. In te rms of demographics 69% are white, 14% Hispanic, and 11% African American, with the remainder 9% from other races.The average age of the American wine consumer is 49, with Millennials making up 26% of wine consumers,  generation X-ers aged 35-44 at 19%, ages 45 to 54 at 21%, and those over 55 at 34%. 24% of wine consumers in the U. S. have a college degree Segmentation by frequency Wine consumers are divided into two categories, core wine drinkers and marginal wine drinkers. The core group drinks wine once a week at least and represents 57% of wine consumers whereas the marginal group has a glass of wine in a time span ranging from once every 2 or 3 months to 2 or 3 times a month. 8% of all wine consumers have a glass of wine more than once a week and are considered to be the high frequency wine drinkers. Segmentation by age Thirty two percent of baby boomers (47 to 65) have a glass of wine compared to 17 percent in 2005. 62 percent of Generation X-ers (aged 35 to 46) are core win e drinkers, compared to only 43 percent in 2007. 6 percent of Millennials (aged 17 to 34) drink wine on a daily basis, 26 percent of them drink wine several times a week and 19 percent drinks once a week on average. This comprises the core wine drinking segment of Millennials, accounting for 63 percent of them compared to 37 percent in 2007.There is a significant difference between younger Millennials (17 – 25) and older Millennials (26 – 34). Older Millennials consume wine with greater frequency, consumed more glasses of wine per drinking occasion (2. 92 glasses on average) and were found to be highly experimental as 89% of older Millennials frequently purchase wine of an unfamiliar brand. Also interesting is that 60 percent of older Millennials found â€Å"fun and contemporary† looking labels of great importance when choosing wine to drink at home compared to just 31% of Baby Boomers.All Millennials and high end wine drinkers throughout the Generation X and ba by boomers often visit wine related web sites and Facebook pages or follow wine twitter accounts. The generational differences are also noticeable in the preference of domestically produced wines and imported wines. * 63% of Millennials, (70 million consumers), are reported to either â€Å"primarily drink imports† or â€Å"equally drink imports and domestics† * 43% of Generation X members (44 million consumers) report the same preferences * 32% of Baby Boomers (77 million consumers) report these preferences Segmentation by geographyWine consumption per person is lowest in the Midwest where 13% buys 4 or more bottles per month compared to 24% in the South, 25% of those in the North East and 29% in the West where 10% of the adult population even purchases 11 or more bottles per month. The top three states for Wine consumption are California, New York and Florida. The top three emerging markets, where the capita per wine consumption has grown the most over the past three years are Texas, Illinois and New Jersey Western states, especially those that produce wine locally such as California, Washington and Oregon, have proven more ikely to favor domestic wines while eastern states are more receptive to imports. Amongst others, New York, Florida, New Jersey and Washington DC all import more than 30% of the total wine consumption from outside the U. S. Competitive analysis Direct Competitors Listed below are the top 3 sparkling wines in the US at the current moment. They all fall in the range of our target customers in terms of their taste and their prices making them a direct threat and therefore a direct competitor. JCB by Jean-Charles Boisset No. 69 Burgundy, France ———————————————— Jean-Charles Boisset's JCB wines are made entirely from Pinot Noir grapes grown in the Burgundy region of France, this refreshing rose is light and crisp, offeri ng raspberry and red currant aromas. Many wine lovers associate this brand with romantic outings. It is currently listed as number one on the top sparkling wines in the US available at only 7 stores, and at a very affordably price it is sure to be serious competitor. Price: $20 ————————————————- Toso BrutMendoza, Argentina Toso has been producing sparkling wines in the Mendoza wine region of Argentina for 85 years. Their non-vintage brut is made entirely from Chardonnay grapes. Light and refreshing, it offers aromas of lemon and apple with buttery and toasty notes. It is very popular in the US with people looking for something inexpensive, well made, clean and bubbly especially for large events like weddings, receptions and birthday parties. ————————————————- Pri ce: $11 ————————————————-Taltarni Brut Tache Australia ————————————————- Made from Chardonnay, it is an established household name, known for producing extraordinarily high quality sparkling wines in Australia. They are known to be very environmental friendly because they recycle the vines and they refrain from using Diuron and Simazine on their property, thereby reducing the impact on ground water. One disadvantage however is that its prices compared to other wines has been progressively rising lately. Price: $25 Indirect competitorListed below is one of the top wines in the US at the current moment, although it does not fall under the category sparkling wines it is nonetheless a competitor in the total wine market especially now that it is making is mark on the US market making it worth the mention. Moscato’s Asti, Italy ————————————————- Moscato is currently one of the fastest-growing wine varietals in the U. S. Moscato wines tend to be sweeter and less alcoholic. Gallo, which holds 44 per cent of Moscato’s market share, saw sales of its own Gallo Family Vineyard Moscato increase by 124%in 2010, according to marketing research firm IRI.More than half of all Moscato consumers are under the age of 45, while nearly one-third are between the ages of 25 and 34. ————————————————- ————————————————- Moscato’s popularity with the younger generation could, perhaps, be due to hip hop influences. Ka nye West claimed  on MTV that he liked Moscato, while Lil’ Kim sang â€Å"Still over in Brazil/Sipping Moscato. † A more likely reason, however, is the low price tag that many Moscatos enjoy. ————————————————- ————————————————-Price: $5,99 – $16,79 Market analysis Overall size The U. S. wine industry has steadily increased in size and revenue over the past ten years and has grown into the fourth largest wine producing country in the world. In 2010 the U. S. became the leading wine consuming country, consuming as much as 330 million cases a year. This means Americans drink 3. 96 billion bottles of wine, surpassing France’s 3. 85 billion bottles and have spent more than $40 billion on wine in 2010. California is the largest wine produc ing and consuming state in the nation, currently it accounts for 61% volume share of the U.S. market. Projected growth Wine market is currently witnessing steady growth in both developed and emerging economies. Increasing disposable incomes, rising awareness about the medical benefits of wine, and the resultant consumer shift towards consumption of premium alcoholic beverages are driving the growth in the wine industry. US wine market is one of the fastest growing markets of the world, both in terms of production and consumption As per our findings, the US wine market is expected to hit a value of around US$ 33. Billion with 871 Million Gallons of wine sales by 2013. The market (in volume terms) will grow at an annual growth rate of over 3% during 2010-2013. The economic recession had impacted the US wine industry by consumers starting to enjoy low-priced bottles and wines by glasses. The millennial segment is the future of the US wine industry, and their numbers are increasing as y ounger members are attaining the drinking age. Moreover, rise in the number of female wine drinkers in marginal segment is also fueling the growth of the US wine industry.This trend, coupled with government’s initiatives, is playing a greater role in promoting reforms and competitiveness in the wine industry of the US. The market for sparkling wine in the USA has been growing rapidly in recent years according to some top findings from the Wine Market Council Report: Profitability Sparkling wine sales in the U. S. are estimated to have outperformed table wine brands for the third straight year in 2011, when American drinkers will have consumed the equivalent of 900 million glasses.More than 40 percent of those 15 million cases are sold during the holiday season. The overall wine market is projected to increase 1. 7 percent by year-end, to 313 million cases, its 18th consecutive annual gain. Sparkling wines account for a modest 5 percent, but growing, share of that volume. Entr y Barriers The wine industry in the U. S. has high barriers of entry because of high investments needed to buy land and machinery together with high costs of advertising and distribution. Because of the strict laws and high taxation of alcohol in the U. S. large economies of scale have the best chance of becoming and remaining profitable. Distribution System Throughout the U. S. the three tier system is enforced for the distribution of all alcoholic beverages. The system works as follows: * Non-U. S. Producer * 1st Tier – U. S. Producer / Importer * 2nd Tier – Distributor * 3rd Tier – On/Off Premise Trade (restaurants/ bars/ retailer) Non-U. S. producers are only allowed to sell directly to an importer, Importers and U. S. Producers are only allowed to sell to retailers, and only retailers are allowed to sell to consumers.Some states have partially or completely prohibited the distribution and/or the retailing tier and have these operated by the state government itself or contractors operating under its authority rather than by independent privateers. In any case taxes must be collected at all three tiers, even though in some states the importer and the distributor can be the same company, it must still pay taxes for both tiers. Trends A broadening of the consumer base, a greater range on offer, and an increasing desire among some consumers to make sparkling wine a regular rather than occasional treat are the main factors driving the trend.Americans still do not drink as much sparkling wine as consumers in other countries like Germany and the UK, but there is a strong long-term growth trend establishing for domestic and particularly mid-priced imported sparkling wines in the years ahead. At the moment Moscato has experienced a sharp increase in sales, up 73%, driven largely by younger drinkers. Cheaper and in wide range of flavored wines have become more popular as well due to restaurants adding less popular varietals to their glass pour l ist because the higher profit margin.This has resulted in wine consumers becoming more open-minded to seeking out unique varietals. Italy’s Macro Environment analysis: Demographic The Italian Population is currently approximately 61,261,254 but the growth rate of the population is gradually slowing, with most of the increase coming from immigration. Birth rates and death rates are virtually identical. However, the national figures conceal contrasting regional trends. In general, the birth rate and average family size are higher in the south of Italy than in the north, although populations in Molise, Basilicata, and Calabria are declining through continued emigration.For the country as a whole, life expectancy rose during the second half of the 20th century, reflecting higher nutritional, sanitary, and medical standards. At the beginning of the 21st century, the majority of the population was between 20 and 49 years old, with the largest group between ages 30 and 44. The age s tructure is built up as follows: 0-14 years:13. 8% male 4,315,292female 4,124,624. 15-64 years:65. 9% male 19,888,901female 20,330,495 65 years and over:  20. 3% male 5,248,418female 7,109,074 GDP Contribution by Economic Sector  and Top Industries: Agriculture:  3. 9%Industry:  28. 3% Services:  67. 8% (2011) Economic Italy  is currently the world's largest  wine  producer. However it has not been immune to the global economic downturn but it has been able to weather the financial storm. Wine is a key player in Italian trade with exports in 2011 valued at 3. 6 billion euros, compared to imports of 326 million euros. Sparkling wines account for 11% of exports. A sector report presented at the Vinitaly wine trade fair showed that the economic downturn was responsible for a 5. 1% decline in Italian wine exports in 2008 over the previous year.In this moment of economic crisis and uncertainty, people try to satisfy their desires. Italian cuisine is the most popular all o ver the world. In Italy the Docg sparkling wines do better than others, indicating that high quality standards and strong local identity, as much as the price, are central factors for the customers’ choices. Italian exports   rose 17 per cent in the first nine months of 2010, according to Coldiretti, the   Italian farmers   association. The growth had been even higher at 22% for the first six months of the year, primarily due to explosive demand from the US. Ecological (Natural)The future of wine grape supply depends on the availability of groundwater and high temperatures will decrease the availability of wine grapes. High water use by the industry, and in particular the treatment of wastewater, is likely to come under increasing public scrutiny. Over the five years through 2015-16, the level of capital intensity is likely to increase marginally due to investment in water treatment. Political The wine and grape industry in Italy is regulated by laws and decrees issued by the Ministry of Agriculture (Ministro Delle Risorse Agricole, Alimentari e Forestali).Italy is also a member of the European Union and shares the Common External Tariff regime. EU duties are charged by the Italian Customs Agency on the CIF (cost, insurance and freight) value of the product imported into Italy. Below are the 4 wine designations: * DOCG:  the highest classification for Italian wines, introduced in 1963. It denotes controlled production methods and guaranteed wine quality. There are strict rules governing the production of DOCG wines, most obviously the permitted grape varieties,  yield  limits, grape ripeness, winemaking procedures and ageing specifications.Every DOCG wine is subject to official tasting procedures. To prevent counterfeiting, the bottles have a numbered government seal across the neck. * DOC: a step below DOCG, the DOC classification accounts for the majority of wines produced in Italy. The quality control regulations are less stringent than t hose applied to DOCG wines. * IGT: The IGT classification was introduced in 1992, to allow a certain level of freedom to Italy's winemakers. Prior to 1992, many wines did not qualify for DOC or DOCG status not because they were of low quality, but because they were made from grape varieties (or blends) not sanctioned under DOC/G laws.The IGT classification focuses on the region of origin, rather than grape varieties or wine styles. * VDT:  VDT wines are typically of lesser quality than those labeled with IGT, DOC or DOCG, but not always; the ‘Super Tuscans' (see below) are often labeled as Vino da Tavola. U. S. Macro Environment analysis The following macro environmental factors have an indirect effect on Berlucchi’s success in the US market. The major forces of the macro environment should be highly regarded as the company is looking to enter unfamiliar territory while at the same time striving to acquire a competitive advantage.Demographics According to the Wine Int elligence USA Sparkling Report 2012, over 30 million Americans say they drink sparkling wine at least once a year. For the majority of this population their sparkling wine experience is confined to perhaps one or two glasses a year, on special occasions. However, what appears to be driving the growth in sparkling wine is the segment of consumer; estimated at around 9 million, and female-dominated, who say they like to drink the bubbly stuff at least once a week. Many of these people say that sparkling wine is their favorite drink, ahead of still wine.California| California accommodates 37,691,912 people, houses more people than any of the other states of America and has eight of the 50 most populous cities in the U. S.. Remarkable is that only 39. 7% of the people living in California are white non Hispanics and 38. 1% are Hispanic whites, only 6. 6% is black and 13. 6% of Asian ethnicity. The ethnic makeup is very different from the countries average. Of the persons aged 25 years o r older 80. 7% has graduated high school and 30. % has a bachelor’s degree or higher. The Median house hold income is $60. 883. Texas| Texas is the second most populous U. S. state, housing 25,674,681 people who are mostly located in the major cities of Houston, San Antonia and Dallas. Similar to California, Texas also houses a relatively large number of Hispanics. 38. 1% of the population is white of Hispanic decent and 44. 8% is non-Hispanic white. The division of other ethnic groups is quite similar to the nations average. 80% of adults 25 years or older have a high school degree and 25. 8% of them have a bachelor’s degree or higher. The median household income is $49,646 a year. |New York| New York is the third largest state after California and Texas with a population of 19,465,197 of which roughly 64% lives in the New York City metropolitan area. The percentage of the population that is of African American decent is slightly higher than the nations average, 17. 5 % as well as those with an asian heritage, 7. 8%. The median household income is $55,603, 84. 4% of the persons age 25+ are high school graduates and 32. 1% has a bachelor’s degree or higher. | Florida| Florida is the fourth most inhabited state in America, accommodating 19,057,542 people.Notable are that it contains the highest percentage of people over 65, 17. 6% and the 8th fewest people under 18, 21%, also its population is expected to double between 2000 and 2030. Florida’s ethnic makeup shows few differences from the countries average with the exception of persons of Hispanic or Latino origin which is 23% and growing faster than in any other state. 85. 3% of the adults 25 years of age or| Social-Cultural In the U. S. wineries have become more than just wine producers and sellers. They're often venues for gatherings as diverse as  weddings  and business meetings.Some wineries have onboard restaurants and gift shops and are also lively tourist attractions. That says something for the ingenuity of savvy wine producers, but it says even more about the changing American attitude toward wine. Recent consumption gains for sparkling wine have been driven by many factors over the last few years including the adoption of wine in early adulthood by the large Millennial generation, the availability of quality wine at all price levels, and the acceptance of moderate wine consumption as compatible with a healthy lifestyle. EconomicThe turbulent economy has had a moderately negative affect on the nation’s collective wine consumptions growth. Within the 2008–2011 period, stock market volatility had little effect on how much wine consumers were drinking. In 2008, 61% of respondents stated they hadn’t changed the amount of wine they consumed despite the poor economic conditions. The economy has had a direct effect on prices over the last 10 years, prices went down significantly during the recession, but as the economy has improved, t hey have bounced back very quickly and even surpassed previous highs.Fine wine prices dropped 19 percent from August 2008 to August 2009 and they increased 33 percent from August 2009 to August 2010, surpassing their previous pre-recession prices. Political Wine is regulated by the Alcohol, Tobacco, Firearms and Explosives division of the internal revenue service which makes it subjected to high levels of control and tax. Us wines are shaped by politics including which grapes grow where, what can be written on the label, which wines are exported or imported, which wines are available in local stores, and how much a wine costs.In the  United States, the wine laws are more flexible than European standards in regards to regulations on what viticultural and winemaking practices are allowed in each wine region. A sizable portion of American wine laws relate to  wine labelling  practices. The United States imported 932 million liters of wine in 2010. The majority of imports came fro m Italy ($1. 3 billion). Depending on the type of wine, U. S. tariffs on imported wine from nations with which the United States maintains normal trade relations range from 5. 3 cents per liter to 22. 4 cents per liter.Tax rate for natural wine imported to New York for example is $0. 30 per gallon Internal Analysis Current products Berlucchi’s current products: * Cuvee Imperiale Brut * Cuvee Imperiale Max Rose * Cuvee imperial Demi Sec * Cuvee imperial vintage * Cuvee Storica Franciacorta DOCG * Bianco imperiale * Cellarius Brut * Cellarius Rose * Cellarius Pas Dose * Berlucchi ’61 brut * Berlucchi ’61 Rose * Berlucchi ’61 Saten * Palazzo Lana Franciacorta Brut Millesimato * Palazzo Lana Franciacorta Saten millesimato * Palazzo Lana Franciacorta Extreme millesimato PricesThe sparkling wines of Berlucchi are between â‚ ¬15 and â‚ ¬28. The average price per line: * Berlucchi bianco imperiale: â‚ ¬10 * Berlucchi ’61: â‚ ¬15 * Cuvee imperia le: â‚ ¬20 * Cellarius: between â‚ ¬15 and â‚ ¬20 * Palazzo Lana: â‚ ¬28 Target Market Geographically speaking, Berlucchi is targeting Italy. Berlucchi won market leadership in its first few years because of its mission to ‘democratize the bubbles’. With their below average price for sparkling wine, and their distribution through grocery stores, Berlucchi sparkling wine was accessible for everyone. Distribution channels Grocery retailersIn 2006 70% of all Berlucchi sales went through the grocery retail distribution channel. Because of the company’s solid penetration of this channel, they established an undisputed leadership position. HoReCa and specialty stores Berlucchi produced a product especially made for this channel, which won considerable success and allowed the company to re-establish its reputation among connoisseurs and win over specialized dealers. Positioning By distributing through grocery retailers, Berlucchi positions itself in a totall y different range than most other Italian sparkling wine, which are available in specialty stores.The company’s solid penetration in this modern distribution channel anchored the positioning of the Berlucchi brand. But having a lower price does not mean they work with a bad quality, although some may look at Berlucchi as a cheap supermarket wine. The Berlucchi brand guarantees a high-quality, prestigious, accessible product. Competitive Advantage Berlucchi stands out because of their innovative spirit and desire to experiment with new products and market segments, but off course, still in an accessible and qualitatively good manner. The solid penetration in the modern distribution channel of grocery retailers is something no other ompany has accomplished. Marketing Mix The marketing strategy that has secured Berlucchi’s success over the last thirty years can be summed up in three key words: Italy, mass market, and corporate brand. In the 1960s, the company’s fou nders saw an opportunity to create a sparkling wine market in Italy using the champenoise method. This method meant educating both trade and final consumers through constant communication, the aim of which was to eliminate the image of Italian spumante as a sub-category of wine, or a lower-quality version of the more familiar French champagne.In just a few years’ time the company won a leadership position in the Italian market. They had a clear mission: â€Å"To make bubbly accessible to everyone†. The firm achieved this mission with an extensive distribution strategy. Berlucchi spumante wanted to create a festive atmosphere on any occasion. The best way to achieve this was to reach the consumer through the simplest distribution channel, for instance grocery retailers. Berlucchi has always implemented a push rather than a pull strategy, focusing communication and commercial investments on trade.Another marketing strategy of Berlucchi was based on avoiding product proli feration in the portfolio, in keeping with the need to educate Italian consumers on the traditional method. Berlucchi came up with a series of simple, distinctive brand visuals, which over time have come to be identified with the company. Financial Performance SWOT analysis Confrontation matrix * S1 x O4, because despite the challenging economic environment we are currently in, sparkling wines are set to gain share in the US alcohol market.Berlucchi has a below average price and that could be an opportunity for them to gain share in the US alcohol market. * S3 x O3, because Berlucchi has an innovative spirit and desire to experiment with new products and market segments. They could have an opportunity in the US alcohol market, because most Americans show an interest in broadening their horizons in terms of what kinds of wine they buy. * S3 x T3, because consumers in the wine market are constantly evolving. That could be an opportunity for Berlucchi, because they have an innovative s pirit and desire to experiment with new products and market segments.Corporate strategy Berlucchi grew in a few years after founding to be leader in its market thanks to a clear mission: ‘democratize the bubbles’. The founders were convinced they could produce an Italian sparkling wine of comparable quality to the current products on the market. The aim was to produce a high-quality, prestigious, accessible product for a below average price. The basic reason for their attitude was that they could not justify the substantial price difference between Berlucchi products marketed through large retailers and the same wines sold in specialized stores and wine bars.Eventually Berlucchi grew to be a market leader in the large grocery retailers and an important player in the HoReCa and wine shops, without ever letting go of the initial corporate mission. Segmentation The wine consumers in the U. S. can be segmented in to the following groups based on consumption and spending pat terns: Daily Musts | Variety Seekers| Personal Image| Savvy Buyers | Occasional Consumers | Represent 16. 4% of wine drinkers| Represents 14. 4% of wine drinkers|   Represents 14. 1% of wine drinkers| Represents 2. 6% of wine drinkers| Represents 34. % of wine drinkers| Spending share of 49. 3 % | Spending share of 34%| Spending share of 3. 1%| Spending share of 9. 7%| Spending share of 4%| Median age is 61| Median age is 50| Median age is 34| Median age is 48| Median age is 55| Annual income averages $62,000| Annual income averages $100,000| Annual income averages $62,000| Annual income averages $80,000| Annual income averages $63,000| | Target Market The segments most viable for targeting are the Daily Musts, the Variety Seekers and Personal Image consumers and through using a differentiated strategy all three can be targeted.Daily musts Although this segment is brand loyal, by applying low cost strategy and attractive packaging this segment can be entered, after which the focus should be customer retention and maintaining everyday low price offers in combination with a loyalty program to create loyalty to the berlucchi brand and maximize customer equity. Variety seekers Premium brand images and first-class packaging will strongly appeal to the Variety Seekers and expert ratings, premium pricing and event or celebrity sponsorships will truly entice this segment to try berlucchi brand wine.However because of their low brand loyalty a truly aggressive loyalty program is necessary to retain their business. Advertisement be should focused on wine magazines and internet media. Personal Image This segment shows the most potential profitability on the long term and should be engaged to ensure a significant market share in the next decade as this is the fastest growing segment. The focus has to be on moving them towards Variety Seeker of Daily Must habits. Innovation through products and packaging and leveraging social media would speak most to the Personal Image wine drinkers. PositioningDaily Musts and the Personal Image consumers can be catered to with one product in the area , the product’s should have a below average to average price level and focus on offering an accessible product of decent or higher quality. The product targeting the variety seekers should be higher priced to project a somewhat prestigious image and high quality. Below you can see the product value proposition for Berlucchi’s target customers. Objectives Market share Brand familiarity Revenue Timeframe: 3 years Marketing Mix Product As described in positioning, there are three target groups for which there are different product needs.To accustom all potential customers it is neccessary to introduce two different lines of products. Lines Cuvee Imperiale – Brut – Max Rose – Demi Sec – Vintage ‘For over half a century, Cuvee Imperiale has been synonymous with festiveness, joy, and raising a toast, and its consistently fine taste has made it the Italians’ favourite classic-method sparkler. Its four styles make it the perfect choice for both casual moments and the most special of occasions. ’ This line will serve the needs of the Daily Musts and Personal Image consumers, it has a below average price, it is accessible and has a high quality.Palazzo Lana – Brut – Saten – Extreme ‘The timeless elegance of the Palazzo Lana Berlucchi, the handsome mansion that inspired the first Franciacorta,   is present once again in these vintage-dated Franciacortas. Produced from free-run must, and rare both in quantity and quality, the three are bound together by a common thread of gracefulness, complexity, and avoidance of excess, each wine dedicated to those who enjoy them thoughtfully. ’ This line will serve the needs of the Variety Seekers consumers, it is above average prices, has a prestigious image and has a high quality. Packaging Daily mustsThe Daily Musts cons umers are flexible in their response to different packaging designs. Personal Image They consider wine consumption an extension of their personal images, however are more focused on store brands. Variety seekers This consumer group appreciates premium packaging. When lining together these consumer characteristics and the packaging of the chosen products, we can come to a conclusion of no necessity to change the packaging of the products, due to the already existing compatibility of consumer needs and the product packaging. Price Cuvee Imperiale The price for the Cuvee Imperiale line will be $15.Berlucchi will have to lower their price a little bit than they have in Italy, but this way they can compete with the competitors in the US, for instance the Toso Brut from Argentina. The Cuvee Imperiale will be a good competitor due to their below average price and good quality sparkling wine. Palazzo Lana The price for the Palazzo Lana line will be around the $30 in the US. One big competit or is the Taltarni Brut Tache, their price is around the $25. Berlucchi Palazzo Lana is more expensive, but Berlucchi will still be a good competitor since the prices of Taltarni have been progressively rising lately.It will also be a good competitor, because of its prestigious image and high quality. Place Locations Below is a table with 6 states located in the U. S. whom are known to have an extremely large wine drinking population, and therefor will be the best states in the US to introduce the Berlucchi’s wines. Type| California| Texas| Florida| New York| Illinois| New Jersey| Population| 38,053,956| 25,901,361| 19,057,542| 19,465,197| 12,869,257| 8,821,155| Binge drinkers| 14. 7%| 15. 6%| 12,40%| 15. 2%| 17. 5%| 14. 4%| Casual drinkers| 56. 2%| 51. %| 56,3| 59. 1%| 58%| 59. 7%| Heavy drinkers| 5. 9%| 5. 2%| 5,3| 4. 3%| 4. 7%| 4. 5%| Retailers: Within each one of these 6 states the wines will be available in two types of store retailers: * Specialty stores: A small retail outlet that focuses on selling a particular product range and associated items. Most specialty store business operators will maintain considerable debt in the type of product that they specialize in selling, usually at premium prices, in addition to providing higher service quality and expert guidance to shoppers. Superstores: A very large retail store that stocks highly diversified merchandise, such as groceries, toys, and camera equipment, or a wide variety of merchandise in a specific product line, such as computers or sporting goods. Specialty stores: Berlucchi’s wines will be available in the best of the best wine shops in each state. They will be placed in these shops according to the stores location and popularity. State| Specialty Wine Stores[1| California| 867| New York| 533| New jersey| 265| Florida| 252| Illinois| 211| Texas| 181| Superstores:More than a third of all wines sold in America are purchased at Superstores. Wall-Mart 2011 USA Retail Sales ($000): $307,7 36,000 Extending its lead, it is making solid progress on improving its merchanides through different new projects. The company’s grocery business accounted for more than half of its 2011 sales. Wall-Mart constantly hires wine scouts to research new wines in order to further broaden their inventory. Wines located in a Wall-Mart store Kroger 2011 USA Retail Sales ($000): $78,326,000 America’s largest traditional grocer is food focused and price led.It includes a wide variety of all sorts of wines. In 2012 Kroger hired wine stewards for a few of its Texas stores. The political push to sell wine in grocery stores is now in different Kroger stores. Wines located in a Kroger store Target 2011 USA Retail Sales ($000): $65,815,000 Target will try to become more beverage focused and currently has strong store innovations and loyalty programs. They combine grocery store bargains with wine shop-level service and expertise. Wines located in a Target store Restaurants:In addition to these retail stores, the wines will also be available in a variety of restaurants in each state. These restaurants will include non-fast food restaurants that have an ideal location for different types of customers to reach. Below is an example of one of the restaurants that look real promising in terms of boosting Berlucchi’s brand image. Since 1979 Antonello Ristorante located in California has captured the essence of Old World authenticity with a new Italian. Antonello's award-winning wine list boasts more than 700 foreign and domestic labels.For special occasions or business meetings, there are eight Promotion The goal is to become the first thing that comes to mind for a person from one of our targeted segments when in the market for wine. According to professor Jacob’s Creek of the University of South Australia’s Wine Marketing Research Group, it is not the brand but the wine regions that influences consumers choice the most. The promotional strategy us ed to differentiate the Berlucchi wines from others is to sell the idea of living the southern European care free, want for nothing life style using the campaign slogan: ‘A taste of the Italian life’.This should invoke an emotional response to advertisement as consumers in the Daily must segment, who are older and often retired or near retirement age can relate to the care free living. The variety seekers can relate to the ‘want for nothing’ aspect and high end allure of Milan or Rome and the younger personal image consumers can indulge in the American romanticized cultural image of Europe. Promoting the Brand As Americans are not yet aware of how many wines are actually Italian and no wine markets itself distinctively as such, the Berlucchi products can be analyzed as a new product.To start the introduction phase a launch event will be held in Los Angeles, California to which columnists/writers for different lifestyle and food magazines, influential taster s and VIPs’ will attend to experience the different wines by Berlucchi that will be launched in the U. S. which will result in features in magazines such as ‘food and wine’, Decanter, WineEnthusiast and Fine. During the introduction phase a print ad and a broadcast media advertisement featuring Robert Deniro will run.Because of his Italian heritage and wine expertise as he owns his own vineyard, on the other hand because of his long and outstanding acting career he is recognizable and idolized by people across generations. The broadcast ad, which will run for thirteen weeks, will be shown during lifestyle television shows and cooking shows such as ‘Master chef’ and ‘come dine with me’ and can even be featured on the shows. The print ad will run for a total of 30 weeks, appearing once to 10 times throughout that period in different magazines and as banners on different online magazines.To promote the brand directly to the target group, Be rlucchi nights will be organized during which selected restaurants will serve free glasses of Berlucchi wine that go well with the dish ordered. The before mentioned strategies will be very effective for the Daily must and Variety seeker segments, but to ensure the involvement of the personal image segment a social media campaign needs to be launched. Each bottle of Berlucchi wine will have a code and instructions printed on the back side of the label.After purchasing a bottle a consumer can befriend Berlucchi on Facebook or follow them on twitter, after which the phrase â€Å"Having a taste of the Italian life #Berlucchi #;code;† should be posted online. In response a code will be send back to the consumer which entitles him or her to a 61% discount on their next purchase of a bottle of Berlucchi Cuvee Imperiale and they enter a lottery for a set of 3 Berlucchi Franciacorta ’61 bottles. The low price and exciting price will attract the segment and by posting they imme diately communicate the existence of Berlucchi to their friends. Loyalty program – – – Budget ; Control – – Recommendation – – – Appendix Figure 1a Figure 1b Figure 2 Figure 3 Figure 4 Figure 5 Top 3 states in wine consumption Figure 6 Top 3 states in emerging wine markets Figure 7 Figure 8a Figure 8b Figure 9 Daily Musts| Variety Seekers | Personal Image | Savvy Buyers | Occasional Consumers| * Represent 16. 4% of wine drinkers * Accountable for 49. 3 % of all wine sales. * Median age is 61 * Annual income averages $62,000. Daily Musts are the heaviest wine consumers and consumers and drink on a daily basis. They are brand loyal and flexible in their response to different packaging designs and tend to buy based on low prices. * Represents 14. 4% of wine drinkers * Spending share of 34% * Median age is 50. * Annual income averages $100,000. They tend to spend more per capita than the Daily Musts, appreciate premium packaging, q uality wine and variety. They often view higher price as a sign of higher quality. The Variety seeker is most likely to use the internet to secure information before purchases and look at wine as an extension of their personal image and tend not to be brand loyal. | * Represents 14. 1% of wine drinkers * Spending share of 3. 1% * Median age is 34 * Annual income averages $62,000.This group will grow in consumption as their ages and incomes increase. The Personal image drinker’s habits are in development, and they tend to turn to social media and the Internet for information. They consider wine consumption an extension of their personal images, however are more focused on store brands. | * Represents 2. 6% of wine drinkers * Spending share of 9. 7% * Median age is 48 * Annual income averages $80,000This group enjoys trying a variety of wines and tends to buy on value, however not necessarily focused on low price since they only consume moderate to small amounts. * Represents 3 4. 5% of wine drinkers * Spending share of 4% * Median age is 55 * Annual income averages $63,000| Figure 10 Segmentation by lifestyle Figure 11 ——————————————– [ 1 ]. SVB, 2012 [ 2 ]. See Appendix figure 2 [ 3 ]. See Appendix figure 3 [ 4 ]. See Appendix figure 4 [ 5 ]. See Appendix figure 5 [ 6 ]. See Appendix figure 6 [ 7 ]. http://www. gayot. com/wine/top10american-sparkling-wines/main. html [ 8 ]. Wine Institute, 2011 [ 9 ]. Press Democrat, 2011 [ 10 ]. See Appendix figure 7 [ 11 ]. With the exception of the state of Washington [ 12 ]. https://www. cia. ov/library/publications/the-world-factbook/geos/it. html [ 13 ]. http://en. wikipedia. org/wiki/List_of_wine-producing_countries [ 14 ]. http://quickfacts. census. gov/qfd/states/06000. html . S. Census Bureau: State and County QuickFacts [ 15 ]. http://www. tax. ny. gov/bus/bev/abt_tax_information_individuals. htm [ 16 ]. Be rlucchi Case page 15 table 2 [ 17 ]. http://www. berlucchi. it/we-do/ [ 18 ]. See Appendix Figure 1a [ 19 ]. See Appendix Figure 1b [ 20 ]. http://www. wine-searcher. com/wine-197764-0001-berlucchi-palazzo-lana-brut-franciacorta-docg-italy [ 21 ]. Berlucchi Case page 5 [ 22 ]. Berlucchi Case page 5 [ 23 ].Berlucchi Case page 5 [ 24 ]. Berlucchi Case page 5 [ 25 ]. Berlucchi Case page 11 [ 26 ]. Berlucchi Case page 21 table 23, 24 [ 27 ]. See Appendix figure 10 for more info. [ 28 ]. See Appendix figure 11 [ 29 ]. http://www. berlucchi. it/we-do/#cuvee [ 30 ]. http://www. berlucchi. it/we-do/#palazzo-lana [ 31 ]. See Appendix Figure 10 [ 32 ]. See Appendix Figure 1a [ 33 ]. http://www. statemaster. com/graph/hea_alc_con_cas_dri-health-alcohol-consumption-casual-drinkers [ 35 ]. http://www. wkrn. com/story/19808909/kroger-begins-focused-push-for-wine-in-grocery-stores [ 36 ]. Based on research findings of SymphonyIRI group, INC