An Assessment of the American Psychological Association in the Development of Professional Knowledge and Abilities of Members

An Assessment of the American Psychological Association in the Development of Professional Knowledge and Abilities of Members Consecutive studies demonstrate that career success is primarily a function of ability, personality, knowledge, opportunity, and the interactions between these variables (Rode et al., 2008). Additionally, the scope of job tasks, responsibilities, and expectations have also been cited as critical determinants of career success. Abele Spurk (2009) defines career success as the positive psychological or job-related outcomes an individual accumulates as a direct result of work-related experiences.Advertising We will write a custom research paper sample on An Assessment of the American Psychological Association in the Development of Professional Knowledge and Abilities of Members specifically for you for only $16.05 $11/page Learn More Professional bodies and organizations have been credited for assisting employees to work towards achieving their career goals and objectives and, therefore, play an important role in complimenting the efforts of employees towards the attainment of career success. This paper purposes to explain how the American Psychological Association (APA) assists its members in the development of professional knowledge and abilities, and how this impacts the career success of psychologists in the various fields of practice. Headquartered in Washington, the APA is a scientific and professional organization with over 150,000 members, thus making it the largest association of psychologists globally. According to its homepage, â€Å"†¦the mission of the APA is to advance the creation, communication and application of psychological knowledge to benefit society and improve people’s lives† (APA, 2010, para. 2). Among other things, this mission is based on continual pursuit of excellence, outstanding service to members and society, knowledge and its application based on methods of science, and ethical action in all the organization’s endeavors. The APA contributes towards the enhancement of professional knowledge and abilities of its members in a number of ways. First, the organization is not only the foremost catalyst for the stimulation, development, and dissemination of psychological knowledge and practice, but it is the primary resource for all psychologists, not mentioning that it is the premier trendsetter in the education, nurturing, and training of psychologists, practitioners, and educators (APA, 2010). Its comprehensive undertaking in research provides members with a framework to keep abreast of current issues in the broad field of psychology, and enhances their practical knowledge and abilities in dealing with new and challenging issues. In addition, the association provides members with the opportunity to network and exchange critical ideas that goes along way to sharpen their abilities to contribute more to the enhancement of human rights, health, well-being, and self-respect (APA, 2010).Advertising Looking for research paper on psychology? Let's see if we can help you! Get your first paper with 15% OFF Learn More What’s more, the publications and annual conventions arranged by the organization allows young psychologists the chance to interact with experienced members and exchange knowledge and ideas that are inarguably critical to the practice judging by the fact that psychology is an evolving discipline. The association gives its members an enabling environment to develop their professional knowledge and expertise through interaction and collaboration. Lastly, it is imperative to mention that any professional body gives its members a sense of belonging and a framework for furthering their interests, and the APA is no exception (Kuijpers et al., 2006). As already mentioned, career success is primarily a function of an individual’s knowledge and abilities. Individuals always strive to build a successful career, and a professional body that will provide them with the basic ingredients for career success is mos t welcome. Knowledge and abilities will enhances an individual’s chances to gain materially in terms of pay and hierarchical position, otherwise known as objective career success (Abele Spurk, 2008). In the same vein, having adequate knowledge and capabilities brings job satisfaction, motivation and enhanced social status, therefore enabling one to achieve what is known as subjective career success. As such, it can be concluded that engagement in professional organizations enhance one’s career success. Reference List Abele, A.E., Spurk, D. (2009). How do objective and subjective career success interrelate over times? Journal of Occupational Organizational Psychology, 82(4), 803-824. Retrieved from MasterFILE Premier Database American Psychological Association. (2010). About APA. Retrieved from https://www.apa.org/about/index Kuijpers, M.A.C.T., Schyns, B., Schreerens, J. (2006). Career competencies for career success. Career Development Quarterly, 55(2), 168-178. R etrieved from MasterFILE Premier DatabaseAdvertising We will write a custom research paper sample on An Assessment of the American Psychological Association in the Development of Professional Knowledge and Abilities of Members specifically for you for only $16.05 $11/page Learn More Rode, C.R., Arthaud-Day, M.L., Mooney, C.H., Near, J.P., Baldwin, T.T. (2008). Ability and personality predictors of salary, perceived job success and perceived career success in the initial career stage. International Journal of Selection Assessment, 16(3), 292-299. Retrieved from Academic Source Premier Database

Global Misconceptions in The WHO Video

Global Misconceptions in The WHO Video Introduction The WHO video on chronic illness acts as a revelation, for the reason that it provides the audience with a view of the chronic health conditions in the developing countries. It serves to dispel numerous myths and misconceptions about the suffering of people in the third world countries from what have traditionally been viewed as lifestyle diseases, mostly affecting residents of the developing countries.Advertising We will write a custom essay sample on Global Misconceptions in The WHO Video specifically for you for only $16.05 $11/page Learn More People have tended to assume that the third world countries were immune or at least not prone to conditions, such as cancer, diabetes, and heart attacks, among others (WHO, 2014). Despite the assumptions, the video dismisses this information by indicating that 80% of the people who die come from low and middle-income nations. In addition, they are likely to affect women and children as they would affect men. The video contains several personal stories of victims from developing countries, most of whom are living in poverty and have been severely affected by chronic diseases. The stories focused on people living with chronic diseases and the underlying risks, given that today millions of people are dying, and many others are becoming disabled because of chronic diseases (WHO, 2014). The stories are aimed at raising the awareness. They demonstrate the very deep and personal impact of the diseases on individuals, their families, and communities. Are individual behaviors to blame? Individuals are not necessarily responsible for getting chronic conditions since, although the causes are known, many people often suffer from them even when they have not been exposed. In addition, some of them are genetic and/or environmental, which limits the extent to which potential victims can take actions. However, in some cases, individuals’ lifestyles significantly contribute to their vulnera bility. For example, someone who consumes excess amounts of junk food or alcohol would have relatively high chances of suffering from diabetes. Similarly, a heavy smoker would also be at a high risk of suffering from cancer because of his or her lifestyle (WHO, 2014). Nonetheless, the idea that nothing can be done is fallacious, since there are numerous measures that an individual can take to protect himself or herself.Advertising Looking for essay on health medicine? Let's see if we can help you! Get your first paper with 15% OFF Learn More These include regular exercises, a healthy diet, and frequent medical checkups. While they might not eliminate the risks of getting a condition, such as cancer or diabetes, risks would be significantly reduced. Developed vs. developing countries While chronic diseases are for the most part preventable, governments and health organizations in many third world countries have found it very difficult to address them due to s everal factors. In developing nations, the education levels are very low, which result in ignorance that complicates efforts to provide citizens with health education. In some societies, people refuse to accept the connection between lifestyle and illness, and blame supernatural powers or witchcraft. In addition, owing to insufficient funds and/or research data in relation to the scope of the problem, efforts to address these problems are often disorganized. Hence, they tend not to be very effective. Conversely, on the West, an educated population takes the issue very seriously, and many studies have been carried out on it, which makes it comparatively easy to address the matter (WHO, 2014). However, in the developed nations, there is a unique challenge because, despite the awareness of the risk factors, people often ignore them. In low-income nations, the main challenge is to get sufficient resources to fight the diseases, while, in the high-income ones, it is to educate people abo ut the risks of chronic diseases. Reference WHO. (Executive producer). (2014). Face to face with chronic disease. Geneva, Switzerland: WHO.

Food inc Essay Example | Topics and Well Written Essays - 250 words

Food inc - Essay Example My general reaction to the film is that, it is an amazing documentary that made many facts public. The film could help people protect themselves from their own businesses, something that their own government knew and allowed. Furthermore, the government should be first in fighting such foods, just as it is in fighting Osama Bin Laden. Even though some believe that cheap, a fast and tasty meal is the best food for workers on basis of convenience, this is far too little to consider, instead of its nutritional value. One of the least convincing arguments is that doing away with technology and fertilizer would leave us only with starvation documentaries to watch. Contrary, I believe that the cost of doing away with genetically modified foods is cheaper than the cost of treating diseases related with such foods, and worst of all, the lose of many lives. In order to well understand this documentary, people should remove themselves from their personal opinions and view it, just the way it is. Rhetorical devices have effectively conveyed the message. The call of action at the end is however hypocritical. This is because it only recommends buying foods at farmers markets and organic yoghurt as the only solution to the

Andrew Jackson and John Marshall Essay Example | Topics and Well Written Essays - 500 words

Andrew Jackson and John Marshall - Essay Example chief justice whose opinions assisted in laying the U.S. constitution. Marshall as chief justice, did not rely in any way on other people’s opinion, but believed that the law should guide his ruling. He steered his justices and only one time did he appear on the losing side in a case involving the constitution. He had set his own standards of constitution interpretation. In the Marbury v. Madison case, Marshall was of the opinion that the case violated the constitution by trying to expand the original and existing jurisdiction of the highest court. In this case, Marshall ruled it unconstitutional. This case made the Marshall proclaim the doctrine of review of the judiciary. In the case of McCulloch v. Maryland, which involved balancing of powers between the states and the federal government, Marshall ruled on federal supremacy. Marshall was of the opinion that states were not liable of taxing federal institutions. He prevented the states from establishing laws that would violate the federal law. Marshall upheld the congressional authority in cre ating a second bank of U.S, though the powers to govern this were not stated in the constitution expressly. In Worcester v. Georgia, a Georgia statute prohibited those who were not Indians from being present on Indian lands without having a license of doing so from the state. In this case, Marshall ruled it unconstitutional under the ground that the federal government had exclusive authority in dealing with such matters. It is believed that, in this ruling, Andrew Jackson was not happy about the ruling of Marshall and looked forward to seeing whether the ruling would be implemented, but it was at the very end and Worcester was freed. Andrew Jackson is seen as one of the presidents who did not protect, preserve or defended the constitution. During his swearing in, he said the words, but did not seem to follow them as required. During the Worcester v. Georgia case, Marshall had ruled that the federal law

A critique of the current arguments in the popular media regarding Term Paper

A critique of the current arguments in the popular media regarding intellectual property - Term Paper Example Issue of â€Å"copyrighted† material is on the agenda both for providers and users, as percentage of infringements in this sphere steadily grows. Discovering plagiarism in education, one should pay attention to sphere of copyright application. â€Å"Works covered by copyright include books, magazines, musical scores, motion pictures and computer software programs.† (Millonzi & Passannante 39 - 43) Writing term papers, dissertations, composing or technical projects, students require a large variety of information that must be properly cited. U.S. Copyright Office, the American Society of Composers, Authors and Publishers (ASCAP), WIPO and other organizations regulate these legal matters and develop preventive measures against plagiarism of the copyrighted material. iParadigms, LLC created an online software Turnitin for detection of plagiarism in written paper of students and authors. On the international market this intellectual rights protection service is intended for schools, colleges and universities. The software assesses similarity of the works, using electronic libraries, published articles, web-sites etc. Nevertheless, Matthew Dames doubts high efficiency of the product and rejects using it in his practice, because even minimum similarities are unavoidable. â€Å"A student cannot have a genuine original thought that is independent of another’s writings. As a result, the service skews overwhelmingly toward the benefit of authors whose work and reputation already have been established.† (Dames 23 - 25) This argument is logically grounded, as search results of Turnitin are based on maximum coincidence of words and word combinations. To deal with the arisen problem in the United States, Copyright Office and Department of Education should improve assessment criteria of the written works. Firstly, tutors should provide students exceptionally with theoretic background. There

Jaguar Strategic Analysis

Jaguar Strategic Analysis INTRODUCTION: Jaguar Land Rover Cars (JLR), is one of the largest car manufactures around the world. It was founded in 1922 by two motorcycle fanatics i.e. William Walmsley and William Lyons as Jaguar. Its products are luxurious and of high superiority.Jaguar hire above 16,000 individuals, mainly in the UK (Ford Motors, 2009). As we know that Car trading is a very lucrative business, and this is the reason that most car manufactures industries are upgrading their market mix so as to encounter their clients demand and also tie the market race. This is a developed market and there is entry fences forced mostly for the novices. This business definitely, requires sufficient resources and heavy savings as a source of resources, and also solid technological experience. (Thomson 2008) This report is an analysis of assignment 1 in order to identify the Jaguars developments and impact. The report covers critical analysis on the companys operations, structure, external environment, the strategy of the organization regarding its suitability and ability to report the macro-environmental and industry trends, product and service offerings and corporate actions, of the company OVERVIEW: Jaguar main marketing objective is to reinforce its brand fairness and to attain retailing range. The objective requirements are to tie the gap among its customers and its actual performance (Daye VanAuken, 2009). The Jaguar wishes to achieve its social responsibilities and have courage to join in in partnerships with other organizations and NGOs to aid progress; the locale and support the shareholders in building the community relations. As this report is an analysis on my assignemt1. In pervious assignment I have made following findings. The terminologies connected to business environment both micro and macro of the company JAGUAR. Their aims, market share and competitive advantage Business strategy Problems that hinder in the companys success and also suggests the best fit approach for Jaguar Report evaluates and analyses different methodologies like SWOT Analysis, PEST analysis and micro and macro environment of jaguar In my previous work i studied external environment of jaguar in which i studied aboutPESTL,PORTERfive forces andSWOT analysis. According to my study i have made following analysis of jugular company. According to PESTLE analysis Jaguar Company faces political, economic, social, technological and legal issues. According to political aspects company has stable interest in decreasing carbon emissions from vehicles and factories. So; there is increased need for any alternative of fuel sources. Economically people are less motivated to priced cares because jaguar lacks economical cars. Socially people wanted Sports cars are less wanted because they are not environmentally friendly. Technologically Jaguar have need to advance hybrid or electric carsLegallyJaguar should need to acclimatize the method in which company work to put up new rules or laws. According to porter five forces analysis buyers of jaguar want jaguar appliances and engines in their cars. Suppliers of jaguar are the people who deliver parts and machinery. New competition to the jaguar can be from previous car corporations who may investigate the luxury car market, this competition can have from companies like Volkswagen, Ford, and Peugeot. Company can face rivalry from multiple companies like BENZ, BMW, Aston Martin, Porsche, and Bentley Mercedes Benz. Potential clients who may be watching for a high performance car can be persuaded by motorcycles as an alternative.in SWOT analysis Jaguars strength is due to its status for creating a range of top cars with its outstanding workforce. It also has strong position in research and growth. Weakness is lies in the fact that jaguar is not an eco-friendly company so; it may have negative influence on the company. (Duane Michael 2011) Jaguar must some opportunities like they can improve their outstanding standing for quality if they want to keep their competitive edge in the market.(Barney 2010) Threaten Jaguars strategic position is because of growing fuel pr ices, less throwaway income and changing interest. Governmental rules will also threaten Jaguar ANALYSIS:   Ã‚   Suitability: In my previous analysis I cover most of the macro-environment and industry analysis tools here I am recommending the use of strategic option of the organization. Jaguar aspiring development plans can only be reinforced by bringing novelty in innovative engines, products, and environmental technologies. The company has a complex strategy for placing itself as a foremost producer of best vehicles. The companys success is related to its investment in product growth, and is imitated in the RD, strategic emphasis on capital spending, and product design. The strategic position of Jaguar through the earlier examines seem to be strong within their target market. Jaguars aims to keep this position by development and research are certainly, that how they are keeping this position actually. If Jaguar needs to strengthen this position, though, they must expand their image as being ecological. This could be attained through their previously firm research and development. (Gov.uk, 201 7) ACCEPTABILITY: Principal risks. Global economic and geopolitical environment: Jaguar worldwide presence raises its contact to worldwide economic and geopolitical risks and external factors for example the current UK survey to leave the EU, political unpredictability, terrorism, wars, natural tragedies, epidemics, fuel lacks, and labor strikes. Environmental regulations and compliance: Jaguar has many strategies, laws and regulations that cover its environmental features connected to production services and vehicles; for example, fuel economy and greenhouse gas emissions. Competitive business efficiency: Jaguar has started programs to enhance operating competence in response to the dynamic external setting including prevailing and developing modest challenges. Brand positioning: it is becoming gradually challenging as the broader motorized market and digital setting develops where new rivals are evolving and prevailing are growing. Product liability and recalls: This may interrupt existing and potential consumers to question about the superiority of Jaguar Land Rover products. Exchange rate fluctuations: This can drive to a important exposure to variations in foreign currency, particularly sales in US Dollars and Chinese Renminbi along with costs in Euro Global expansion: As global sales and industrial track increases company have risks as geopolitical risks, epidemics, natural tragedies, discrepancy and vagueness of economic and governmental rules, the interpretation of native laws and guidelines and taxation systems Distribution channel: A risk to consumer service could worsen. Patent and IP protection:Risks includebreach of intellectual property (i.e. copyright, designs trademarks, patents,). Unethical and prohibited business practices:As company increases global footprint they are bare to the potential risks related with diverse ethical values and cultural norms. (Bacon, 2009) (Full Issue PDF, Volume 41, Issue 4, 2016) FEASIBILITY: Use of estimates and judgments: The planning of financial statements in accordance with IFRS requires the use of definite grave accounting estimations. It also needs management to work out its judgment in the procedure of put on the companys accounting rules. Revenue recognition : It includes the quantities charged to clienteles outside the company and is measured at fair value of the concern net of discounts, receivable , sales incentives, client bonuses and rebates established, which can be recognized at the point of sale. Cost recognition: Expenditures are exploited where suitable in conformity with the policy for internally made intangible assets and signify stores and other manufacturing supplies, worker costs, and other expenditures experienced for product development assumed by the company. Government grants and incentives: Government endowments are known when there is assurance that the company will obey with the pertinent circumstances and the funding will be received. Government grants are documented in the income statement on a methodical basis when the company distinguishes, as expenses, the linked costs that the endowments are envisioned to recompense. Foreign currency: The Company has a practical and performance currency of GBP. Contacts in foreign currencies are noted at the exchange rate prevailing on the date of transaction. Income taxes: they include present and deferred taxes. People and Skills: The essential capabilities within a company can be viewed as extents where the company is very good at and therefore set them separately from the competition. One of Jaguars extremely high qualities is its team of experts and motivated staff. This outstanding staff has a positive attitude on the rest of manufacture, e.g. tasks for example assembly and maintenance of offering sturdy and consistent vehicles, for which Jaguar is famous for. This is also the jaguars vision to produce desirable cars. (Ford Motors, 2009) The companys sustainability vision targets to guarantee their business although replying to worldwide trends and stakeholder requirements. Their strategy will aid to safeguard that sustainability is rooted at each stage of the life cycle of their products and at all stages of business. CHALLENGES: Through analysis I have discover one of the chief problems is Future profitability and the faith of shareholders. Company makes great performance and best vehicles; however, they do not want to have an important environmental outline. As a rising company, its more imperative than ever that we have a complete strategy prepared to decrease impact on the environment and exploit the optimistic welfares that business can bring (Wallace and Tovey, 2017) RECOMMENDATIONS To face the challenges we must react efficiently to numerous developing worldwide trends that are influencing the future of companys business. Away from the influence of products, supply chain operations and, we have a broader duty to provide benefits to the society and the economy. Companys Global Corporate Social Responsibility strategy helps to improve solutions for social and economic challenges. Areas of focus consist of proceeding knowledge by building engineering and science skills, emerging young engineers and backup technology businesspersons. (Pierini, Eckert, 2008) CONCLUSION This report has well assessed Jaguars strategic position and also known growing technologies and their influence on this position. The external environment was assessed and it showed Jaguars position in its related market zone. Five forces, PESTL and SWOT analyses were carried out to show how strong Jaguars place in their market was. Generally, Jaguar is very securely working as a leader in their market. REFERENCES: Jaguar (2013) JAGUAR[online] available from http://www.jaguar.co.uk [2013] Thomson, R 2008, Tata Motors completes acquisition of Jaguarà ¢Ã¢â€š ¬Ã… ¸, Press release Ford Motors 2009, à ¢Ã¢â€š ¬Ã… ¸Tata Motors enter into Definitive Agreement with Ford for purchase of Jaguar Land Roverà ¢Ã¢â€š ¬Ã… ¸, Press release Daye D, Van Auken B 2009. The Benefits of Corporate Brands. From (Retrieved 15 July 2009). Duane, I, Michael, A 2011, Understanding business strategy: concepts and cases: Mason, South-Western Cengage Learning Barney, J 2010, Firm resources and sustained competitive advantage, Journal of Management, 17, pp.99 120 Bacon, N 2009, Competitive advantage through human resource management: best practice or core competencies? à ¢Ã¢â€š ¬Ã… ¸ Human Relations, Vol.4, pp. 361 372 Huselid, A 2006, Strategic human resources management: where do we go from here? à ¢Ã¢â€š ¬Ã… ¸ Journal of Management, Vol. 32, pp. 898 925 Gross, S 2009, End-of-life vehicles management in Europe: driving the change: Cases of Sweden and Germany. IIEE, Lund University Pierini, M Eckert, V 2008, Strategy-based approach to eco-design: Application to an automotive componentà ¢Ã¢â€š ¬Ã… ¸, International Journal of Vehicle Design, vol. 6, pp 156-17 Gov.uk. (2017). Jaguar Land Rover: manufacturing more resource efficient cars Case study GOV.UK. [online] Available at: https://www.gov.uk/government/case-studies/jaguar-land-rover-manufacturing-more-resource-efficient-cars [Accessed 21 Jul. 2016]. Wallace, T. and Tovey, A. (2017). UK firms from engineers to banks struggle to fill skills shortage. [online] The Telegraph. Available at: http://www.telegraph.co.uk/business/2017/03/04/uk-firms-engineers-banks-struggle-fill-skills-shortage/ [Accessed 10 Mar. 2017]. Full Issue PDF, Volume 41, Issue 4. (2016). Fisheries, 41(4), pp.157-212.

Humorous Wedding Speech Delivered by the Groom :: Wedding Toasts Roasts Speeches

Humorous Wedding Speech Delivered by the Groom Well, as Henry VIII said to each one of his wives †¦ 'I shall not keep you long'. Ladies and Gentlemen, this day is an historic day, on this day in 1666, the Great Fire of London started - nothing to do with my wife's cooking. And on this day in the year 2000, you attended this wedding reception and heard the finest wedding speech of your entire lifetime, and my best man Michael will be making it. I after all, did have a great speech worked out for you today, but as I am now married, my wife has told me what to say instead. Thank you - All So on behalf on my wife and I. We would like thank you all for coming here today and sharing our special day with us. Especially those who have travelled some distance to be here, including our chief bridesmaid Suzy and her boyfriend Chris who have come all the way from Canada via Glasgow. We would also like to thank you all very much for your cards, kind thoughts and wonderful presents. I was afraid that putting a dinner service on the wedding list was not such a good idea. When I discussed it with Mel I suggesting we should get a dishwasher, but she told me not to worry, she's going to get one when she's married - Me! We had considered getting married abroad, but we decided we would prefer to share our day with all of you. And I'm glad we did. Here's to all of you who are all very special people, picked by us both and may we all have a great day (toast). Thank you - Brian Brian, thank you for those kind words, (you hope that you won't let him down/are proud to be his son-in-law, live up to his expectations etc. Having lived with Mel for 3 years now, I think I am prepared well enough.) I must say that both Hazel and yourself always make me feel very welcome when I come to visit. In view of the fact that my new Mother-in-Law is so close, I don't want to say much, other than only Adam had no Mother-in-Law - that's how we know he lived in paradise. Thank you - Parents We would like to thank both sets of parents as we wouldn't be here today if it wasn't for them.

Krispy Kreme

Krispy Kreme Doughnuts, Inc. FIN Professor XXX XXXX Month xx, xxxx History Krispy Kreme was founded by Vernon Rudolph after he purchased the famous secret recipe of yeast-raised doughnuts in 1937 from a French chef in New Orleans. Rudolph began to sell these doughnuts wholesale to supermarkets. The demand for his doughnuts grew quickly, and by cutting a hole in the wall of the factory to sell directly to customers the concept of Krispy Kreme retail stores was born. The retail concept for Krispy Kreme doughnuts allowed Rudolph to grow his factory stores to 29 shops in 12 states by the late 1950’s.When Rudolph died in 973 Beatrice Foods bought his company and expanded it to more than 100 locations and expanded the menu to include soups and sandwiches. Beatrice tried to reduce costs by changing the appearance of the stores and using cheaper ingredients. This negatively affected the company and Beatrice sold the company to a group of franchise owners. This group of owners was led by Joseph McAleer, who was the first Krispy Kreme franchisee. The leveraged buyout was completed for $24 million in 1982. The new group brought back the original recipe and logo.By 1989 the group was almost debt free and they were beginning to expand. The company CEO, Scott Livengood, took the company public in April of 2000. The share price after the first day was $40. 63. Holes in Doughnut Accounting Practices In May of 2004 Krispy Kreme announced to its investors that they should expect earnings to be 10% lower than predicted. It was at this time that the low-carb diet had taken the U. S by storm, and Krispy Kreme blamed this low-carb diet for their low wholesale and retail sales.They also announced the sales of a the Montana Mills bakery chain of 28 bakery cafe’s that had been acquired in January of 2003 for $40 million in stock. Krispy Kreme also announced that the Hot Doughnut and Coffee Shops were falling short of expectations and three of them were closing at a cost o f $7 to $8 million. Krispy Kreme (KKD) stock price closed down 30% that day. Shortly after on May 25th, 2004 when the Wall Street Journal published a story about how Krispy Kreme handled is accounting for franchise acquisitions.According to the article Krispy Kreme recorded the interest paid by the franchisee as interest income for immediate profit, except that Krispy Kreme booked the purchase cost of the franchise as an intangible asset and did not amortize it. In the repurchase agreement of the 7 stores in Michigan, they allowed one of the franchises top executives to stay on with the company after the repurchase. This executive left the company shortly after closing the deal, and had to pay him $5 million in severance which Krispy Kreme also rolled into the unamortized-asset category. Krispy Kreme claimed it followed GAAP standards and had done nothing wrong.The final shoe to drop as on July 29th, 2004 when Krispy Kreme announced that the Securities and Exchange Commission (SEC) had launched an informal investigation related to â€Å"franchise reacquisitions and the company’s previously announced reduction in earning guidance†. Krispy Kreme (KK) shares fell another 15%. The revelations about the companies accounting practices and showing interest as immediate income and not amortizing the repurchased franchises but rather showing them as intangible assets alone could justify the devaluation of their stock price by approx. 45%.Couple their earnings decline and the announcement of store closings and it easily can be justified. Couple that with the fear of the unknown. If Krispy Kreme was treating their interest and reacquired franchises as they were which seems to be blatantly wrong, what else might the SEC find during their investigation? This fear would certainly drive investors away and their share price down. The facts along with its ratings being dropped by 50% of analysts to â€Å"Hold† from â€Å"buy† a few months earlier. K rispy Kreme Deep Fried and Possible Deeper Issues Krispy Kreme grew incredibly quickly in the years leading up to the nvestigation (as shown in the chart below) and then may have tried to meet Wall Street expectations through some questionable practices such as shipping more product or pulling ahead product orders, then allowing the orders to be returned shortly after for credit. â€Å"Testimony by a former sales manager at a Krispy Kreme outlet in Ohio, said a regional manager ordered that retail store customers be sent double orders on the last Friday and Saturday of the 2004 fiscal year, explaining â€Å"that Krispy Kreme wanted to boost the sales for the fiscal year in order to meet Wall Street projections. The witness said the manager explained that the doughnuts would be returned for credit the following week – once fiscal 2005 was under way† (Chin, 2005). It seems pretty clear that Krispy Kreme was using questionable methods to inflate profits. Investors also l ater found out that Scott Livengood (CEO), the former COO John W. Tate, and the former CFO Randy Casstevens, â€Å"unloaded more than 475,000 shares of Krispy Kreme stock for proceeds of $19. 8 Million†, (Chin, 2005) while they were fully aware sales were declining since January of 2003.During this investigation, Scott Livengood, Krispy Kreme’s CEO announced his retirement. It would seem to me that there may be some deeper issues with Krispy Kreme and if I were a shareholder I would want out, or to be certain that Krispy Kreme’s accounting mess was cleaned up. The chart below shows Krispy Kreme’s performance during the years leading up to the investigation. Krispy Kreme Re-made Fresh Today Krispy Kreme’s stock has not fully recovered, (see chart below), but as of the end of 2012 Krispy Kreme seems to have made a comeback. â€Å"Krispy Kreme Doughnuts, Inc. Krispy Kreme) is a retailer and wholesaler of doughnuts complementary beverages and treats a nd packaged sweets. The Company’s principal business is owning and franchising Krispy Kreme stores, at which a variety of doughnuts, including the Company’s Original Glazed doughnut, are sold and distributed together with complementary products, and where a broad array of coffees and other beverages are offered. As of January 29, 2012, there were 234 Krispy Kreme stores operated domestically in 38 states and in the District of Columbia, and there were 460 shops in 20 other countries around the world.Of the 694 total stores, 292 were factory stores and 402 were satellites. The Company operates in four segments: Company Stores, domestic franchise stores, international franchise stores, and the KK Supply Chain† (â€Å"Krispy Kreme Doughnuts†). As of close of business on Friday last week KKD traded at $14. 80, way below its heyday when the stock traded in the $40’s but it is double its all-time low. Krispy Kreme doughnuts (KKD as of March 22, 2013 When compared to its competitors Krispy Kreme’s P/E is 49. 33. This is much higher than the others but its P/S is in the middle.Krispy Kreme’s competitors are listed as Dunkin’ Brands Group, Einstein Noah restaurant Group, and Starbuck Corporation. Below is the direct competitor comparison. Direct Competitor Comparison| | | KKD| DNKN| BAGL| SBUX| Industry| Market Cap:| 989. 57M| 3. 94B| 253. 09M| 42. 99B| 384. 28M| Employees:| N/A| 1,104| 6,912| 160,000| 10. 87K| Qtrly Rev Growth (yoy):| 0. 16| -0. 04| -0. 04| 0. 11| 0. 30| Revenue (ttm): | 435. 84M| 658. 18M| 427. 01M| 13. 66B| 453. 84M| Gross Margin (ttm):| 0. 17| 0. 79| 0. 21| 0. 57| 0. 31| EBITDA (ttm):| 47. 93M| 304. 86M| 48. 46M| 2. 46B| 47. 5M| Operating Margin (ttm): | 0. 09| 0. 38| 0. 07| 0. 14| 0. 07| Net Income (ttm):| 20. 78M| 108. 18M| 12. 74M| 1. 43B| N/A| EPS (ttm):| 0. 30| 0. 93| 0. 74| 1. 86| 0. 78| P/E (ttm):| 49. 33| 39. 95| 20. 01| 30. 87| 29. 99| PEG (5 yr expected):| 1. 02| 1. 58| 0. 98| 1. 43| 1. 50| P/S (ttm):| 2. 24| 5. 96| 0. 59| 3. 13| 1. 04| | | | | Suggestions for a Krisp/Klean Future Making Doughnuts I three things I might suggest if I were the CFO for Krispy Kreme doughnuts would be to insure open communication with investors and insure them that internal auditing systems are in place.I’m sure that investors lost all trust in the previous management because of the questionable practices that were followed. Krispy Kreme needs to rebuild that trust by having open lines of communication with its investors. I would take a serious look at closing unprofitable stores, and research other markets to open more stores. Some areas may still be underperforming while others are booming. Concentrate on the areas that show better potential and take advantage of that market while it is supporting growth. Because their competitors seem to offer expanded menus I would concentrate on healthy choices for the lunchtime crowd.Everyone is aware of Krispy Kreme’s doughnuts, but I’m not so sure their other menu items are well known as an option for lunch/brunch. Other than the morning rush for doughnuts, they could make their stores more profitable with being the †go toâ€Å" spot for lunch also. References Chin, N. (2005). Krispy Kreme Dougnuts: Empty calories or empty profits? Retrieved from http://www. corporateconflicts. com/index-sb-cases-kk. html Krispy kreme doughnuts. (n. d. ). Retrieved from http://www. google. com/finance? client=ob&q=NYSE:KKD Krispy Kreme Krispy Kreme Doughnuts, Inc. FIN Professor XXX XXXX Month xx, xxxx History Krispy Kreme was founded by Vernon Rudolph after he purchased the famous secret recipe of yeast-raised doughnuts in 1937 from a French chef in New Orleans. Rudolph began to sell these doughnuts wholesale to supermarkets. The demand for his doughnuts grew quickly, and by cutting a hole in the wall of the factory to sell directly to customers the concept of Krispy Kreme retail stores was born. The retail concept for Krispy Kreme doughnuts allowed Rudolph to grow his factory stores to 29 shops in 12 states by the late 1950’s.When Rudolph died in 973 Beatrice Foods bought his company and expanded it to more than 100 locations and expanded the menu to include soups and sandwiches. Beatrice tried to reduce costs by changing the appearance of the stores and using cheaper ingredients. This negatively affected the company and Beatrice sold the company to a group of franchise owners. This group of owners was led by Joseph McAleer, who was the first Krispy Kreme franchisee. The leveraged buyout was completed for $24 million in 1982. The new group brought back the original recipe and logo.By 1989 the group was almost debt free and they were beginning to expand. The company CEO, Scott Livengood, took the company public in April of 2000. The share price after the first day was $40. 63. Holes in Doughnut Accounting Practices In May of 2004 Krispy Kreme announced to its investors that they should expect earnings to be 10% lower than predicted. It was at this time that the low-carb diet had taken the U. S by storm, and Krispy Kreme blamed this low-carb diet for their low wholesale and retail sales.They also announced the sales of a the Montana Mills bakery chain of 28 bakery cafe’s that had been acquired in January of 2003 for $40 million in stock. Krispy Kreme also announced that the Hot Doughnut and Coffee Shops were falling short of expectations and three of them were closing at a cost o f $7 to $8 million. Krispy Kreme (KKD) stock price closed down 30% that day. Shortly after on May 25th, 2004 when the Wall Street Journal published a story about how Krispy Kreme handled is accounting for franchise acquisitions.According to the article Krispy Kreme recorded the interest paid by the franchisee as interest income for immediate profit, except that Krispy Kreme booked the purchase cost of the franchise as an intangible asset and did not amortize it. In the repurchase agreement of the 7 stores in Michigan, they allowed one of the franchises top executives to stay on with the company after the repurchase. This executive left the company shortly after closing the deal, and had to pay him $5 million in severance which Krispy Kreme also rolled into the unamortized-asset category. Krispy Kreme claimed it followed GAAP standards and had done nothing wrong.The final shoe to drop as on July 29th, 2004 when Krispy Kreme announced that the Securities and Exchange Commission (SEC) had launched an informal investigation related to â€Å"franchise reacquisitions and the company’s previously announced reduction in earning guidance†. Krispy Kreme (KK) shares fell another 15%. The revelations about the companies accounting practices and showing interest as immediate income and not amortizing the repurchased franchises but rather showing them as intangible assets alone could justify the devaluation of their stock price by approx. 45%.Couple their earnings decline and the announcement of store closings and it easily can be justified. Couple that with the fear of the unknown. If Krispy Kreme was treating their interest and reacquired franchises as they were which seems to be blatantly wrong, what else might the SEC find during their investigation? This fear would certainly drive investors away and their share price down. The facts along with its ratings being dropped by 50% of analysts to â€Å"Hold† from â€Å"buy† a few months earlier. K rispy Kreme Deep Fried and Possible Deeper Issues Krispy Kreme grew incredibly quickly in the years leading up to the nvestigation (as shown in the chart below) and then may have tried to meet Wall Street expectations through some questionable practices such as shipping more product or pulling ahead product orders, then allowing the orders to be returned shortly after for credit. â€Å"Testimony by a former sales manager at a Krispy Kreme outlet in Ohio, said a regional manager ordered that retail store customers be sent double orders on the last Friday and Saturday of the 2004 fiscal year, explaining â€Å"that Krispy Kreme wanted to boost the sales for the fiscal year in order to meet Wall Street projections. The witness said the manager explained that the doughnuts would be returned for credit the following week – once fiscal 2005 was under way† (Chin, 2005). It seems pretty clear that Krispy Kreme was using questionable methods to inflate profits. Investors also l ater found out that Scott Livengood (CEO), the former COO John W. Tate, and the former CFO Randy Casstevens, â€Å"unloaded more than 475,000 shares of Krispy Kreme stock for proceeds of $19. 8 Million†, (Chin, 2005) while they were fully aware sales were declining since January of 2003.During this investigation, Scott Livengood, Krispy Kreme’s CEO announced his retirement. It would seem to me that there may be some deeper issues with Krispy Kreme and if I were a shareholder I would want out, or to be certain that Krispy Kreme’s accounting mess was cleaned up. The chart below shows Krispy Kreme’s performance during the years leading up to the investigation. Krispy Kreme Re-made Fresh Today Krispy Kreme’s stock has not fully recovered, (see chart below), but as of the end of 2012 Krispy Kreme seems to have made a comeback. â€Å"Krispy Kreme Doughnuts, Inc. Krispy Kreme) is a retailer and wholesaler of doughnuts complementary beverages and treats a nd packaged sweets. The Company’s principal business is owning and franchising Krispy Kreme stores, at which a variety of doughnuts, including the Company’s Original Glazed doughnut, are sold and distributed together with complementary products, and where a broad array of coffees and other beverages are offered. As of January 29, 2012, there were 234 Krispy Kreme stores operated domestically in 38 states and in the District of Columbia, and there were 460 shops in 20 other countries around the world.Of the 694 total stores, 292 were factory stores and 402 were satellites. The Company operates in four segments: Company Stores, domestic franchise stores, international franchise stores, and the KK Supply Chain† (â€Å"Krispy Kreme Doughnuts†). As of close of business on Friday last week KKD traded at $14. 80, way below its heyday when the stock traded in the $40’s but it is double its all-time low. Krispy Kreme doughnuts (KKD as of March 22, 2013 When compared to its competitors Krispy Kreme’s P/E is 49. 33. This is much higher than the others but its P/S is in the middle.Krispy Kreme’s competitors are listed as Dunkin’ Brands Group, Einstein Noah restaurant Group, and Starbuck Corporation. Below is the direct competitor comparison. Direct Competitor Comparison| | | KKD| DNKN| BAGL| SBUX| Industry| Market Cap:| 989. 57M| 3. 94B| 253. 09M| 42. 99B| 384. 28M| Employees:| N/A| 1,104| 6,912| 160,000| 10. 87K| Qtrly Rev Growth (yoy):| 0. 16| -0. 04| -0. 04| 0. 11| 0. 30| Revenue (ttm): | 435. 84M| 658. 18M| 427. 01M| 13. 66B| 453. 84M| Gross Margin (ttm):| 0. 17| 0. 79| 0. 21| 0. 57| 0. 31| EBITDA (ttm):| 47. 93M| 304. 86M| 48. 46M| 2. 46B| 47. 5M| Operating Margin (ttm): | 0. 09| 0. 38| 0. 07| 0. 14| 0. 07| Net Income (ttm):| 20. 78M| 108. 18M| 12. 74M| 1. 43B| N/A| EPS (ttm):| 0. 30| 0. 93| 0. 74| 1. 86| 0. 78| P/E (ttm):| 49. 33| 39. 95| 20. 01| 30. 87| 29. 99| PEG (5 yr expected):| 1. 02| 1. 58| 0. 98| 1. 43| 1. 50| P/S (ttm):| 2. 24| 5. 96| 0. 59| 3. 13| 1. 04| | | | | Suggestions for a Krisp/Klean Future Making Doughnuts I three things I might suggest if I were the CFO for Krispy Kreme doughnuts would be to insure open communication with investors and insure them that internal auditing systems are in place.I’m sure that investors lost all trust in the previous management because of the questionable practices that were followed. Krispy Kreme needs to rebuild that trust by having open lines of communication with its investors. I would take a serious look at closing unprofitable stores, and research other markets to open more stores. Some areas may still be underperforming while others are booming. Concentrate on the areas that show better potential and take advantage of that market while it is supporting growth. Because their competitors seem to offer expanded menus I would concentrate on healthy choices for the lunchtime crowd.Everyone is aware of Krispy Kreme’s doughnuts, but I’m not so sure their other menu items are well known as an option for lunch/brunch. Other than the morning rush for doughnuts, they could make their stores more profitable with being the †go toâ€Å" spot for lunch also. References Chin, N. (2005). Krispy Kreme Dougnuts: Empty calories or empty profits? Retrieved from http://www. corporateconflicts. com/index-sb-cases-kk. html Krispy kreme doughnuts. (n. d. ). Retrieved from http://www. google. com/finance? client=ob&q=NYSE:KKD Krispy Kreme INTRODUCTION First, I will discuss the environment of Krispy Kreme and my analysis as to what led to the company’s position in 2004. Second, I will discuss the financial health and current condition based upon the historical income statements and balance sheets. Third, I will discuss the financial ratios in relation to the financial statements. Fourth, I will discuss if Krispy Kreme was financially healthy at the end of 2004. Fifth, I will discuss my assessment of Krispy Kreme’s health and why I think the stock price dropped by 80% between 2003 and 2004.Sixth, I will discuss why I think the market reacted so negatively to the disclosures about adverse results and the revelations in the Wall Street Journal regarding the firm’s accounting methods for the franchise rights. Lastly, I will provide my recommendations for turning around Krispy Kreme Doughnuts’ business. COMPANY POSITION Krispy Kreme Doughnuts started small by selling directly to grocery stores. T heir doughnuts became so popular they began selling directly to customers. They sold a delicious doughnut and a viewing experience.When Beatrice Foods bought the company, her business model did not succeed because it expanded the product line in the opposite direction of what consumers wanted and she inputted cheap ingredients into a popular recipe which sacrificed taste. When she sold the company to the group of franchisees, it pushed the company back into a positive direction by bringing back the original recipe. Krispy Kreme was debt-free by 1989 and their IPO left them with a market capitalization of nearly $500 million in 2000.They appeared to be on the right track but, it seemed they were expanding too rapidly. They allowed franchisees to place their stores in locations that were not favorable, resulting in the franchises not doing well enough and owing Krispy Kreme Doughnuts millions. Krispy Kreme relied on the income from franchised stores purchases of equipment and mixes to o much. They also had their product in too many locations, creating an increase of supply and a decrease in demand. HISTORICAL FINANCIAL STATEMENT ANALYSISOn further analysis of the historical income statement, it seems that Krispy Kreme Doughnuts’ operating expenses are increasing gradually every year and are over 75% of total revenues for each year. The only income statement item that has decreased significantly was interest income from 2002 through 2004. Everything else seemed to point towards a profitably company because both gross profit and net income were increasing by at least 2% every year. On further analysis of the historical balance sheet there we some large red flag items.Property and equipment, net of depreciation was a significant portion of total assets each year. Most of the equipment they created was sold to franchisees and used in each company owned or franchisee owned factory stores. The significant amount on their balance sheet could have meant that they were manufacturing equipment faster than they were selling it to their franchises or due to the fact that they were expecting to expand, but were not able to expand to the extent they wanted to. As a percent of total assets, accounts receivable declined from 17% in 2000 to 7 % in 2004.Inventories were significantly increasing each year, but one would assume that some of their inventory would have to be written of due to the items expiration date (doughnuts can only last so long, so they appear to not be selling as much). Reacquired franchise rights, goodwill and other intangibles significantly increased starting in 2002, and every year after that. It rose in those years to be close to one third (30%) of total assets, which was the biggest item percentage wise other than property and equipment. The most significant item on the liabilities and shareholders’ equity section of the balance sheet is common stock.Every year common stock was close to 50% of total liabilities and shar eholders’ equity. In my opinion, Krispy Kreme Doughnuts, recognized they were in trouble with the increasing failures of franchises and kept issuing more stock in hopes to bail themselves out. FINANCIAL RATIO ANALYSIS In exhibit seven the time series of the ratios raise one specific question. The inventory turnover raises the question as to why it was taking longer for their inventory to sell. When converted to days, the ratio determined that their inventory took over twenty-three days to turnover in 2003.It seems that Krispy Kreme Doughnuts’ inventory was over saturated in the market. With an abundance in supply, it seems that their doughnuts were not as in demand. When comparing Krispy Kreme Doughnuts’ financial ratios to others in the industry, I determined that Krispy Kreme was doing better in some areas than those in the industry such as with their liquidity ratios. Krispy Kreme’s liquidity ratios were significantly higher than any company in its ind ustry. In other areas, such as profitability ratios, Krispy Kreme was about average compared to other companies.Krispy Kreme’s activity ratios were significantly lower than any other company in its industry, meaning their assets are not turning over as much as other companies. In such an industry, product seems to move fast, which further supports my notion that their product was becoming less popular due to the saturated market. It seems a lot more companies in this industry support operations with debt rather than capital, Krispy Kreme was doing the opposite. Exhibit nine supports this position because no other company had a significant amount of shareholders’ equity like Krispy Kreme.Other companies were better able to handle their operating expenses keeping them closer to 50% of net sales, unlike Krispy Kreme who kept theirs closer to 75%, but Krispy Kreme also had a higher percent of net sales in relation to operating profit and profit before taxes. FINANCIALLY HE ALTHY AT YEAR END 2004? In my opinion, Krispy Kreme Doughnuts is not completely healthy at the financial year end of 2004. Their income statement shows an increased net income from the year before, but I believe that increase can only last so long.With the inability to expand further, and current operations decreasing more than they are making, I do not expect their net income to increase by year end 2005. Everything on their balance sheet is increasing, including their inventory. They need to realize that they are simply not selling product. Although their debt is low, that is from the increasing stockholders’ equity in the form of stocks. With the outlook of the company not good, they cannot expect to support their operations with the issuance of new stock. They need to find a new way to finance their operations and ecrease their operating costs. STOCK PRICE DECREASE AND NEGATIVE MARKET REACTION In my opinion investors recognized the same warning signs that I did when analy zing Krispy Kreme Doughnuts’ financial statements and decided to drop their losses while they could still make some kind of profit selling off the stock. When Krispy Kreme announced to investors to expect earnings to be â€Å"10% lower than anticipated, claiming that the recent low-carbohydrate diet trend in the US had hurt wholesale and retail sales,† I think they further expected that something was not right with the picture they were portraying.The Wall Street Journal article, revealed an accounting practice that was not commonly followed by others in Krispy Kreme’s industry. When the SEC launched an informal investigation into the â€Å"franchise reacquisitions,† investors jumped ship as fast as they could. The significant decrease in stock from 2003 to 2004, was investors getting nervous and protecting themselves from their stock being worth near nothing. RECOMMENDATIONS In my opinion Krispy Kreme Doughnuts needs to make radical changes to the way it conducts business.I think they should completely stop off-premise sales, making their product only available in factory stores. This would hopefully decrease their inventory and decrease operating expenses related to the fleet of trucks that deliver product to grocery stores. Selling their product in factory stores only will hopefully recreate the demand for the doughnuts that there once was. I also believe that they should decrease the amount of franchises and refocus to company owned stores.Franchisees might not properly know how to pick a location or be properly trained, as seen with the increase of failing franchises. This would decrease the large amount on their balance sheet from reacquiring franchises. Focusing their business to one or two types of primary sources of income and reducing expenses would be a way to help lower market saturation of their product. Having more company owned factory stores, provides Krispy Kreme a chance to have more control over their operations a nd not depend on franchisees to make a profit for them.

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