Analysis on my Favorite Poems Essay Example for Free

Analysis on my Favorite Poems Essay Dorothy Parker’s poem entitled â€Å"One Perfect Rose† is a simple verse that talks about the joy of the narrator. Despite of all the odds and confusion, she remained happy with the rose that she received. The narrator is not actually contented with what she has because she wants more than what she already received despite of its â€Å"perfection,† but she tried to be satisfied with it. The main theme of the poem is joy or happiness. Like many other woman, the narrator was very happy after receiving a very special and perfect flower just for her from the one she loved. The phrase â€Å"One perfect rose† was scattered all over the poem to justify the happiness of the narrator that happens in reality because we used to express our happiness by saying a certain thing often that delighted us. The author used irony or comparing two things with different identity or individuality such as rose and limousine also leaves and heart. Based on my interpretations, I have seen that the author wanted to show the distinction of the two terms as well as its similarity. In realism, a woman wants to enjoy herself riding a limousine after receiving a flower. From this, she feels that she is the most beautiful woman ever. On the other hand, the existence of metaphorical heart of the narrator’s man as it refers to the leaves shows irony because a leaf drops once it began to pale, which is different from a loving heart that became stronger and dignified even if it is the only one who loves. Those literary terms in the poem made me think of its sense in a deeper manner. Even if the author already gave all the details without making her readers think or imagine the emotion of the narrator, she used literary terms to make each stanza complex by showing ironies, metaphors, simile, and images or symbolisms that hides the true meaning of the poem. From here, I can say that the poem is nice and understandable that made its readers capable of reading the poem without any boundaries of uncertainties. My Papa’s Waltz by Theodore Roethke Theodore Roethke’s poem, entitled â€Å"My Papa’s Waltz† shows the life of a boy within the hands of his father. The author wanted to convey a deeper meaning in his poem. By way of reading it, I can see that it was not just a simple learning of dancing that made the narrator struggled into his father’s authority. From learning how to follow his father’s dance step signifies his pursuance of obeying his father as well as making his life the same his father’s life. The main theme of the poem is fear. The narrator was afraid to counter-attack his father from all its way of educating him but he could not do anything because even his mother could not talk or act against his father. Based on my interpretation, the author wrote this poem because he experienced the same pain and struggle of his narrator. Readers could feel each situation and waiting for the next occurrence that can happen. The poem has no resolution at all. This verse illustrates the entire situation without any act of resolving the conflict. The father is the only authority because both the child and the mother could not speak for their rights. From this, I can also say that the author justified a simple way of describing a woman and child abuse that happened within a family that many could not able to perceive. The author selected literary themes to show the emotion of the narrator as he described his experience while â€Å"dancing. † Within those literary themes is the resemblance of fear and unknown future that awaits the child. I have felt the senses and attempt of the narrator to escape but he could not because of his fear and inability to pursue his life alone. From this, I can say that I thoroughly understand each line and stanza that the author wanted to interpret that brought me a new light of this kind of situation that happened in the society that many of us could not understand. The Ruined Maid by Thomas Hardy The poem entitled â€Å"The Ruined Maid† by Thomas Hardy shows the struggle of a maid within her employers. The author showed and discussed the life of a maid without happiness but always failure. The author used two different characters in the story to show the emotions of a maid by using her friend. The author utilized jargons or terms that usually used in African-American community. Through this, even if the author did not state the physical characteristics of the maid, it shows that it refers to the Blacks by way f acknowledging the usage of words and terms in the whole poem. The author putted different literary terms or symbolisms to justify his claim about the ruined maid. Tired of digging potatoes, and spudding up docks; / And now you’ve gay bracelets and bright feathers three! (Hardy 6-7). These lines showed that work of the maid was not just to clean a house or to take care of the children, but becoming like a farmer. The metaphorical symbolisms of potatoes and bracelets also docks and feather shows the evolution of the maid’s life and â€Å"prosperity. † By comparing the bracelets and potatoes, the bracelets are light, beautiful and clean while the potatoes are full of dirt, hard, and dark. It shows that the life of the maid progresses from being a potato to become a bracelet. The maid also becomes a feather that was led by the wind even if she was already ruined. Despite of the uncertainties, the maid leaves her painful and sorrowful life in the hands of his master to find her self and new beginning alone. These literary terms made the poem more fun and entertaining. As I have read the poem, it gives me the right kind of laughter that I can feel while imagining the characteristic and lifestyle of the ruined maid. Because of this, I enjoyed every line and stanza of the poem because of the symbols, images, ironies, similes, and metaphors that exist all throughout the verse. From this, I can say that the author’s intended audiences in his poem are the middle-class people especially the Blacks because despite of all the struggles and pains that they went through, they still have the capability to laugh and entertain their selves. Conclusion As a whole, these poems are not just simple verses. They are social constructs that we usually take for granted. They are also part of realism that we tend to ignore because these occurrences exist commonly. However, if we look at the content and its context in human society, we can perceive each scenario as a sensitive issue that we need to understand and tackle. Through this, we can demonstrate some solutions to these complex problems to avoid or at least lessen its existence within the society whether it came from the minority or majority communities that we lived in. The importance of these poems is not only to entertain us but to give as the right perspectives and justifications of the â€Å"simple† truth. References Hardy, T. (2005). The Ruined Maid. Retrieved 19 February 2008. http://rpo. library. utoronto. ca/poem/926. html Parker, D. (n. d. ). One Perfect Rose. Retrieved 19 February 2008. http://www. web-books. com/classics/Poetry/Anthology/Parker_D/One. htm Roethke, T. (n. d. ) My Papa’s Waltz. Retrieved 19 February 2008. http://gawow. com/roethke/poems/43. html

Conflict and Functionalist Theory Differences Essay Example for Free

Conflict and Functionalist Theory Differences Essay Introduction The conflict theory originated from Karl max, the famous sociologist, during his original development of the theory and his fine-tuning work, he included the qualifications of other sociologists like Georg Samuel and Max Weber which he considered were necessary (Cliffs 1971: 12-16).   According to the theory, positivism does not necessarily answer everything contrary to believes of functionalists. In general, the conflict theory states that everything happens for reasons other than a general believe that it was just supposed to happen; there are causes and influences which cause such things to happen and the responsibility lies solely on the people and there main purpose is not to gain knowledge only as a functionalist but the transformation of the gained knowledge into action (Durkheim 1915: 23-27).    According to the theory even scientists should be activist with regard to their theories, not only explain why such things happen, instead, they are supposed to instigate the necessary changes in their theories in order to help resolve these issues (Cliffs 1971: 17-20). Read more: Functionalist and Conflict Perspectives The theory differences The believers of conflict theory and functionalist theory have clear differences in their beliefs, because when functionalist say that they do everything they do because ‘we love to do it’, the conflict theory belief that our societies are not guided necessarily by stability or anything of the sort, but it is possible to transformed the whole society into something totally new (John Simpson 1951: 16-20). Karlmax, Simmed and Weber, and the believers of conflict theory belief that anything that can cause a difference has the capacity to cause a conflict also, be either in areas of competition, opinions, interests and even power, but to a functionalist these issues do not have any serious problems even though conflict theorists do believe that they exhibit other unseen reasons other than the issue of just because â€Å"we like it† (Merton 1968: 10-15). The way functionalists see the world All functionalists believers emphasize on the importance of value consensus in society and they do not expect any conflict to occur and if it occurs it is seen as being temporal which will be simply counteracted as the society continues to become better and their main concern of these conflicts is to accept them as small issues when compared to the need for consensus and stability in the society (Cliffs 1971: 20-26). An example of a functional analysis; Shils and Young notes how ceremonies and rituals are meant to serve the purpose of promoting social integration in their society; the rituals concerning monarchy, church, government leaders, are mainly involved in public promise while the family is seen as the role it plays for members of society, like personal stability and socialization (Parsons 1951: 19-23). Comparing it with conflict theory by Marx According to Marxists and his believers of the conflict theory, there exists a fundamental conflict between different groups in our society, because, the conflict continues to increase and persist and therefore it is not temporal as functionalists clam it to be:   For example, according to Marx analyzing the conflict theory, all societies are constructed in order to survive, and we enter into relationships with the sole purpose of production (Parsons 1951: 21-25). Therefore the combined forces of production and social relationship form basis for economic or infrastructure of any society, while other aspects, like superstructures are shaped by infrastructure, for instance education system is shaped by economic factors and therefore any changes in infrastructure will lead to eventual changes in the superstructure (Simpson 1964: 21-23). The Marxist theory states that all societies have contradictions; this means there is exploitation by one social group, which leads to the creation of conflict of interests because of the main reason that this one social group owns all the factors of production which only benefits them at the expense of others who are mainly the workers (Parsons 1951: 25-28).   They therefore, propose that this trend should be stopped.   For example; the society is comprised of classes, and in its simplest form, there are two main classes of classification. The main determination of an individual to these classes is their relationship to the means of production, which are land, labor and factories (Merton 1968: 16-18). This means that this class that owns the factors of production and therefore, the most powerful. The least powerful class is therefore the one which sells its labors in order to make a living out of it. To be more specific, let us consider wages versus profit achieved by the Bourgeoisie; according to the theory, all societies operate through class of conflict as mentioned; and in a capitalist society there are oppositions between bourgeoisie and the proletariat. The real wealth is only created by the labor power of workers, but low wages are paid to the workers below the profits made the owners and this creates the major contradiction (Durkheim 1915: 29-31). Conclusion In the recent past, workers have become more differentiated and this has eliminated homogeneity in terms of class-consciousness and thus they have increased their awareness of differences between themselves and this has made the above class groups to be split and not united (John Simpson 1951: 21-23).   It is not important therefore for the society to be characterized by the competing interest groups who are in conflict; therefore we should have ties of the following; economic power and social and secondly political ties to the ownership of means of production (Simpson 1964: 24). Work cited Cliffs, E. (1971). The System of Modern Societies. NJ: Prentice-Hall: pp12-26 Durkheim, E. (1915). The Elementary Forms of the Religious Life: A Study in Religious  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Sociology. Translated by Joseph Ward Swain. New York: Macmillan press:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   pp.23-31 John, A. S. and Tr. Simpson, G. (1951). Suicide: A Study in Sociology: New York IL:    Free Press: pp.16-23 Merton, R. K. (1968). Social Theory and Social Structure; New York: Free Press: pp.10-18 Parsons, T (1951). The Social System; Glencoe, IL: Free Press: pp.21-28 Simpson, G. (1964). The Division of Labor in Society; New York: Free Press: pp.21-24

Empirical evaluation of accounting income

Empirical evaluation of accounting income With the rise of multinational companies and the growth of transnational investments, there has been an increasing demand for an empirical evaluation of accounting income numbers. The Ball and Brown study in 1968 broadens this area of accounting research. With the rapid development of the literature, there are more than 1000 published papers in academic accounting and finance journals in the last thirty years (Kothari, 2001). However, several accounting experts assert that there are some weaknesses in the research of Ball and Brown. Meanwhile, critics argue that their empirical evaluation contributed to the accounting research since late 1970s. The purpose of this essay is to introduce the strengths of Ball and Browns paper and identify its influence on the development of accounting. This essay will argue that the limitation of the paper is not serious, but its advantages are very significant. First, arguments for and against the empirical research are discussed. Then, an evaluation is explored .Lastly, a conclusion is presented. 2. The weaknesses of the paper The major motivation of the Ball and Brown study is to use empirical evidence to prove whether the accounting income numbers convey information of firms financial performance. They pioneered capital markets research in accounting. However, their study still has some weaknesses. 2.1 Unreliability The reliability of their results depends on the sources of information, which may be a potential limitation of the study. Although we are not disputing the reliability of the said sources, they should be investigated. Research should be conducted to document various types of institutions. According to Zhang (2007), the selection of the sample did not include companies meet the following four conditions. The first one is the failed company. The second one is a company whose financial year does not end on the 31st of December. The third one is the company that is not recorded in the CRSP database of stock price research centers. It also includes the young firm that is not described by the Wall Street Journal. Given those situations, the generality and reliability of their results may be reduced. 2.2 Limitations The research firmly supposes that some information of stock prices can be reflected by the earnings. However, the Ball and Brown study did not use a statistical test to ascertain whether there is any difference between earning information and the information reflect in the stock prices. Rayburn (1986) asserts that stock returns have been statistically compared with cash flows, earnings, and accruals during the 1980s. Aside from providing a formal test, sketchy information of cash flow was used in previous research. The succeeding studies used more comprehensiveness expectation models to separate the unanticipated components of earnings, accruals, and cash flows, given that returns in an efficient market only reflect the unexpected components (Livnat et al., 1990).ListenRead phonetically 3. The strengths of the paper Although the weakness of this paper is obvious, the design of variables and the results of the test have made outstanding contributions to research of accounting income. 3.1 Ingenious design of variables After identifying the research themes, Ball and Brown selected the most representative accounting income numbers to measure the information content. Considering that shareholders are more concerned about EPS and net income, Ball and Brown used them as variables. To determine the information content of the accounting income, they used market efficiency hypothesis and the capital asset pricing model as references. According to the efficient market hypothesis, the authors maintained that observable stock price is fluctuant and linked with information. This can mean that accounting income numbers are useful. The key to determining the relationship between accounting income and stock price is to distinguish the security prices of a particular company as well as all the other companies. Therefore, the authors built two models of market expected return to examine how the market reacts to accounting income numbers. Ball and Brown separated factors that affect earning into two different kinds: specific factors and system factors. System factors affect all companies, thus, the surplus of one company and other companies can be linked with each other. If the link is suitable, then stability can be shown using a fixed function, enabling us to achieve the income conditional expectation of one company based on other companies data. Thus, changes in the unexpected surplus of earning can be estimated by calculating by the changes in both actual income and conditional expectation. The authors defined the difference as the gain of current information. At the same time, they assumed that the changes in policy and corporate have been enacted before the first estimation. Thus, the influence of macroeconomic and policy changes can be estimated jointly. The authors initially used the Ordinary Least Squares (OLS) to estimate the linear regression coefficient and intercept of samples annual income changes and average income changes. Secondly, the changes in the market income average were used as independent variables and included in the regression model to calculate the expected value of income changes. Finally, the changes in the value of unexpected earnings (prediction residual) referred to the actual value of the earnings change minus the change in earnings expectations. Therefore, market effect was removed from the estimation of expected surplus, which means the authors did not take system factors into account. Similarly, the factors affecting the impact of no stock or stock returns can still be separated into two factors: system factors and specific factors. First, the authors used capital asset pricing model to separate the system factors and from non-system factors, then calculated the deviation of actual rate return and expected stock return. Secondly, Ball and Brown calculated the companys stock return residuals (abnormal returns). Given that markets are efficient, stock prices will adjust quickly and effectively about the new information, so residuals can show the impact on stock prices of new information. To test the validity of statistics, Ball and Brown used an alternative model- naive model. In this model, an alternative variable is the expected surplus for last years actual surplus. The naive model does not eliminate the market effects, but verifies the earnings per share targets. 3.2 Remarkable results This paper distinguished expected changes and unexpected changes in accounting incomes to estimate the abnormal return and changes in unexpected accounting incomes. In addition, it theorized that when the surplus prediction error is negative, it is both advantageous and disadvantageous. This paper presented the hypothesis that if the accounting income numbers could be linked with stock prices, then the announcement of accounting income numbers could result in changes in the stock returns. In the empirical test, the authors defined the month of annual report as 0, API representing the abnormal performance index of month M. In the process of calculating the API, the changes in unexpected earning are first separated into two groups (positive and negative), and then all samples are calculated together. Ball and Brown thought that if accounting income is related to stock returns, it can be assumed that if the changes in unexpected surplus are positive, then API is larger than 1; if they a re negative, then the API is less than 1. In the combined sample, API is close to 1. Ball and Brown thought that annual income report can provide new information; however, it cannot be transmitted in time, because most of its content comes from various sources (interim report and non-accounting information, annual accounting report is only one of them) .The authors also found that after the announcement of the annual report, API has a tendency to drift on, that is, revenue projections residual error signal and the relationship between stock returns in the annual report may be continued for two months. After analysis, which may be caused by the transaction costs, and excluding the impact of transaction costs, the market reaction to the numbers tends to be unbiased. 4. Evaluation At first glance, one weakness of this empirical research is the limitation of the sample which may decrease the generality and reliability of the results. However, the selection of the sample was similar to the tests used in related literature, which could lead to consistent results if used the same way on other samples. The weaknesses of the paper also include the limitation of the statistical tests. Nonetheless, it had a significant impact on later research. In 1968, the Ball and Brown study shows that accounting earning announcements contain information content. In the meantime, they link the sign of monthly abnormal stock return with the sign of the previous years earnings change. Starting with Ball and Brown, many studies began to compare alternative accounting performance measures, such as historical cost earnings, current cost earnings, residual earnings, and operating cash flows with stock returns. Under the similar circumstances, the Ball and Brown study also facilitated Watts and Zimmermans positive accounting theory in the late 1970s (Watts and Zimmerman, 1979). As Watts and Zimmerman (1990) point out, most accounting research since Ball and Brown has been positive, and the role of accounting theory is no longer normative. According to Kothari (2001), Ball and Brown heralded the positive-economics-based empirical capital markets research in the late 1960s. The theoretical and methodological innovation of the early accounting research was founded by the concurrent developments in economics and finance. Without this historical exploring of Ball and Brown in early capital market research, even seasoned researchers may have to detour or lose continuity. In addition, this paper analyzes the insufficiency of theoretical studies using empirical testing to find out whether the accounting income numbers are useful. It initially provides reliable evidence that stock markets can influence annual reports. Then researchers began to do a lot in reflect of stock market. Furthermore, the method used is also applicable to a large number of accounting and financial issues, including dividend announcements, earnings announcements, mergers and acquisitions, and investment spending. 5. Conclusion This essay has discussed the weaknesses and strengths of the empirical evaluation of accounting income numbers by Ball and Brown. Although this research has some limitations, the merits far outweigh the disadvantages. It preceded the positive-economics-based empirical capital markets research of the late 1960s. The theoretical and methodological innovation of the early accounting research was founded by the concurrent developments in economics and finance. Therefore, it is suggested that this research plays a great role in the development of accounting .In this essay, only a few strengths are mentioned; the ways of putting these benefits into practice need further exploration.

Arbitration Clauses and Litigation :: Business Law Essays

Arbitration Clauses and Litigation More and more companies are including arbitrational clauses in their contracts. Whether it is in an employee application or an online selling website, arbitrational clauses are becoming abundant. But do these clauses hold up in the legal system? In the recent Paypal Corporation case, the arbitration clause was not enforced due to miniscule details such as clicking a mouse. The overruling of these clauses is becoming the norm as people are beginning to realize what they have gotten themselves into. The same type of arbitrational clause dispute as the Paypal Corporation occurred in the case of BellSouth Mobility LLC v. Christopher. BellSouth institutionalized an arbitrational clause in its service agreement that states that â€Å"instead of suing in court, company and customer agree to arbitrate any and all dispute†. In the event that the disagreement goes through arbitration, the arbitrator can not give punitive damages to the plaintiff as well as only receive a limited amount of recovery money. When Christopher brought the case before an appellate court, the court sided in his favor claiming that the contract was â€Å"substantively unconscionable† due to the fact that BellSouth still had the right to bring Christopher to court over different legal matters, giving them an â€Å"unfair advantage.† The case continued to go to trial court to see if the contract was â€Å"procedurally unconscionable† because of the small print of the arb itrational clause. Because Christopher was not fully forewarned about the arbitrational clause, and the fact that BellSouth took advantage of a client, BellSouth was found guilty (Hackbarth). A similar situation occurs in the case of Toppings v. Meritech Mortgage Services (MMS). An elderly couple, Margaret and Roger Toppings received a loan from Meritech Mortgage Services for thirty-seven thousand dollars with a monthly payment plan which would last for fifteen years, along with thirty-six thousand dollars in interest. Before signing the loan, the couple asked for the document to be explained. At the time, the MMS lawyer was not coherent with the document but told the couple to read it at home after signing the document. Upon reading the contract, the Toppings came across the amount to be repaid in interest and tried to bring MSS to court for trying to take advantage of the elderly.

Part-time Employment Undermines Students Commitment to School :: Summary Response Working School Essays

Part-time Employment Undermines Students Commitment to School by Laurence Steinberg   Ã‚  Ã‚  Ã‚  Ã‚  Summary: In the essay, â€Å"Part-time Employment Undermines a Student’s Commitment to School† by Laurence Steinberg, it explains how studies show that teenagers that work while attending school are more likely to loose their commitment to school. Steinberg tells the effects on students when they work more than twenty hours a week. His theory was that students are more susceptible to losing their interest in school, while working. They may have to work in the evening time, which can interfere with homework, sleep and diet. Steinberg also elaborated on how these students that work receive money that can make school seem less desirable. Also because they do receive money, they can use their extra money to become associated with drugs and alcohol.   Ã‚  Ã‚  Ã‚  Ã‚  Steinberg’s review of this subject shows the affects of what can happen if adolescents work while going to school and how this can engage them in drugs and have less engagement in school and other related activities.   Ã‚  Ã‚  Ã‚  Ã‚  Response: I agree with Steinberg that working affects adolescents that are going to school. I believe that teenagers should concentrate on their studies and not become overwhelmed with the added stress of work. There is plenty of time for them to learn the â€Å"real world† of working, so why not let them be kids and have them worry about their homework and after school chores, rather than trying to make the almighty dollar.   Ã‚  Ã‚  Ã‚  Ã‚  I like the way Steinberg explains how a simple job can lead to so much more. Parents do not always realize that yes, it is good for a teenager to learn responsibility, but getting a job at that age is not always the right thing to do. Each child is different some may be able to handle it, but most can not. This study shows the effects of how good students can change by working and going to school and how students that already have lost interest in school can loose even more interest and even drop out completely.

The Pleasures of Eating Essay -- Literary Analysis, Wendell Berry

In Wendell Berry’s â€Å"The Pleasures of Eating,† this farmer tells eaters how their separation from food production has turned them into â€Å"passive consumers† who know nothing about the food they eat, or their part in the agricultural process (3). They are blindsided by a food industry that does not help them understand. Berry argues that the average consumer buys available food without any questions. He states consumers that think they are distanced from agriculture because they can easily buy food, making them ignorant of cruel conditions it went through to get on the shelf. Humans have become controlled by the food industry, and regard eating as just something required for their survival. Berry wants this to change as people realize they should get an enjoyment from eating that can only come from becoming responsible for their food choices and learning more about what they eat. While describing the average consumer’s ignorance and the food industry ’s deceit, he effectively uses appeals to emotion, logic, and values to persuade people to take charge, and change how they think about eating. One point Berry makes about people’s ignorance is that they do not recognize their connection to the agricultural cycle. He appeals to the reader’s sense of logic when he describes the process food goes through to reach the consumer, and how eating ends it (3). He uses their sense of reason to persuade them as he continues to point out how oblivious eaters are by saying that â€Å"food is pretty much an abstract idea† to them even though they should realize it does not magically appear in the local store (4). Berry mentions that not only do they ignore how it gets to the store, but also the location and type of farms their food comes from (4). He says ... ...ences him in the poem by William Carlos Williams, â€Å"There is nothing to eat, seek it where you will, but the body of the Lord,† and this appeals to the reader’s value of faith and gives his argument credibility (23). Throughout the essay, Berry logically progresses from stating the problem of the consumer’s ignorance and the manipulative food industry that plays into that ignorance, to stating his solution where consumers can take part in the agricultural process and alter how they think about eating in order to take pleasure in it. He effectively uses appeals to emotion and common values to convince the reader that this is an important issue and make her realize that she needs to wake up and change what she is doing. By using appeals to pathos, logos, and ethos, Berry creates a strong argument to make his point and get people to change how they attain and eat food.

Ethics and Environment Essay

Innovation is said to occur when something is done in a radically new way. Apple has been frequently cited as the innovation leader in technological world. It, under the leadership of its CEO Steve Jobs, introduced products which were radically different as for as design was concerned. Compared to Apple, Dell’s computers have no innovative design or technical feature. The importance of innovation is such that most of the successful companies around the world are spending huge sums of their profits on innovation related projects. Many people confuse innovation with invention. Innovation and invention are different things. Invention is the first step toward the development of something new. It is the manifestation of an idea while innovation happens when that idea is put to use successfully. Invention can occur any moment while for innovation to occur, years may pass by as it takes a lot of time from researching to introducing a new product. It takes one person to invent and many to innovate as a lot of people are required to do research, test, and market a particular product. Following are the four types of innovation types as described by Oslo Manual: 1- Product Innovation. This type of innovation is said to occur when a significantly different product is introduced by a company. The difference may occur due to design, improved technical specification etc. 2- Process innovation. If a production process is novel and delivery system improved then process innovation is said to have occurred. 3- Marketing Innovation. When a product’s pricing, packaging, or positioning is done in a totally new way then marketing innovation is said to have occurred. 4- Organizational innovation. If organizational culture is changed bringing in a lot of value than organizational innovation is said to have occurred. Innovation is result – oriented, the two main outcomes of innovations as described in a report published by Boston Consulting group are: †¢ Tangible Outcomes: Tangible outcomes refer to new products and design that are achieved as a result of innovating. They are provided legal cover by various intellectual property instruments like copyrights. †¢ Intangible Outcomes: These are outcomes that cannot be quantified and legally protected. A new production process is a tangible outcome. Not every organization that engages in innovative pursuits succeeds. Many organizations complain that their money invested in innovation process is wasted. This does not mean that every organization fails rather there are various success factors that determine whether an organization will succeed and come up with innovative products or services or not. Idea generation is a first step where most organizations fail. If resources are not invested properly, bright ideas might not come to executive’s attention. Companies also need to look to their customers for ideas. Then they need to have proper processes in place to carry forward the best ideas and make most of them. Another success factor that many organizations lack is the absence of good leaders who can gauge the whole innovation process. Innovation process will be disrupted if an organization does not have enough skilled workers. In research and development labs of many successful companies, quality of employees is one factor which has played a big role. Importance to Innovation for Organizations Innovation is critical to any company’s success in these times because it is the main driver of competitive advantage. It is one of the factors that drives the growth and shareholder value of any organization. Every organization wants to come up with creative ideas which they can manifest and implement successfully. One study suggests that distinct products/services and novel business processes are the main competitive advantage that any organization can have. This is also the opinion of the 70 percent of the CEOs of the fastest progressing companies. Almost every organization has realized the value of innovation so much so they have not decreased their R&D budget in this time of recession. One Wall Street Journal report says that big US companies have not decreased their spending on R&D despite a fall of 7. 7% in their revenue. It is true that history teaches us great lessons. The same is case with business world. IPod was introduced soon after the incident of 9/11. Among those who plan to spend almost the same amount on R&D as they did in 2007 are Microsoft, Intel and 3M. Apple is a perfect example of a company which gained competitive advantage mainly by innovative pursuits. It realized that investment in innovation pursuits is the only way to boost profitability that’s why they increased their R&D investment by more than 42% during 1999 to 2000 despite a decrease of 6% in their revenue. This led to products like IPod and ITunes store. They have mainly relied on innovation in design. Apple has also succeeded in capturing a share in cell phone market by introducing another innovative product called IPhone. In the last century, people talked about efficiency and shareholder value. They applied various principles to reduce cost and achieve economies of scale. But their rivals in low- income countries could outclass them because of lower costs of production there. Now is the time to gain competitive advantage by innovation. Human resource of any organization is the best place for creative ideas. It is the people of any organizations that can help give it a competitive advantage by innovating new products and services. Google is another company which has gained significant competitive advantage over its rivals by introducing innovative products. More than 50 percent of internet users use Google as their primary search engine. It introduced the new way of targeting ads based on internet surfing behavior of its users. Google Voice is another of their innovation. Apart from that, they have introduced services like Google mail, Google News etc. The owners of Google have made fortune by indulging in innovation pursuits. Automaker industry also drives its strength from innovation. Toyota, ranked third by Business Week as most innovative company, has come up with cars with very innovative features. It will introduce the powerful Prius which will have solar- powered air conditioner. Microsoft is another company which has gained competitive advantage by rolling out innovative product. It recently introduced Windows 8. It can, therefore, be concluded that if any organization is to gain a competitive advantage, it should foster the innovative environment. This can be achieved by giving way to open culture at organization, empowering people at all levels, and encouraging employees to give their ideas about new products and/or services.