President Trump s Campaign On The United States And The...

Vincent Presogna Prof. Joe Georges ECC POLI 1 4176 JG SP17 26 April 2017 Trumps Wall One of Presidents Trumps major campaign promises was to build a wall between the southern border of the United States and the northern border of Mexico. Trump has repeatedly said that he would get Mexico to pay for the construction of the wall. Mexico has repeatedly told President Trump they will not pay for the wall. President Trump has announced that he will proceed first with American tax dollars. Let us look at the proposed figures. President Trump initially estimated during the campaign that the wall would cost $12 billion, but the figure has soared since then. A Department of Homeland Security internal report in February estimated that the†¦show more content†¦It has been proven that if you work a full time minimum wage job you will still live well below the poverty level. Illegal immigrants often have more than one job to make up for this deficit, while still paying taxes on those earned wages. If those low paying jobs were filled by American citizens we could possib ly see a decline in the economic welfare of a general segment of the population. President Trump said in his campaign about illegal immigrants from Mexico that â€Å"They’re bringing drugs. They’re bringing crime. They’re rapists. And some, I assume, are good people.† In fact, this is so far removed from the truth. Many illegal immigrants are looking for better living conditions and to simply to work for a living, most are â€Å"good people†. Trump seems to think that a wall can stop the flow of drugs and guns across the border. The 700 miles of wall that is already in place have made it easier on cartels to establish control of the transportation of illicit goods. While there are few official entry point along the border line. They are highly regulated and policed, but cartels much prefer to exploit their predictability and rationality than to scatter resources across open expanses of desert and river. 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All across America, the presidential candidates are attempting to get your support and to get your vote, but do these candidates really want to rebuild America and make this country great again? In these races there are many highly qualified candidates who want to grab your attention and address specific topics where they feel they are more qualified than their fellow candidates. Throughout all of the candidate’s campaigns, youRead MoreOn January 20Th, As Donald Trump Uttered The Words, So949 Words   |  4 PagesDonald Trump uttered the words, So help me, God, he became the 45th President of the United States. Having defeated Hillary Clinto n two months earlier, he took office in a much divided nation. He had many large promises to live up to, as well as several issues that would become thorns in his side. Two months into his presidency, his approval poll has sunk down to 36 percent. How has he fared as the US President? We will take a look at that right now: Seven days after taking office, President Trump

Air France Internet Marketing Free Essays

Air France‘s Case You have just been hired by Rob Griffin to help him better understand the effectiveness of Air France’s online sponsored search efforts. He has requested answers to the following questions: 1. Please calculate the effectiveness of each of Air France’s marketing campaigns across the 7 different publishers categories (3 points). We will write a custom essay sample on Air France Internet Marketing or any similar topic only for you Order Now Publishers| Avg. Cost per clicks| Tot. Clicks| Media Costs| Tot. Bookings| Tot. Revenue| Net Revenue| Net Rev per Cost | Avg. of Sales per Click %| Avg. of Trans. Conv. %| Yahoo-US| 2| 45,598 | $46,198| 662 | $882,289| $836,091| 18| 1. 5%| 183%| MSN-Global| 2. 15| 11,217 | $12,160| 129 | $145,524| $133,364| 11| 1. 15%| 113%| MSN-US| 2. 87| 10,808 | $16,098| 140 | $181,550| $165,451| 10| 1. 30%| 73%| Google-Global| 2. 22| 72,895 | $120,947| 797 | $929,550| $808,603| 7| 1. 09%| 43%| Google-US| 2. 38| 192,109 | $353,641| 1,550 | $1,745,482| $1,391,841| 4| 0. 81%| 41%| Overture-Global| 0. 8| 60,899 | $64,296| 372 | $430,085| $365,789| 6| 0. 61%| 24%| Overture-US| 0. 76| 119,323 | $141,976| 289 | $347,433| $205,457| 1| 0. 24%| 9%| Grand Total| 1. 9| 512,849 | $755,316| 3,939 | $4,661,913| $3,906,597| 5| 0. 77%| 57%| Based on the data above, we can see that: a. Yahoo-US leads for the most effective marketing campaign among 7 publishers based on the total net revenue per cost, Yahoo-US got the biggest value, 18, it means that every $1 that Air France spent they will receive $18 from their investment. The average of transaction conversion and average of sales per click of Yahoo-US also leads amongst the other publishers. b. Google-US got the biggest of total net revenue from the marketing campaign, almost US$1. million, and also had the biggest total booking number. But our opinion is, Google US did not do the marketing very effective, the money for the media costs that they spent are the biggest amongst the other publishers, and the total net revenue per cost ratio is only 4. c. Overture-US is the most ineffective in doing Air France marketing campaign, even though the average costs per click of Overture-US is the lowest, but the total clicks is the highest, it ranked the second highest amongst the other publishers, so it makes media cost of Overture-US igh and the total booking from the clicks is not in a good value, so we think that Overture-US have to improve their its campaign of Air France. 2. Should Media Contacts recommend the same exact strategy for Air France across all search engine publishers? Or would it be more effective to tailor each publisher strategy to maximize ROI (Please provide support for your answer) (3 points) . From our analysis with the data provided by DoubleClick. Inc. , publishers have their own strong point to focu s on in order to maximize their net revenue and tailor strategy for each publisher will be the best option. Below, we will explain publisher’s performance in term of the following points: * Campaign All of the publishers earn lot of revenues from their â€Å"Air France Branded† campaign with modest click charges on average of $1. 82 and maximum clicks of 106,153 from Google-US, while â€Å"Business Class† campaign is not really productive to gain revenue as publishers lose money on this campaign. Click charges for â€Å"Business Class† campaign is ranged between $3. 76 (Yahoo-US) and $5. 39 (MSN-US) per click. Geo Targeted local search campaign has potential in using Google-US service. For example, In New York City, Google-US can get total of 3,167 clicks with 1. 39% transaction conversion rate. Compare with â€Å"Paris amp; France Term† campaign, it only gets 0. 35% transaction conversion rate with 29,039 clicks. In Contrast, Yahoo revenue for its Geo Target campaign is very low and loses money in 10 out of 13 cities in US. * Keyword Keywords that consist of â€Å"Air France† word are convincingly gaining more revenues than other keywords across all publishers. Google-US earns from the â€Å"Air France brand†, but losing money on bidding European cities keyword like â€Å"Lyon†, â€Å"Bordeaux†, andâ€Å"Rome†. The use of phrase keywords also contributes to number of bookings like the phrase â€Å"DC to France Sale† which have the highest conversion rate compare to others. Different with Google, Yahoo has moderately earned more income from the words of city such as Florence, Paris and Rome. This may be resulted from the difference search methods that Yahoo mainly focuses on web contents keywords. Overture more likely to gain revenue in words that relate with cities in eastern part of Europe like Athens, Tunis, Amman. Overture loses money on broad unspecific words. Thus, Overture should focus on the exact keywords which have connection with flight and travel to eastern part of Europe. MSN-US and MSN-Global costs mainly derived from phrase keywords except â€Å"Air France Brand† keywords. For example, phrase keyword of â€Å"travel to France† generates moderate number of 346 clicks, but none of the clicks succeed in sales conversion. Another example is â€Å"flights to Paris†, other publishers succeed in booking of positive net revenue with the keywords, while MSN-US and MSN-Global lose money. * Broad and focus keyword Broad keyword usually gains many clicks from the campaigns. By analyzing publishers’ performance data, we concluded that Yahoo-US, Overture-Global, MSN-US and MSN-Global are publishers that have strength in broad campaign keywords. Number of clicks for broad keywords represents minimum 90% of total clicks and generates higher transaction conversion rate than focus keywords. Google-US and Google-Global also have a huge clicks gained from broad keyword campaigns on the average of 74% and gain more revenues than focus keywords, but the transaction conversion rate is lower than that of their campaign have. Although broad keywords gain many clicks for its ads, it doesn’t guarantee the increase of sales. 3. Based on your analyses, who do you feel are the most appropriate target customers upon whom Air France should focus their acquisition efforts (again, please provide clear justification for your answer) (2 points) Due to several reason related to market modification and AirFrance partnership, we can support that Business customer segment would be the most important target market. Indeed, because of the development of new low fare companies, the value proposition among the competition changed and gave another offer to the consumers. Ryanair by providing cheap price ticket attracted an important part of the price sensitive customers who use to travel with previous oligopolistic offer with higher price. The business customers are less sensitive to the price, because of less changing (except in case of travelling budget restriction), contracts and promotion with big companies. Ryanair, Irish company, was focused on intern European flight, taking care of 26 different destinations. According to Exhibit1, AirFrance first market was Europe thenit was followed by the North American Market. The mix of price sensitive loss market and intern European market loss pushed AirFrance to work more on its flight between Europe and other continent (Transcontinental flights). International and Transcontinental travelers are highly interesting target market. Therefore it is also important to specify this segment. Indeed, it should be the higher class, service and security sensitive customers. AirFrance provides a premium service compared to the competition. Based on our analysis, there is no or few people outside of USA (Google Global: Europe, Asia, Africa) making AirFrance generating net income for European keywords (Greece, Florence, Paris). The American providers, Yahoo-US and Google-US, are the biggest revenue generator compared to Global (Yahoo-Global and Google-Global), by the same time Appendix 1 shows that American customers are not price sensitive and will generate less profits for â€Å"cheapâ€Å" keywords. The partnership with L’Avion for business travelers between Paris and Newark (NewYork) was a logical result of the AirFrance marketing situation. Through customer base, AirFrance kept a stable business customer amount and lost a significant part of its price sensitive customers who finally shifted to other low-fareairlines. Appendix 1 Publisher Name| Avg. Cost per clicks2| Tot. Clicks| Media Costs| Tot. Bookings| Tot. Revenue| Tot. Net Revenue| Tot. Net Rev per Cost | Google – US| $2. 45 | 10479| $24,104. 59 | 33| $25,287| $1,182. 06| 0 | Google – Global| $2. 43 | 3465| $7,052. 0 | 20| $19,180| $12,127. 35| 2 | Overture – Global| $0. 72 | 1892| $1,538. 15 | 10| $15,207| $13,669. 20| 9 | Yahoo – US| $2. 33 | 1474| $3,786. 91 | 7| $7,057| $3,269. 79| 1 | Overture – US| $0. 78 | 6883| $6,774. 70 | 9| $10,230| $3,455. 05| 1 | MSN – Global| $3. 46 | 50| $174. 87 | 0| $0| -$174. 87| (1)| MSN – US| $4. 25 | 77| $252. 69 | 0| $0| -$252. 69| (1)| Grand Total| $2. 09 | 24320| $43,684. 81 | 79| $76,961| $33,275. 89| 1 | 4. Based on your answer to Question 3, what B2B acquisition partners would your team recommend that Air France consider? 2 points) Based on our group analysis there are 3 types of B2B acquisition partners that Air France should consider doing partnership with which are Yahoo-US, L’Avion. First partner, Yahoo-US, based on our group analysis from question 1 out result shows that Yahoo-US has the highest return on investment (ROI), the lowest cost per click and the lowest cost per booking. This is a good choice for Air France to engage in partnership in order to get the best ROI while at the same time minimize their costs in ads. Not only that Air France can get a lot of ROI back but they also have a high possibility in getting more sales from the click of users. Therefore our group recommended Yahoo-US for Air France to consider. Second partner, L’Avion, as of our target customer from question number three our group focus on business travelers. L’Avion only provides business-class service between Paris International Airport and Newark International Airport. This can be link to with Ryanair partnership because as our group mentions before that Ryanair has not yet a flight to USA where Air France is offering this route. By partnering with each other, both Air France and Ryanair can enjoy their profit from these group of business travelers which Ryanair already have a lot of loyalty customer with them. For example, if the customer from Ryanair wants to fly to United State they can use Air France service where profits can be shared between these two Airlines. Therefore, as our group has mention above, we believed that by partnership with these B2B business would eventually increase benefit and contributes to gain good market growth with good profit toward Air France and its partnership companies. How to cite Air France Internet Marketing, Papers

CAPM and Capital Budgeting

Questions: 1.Describe the Capital Asset Pricing Model, including the assumptions underlying the theory? 2.Explain the relationship between the Security Market Line and the Capital Market Line, using diagrams and examples to illustrate your explanation? 3.Briefly set out arguments in favour of and against - the theory, outline its uses and make a critique of its underlying assumptions? 4.Identify any alternatives which have been suggested in place of CAPM? Answers: Introduction This essay carries out discussion on the capital assets pricing model (CAPM), which was developed in the early 1960s by the great economist William Sharpe (Fischer and Wermers, 2012). The CAPM mode has been an evolutionary work in the field of finance. It provided analysis of the risk with the expected return of the securities. Analyzing and incorporating the risk of securities with the expected return was a crucial work which was made possible with the evolution of the CAPM model. In this context, this essay provides discussion on the CAPM model with the coverage in depth in regards to relationship between security market line and capital market line. Moreover, the discussion extends to the critique of assumptions of CAPM model. 1.Capital Asset Pricing Model The capital asset pricing model provides for computation of expected return of security or the portfolio of securities. The expected return computed by applying the CAPM model incorporates the risk of the security which is an essential feature of the CAPM model. However, the CAPM model only incorporates the systematic risk because the unsystematic risk is treatable. The expected return by CAPM model is computed by the following formula (Fischer and Wermers, 2012): CAPM= Rf+Beta (Rm-Rf) Where Rf= Risk free rate of return Rm= Market rate of return Beta = Beta is the measure of systematic risk It could be observed that the model computes the expected return by adding market risk premium multiplied by the beta of security to the risk free rate. Thus, eventually the risk free rate is increased by the premium for the risk taken by the investor (Fischer and Wermers, 2012). The CAPM model is based on certain assumptions as outlined below: The CAPM model assumes that the investors base their decisions in regards to investment only on two factors such as expected return and the risk (Focardi and Fabozzi, 2004). Further, it assumes that the investors are rational and they do not tend to take more risk. The investments made by all the investors are for same time period (Focardi and Fabozzi, 2004). The investors can borrow and lend unlimited amount at the risk free rate. There exists perfect competition in the capital market (Focardi and Fabozzi, 2004). The use of CAPM model has been greatly admired in the field of finance. The investors may use the CAPM model in computing the desired rate of return based on which they may work out the current prices of the securities. Further, the CAMP return could also be used as the discount rate for discounting the cash flows of a project in evaluating its net present value (Sharifzadeh, 2010). 2.Relationship between the Security Market Line and the Capital Market Line There are two elements of the CAPM model such as capital market line and security market line. The capital market line and security market line both are used in finding out the efficient portfolios. However, difference between the two is that CML usages standard deviation to denote the risk while SML usages beta. The capital market line is drawn by taking standard deviation on the X-axes and expected returns on the Y-axes (Cvitanic and Zapatero, 2004). The diagram as shown below depicts the graphical presentation of the CML return: Figure 1: CML Chart (Cvitanic and Zapatero, 2004) From the chart shown above, it could be observed that the efficient frontier on the CML chart is drawn with reference to the expected return and the standard deviation. Thus, the slope of CML becomes: Rm-Rf/ Further, the security market line is nothing but just the graphical representation of the CAPM returns of different securities. The SML is drawn by taking beta of securities on the X-axes and expected returns on the Y-axes. The slope of SML becomes: Rm-Rf/ The graph showing SML return is presented below: Figure 2: SML Presentation (Lee and Su, 2014) The slope of security market line is drawn based on the premise that the systematic risk is the only concern of the investors because the unsystematic risk can be diversified. Therefore, in computing the risk and return trade off, the beta which represents the systematic risk is considered. On the other hand, the risk and return trade off is computed with reference to the standard deviation in the case of CML (Lee and Su, 2014). 3.Arguments for and against the Theory and Critique of its Underlying Assumptions The capital asset pricing model has been applied in the field of finance since many years and it has been considered as one of the most valuable finance theories. The theory establishes a linear relationship between the risk and the return. The proponents of the theory claims that the principles establish in the CAPM theory are still valid (Sharifzadeh, 2010). The theory provides a reasonable estimation of the required rate of return. Further, the proponents claim that the theory takes into account the systematic risk only which is justified because the unsystematic risk can be avoided and hence does not require any consideration. Further, it is claimed that the CAPM model is easy to use and it is widely accepted. The CAPM model provides a strong basis for computation of cost of equity. The proponents of the model claim that the CAPM model is more relevant and better than any other method for computation of cost of equity (Sharifzadeh, 2010). However, there are arguments against the CAPM model also. The opponents claim that the CAPM model is based on the unrealistic assumptions. The CAPM model takes into account only the systematic risk assuming that the investors already hold diversified portfolio and hence there does not exist unsystematic risk (Sharifzadeh, 2010). This assumption of the CAPM model does not seem to be valid because it is not possible that in all cases the investor would be holding perfectly diversified portfolios. Further, the CAPM model measures the systematic risk only based on one factor that is relative volatility of the stock to the market index. However, in order to assess the systematic risk in a detailed manner, it is essential to relate it to different factors such as gross domestic product, inflation, and beta. Thus, it is argued that the single factor model as adopted by the CAPM model for risk assessment is not adequate for the purpose; a multifactor model should be adopted (Sharifzadeh, 201 0). 4. Alternatives of CAPM The assessment of systematic risk in the CAPM model has been based on the single factor. It has been argued by the economists that measurement of the systematic risk based on the single factor is not appropriate. Therefore, an alternative to the CAPM model has been found out which is known as arbitrage pricing theory (Elton et al., 2009). The arbitrage pricing theory provides for computation of systematic risk based on the multi factor model. It is also called the multi beta model. In this model, the assessment of systematic risk is linked to multiple factors such as GDP, inflation, interest rates, and relative volatility to the market index (Elton et al., 2009). Conclusion and Recommendation The essay presented here covers a critical analysis of the capital asset pricing model. From the discussion in this essay, it has been articulated that the CAPM model provides a good basis for computation of desired rate of return. However, it has also been observed that CAPM model makes many assumptions which might be unrealistic in practical situations. Further, it could be articulated that the CAPM model does not assess the systematic risk appropriately and an alternative for this purpose has been found out as the arbitrage pricing theory (APT). The APT provides a multi factor model for computation of the systematic risk. Net Present Value of the Proposed Change Initial outflows Cost of new machine 320000 Realizable value of old machine -90000 Net outflows 230000 Loan amount $ 320,000.00 Interest 8% Period 5 EMI $80,146.07 Loan schedule: Assumed that the loan is repayable in 5 equal installments Year Opening balance Installment Interest Closing balance 1 320000 $80,146.07 25600 $265,453.93 2 $265,453.93 $80,146.07 21236.315 $206,544.18 3 $206,544.18 $80,146.07 16523.535 $142,921.65 4 $142,921.65 $80,146.07 11433.732 $74,209.32 5 $74,209.32 $80,146.07 5936.7456 $0.00 Depreciation per year Cost of machine $ 320,000.00 Depreciated to prime cost $ 50,000.00 Period 5 Depreciation $ 54,000.00 Yearly cash outflows and inflows Cash inflows Cash outflows Net cash flows Year Saving in cooling costs Tax savings on interest Tax savings on depreciation Working capital Loss of existing sales Working capital Interest 1 80,000.00 7,680.00 16,200.00 10,000.00 27,000.00 25,600.00 41,280.00 2 80,000.00 6,370.89 16,200.00 10,000.00 21,236.31 71,334.58 3 80,000.00 4,957.06 16,200.00 10,000.00 16,523.53 74,633.53 4 80,000.00 3,430.12 16,200.00 10,000.00 11,433.73 78,196.39 5 80,000.00 1,781.02 16,200.00 27,000.00 10,000.00 5,936.75 109,044.28 Calculation of present value Year Cash flows PVF@10% Present value 0 -230000 1.000 (230,000.00) 1 41,280.00 0.909 37,527.27 2 71,334.58 0.826 58,954.20 3 74,633.53 0.751 56,073.27 4 78,196.39 0.683 53,409.18 5 109,044.28 0.621 67,707.92 Net present value 43,671.85 Harry should purchase the new machine because it will provide additional benefits of $43,671.85. The net present value of replacing old machine with the new one is 43,671.85 which depicts that the alternative is advantageous References Cvitanic, J. and Zapatero, F. 2004. Introduction to the Economics and Mathematics of Financial Markets. MIT Press. Elton, E.J., Gruber, M.J., Brown, S.J., and Goetzmann, W.N. 2009. Modern Portfolio Theory and Investment Analysis. John Wiley Sons. Fischer, B.R. and Wermers, R. 2012. Performance Evaluation and Attribution of Security Portfolios. Academic Press.Focardi, S.M. and Fabozzi, F.J. 2004. The Mathematics of Financial Modeling and Investment Management. John Wiley Sons.Lee, M.C. and Su, L. 2014. Capital Market Line Based on Efficient Frontier of Portfolio with Borrowing and Lending Rate. Universal Journal of Accounting and Finance, 2(4), pp. 69-76.Sharifzadeh, M. 2010. An Empirical and Theoretical Analysis of Capital Asset Pricing Model. Universal-Publishers.