Inflation and rising labor costs in the environment, the listed company revealed a From the current situation report released by the listed company's cash flow situation is not optimistic. According to statistics, as of February 24, Shanghai and Shenzhen 123 companies disclosed annual report. The companies operating cash flow in 2010 totaled 6.656 billion yuan net, compared with last year's 12.991 billion yuan, down by almost half. Annual Report has been published in 123 listed companies, 25 listed company's cash flow is negative, which generated from operating activities per share, net cash flow less than -1 per company, it has a 4.
be pointed out that, despite the small number of companies now disclose the report, but that 123 companies, covering almost all the 23 million level of application sectors, can be said that the universality of its financial data. Cash flows from the project, these companies selling products, providing services compared to cash received an increase of 25.47% over the same period last year. Some of the cash outflow, the company purchased goods and services to pay greatly increased 32.12% year on year cash increase of more than part of the project into about 7 percentage points.
Do panic! The main force is still diving? Stuck with the stock is likely to have saved! March the stock market changes are likely to occur? Tug of war behind the hidden financial trends!
This data illustrates, since 2010 inflation gradually warming the fourth quarter, the company brings to market significant impact: on the one hand coal, nonferrous metals and other commodity prices, resulting in the majority of the high cost of downstream firms; the other hand, shortage of workers labor costs brought about , but also to the enterprise caused by a direct effect of cash flow.
Monday, February 28, 2011
Sunday, February 27, 2011
How do I save Gillette
Reading experience:
James. Kilts called the world's most amazing CEO, he served three giant multinational consumer goods companies: Kraft, Nabisco, Gillette. In the three companies on the brink of danger, he is Threatened mandate, succeeded in climbing on top of them from the bottom.
30 years in his career, Kilts designed a rescue it is a meticulous and step by step process in place. He did not dream of the grand vision of Gillette, but the evening late into the night to consider selling the battery should be used 6 or 8 packages; he did not build all the staff speak about how to change Gillette the world, but let it slide, and the level of cost competitors. This is not fascinating, but he grabbed the key, it is indeed worked.
Kilts of Gillette before taking office: zero growth, 15 consecutive profitable quarters did not expect a sharp decline in market share, the stock fell in the two years by 62%, the market value has shrunk nearly 40 billion U.S. dollars.
Kilts of Gillette after he took office: to achieve 13 consecutive quarters growth in sales compound annual growth rate of 9%, a record high market share, the share price almost doubled, to create 260 billion dollars in shareholder value. In his tenure, Kilts of Gillette and Procter & Gamble contributed to the success of merger.
Kilts personally by the author of the book, tell you a true CEO in the face of numerous and complex management problems, whether the thinking mind, how to seize the key. This book has a strong practice style of the body not only to demonstrate how application of management principles, but also in leadership, strategy, human resources, performance, marketing, inventory, public relations and other management fields have unique perspectives. the core of the book emphasizes a number of key enterprises should seize and implement in daily, so as to maintain the vitality and growth. can be said that this br> all other than to sell shaving business, focusing on Gillette's most powerful and most profitable franchise
text / James. Kilts (James Kilts, Gillette CEO)
John. Man Freddie (John Manfredi)
Robert. Robert (Robert Lorber)
to an endangered enterprise pulled from the mud on the fast track of growth is not an easy thing. faced with a deluge of information and intricate program, how to clarify the key issues? in endless analysis and the status of paralysis before, when it should take action? saw the complacency has become a habit, how to promote the plight of the change? time when everyone is a model, how to break the ;, seize the key to the 20%; emphasis on action and implementation; let enthusiasm shine into every corner of the organization and operations of every minute; import performance culture, the introduction of good catfish action, activation of stagnant water like a team; concern overall brand value
2001 years, I became the new CEO of Gillette, Gillette became the first foreign company 70 years at the helm. At this point, Gillette is not just out of control, and is caught up in the the doom loop m zero growth for 15 consecutive profitable quarters did not expect a sharp decline in market share, stock prices fell in two years by 62%, value shrank by nearly 400 billion dollars. My mission is to reverse the situation, but left me time is not abundant. I will take over leadership of a revolution as a starting point. When the media broke the key
I became CEO of Gillette's news, a number of well-meaning professionals, including consultants, bankers, sales incentive compensation specialists and experts, have give me solutions or suggestions, all of them Gillette said that if I want to be successful, they should put their programs or proposed in the first place. Here is the Gillette people care about some of the recommendations, many of which will lead to companies having a big sale:
peel ailing Duracell battery business. This was worth 20 billion dollar business, is 4 years ago, Gillette has spent about 80 billion acquisition of the past, and post-acquisition performance has been very bad. Duracell has not then the performance of the field of consumer goods brands in the most eye-catching, but become a thing hopeless. Its market share fell by about 15%; in the United States, and its alkaline battery market share dropped from 46% to 40%. In addition, the competition has become more and more. So the face of it, to sell Duracell battery business in order to avoid greater losses, which seems to be a very good proposal.
reserved Duracell batteries business, but to greatly reduce product prices. In other words, we should acknowledge that spend so much money to acquire Duracell is a huge mistake. to recognize the battery is a common commodity, but not a cutting-edge stuff. to press Duracell to recover our investment, rather than trying to revival of the business. because in the same imaginary enemy or threat of war has never been a good choice, so this proposal seems reasonable.
stripping Braun electric shavers and household appliances business. Braun brand acquired in 1967 to Gillette's. Unfortunately, very long time, Braun's performance has been disappointing than the Duracell. Braun, the last annual budget is already very distant past , the current senior managers do not even remember which one year. There is no doubt, Braun unstable performance and a large investment is a heavy burden for Gillette.
stripping personal care business. include Rui particularly good, required supplies. these products, most of the market are in decline, profits are declining, operating margins are far inferior to its competitors.
retaining only high-margin razor and blades business, sell all other assets. Let Gillette only focus on one area. sales will be lower, but the margin is very high, this will make our stock price straight up.
admitted Gillette has become the past, and then work out a new development strategy. into the analysis Teachers are called , and strive to have a best how do you know what is the real key? In my career, especially when I need a lot of conflicting proposals through the formation of heavy fog, I always through the key issues, eliminate most or even all of the other recommendations in order to find the right direction. We take a look at this Overlord To peel Duracell, it must be someone willing to buy it. Therefore, Duracell to make potential buyers feel worthy acquisition. However, such a buyer does not exist. battery field has become fanatical, and competition intense, and none of the companies can afford Duracell willing to drip the Tang Hunshui. even if they are willing, Gillette's earnings also far higher than any potential buyer of the price-earnings ratio (PE ratio means the stock price and earnings per share was The ratio of net income). Thus, relative to any other business, Gillette Duracell is more valuable. using the which does not need to consider that option a go.
press Duracell second option is to significantly reduce the price of Duracell products, recognizing that they are no difference of the general merchandise, and from the meager profit squeeze. In the consumer It seems, Duracell batteries and other batteries in OEM safety and durability, and many other aspects have a significant difference. In addition, Duracell alkaline batteries and general performance differences between zinc battery is great. So, just because Duracell struggled in the last three years, we'd give up this brand? to know that in the past two decades, Duracell has accumulated a tremendous brand equity, has a near-perfect high growth and high profitability track record. In this way, rapid screening once again we quickly found the right answer, rather than spinning in the details of the mire.
rapid screening tells us, Duracell is the leader in alkaline batteries are, and This means that should Duracell other non-leader does not follow the rules when and how to learn how to set the rules when the boss. these two Duracell did not do it. The leader in the field of consumer products have increased marketing investment, to promote growth and increase brand awareness and consumer preferences. but the reality is substantially reduced Duracell their advertising investment.
an industry leader must prove they will not let competitors steal win their market share. Duracell Quedui small competitors ignore this behavior, allowing them to become more reckless, insatiable. the industry leader must be avoided for short-term results of crazy, out of control of the promotion, which is caught Duracell frequent large-scale promotions, unable to extricate themselves.
conclusions of these observations do not require in-depth, time-consuming analysis. They are based on facts, it can verify. you need to know where to focus on.
for consumer products, in addition to sales and operating revenues, you should first look at the market share. market share is growing or declining? advertising spending to sales ratio is higher or lower? marketing and channels of expenditure upward trend in sales is the ratio of the signal of trouble. industry is different, the key measure will be different. However, this standard has always existed, they let you on the whole industry is a quick understanding of the way forward for you to open .
sell all sell the business apart from shaving, Gillette to focus on the most powerful and most profitable franchise. on the scale of the total assets, Gillette is a medium-sized consumer goods company. Gillette annual sales of 100 billion U.S. dollars, while Unilever and Nestle are 48 billion and 700 billion. if only to retain the blade and razor business, then sales of Gillette will be reduced to 40 billion U.S. dollars. as the first Gillette customers, Wal-Mart's annual sales is 3000 billion; become so We do not like to hang out at the door, 80% off the choice, which means that the remaining 20% is the key. In fact, it seems difficult to start with numerous options, and now has been reduced to a manageable level.
grasp the key and use the shortcut through the screening We soon made the decision to Gillette, set the direction. If we honestly, the trouble coming to all the recommendations one by one, then the time spent if not a year, but also good for several months. not all of our decisions are correct, we made some amendments to the middle. But our major decisions are successful. We believe there will be strong growth Duracell, the results after three years, sales of Duracell Meng growth, profit growth has tripled its market share has increased dramatically. We value the personal care business, results of this new business unit to profit from the industry's last name first elevated to the head. We insist on keeping the Braun business, the It is from a financial black hole into a powerful innovation machine, not only promoted the growth of its own business, but also to promote oral care as well as our blade and razor business growth.
first right choice for the later growth pointed out the direction, however, no reason this process does not achieve. our passion, our actions, our team and I lead the process, all in the interpretation of the growth of Gillette.
as an organization does not break the inertia < br> There is often an enterprise award not as inertia. unless there is a strong indication of strength and resolute action to encourage and requirements, or organizations tend not to take action. The question is, how do you know that now is the time for action ?
Let us look at three cases must take action: In order to overcome the endless analysis; to break the inertia; the first to market advantage in order to ensure.
into a dead loop when discussing
First of all, When the evaluation and discussion into a deadlock or infinite loop, we immediately take action on, such as Gillette is the case of inventory reduction.
Gillette only five core product areas and a lot of strong global brand, but our stock has more than 20,000, and is growing every year. Unfortunately, the actual number of the same stocks, compared with the related problems and even grow faster. more inventory means higher inventory also means that tracking and identification system required for each product and related pricing data will be more complicated. Moreover, with the increasing number of stocks, on concerns tend to decrease. an employee, when He knew that stock in the next few months will be to increase 100, he was also necessary to take the time to consider the stock to do anything about a?
When I was at a meeting of the executives When asked about the inventory problems, their response was a long silence. all you look at me, I look at you. Finally, Gillette has been done in twenty years of global distribution head Michael. test Higgs openings . Mike explained that the former CEO has requested an inventory of the problems of the management team, and they in the past 18 months is to do it. Mike said, he led the inventory reduction committee, whose members are more than a dozen The most senior management position. They held numerous meetings to discuss the reduction of inventory standards, also developed a plan of action to implement cuts. But when they were about to take action, the organization is always someone out against.
For example, if you cancel the quarter of the budget. Mike said, in that case, the Commission had to give way.
detailed description of listening to Mike, I asked him in the past 18 months, how much stock they actually eliminated. I know that number must to be low, but I definitely did not think it would be zero. I rarely lose my cool, but this time I almost flipped out. I told them: can be implemented within the next three months, 50% of the inventory reduction, and give me the results this weekend, or to the I am here to do it for you. completed. in 9 months, Gillette's stock fell from more than 20,000 pieces to 7000 pieces, to reduce by two thirds. in the next 5 years, Mike. test Higgs promoted several times and eventually was promoted to Gillette, president of global technology and manufacturing.
depth when the lack of action when the bone marrow
Secondly, when the lack of action is becoming a permanent and corrosive situation, we should also take immediate action. This seems to be self-evident. But those who established the status quo are often reluctant to take the necessary action to change the status quo.
Nabisco year there are many problems: excessive capital expenditure, general and administrative costs out of control, reducing marketing investment , new product development is almost depleted, the market share fall. But the most pressing problem is improper for two years due to reorganization of the sales team in deep trouble. Nabisco sales and distribution system used to be its independence in the field of cookies and biscuits some competitive advantage, but now it has become a years of record profit growth. in order to pay KKR acquisition transactions in the huge debt owed, 40% of Nabisco to maintain earnings growth. In this process, Nabisco themselves into a vicious cycle.
When trying to keep the exaggerated Nabisco earnings growth, the company's management efforts to find areas where costs can be drastically reduced. Unfortunately, the sales department became their primary goal. In the two years prior to my arrival, Nabisco fitted with a bullet, carefully pointing out and pointing, but it has shot hit his foot: restructuring the sales force.
in the food industry, Nabisco's sales and distribution system was the envy of colleagues. with Kraft and other food manufacturers most different Nabisco uses a direct store delivery system. In addition to Coca-Cola and Pepsi, and other food manufacturers are using warehouse or wholesaler system. products first from food manufacturers shipped to the customer's storage facility, temporary storage, in combination with other products, after packaging and then shipped by the customer to the retail outlets. in the shop, products are often first brought into the backyard of the warehouse, until the clerk shelves.
in Nabisco, cookies and crackers shipped directly from the factory to the customer's shop shelves by the Nabisco employees, and delay period no intermediate links. the sale of Nabisco staff where the customer has a unique position. Other business sales representative or even not allowed to enter the retail outlets. Nabisco sales staff free access to shop and stay there all day. where they shop and the shopping preferences of consumers with accurate understanding. Nabisco sales force thousands of employees, they have years of experience and extensive product knowledge, and almost every supermarket and domestic managers have maintained a strong personal relationship. most of the enterprises in the introduction of new products When it all for the retail distribution plan developed over several months, while Nabisco is able to be completed in two weeks 90% of retail distribution. Nabisco marketers confidently know when to start a new product release listing of ads to ensure that consumers will not go to shops to buy outsmarted.
direct store delivery has many advantages, but the high cost of this system: distribution team formation, management and maintenance cost a lot of money; the product shelves spend a lot of time; as the system's core knowledge and relationships, the old salary sales staff qualifications is very high. To cut costs, Nabisco reduced the number of delivery trucks, cutting delivery times, fired a long-term sales. instead of a group of newcomers who are often just graduated high school or college students. Their starting salary is very low, so that the staff turnover rate of sales reached the level of fast-food restaurants. customers complain again and again, their long-term partner and friend was laid off Nabisco, and their shop has a huge backlog of consumers do not like to buy the products, and sell a good product was often out of stock.
When I was chief Nabisco executives, the sales force through the restructuring had been running for about two years. During that time, stagnant sales, market share down all the time. customers are becoming more and more angry. a lot of sales staff to be laid off competition opponents where they are further erosion of our business.
Worse, when the Nabisco Biscuit Company's management is convinced that with some minor repairs, the situation will be better. perhaps, slightly tacky salary increase The turnover rate for employees will be able to come down. Perhaps, a few managers will be able to send more new sales representatives on a more stringent regulation. perhaps, reduce new product can reduce the workload. And so on, constantly chipping away . In fact, management's position and attitude is tantamount to omission. they are too dependent on restructuring and savings, that they really believe that maintaining the status quo is the best choice, and ultimately everything will be back to normal yourself.
I became satisfied that the Bei Sike's CEO, I did not like them illusions. the original management must go. I formed a new team, by Rick. Lenny responsible. I worked with Rick in the Kraft for many years, Rick has a wealth of sales and general management experience, previously responsible for the company's North American operations to send Sibo Rui. Rick immediately started on a major reform of the sales department. We must scrap the previous re-start from scratch. < br> Our new plan requires such a system: it can recover the most valuable part of the old system, combined with some streamlining measures for restructuring system; the most important is that it can reproduce the unique old sales team morale and prestige. The Board reluctantly approved the plan of our new.
Creek. He ought to proceed expeditiously to resolve this problem, implemented a massive restructuring to restore the sales representative and one to one contact between the shops. Although up to Nabisco year of change for 70% of the sales staff for new jobs, and let the 5000's sales force to attract more than 2 000 new, but the effect was immediate. until the sales began in the fall growth. Within a year, Nabisco's sales force to restore its former glory, once again become food industry one of the most powerful sales team.
when the velocity is related to the lifeblood of action should be higher than when the
all other considerations of the third case, the time is crucial in terms of speed. sometimes, we should be meticulous, be careful to follow each step of business process. All of the tests can not be left out, all the plans should be carefully developed and reviewed all the possibilities before taking action should be taken into account. when the action comes to huge capital expenditures even more so. For example, the introduction of a new manufacturing facility needs new products or equipment if the product fails, then it is likely that all of the investment might be for naught.
However, if the speed is the key market factors will affect the likelihood of product success, then some planning and processes may to be sacrificed. I ran into this situation Kraft, when we are committed to the field of frozen pizza, an important new product.
responsible for Kraft's North American in my business, we acquired a Wisconsin regional enterprises m Tombstone pizza company. Within a year, we Tombstone brand extends to the country, we reached the frozen pizza business for about $ 440,000,000, more than the entire frozen pizza market (1.6 billion dollars) in one quarter.
However, our goal is to double sales in 5 years, so we know we have a difficult task to accomplish. At that time, pizza marketing team is headed by Betsy Young . Holden. Betsy recognize that, in order to achieve our goals, the best way is to expand the competitive pizza business frame of reference. frozen pizza business less than 20 billion U.S. dollars, but the takeout and delivery pizza business was close to $ 15,000,000,000.
Betsy recalled: pizza. Fortunately, we can use the new technology deliver high-quality frozen dough pizza. we have introduced a spontaneous bread, consumers can buy their own home baked, and baked with fresh bread taste the same. If we can locate to replace this pizza delivery pizza, then returns will be very great. So try to use its Tombstone brand, it is better to create a new brand. consumers like Tombstone, but they see it as a Snow > However, the approval of the enormous amount of capital expenditure usually go through a series of inspection and testing, and let the season to catch up pizza consumption, it must be achieved in the commercialization of 6 months. However, additional test marketing will require more than 3 months time. If So in the meantime, our competitors probably get the same fresh bread technology.
for me, decision-making is very simple. We have to take risks, as soon as possible to to the market. We do not drastic, do not stay retreat. We have plans B, if the put, to an increase of 30% or more, we achieved a year ahead of revenue targets of over 10 billion dollars.
lead to an innovative product to market, does not necessarily guarantee success, but it has always been an amazing advantage. There are many books of the first public listing of the importance of speed. While some of the books are exaggerated, but they all stressed to take action to avoid analysis paralysis, and the importance of other enterprises syndrome.
passion spilled into every corner of every commercial
people want a warm and subordinates and employees, however, instill passion for leadership responsibilities to employees are often neglected. The real leaders must take instil enthusiasm responsibilities. In explaining why enterprises must develop and change, you have passion and let everyone see you. You have to make members understand your goals and make them believe you have the success of the various methods and means necessary . In a large organization, enthusiasm also means that the inspection staff in batches, and they maintain extensive and regular contacts.
if compared with competitors, a company's cost structure is too high, then want to win in the competition almost impossible. If you eliminate unnecessary costs, and use the money to strengthen the development of new products, increase marketing efforts, and improving the capacity, then you win is a foregone conclusion. However, the elimination of the total cost is the means through attrition and layoffs to reduce the head, not a single organization is willing to abide by a long-term cost-cutting creed. Therefore, in order to be successful, cost reduction must become a way of life.
for me, cost reduction throughout the organization excited passion, and they really believe that the importance of cost reduction, this is my first priority; of course, the difficulty can imagine. This is not a one-shot deal, but every day to do with my two predecessors, was compared. a result, I come into contact with the total number of members is three times the two former. Among these contacts, more than half the cost is to eliminate unnecessary central theme, and almost Every speech, reports, round tables, weekly meetings, letters to shareholders, Chairman and exchange of video or audio mention the cost. In order to achieve the desired result, all the carriers and the media have to spend. I want to focus on how the organization from deny the extra cost, to the end willing to I asked each direct subordinate must do three things:
First, each sector of self-evaluation.
Second, departments and other officers to make the same criteria to evaluate the department's performance.
Third, to the best competitor as a reference to evaluate their own department. If they feel hard done by this part of their practice, they can ask in this regard an experienced external consultants.
When the ZOG start in the senior management team, we have the start of this initiative throughout the company to understand. In the March 28, 2001, that is, just after my arrival Gillette month, I gave each of the company a person sent a notice telling them during the next five years, ZOG will be their everyday language and way of life. To get everyone to accept layoffs and cost cutting efforts, I also have to make them understand the two Points:
first, everyone will be affected. Unless otherwise indicated, without exception. Gillette does have one exception, that is, domestic sales department. They have just gone through major restructuring and layoffs, are we The first line of customer contact industry.
Second, everyone is equal. no department or officers will be given preferential treatment. everyone must actively committed to , our three-pronged approach has been the cost and capacity assessment results, some figures for all of us are surprised. Compared with competitors, Gillette's every department at a cost disadvantage. in the financial, human resources and information technology and other areas of the largest and most important, this cost gap is largest.
all managers deny the high cost of their departments, but surprisingly, their overall evaluation of their own departments and enterprises also different from other people. In the end, even though we asked the consultant is mainly to provide data and verify the validity of comparison, but they provided a general assessment, clear that we have a serious and common problems to solve.
With these data and materials, to accept the initial stage of the process to begin. My task is to call the company's 200 top leaders to meet, evaluate results, impacts, and a detailed action plan, and then to the company from top to bottom and around the world to lobby. in the next 6 months, I and Gillette in the United States, Germany, Britain and Singapore, each of the major business meetings were held. In addition, I also separately with the operations, finance, human resources, information technology and procurement The key functions such talks. I also use a global distribution of video, introduced the implementation of the method and ZOG early success, in order to inspire our confidence. ZOG implementation in the first months of Gillette , I like a presidential candidate to win the nomination of party politicians everywhere, and I have been in the whole organization into a high degree of tension.
cafeteria at lunch Gillette, I will heard through the staff side, said: activities. In Gillette, ZOG is everywhere. Obviously, we have understood the ZOG is everyone's responsibility, several senior administrative assistant and even formed a team to explore that they can do something for the implementation of ZOG.
ZOG is worked out? of course. Generally speaking, the end of five years, we have removed about 8 billion dollars in unnecessary costs, making the general and administrative expenses a percentage of sales decreased from 31% to 23%.
Although Gillette into a performance culture
lack of effective leadership and strict discipline, ...
James. Kilts called the world's most amazing CEO, he served three giant multinational consumer goods companies: Kraft, Nabisco, Gillette. In the three companies on the brink of danger, he is Threatened mandate, succeeded in climbing on top of them from the bottom.
30 years in his career, Kilts designed a rescue it is a meticulous and step by step process in place. He did not dream of the grand vision of Gillette, but the evening late into the night to consider selling the battery should be used 6 or 8 packages; he did not build all the staff speak about how to change Gillette the world, but let it slide, and the level of cost competitors. This is not fascinating, but he grabbed the key, it is indeed worked.
Kilts of Gillette before taking office: zero growth, 15 consecutive profitable quarters did not expect a sharp decline in market share, the stock fell in the two years by 62%, the market value has shrunk nearly 40 billion U.S. dollars.
Kilts of Gillette after he took office: to achieve 13 consecutive quarters growth in sales compound annual growth rate of 9%, a record high market share, the share price almost doubled, to create 260 billion dollars in shareholder value. In his tenure, Kilts of Gillette and Procter & Gamble contributed to the success of merger.
Kilts personally by the author of the book, tell you a true CEO in the face of numerous and complex management problems, whether the thinking mind, how to seize the key. This book has a strong practice style of the body not only to demonstrate how application of management principles, but also in leadership, strategy, human resources, performance, marketing, inventory, public relations and other management fields have unique perspectives. the core of the book emphasizes a number of key enterprises should seize and implement in daily, so as to maintain the vitality and growth. can be said that this br> all other than to sell shaving business, focusing on Gillette's most powerful and most profitable franchise
text / James. Kilts (James Kilts, Gillette CEO)
John. Man Freddie (John Manfredi)
Robert. Robert (Robert Lorber)
to an endangered enterprise pulled from the mud on the fast track of growth is not an easy thing. faced with a deluge of information and intricate program, how to clarify the key issues? in endless analysis and the status of paralysis before, when it should take action? saw the complacency has become a habit, how to promote the plight of the change? time when everyone is a model, how to break the ;, seize the key to the 20%; emphasis on action and implementation; let enthusiasm shine into every corner of the organization and operations of every minute; import performance culture, the introduction of good catfish action, activation of stagnant water like a team; concern overall brand value
2001 years, I became the new CEO of Gillette, Gillette became the first foreign company 70 years at the helm. At this point, Gillette is not just out of control, and is caught up in the the doom loop m zero growth for 15 consecutive profitable quarters did not expect a sharp decline in market share, stock prices fell in two years by 62%, value shrank by nearly 400 billion dollars. My mission is to reverse the situation, but left me time is not abundant. I will take over leadership of a revolution as a starting point. When the media broke the key
I became CEO of Gillette's news, a number of well-meaning professionals, including consultants, bankers, sales incentive compensation specialists and experts, have give me solutions or suggestions, all of them Gillette said that if I want to be successful, they should put their programs or proposed in the first place. Here is the Gillette people care about some of the recommendations, many of which will lead to companies having a big sale:
peel ailing Duracell battery business. This was worth 20 billion dollar business, is 4 years ago, Gillette has spent about 80 billion acquisition of the past, and post-acquisition performance has been very bad. Duracell has not then the performance of the field of consumer goods brands in the most eye-catching, but become a thing hopeless. Its market share fell by about 15%; in the United States, and its alkaline battery market share dropped from 46% to 40%. In addition, the competition has become more and more. So the face of it, to sell Duracell battery business in order to avoid greater losses, which seems to be a very good proposal.
reserved Duracell batteries business, but to greatly reduce product prices. In other words, we should acknowledge that spend so much money to acquire Duracell is a huge mistake. to recognize the battery is a common commodity, but not a cutting-edge stuff. to press Duracell to recover our investment, rather than trying to revival of the business. because in the same imaginary enemy or threat of war has never been a good choice, so this proposal seems reasonable.
stripping Braun electric shavers and household appliances business. Braun brand acquired in 1967 to Gillette's. Unfortunately, very long time, Braun's performance has been disappointing than the Duracell. Braun, the last annual budget is already very distant past , the current senior managers do not even remember which one year. There is no doubt, Braun unstable performance and a large investment is a heavy burden for Gillette.
stripping personal care business. include Rui particularly good, required supplies. these products, most of the market are in decline, profits are declining, operating margins are far inferior to its competitors.
retaining only high-margin razor and blades business, sell all other assets. Let Gillette only focus on one area. sales will be lower, but the margin is very high, this will make our stock price straight up.
admitted Gillette has become the past, and then work out a new development strategy. into the analysis Teachers are called , and strive to have a best how do you know what is the real key? In my career, especially when I need a lot of conflicting proposals through the formation of heavy fog, I always through the key issues, eliminate most or even all of the other recommendations in order to find the right direction. We take a look at this Overlord To peel Duracell, it must be someone willing to buy it. Therefore, Duracell to make potential buyers feel worthy acquisition. However, such a buyer does not exist. battery field has become fanatical, and competition intense, and none of the companies can afford Duracell willing to drip the Tang Hunshui. even if they are willing, Gillette's earnings also far higher than any potential buyer of the price-earnings ratio (PE ratio means the stock price and earnings per share was The ratio of net income). Thus, relative to any other business, Gillette Duracell is more valuable. using the which does not need to consider that option a go.
press Duracell second option is to significantly reduce the price of Duracell products, recognizing that they are no difference of the general merchandise, and from the meager profit squeeze. In the consumer It seems, Duracell batteries and other batteries in OEM safety and durability, and many other aspects have a significant difference. In addition, Duracell alkaline batteries and general performance differences between zinc battery is great. So, just because Duracell struggled in the last three years, we'd give up this brand? to know that in the past two decades, Duracell has accumulated a tremendous brand equity, has a near-perfect high growth and high profitability track record. In this way, rapid screening once again we quickly found the right answer, rather than spinning in the details of the mire.
rapid screening tells us, Duracell is the leader in alkaline batteries are, and This means that should Duracell other non-leader does not follow the rules when and how to learn how to set the rules when the boss. these two Duracell did not do it. The leader in the field of consumer products have increased marketing investment, to promote growth and increase brand awareness and consumer preferences. but the reality is substantially reduced Duracell their advertising investment.
an industry leader must prove they will not let competitors steal win their market share. Duracell Quedui small competitors ignore this behavior, allowing them to become more reckless, insatiable. the industry leader must be avoided for short-term results of crazy, out of control of the promotion, which is caught Duracell frequent large-scale promotions, unable to extricate themselves.
conclusions of these observations do not require in-depth, time-consuming analysis. They are based on facts, it can verify. you need to know where to focus on.
for consumer products, in addition to sales and operating revenues, you should first look at the market share. market share is growing or declining? advertising spending to sales ratio is higher or lower? marketing and channels of expenditure upward trend in sales is the ratio of the signal of trouble. industry is different, the key measure will be different. However, this standard has always existed, they let you on the whole industry is a quick understanding of the way forward for you to open .
sell all sell the business apart from shaving, Gillette to focus on the most powerful and most profitable franchise. on the scale of the total assets, Gillette is a medium-sized consumer goods company. Gillette annual sales of 100 billion U.S. dollars, while Unilever and Nestle are 48 billion and 700 billion. if only to retain the blade and razor business, then sales of Gillette will be reduced to 40 billion U.S. dollars. as the first Gillette customers, Wal-Mart's annual sales is 3000 billion; become so We do not like to hang out at the door, 80% off the choice, which means that the remaining 20% is the key. In fact, it seems difficult to start with numerous options, and now has been reduced to a manageable level.
grasp the key and use the shortcut through the screening We soon made the decision to Gillette, set the direction. If we honestly, the trouble coming to all the recommendations one by one, then the time spent if not a year, but also good for several months. not all of our decisions are correct, we made some amendments to the middle. But our major decisions are successful. We believe there will be strong growth Duracell, the results after three years, sales of Duracell Meng growth, profit growth has tripled its market share has increased dramatically. We value the personal care business, results of this new business unit to profit from the industry's last name first elevated to the head. We insist on keeping the Braun business, the It is from a financial black hole into a powerful innovation machine, not only promoted the growth of its own business, but also to promote oral care as well as our blade and razor business growth.
first right choice for the later growth pointed out the direction, however, no reason this process does not achieve. our passion, our actions, our team and I lead the process, all in the interpretation of the growth of Gillette.
as an organization does not break the inertia < br> There is often an enterprise award not as inertia. unless there is a strong indication of strength and resolute action to encourage and requirements, or organizations tend not to take action. The question is, how do you know that now is the time for action ?
Let us look at three cases must take action: In order to overcome the endless analysis; to break the inertia; the first to market advantage in order to ensure.
into a dead loop when discussing
First of all, When the evaluation and discussion into a deadlock or infinite loop, we immediately take action on, such as Gillette is the case of inventory reduction.
Gillette only five core product areas and a lot of strong global brand, but our stock has more than 20,000, and is growing every year. Unfortunately, the actual number of the same stocks, compared with the related problems and even grow faster. more inventory means higher inventory also means that tracking and identification system required for each product and related pricing data will be more complicated. Moreover, with the increasing number of stocks, on concerns tend to decrease. an employee, when He knew that stock in the next few months will be to increase 100, he was also necessary to take the time to consider the stock to do anything about a?
When I was at a meeting of the executives When asked about the inventory problems, their response was a long silence. all you look at me, I look at you. Finally, Gillette has been done in twenty years of global distribution head Michael. test Higgs openings . Mike explained that the former CEO has requested an inventory of the problems of the management team, and they in the past 18 months is to do it. Mike said, he led the inventory reduction committee, whose members are more than a dozen The most senior management position. They held numerous meetings to discuss the reduction of inventory standards, also developed a plan of action to implement cuts. But when they were about to take action, the organization is always someone out against.
For example, if you cancel the quarter of the budget. Mike said, in that case, the Commission had to give way.
detailed description of listening to Mike, I asked him in the past 18 months, how much stock they actually eliminated. I know that number must to be low, but I definitely did not think it would be zero. I rarely lose my cool, but this time I almost flipped out. I told them: can be implemented within the next three months, 50% of the inventory reduction, and give me the results this weekend, or to the I am here to do it for you. completed. in 9 months, Gillette's stock fell from more than 20,000 pieces to 7000 pieces, to reduce by two thirds. in the next 5 years, Mike. test Higgs promoted several times and eventually was promoted to Gillette, president of global technology and manufacturing.
depth when the lack of action when the bone marrow
Secondly, when the lack of action is becoming a permanent and corrosive situation, we should also take immediate action. This seems to be self-evident. But those who established the status quo are often reluctant to take the necessary action to change the status quo.
Nabisco year there are many problems: excessive capital expenditure, general and administrative costs out of control, reducing marketing investment , new product development is almost depleted, the market share fall. But the most pressing problem is improper for two years due to reorganization of the sales team in deep trouble. Nabisco sales and distribution system used to be its independence in the field of cookies and biscuits some competitive advantage, but now it has become a years of record profit growth. in order to pay KKR acquisition transactions in the huge debt owed, 40% of Nabisco to maintain earnings growth. In this process, Nabisco themselves into a vicious cycle.
When trying to keep the exaggerated Nabisco earnings growth, the company's management efforts to find areas where costs can be drastically reduced. Unfortunately, the sales department became their primary goal. In the two years prior to my arrival, Nabisco fitted with a bullet, carefully pointing out and pointing, but it has shot hit his foot: restructuring the sales force.
in the food industry, Nabisco's sales and distribution system was the envy of colleagues. with Kraft and other food manufacturers most different Nabisco uses a direct store delivery system. In addition to Coca-Cola and Pepsi, and other food manufacturers are using warehouse or wholesaler system. products first from food manufacturers shipped to the customer's storage facility, temporary storage, in combination with other products, after packaging and then shipped by the customer to the retail outlets. in the shop, products are often first brought into the backyard of the warehouse, until the clerk shelves.
in Nabisco, cookies and crackers shipped directly from the factory to the customer's shop shelves by the Nabisco employees, and delay period no intermediate links. the sale of Nabisco staff where the customer has a unique position. Other business sales representative or even not allowed to enter the retail outlets. Nabisco sales staff free access to shop and stay there all day. where they shop and the shopping preferences of consumers with accurate understanding. Nabisco sales force thousands of employees, they have years of experience and extensive product knowledge, and almost every supermarket and domestic managers have maintained a strong personal relationship. most of the enterprises in the introduction of new products When it all for the retail distribution plan developed over several months, while Nabisco is able to be completed in two weeks 90% of retail distribution. Nabisco marketers confidently know when to start a new product release listing of ads to ensure that consumers will not go to shops to buy outsmarted.
direct store delivery has many advantages, but the high cost of this system: distribution team formation, management and maintenance cost a lot of money; the product shelves spend a lot of time; as the system's core knowledge and relationships, the old salary sales staff qualifications is very high. To cut costs, Nabisco reduced the number of delivery trucks, cutting delivery times, fired a long-term sales. instead of a group of newcomers who are often just graduated high school or college students. Their starting salary is very low, so that the staff turnover rate of sales reached the level of fast-food restaurants. customers complain again and again, their long-term partner and friend was laid off Nabisco, and their shop has a huge backlog of consumers do not like to buy the products, and sell a good product was often out of stock.
When I was chief Nabisco executives, the sales force through the restructuring had been running for about two years. During that time, stagnant sales, market share down all the time. customers are becoming more and more angry. a lot of sales staff to be laid off competition opponents where they are further erosion of our business.
Worse, when the Nabisco Biscuit Company's management is convinced that with some minor repairs, the situation will be better. perhaps, slightly tacky salary increase The turnover rate for employees will be able to come down. Perhaps, a few managers will be able to send more new sales representatives on a more stringent regulation. perhaps, reduce new product can reduce the workload. And so on, constantly chipping away . In fact, management's position and attitude is tantamount to omission. they are too dependent on restructuring and savings, that they really believe that maintaining the status quo is the best choice, and ultimately everything will be back to normal yourself.
I became satisfied that the Bei Sike's CEO, I did not like them illusions. the original management must go. I formed a new team, by Rick. Lenny responsible. I worked with Rick in the Kraft for many years, Rick has a wealth of sales and general management experience, previously responsible for the company's North American operations to send Sibo Rui. Rick immediately started on a major reform of the sales department. We must scrap the previous re-start from scratch. < br> Our new plan requires such a system: it can recover the most valuable part of the old system, combined with some streamlining measures for restructuring system; the most important is that it can reproduce the unique old sales team morale and prestige. The Board reluctantly approved the plan of our new.
Creek. He ought to proceed expeditiously to resolve this problem, implemented a massive restructuring to restore the sales representative and one to one contact between the shops. Although up to Nabisco year of change for 70% of the sales staff for new jobs, and let the 5000's sales force to attract more than 2 000 new, but the effect was immediate. until the sales began in the fall growth. Within a year, Nabisco's sales force to restore its former glory, once again become food industry one of the most powerful sales team.
when the velocity is related to the lifeblood of action should be higher than when the
all other considerations of the third case, the time is crucial in terms of speed. sometimes, we should be meticulous, be careful to follow each step of business process. All of the tests can not be left out, all the plans should be carefully developed and reviewed all the possibilities before taking action should be taken into account. when the action comes to huge capital expenditures even more so. For example, the introduction of a new manufacturing facility needs new products or equipment if the product fails, then it is likely that all of the investment might be for naught.
However, if the speed is the key market factors will affect the likelihood of product success, then some planning and processes may to be sacrificed. I ran into this situation Kraft, when we are committed to the field of frozen pizza, an important new product.
responsible for Kraft's North American in my business, we acquired a Wisconsin regional enterprises m Tombstone pizza company. Within a year, we Tombstone brand extends to the country, we reached the frozen pizza business for about $ 440,000,000, more than the entire frozen pizza market (1.6 billion dollars) in one quarter.
However, our goal is to double sales in 5 years, so we know we have a difficult task to accomplish. At that time, pizza marketing team is headed by Betsy Young . Holden. Betsy recognize that, in order to achieve our goals, the best way is to expand the competitive pizza business frame of reference. frozen pizza business less than 20 billion U.S. dollars, but the takeout and delivery pizza business was close to $ 15,000,000,000.
Betsy recalled: pizza. Fortunately, we can use the new technology deliver high-quality frozen dough pizza. we have introduced a spontaneous bread, consumers can buy their own home baked, and baked with fresh bread taste the same. If we can locate to replace this pizza delivery pizza, then returns will be very great. So try to use its Tombstone brand, it is better to create a new brand. consumers like Tombstone, but they see it as a Snow > However, the approval of the enormous amount of capital expenditure usually go through a series of inspection and testing, and let the season to catch up pizza consumption, it must be achieved in the commercialization of 6 months. However, additional test marketing will require more than 3 months time. If So in the meantime, our competitors probably get the same fresh bread technology.
for me, decision-making is very simple. We have to take risks, as soon as possible to to the market. We do not drastic, do not stay retreat. We have plans B, if the put, to an increase of 30% or more, we achieved a year ahead of revenue targets of over 10 billion dollars.
lead to an innovative product to market, does not necessarily guarantee success, but it has always been an amazing advantage. There are many books of the first public listing of the importance of speed. While some of the books are exaggerated, but they all stressed to take action to avoid analysis paralysis, and the importance of other enterprises syndrome.
passion spilled into every corner of every commercial
people want a warm and subordinates and employees, however, instill passion for leadership responsibilities to employees are often neglected. The real leaders must take instil enthusiasm responsibilities. In explaining why enterprises must develop and change, you have passion and let everyone see you. You have to make members understand your goals and make them believe you have the success of the various methods and means necessary . In a large organization, enthusiasm also means that the inspection staff in batches, and they maintain extensive and regular contacts.
if compared with competitors, a company's cost structure is too high, then want to win in the competition almost impossible. If you eliminate unnecessary costs, and use the money to strengthen the development of new products, increase marketing efforts, and improving the capacity, then you win is a foregone conclusion. However, the elimination of the total cost is the means through attrition and layoffs to reduce the head, not a single organization is willing to abide by a long-term cost-cutting creed. Therefore, in order to be successful, cost reduction must become a way of life.
for me, cost reduction throughout the organization excited passion, and they really believe that the importance of cost reduction, this is my first priority; of course, the difficulty can imagine. This is not a one-shot deal, but every day to do with my two predecessors, was compared. a result, I come into contact with the total number of members is three times the two former. Among these contacts, more than half the cost is to eliminate unnecessary central theme, and almost Every speech, reports, round tables, weekly meetings, letters to shareholders, Chairman and exchange of video or audio mention the cost. In order to achieve the desired result, all the carriers and the media have to spend. I want to focus on how the organization from deny the extra cost, to the end willing to I asked each direct subordinate must do three things:
First, each sector of self-evaluation.
Second, departments and other officers to make the same criteria to evaluate the department's performance.
Third, to the best competitor as a reference to evaluate their own department. If they feel hard done by this part of their practice, they can ask in this regard an experienced external consultants.
When the ZOG start in the senior management team, we have the start of this initiative throughout the company to understand. In the March 28, 2001, that is, just after my arrival Gillette month, I gave each of the company a person sent a notice telling them during the next five years, ZOG will be their everyday language and way of life. To get everyone to accept layoffs and cost cutting efforts, I also have to make them understand the two Points:
first, everyone will be affected. Unless otherwise indicated, without exception. Gillette does have one exception, that is, domestic sales department. They have just gone through major restructuring and layoffs, are we The first line of customer contact industry.
Second, everyone is equal. no department or officers will be given preferential treatment. everyone must actively committed to , our three-pronged approach has been the cost and capacity assessment results, some figures for all of us are surprised. Compared with competitors, Gillette's every department at a cost disadvantage. in the financial, human resources and information technology and other areas of the largest and most important, this cost gap is largest.
all managers deny the high cost of their departments, but surprisingly, their overall evaluation of their own departments and enterprises also different from other people. In the end, even though we asked the consultant is mainly to provide data and verify the validity of comparison, but they provided a general assessment, clear that we have a serious and common problems to solve.
With these data and materials, to accept the initial stage of the process to begin. My task is to call the company's 200 top leaders to meet, evaluate results, impacts, and a detailed action plan, and then to the company from top to bottom and around the world to lobby. in the next 6 months, I and Gillette in the United States, Germany, Britain and Singapore, each of the major business meetings were held. In addition, I also separately with the operations, finance, human resources, information technology and procurement The key functions such talks. I also use a global distribution of video, introduced the implementation of the method and ZOG early success, in order to inspire our confidence. ZOG implementation in the first months of Gillette , I like a presidential candidate to win the nomination of party politicians everywhere, and I have been in the whole organization into a high degree of tension.
cafeteria at lunch Gillette, I will heard through the staff side, said: activities. In Gillette, ZOG is everywhere. Obviously, we have understood the ZOG is everyone's responsibility, several senior administrative assistant and even formed a team to explore that they can do something for the implementation of ZOG.
ZOG is worked out? of course. Generally speaking, the end of five years, we have removed about 8 billion dollars in unnecessary costs, making the general and administrative expenses a percentage of sales decreased from 31% to 23%.
Although Gillette into a performance culture
lack of effective leadership and strict discipline, ...
Thursday, February 24, 2011
Zhou Xiaochuan hinted rate hike before the end of February or in the window
According to reports, China's central bank governor Zhou Xiaochuan attended the G20 meeting of finance ministers and central bank governors said in an interview, the deposit reserve rate is only a tool to fight inflation, but not the only tool, anti-inflation policy to use all tools, including interest rates and exchange rates. This may be implied to continue to raise interest rates. Two expected interest rate increase may not be ruled out before, the most likely time is 2 end of May.
recently stepped in due huge number of limited release, the central bank's money was being invested. February 15, one-year suspension of the central ticket two weeks in a row after the restart before the holiday issue, circulation is still maintained for 10 billion February 15, the central bank also conducted 200 billion repurchase operation period of 28 days, winning 2.35% interest rate. However, on the open market with 106 billion yuan central ticket expires, 10 billion and 200 billion central bank bills are withdrawn from circulation buy back far enough to release the liquid. Previously, the open market has been running for 13 weeks by the net, amounting to 921 billion yuan, net invest 103 billion yuan last week. The open market this year due the amount of 3 trillion in the top 2 trillion in four months, the central bank to recover the demand for liquidity is still very large, the central bank raise the possibility of a great reserve. After the Spring Festival, the central bank faces liquidity and the pressure to significantly increase. After the central bank balance sheet, assuming that in February reduced the amount of foreign exchange to increase (+3000 billion), the central bank reverse repo maturity (about 4,000 billion), more stable financial deposits, open market operations maturity (approximately was 4100 million) and currency seasonal return (total return is expected to scale more than 4000 billion) and other factors, the central bank still operating in the number of about 6,000 billion yuan of funds recovered.
reserve the 18-day limited rate increases, only recovered more than 3,000 billion of liquidity. This consideration is the availability of funds for banks to lend at a later, to obtain better returns. Banks need to raise interest rates, and increase the interest rate differential means that the increase in bank profits. And each year after the two sessions are policy-lending boom, when interest rates for the tremendous impact on bank profits.
15 announced the CPI index is lower than many expected, but the February CPI growth would certainly also affected by changes in statistical methods, especially in the 20 magnitude of oil price increases significantly higher than expected. Refined oil is the blood of the economy, which for the CPI and PPI is very large, this change makes the disclosure of statistical data in March may not be optimistic.
deposit reserve ratio increase after short-term inter-bank Offered Rate rose a huge week offered rate reached 6.0942 percent, up 329.93 basis points, a two-week inter-bank interest rate to 6.9858 percent, up 290.83 basis points , and long-term inter-bank interest rates have a few basis points a day for several days up slightly. This strong trend is very rare. The current one-year inter-bank Offered Rate has reached 4.4897%, much higher than the one-year deposit interest rate, interest rate and tremendous pressure. After adjustment of the reserve in the high interest rates when the interest rates, changes in market interest rates in line with their expectations of the trend.
reserve adjustments due just to continue to reduce the possibility of increase, I predict interest rates more likely. Run a small monetary policy is now the trend rate policy introduced small but frequent moves, which the maximum to avoid the liquidity imbalance. During this time the central bank introduced the policy of the time interval is very different from the past, this change should be made by the central bank under the new adjustment.
recently stepped in due huge number of limited release, the central bank's money was being invested. February 15, one-year suspension of the central ticket two weeks in a row after the restart before the holiday issue, circulation is still maintained for 10 billion February 15, the central bank also conducted 200 billion repurchase operation period of 28 days, winning 2.35% interest rate. However, on the open market with 106 billion yuan central ticket expires, 10 billion and 200 billion central bank bills are withdrawn from circulation buy back far enough to release the liquid. Previously, the open market has been running for 13 weeks by the net, amounting to 921 billion yuan, net invest 103 billion yuan last week. The open market this year due the amount of 3 trillion in the top 2 trillion in four months, the central bank to recover the demand for liquidity is still very large, the central bank raise the possibility of a great reserve. After the Spring Festival, the central bank faces liquidity and the pressure to significantly increase. After the central bank balance sheet, assuming that in February reduced the amount of foreign exchange to increase (+3000 billion), the central bank reverse repo maturity (about 4,000 billion), more stable financial deposits, open market operations maturity (approximately was 4100 million) and currency seasonal return (total return is expected to scale more than 4000 billion) and other factors, the central bank still operating in the number of about 6,000 billion yuan of funds recovered.
reserve the 18-day limited rate increases, only recovered more than 3,000 billion of liquidity. This consideration is the availability of funds for banks to lend at a later, to obtain better returns. Banks need to raise interest rates, and increase the interest rate differential means that the increase in bank profits. And each year after the two sessions are policy-lending boom, when interest rates for the tremendous impact on bank profits.
15 announced the CPI index is lower than many expected, but the February CPI growth would certainly also affected by changes in statistical methods, especially in the 20 magnitude of oil price increases significantly higher than expected. Refined oil is the blood of the economy, which for the CPI and PPI is very large, this change makes the disclosure of statistical data in March may not be optimistic.
deposit reserve ratio increase after short-term inter-bank Offered Rate rose a huge week offered rate reached 6.0942 percent, up 329.93 basis points, a two-week inter-bank interest rate to 6.9858 percent, up 290.83 basis points , and long-term inter-bank interest rates have a few basis points a day for several days up slightly. This strong trend is very rare. The current one-year inter-bank Offered Rate has reached 4.4897%, much higher than the one-year deposit interest rate, interest rate and tremendous pressure. After adjustment of the reserve in the high interest rates when the interest rates, changes in market interest rates in line with their expectations of the trend.
reserve adjustments due just to continue to reduce the possibility of increase, I predict interest rates more likely. Run a small monetary policy is now the trend rate policy introduced small but frequent moves, which the maximum to avoid the liquidity imbalance. During this time the central bank introduced the policy of the time interval is very different from the past, this change should be made by the central bank under the new adjustment.
Wednesday, February 23, 2011
Novice needed to understand the problems on the road
Zhu Xian beginning to play a friend, for some such feeling of Zhu Xian.
1, upgrade started fast, do not know what to do later. Upgrade to slow down.
2, do not know the complete wall breaks , refining device breaks, ethereal character and some characters come from, how to use.
3, ingot problems will not recharge, not ingots trading.
4, NPC can not find a specific location.
5 , magic how to upgrade, how blood refining, or even what is the blood of refining.
6, Shuiqi Lin can not find, do not know how to dance.
7, the family does not know how to do the task, challenge task to what purpose, family contribution to the role.
8, how the mixing device, why should the mixing device, mixing device of the sale price.
9, how to communicate with family, friends communicate.
10, how to shield (that is, in the world Some people say do not look on the news) some people.
11, the most common deceptive means.
12, will not use the family skills, skills not know where.
13, all the shortcut keys instructions.
above problem is we often encounter and questions. Here I explain and explain and combat.
1, the fastest way to upgrade
1 --- 5 级 kill the same levels of blame, that is, the strange name is white. Even if the task well, and do not go to the task. Shaguai best upgrade, leaving the task of experience with high level. because of the more backward, more difficult to upgrade, killed strange experience gained less cultivation rises slowly. then the task to rely on incentives to leveling.
6 --- 90 级 pink started kill the strange name, this experience will be higher. for the same reason.
2, symbol of the origin and usage
finished wall break, lucky breaks and other treasures in the world to buy the device for refining. It features two characters, is to prevent the mixing device is ringing off the hook and improve the success rate of refining device. heaven and earth have their treasure in the price.
infuriating character, ethereal character, strong shield breaks, the benefits of blood perfusion to the operator, and so is the equipment. refining device used to increase the items meet level, while the other operator is used to increase character attributes. such as infuriating symbol to the equipment in the perfusion can increase the value of your infuriating; beneficial blood character, you can make your blood rise. Here to Help piece of equipment is only a symbol perfusion, that can only be refining equipment in the control of a character and any character, of course, you can repeatedly refining device and perfusion, which is why mixing device + +7 6 reasons for infusion equipment.
3, ingot recharge issue official website please go to the perfect look, As ingot trade, it is the banks to the treasurer that hayang to transactions, pending order.
4, NPC specific location in the game around the small upper right corner of the map a few keys, which one is the coordinate position, and that there are almost all of the NPC in town location, on your own just fine.
5, the blood is mixing together the two magic as a magic weapon. This is good.
first sometimes refining products and Kamijina
cents the second bound can not bind
magic into refining the third increase in the value of the blood (which I do not illustrate)
refining the location of blood at the Celestial, the specific operation, Celestial prompted. there is when the magic of growth to 100% it can be upgraded to the Celestial magic, fairy union prompt action .
6, Shuiqi Lin, jump to the location of the problem
Shuiqi Lin Yang elders in the sky and look at, you can see. jump is the big stone from the mountain jump.
7 that in the past I said
8, refining method of device and location I will not say, in the refining device division, where, as refining device of the sale price
9, family communication and chat with friends
channel bottom left corner of the game, there are family channel, click and talk just fine. friends to chat more simple, like a double-selected friend.
10, shield is simple, the player you want to block blacklist, you'll never see him out in the world propaganda.
11, the most common deceptive means such as a sale
60 copper, and I received it as a golden . this kind of scam are common. When you want to reap huge profits when the exchange, you fools!! because it is completely scam!!!
12, the skills in your family will appear at R see below there are other options for skills click, well, is that which.
13, shortcut keys
W, A, S, D Needless to say, Q is the task of R E is the expression of skills what C is a class B is a package of personal information T is J is a world treasure house team of information I arena ranking M large map
Well, is there is not.
1, upgrade started fast, do not know what to do later. Upgrade to slow down.
2, do not know the complete wall breaks , refining device breaks, ethereal character and some characters come from, how to use.
3, ingot problems will not recharge, not ingots trading.
4, NPC can not find a specific location.
5 , magic how to upgrade, how blood refining, or even what is the blood of refining.
6, Shuiqi Lin can not find, do not know how to dance.
7, the family does not know how to do the task, challenge task to what purpose, family contribution to the role.
8, how the mixing device, why should the mixing device, mixing device of the sale price.
9, how to communicate with family, friends communicate.
10, how to shield (that is, in the world Some people say do not look on the news) some people.
11, the most common deceptive means.
12, will not use the family skills, skills not know where.
13, all the shortcut keys instructions.
above problem is we often encounter and questions. Here I explain and explain and combat.
1, the fastest way to upgrade
1 --- 5 级 kill the same levels of blame, that is, the strange name is white. Even if the task well, and do not go to the task. Shaguai best upgrade, leaving the task of experience with high level. because of the more backward, more difficult to upgrade, killed strange experience gained less cultivation rises slowly. then the task to rely on incentives to leveling.
6 --- 90 级 pink started kill the strange name, this experience will be higher. for the same reason.
2, symbol of the origin and usage
finished wall break, lucky breaks and other treasures in the world to buy the device for refining. It features two characters, is to prevent the mixing device is ringing off the hook and improve the success rate of refining device. heaven and earth have their treasure in the price.
infuriating character, ethereal character, strong shield breaks, the benefits of blood perfusion to the operator, and so is the equipment. refining device used to increase the items meet level, while the other operator is used to increase character attributes. such as infuriating symbol to the equipment in the perfusion can increase the value of your infuriating; beneficial blood character, you can make your blood rise. Here to Help piece of equipment is only a symbol perfusion, that can only be refining equipment in the control of a character and any character, of course, you can repeatedly refining device and perfusion, which is why mixing device + +7 6 reasons for infusion equipment.
3, ingot recharge issue official website please go to the perfect look, As ingot trade, it is the banks to the treasurer that hayang to transactions, pending order.
4, NPC specific location in the game around the small upper right corner of the map a few keys, which one is the coordinate position, and that there are almost all of the NPC in town location, on your own just fine.
5, the blood is mixing together the two magic as a magic weapon. This is good.
first sometimes refining products and Kamijina
cents the second bound can not bind
magic into refining the third increase in the value of the blood (which I do not illustrate)
refining the location of blood at the Celestial, the specific operation, Celestial prompted. there is when the magic of growth to 100% it can be upgraded to the Celestial magic, fairy union prompt action .
6, Shuiqi Lin, jump to the location of the problem
Shuiqi Lin Yang elders in the sky and look at, you can see. jump is the big stone from the mountain jump.
7 that in the past I said
8, refining method of device and location I will not say, in the refining device division, where, as refining device of the sale price
9, family communication and chat with friends
channel bottom left corner of the game, there are family channel, click and talk just fine. friends to chat more simple, like a double-selected friend.
10, shield is simple, the player you want to block blacklist, you'll never see him out in the world propaganda.
11, the most common deceptive means such as a sale
60 copper, and I received it as a golden . this kind of scam are common. When you want to reap huge profits when the exchange, you fools!! because it is completely scam!!!
12, the skills in your family will appear at R see below there are other options for skills click, well, is that which.
13, shortcut keys
W, A, S, D Needless to say, Q is the task of R E is the expression of skills what C is a class B is a package of personal information T is J is a world treasure house team of information I arena ranking M large map
Well, is there is not.
Tuesday, February 22, 2011
Development and Reform Commission Carrefour total of 19 stores fined 9.5 million yuan fine
1 26, the National Development and Reform Commission informed and more open Carrefour, Wal-Mart price of the existing fraud, and instructed the relevant local pricing department shall be dealt with severely. Recently, Beijing, Liaoning, Jilin, Heilongjiang, Shanghai, Hubei, Hunan, Chongqing, Guangxi, Yunnan, pricing department under the price of the relevant provisions of the laws and regulations, strict compliance with statutory procedures, respectively, involved around 19 stores to supermarket statutory maximum amount of 50 million fine, with fines totaling 9.5 million yuan. Currently, fines are the price by the relevant local authorities confiscated finances.
case came to light, Carrefour, Wal-Mart admitted in violation of laws and regulations related to price, apologized to consumers, and actively take corrective measures to immediately carry out checking and correcting themselves, strictly implement the provide consumers with inexpensive goods.
the National Development and Reform Commission pointed out that imposing heavy fines on illegal supermarket is to standardize the ultimate goal of the operators and protect the interests of consumers, the enterprises should draw lessons, learn a lesson, great efforts to strengthen internal price management, and standardize their price behavior, and earnestly safeguard the interests of consumers. We hope that the enterprises can better uphold the integrity of the commercial law rules, to become the strict implementation of price regulations, price management conscious norms set an example to become law, good faith business model.
requirements of the National Development and Reform Commission, the competent pricing departments at all levels with the implementation of the perform their duties, to further improve the normal market price monitoring mechanism, strengthen the supermarkets, shopping malls and other retail establishments inspections and smooth channels of complaints and reports prices for the price of a variety of illegal acts against the interests of the masses, to find severely dealt with without leniency . Meanwhile, prices of services should be combined into the mall activities, laws and regulations of the price policy initiative to provide information to help operators of rules and systems, implementation of the marked price system, promote the integrity of the building prices, building long-term price of self-regulation mechanism, jointly safeguard the good market price order.
(This article Source: Development and Reform Commission website)
case came to light, Carrefour, Wal-Mart admitted in violation of laws and regulations related to price, apologized to consumers, and actively take corrective measures to immediately carry out checking and correcting themselves, strictly implement the provide consumers with inexpensive goods.
the National Development and Reform Commission pointed out that imposing heavy fines on illegal supermarket is to standardize the ultimate goal of the operators and protect the interests of consumers, the enterprises should draw lessons, learn a lesson, great efforts to strengthen internal price management, and standardize their price behavior, and earnestly safeguard the interests of consumers. We hope that the enterprises can better uphold the integrity of the commercial law rules, to become the strict implementation of price regulations, price management conscious norms set an example to become law, good faith business model.
requirements of the National Development and Reform Commission, the competent pricing departments at all levels with the implementation of the perform their duties, to further improve the normal market price monitoring mechanism, strengthen the supermarkets, shopping malls and other retail establishments inspections and smooth channels of complaints and reports prices for the price of a variety of illegal acts against the interests of the masses, to find severely dealt with without leniency . Meanwhile, prices of services should be combined into the mall activities, laws and regulations of the price policy initiative to provide information to help operators of rules and systems, implementation of the marked price system, promote the integrity of the building prices, building long-term price of self-regulation mechanism, jointly safeguard the good market price order.
(This article Source: Development and Reform Commission website)
Monday, February 21, 2011
On the The story was kidnapped from her strangely
On the The story was kidnapped from her strangely, and then he started looking for her ex-husband Zheng process of looking for her. However, in the course of his search for truth, he discovered the truth does not exist, search for the truth itself has become a show-event .
on the background of the story background of the story is our world today. Today's world is no longer the sun, land, air formed by the world, but a TV, radio, newspapers and network information media restructuring over the world. these things in the transformation of the real world, our touch, our minds are always full of media instilled in us the concept and picture of the world, and then we began to use these concepts to life and the life experience .
because the media in this world has become so strong, so the world has become an arena of social life have become a stage play. a show everywhere in the ever-present existence, and even 911 such terrorist activities, have become a large American-style show.
is the world's gave birth to our important to find the truth of the person who is out of date.
on COSPLAY
This is a popular sub-culture phenomenon in East Asia, meaning the role-playing game. In general, always art or fiction story simulate life, but COSPLAY represents a reverse of the simulation, real-life people in the simulation of comics, games, film and television drama in the role. It seems to indicate an escape from real life to some extent it is East Asian youth in the face of hard social barriers, hierarchical order and mechanical life, adopt a strategy of passive resistance.
COSPLAY fans think real life is often alienation, is a The alienation alienation undoubtedly means COSPLAY.
in the film, COSPLAY also has the meaning of this duality, on the one hand it suggests that modern life is a conspiracy or the entertainment role playing game, on the other hand, It is also against the attempt to restore meaning COSPLAY itself. the system of Rose kidnapped sister?
an important story of our suspense is We specifically the identity of the suspect made a setting, the two couples worms, play on behalf of the recipients of this social context mm audience, the media made them stars or fanatical pursuit of, or malicious attack, and the This dual arrangement in a pile of couples who are very well reflect the complicity of both sides of this conflict. South America sub-power of the media metaphor, the metaphor of a broker Wang Lianhua manipulation technology, while the boss Yang Zhicheng metaphor of the power of capital. coherent view, it is in fact asking a question, in the end who kidnapped her sister to the rose world this farce, the audience, the media, is a technology or capital, but in the end my sister is Rose kidnapped by their own madness, the alienation of all external forces and finally realize the power of self-alienation.
or on the .
Prior to this, the story is all about the heroine and the hero is to fall into the When Sister Rose revealed himself in the search for the truth of Zheng, the audience may well be aware that this was sent to the asylum in fact not crazy sister Rose, she is made to the system, a show about the crazy COSPLAY.
show her a way to escape the artifice of this mass movement. real are their own, no matter what clothes the actors wear to cover much of this is meaningless in terms of audience, all things will be here showing their naked truth, whether happy or sad, beautiful or ugly, will glance, no escape.
and because of this, everything is therefore nothing to get worried about the freedom of the arbitrary.
on the show, whether the phenomenon of how the extraordinary beauty of the truth after all.
in this show, all illusion, but also after all, is the way the truth and present their own path.
on the background of the story background of the story is our world today. Today's world is no longer the sun, land, air formed by the world, but a TV, radio, newspapers and network information media restructuring over the world. these things in the transformation of the real world, our touch, our minds are always full of media instilled in us the concept and picture of the world, and then we began to use these concepts to life and the life experience .
because the media in this world has become so strong, so the world has become an arena of social life have become a stage play. a show everywhere in the ever-present existence, and even 911 such terrorist activities, have become a large American-style show.
is the world's gave birth to our important to find the truth of the person who is out of date.
on COSPLAY
This is a popular sub-culture phenomenon in East Asia, meaning the role-playing game. In general, always art or fiction story simulate life, but COSPLAY represents a reverse of the simulation, real-life people in the simulation of comics, games, film and television drama in the role. It seems to indicate an escape from real life to some extent it is East Asian youth in the face of hard social barriers, hierarchical order and mechanical life, adopt a strategy of passive resistance.
COSPLAY fans think real life is often alienation, is a The alienation alienation undoubtedly means COSPLAY.
in the film, COSPLAY also has the meaning of this duality, on the one hand it suggests that modern life is a conspiracy or the entertainment role playing game, on the other hand, It is also against the attempt to restore meaning COSPLAY itself. the system of Rose kidnapped sister?
an important story of our suspense is We specifically the identity of the suspect made a setting, the two couples worms, play on behalf of the recipients of this social context mm audience, the media made them stars or fanatical pursuit of, or malicious attack, and the This dual arrangement in a pile of couples who are very well reflect the complicity of both sides of this conflict. South America sub-power of the media metaphor, the metaphor of a broker Wang Lianhua manipulation technology, while the boss Yang Zhicheng metaphor of the power of capital. coherent view, it is in fact asking a question, in the end who kidnapped her sister to the rose world this farce, the audience, the media, is a technology or capital, but in the end my sister is Rose kidnapped by their own madness, the alienation of all external forces and finally realize the power of self-alienation.
or on the .
Prior to this, the story is all about the heroine and the hero is to fall into the When Sister Rose revealed himself in the search for the truth of Zheng, the audience may well be aware that this was sent to the asylum in fact not crazy sister Rose, she is made to the system, a show about the crazy COSPLAY.
show her a way to escape the artifice of this mass movement. real are their own, no matter what clothes the actors wear to cover much of this is meaningless in terms of audience, all things will be here showing their naked truth, whether happy or sad, beautiful or ugly, will glance, no escape.
and because of this, everything is therefore nothing to get worried about the freedom of the arbitrary.
on the show, whether the phenomenon of how the extraordinary beauty of the truth after all.
in this show, all illusion, but also after all, is the way the truth and present their own path.
Sunday, February 20, 2011
Shenzhen Sea Garden
Shenzhen Shenzhen Sea Garden Sea Garden
quasi five-star hotel located in tourist areas west manholes Baoan District, Shenzhen, Fuyong town, west of the Pearl River estuary, south of Baoan International Airport, adjacent to the north and Dongguan City, The total area of about 24 square kilometers. the entire project in three phases, presided over by the city development and construction. The first stage is the promoter region, is the core area of tourism, an area of 49.4 hectares, to eco-tourism, eco-tourism and leisure and water sports as its theme, arranging a resort, camping areas, water markets, such as tropical rain forests. maritime pastoral quiet, Yat. The most vivid is her facial features to bring out the water and the pastoral green Wild: huts, bridges dotted the lake. extended to the lake All roads like the fairy path, path next to the large open cluster of white, yellow and red flowers. sunny warm clouds, the shadows of flowers floating, Fragrance surplus space; off with floating flowers, dark green foliage will be a charming; green faded, it soften the path and hold up a few patches of dead branches like a sculpture, creating a beauty to deformity. walk on it, as if into the world outside the fairyland.
Sea Garden Hotel Room Price
quasi five-star hotel located in tourist areas west manholes Baoan District, Shenzhen, Fuyong town, west of the Pearl River estuary, south of Baoan International Airport, adjacent to the north and Dongguan City, The total area of about 24 square kilometers. the entire project in three phases, presided over by the city development and construction. The first stage is the promoter region, is the core area of tourism, an area of 49.4 hectares, to eco-tourism, eco-tourism and leisure and water sports as its theme, arranging a resort, camping areas, water markets, such as tropical rain forests. maritime pastoral quiet, Yat. The most vivid is her facial features to bring out the water and the pastoral green Wild: huts, bridges dotted the lake. extended to the lake All roads like the fairy path, path next to the large open cluster of white, yellow and red flowers. sunny warm clouds, the shadows of flowers floating, Fragrance surplus space; off with floating flowers, dark green foliage will be a charming; green faded, it soften the path and hold up a few patches of dead branches like a sculpture, creating a beauty to deformity. walk on it, as if into the world outside the fairyland.
Sea Garden Hotel Room Price
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