Brand and Pepsi - 3309 Words

Table of Contents 1.0 Introduction 2 2.0 Decision Making Process 2 3.0 Need Recognition amp; Problem Awareness 3 4.1 Motivation 3 4.2 Motivation and Involvement 3 - 4 4.3 Promotion 4 4.0 Information Search 4 5.4 Culture and Subculture 4 - 5 5.5 Memory 5 5.6 Product 6 - 7 5.7 Promotion 7 5.0 Evaluation of Alternatives 7 6.8 Attitudes 7 6.9 Product 7 - 8 6.10 Price 8 - 9 6.11 Promotion 9-10 6.12 Personality 10 6.0 Purchase 10 7.13 Place†¦show more content†¦An example of this can be seen when the Pepsi Company held a â€Å"Fire Passing† activity that consisted of passing the fire of the Olympic Games in preparation of the Beijing 2008 Olympic Games. This type of motivational tactic enhanced the involvement of consumers and actually created an environment that suggested that Pepsi wants to be part of their lives. This type of involvement appeals to consumers and increases their favorability towards Pepsi. It can also lead to consumers being motivated to purchases Pepsi as well as create brand awareness. 3.3 Promotion Consumers can also become motivated by the various slogans such as: -Passport to refreshment -Pepsi has the taste thirst goes for. -Pepsi adds life. -The pause that refreshes Pepsi has attempted to make consumers believe that consuming a Pepsi entails a refreshing; exciting experience that triggers an emotional response that can only be satisfied with their product. Examples of this can be seen in their advertisements which perceive Pepsi to be the ultimate thirst quencher unsurpassed by other brands therefore consumers who see these advertisements may experience the need for a Pepsi. Image #1 ------------------------------------------------- 4.0 Information Search As the consumer becomes motivated to seek a solution to their problem of thirst, they engage in two forms of information search: 1) Internal 2)Show MoreRelatedBrand Equity of Pepsi3179 Words   |  13 PagesA REPORT ON BRAND EQUITY OF Submitted by: Amrapali Singh (11) Ankush Redhu (16) Anup Sharma (18) Atul Kumar Singh (27) Devanshu Mehta (36) Kalyani Barman (57) INTRODUCTION Pepsi is a 100-year-old carbonated soft drink brand loved by over 200 million people worldwide. The largest single selling soft drink brand in India, Pepsi is ubiquitous on just about every social occasion. 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The parameters which enabled us to arrive atRead MorePepsi Evolution of Brand Essay examples694 Words   |  3 PagesJohn Smith 2/12/14 Professor Hanson BUS131 Pepsi Evolution of Brand When we think of Pepsi, we envision a red, white and blue circle, waving like a flag. But a version of the iconic logo that we now attribute to the soda didnt exist until over 50 years after the company was made. Initially named â€Å"Brad’s Drink† Pepsi was created in 1893 by a pharmacist named Caleb Bradham. It was renamed Pepsi-Cola, a title that was trademarked in 1903. Although the brands name hasnt changedRead MoreEssay about Pepsi vs Coke Brand Positioning943 Words   |  4 Pagesinsightful. 1. Interbrand Names 100 Best Global Brands http://www.marketingpilgrim.com/2010/09/interbrand-names-100-best-global-brands.html 2. What Pamp;G Taught Me About Brands http://maxbrandequity.com/Documents/What%20PG%20taught%20me%20about%20Brands.pdf 3. The Power of Brand Equity http://www.thinkingleaders.com/archives/964    Questions: Write what you believe are the current global brand positionings for Coke and Pepsi (the brands, not the companies)? Few other companies in theRead MoreFrito Lay : A Brand Name That Branches Off Of Pepsi Co1003 Words   |  5 PagesFrito Lay Incorporation is a brand name that branches off of Pepsi Co. Frito Lay Inc. is a brand which it specializes, markets, manufactures, and sells potato chips, corn chips, and snack foods. Frito Lays primary snack food that carries the brand name is obviously the Fritos corn chips, and the other leading products are Doritos and Tostitos tortilla chips and Cheetos cheese flavored chips. Depending on the region some snacks are more popular than others, for example Lays and Ruffles are demandedRead MoreThe Pepsi Of Pepsi Cola1373 Words   |  6 PagesPepsi is one of the most well-known beverage brands in the world. 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The Four P’s According to  Mind Tools  (2011),  Marketing mix is a general phrase used to describe the differentRead MorePepsi Blue Case Study1521 Words   |  7 PagesPEPSI BLUE CASE STUDY: THE CHALLENGES INHERENT IN EXECUTING A GLOBAL RE-BRANDING CAMPAIGN During the 1990s, PepsiCo launched new products and engineered a global re-branding campaign in an effort to grow sales volume; reinvigorate their stagnant brand; and to close the increasingly large sales and market share gap between itself and its primary competitor, Coca-Cola. In 1993, Pepsi jump-started its marketing efforts by adding two brands to its portfolio: Crystal Pepsi and Pepsi Max. CrystalRead MoreCase Study : The Pepsi Company1170 Words   |  5 Pages The Pepsi Company In 1898, Bradham Caleb, a pharmacist, experimented using different chemical substances from spice, juice, and syrup. Eventually, he succeeded by inventing Pepsi-Cola (â€Å"The Pepsicola Story†). â€Å"The Pepsicola Story† article reported that Bradham enhanced his invention by adding mixtures of vanilla, kola nut, rare oil, and carbonated water. From a fountain in his shop, Bradham sold the mixture to people and it became popular. The customers named the product Brad’s drink, but he later

TerraCog Free Essays

Terracotta management failed to respond to competition in its market. Although competitor introduced a new GAPS with satellite imagery to the market, Terracotta team dismissed the threat and decided not to take a responsive action. However, quickly the new GAPS succeed and gained a significant market share. We will write a custom essay sample on TerraCog or any similar topic only for you Order Now Eventually, Terracotta president decided to pursue a development of a directly competing product, and named the project Aerial. Unfortunately, the projected high costs of this project questioned its profitability and doubt its wisdom. The key managers of the company were not able to decide whether to execute the project or not, and Emma Richardson, the new executive vice-president, needed to push the group toward a decision. The analysis we have done indicates that Terracotta case is an outcome of two major problems. The first problem is the existence of a poor decision making process, and the second is the lack of departmental cooperation and harmony. Alternative Courses of Action: We believe that Richardson should postpone the launch of Aerial, and focus on creating a more efficient decision making process and increasing departmental cooperation. Since time is crucial in this case, we see a need to decrease the time of decision making process and re-defining communication channels between the departments. We also argue that the size of this team as well as the fact that the teammates came from four different departments created complex communication channels that slowed down decision making. In this case, small groups can undertake better the urgent tasks. Hence, we think that Richardson should break the complex process of launching a new product into micro-processes. We believe that by brainstorming with the heads of every department separately, defining criteria and performance tankards, and listening to each team’s requirements and reservations, Richardson will be able to clarify for the teams their importance to the company and motivate them to act toward the company’s goal. Commitment to a common goal is more easily achieved if the number of team members is small (Essentials for an Effective Team, To keep the work on track and to increase departmental cooperation, 2006). Richardson should conduct update meetings every other week with all the departments’ heads. The agenda of these wide department meetings should be clear and exclude decisions making. The different decisions should be made within smaller groups that include only the relevant teams. To increase harmony among the departments, Richardson can open department wide meetings with a short speech about similar past experiences of the company to remind the teams how they worked well together and performed successfully when they cooperated. Recalling past experiences may increase sense of belonging and help to put the big picture in mind before discussing current issues. Moreover, Richardson can invite the teams’ mangers to have lunch together before department wide meetings. Socializing with each other right before getting to business can cool things down, ease the tension, and increase departmental cooperation. We believe that if the heads of the different departments will understand the importance and the needs of other departments, working together will become easier and more efficient. Another way to increase departmental cooperation is by sharing information on the processes each department went through. For example, while discussing the price of a new product, Tony could provide specific details regarding production’s costs to explain why further lowering of costs is impossible. While this alternative might be time consuming, sharing information can help the teams to understand better the different points of view of the different departments. Recommended Course of Action: We believe that a combination of the alternatives above would be the best way to address the situation in this case. First, we recommend postponing the launch of the current prototype. Launching Aerial on its current form will damage the company’s reputation and can lead the company to a big loss. We assume that if Aerial wont provide its users a significant advantage, customers wouldn’t pay more than the Bird’s price to buy it. Second, in order to accelerate the decision making process, Richardson should redesign the current communication channels in the company. Decisions need to be made in smaller teams, and wide department meetings need to be designated for updates only. Third, to increase departmental cooperation and harmony, Richardson should establish a process of sharing information between the departments. Furthermore, structuring time for socializing can ease the stress and increase harmony among the departments. We believe that this alternative course of action will lead to minimum damage in Terracotta position, ND allow the company to improve its productivity and ability to respond faster to competition in the future. Implementation: First, Richardson should invite all the people who were present in the last two meetings to announce her decision. This meeting should be friendly and short, and most important, clear and motivating. Richardson should open the meeting with demonstrating an appreciation for the hard work done by all the departments. Then, the announcement of her decision to postpone the launch of Aerial should be followed by a short explanation about the upcoming changes: From now on, once a week, every department should email a rife description of the progress they made at the past week to the entire company. This weekly update emails will enable an efficient way to share information between the departments. In addition, wide department meetings will take place every other week, and once a month these meetings will include a friendly lunch prior to the meeting. After the meeting, Richardson should meet with the heads of design and development department. In this meeting, they need to agree and define the requirements to develop a product that is superior to the Birds, on minimum costs and time, and draw a realistic schedule to move forward. Now, when the new product is in its first stages of creation, and there is a general idea of what specifications and characteristics it will have, as well as an expected time for launching, Richardson should meet with the UP of Sales, to create marketing plan for the new product. The production team will work alone on costs estimating for the new product, and the sales team in consultation with finance department will determine a pricing and develop a â€Å"go- to market† plan. Moreover, Richardson should set clear limits to the continuance of commitment to the project for every department. Determining what criteria and performance standards Justify continued investment in the project can help the team avoid escalation of commitment (Team Decision Making Pitfalls and Solutions, n. D). Whenever disagreements on to what level the teams should commit to a specific task will arose, they could refer to the performance’s standards and make a decision accordingly. The process will be managed by Richardson from the top, and the heads of every department will make decisions that are relevant to their departments’ areas of knowledge and responsibility, and report to Richardson, who ill manage the whole process. How to cite TerraCog, Papers

Prometheus Unbound Monologue Essay Assignment Example For Students

Prometheus Unbound Monologue Essay Assignment A monologue from the play by Percy Bysshe Shelley NOTE: This monologue is reprinted from Prometheus Unbound; A Lyrical Drama in Four Acts with Other Poems. Percy Bysshe Shelley. London: C and J Ollier, 1820. PROMETHEUS: Evil minds Change good to their own nature. I gave all He has; and in return he chains me here Years, ages, night and day: whether the Sun Split my parched skin, or in the moony night The crystal-winged snow cling round my hair: Whilst my beloved race is trampled down By his thought-executing ministers. Such is the tyrant\s recompense: \tis just: He who is evil can receive no good; And for a world bestowed, or a friend lost, He can feel hate, fear, shame; not gratitude: He but requites me for his own misdeed. Kindness to such is keen reproach, which breaks With bitter stings the light sleep of Revenge. Submission, thou dost know I cannot try: For what submission but that fatal word, The death-seal of mankind\s captivity, Like the Sicilian\s hair-suspended sword, Which trembles o\er his crown, would he accept, Or could I yield? Which yet I will not yield. Let others flatter Crime, where it sits throned In brief Omnipotence: secure are they: For Justice, when triumphant, will weep down Pity, not punishment, on her own wrongs, Too much avenged by those who err. I wait, Enduring thus, the retributive hour Which since we spake is even nearer now.

Research Project-Week One Essays - Workplace, Research, Abuse

Research Project-Week One David A. Keith BUS642 Business Research Methods Tools Professor Donnie Smith July 22, 2017 Research Project-Week One Background Information This paper comes at importance in my life because of what I have decided to do for now in my life until my change comes. I choose Workplace Safety' because of ways it deals with the type of job I have, and the many different ethical staff members within this workplace who throughout the days goes up and down elevators and stairs without or with items or things in their hands. When a business hire more than 100 people within their organization who do much of everything on a constant, safety rules and regulations within the structure of that business and all workers who are involved MUST be given the do's and don'ts taking place and being said from those in charge to every worker through their first interview and first meeting with everybody. In doing so prevent causes for all sorts of accidents from happening. We know that mistakes will be made, but at least they can never say things of safety measures had never told them. It is a known fact of how you may have some workers who are careless and try to do things for motive reasons of not so good will. Some people appear to be desperate for money they feel they are not getting from their job and might think of ways to get it, even if it comes to intentionally causing harm to themselves. Some people do things for sick reasons. Management dilemma Management have a BIG job to do when it comes to dealing with so many different personalities, attitudes, and learning just who that person is they hired. We never know what triggers people to do the things they do for whatever reason they do it. Management finds out who that person is as they continue to work with that person then that person become something you never thought could be isn't what that person is at all. Every person come with morals whether it be good or bad, it is embeamed within that person from their youth (Smith, 2012). Research question Why as managers are risks of there working quarters become a hazard? Hypothesis Managers need to make certain their employees have all the necessities they need when they are hired so their forms of work ethics fit the needs of that jobs description and the safety of the staff and management. Brief Summary http://www.articlemyriad.com/difference-research-questions-hypothesis/ The article, Difference research questions about hypothesis was used because of different forms it comes in, and I felt this short article adds to what will be address within this paper. Landrum, R. E. (2014). Research methods for business: Tools and applications [Electronic version]. Retrieved from : https://content.ashford.edu/ Information from our text is used about adding to different forms of hypothesis and what it should do with this article. Galvin, Paul (2014). Workplace safety ethical concerns. From : www.guides.library.iit.edu In this paper will address forms of ethical concerns to meanings to what happen within a workplace. Crotty, M. (1998). The Foundations of Social Research (Book). (2001). European Journal of Communication, 16(1), 124. There are different processes one must go through when working with organizations, and things must be put in proper prospective. Caracelli, V.J., Greene, J.C. (1993). Data analysis strategies for mixed-method evaluation designs. Educational Evaluation and Policy Analysis, 15, 195-207 Data that must do with ways these forms are being analyzed will be address through usage of different strategies through mixed method evaluations being used. Kissinger, J. (2015). MAKING SAFETY COUNT: EFFECTIVE TRAINING FOR THE WORKPLACE. EHS Today, 8(3), 29. Effective training comes into view when working with any type of job for that everyone is on the same page when it comes to employees' safety. Swanson, Benz Sofranko (1998 ). Analyzing, Interpreting and Reporting Basic Research Results. http://www.ncjfcj.org/sites/default/files/TEG_Chapter06-Final.pdf When it comes to how manage ment handle any type of situation, it is important to understand their usage for these forms that comes their way for whatever the reason.

American Exceptionalism essays

American Exceptionalism essays Is America better than all of the other countries in this world because we offer more opportunity and hope for humanity? Are our constitutional ideals that are focused on personal and economic freedom giving us a top seat to other cultures and nations that share this earth with us? A lot of Americas would like to think so. We live in a country that is arguably one of the freest nations, not only personally, but also politically. We are governed by public and private interests, which are based on our very own constitution that is set up to give everyone an opportunity to succeed in our growing culture. American exceptionalism is partially a reflection of our nations long history, but Americans can tend to be ethnocentric and judge other cultures by the standards of their own. When a lot of people think of America, they think about a country that is made up of a mixing bowl of races and ethnicities. They think of a culture that is founded on constitutional rights and god given freedoms that everyone has. Some people may even take America a step further and think of it as a culture that may be superior to others because of its past history of opportunity and freedom for whoever may be in search of it; but is this true? Many people may argue that the United States is better than almost any country because of our freedoms, but others may argue that the U.S. is an egotistical superpower that strong-arms, and abuses its influence on other countries. Undoubtedly, America offers many opportunities and even a lot of hope for people searching for a new life, but freedoms such as these often come with a price. The U.S. has high taxes, low minimum wages, and even may flaws in the political system that is supposed to keep us running. Many Americans can get caught up in all the wealth and prosperity that they are making for themselves in the United States. Many think that other cultures just don ...

How to Say Happy Birthday in Russian

How to Say Happy Birthday in Russian The most common way to say happy birthday in Russian is Ð ¡ Ð ´Ã ½Ã µÃ ¼ Ã'€Ð ¾Ã ¶Ã ´Ã µÃ ½Ã ¸Ã'  (zDNYOM razhDYEnya). Of course, there are numerous other birthday wishes you can offer, depending on the situation and your relationship with the person whose birthday it is. There are also several well-known Russian birthday toasts and birthday songs. Russian Birthday Greetings The most common Russian birthday greeting is Ð ¡ Ð ´Ã ½Ã µÃ ¼ Ã'€Ð ¾Ã ¶Ã ´Ã µÃ ½Ã ¸Ã' .Ð ¡ Ð ´Ã ½Ã µÃ ¼ Ð ²Ã °Ã'€Ð µÃ ½Ã'Å'Ã' ! is a fun, informal way to wish a happy birthday to children or friends.In addition to the standard greeting, you can add extra birthday wishes, such as Ðâ€"Ð µÃ »Ã °Ã'Ž Ð ²Ã' Ã µÃ ³Ã ¾ Ã' Ã °Ã ¼Ã ¾Ã ³Ã ¾ Ð »Ã'Æ'Ã'‡Ã'ˆÐ µÃ ³Ã ¾ (wishing you all the best).The most popular birthday song in Russia is called ПÐ µÃ' Ã µÃ ½Ã ºÃ ° Ð ºÃ'€Ð ¾Ã ºÃ ¾Ã ´Ã ¸Ã »Ã ° ГÐ µÃ ½Ã'‹ (Crocodile Genas Song). Happy Birthday to Children or Friends When addressing children or friends, you can say Ð ¡ Ð ´Ã ½Ã µÃ ¼ Ð ²Ã °Ã'€Ð µÃ ½Ã'Å'Ã'  (zDNYOM vaRYENya). This expression is a fun, informal birthday wish that comes from the popular Russian cartoon ÐÅ"Ð °Ã »Ã'‹Ã'ˆ Ð ¸ КÐ °Ã'€Ð »Ã' Ã ¾Ã ½ (Smidge and Karlsson). Ð ¡ Ð ´Ã ½Ã µÃ ¼ Ð ²Ã °Ã'€Ð µÃ ½Ã'Å'Ã'  translates to Happy Jam Day. Birthday Congratulations in Russian Once you have given the standard birthday greeting (Ð ¡ Ð ´Ã ½Ã µÃ ¼ Ã'€Ð ¾Ã ¶Ã ´Ã µÃ ½Ã ¸Ã' ), you should offer additional birthday wishes. Here are the most common birthday congratulations in Russian. Ðâ€"Ð µÃ »Ã °Ã'Ž Ð ²Ã' Ã µÃ ³Ã ¾ Ã' Ã °Ã ¼Ã ¾Ã ³Ã ¾ Ð »Ã'Æ'Ã'‡Ã'ˆÐ µÃ ³Ã ¾ Pronunciation: ZhyLAyu VSYEvoh SAmavuh LOOtshivuhMeaning: Wishing you all the best.Usage: This expression can be used both formally and informally and is suitable for most situations. Ðâ€"Ð µÃ »Ã °Ã'Ž Ã' Ã °Ã ¼Ã ¾Ã ³Ã ¾-Ã' Ã °Ã ¼Ã ¾Ã ³Ã ¾ Pronunciation: ZhyLAyu SAmavuh SAmavuhMeaning: Wishing you all the very best.Usage: This expression is informal and can be used with friends and family. Ðâ€"Ð µÃ »Ã °Ã'Ž Ð ²Ã' Ã µÃ ³Ã ¾ Ã'‚Ð ¾Ã ³Ã ¾, Ã'‡Ã'‚Ð ¾ Ã'‚Ã'‹/Ð ²Ã'‹ Ã' Ã µÃ ±Ã µ Ã' Ã °Ã ¼/Ð °/Ð ¸ Ð ¶Ã µÃ »Ã °Ã µÃ'ˆÃ'Å'/Ð ¶Ã µÃ »Ã °Ã µÃ'‚Ð µ Pronunciation: ZhyLAyu vsyVOH taVOH, SHTO ty/vy siBYE sam/saMAH/Sami zhyLAysh / zhyLAyityeMeaning: Wishing you everything that you wish for yourself.Usage: An informal expression, this birthday phrase is suitable when speaking to a friend, a close colleague, or a relative. (Ðâ€"Ð µÃ »Ã °Ã'Ž) Ã' Ã'‡Ð °Ã' Ã'‚Ã'Å'Ã'  Ð ¸ Ð ·Ã ´Ã ¾Ã'€Ð ¾Ã ²Ã'Å'Ã'  Pronunciation: (ZhyLAyu) SHAStya ee zdaROHvyaMeaning: (Wishing you) happiness and health.Usage: This is a general birthday expression and can be used in any situation. Ðâ€"Ð µÃ »Ã °Ã'Ž Ã'Æ'Ã' Ã ¿Ã µÃ'…Ð ° Ð ¸ Ã'€Ð °Ã ´Ã ¾Ã' Ã'‚Ð ¸ Pronunciation: ZheLAyu oosPYEhah ee RAdasteeMeaning: Wishing you success and joy.Usage: A general expression suitable for formal and informal situations. Ðâ€"Ð µÃ »Ã °Ã'Ž Ã'…Ð ¾Ã'€Ð ¾Ã'ˆÐ µÃ ³Ã ¾ Ð ½Ã °Ã' Ã'‚Ã'€Ð ¾Ã µÃ ½Ã ¸Ã'  Pronunciation: ZheLAyu haROshivuh nastraYEneeyaMeaning: Wishing you good spirits / to be in a great mood.Usage: This is an uplifting general phrase that can be used in most situations. Ðâ€"Ð µÃ »Ã °Ã'Ž Ð »Ã'ŽÐ ±Ã ²Ã ¸ Pronunciation: ZhyLAyu lyubVEEMeaning: Wishing you love.Usage: This is another general expression that can be used as an extra birthday wish in a series of good wishes. Ðâ€"Ð µÃ »Ã °Ã'Ž Ã'‡Ã'‚Ð ¾Ã ±Ã'‹ Ã'Æ' Ã'‚Ð µÃ ±Ã'  Ð ²Ã' Ã µ Ð ±Ã'‹Ð »Ã ¾, Ð ° Ã'‚Ð µÃ ±Ã µ Ð ·Ã ° Ã' Ã'‚Ð ¾ Ð ½Ã ¸Ã'‡Ð µÃ ³Ã ¾ Ð ½Ã µ Ð ±Ã'‹Ð »Ã ¾ Pronunciation: ZhyLAyu SHTOby oo tyeBYA VSYO BYluh, ah tyBYE za EHtuh nichiVOH NYE byluhMeaning: I wish that you have everything and dont get in trouble for it.Usage: An informal and humorous phrase, it can be used in most informal situations, including work and family birthday celebrations. It is also great for using as a toast. Birthday Toast This humorous birthday toast is informal and playful. Its perfect for group birthday wishes, offered with glasses raised. Ðâ€"Ð µÃ »Ã °Ã'Ž Ð ²Ã ¾ Ð ²Ã' Ã'‘Ð ¼ Ð ±Ã'‹Ã'‚Ã'Å' Ð ¿Ã µÃ'€Ð ²Ã ¾Ã ¹ / Ð ¿Ã µÃ'€Ð ²Ã'‹Ð ¼,Ð’Ã' Ã µÃ ³Ã ´Ã ° Ð ¸Ã ¼Ã µÃ'‚Ã'Å' Ð ²Ã'‚Ð ¾Ã'€Ã'Æ'Ã'Ž Ð ¿Ã ¾Ã »Ã ¾Ã ²Ã ¸Ã ½Ã ºÃ'Æ',Ð Ã ¸Ã ºÃ ¾Ã ³Ã ´Ã ° Ð ½Ã µ Ð ±Ã'‹Ã'‚Ã'Å' Ã'‚Ã'€Ð µÃ'‚Ã'Å'Ð µÃ ¹ Ð »Ã ¸Ã'ˆÐ ½Ã µÃ ¹ / Ã'‚Ã'€Ð µÃ'‚Ð ¸Ã ¼ Ð »Ã ¸Ã'ˆÐ ½Ã ¸Ã ¼,ИÐ ¼Ã µÃ'‚Ã'Å' Ã' Ã ²Ã ¾Ã ¸ Ã'‡Ð µÃ'‚Ã'‹Ã'€Ð µ Ã'Æ'Ð ³Ã ¾Ã »Ã ºÃ °,И Ã'‡Ã'‚Ð ¾ Ð ±Ã'‹ Ð ²Ã' Ã'‘ Ð ² Ð ¶Ã ¸Ã ·Ã ½Ã ¸ Ð ±Ã'‹Ð »Ã ¾ Ð ½Ã ° Ð ¿Ã' Ã'‚Ã'Å'. Translation: Wishing you to always be first in everything,To always have your second half,To never be a third extra,To have your own four corners,And for everything in life to be a 5. The toast uses the numbers one through five to offer cleverly-phrased wishes for success (to be first in everything), love (your second half), companionship (never be a third extra), a place of ones own (your own four corners), and happiness everything in life to be a 5). The use of the number 5 refers to the Russian grading system; a 5 is the highest grade a student can receive. Happy Birthday Song in Russian The best-known Russian birthday song comes from Cheburashka (Ð §Ã µÃ ±Ã'Æ'Ã'€Ð °Ã'ˆÐ ºÃ °), a popular Soviet cartoon. Called Crocodile Genas Song (ПÐ µÃ' Ã µÃ ½Ã ºÃ ° Ð ºÃ'€Ð ¾Ã ºÃ ¾Ã ´Ã ¸Ã »Ã ° ГÐ µÃ ½Ã'‹), the song creates a nostalgic birthday mood for many contemporary Russians. The lyrics are provided below with an English translation. ПÐ µÃ' Ã µÃ ½Ã ºÃ ° Ð ºÃ'€Ð ¾Ã ºÃ ¾Ã ´Ã ¸Ã »Ã ° ГÐ µÃ ½Ã'‹ (Russian Lyrics) ПÃ'Æ'Ã' Ã'‚Ã'Å' Ð ±Ã µÃ ³Ã'Æ'Ã'‚ Ð ½Ã µÃ'Æ'Ð ºÃ »Ã'ŽÐ ¶Ã µÃÅ¸Ã µÃ'ˆÐ µÃ'…Ð ¾Ã ´Ã'‹ Ð ¿Ã ¾ Ð »Ã'Æ'Ð ¶Ã °Ã ¼,Ð  Ð ²Ã ¾Ã ´Ã ° Ð ¿Ã ¾ Ð °Ã' Ã'„Ð °Ã »Ã'Å'Ã'‚Ã'Æ' Ã'€Ð µÃ ºÃ ¾Ã ¹.И Ð ½Ã µÃ' Ã' Ã ½Ã ¾ Ð ¿Ã'€Ð ¾Ã'…Ð ¾Ã ¶Ã ¸Ã ¼Ãâ€™ Ã' Ã'‚Ð ¾Ã'‚ Ð ´Ã µÃ ½Ã'Å' Ð ½Ã µÃ ¿Ã ¾Ã ³Ã ¾Ã ¶Ã ¸Ã ¹,ПÐ ¾Ã'‡Ð µÃ ¼Ã'Æ' Ã'  Ð ²Ã µÃ' Ã µÃ »Ã'‹Ð ¹ Ã'‚Ð °Ã ºÃ ¾Ã ¹. Ð  Ã'  Ð ¸Ã ³Ã'€Ð °Ã'Ž Ð ½Ã ° Ð ³Ã °Ã'€Ð ¼Ã ¾Ã'ˆÐ ºÃ µÃ £ Ð ¿Ã'€Ð ¾Ã'…Ð ¾Ã ¶Ã ¸Ã'… Ð ½Ã ° Ð ²Ã ¸Ã ´Ã'Æ'.К Ã' Ã ¾Ã ¶Ã °Ã »Ã µÃ ½Ã'Å'Ã'Ž, Ð ´Ã µÃ ½Ã'Å' Ã'€Ð ¾Ã ¶Ã ´Ã µÃ ½Ã'Å'Ã' Ã ¢Ã ¾Ã »Ã'Å'Ð ºÃ ¾ Ã'€Ð °Ã · Ð ² Ð ³Ã ¾Ã ´Ã'Æ'. ПÃ'€Ð ¸Ã »Ã µÃ'‚Ð ¸Ã'‚ Ð ²Ã ´Ã'€Ã'Æ'Ð ³ Ð ²Ã ¾Ã »Ã'ˆÐ µÃ ±Ã ½Ã ¸Ã ºÃâ€™ Ð ³Ã ¾Ã »Ã'Æ'Ð ±Ã ¾Ã ¼ Ð ²Ã µÃ'€Ã'‚Ð ¾Ã »Ã µÃ'‚Ð µÃËœ Ð ±Ã µÃ' Ã ¿Ã »Ã °Ã'‚Ð ½Ã ¾ Ð ¿Ã ¾Ã ºÃ °Ã ¶Ã µÃ'‚ Ð ºÃ ¸Ã ½Ã ¾.Ð ¡ Ð ´Ã ½Ã µÃ ¼ Ã'€Ð ¾Ã ¶Ã ´Ã µÃ ½Ã'Å'Ã'  Ð ¿Ã ¾Ã ·Ã ´Ã'€Ð °Ã ²Ã ¸Ã'‚И, Ð ½Ã °Ã ²Ã µÃ'€Ð ½Ã ¾, Ð ¾Ã' Ã'‚Ð °Ã ²Ã ¸Ã'‚ÐÅ"Ð ½Ã µ Ð ² Ð ¿Ã ¾Ã ´Ã °Ã'€Ð ¾Ã º Ð ¿Ã' Ã'‚Ã'Å'Ã' Ã ¾Ã'‚ Ã' Ã' Ã ºÃ ¸Ã ¼Ã ¾. Ð  Ã'  Ð ¸Ã ³Ã'€Ð °Ã'Ž Ð ½Ã ° Ð ³Ã °Ã'€Ð ¼Ã ¾Ã'ˆÐ ºÃ µÃ £ Ð ¿Ã'€Ð ¾Ã'…Ð ¾Ã ¶Ã ¸Ã'… Ð ½Ã ° Ð ²Ã ¸Ã ´Ã'Æ'.К Ã' Ã ¾Ã ¶Ã °Ã »Ã µÃ ½Ã'Å'Ã'Ž, Ð ´Ã µÃ ½Ã'Å' Ã'€Ð ¾Ã ¶Ã ´Ã µÃ ½Ã'Å'Ã' Ã ¢Ã ¾Ã »Ã'Å'Ð ºÃ ¾ Ã'€Ð °Ã · Ð ² Ð ³Ã ¾Ã ´Ã'Æ'. Crocodile Genas Song (English Translation) Let the pedestrians run clumsily through the puddlesAnd the water run on the pavement like a river.It is unclear to the passers-byOn this wet and dull dayWhy I’m so happy. And I’m playing the accordionFor everyone to see.It is unfortunate, butBirthdaysOnly come once a year. And suddenly a wizardWould fly in, in a sky blue helicopter,And show a movie for free.He would wish me a happy birthdayAnd probably leave as a present for me500 chocolate ice-cream lollipops. And I’m playing the accordionFor everyone to see.It is unfortunate, butBirthdaysOnly come once a year. The English-Language Happy Birthday Song The standard English-language birthday song has its own Russian translation. While it is not as popular as Crocodile Genas Song, the birthday song is well-known in Russia and can be sung just as it is in English-speaking countries. The Russian lyrics are: Ð ¡ Ð ´Ã ½Ã µÃ ¼ Ã'€Ð ¾Ã ¶Ã ´Ã µÃ ½Ã ¸Ã'  Ã'‚Ð µÃ ±Ã' , Ã'  Ð ´Ã ½Ã µÃ ¼ Ã'€Ð ¾Ã ¶Ã ´Ã µÃ ½Ã ¸Ã'  Ã'‚Ð µÃ ±Ã' , Ã'  Ð ´Ã ½Ã µÃ ¼ Ã'€Ð ¾Ã ¶Ã ´Ã µÃ ½Ã ¸Ã' , Ã'  Ð ´Ã ½Ã µÃ ¼ Ã'€Ð ¾Ã ¶Ã ´Ã µÃ ½Ã ¸Ã'  Ã'  Ð ´Ã ½Ã µÃ ¼ Ã'€Ð ¾Ã ¶Ã ´Ã µÃ ½Ã ¸Ã'  Ã'‚Ð µÃ ±Ã' . Russian Birthday Traditions Most Russians celebrate their birthday on or after their official birth date. This is because of a popular superstition which states that offering birthday wishes before someones birthday could put that person in danger. For the same reason, giving presents before someones official birthday is also frowned upon. Some Russians put an extra candle on the cake to ensure a good birthday year. Candles are meant to be blown out all at once, and if you make a wish while blowing out the candles, it is considered bad luck to share it. Another Russian birthday tradition involves pulling the birthday persons ears a certain number of times: their age in years plus one. The silly ritual is often accompanied by the following chant: Ã'€Ð °Ã' Ã'‚Ð ¸ Ð ±Ã ¾Ã »Ã'Å'Ã'ˆÐ ¾Ã ¹ Ð ¸ Ð ½Ã µ Ð ±Ã'Æ'Ð ´Ã'Å' Ð »Ã °Ã ¿Ã'ˆÐ ¾Ã ¹ (rasTEE balSHOY ee ni BUD lapSHOY). The saying literally translates to grow big and dont be a noodle- in other words, grow big and dont be foolish.

The great depression Research Paper Example | Topics and Well Written Essays - 1250 words

The great depression - Research Paper Example The depression drastically changed living standards worldwide as people suffered losses of wealth and regular income. However, the depression initiated several policy responses to change the economic downturn. The period also witnessed the growth of the labor unions and various welfare schemes were introduced by the US government to cater for the unemployed. Several key government regulations and policies were also introduced to counteract the effect of the depression. Some of these policies did not help in improving the situation and contributed to a slower recovery period. It was only after the World War II that the country’s economy was back on the recovery track with increases in consumer spending and rises in employment (Romer; Smiley). The great depression caused huge declines employment, industrial production and growth and deflation in all countries worldwide. Beginning in the United States in the summer of 1929, the effect of the depression spread far and wide across many countries in Europe and Latin America and in Japan. The depression worsened during late 1929 and lasted up to 1933. During this period the industrial production in America declined by 47 percent and the GDP reduced by 30 percent. The wholesale price index or the deflation rate slumped by 33 percent and the unemployment rate increased by 20 percent (Romer). Several causes have been attributed to have caused the great depression. Monetary contractions by the Federal Reserve and a general decline in consumer spending are considered to be principle causes that initiated the depression. The stock market grew explosively during the 1920’s with the stock prices reaching its peak in 1929. In order to curb this rapid rise in stock prices the Fed eral Reserve increased the interest rates which caused the initial decline in consumer spending. This was followed by a gradual decline in stock prices which eventually led to rapid selling as investors began to lose

Close reading Essay Example | Topics and Well Written Essays - 750 words - 3

Close reading - Essay Example The first stanza has also been endowed with a caesura. This part sets out the referent point of the poem. Though â€Å"My Life† has been used as the subject of the first line of the first stanza, it sets out the subject for the entire poem. â€Å"My Life† becomes the subject of the entire poem through the application of the caesura. Emily Dickinson uses personification of the â€Å"gun† to mean the poet which should otherwise been her to mean a woman can be a weapon. The poet has been kept in the corner of the room until the owner passed and carried her away. This is a clear illustration of how women are not allowed to go looking for suitors for but are meant to wait until a suitor comes along and proposes to her. It is imperative to say that even if the woman has been kept waiting for the man for a long time to come for her; she can be dangerous as she has the power. This can be seen where Dickinson uses the words a â€Å"Loaded Gun† which means that the gun is dangerous. This is the power endowed to a woman even when she keeps still and allows herself be used as a tool by men, she can defend herself. Emily Dickinson stresses the power women have by using a metaphor. The first line of the poem â€Å"My Life had stood – a Loaded Gun† is used metaphorically in this poem. This is done by comparing her life with that of a loaded gun indirectly. She uses this metaphor in order to deliver an impression to the readers, of the dangers which are presented by a loaded gun. Since it is well known that a loaded gun is very dangerous and is often used as a symbol of power and command, then she depicts the same amount of power to women. Emily Dickinson has also presented the futility of a woman’s power when she is not with a man. This is seen when the poet says that although she has been loaded, she has been waiting at the corner, this shows that there is nothing the poet could have done prior to the arrival of the husband who is presented as the

Coffee and Mission Essay Example for Free

Coffee and Mission Essay Analysis Of Mission And Vision Statement Of Nokia Essays and Term Papers Search Results for analysis of mission and vision statement of nokia Displaying 1 30 of 1,500 * Analysis Of Mission And Vision Statement Toyota Indus Motor Company Analysis Of Mission And Vision Statement TOYOTA INDUS MOTOR COMPANY LTD. VISION STATEMENT: To be the most respected and successful enterprise, delighting * Analysis Of Mission And Vision Statement. Toyota and working toward creating a prosperous society and clean world. ANALYSIS: The vision statement of Toyota Indus Motors Company Ltd is clear and powerfully * Starbucks Coffee Mission And Vision Statement: concise, and direct for the target audience. Starbucks combine Mission and Vision statement can be broken down into six key elements which are the followings: Coffee * Mission And Vision Statement seems a bit unnecessary. KHULNA SHIPYARD LIMITED (KSY) Mission and vision statement of this organization have been written tactfully and they are praise worthy * Mission And Vision Statement exact, measurable, and time-sensitive goals to guide my development; however, the mission and the vision statement offer a solid foundation for building these goals * Analysis Of Mission And Vision Statement Of Nokia. complex and challenging environment. Nokias mission/vision statement analysis In analysing Nokias mission/vision statement Ill be using the 9 essential * * published this * no reads * no comments * Saved * Mission And Vision Analysis Of Pso And Coca Cola order to meet the needs and satisfy the customers. Vision Analysis.

Harry Potter :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  The Harry Potter books, by J.K. Rowling, are fun filled books with werewolves, wizards, and witches. It is a series of seven books total. The books mainly are about Harry and his ongoing conflict with becoming a wizard and dealing with his arch nemesis, Lord Voldemort.   Ã‚  Ã‚  Ã‚  Ã‚  These books would be classified as fantasy, but could be classified as also romance, action, adventure, mystery, and sci-fi. It has romance when Harry falls in love with Cho Chang, a girl in Ravenclaw, another house at Hogwarts, Harryà ¢Ã¢â€š ¬Ã¢â€ž ¢s school. There is action and adventure in every book (Harry fights Voldemort, discovers a werewolf, joins a tournament, etc,). Mystery rises when a mysterious person rights with blood on the wall about murder. It has a lot of sci-fi like dragons, trolls, werewolves, and dementors (soul-sucking demons).   Ã‚  Ã‚  Ã‚  Ã‚  In the first book, The Sorcererà ¢Ã¢â€š ¬Ã¢â€ž ¢s Stone, Harry first finds out heà ¢Ã¢â€š ¬Ã¢â€ž ¢s a wizard and finds out his parents were killed by Voldemort. He also firsts goes to Hogwarts, and defeats the spirit of Voldemort.   Ã‚  Ã‚  Ã‚  Ã‚  In the second book, The Chamber of Secrets, Harry goes back to Hogwarts for the second time and then a finds a diary, sees weird writing on the wall, and battles Lord Voldemort as a kid (his name was Tom Lorov Riddle).   Ã‚  Ã‚  Ã‚  Ã‚  In the third book, The Prisoner of Askaban, Harry finds out about Sirius Black, an escaped convict. He then finds out his teacher is a werewolf and Ronà ¢Ã¢â€š ¬Ã¢â€ž ¢ rat is actually an animagus, a person who can transform into an animal (Ron is Harryà ¢Ã¢â€š ¬Ã¢â€ž ¢s best friend and the youngest of 5 brothers).   Ã‚  Ã‚  Ã‚  Ã‚  In the forth book, The Goblet of Fire, Harry returns to school and joins the tri-wizard tournament, a contest that only happened 100 years ago. He then gets transported in the middle of the final round to a cemetery where he sees Lord Voldemort get resurrected from the dead and Cedric Digory get murdered by Wormtail, Ronà ¢Ã¢â€š ¬Ã¢â€ž ¢s rat in human form.   Ã‚  Ã‚  Ã‚  Ã‚   In the fifth book, The Order of the Phoenix, Harry gets a new teacher, Dolores Umbridge, a teacher who is as sour as a pickle. She then takes over Hogwarts and bans Harry from playing Quiditch, a sport on broomsticks. Then Harry and his friends travel to The Department Of Mysteries, the place where a prophecy about him and lord Voldemort is kept. He then battles Lord Voldemort and his death eaters.   Ã‚  Ã‚  Ã‚  Ã‚  The last 2 books have not been released yet but the 6th book is to be called The Half Blood Prince.

Job Characteristic Model Foreclosure and Collections Department Essay

Job Characteristic Model: Foreclosure and Collections Department Introduction Foreclosure and Collections                   The position of a Foreclosure and collection within the bank of United States is increasingly demanding. As a requirement, my stay entails me to develop skills and talents, which responds to a high coordination strategy that responds to the elementary needs and routine. As a result, my skills variety impacted on the on the activities of establishing, guiding, encouraging, engaging and tackling critical clerical and administrative responsibilities.                   Significantly, my roles influence other workers positively, in that my intervention encourages workers to be involved rapidly in the project rather than concentrate on an individual unit. For that reason, it is possible to complete the whole piece of work from the beginning to the end. It is possible to respond to these requirements since the team examines needs of the customer before commencing on a given activity.                   Given the operative nature of the job, it is possible to respond to requirements of the department since the team is involved psychologically at the process. Mentally, the team is made to understand the significance of each stage of the activity. To achieve that, the overall mission of the organization is broken down to ensure that the team gets first-hand needs of the organization, before commencing on the job.                   Further, autonomy enables employees to pursue milestone in a free but objected zone. Analyst, designers, researchers, and marketers are empowered by autonomous decision to independently choose what is to be performed. Hence, my role is to steer independent operation. I am, therefore, obliged to decide on how to time the performance.                   Lastly, the feedback characteristic enables me to determine the feedback mechanism that allows my team to have more information about the effectiveness of their performance. My role is to engage units in communication, using the organization ERP system. To enhance my motivation potential, I will be required to communicate with different team players on the way forward when it comes to making critical decisions. I will motivate and influence team players by requesting job progress daily. This way, I will show them I am part of the team References Juricek, J. (2014). Agile Project Management Principles. Lecture Notes on Software Engineering, 172-175. Source document

Fedex Annual Report 2012

to stay ahead, we go beyond FedEx Annual Report 2012 â€Å"I wIll make every Fedex experIence outstandIng. † — The Purple Promise When the going gets tough, FedEx shows the spirit and determination that have always set us apart. FY12 was a year of challenges marked by economic and political disruptions and lagging growth around the globe. To stay ahead, we go beyond — in the way we manage our business, deliver the quality service our customers expect and create solutions for a more sustainable world. A good or acceptable experience doesn’t cut it for us.We share a goal to deliver outstanding FedEx experiences, a commitment we call the Purple Promise. Our team members around the world add up to a powerful advantage for FedEx. One that goes beyond the ordinary to achieve the extraordinary. When We go beyond, our customers and communities thrive. each year we honor the best of the best of our team members with the Purple Promise Chairman’s Award. Meet three of the recipients, from left: Joe Reedy, supervisor, Fedex Custom Critical; Megan hershberger, supervisor, Fedex Custom Critical; William davis, customer advocate representative, Fedex TechConnect. o to fedex. com/annualreport2012 to read their stories. 1 to stay ahead, we lead the way Three things that differentiate FedEx — our people, our strategy and our focused networks — will allow us to achieve this goal. STRATegiC diSCiPline How a business responds during difficult times is a true measure of its resilience and a test of its strategy. In a volatile marketplace, dedicated FedEx team members turned in a world-class performance last fiscal year. Their dynamic, disciplined approach to some pretty stiff headwinds defines FedEx at its best.Our long-term strategies are working, and we believe we will improve our competitive position and our financial performance over the next several years, as a result. To do so, we must take advantage of our scale to improve our efficiency. And second, we must remain nimble and responsive to our customers. We try to manage the critical balance between the two every day. In this regard, our flexibility kept FedEx profitable during the 2008-2009 recession, and we emerged stronger. In the same vein, we recognize many residual challenges are ongoing and require us to run a lean and flexible organization.All companies, including FedEx, face many rising costs they cannot directly control, be it health care or energy. This, in turn, requires relentless focus on quality, which has been embedded in our culture since our first day of operations. Utilizing our Quality Driven Management system, we are confident we can reduce costs while simultaneously improving service levels. To Our Shareowners, FedEx showed real grit in FY12. We committed to a strong performance, and we delivered — no small feat, given the year’s challenges.Our earnings per share increased 40 percent, and annual revenues exceeded $42 bi llion, a 9 percent increase, despite political gridlock in the United States, financial turmoil in Europe, a slowing Asian economy and volatile fuel prices. Despite these issues, we managed and improved yields across all of our transportation businesses, allowing us to continue enhancing the services and technology that make our customers more successful and more productive. FedEx Ground had a stellar year, delivering 18. 4 percent operating margins and accounting for more than half of FedEx operating profit.Online shipments spurred record volumes. More than one quarter of our FedEx Ground lanes are now faster in terms of transit times than the competition, boosting service and customer satisfaction to unprecedented levels. As a result, including FedEx SmartPost, our overall U. S. ground parcel-market share has increased to nearly 30 percent, doubling over the last decade. The rapid transformation of FedEx Freight, which basically reinvented the LTL freight industry a little more th an a year ago, is paying off with a strong eturn to profitability. Revenues grew 8 percent year over year. Offering both priority and economy service options and industry-leading transit times have made FedEx Freight a market share leader, and customers are delighted by our LTL value proposition. Global uncertainty, a slowdown of Asia exports and weakness in the technology sector challenged FedEx Express in FY12. Although U. S. domestic and international priority package volumes were down, yield improvements helped FedEx Express maintain profitability.We’re taking advantage of the flexibility we’ve built into our system to match our capacity to the demand; we’ve accelerated the retirement of older, less efficient aircraft and are replacing them with more fuel-efficient planes; and we are taking other actions to increase FedEx Express margins in the future, despite the low-growth environment. 2 FoCuSed neTWoRkS Our customers’ expectations and needs evolve constantly, and so must we. The Roman statesman Marcus Aurelius summed it up best: â€Å"Nothing happens without change. † That’s why our operating companies relentlessly adjust their networks to meet traffic flows and levels.Each network is discrete so it can optimize its business without compromise. Hence our competitive advantage of speed and flexibility: FedEx Express, FedEx Ground and FedEx Freight are superior networks with industry-leading service levels. Superior networks translate into superior solutions for customers. That’s real value. Take as an example the global rise of online buying, now growing at three to four times the rate of retail sales growth overall. For FedEx, that means more deliveries, whether a product is purchased or returned. It’s the perfect fuel for growth, internationally and in the United States.Retailers want a range of shipping options that satisfies their customers’ various expectations for cost and service. In t he U. S. we offer express service, customized ground home delivery, and FedEx SmartPost, our most inexpensive shipping option. The low cost of FedEx SmartPost allows retailers to offer free shipping as a marketing tactic. In fact, consumers â€Å"We’re keeping our eye on the ball — loWering costs and improving our efficiency for continued success. † chose the free-shipping option for half of holiday ecommerce transactions last November and December, according to omScore, a firm that analyzes online commerce. As noted earlier, our QDM philosophy and methods are built on the proven premise that higher quality lowers costs, improves service levels, and enhances the customer experience. It’s a three-legged stool that supports our long-term growth strategies. We apply QDM principles to our sustainability decisions, just as we do to our business decisions, because it’s good business and good for the planet. The FedEx Express vehicle fleet is ahead of pla n to be 20 percent more fuel efficient by 2020 than it was in 2005.To support our air fleet modernization program, we have recently agreed to purchase additional Boeing 767 aircraft that are substantially more fuel efficient than the aircraft they will replace. In FY12, we invested about $4 billion in capital expenditures, about half related to modernizing our air fleet. We think such initiatives are an integral part of this year’s No. 6 ranking on fortune’s World’s Most Admired Companies list and No. 7 on the Reputation Institute’s list of the most socially responsible companies in the United States.FedEx provides the efficient access that businesses of all sizes need to succeed, build prosperous communities and raise living standards worldwide. Just ask a British mother who redesigned a simple handbag. In just three years this FedEx customer turned her product into a $3. 3 million global business called Cambridge Satchel Company. Or talk to the founder of OtterBox, a company that makes protective cases for mobile devices. Thanks to the mastery of global supply chains, he grew his business from $5 million to almost $169 million in just three years, while creating more than 500 jobs in his hometown of Fort Collins, Colo.We believe we can continue to improve FedEx’s financial performance in fiscal year 2013 and beyond based on the strategy and initiatives discussed above. But we understand our achievements rely on the trust of our customers, shareowners, and team members and we will continue to earn their confidence by conducting our business with integrity, dependability, and commitment every day, every transaction. That’s our Purple Promise. Sincerely, WoRld-ClASS SoluTionS Growth in the U. S. and Europe is moderate, but there are positive signs worldwide because of the strength of emerging markets.Countries such as China, India, Mexico and Brazil are quickly becoming consumers as well as producers, driving increased demand. The long-term future for global trade remains solid, and we are committed to providing solutions for businesses — large and small — to effectively compete in this important market. Air express will continue to grow long term as the integration of the world’s economies generate more small shipments moving directly from the point of production to the end user. That’s why the unique capabilities of our Boeing 777Fs are a distinct advantage for us.Their long range and nonstop capabilities provide shippers more time to process shipments each day. Concurrently, air freight shipping is becoming more episodic. High-value technology products make up a large portion of this market these days, and more of these goods are being shipped as part of large new product launches. As a consequence, it often takes a large fleet of wide-body aircraft like ours to quickly flex capacity up and down. If a customer asks us to add extra flights, FedEx can do it better than our competitors because we have the largest all-cargo fleet in the world.These trends are reinforced by improved production scheduling, reliability, and logistics information systems. Better visibility into supply chains allows greater use of ocean transportation to ship customers’ commodity freight, a distinct advantage given higher fuel prices. As a result, we’ve been expanding our FedEx Trade Networks capabilities. Since 2008, we’ve opened 47 freight-forwarding offices worldwide to help businesses reach their markets via ocean or air. It’s a key part of our strategy to provide customers with the world-class solutions they need to compete.Despite the slowdown in Europe last year, our business there continues to grow. To better serve customers, FedEx Express is opening stations across Europe. We’ve also recently completed acquisitions of transportation companies in Poland, France, and Brazil to provide customers in those markets with better domes tic service and improved access to global markets. innovATion AT WoRk As we grow, we know we must continue to connect the world responsibly. It starts with the Purple Promise, which FedEx team members deliver millions of times a day worldwide: â€Å"I will make every FedEx experience outstanding. If the Purple Promise is our heart, Quality Driven Management (QDM) represents our hands — it’s how we do things at FedEx. Frederick W. Smith Chairman, President and CEO MORE > fedex. com/annualreport2012 3 to stay ahead, we change the game As the speed of global change accelerates, the difference between leaders and followers is defined by one word — agility. We not only have the ability to quickly react to changing economic conditions and customer needs, but also the agility to anticipate and effect change. FedEx is redefining our industry as we continually reshape and refine our focused networks to gain speed and efficiency.When we change the game, our customers win . ACCeleRATing ACCeSS gAining SPeed FedEx Express is the largest all-cargo airline in the world and the largest express transportation company. Our long-range Boeing 777F aircraft directly link global markets, speeding customers’ shipments door-to-door. In the last two years, we’ve improved global access by completing acquisitions in India, Mexico, Poland, France and Brazil. To accommodate evolving customer needs, the global offices of FedEx Trade Networks offer end-to-end shipping services, including air and ocean freight forwarding supported by customs brokerage.FedEx Ground continues to delight customers by shortening transit times throughout the U. S. and Canada. Businesses can reach more locations faster than with any other ground carrier. Convenient FedEx Ground home delivery and FedEx SmartPost services support the growing consumer trend to buy online, which grew by double digits in each of the last two years. In the United States, Cyber Monday online sales rose 22 percent, to $1. 25 billion last year — the largest online shopping day ever, boosting holiday shipping volumes to record levels.CuSToMeRS ARe in The FAST lAne thanks to a dedicated Fedex ground team that continually fine-tunes the ground network, much like a race car, to enhance speed, safety and reliability. From left: kimberly Whigham, managing director, vehicle Maintenance; Jeff grimm, managing director, linehaul Planning; brian neal, manager, Safety Process Management; Steve griffin, vice president, linehaul; Rich Sturges, senior manager, linehaul engineering. go to fedex. com/annualreport2012 to read their story. 4 ShiFTing geARS innovATing SoluTionSFedEx Freight is the first carrier to offer less-than-truckload (LTL) shipping customers two choices: priority and economy. In an industry where most shipments are processed manually, we’re automating much of the shipping process, improving customers’ productivity and earning their loyalty. We’ve also made it much easier and faster for shippers to classify freight with Freight Central, our convenient online resource for LTL shippers. Combined with industry-leading transit times, these changes have made FedEx Freight a market leader in the U. S. LTL industry, a $31 billion market in 2011.FedEx Services transforms our superior technology and delivery services into shipping and business solutions for customers. Their choices are based on what’s most important to them today. That’s why our portfolio includes air and ocean freight forwarding solutions to complement our express and air cargo services. Meanwhile, at FedEx Office locations, we installed 8,000 pieces of printing equipment in the last two years. The technology can deliver a variety of signage and over-sized prints for customers ranging from big-box retailers with multiple locations to large corporations to small businesses. uperior netWorks deliver game-changing customer solutions. MORE > fedex. com/annualre port2012 5 to stay ahead, we do what’s right A passion for quality drives FedEx team members worldwide. Our culture of continuous improvement embraces change and drives innovation. In turn, we enhance the lives of our customers and their communities so that our customers remain among the most satisfied and loyal in the industry. Whether it’s the transportation services we provide, the information technology we support or the sustainable solutions we implement, when we do the right thing, we earn their trust.QuAliTy dRiven MAnAgeMenT is how we successfully respond to the pressures of today’s business environment. In a recent improvement effort, we’ve reduced lost and damaged shipments, demonstrating our commitment to service excellence and saving millions of dollars. Global teams also worked on behalf of customers to continue improving the customs clearance process. More accurate clearance documentation, technology improvements and better collaboration amo ng global regulatory authorities give FedEx customers an edge in the marketplace. inFoRMATion about a shipment is as important as the shipment itself.Whether it’s an overnight holiday gift or a supply chain that stretches across the globe, our customers stay in-the-know thanks to our superior technology. The new Colorado Springs Enterprise Data Center is the heart of a cutting-edge IT transformation to hybrid cloud architecture. This innovative technology enables FedEx to be more productive and efficient by accessing computer resources even as data expands at 40 percent per year. The size and scope of the implementation is one of the largest within a commercial real-time system. iF knoWledge iS PoWeR, Fedex customers have a competitive advantage thanks to he Fedex Trade networks team that manages My global Trade data. They’re dedicated to providing the quality tracking and reporting that are essential to managing international freight forwarding shipments. From left: R enee brown, product specialist; Paul kirkeby, senior programmer analyst; Chauntisse Foster, senior product advisor; Alan hunt, iT manager. go to fedex. com/annualreport2012 to read their story. 6 SuSTAinAbiliTy and innovation go hand in hand at FedEx. We call it EarthSmart — FedEx solutions for a more sustainable world.Our customers can now neutralize their carbon emissions when they ship their documents by taking advantage of our new FedEx carbon-neutral envelope shipping. FedEx Express is the first global express transportation company to offer the program to customers at no charge. We’re modernizing our aircraft fleet with Boeing 757s, 767s and 777s, which are delivering significant increases in fuel efficiency and reduced operating costs and emissions. After only six years into our 15-year plan, we have completed 69 percent of our goal to reduce aircraft emissions intensity 20 percent by 2020.Because we’re ahead of plan, our goal is to now reduce aircraft em issions intensity 30 percent by 2020. At FedEx Office, more than 5 million pounds of paper were recycled in 2011, saving tens of thousands of trees. FedEx Office built independent paper-recycling systems into all of its North America locations, because many communities have inadequate recycling or none at all. FedEx is closing in on our vehicle fleet fuel-efficiency goal — making our vehicle fleet 20 percent more fuel efficient by 2020 — years ahead of schedule.Our strategy has been to reduce the number of vehicles that we need by continually making our routes more efficient and then selecting the most efficient vehicle for the job. We’re adding 87 all-electric trucks to the fleet to bring the total to 130 in the United States, Asia and Europe. About 11,000 Sprinter vans will also be added. Each is 70 to 100 percent more fuel efficient than the truck it replaces. MORE > fedex. com/annualreport2012 7 OPERATING MARGIN 2008(4) 2009(3) 2010 2011(2) 2012(1) 5. 5% 2. 1% 5. 8% 6. 1% 7. 5% financial highlights 2008(4) DILUTED EARNINGS PER SHARE $3. 60 $0. 1 $3. 76 (in millions, except earnings per share) 2012(1) Percent 2011(2) Change 9 34 140bp 40 40 – 17 22 9 (1) (3) 2009(3) 2010 2011(2) REVENUE 2012(1) Operating Results Revenues $ 42,680 $ 39,304 Operating income 3,186 2,378 Operating margin 7. 5% 6. 1% Net income 2,032 1,452 Diluted earnings per common share 6. 41 4. 57 Average common and common equivalent shares 317 317 Capital expenditures 4,007 3,434 Financial Position Cash and cash equivalents Total assets Long-term debt, including current portion Common stockholders’ investment $ 2,843 29,903 1,667 14,727 $ 2,328 27,385 1,685 15,220 in billions) $4. 57 $6. 41 2008 2009 2010 $38. 0 $35. 5 $34. 7 RETURN ON AVERAGE EQUITY 2011 (4) 2008 2009 2012 (3) 2010 2011(2) 2012(1) 8. 3% $39. 3 0. 7% $42. 7 8. 6% 10. 0% 13. 6% OPERATING MARGIN DEBT TO TOTAL CAPITALIZATION 2008(4) 2009(3) 2008 2010 5. 5% 2. 1% 12. 1% 5. 8% 15. 9% 12. 3% 10. 0% 10. 2% 2011(2) 2012 2009 2010 2011 2012 (1) 6. 1% 7. 5% DILUTED EARNINGS PER SHARE 2008(4) 2009 2010 STOCK PRICE (May 31 close) $91. 71 $55. 43 $83. 49 2008 (3) 2009 2010 $3. 60 $0. 31 $3. 76 COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN* 120 $110 $100 $90 $80 $70 $60 $50 $40 5/07 5/08 5/09 5/10 5/11 5/12 2011(2) 2011 2012(1) 2012 $93. 64 $4. 57 $89. 14 $6. 41 RETURN ON AVERAGE EQUITY 2008(4) 2009(3) 2010 2011(2) 2012(1) 8. 3% 0. 7% 8. 6% 10. 0% 13. 6% DEBT TO TOTAL CAPITALIZATION 2008 2009 2010 2011 2012 12. 1% 15. 9% 12. 3% 10. 0% 10. 2% FedEx Corporation S&P 500 Dow Jones Transportation Average *$100 invested on 5/31/07 in stock or index, including reinvestment of dividends. fiscal year ending may 31. (1) results for 2012 include a $134 million ($84 million, net of tax or $0. 6 per diluted share) impairment charge resulting from the decision to retire 24 aircraft and related engines at fedex express and the reversal of a $66 million legal reserve initially recorded in 2011. (2) results for 2011 include charges of approximately $199 million ($104 million, net of tax and applicable variable incentive compensation impacts, or $0. 33 per diluted share) for the combination of our fedex freight and fedex national ltl operations and a $66 million reserve associated with a legal matter at fedex express. (3) results for 2009 include a charge of $1. billion ($1. 1 billion, net of tax, or $3. 45 per diluted share) primarily for impairment charges associated with goodwill and aircraft. (4) results for 2008 include a charge of $891 million ($696 million, net of tax, or $2. 23 per diluted share) recorded during the fourth quarter, predominantly for impairment charges associated with intangible assets from the fedex office acquisition. STOCK PRICE (May 31 close) 2008 2009 2010 2011 2012 $91. 71 $55. 43 $83. 49 $93. 64 $89. 14 COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN* 8ManageMent’s discussion and analysis of results of operations and financial condition OVERVIEW OF FINANCIAL SECTION The financial section of the FedEx Corporation (â€Å"FedEx†) Annual Report (â€Å"Annual Report†) consists of the following Management’s Discussion and Analysis of Results of Operations and Financial Condition (â€Å"MD&A†), the Consolidated Financial Statements and the notes to the Consolidated Financial Statements, and Other Financial Information, all of which include information about our significant accounting policies, practices and the transactions that underlie our financial results.The following MD&A describes the principal factors affecting the results of operations, liquidity, capital resources, contractual cash obligations and the critical accounting estimates of FedEx. The discussion in the financial section should be read in conjunction with the other sections of this Annual Report and our detailed discussion of risk factors included in this MD&A. our reportable segments.Our FedEx Services segment provides sale s, marketing, information technology, communications and back-office support to our transportation segments. In addition, the FedEx Services segment provides customers with retail access to FedEx Express and FedEx Ground shipping services through FedEx Office and Print Services, Inc. (â€Å"FedEx Office†) and provides customer service, technical support and billing and collection services through FedEx TechConnect, Inc. â€Å"FedEx TechConnect†). See â€Å"Reportable Segments† for further discussion. The key indicators necessary to understand our operating results include: > the overall customer demand for our various services based on macroeconomic factors and the global economy; > the volumes of transportation services provided through our networks, primarily measured by our average daily volume and hipment weight; > the mix of services purchased by our customers; > the prices we obtain for our services, primarily measured by yield (revenue per package or poun d or revenue per hundredweight for LTL freight shipments); > our ability to manage our cost structure (capital expenditures and operating expenses) to match shifting volume levels; and > the timing and amount of fluctuations in fuel prices and our ability to recover incremental fuel costs through our fuel surcharges. ORGANIZATION OF INFORMATIONOur MD&A is composed of three major sections: Results of Operations, Financial Condition and Critical Accounting Estimates. These sections include the following information: > Results of Operations includes an overview of our consolidated 2012 results compared to 2011, and 2011 results compared to 2010. This section also includes a discussion of key actions and events that impacted our results, as well as our outlook for 2013. > The overview is followed by a financial summary and analysis (including a discussion of both historical operating results and our outlook for 2013) for each of our reportable transportation segments. gt; Our financial condition is reviewed through an analysis of key elements of our liquidity, capital resources and contractual cash obligations, including a discussion of our cash flows and our financial commitments. > Critical accounting estimates discusses those financial statement elements that we believe are important to understanding certain of the material judgments and assumptions incorporated in our financial results. > We conclude with a discussion of risks and uncertainties that may impact our financial and operating results. The majority of our operating expenses are directly impacted by revenue and volume levels.Accordingly, we expect these operating expenses to fluctuate on a year-over-year basis consistent with the change in revenues and volumes. Therefore, the discussion of operating expense captions focuses on the key drivers and trends impacting expenses other than changes in revenues and volume. Except as otherwise specified, references to years indicate our fiscal year ended May 3 1, 2012 or ended May 31 of the year referenced and comparisons are to the prior year. References to our transportation segments include, collectively, our FedEx Express, FedEx Ground and FedEx Freight segments. DESCRIPTION OF BUSINESSWe provide a broad portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the respected FedEx brand. Our primary operating companies are Federal Express Corporation (â€Å"FedEx Express†), the world’s largest express transportation company; FedEx Ground Package System, Inc. (â€Å"FedEx Ground†), a leading North American provider of small-package ground delivery services; and FedEx Freight, Inc. (â€Å"FedEx Freight†), a leading North American provider of less-than-truckload (â€Å"LTL†) freight services.These companies represent our major service lines and, along with FedEx Corporate Services, Inc. (â€Å"FedEx Services†), form the core of 9 management’s discussion and analysis RESULTS OF OPERATIONS CONSOLIDATED RESULTS The following table compares summary operating results (dollars in millions, except per share amounts) for the years ended May 31: Percent Change 2011(2) 2010 2012/2011 2011/2010 2012(1) Revenues $ 42,680 $ 39,304 $ 34,734 9 13 Operating income 3,186 2,378 1,998 34 19 Operating margin 7. 5% 6. 1% 5. 8% 140bp 30bp Net income $ 2,032 $ 1,452 $ 1,184 40 23 Diluted earnings per share $ 6. 1 $ 4. 57 $ 3. 76 40 22 (1) Operating expenses include an impairment charge of $134 million resulting from the decision to retire 24 aircraft and related engines at FedEx Express and the reversal of a $66 million legal reserve associated with the ATA Airlines lawsuit which was initially recorded in 2011. (2) Operating expenses include $133 million in costs associated with the combination of our FedEx Freight and FedEx National LTL operations, effective January 30, 2011, and a $66 million legal reserve associated with the ATA Airlines lawsuit against FedEx Express.The following table shows changes in revenues and operating income by reportable segment for 2012 compared to 2011, and 2011 compared to 2010 (dollars in millions): Revenues Dollar Change Percent Change 2012/2011 2011/2010 2012/2011 2011/2010 $ 1,934 $ 3,026 8 14 1,088 1,046 13 14 371 590 8 14 (13) (86) (1) (5) (4) (6) NM NM $ 3,376 $ 4,570 9 13 Operating Income Dollar Change Percent Change 2012/2011 2011/2010 2012/2011 2011/2010 $ 32 $ 101 3 9 439 301 33 29 337 (22) 193 (14) – – – – – – – – $ 808 $ 380 34 19FedEx Express segment(1) FedEx Ground segment FedEx Freight segment(2) FedEx Services segment Other and eliminations (1) FedEx Express segment 2012 operating expenses include an impairment charge of $134 million resulting from the decision to retire 24 aircraft and related engines at FedEx Express and the reversal of a $66 million legal re serve associated with the ATA Airlines lawsuit which was initially recorded in 2011. (2) FedEx Freight segment 2011 operating expenses include $133 million in costs associated with the combination of our FedEx Freight and FedEx National LTL operations, effective January 30, 2011. 0 management’s discussion and analysis Overview Revenues, operating income and operating margins increased in 2012 due to the exceptional performance of our FedEx Ground segment, improved profitability at FedEx Freight and increased yields across all our operating segments, despite moderating global economic conditions. Our results for 2012 include the impact of certain charges and credits as described below, which favorably impacted our year-overyear results by $0. 15 per diluted share, after considering the effect of variable incentive compensation accruals.In addition, our results significantly benefited in 2012 from the timing lag that exists between when fuel prices change and when indexed fuel surcharges automatically adjust. We also benefited from a milder winter, as our 2011 results were negatively impacted by unusually severe winter weather. 26 related engines, as well as six Boeing MD10-10 aircraft and 17 related engines. The decision to retire these aircraft will better align the U. S. domestic air network capacity of FedEx Express to match current and anticipated shipment volumes.Our 2011 results include one-time costs associated with the combination of our FedEx Freight and FedEx National LTL operations of $133 million, including $89 million of impairment and other charges. Our results for 2011 reflected the momentum of improved global economic conditions and strong demand for our services, which drove yield growth and volume increases across all our transportation segments, particularly in International Priority (â€Å"IP†) package shipments at FedEx Express. Our FedEx Ground segment delivered strong results through increasing volume, yield and operating ma rgins.The FedEx Freight segment returned to profitability in the fourth quarter of 2011, primarily due to higher LTL yield. All of our transportation segments benefited from our yield management initiatives in 2011. The combination of our FedEx Freight and FedEx National LTL operations was completed in 2011. Our combined LTL network increases efficiencies, reduces operational costs and provides customers both Priority and Economy LTL freight services across all lengths of haul from one integrated company.Our 2012 results include the reversal of a $66 million reserve associated with the ATA Airlines lawsuit at FedEx Express. This reserve was initially recorded in 2011 when a loss was deemed probable as a result of an adverse decision in the lawsuit. We reversed this reserve during 2012 when FedEx Express won the appeal of this case and the appeals court overturned the prior ruling (See Note 17 of the accompanying consolidated financial statements).Additionally, our 2012 results inclu de a noncash impairment charge of $134 million due to our decision to retire from service 18 Airbus A310-200 aircraft and 11 management’s discussion and analysis 3,000 3,000 2,603 2,603 2,638 2,638 2,684 (1) (1) FedEx FedEx Express(1) Express(1) Average Daily Package Volume Average Daily Package Volume 2,684 3,000 2,577 FedEx Express(1) Average Daily Package Volume 2,638 2,684 4,100 FedEx FedEx Ground(2) Ground(2) Average Daily Package Volume Average Daily Package Volume 4,100 (2) (2) FedEx Ground( Average Daily ,907 3,907 FedEx FedEx Ground Ground FedEx FedEx Express Express 2,500 2,500 2,500 The following graphs for FedEx Express, FedEx Ground and FedEx Freight show selected 3,900 3,900 (in thousands) for the years ended May 31: volume trends Average Daily Package Volume 3,900 Average Daily Package Volume Average Daily Package Volume 2,000 Average Daily Package Volume 2,000 2,000 3,000 1,500 2,500 1,000 3,000 2,000 500 2,500 1,500 0 2,000 1,000 1,500 500 1,000 0 500 0 3,000 2,603 1,500 2,500 1,000 3,000 2,000 2,603 475 500 2,500 1,500 0 2,000 2009 1,000 2,577 2,603 ,100 2,577 FedEx2,603 2,638 Express(1) 2,684 2,577 1,500 2,577 Express(1)2,638 2,684 FedEx Average Daily Package Volume Average Daily Package Volume 523 2,603 2,638 475 575 523 2,638 2,684 575 2,684 559 2,577 1,000 500 559 2,577 475 523 575 4,100 4,100 3,700 3,700 3,900 3,900 4,100 559 4,100 3,500 3,500 3,404 3,700 3,900 3,300 FedEx Ground(2) FedEx Ground(2) 3,700 Average Daily Package Volume Average Daily Package3,907 3,907 Volume 3,523 3,523 3,404 2009 3,523 2010 3,404 3,523 2009 2010 3,404 3,523 2010 2011 2011 2012 2012 3,746 3,746 3,500 3,907 3,300 3,907 3,404 ,746 3,746 3,523 0 2010 2010 2011 2011 2012 2012 2009 575 575 559 559 523 523 U. S. domestic package 475 475 U. S. domestic 1,500 U. S. domestic package package IP package IP package 500 2009 2010 1,000 0 2009 475 500 0 2009 575 559 575 559 2009 2010 2010 2011 2011 2012 2012 523 523 475 U. S. domestic package package IP package IP package U. S. domestic 3,700 3,900 3,300 2011 2012 2009 3,500 3,500 IP package 3,404 3,700 3,700 3,300 3,500 3,300 2009 3,500 3,404 3,300 3,523 2011 2010 3,746 2011 3,746 2012 2012 2009 2010 2) 2011 2012 2011 2012 FedEx2009 2010 Freight2011 FedEx 2010 Freight FedEx2009 2010 Express and FedEx Ground(2)FedEx Express and FedEx Ground2009 FedEx and FedEx Ground(2) 2012 Express 2010 2011 U. S. domestic package package IP package IP package Volume U. S. domestic Total Average Daily Package Volume AverageLTL Shipments Total Average Daily Package Volume Total Average Daily Package Average Daily Daily LTL Shipments 3,300 2012 FedEx Freight Average Daily 7,800 7,600 7,400 7,800 7,200 7,600 7,000 7,800 7,400 6,800 7,600 7,200 6,600 7,400 7,000 7,200 6,800 7,000 6,600 6,800 7,800 7,600 7,800 (2) (2) 7,538 7,6007,538 90. 0 7,538 0. 0 86. 0 86. 0 90. 0 FedEx FedEx Express and FedEx Ground Express and FedEx Ground Total Average Daily7,353 7,353 Volume Total AveragePackage Daily Package Volume 7,4 00 7,400 (2) FedEx Express and FedEx Ground(2) FedEx Express and FedEx Ground7,200 7,200 7,600 Total Average Daily Package 7,538 7,538 Total Average Daily Package Volume Volume 7,002 7,002 7,800 7,353 85. 0 90. 0 80. 0 85. 0 FedEx FedEx Freight Freight 84. 9 84. 9 85. 0 Average Daily LTL Shipments Average Daily LTL Shipments 82. 3 82. 3 90. 0 80. 0 7,000 7,800 7,400 6,780 6,800 7,600 7,200 6,600 7,400 2009 7,000 6,780 7,002 2009 2010 6,780 7,002 2009 2010 6,780 7,002 ,353 7,353 7,000 7,002 6,800 7,538 7,538 7,002 2010 7,353 2011 7,353 2012 2011 6,600 6,780 85. 0 90. 0 75. 0 80. 0 85. 0 70. 0 85. 0 74. 4 90. 0 75. 0 FedEx FreightFreight86. 0 FedEx 80. 0 86. 0 Average Daily LTL Shipments 84. 9 Average Daily LTL Shipments 84. 9 74. 4 82. 3 82. 3 86. 0 86. 0 84. 9 2009 2010 82. 3 74. 4 2010 2011 82. 3 2011 2012 70. 0 75. 0 84. 9 2012 2009 74. 4 82. 3 2012 2009 2010 2011 7,200 6,780 6,800 7,000 6,600 2009 6,780 6,800 80. 0 85. 0 70. 0 2012 2009 74. 4 75. 0 75. 0 80. 0 80. 0 70. 0 75. 0 7 0. 0 74. 4 2009 75. 0 2010 2010 2011 2011 2012 2012 74. 4 2009 2010 2010 2011 2011 2012 012 70. 0 70. 0 6,600 6,600 The following graphs 2010 FedEx Express, FedEx Ground and FedEx Freight show selected yield trends for the years ended 2011 31: for May 2011 2009 2010 2011 2011 2012 2012 2009 2009 2009 2010 2010 2012 2012 FedEx FedEx Express Express Revenue per Package – Yield– Yield Revenue per Package (1) (1) FedEx Express Revenue per Package – Yield (1) FedEx FedEx Ground Ground Revenue per Package – Yield– Yield Revenue per Package $9. 25 (2) (2) (2) (2) FedEx Ground ( Revenue per P $70. 00 $60. 00 $50. 00 $70. 00 $40. 00 $60. 00 $30. 00 $70. 00 $50. 00 $20. 00 $60. 00 $40. 00 $10. 00 $50. 0 $30. 00 $40. 00 $20. 00 $30. 00 $10. 00 $20. 00 $21. 00 $10. 00 $20. 00 $19. 00 $21. 00 $18. 00 $20. 00 $21. 00 $17. 00 $19. 00 $20. 00 $16. 00 $18. 00 $19. 00 $17. 00 $70. 00 $57. 81 $60. 00 $70. 00 $57. 81 $53. 10 (1) (1) $56. 08 $53. 10 FedEx FedEx Express Express Revenue per Package – Yield– Yield Revenue per Package $50. 00 $50. 00 $40. 00 $57. 81 $60. 00 $30. 00 $70. 00 $50. 00 $30. 00 $70. 00 $60. 83 $60. 83 $57. 81 $60. 00 $56. 08 $9. 25 $53. 10 $56. 08 $8. 75 $9. 25 $8. 25 $8. 75 $9. 25 $7. 75 $14. 61 2010 $15. 59 $8. 25 $8. 75 $7. 25 $9. 25 $60. 83 $8. 75 FedEx FedEx Ground Ground $8. 77 $8. 77 $8. 5 Revenue per Package – Yield– Yield Revenue per Package FedEx Express(1) FedEx Express(1) $60. 83 $40. 00$60. 83 $57. 81 Revenue$53. 10 Package – Yield– Yield Revenue$53. 10$56. 08 $56. 08 per per Package $16. 21 $57. 81$14. 61 $53. 10 2009 2010 $15. 59 $14. 61$56. 08 $53. 10 2010 2011 $60. 83 $17. 12 $17. 12 $20. 00$60. 83 $16. 21 $15. 59 $56. 08 $10. 00 2011 2012 2012 2009 $9. 25 $8. 25 $20. 00 $16. 21 $57. 81 $60. 00 $40. 00 $10. 00 $50. 00 2009 $30. 00 $8. 75 $9. 25 $7. 70 $7. 75 $17. 12 FedEx Ground (2) FedEx Ground (2) $8. 25 $8. 17 $8. 17 Revenue per Package – Yield– Yi eld $8. 77 Revenue per Package $8. 7 $7. 70 $7. 73 $7. 73 $8. 17 2009 2010 $7. 70 $7. 73 2010 2011 $7. 73 $8. 17 $8. 17 $8. 77 2011 2012 $8. 17 $7. 75 $8. 77 $7. 25 2012 2009 2010 $7. 70 $7. 73 U. S. domestic $17. 12 $40. 00 U. S. domestic package package IP package IP package $17. 12 $20. 00 $16. 21 $16. 21 $15. 59 $14. 61 $15. 59 $14. 61 U. S. domestic package $8. 25 $8. 75 $7. 25 2011 2012 2009 $7. 70 $7. 75 $7. 75 IP package $8. 25 $8. 25 $30. 00 $10. 00 2009 2010 2010 2011 2011 2012 2012 2009 $17. 12 $17. 12 $20. 00 $16. 21 $16. 21 $15. 59 $14. 61 U. S. domestic package U. S. domestic package $14. 61$15. 59IP package IP package $21. 00 $21. 0 $10. 00 2009 2010 2010 2011 2011 2012 2012 2009 $20. 00$19. 57 $20. 00 $19. 57 U. S. domestic package package IP package IP package U. S. domestic $19. 07 $19. 07 $19. 07 $19. 00 $21. 00 $19. 00 FedEx Freight FedEx FedEx Freight Freight Average Fuel Cost per Gallon Gallon Average Fuel Cost per $7. 25 $7. 25 $7. 73 $7. 70 $7. 70 $7. 73 2009 2009 2010 2010 2011 2011 2012 $7. 75 $7. 75 LTL Revenue per Hundredweight – Yield– LTL Revenue per Hundredweight – Yield LTL Revenue per Hundredweight Yield FedEx FedEx Freight Freight LTL Revenue per Hundredweight – Yield– Yield LTL Revenue per Hundredweight $18. 24 $17. 7 $4. 50 $7. 25 $4. 00 $4. 50 $7. 25 2009 $4. 00 $19. 57 $4. 50 2009 2010 2010 2011 2011 $3. 80 2012 2012 Average Fuel C 2012 $4. 00 Average Fuel Cost per Gallon Gallon $3. 80 Average Fuel Cost per $3. 04 $3. 25 $2. 69 $2. 66 $3. 25 $3. 31 $3. 50$3. 31 $2. 66 $3. 80 $3. 04 $2. 69 $2. 15 FedEx FreightFreight FedEx $18. 24 $18. 24 LTL Revenue per Hundredweight – Yield– Yield LTL Revenue per Hundredweight $18. 00$19. 57 $18. 00 $20. 00 $19. 57 $19. 07 $21. 00 $17. 00 $19. 00 $20. 00 $19. 07 $16. 00 $18. 00 2009 $19. 00 $17. 00 $19. 07 $17. 07 $17. 07 $18. 24 $19. 07 2009 2010 $17. 07 2010 2011 $17. 07 $18. 4 $18. 24 $17. 00 $19. 57 $19. 57 $16. 00 2011 2012 2012 2009 2 010 2011 $3. 50 $3. 50 $3. 04 $4. 50 $4. 50 $3. 00 $3. 00 $2. 62 $4. 00 $4. 00 $2. 50 $2. 50 $4. 50 $4. 50 $3. 50 $3. 50 $3. 04 $2. 00 $2. 00 $4. 00 $4. 00 $3. 00 $3. 00 $2. 62 $1. 50 $1. 50 $3. 50 2012 $3. 50 2009 $2. 50 $2. 50 $3. 04 $3. 00 $2. 00 $2. 50 $1. 50 $2. 00 $1. 50 Average Fuel Cost per Gallon Gallon Average Fuel Cost per $3. 00 $2. 62 $2. 69 $3. 04 $2. 15 $2. 15 $3. 25 $2. 69 $2. 66 2010 $3. 25 2011 $2. 15 $2. 69 $2. 66 $2. 15 2010 2011 Jet 2010 2011 Jet $3. 25 $3. 31 $2. 50 $3. 80 $2. 62 $3. 31 $3. 80 $2. 00$3. 80 $2. 66 $1. 50$3. 1 $3. 25 $3. 31 2011 2012 2012 2009 Jet $2. 66 Jet Vehicle 2010 $2. 62 $2. 69 $18. 00 $18. 00 (2) Package statistics do not include the operations of FedEx SmartPost. $17. 07 $17. 07 $16. 00 $16. 00 2009 2009 2010 2010 2011 2011 2012 2012 $17. 00 $17. 00 (1) Excludes international domestic operations. $18. 24 2009 2010 $3. 04 $2. 15 Vehicle $3. 00 Vehicle $2. 00 $2. 62 $2. 69 $2. 62 $2. 15 2009 2010 Vehicle Vehicle $2. 50 $1. 50 2009 $2. 00 $ 1. 50 2009 2011 2012 Jet 2011 2012 Jet 2012 12 $16. 00 $16. 00 2009 2009 2010 2010 2011 2011 2012 2012 2009 2010 Vehicle Vehicle 2012 management’s discussion and analysis evenue During 2012, revenues increased 9% due to yield growth across all our transportation segments. At FedEx Express, revenues increased 8% in 2012 led by higher U. S. domestic and IP package yields. However, U. S. domestic package and IP package volumes declined due to weakening global economic conditions. Revenues increased 13% during 2012 at our FedEx Ground segment due to higher yields and strong demand for all our major services. At FedEx Freight, revenues increased 8% during 2012 due to higher LTL yield as a result of higher fuel surcharges and yield management programs, despite a decrease in volume.Revenues increased 13% during 2011 due to yield increases and volume growth across all our transportation segments. Yields improved due to higher fuel surcharges and increased base rates under our yield i mprovement programs. At FedEx Express, revenues increased 14% in 2011 led by IP volume growth in Asia, as well as U. S. domestic and IP package yield increases. At the FedEx Ground segment, revenues increased 14% in 2011 due to continued volume growth driven by market share gains and yield growth at both FedEx Ground and FedEx SmartPost.At FedEx Freight, yield increases due to our yield management programs and higher LTL fuel surcharges, and higher average daily LTL volumes led to a 14% increase in revenues in 2011. impairment and Other Charges In May 2012, we made the decision to retire from service 18 Airbus A310-200 aircraft and 26 related engines, as well as six Boeing MD10-10 aircraft and 17 related engines. As a consequence of this decision, a noncash impairment charge of $134 million ($84 million, net of tax, or $0. 26 per diluted share) was recorded in the fourth quarter.The decision to retire these aircraft, the majority of which were temporarily idled and not in revenue se rvice, will better align the U. S. domestic air network capacity of FedEx Express to match current and anticipated shipment volumes. Operating inCOme The following tables compare operating expenses expressed as dollar amounts (in millions) and as a percent of revenue for the years ended May 31: 2012 2011 2010 Operating expenses: Salaries and employee benefits $ 16,099 $ 15,276 $ 14,027 Purchased transportation 6,335 5,674 4,728 Rentals nd landing fees 2,487 2,462 2,359 Depreciation and amortization 2,113 1,973 1,958 Fuel 4,956 4,151 3,106 Maintenance and repairs 1,980 1,979 1,715 (1) (2) Impairment and other charges 134 89 18 Other (3) 5,390 5,322 4,825 Total operating expenses $ 39,494 $ 36,926 $ 32,736 (1) Represents charges resulting from the decision to retire 24 aircraft and related engines at FedEx Express. (2) Represents charges associated with the combination of our FedEx Freight and FedEx National LTL operations, effective January 30, 2011. 3) Includes the 2012 reversal of a $66 million legal reserve associated with the ATA Airlines lawsuit which was initially recorded in 2011 (See Note 17 of the accompanying consolidated financial statements). Percent of Revenue 2012 2011 2010 Operating expenses: Salaries and employee benefits Purchased transportation Rentals and landing fees Depreciation and amortization Fuel Maintenance and repairs Impairment and other charges Other (3) Total operating expenses Operating margin 37. 7% 14. 9 5. 8 5. 0 11. 6 4. 6 0. 3(1) 12. 6 92. 5 7. 5% 38. % 14. 4 6. 3 5. 0 10. 6 5. 0 0. 2(2) 13. 5 93. 9 6. 1% 40. 4% 13. 6 6. 8 5. 6 8. 9 4. 9 0. 1 13. 9 94. 2 5. 8% In 2011, we incurred impairment and other charges of $89 million related to the combination of our LTL operations at FedEx Freight. In 2010, we recorded a charge of $18 million for the impairment of goodwill related to the FedEx National LTL acquisition, eliminating the remaining goodwill attributable to this reporting unit. (1) Represents charges resulting from the dec ision to retire 24 aircraft and related engines at FedEx Express. 2) Represents charges associated with the combination of our FedEx Freight and FedEx National LTL operations effective January 30, 2011. (3) Includes the 2012 reversal of a $66 million legal reserve associated with the ATA Airlines lawsuit which was initially recorded in 2011 (See Note 17 of the accompanying consolidated financial statements. ) Our 2012 operating income increased 34% and operating margin increased 140 basis points driven by higher yields across all our transportation segments due to higher fuel surcharges and our yield management programs. Our results lso significantly benefited in 2012 from the timing lag that exists between when fuel prices change and when indexed fuel surcharges automatically adjust. FedEx Ground segment operating income increased $439 million in 2012 driven by higher yields and strong demand for all our major services. At our FedEx Freight segment, operating income increased $337 million due to higher LTL yield and efficiencies gained from the combination of our LTL operations in 2011. Additionally, our year-over-year comparisons were favorably impacted by several items as described above in the â€Å"Overview† section. 13 anagement’s discussion and analysis FedEx Ground (2) Revenue per Package – Yield Salaries and benefits increased 5% in 2012 primarily due to higher $9. 25 incentive compensation costs and the full reinstatement of 401(k) $8. 77 company-matching contributions effective January 1, 2011. Purchased $8. 75 transportation costs increased 12% in 2012 due to volume growth and higher fuel surcharges at FedEx Ground, costs associated with the $8. 25 $8. 17 expansion of our freight forwarding business at FedEx Trade Networks $7. 73 and higher utilization of third-party transportation providers in interna$7. 0 $7. 75 tional locations primarily due to business acquisitions at FedEx Express. $7. 25 The following graph for our transp ortation segments shows our average 2009 2010 2011 2012 cost of jet and vehicle fuel per gallon for the years ended May 31: Salaries and employee benefits increased 9% in 2011 due to the reinstatement of merit salary increases, increases in pension and medical Average Fuel Cost per Gallon costs and the reinstatement of full 401(k) company-matching contributions effective January 1, 2011. Purchased transportation increased $4. 0 20% in 2011 due to volume growth, higher fuel surcharges and higher $3. 80 $4. 00 rates paid to our independent contractors at FedEx Ground, as well as costs associated with the expansion of our freight forwarding business $3. 31 $3. 25 $3. 50 $3. 04 at FedEx Trade Networks. Maintenance and repairs expense increased $3. 00 $2. 69 $2. 66 $2. 62 15% in 2011 primarily due to an increase in maintenance events, as a $2. 50 result of timing, and higher utilization of our fleet driven by increased $2. 15 volumes. Other operating expense increased 10% primarily due t o $2. 0 volume- and weather-related expenses. $1. 50 2009 2010 2011 2012 Vehicle Jet costs, and increased maintenance and repairs expenses had a negative impact on our performance for 2011. Costs related to the combination of our FedEx Freight and FedEx National LTL operations also negatively impacted our 2011 results by $133 million. Unusually severe weather in the second half of 2011 caused widespread disruptions to our networks, which led to lost revenues and drove higher purchased transportation, salaries and wages and other operational costs.Additionally, a $66 million reserve associated with an adverse jury decision in the ATA Airlines lawsuit against FedEx Express was recognized in 2011. Fuel expense increased 19% during 2012 primarily due to price increases. Our fuel surcharges, which are more fully described in the â€Å"Quantitative and Qualitative Disclosures About Market Risk† section of this MD&A, have a timing lag and are designed to pass through the price of fu el not included in our base shipping rates to our customers.Based on a static analysis of the impact to operating income of year-over-year changes in fuel prices compared to changes in fuel surcharges, fuel surcharges significantly exceeded incremental fuel costs in 2012. If fuel prices remain at current levels, that effect is expected to reverse in 2013. Our analysis considers the estimated impact of the reduction in fuel surcharges included in the base rates charged for FedEx Express and FedEx Ground services.However, this analysis does not consider the negative effects that fuel surcharge levels may have on our business, including reduced demand and shifts by our customers to lower-yielding services. While fluctuations in fuel surcharge rates can be significant from period to period, fuel surcharges represent one of the many individual components of our pricing structure that impact our overall revenue and yield. Additional components include the mix of services sold, the base pr ice and extra service charges we obtain for these services and the level of pricing discounts offered.In order to provide information about the impact of fuel surcharges on the trend in revenue and yield growth, we have included the comparative fuel surcharge rates in effect for 2012, 2011 and 2010 in the accompanying discussions of each of our transportation segments. In 2011, operating income increased 19% primarily due to yield and volume increases across all our transportation segments. Higher compensation and benefits, including retirement plans and medical Fuel expense increased 34% during 2011 primarily due to increases in the average price per gallon of fuel and fuel consumption driven by volume increases.Based on a static analysis of the net impact of yearover-year changes in fuel prices compared to year-over-year changes in fuel surcharges, fuel had a positive impact on operating income in 2011, predominantly at FedEx Express. Other inCOme and expense Interest expense decr eased $34 million in 2012 due to debt maturities, an increase in capitalized interest related to the timing of progress payments on aircraft purchases and lower financing fees. Interest expense increased $7 million in 2011 due to a decrease in capitalized interest related to timing of construction projects and progress payments on aircraft purchases. nCOme taxes Our effective tax rate was 35. 3% in 2012, 35. 9% in 2011 and 37. 5% in 2010. Our 2012 rate was lower than our 2011 rate primarily due to favorable audit developments. The 2011 rate was lower than our 2010 rate primarily due to increased permanently reinvested foreign earnings and a lower state rate driven by favorable audit and legislative developments. Our permanent reinvestment strategy with respect to unremitted earnings of our foreign subsidiaries provided a 1. 3% benefit to our 2012 effective tax rate.Our total permanently reinvested foreign earnings were $1. 0 billion at the end of 2012 and $640 million at the end of 2011. Our current federal income tax expenses in 2012, 2011 and 2010 were significantly reduced by accelerated depreciation deductions we claimed under provisions of the Tax Relief and the Small Business Jobs Acts of 2010, the American Recovery and Reinvestment Tax Act of 2009, and the Economic Stimulus Act of 2008. Those Acts, designed 14 management’s discussion and analysis to stimulate new business investment in the U. S. accelerated our depreciation deductions for new qualifying investments, such as our new Boeing 777 Freighter (â€Å"B777F†) aircraft. These are timing benefits only, in that the depreciation would have otherwise been recognized in later years. The components of the provision for federal income taxes for the years ended May 31 were as follows (in millions): Current Deferred Total Federal Provision 2012 $ (120) 947 $ 827 2011 $ 79 485 $ 564 2010 $ 36 408 $ 444 OutlOOk We anticipate revenue and earnings growth in 2013 despite only modest growth in the global economy. We believe U.S. domestic and global economic conditions will be impacted by the European debt crisis, slowing growth in Asia, and the uncertainty these issues create on the global economy and the demand for our services. These weaker global economic conditions have driven a shift by our customers from premium services to our deferred services, and we expect that trend to continue in 2013. For 2013, we expect our effective tax rate to be between 37. 0% and 38. 0%. The actual rate, however, will depend on a number of factors, including the amount and source of operating income.We also expect our current federal income tax expense will increase in 2013, possibly significantly, due to lower accelerated depreciation benefits than in prior years. Additional information on income taxes, including our effective tax rate reconciliation and liabilities for uncertain tax positions, can be found in Note 11 of the accompanying consolidated financial statements. Business aCquisit iOns During 2012, we continued to expand our FedEx Express international network. On July 25, 2011, we completed our acquisition of Servicios Nacionales Mupa, S. A. de C.V. (MultiPack), a Mexican domestic express package delivery company, for $128 million in cash from operations. Last year, FedEx Express completed the acquisition of the Indian logistics, distribution and express businesses of AFL Pvt. Ltd. and its affiliate Unifreight India Pvt. Ltd. for $96 million in cash on February 22, 2011. The financial results of these acquired businesses are included in the FedEx Express segment from the date of acquisition and were not material, individually or in the aggregate, to our results of operations or financial condition.Substantially all of the purchase price was allocated to goodwill, which was entirely attributed to our FedEx Express reporting unit. Our anticipated earnings growth in 2013 is predicated on continued improvement in profitability at our FedEx Freight segment from y ield growth and efficiency improvements and the sustained strong performance of our FedEx Ground segment. International revenue growth and network efficiency improvements at FedEx Express should also contribute to our earnings growth in 2013.However, significant cost headwinds in pension expense will hamper earnings growth in 2013 as a historically low discount rate at our May 31, 2012 measurement date will increase these costs by approximately $150 million. During 2013, we will continue to evaluate actions and opportunities to reduce costs, improve efficiencies and adjust our networks to match anticipated demand. Initial actions were taken in 2012, as we made the decision to retire 24 aircraft and related engines at FedEx Express to better align the U. S. omestic air network capacity to match current and anticipated shipment volumes. In addition, we remain focused on modernizing our aircraft fleet at FedEx Express by adding newer aircraft that are more reliable, fuel efficient and technologically advanced, and retiring older, less-efficient aircraft. As a result of these efforts, FedEx Express is shortening the depreciable lives of the following aircraft and related engines: 31 additional Boeing MD10-10s, 18 additional Airbus A310s, four Boeing 727s (â€Å"B727†) and one Boeing MD10-30.This will accelerate the retirement of these aircraft to align with the delivery schedule for replacement Boeing 767-300 Freighter (â€Å"B767F†) and Boeing 757-200 (â€Å"B757†) aircraft. The accelerated depreciation on these aircraft is expected to total $69 million in 2013, with a partial offset from the avoidance of depreciation related to the aircraft retirements (described in the â€Å"Impairment and Other Charges† section above).FedEx Express is also developing an operating and cost structure plan during 2013 to further improve its operational efficiency. Our capital expenditures for 2013 are expected to decrease to approximately $3. 9 billion , with fewer aircraft deliveries in 2013. We will continue to evaluate our investments in critical long-term strategic projects to ensure our capital expenditures generate high returns on investments and are balanced with our outlook for global economic conditions. On June 29, 2012, FedEx Express entered into a upplemental agreement to purchase nine additional B767F aircraft, exercised ten B767F options available under the December 2011 agreement and purchased the right to 15 additional options. In conjunction with the supplemental agreement to purchase B767F aircraft, FedEx Express converted four B777F aircraft deliveries to equivalent purchase value for B767F aircraft purchased under the supplemental agreement. For additional details on key 2013 capital projects, refer to the â€Å"Capital Resources† and â€Å"Liquidity Outlook† sections of this MD&A.Subsequent to year-end, we completed the following acquisitions: > Opek Sp. z o. o. , a Polish domestic express packag e delivery company, for $54 million in cash from operations on June 13, 2012 > TATEX, a French express transportation company, for $55 million in cash from operations on July 3, 2012 > Rapidao Cometa Logistica e Transportes S. A. , a Brazilian transportation and logistics company, for $398 million in cash from operations on July 4, 2012Based on the timing of the completion of these acquisitions in relation to the date of issuance of the financial statements, the initial purchase price accounting was not completed for these acquisitions. The financial results of these acquired businesses will be included in the FedEx Express segment from the date of acquisition and will be immaterial to our 2013 results. These acquisitions will give us more robust transportation networks within these countries and added capabilities in these important global markets. 5 management’s discussion and analysis Our outlook is dependent upon a stable pricing environment for fuel, as volatility in fue l prices impacts our fuel surcharge levels, fuel expense and demand for our services. Historically, our fuel surcharges have largely offset incremental fuel costs; however, volatility in fuel costs may impact earnings because adjustments to our fuel surcharges lag changes in actual fuel prices paid. Therefore, the trailing impact of adjustments to our fuel urcharges can significantly affect our earnings either positively or negatively in the short-term. NEW ACCOUNTING GUIDANCE New accounting rules and disclosure requirements can significantly impact our reported results and the comparability of our financial statements. During our fiscal year, the Financial Accounting Standards Board issued new guidance to make the presentation of items within other comprehensive income (â€Å"OCI†) more prominent.The new standard will require companies to present items of net income, items of OCI and total As described in Note 17 of the accompanying consolidated financial comprehensive incom e in one continuous statement or two separate statements and the â€Å"Independent Contractor Matters† section of our consecutive statements, and companies will no longer be allowed to FedEx Ground segment MD&A, we are involved in a number of lawsuits present items of OCI in the statement of stockholders’ equity. This new and other proceedings that challenge the status of FedEx Ground’s standard is effective for our fiscal year ending May 31, 2013. wner-operators as independent contractors. FedEx Ground anticipates continuing changes to its relationships with its contractors. The nature, We believe there is no additional new accounting guidance adopted but not yet effective that is relevant to the readers of our financial timing and amount of any changes are dependent on the outcome of statements. However, there are numerous new proposals under develnumerous future events. We cannot reasonably estimate the potenopment which, if and when enacted, may have a signi ficant impact on tial impact of any such changes or a meaningful range of potential outcomes, although they could be material.However, we do not believe our financial reporting. that any such changes will impair our ability to operate and profitably REPORTABLE SEGMENTS grow our FedEx Ground business. See â€Å"Risk Factors† for a discussion of these and other potential risks and uncertainties that could materially affect our future performance. seasOnality Of Business Our businesses are cyclical in nature, as seasonal fluctuations affect volumes, revenues and earnings. Historically, the U. S. express package business experiences an increase in volumes in late November and December.International business, particularly in the Asia-to-U. S. market, peaks in October and November in advance of the U. S. holiday sales season. Our first and third fiscal quarters, because they are summer vacation and post winter-holiday seasons, have historically experienced lower volumes relative to other periods. Normally, the fall is the busiest shipping period for FedEx Ground, while late December, June and July are the slowest periods. For FedEx Freight, the spring and fall are the busiest periods and the latter part of December, January and February are the slowest periods.For FedEx Office, the summer months are normally the slowest periods. Shipment levels, operating costs and earnings for each of our companies can also be adversely affected by inclement weather, particularly the impact of severe winter weather in our third fiscal quarter. FedEx Express, FedEx Ground and FedEx Freight represent our major service lines and, along with FedEx Services, form the core of our reportable segments. Our reportable segments include the following businesses: FedEx Express Segment FedEx Ground Segment FedEx Freight Segment FedEx Services Segment gt; FedEx Express (express transportation) > FedEx Trade Networks (air and ocean freight forwarding and customs brokerage) > FedEx SupplyCh ain Systems (logistics services) > FedEx Ground (small-package ground delivery) > FedEx SmartPost (small-parcel consolidator) > FedEx Freight (LTL freight transportation) > FedEx Custom Critical (time-critical transportation) > FedEx Services (sales, marketing, information technology, communications and back-office functions) > FedEx TechConnect (customer service, technical support, billings and collections) > FedEx Office (document and business services and package acceptance) 6 management’s discussion and analysis FEDEX SERVICES SEGMENT The FedEx Services segment operates combined sales, marketing, administrative and information technology functions in shared services operations that support our transportation businesses and allow us to obtain synergies from the combination of these functions. For the international regions of FedEx Express, some of these functions are performed on a regional basis by FedEx Express and reported in the FedEx Express segment in expense line i