Risk Management Essay Example | Topics and Well Written Essays - 1000 words

Risk Management - Essay Example This paper will describe a risk context that may be faced by the top level executive of a bank while marketing it financial services. Risk contexts A bank executive normally faces different types of risks once the bank deals with ranges of transactions and uses a large amount of leverage every day. When a bank’s financial position becomes weak, naturally its depositors may withdraw their savings. Under such a difficult situation, the bank cannot sell debt securities in financial markets; and this condition would worsen the bank’s financial state. For instance, the major cause of 2007-2009 credit crisis can be attributed to the fear of bank failure. According to Pyle (2007), although a bank executive may share many of the same risks of other organizations, the major risks that really trouble an executive are liquidity risk, credit default risks, interest rate risks, and trading risks. Risk Identification and Analysis 1. Liquidity risk In case of a bank, the term liquidit y indicates its ability to pay bills and other payables, to repay money to a depositor, and to lend money to a borrower as part of bank’s credit policy. Hence, liquidity is the basic tool that is used to assess the financial viability of a bank. A bank executive faces great troubles while dealing with liquidity management because demands for funds are often unpredictable. Other off-balance sheet risks including loan commitments, letters of credit, and derivatives also constitute liquidity risks. A loan commitment indicates a line of credit that a bank issues on demand. Letters of credit are credit securities by which the bank guarantees that an importer will pay the exporter for imports or a commercial paper of bonds issuer will repay the principal. Finally, derivates are also an off balance sheet risk, which played a crucial role in the collapse of American International Group (AIG). 2. Credit Default Risks Credit default risk occurs when a borrower fails to repay the loan a mount. In general practice, loans are written off after a period of 90 days of nonpayment. Law demands banks to maintain a loan loss reserves account to cover the losses arising from unpaid loans. A bank executive or manager has the responsibility to ensure that the borrower has submitted collateral securities that are adequate to cover his loan amount. In addition, the bank executive has the primary responsibility to recover the loan amount from the borrower. Therefore, bank executives would be liable to answer the board of directors when a loan goes unpaid. 3. Interest Rate Risks Banks usually pay lower interests on its liabilities such as deposits and borrowings and charge higher interests on their assets such as loans and securities. Hence, it is obvious that difference in these interest rates is the main source of profit for any bank. However, a bank’s terms of liabilities are usually different from its terms of assets. In other words, interest rate paid on liabilities i s highly subjected to short term rate fluctuations while interest rate earned on assets is fixed. Sometimes, the interest rate variation may cause the bank to pay more for its liabilities and thus reducing the bank’s profit rates. Under such circumstances, a bank executive faces interest rate risk. Since the interest rate fluctuations are unpredictable, often a bank executive f

Early Humans Essay Example for Free

Early Humans Essay What animals did the early humans hunt for food? Early humans found meat from animals that were back in the day, the meat was not so common because before they had animals they had other types of food like for example, fruits from trees, nuts and sometimes even honey and the y also got berries form the burry bushes like raspberries, strawberries, blueberries and so on, but the animal that they always use to eat in the ancient times was the buffalo which was one of the most common animals in there specific villages and mostly when they would get the animals they would open them up with sharp things and then they would eat the meat and by the time they figured out fire they used fire to cook the food like we do know. How the early Human nut and got their food? Well the simple answer is that they used weapon to hunt the animals but we always thought that the early humans are stupid but the truth is that they are actually very smart because of the weapons they used for hunting and another thing they did to hunt food was that back in the early days there was a group of people called hunter gatherers and what hunter gatherers are is that basically a group of people for example from villages (mostly man) would go out to hunt for food mostly everyday and then when any of them would get food they will bring it to the group of people that they are and then the would most probably share the food with the people. And mostly the weapons would be made out of stones and wood. Also an example of the weapons they used wear spears and bows made out wood and stones. The most common food eaten nowadyaus are seeds. Also very populare is vegetables and fruits.

Dialectoc Composition In Purgatorio V :: Purgatorio V Poem Poetic Essays

Dialectoc Composition In Purgatorio V In this canto there appear to be none of those cruces on which contemporary criticism often fastens as basic for the understanding of the poem's deeper meaning. It nevertheless contains some of the most vivid episodes of the journey, especially in its second part, involving the stories of three memorable characters. As is characteristic of the whole cantica, and is especially evident in the first cantos, we find that the three souls we meet here are, by the very definition of their realm, in a liminal state between two forms of existence, the earthly and the celestial. They are gradually shedding the prejudices and passions that had made them cling to the illusory goods of their earthly existence, and getting ready, through their painful purgation, for the permanent bliss to come. We shall see how, by the very progression that distinguishes them among themselves, the three main characters are increasingly detached from the worldly values and increasingly ready for the final step. In one of the more recent  «lecturae » Giambattista Salinari (1969, 311 and 313f) finds that this canto is marked by a high degree of lyricism, considering the progression of the three generic ingredients of the whole poem, namely the descriptive (or epic), the dramatic, and the lyric. He also stresses here the particularly conspicuous presence of what he calls the three types of  «contrappunto » in which Dante excels, namely the  «horizontal » (when contrasting episodes are juxtaposed for the sake of variation and emphasis), the  «vertical » (when over several characters the same situation or theme is developed through rising tonalities), and finally the  «stylistic » (when in the same episode the epic or narrative element is expressed through elegiac description, the dramatic through dialogue, and the lyric through monologue). This is, in short exposition, an interesting analytic point that concerns a striking yet little noticed feature of Dante's method o f composition, and which this writer has attempted to define and analyze under the term of  «dialectic composition ». The structure of Purgatorio V leans, as it were, backward and forward, tying in with the conclusion of the episode of the lazy in the preceding canto and then concluding the episode of the violently slain, who properly occupy this canto, in the following canto, when the same group continues to crowd around Dante in order to secure prayers on their behalf from the living.

Social Responsibility in Akira Kurosawa’s Movie, Seven Samurai :: Movie Film Essays

Social Responsibility in Akira Kurosawa’s Movie, Seven Samurai It is truly a corrupt time when keepers of the peace must create unrest in order to survive. In sixteenth century Sengoku jidai Japan, it is survival of the fittest; a major part of this survival is what class one has been born into. Organized politics have been said to be a luxury of developed civilizations. Given that a poor farming village in sixteenth century Japan is hardly developed, the harsh rules of nature are ascribed to instead. Weakened by a continuing drought topped with unrelenting bandit raids, they must appeal to those who are stronger for help. However, in this land where the strong are successful, this will mean anyone who comes to the aid of these farmers will be stooping to work for their social inferiors. It is understood that violence has a starring role in samurai movies. In recent markets, a movie with as much blood as dialogue, though harshly criticized, will do decently in the box office. For the most part, Western cinema has been blamed as the cheapener of something that once was art. However, Akira Kurosawa’s Seven Samurai approaches mortal combat from a different perspective. The scavenging bandits kill indiscriminately, taking what they want and destroying the rest. The honorable samurai, on the other hand, use their sword sparingly. The movie’s first killing is given to Kambei, who draws his sword on a kidnapping robber only to save another life. Credit is due to Kurosawa who takes care not to make light of death. In a particularly haunting scene, a bandit lays impaled on a villagers spear. This portrayal of the impact taking a life can have is something often overlooked a genre that usually glorifies the act. Kurosawa’s greatest achievement with Samurai is his statement on social responsibility. Kambei and his team of samurai choose to help the villagers despite the lack of a reward or even glory. By helping those less fortunate to achieve a semblance of at least a productive way of life and exterminating those who are willing to exploit others for personal gain, a nation can be at peace and therefore prosperous.

Last Product Purchased Essay

Think for a moment about the last product you purchased. What was the product? What is the brand name of the product? How would you describe the customer for this product? What is the product’s closest brand competitor? Explain why you chose this brand rather than the competitor’s brand. How did the marketing for the product influence your purchase? The last product I purchased was my new car. It is a 2012 Chevrolet Malibu. The customer for this product would be a young adult to middle aged adult. The customer for this car wants a car that is smaller in size but one that also has plenty of room for at least 4 people. The closest brand to this car would be, in my opinion, the Pontiac G8. When I purchased my Malibu I went to test drive the G8. It was a 2011 and had only a few miles on it. It was traded in for a different car because the car was too small for the current owner. I loved the G8 and it was everything I wanted. It was only a couple thousand dollars less than the Malibu and the Malibu was brand new with only 20 miles on it. My husband is the one who really liked the Malibu and talked me into test driving it. Needless to say that is the car I choose. I chose this particular car because with the FREE extended warranty and the rebates on this car it turned out to be a cheaper car than the G8 but also a better car. Honestly the marketing on this car did not influence my opinion at all. I never thought about this specific car until at the dealership that day. When I purchased this car Chevrolet has awesome rebates and interest on their new vehicles. After my purchase I stared seeing, or paying attention, to the commercials on this car and I am positive I made the right decision. If I would have paid attention to the commercials on this car it would have been the car I chose anyway.

History of Kitchen Appliance Inventions

History of Kitchen Appliance Inventions By definition, the kitchen is a room used for food preparation that is typically equipped with a stove, a sink for cleaning food and dish-washing, and cabinets and refrigerators for storing food and equipment. Kitchens have been around for centuries, however, it was not until post-civil war period that the majority of kitchen appliances were invented. The reason was that most people no longer had servants and housewives working alone in the kitchen needed culinary help. The advent of ​electricity greatly advanced the technology of labor-saving kitchen appliances. History of Large Kitchen Appliances Dishwasher:  In 1850, Joel Houghton patented a wooden machine with a hand-turned wheel that splashed water on dishes, it was hardly a workable machine, but it was the first patent.Garbage Disposer:  Architect, inventor John W. Hammes built his wife the worlds first kitchen garbage disposer in 1927. After 10  years of design improvement, Hammes went into business selling his appliance to the public. His company was called the In-Sink-Erator Manufacturing Company.Ovens or Stoves:  The first historical record of a stove refers to a device built in 1490 in Alsace, France.Microwave Ovens: The microwave oven was invented by Percy L. Spencer.Refrigerator: Before mechanical refrigeration systems were introduced, people cooled their food with ice and snow, either found locally or brought down from the mountains. History of Small Kitchen Appliances Apple Parer: On February 14, 1803, the apple parer was patented by Moses Coates.Blender:  In 1922, Stephen Poplawski invented the blender.Cheese-Slicer:  The cheese-slicer is a Norwegian invention.Corkscrews:  Corkscrew inventors were inspired by a tool called the bulletscrew or gun worm, a device that extracted stuck bullets from rifles.Cuisinart  Food Processor:  Carl Sontheimer invented the Cuisinart food processor.Green Garbage Bags:  The familiar green plastic garbage bag (made from polyethylene) was invented by Harry Wasylyk in 1950.Electric Kettle:  Arthur Leslie Large invented the electric kettle in 1922. General Electric introduced the electric kettle with an automatic cut-out in 1930.Weber Kettle Grill:  George Stephen invented the original Weber Kettle Grill in 1951.Mason Jar:  John Mason patented the screw neck bottle or the Mason Jar on November 30, 1858.Electric Mixers:  The first patent that can claim to be for an electric mixer was issued on Novemb er 17, 1885, to Rufus M. Eastman. Lillian Moller Gilbreth (1878-1972), the mother of 12 children, also patented an electric food mixer (at a later date). Mixmaster:  Ivar Jepson invented Sunbeam Mixmaster, which he patented in 1928, and first mass-marketed in 1930.Paper Towels:  The Scott Paper Company was founded in Philadelphia by Irvin and Clarence Scott in 1879. Brothers Seymour and Irvin Scott ran a paper commission business for twelve years, but the poor economy in the 1870s forced them out of business. Irvin and his younger brother, Clarence, then decided to form their own company out of the remains of the first. Irvin reportedly borrowed $2,000 from his father-in-law and added it to the $300 the two brothers had to form the capital of Scott Paper Company. In 1907, Scott Paper introduced the Sani-Towels paper towel, the first paper towels. They were invented for use in Philadelphia classrooms to help prevent the spread of the common cold from child to child.Peelers:  The nineteenth-century created numerous kitchen use inventions: toasters, potato mashers, apple/potato peelers, food choppers, and sausage stuffers were all invented. Over 185 patents for coffee grinders and over 500 patents for apple/potato peelers were patented in the 1800s. Early peelers were made of iron and the patent number and other information were included in the casting. Peelers ranged from the familiar and simple round swiveling rod with a knife blade that peeled skin, to contraptions full of gears and wheels that could peel, core, slice, and section. There were separate peelers designed for different fruits and vegetables; there were even peelers that removed the kernels from ears of corn. Pressure Cooker:  In 1679, French physicist Denis Papin invented the pressure cooker, called Papins Digester, this airtight cooker produced hot steam that cooked food more quickly while preserving nutrients.Saran Wrap:  Saran polyvinylidene chloride or Saran resins and films (called PVDC) have been wrapping products for more than 50 years.Soap and Detergents: The history of soaps and detergents as we know them today date back to the 1800s.Squeegee:  The single-blade window cleaning squeegee was invented by Ettore Sceccone in 1936.Toaster: Toasting bread began as a method of prolonging the life of bread. It was a common activity in Roman times, tostum is the Latin word for scorching or burning.Tupperware: Tupperware, plastic containers with airtight lids, was invented by Earl Silas Tupper.Waffle Iron: The waffle iron was patented on August 24, 1869, invented by Cornelius Swarthout of Troy, New York. The patent described the invention as a device to bake waffles.

Free Essays on Cognitive Therapy

Cognitive behavioral therapy helps improve people’s moods and behavior by changing their way thinking; also, how they interpret events and talk to themselves. This form of psychotherapy helps guide people into thinking more realistically and teaches them coping strategies to deal with their depression. Cognitive therapy is in most cases a short- term treatment that can have long-term results. I will discuss depression in adolescence and how it effects personal adjustments, which may often continue into adulthood. I will also discuss depression in the elderly. There are different approaches to treating depression, the main approach that will be discussed is cognitive behavioral therapy, which is a way to break the cycle for depression. What is Cognitive Behavioral Therapy? Cognitive behavior therapy helps people break the connections between difficult situations and their habitual reactions to them. This can be reactions such as fear, rage or depression, and self-defeating or self-damaging behavior. It also teaches people how to calm their mind and body, so they can feel better, think more clearly, and make better decisions. Cognitive therapy also teaches people how certain thinking patterns are causing their symptoms. This is accomplished by giving people a distorted picture of what's going on in their life, and making them feel anxious, depressed or angry for no good reason.(Francis, 2000) When people are in behavior therapy and cognitive therapy, it provides them with various tools for stopping their symptoms and getting their life on a more satisfying track. In cognitive therapy, the therapist takes an active part in solving a patient’s problems. He or she doesn't settle for just nodding wisely while the patient carries the whole burden of finding the answers they came to therapy for initially. Cognitive therapists teach patients to identify their negative thoughts, recognize their erroneous nature and devise a co... Free Essays on Cognitive Therapy Free Essays on Cognitive Therapy Cognitive behavioral therapy helps improve people’s moods and behavior by changing their way thinking; also, how they interpret events and talk to themselves. This form of psychotherapy helps guide people into thinking more realistically and teaches them coping strategies to deal with their depression. Cognitive therapy is in most cases a short- term treatment that can have long-term results. I will discuss depression in adolescence and how it effects personal adjustments, which may often continue into adulthood. I will also discuss depression in the elderly. There are different approaches to treating depression, the main approach that will be discussed is cognitive behavioral therapy, which is a way to break the cycle for depression. What is Cognitive Behavioral Therapy? Cognitive behavior therapy helps people break the connections between difficult situations and their habitual reactions to them. This can be reactions such as fear, rage or depression, and self-defeating or self-damaging behavior. It also teaches people how to calm their mind and body, so they can feel better, think more clearly, and make better decisions. Cognitive therapy also teaches people how certain thinking patterns are causing their symptoms. This is accomplished by giving people a distorted picture of what's going on in their life, and making them feel anxious, depressed or angry for no good reason.(Francis, 2000) When people are in behavior therapy and cognitive therapy, it provides them with various tools for stopping their symptoms and getting their life on a more satisfying track. In cognitive therapy, the therapist takes an active part in solving a patient’s problems. He or she doesn't settle for just nodding wisely while the patient carries the whole burden of finding the answers they came to therapy for initially. Cognitive therapists teach patients to identify their negative thoughts, recognize their erroneous nature and devise a co...

What Makes Aphid Reproduction So Efficient

What Makes Aphid Reproduction So Efficient Aphids thrive by the sheer force of their numbers. Their secret: Because just about every insect predator looks at them as an appetizer, their only chance of survival is to outnumber them. If aphids are good at one thing, its reproducing. Consider this fact from entomologist Stephen A. Marshall in his book Insects: Their Natural History and Diversity​: In optimal environmental conditions and lacking any predators, parasites, or disease, a single aphid could produce 600 billion descendants in one season. Just how do these tiny sap suckers multiply so prolifically? They can change the way they reproduce and how they develop as environmental conditions change. Aphids Can Reproduce Without Mating (No Males Needed!) Parthenogenesis, or asexual reproduction, is the first key to an aphids long family tree. With few exceptions, aphids in spring and summer are all females. The first wingless matriarchs hatch from eggs in early spring (from eggs laid late the prior year to overwinter), equipped to reproduce without the need for male mates. Within a few weeks, these females produce more females, and soon after that, the third generation arrives. And so on, and so on, and so on. The aphid population expands exponentially without a single male. Aphids Save Time by Giving Birth to Live Young The life cycle goes much quicker if you skip a step. Aphid mothers are viviparous, meaning they give birth to live young during the spring and summer, rather than laying eggs during these seasons. Their offspring reach reproductive maturity much sooner since they dont have to sit around waiting to hatch. Later in the season the females and males both develop.   Aphids Dont Develop Wings Unless They Need Them Most or all of an aphids life is spent feeding on a host plant. It doesn’t need to go very far, so walking suffices. Producing wings is a protein-intensive task, so aphids wisely conserve their resources and their energy and remain wingless. The aphids do quite well in their apterous state until food resources run low or the host plant gets so crowded with aphids that the group must disperse. Only then do they need to grow some wings. When the Going Gets Tough, the Aphids Get Going High populations, which occur quickly in light of the aphids prolific reproduction, lead to less than optimal conditions for survival. When there are too many aphids on a host plant, they begin competing with each other for food. Host plants covered in aphids are rapidly depleted of their sap, and the aphids must move on. Hormones trigger the production of winged aphids, which can then take flight and establish new populations.   Aphids Adapt Their Life Cycle to Environmental Conditions All would be for naught if the aphids in cold climates just froze to death at years end. As days become shorter and temperatures fall, aphids begin producing winged females and males. They find suitable mates, and the females lay eggs on perennial host plants. The eggs will carry on the family line, producing next years first batch of wingless females.

Globalization - Good or Bad Essay Example | Topics and Well Written Essays - 1000 words - 1

Globalization - Good or Bad - Essay Example In terms of International Trade, the author has described globalization as the platform that sets a level playground for both rich and poor countries. The author has also affirmed the less developed country can only improve their situation through the assistance of World Bank and the International Monetary Fund. I agree to a greater extent the assertions of the author except at some few issues which I total disagree. The World Bank and the International Monetary Fund have been described by the author as the pillars of global governance systems. The author overlooked the power of sovereignty of states, democracy, and the international justice system. The claim that developing countries can only improve their situation through these two global financial institutions is not accurate. Wallerstein (2004) pointed out that the World Bank and the International Monetary Fund is ‘training’ poor countries to depend on them. Developing countries have difficulties servicing the loans they receive from these organizations. They find themselves overburdened by the huge interest rates and end up borrowing again from other sources including internal sources. This creates a scenario similar to the one of digging a hole to bury another hole. The problem still remains. In this regard, I view the two institutions as contributing to the slow growth of developing economies and not as the sole path to their economic prosperity. Multinational companies in developing countries have been highlighted as better paying compared to the local firms and that foreign firms are not really oppressing their workers. Hurst (2008) claim that multinational companies are one of the social oppressions in less developed and poor countries. They offer jobs to locals at a higher wage than local firms, but this should not justify the poor, working conditions, job insecurity, or the prolonged hours of work often witnessed especially in the manufacturing industry. The author claims that if the w orkers were not happy with these companies then they would leave. Hurst (2008) explains that is huge labor force in developing countries and very few job opportunities which leaves many workers to ‘persevere’ where they are. The reason, therefore, why these workers continue working for the foreign firms is not because they are happy but rather because they have nowhere else to look for a livelihood. On the issue of foreign companies being nothing compared to the government, and not being able to raise an army or taxes, the author failed to put into perspective that, at times, some senior government officials usually have personal interests in these companies. Revesz (1997) stated that when it comes to crisis where multinational firms are being accused of various reasons, ‘the states cannot be trusted’ in the way the matter is handled. He observed that despite huge negative publicity and accusations from both the media and the public, the government remains silent and waits for the ‘tide to settle’. The international trading system has been implied by the author as unbiased against developing countries. This may be true as far as international trade laws and regulations are concerned. But, on the other hand, according to Wallerstein (2004), there is a more serious issue of trade imbalance whereby developed countries have an upper hand due to their economic strength advantage, superior

Reasons for Transferring and Objectives Essay Example | Topics and Well Written Essays - 500 words

Reasons for Transferring and Objectives - Essay Example My major is business and I think that for me learning about business from a reputed institution is essential so that I do not prove to be a nuisance for the boss. The first and foremost reason for transferring is acquisition of quality knowledge. Knowledge has no limit. Business in today’s age offers a lot for learning. The more you study, the more you learn. In depth study of business makes you eager of acquiring more knowledge; this also helps you to develop more interest and makes you more conscious of seeing the practical impact of theoretical knowledge. The more you study, the more you can explore, so studying hard about facts and figures boosts the confidence and also makes you feel that whatever you have done , is not enough, so do more. I hope to have a wider network of friends as because of transfer, I would have better chances to make new friends. For better education, a network of friends is essential as friends help each other in their studies. A communicative envi ronment is created that is necessary for an educational set up. In today’s life, students cannot operate without having a network of friends. Therefore, it is very important to have a network connection of friends for all kinds of studies. What I am going to do with my degree in the future is that I am interested in opening my own business and by obtaining a degree in business, I will be able to understand business and its requirements. I want to be an independent person in my future. I want to support my parents by opening my  business.

Women legal rights in Law Term Paper Example | Topics and Well Written Essays - 1000 words

Women legal rights in Law - Term Paper Example In most countries, women could not participate in political activities like their male partners. In the wake of the twenty century, many groups emerged to fight and popularize the rights of women in the world. The groups concentrated mainly on the promotion of human rights and focused on the development agenda. Many women enslaved by the ancient laws came out publicly to demand their rights. Nowadays, women go to schools, hold public offices, and operate banks accounts in their own names. According to Janet (2002), women were treated differently; there were wide disparities as evidenced in arts, texts, and archeological records. Men were distinguished by the jobs they did and the positions they held in society. Women never worked; they depended on men whether they were married, single, or divorced. Women received names that lowered their authority in society. On then contrary, men had names that made them feel the importance and earned them respect. Women’s role comprised that of giving birth, but they could not make key decisions regarding the family. In the past, deformed children were murdered immediately after birth and the women had no chance to give their opinion on that issue. In the Roman Empire, the society was dominantly patriarchal; it favored men more than women. It is intriguing how the Islam treated their women. The religion of Islam relies on the teachings of Mohamed, which are documented in the holy Quran. The Quran states clearly that men and women  should be regarded as equal despite the gender differences. It states that women should respect their men, offer love, and gentleness. In Islam, women are highly regarded unlike other cultures that treat women as tools of sex. Some cultures have treated women as property to be inherited; in other cultures like the Chinese, women were buried together with their husbands. Women lived an honorable life, had the right to be

Service Marketing- managing supply and demand Essay

Service Marketing- managing supply and demand - Essay Example Differences between supply and demand occur because services cannot be inventoried, thereby giving it the unique characteristic of ‘perishability’. This is particularly found in sectors such as banking, healthcare, retail and hospitality sectors where the service manager is at a loss trying to balance the supply and demand issues. This is despite the fact that profitability is enhanced if the managers can balance the supply and demand issues (Klassen & Rohleder, 2001). However, with certain changes in the strategy, the supply and demand issues can be managed to some extent. While the different services sector attempt to enhance customer satisfaction levels, they are unable to schedule the services due to the uncertainty of demand. Klassen and Rohleder (2001) find that uncertainty of demand patterns and the inability to make precise demand forecasts have been responsible for the challenge and the struggle that services have been facing in managing capacity and demand. Unc ertainty and fluctuation of demand can be traced to culture and habit. In the banking sector demand changes every five minutes and the off-peak periods could last up to an hour. In the retail sector also demand is marked by uncertainty as the shoppers are not logical in their shopping habits. Services are intangible, perishable, heterogeneous, and inseparable (Gronroos, 1998; Ladhari, 2009).The term â€Å"service† denotes a sense of interpersonal attentiveness which contributes to customer satisfaction (Johns, 1998). However ‘fluctuating service demand’ is the greatest challenge facing the service managers. The challenge is intensified as the demand and the capacity occur simultaneously. Customers have to be served when they want the service and service cannot be inventoried. This is what creates the challenge. The challenge occurs more in capacity-constrained service organizations that face fluctuations in demand. Organizations cannot keep the productive capacit y high when the demand is low. One solution to overcome the challenges of wasting productive capacity is to tailor the capacity as per past experience to meet demand variations (Lovelock). For instance, in the hotel sector, some labor can be on contract basis that can be hired during the peak seasons and laid off during the low seasons. They can even rent out service equipments during low season to make up for low demand. In the service sector it is not possible to schedule customers. When the demand for the hotel rooms does not increase in proportion to the enhanced supply, the revenue per room derived by the hotel is low. The profitability of a company depends upon their ability to extract maximum possible revenue from a fixed quantity of goods and services. This is also known as Yield Management (YM). This allows the hotels and even the airlines to set prices based on the demand. Airlines such as Ryanair, South West Airlines and EasyJet have been proactive and adopted YM (Gothess on & Riman, 2004). This enabled them to maximize capacity utilization. While the new entrants in the airline sector adopted this approach, the established players in the sector initially were reluctant to change their policy. Over time, the older airlines too had to take this approach seriously and bring about changes. Thus flexibility in the pricing can help reduce capacity wastage and encourage maximize capacity utilization. Revenue Management (RM) and YM are interchangeably used. The airlines started using this technique to increase yield by allocating

Mergers & Acquisitions Essay Example | Topics and Well Written Essays - 1000 words

Mergers & Acquisitions - Essay Example The earnings per share is 15.5p, which must be maintained. Therefore x/15.5 =8, hence x = 124p or 1 pound and 24 pence. This is the price of 1.24 pounds at which Smith plc may be valued for purpose of the merger if a P/E ratio of 8 must be achieved. On this basis, the average price of a share in a merged entity of both Amanda plc and Smith plc works out to {(1.24 + 2.40)/2} = 1.82 pounds, which is the market price that must be set for the share. In such a case, this would result in a lowering of the Amanda plc share value in the market by (2.40 – 1.82) = 0.58 pence, while in the case of Smith plc share holders, the value of their stock rises by (1.82 -1.03) = 79 pence. Therefore, it may be noted that the second option appears to be the better choice, since it entails less losses for Amanda plc shareholders and more gains for Smith plc shareholders, in terms of share values. In order to assess the earnings on the shares that can be estimated while also maintaining some growth in the next three years, it may be noted that Amanda plc is currently on a growth track but will decline in the next three years, but for Smith plc future growth prospects look good but the limitation is finances. The current rate of return on the Smith plc shares is (15.5 X 100/103) – 15%. On the basis of current earnings per share for Smith plc being 15.5 pence, if a growth rate of at least 15% is desired in 3 years with a desired rate of return of at least the current 15%, then the current fair market value should be at least 1.02 pounds. (ww.moneychimp.com). This is more or less the current value of the Smith plc stock (1.03 pounds) and a growth rate of 15% can be achieved although the PEG ratio is on the higher side. The P/E ratio in this case will be 9.7 and the PEG ratio will be 0.64. On the other hand, if a growth rate of 30% is desired with a similar 15% rate of ret urn on Smith plc stock, then the fair market value that must

Service Marketing- managing supply and demand Essay

Service Marketing- managing supply and demand - Essay Example Differences between supply and demand occur because services cannot be inventoried, thereby giving it the unique characteristic of ‘perishability’. This is particularly found in sectors such as banking, healthcare, retail and hospitality sectors where the service manager is at a loss trying to balance the supply and demand issues. This is despite the fact that profitability is enhanced if the managers can balance the supply and demand issues (Klassen & Rohleder, 2001). However, with certain changes in the strategy, the supply and demand issues can be managed to some extent. While the different services sector attempt to enhance customer satisfaction levels, they are unable to schedule the services due to the uncertainty of demand. Klassen and Rohleder (2001) find that uncertainty of demand patterns and the inability to make precise demand forecasts have been responsible for the challenge and the struggle that services have been facing in managing capacity and demand. Unc ertainty and fluctuation of demand can be traced to culture and habit. In the banking sector demand changes every five minutes and the off-peak periods could last up to an hour. In the retail sector also demand is marked by uncertainty as the shoppers are not logical in their shopping habits. Services are intangible, perishable, heterogeneous, and inseparable (Gronroos, 1998; Ladhari, 2009).The term â€Å"service† denotes a sense of interpersonal attentiveness which contributes to customer satisfaction (Johns, 1998). However ‘fluctuating service demand’ is the greatest challenge facing the service managers. The challenge is intensified as the demand and the capacity occur simultaneously. Customers have to be served when they want the service and service cannot be inventoried. This is what creates the challenge. The challenge occurs more in capacity-constrained service organizations that face fluctuations in demand. Organizations cannot keep the productive capacit y high when the demand is low. One solution to overcome the challenges of wasting productive capacity is to tailor the capacity as per past experience to meet demand variations (Lovelock). For instance, in the hotel sector, some labor can be on contract basis that can be hired during the peak seasons and laid off during the low seasons. They can even rent out service equipments during low season to make up for low demand. In the service sector it is not possible to schedule customers. When the demand for the hotel rooms does not increase in proportion to the enhanced supply, the revenue per room derived by the hotel is low. The profitability of a company depends upon their ability to extract maximum possible revenue from a fixed quantity of goods and services. This is also known as Yield Management (YM). This allows the hotels and even the airlines to set prices based on the demand. Airlines such as Ryanair, South West Airlines and EasyJet have been proactive and adopted YM (Gothess on & Riman, 2004). This enabled them to maximize capacity utilization. While the new entrants in the airline sector adopted this approach, the established players in the sector initially were reluctant to change their policy. Over time, the older airlines too had to take this approach seriously and bring about changes. Thus flexibility in the pricing can help reduce capacity wastage and encourage maximize capacity utilization. Revenue Management (RM) and YM are interchangeably used. The airlines started using this technique to increase yield by allocating

Dancing in a Winter Wonderland Managing Stakeholders Case Study

Dancing in a Winter Wonderland Managing Stakeholders - Case Study Example There are different theoretical approaches to stakeholder management in an organizational context. They are; agency theory, transaction cost economics, competitive theory, institutional theory, stakeholder theory, and network theory. In the context of event management, it is worth considering the stakeholder theory and the network theory. The stakeholder approach deals basically with groups or individuals who can affect the performance of an organization and whose interests are taken care of by the management (Freeman, 1984; Frooman 1999) Power, legitimacy and urgency are identified as the basic attributes of stakeholders (Mitchell et al 1997) The network approach talks about the positions of different actors created by the links among them. (Thorelli, 1986) A different kind of social relationship among actors is assumed in the network analysis (Galakiewicz, 1996) Thus actors, activities and resources are the basic concepts in a network (Johanson and Associates 1994) The actors in th e network own and control resources and carry out activities by combining resources (Sharma, 1993) While stakeholder theory is mainly static the network theory deals with the dynamic process involved in changing the network. Thus event management encompasses the basic elements of both of these theoretical approaches. Therefore it becomes important that the event is conducted skillfully so that it becomes valuable to all the stakeholders. One of the most cited reasons for the failure of any event is the lack of resources. Lack of resources can be identified by the inability of the event management to attract more sponsors and donors. Thus the success of the events depends largely on the support from stakeholders. This adds to the proposition that the event managers should manage the relationship with the stakeholders more efficiently. The literature on event management has established the relationships between the management of events and the stakeholders (e.g. Getz, 1997; Watt 1998; Long, 2000; Lvendahl, 2000) However it needs to be mentioned that there is no documented evidence of the application of the stakeholder theory in the event management contexts (Reid & Acordia 2002)

Perspective on social sciences Essay Example for Free

Perspective on social sciences Essay Social science and social theory were to liberate the thoughts and thus aid social groups in deposing domination and repression. This formation of critical social science and social theory stands stridently at odds with the moderate positivist professionalism of mainstream sociology in the sense that it envisions human liberation as the highest rationale of intellectual commotion. Habermas has taken pains to argue that this decisive outset of social science and social theory is not opposed to what he calls the project of modernity, which commenced with the Enlightenment. Certainly, he contends that critical social theory, conceived as communication theory and ethics, accomplishes the project of modernity by further rationalizing social life in ways estimated but not completed by Weber. Though Habermas needlessly divides instrumental and communicative rationalities, much as Kant did, thus limiting the field of human liberation to communicative projects but leaving technology and its dominion of nature untouched, he masterfully reconceptualizes Marxism in ways that provide it empirical and political purchase in the present. Far from deserting modernism and modernity, Habermas argues that Marx was a modernist and that the project of modernity can simply be fulfilled in a Marxist way, although in terms that deviate drastically from the Marxist and Marxist-Leninist frameworks of the early twentieth century. Habermas supports the Enlightenments program of common liberation and rationality through (a reconceptualized) Marx. This assurance to the Enlightenment and modernity must absolve critical social theorists such as Habermas of the inductions that they are Luddites, antimodernists, anarchists. Far from inadequate academic life, including social science and social theory, to be abridged to didactic political education, Habermas wants to open academic life to genuine debate and diversity, which he theorizes in terms of his communicative ethics. though the characterization of left academics as bigoted supporters of political correctness is largely hype promulgated by eighties neoconservatives, many critical social theorists are especially hard on purveyors of multicultural identity politics, particularly those who derive from postmodernism. Professionalized liberal positivists, including numerous U. S. sociologists, conflate all theoretical heterodoxies, particularly where they argue that one should defend the disciplinary project of sociology against the wild men and women who would politicize sociology and social science at a time when reputable sociologists are fighting a rearguard action against budget slashing university administrators. These professional positivists marginalize all thought and research that do not kowtow to the strictures of supposedly value-free quantitative empiricism. This obliterates nuances: Habermas (1987a) takes postmodernism to task; Fraser (1989) urges Habermas and Foucault to be more overtly feminist. It also fails to distinguish that critical social theories hold rigorous analysis, objectivity, professionalism, even disciplinarily. Critical social theorists vary from professionalized positivist sociologists most sharply in arguing that the aim of knowledge is illumination and hence liberation, not the development of personal professional credentials or the progression of ones discipline. Critical social theorists snub Comtes model of the hard sciences as a symbol for their own work as they believe that positivism eradicated historicity and hence the possibility of large-scale structural change. Critical social theorists are unashamed to be seen as political, particularly when they agree with Horkheimer and Adorno in Dialectic of Enlightenment that the charade of freedom from values is the most invincible value position of all, taking up the present as a plenitude of social being and contradicting utopia. It is sarcastic that positivist sociologists in the United States who attempt to establish their discipline in the university by stressing its resemblance to the hard sciences, including both positivist quantitative process and grant-worthiness, also argue that sociology should eloquent what are called policy implications, particularly now that a Democrat is president. Applied sociology proposes state policies in realms such as health care, aging, social welfare, work and family, and crime. Positivist sociologists assert that sociology pays its own way by underlining its real-world applications suggested in the narrow technical analyses propagating in the journals. numerous positivist journal articles formulaically conclude with short excursuses on policy in this sense. This segue into policy investigation both legitimizes sociology in the state apparatus (e. g. , public research universities) and helps sociology evade a more fundamental politics the notion of policy implying moderate amelioration of social problems and not methodical change. As well, the discussion of policy enhances the grant-worthiness of sociological research, which has turn into a trademark of academic professional legitimacy. Thus, the shift from the sociological to the social on the part of significant social theorists who support interdisciplinary is intimidating to disciplinary positivists because it augurs the politicization of social theory and social science at a time while some believe sociology should put definitive distance between itself and its sixties engagements. The tired stand-up line of sociologys critics that sociology alliterates with socialism, social work, and the sixties symbolizes this preoccupation with the legitimating of sociological disciplinarity and explains why interdisciplinary approaches to the social are so threatening. The interpretive disciplines and sociology are moving in contradictory directions: Interpretive scholars and cultural critics acclaim the politicization of the canon, whereas positivist sociologists want to subjugate politics. Leading U. S. literary programs such as Dukes are awash in these new theoretical movements that hassle the obsolescence of canonical approaches to the study of literature and culture. In these venues, politics is not a afflict to be eliminated but an opening to new ways of seeing, writing, and teaching. Suddenly, with the invasion of these new European and feminist influences, traditional approaches to representation (depicting the world) in both art and criticism could no longer be trusted. Postmodern fictional and cultural theory blossomed in a post representational era, specifically the opposite of what was happening in positivist sociology, which clings more obstinately than ever to representation -achieved through quantitative method as the supposed deliverance of an embattled discipline. Not all versions of postmodernism are eligible as either social or critical theory. However, as Fredric Jameson (1991) has argued in Postmodernism, or, the Cultural Logic of Late Capitalism, postmodern theory has the potential for new forms of neo-Marxist social and cultural investigation pertinent to late capitalism. Foucault, Jean Baudrillard, and Derrida make means for critical theories of the social, especially where they make possible the critical analysis of cultural discourses and practices that intimately resemble and deepen the Frankfurt Schools analysis of the culture industry. And postmodern theory has made it nearly unattainable for people in interpretive and cultural disciplines to approach texts as if the meanings of those texts could be revealed to presuppositionless, really positivist readings. Postmodernists drive home the point that reading is itself a form of writing, of argument, in the sense that it fills in gaps and contradictions in texts through strong literary practices of imagination and interrogation. Few today can approach the act of reading or writing concerning reading in the same secure way that they could read texts before postmodernism, before representation was quizzed as a severely theoretical and political project in its own right. A momentous number of sociologists and anthropologists (Richardson [1988, 1990a, 1990b, 1991a, 1991b], Denzin [1986, 1989, 1990, 1991c], Aronowitz [1990], Behar and Gordon [1995]) draw from postmodernism in reformulating both social science research and theory in light of postmodernisms influential challenge to positivist theories of representation, writing, and reading. However, it is clear that most American sociologists and others in neighboring social science disciplines not only distrust but deplore the postmodern turn for its alleged antagonism to science and hence objectivity, rigor, disciplinary legitimacy, quantitative method, and grant-worthiness. The new scholarship in humanities departments enlightens critical social science in that it reads cultural discourses and practices as ideological and commoditized and helps formulate more general hypothetical understandings of society. For example, the work of Jameson, the author of numerous vital books on cultural and social theory from Marxism and Form (1971) to Postmodernism, or, the Cultural Logic of Late Capitalism (1991), clearly puts in to the project of critical social theory. Jameson is in dialogue with critical theorists and postmodern theorists. He develops a postmodern Marxism that learns from but does not give in to the detotalizing implications of postmodern theory. Although many of Jamesons references are from culture and literature whereas Habermass, for example, are from social theory and communication theory Jameson in effect does postmodern critical theory in his readings of works of literature, architecture, music, painting, and philosophy, presenting not simply close textual analysis but expanding his readings into oversimplifications quite similar to those of postmodern social theorists (e. . , Aronowitz, Luke) in social science disciplines. Cultural studies is intrinsically a pandisciplinary project in the sense that culture, as the Birmingham theorists conceptualized it, is not simply found in everyday life as well as in museums and concert halls but also disquiets a wide range of disciplines in the human sciences or human studies, broadly conceived. Almost no social science or humanities discipline falls outside of the potential purview of cultural studies, which could be seen as a theoretical perspective, a discipline, a corpus of writing, and even an investigative methodology. Like the Unit for Criticism at the University of Illinois, in which Cary Nelson, Lawrence Grossberg, and Norman Denzin had part-time faculty appointments, the CCCS at the University of Birmingham has brought together scholars from a variety of disciplines. Like interdisciplinary projects such as cognitive science, cultural studies is a perceptible interdisciplinary project collecting scholars who believe they cannot practice their interests in cultural studies within their home disciplines or who want to claim an individuality somewhat diverse from their disciplinary identities. By and large, scholars in humanities departments have been better able to do and teach cultural studies within their home disciplines, particularly where their home disciplines have embraced the new postcanonical, postcolonial, feminist scholarship. Social scientists have had a greater tendency to identify their interest in cultural studies outside of their disciplines proper, many of which have been indisposed to abandon their relatively narrow concepts of culture in favor of a more inclusive one or do not acknowledge the need to practice the study of culture outside of a discipline for which the study of culture has always been central, such as sociology and anthropology. This distinction between the ways that humanists and social scientists build up their identities, affiliations, and academic practices as cultural studies scholars is also replicated in their respective attitudes toward the matter of politicization. Although most scholars around the campus who do cultural studies are leftist and feminist, social scientists lean to position cultural studies as an empirical and theoretical contribution without close ties to politics, therefore legitimizing their work within fundamentally empiricist and objectivist disciplines. Humanists lean to embrace their close ties to politics, as the Birmingham scholars did, even arguing that curricular politics, including the politics of the norm and the resist to define and implement multiculturalism, is an important place for social change today. Cultural studies increasingly splits into politicized and apolitical camps, through the former group deriving from Marxist cultural theory and joining the influences of the Birmingham School, feminism, and Baudrillard. The latter group includes scholars who do not view cultural studies as a political project but somewhat as an occasion for deepening their own disciplines or working across disciplines. Much work on popular culture, such as that of the Bowling Green group mentioned, comes from this second group. Humanists are more probable than social scientists to belong to the first group. This is satirical in that left-wing and feminist cultural studies grew out of Marxist social and cultural theory and only later were modified by humanists such as Jameson to their own projects. In this sense, critical social theorists involved in culture tend to cluster in humanities programs, or if they work in social science departments, they are typically isolated among their colleagues. It is much more common to find gathers of culturally oriented critical social theorists outside the social sciences, for instance, in English and comparative literature departments and programs. Though these comparative literature students and faculty are more obviously and blatantly politicized than most of my erstwhile colleagues and students, they approach society through the text. This peculiarity is far from absolute. Nevertheless, much of the best critical social science and social theory is being done in humanities disciplines. Sociology, for instance, sought greater institutional authenticity by attempting to imitate and integrate the methods of the natural sciences. Disciplines such as English, comparative literature, womens studies, and media studies were concerned with culture as well as politics and thus were usual gathering points for faculty and students interested in the politics of culture. PART 2 Modern-day slavery breaches the basic right of all persons to life, freedom and the security of the person, and to be liberated from slavery in all its types. It weakens the rights of a child to grow in the protecting environment of a family and to be liberated from sexual maltreatment and abuse. Migration is some what Modern-day slavery that has become a main concern of government officials, political leaders, policymakers, and scholars, and many books and journal articles have been published on a diversity of topics related to migration comprising cultural change (Sowell, 1996), health (Loue, 1998), law (Weiner, 1995), mental health (Marsella, Bornemann, Ekblad, Orley, 1994), population movements and demographics, politics, urbanization, and the survival of human society. The International Organization for Migration (IOM) is conceivably the most noticeable international organization concerned with migration. However, the International Federation of Red Cross and Red Crescent Societies, the UN High Commission for Refugees (UNHCR), and the World Council of Churches, Refugees and Migration Services also have high visibility as policy, service, and research agencies. Other private agencies that have high visibility include Amnesty International, International Rescue Committee, Doctors Without Borders, Human Rights Watch, and the U. S. Committee on Refugees.

Mini Cooper: Expansion and Launch in India

Mini Cooper: Expansion and Launch in India THE PRODUCT: MINI COOPER IN INDIA INTRODUCTION: The Mini Cooper is a small car that was produced by the British Motor Corporation and its successors from 1959 until 2000. The original is considered an icon of the 1960s, and its space-saving front-wheel-drive layout that allowed 80% of the area of the cars floor pan to be used for passengers and luggage influenced a generation of car-makers. In 1999 the Mini was voted the second most influential car of the 20th Century, behind the Ford Model T[i]. This distinctive two-door car was designed for BMC by Sir Alec Issigonis. It was manufactured at the Long bridge and Cowley plants in England. The Mini Mark I had three major UK updates: the Mark II, the Clubman and the Mark III.The Mini Cooper is a sports car that was successful as rally cars, winning the Monte Carlo Rally four times from 1964 through to 1967. Initially Minis were marketed under the Austin and Morris names, as the Austin Seven and Morris Mini Minor, until Mini became a marquee in its own right in 1969. The Mini Cooper was again marketed under the Austin name in the 1980s. AWARDS AND POPULARITY: The Mini has won many awards over the years, perhaps the most notable includes: Car of the Century, Number One Classic Car of All Time and European Car of the Century. The Mini managed second place behind the Model T Ford for Global Car of the Century in that same poll. In the end 5.3 million Minis were sold, making it by far the most popular British car ever made. Thousands of these are still on the road, with the remaining pre-1980s versions being firmly established as collectors items. At its peak, the Mini was a strong seller in most of the countries where it was sold, with the United Kingdom inevitably receiving the highest volumes. It was a huge seller in the mini-car market. It was 16 years before the Mini received a serious threat to its sales success. INFORMATION ABOUT THE PRODUCTS: MINI HATCH: The new Mini First will be Minis most attractively-priced model on sale in India. Starting at just Rs.8, 76,000 OTR, and the Mini First offers customers the opportunity to get behind the wheel of a unique small premium car at an unbeatable price. Available only in Hatch form, the Mini First features the 1.4-litre petrol engine currently found in the Mini One, but with a power output of 75 hp. The frugal engine is mated to a six-speed manual gearbox as standard and great go-kart handling is ensured by the trademark sophisticated chassis of all Minis. A multi-link rear axle and independent front and rear suspension systems combine with Dynamic Stability Control to put a smile on the drivers face every time they get behind the wheel. SEGMENTING, TARGETING AND POSITIONING SEGMENTATION: refers to a marketing technique that targets a group of customers with specific characteristics. In the process of launching mini cooper in India the upper class people in the country are considered under segmentation. TARGETING: refers to the selection of a particular market towards which all marketing effort is directed. The targeted market for the mini cooper will be the young girls and the ladies sector in the country. POSITIONING: refers to the efforts of influencing a consumers perception of a brand or product relative to the perception of the competing brands or products. Its basic objective is to occupy a clear, advantageous and unique position in the minds of the consumers. With the help of newspapers, internet and hoardings the positioning will take place in the minds of consumers about the product. THE CONSUMERS: An individual who buys products or services for personal use and not for manufacture or resale. A consumer is someone who can make the decision whether or not to purchase an item at the store, and someone who can be influenced by marketing and advertisements. An official definition of consumer behaviour is The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society. Mini Cooper in India will be mostly preferred by the upper class people of the society. This is because of the cost of the product. As the cost is higher people would prefer to buy a bigger and luxury car instead of a small and sporty car. Those people who are more interested and knowledgeable in brands and values would be influenced to buy a Mini cooper in India. Mini cooper is recognized as a girly car all over the world. Mini cooper is a car of status and pride. The type of consumers who prefer a Mini cooper will be a consumer of status and pride. It a sporty car as well as a statement symbol of status. Consumers do not make their decision in a vacuum. Consumer purchases are influenced by four factors. They are as follows Cultural factors Social factors Personal factors Psychological factors. CULTURAL FACTORS: Culture is the part of the external influences that impact the consumer. That is, culture represents influences that are imposed on the consumer by other individuals. The definition of culture is That complex whole which includes knowledge, belief, art, morals, custom, and any other capabilities and habits acquired by man person as a member of society Culture plays an important role in the buying behaviour of the consumers. As India s rich in culture and tradition, this factor acts as a major role in launching of Mini Cooper in India. As the product Mini Cooper is focused on the young girls and ladies of the society, their decisions are based on the family situations. Some women are not able to decide on their own products and services in India. They have to be depended on their family and society. SOCIAL FACTORS: A consumer may interact with several consumers before buying a product. They may be different type of groups like membership group and reference groups. Family decisions are also very important in choosing a product. Roles and status also play an important role in influencing the buying behaviour of a consumer. As Mini Cooper is the symbol of status and pride the consumers can show their ostentatious behaviour. Those are people who are concerned about image. PERSONAL FACTORS: Personal factors are based on economic situation like his income, occupation, personality and self confidence and age and family life cycle stages. In purchasing a Mini Cooper in India a consumer has to take into consideration his level of income as the price of the product is high. He also has to consider his age and economic situation in the society. The major part in the personal factor is a person should have a high level of personality and self confidence to buy a product. Psychological factors like motivating consumers are mainly done by advertisements, road shows and other motivating factors. Attitudes and beliefs are very important in the process of launching a product. The Consumers have to be given more knowledge about the products. The Mini Cooper will affect the psychological factors of the customers when they see the advertisements. DECISION MAKING PROCESS: The act of making up your mind about something, or a position or opinion or judgment reached after consideration is called as decision making. It is the process of selecting a logical choice from among the available options. When trying to make a good decision, a person must weight the positives and negatives of each option, and consider all the alternatives. For effective decision making, a person must be able to forecast the outcome of each option as well, and based on all these items, determine which option is the best for that particular situation. The below diagram shows the process of decision making, and also will explain about how the decision making process affects the customers of Mini Cooper. In this model, the consumer passes through five stages: problem recognition, information search, evaluation and selection of alternatives, decision implementation, and post-purchase evaluation. Problem recognition or need recognition: In the problem recognition stage, the consumers buying process begins when the buyer recognizes the problem or need. When a consumer of an upper class society is in need of a car he recognizes the problems and the need of it. This is the first stage of decision making process. When the consumers find the difference between the actual state and the desired state, a problem is recognized. In other words a need is recognized to solve the problem. Information search: When the consumers discover the problem they are likely to search for information. In this case the consumers who recognized the need for a car would search for more information about the different type of cars and they would be more attentive to car advertisements, cars purchased by their friends or relatives, and peer conversation about cars. Or they may be more actively seeking information by visiting car showrooms, talking to friends and reading car magazines etc. Through gathering information, the consumer learns more about some brands that compete in the market and their features and characteristics. After the search of information the consumers go to the next stage of decision making process. Evaluation and search of alternatives: Under this stage a consumers try to solve the problem and ultimately satisfying their needs. In other words, the consumers will look for problem-solving benefits from the product. The consumer, then, looks for products with a certain set of attributes that deliver the benefits. Thus, the consumer sees each product as a bundle of attributes with different levels of ability of delivering the problem solving benefits to satisfy their need. The distinctions among the need, benefits, and attributes are very important. In this case a person who wants to purchase a car will evaluate and search of alternatives to satisfy his needs. Decision implementation: To actually implement the purchase decision, however, a consumer needs to select both specific items that are brands and specific outlets that is where to buy to resolve the problems. In many situations, consumers engage in a simultaneous selection process of stores and brands. In the case of purchasing car a consumer will search a brand and in that brand they will search for different varieties in the showroom. It is also possible, that the consumer decides where to buy and then chooses one or two brands the showroom carries. Once the brand and outlet have been decided, the consumer moves on to the transaction. Post purchase evaluation: The final stage in decision making process is post purchase evaluation. It is common for consumers to experience concerns after making a purchase decision. This arises from a concept that is known as cognitive dissonance. The consumer having bought a product may feel that an alternative would have been preferable. In these circumstances a consumer will not re-purchase immediately but is likely to switch brands next time. Post-purchase evaluation processes are directly influenced by the type of preceding decision-making process. Directly relevant here is the level of purchase involvement of the consumer. Purchase involvement is often referred to as the level of concern for or interest in the purchase situation and how extensively the consumer searches information in making a purchase decision. These are the different stages of decision making process. With these levels a consumer decides when, where, why and how they buy the product. Mini Cooper is to be launched in India in two major cities of Mumbai and Delhi. Showrooms will be opened in these cities and customers can buy Mini from the showrooms. Perceived risk: Perceived risk refers to a functional or a psychological risk a consumer feels he/she is taking when purchasing a product. Negative or unexpected consequences a consumer fears may occur as a result of making the wrong purchase decision. A high-priced, complex, durable good like an automobile has a higher perceived risk than a low-priced, consumable commodity like hand soap. The greater the perceived risk, the more likely it is that the consumer will seek information about the product and the recommendations and experiences of peers before Buying. Educated, self-confident, affluent consumers are less likely than others to perceive risk. In a situation with high perceived risk, the consumer is more likely to purchase the same brand repeatedly or to purchase a leading brand or one with performance guarantees and warranties. New products or brands will be avoided. 4.0 LAUNCHING THE PRODUCT The primary goal of marketing communications is to build awareness of the business, its products, and its position through customer-facing materials such as brochures, press releases, internet, media, billboards, and road shows. Planning an integrated and consistent cross-team approach to these activities, one that reinforces a companys message with target audiences and motivates customers to buy is very important in launching a product. Mini Cooper is being launched in Mumbai and Delhi by positioning through customer facing materials like brochures, press release, web sites, media and road shows etc. Advertising is a form of communication used to influence individuals to purchase products or services or support political candidates or ideas. Frequently it communicates a message that includes the name of the product or service and how that product or service could potentially benefit the consumer. Advertising often attempts to persuade potential customers to purchase or to consume a particular brand of product or service. Modern advertising developed with the rise of mass production in the late 19th and early 20th centuries. The major part in launching of a product is opening of showrooms. Showrooms of Mini Cooper will be more attractive and impressive for the customers. A showroom is an area where merchandise such as car can be displayed. It can also be defined as a room in a business set aside for the display of th e companys products. The three models of Mini Coopers in different colors will be displayed in the showroom. Customers can visit the showroom and book their minis hassle free without any problems. Customers are also offered with test drives if required. This will help the customers to understand practically about Mini and will also be helpful for them to buy the car with a clear mind as a result they will be happy to purchase the car without having any perceived risks in mind. Showrooms will be opened at the commercial area of the cities so that it will be easy for the customers. BROCHURES: A small booklet or pamphlet containing promotional material or product information is known as a brochure. Its a type of folding leaflet, literary advertisement. A brochure advertises about the location, products and services. They are actually in attractive slogans and eye-catching designs. Direct mails and trade shows are common ways to distribute brochures to introduce a product or service. The two most common types of brochures styles are single sheet or folded booklet leaflet form. Compared with a flyer or a handbill, a brochure usually uses higher-quality paper, more color, and is folded. In launching the Mini in the market, brochures are being used as one of the customer facing materials or advertisements. With the help of brochures, the people will come to know about the product and will take an initiative to visit the showroom and to check with the websites. The brochures will be made of high quality and will be printed in attractive colors and impressive slogans will be given. Free test drives will be added in the brochures to attract the customers. The address of the showroom and a map will be printed in the brochures for the customers. These brochures will be supplied to the public in the commercial areas and city centre. PRESS RELEASE: A public relations announcement issued to the news media and other targeted publications for the purpose of letting the public know about the launching of product and services is known as press release. A press release is a written or recorded communication directed at members of the news media for the purpose of announcing something claimed as having news value. Typically, they are mailed, faxed, or e-mailed to assignment editors at newspapers, magazines, radio stations, television stations, and television networks. Commercial press-release distribution services are also used to distribute them. A press release will be taking place one the showrooms are opened. Only the basic informations will be relieved to the public. In the press Release, the description of the product and services will be described to the public. The location of the showroom will also be relieved. INTERNET advertising is rapidly growing and is said to be the fastest growing sector within the advertising industry. The Internet has brought media to a global audience. Internet advertising ties together creative and technical aspects of the Internet, including: design, development and sales. Internet advertising is relatively inexpensive when compared to the ratio of cost against the reach of the target audience. Companies can reach a wide audience with the help of internet advertising. The nature of the medium allows consumers to research and purchase products and services at their own convenience. Therefore, businesses have the advantage of appealing to consumers in a medium that can bring results quickly. A website is introduced in the name of Mini Cooper. All the informations regarding the product is included in the website. The different models and the colors will be shown attractively to grab the attention of the customers. The customers will be given an option to book their car online through the website. The customers can also book for the test drives online. MEDIA: Ever since mass media became mass media, companies have naturally used this means of communications to let a large number of people know about their products. Two types of media advertisements are as follows: published media and visual or aural media. Newspaper, magazines and internet comes under published media and television and radio comes under visual or aural media. Advertisements in famous newspapers and magazines will be given for the Mini Cooper. Attractive slogans like MINI HITS INDIAN ROADS will be given on magazines and newspapers with colourful pictures of Mini Cooper. Advertisements in televisions will become livelier with the presence of celebrities with the Mini Cooper. Radio advertisements will also be given. Media will cover the major part of advertisement compared to the other types. BILLBOARDS: are large outdoor advertising structures. A billboard presents large advertisements to passing pedestrians and drivers. It is highly visible in the top designated market areas. Billboard advertisements are designed to catch a persons attention and create a memorable impression very quickly, leaving the reader thinking about the advertisement after they have driven past it. They have to be readable in a very short time because they are usually read while being passed at high speeds. Thus there are usually only a few words, in large print, and a humorous or arresting image in brilliant color. Attractive billboards with impressive colors and slogans will be placed at many places in the city. These will help the consumers to be aware of the car. The billboards will be very simple and clear for the public. The cars will be printed on the billboards. Billboards are very useful for the public to know about the launching of the product. ROAD SHOWS: are kinds of advertisement of the product. Basically a road show is nothing but a show of cars on the road in the public. These road shows will be attractive to customers as they see them on the road. Some number of Minis will be driven on the road in the city so that people become familiarized with the product launch. And they will also be parked alongside the road as a road show. Different colors of Mini Cooper will also be on the road show. Discounts and offers will be given to the customers on the early stage for the development of product in the market. It is very important because customers are more attracted towards discount and offers. Surprise gifts will be given to the first fifty customers who book Mini Cooper. The customers will be provided with the facility of Mini Cooper service stations in Mumbai and Delhi. First two services will be free of cost for the car. Cars will be picked and dropped at the customers place for service and it will also be free of charge. Accessories like seat covers, alloy wheels, music player etc will be available at the showroom. Customers can buy them at lesser prices. CONCLUSION: Thus the launching of Mini Cooper will be done effectively and efficiently. Customer satisfaction is more important for a sound business. We will promise to give our best to our customers to satisfy them. Mini Cooper will maintain its level of brand and will become a great success in India. With its great success Mini Cooper will be launched in more cities with more models in India. REFERENCE How the MINI Cooper Works, by Jonathan Strickland, http://auto.howstuffworks.com/mini-cooper.htm, retrieved 2009-12-12

Driving While on The Phone Essay -- Driving Texting

As technology advances, people become notorious for using their electronics in inappropriate situations. Teenagers in present day commonly text at the dinner table, while crossing a street, and even while driving. Not only do teenagers text, their parents do, as well. Texting is a frequent fad among the young adults, it also a convenient method for parents to keep in contact with their children. People nowadays have to be in contact with friends and family at every moment of the day especially while driving it is the equivalent of driving under the influence, using hand-held devices (like Bluetooth) will decrease the number of accidents caused by phones, and studies show texting reduces a persons reaction time. Recent studies demonstrate texting while driving is similar to having a 0.08 alcohol limit. Christine Noble is the city of Peoria Claims Coordinator and her job is to handle all the accidents claims against the City of Peoria. As part of her job, she investigates and determines the causes of auto accidents involving City vehicles. Ms. Noble can recollect at least six accidents this year that are caused by distracted drivers on their cell phones, while operating a vehicle. â€Å"The fact is that mobile phone use reduces reaction time by 35 percent, effectively making you a drunk driver, even when using a hands-free kit. And texting while driving is even worse with every second spent texting doubling your chances of crashing, dramatically reducing steering control and awareness of hazards.† (â€Å"Great Choice Car Insurance†) If being a drunk driver is illegal, why is not texting while operating a vehicle? In September 2008, 25 people, including the driver, died in a Los Angeles commuter rail disaster caused by t... ...tate Highway Patrol Statistics. NBC News 3. Web. 2 Dec. 2010 "Mobile Phone Use Equal to Drunk Driving." Great Choice Car Insurance. Insure 247 Great Choice, 10/06/2010. Web. 2 Dec 2010. American Psychological Association. "Drivers Distracted More By Cell Phones Than By Passengers." ScienceDaily http://www.sciencedaily.com ¬ 1 December 2008. â€Å"Editorial: Ban on texting will make roads safer† Sheyboygan Press. 30 November 2010. The White House, Presidential Proclamation—National Impaired Driving Prevention Month. Office of the Press Secretary, 1 December 2010 Distracted Driving. Stats and Facts. United States Department of Transportation http://www.distraction.gov 3 December 2010 â€Å"Mobile Phone Use equivalent to Drunk Driving.† Royal Automobile Club of Rick Reitzel Queensland. 18 May 2010

Ireland :: essays research papers

Ireland   Ã‚  Ã‚  Ã‚  Ã‚  Ireland is a country in Europe with a coast on the Atlantic Ocean. It is called the Emerald Isle because of its green color. Its people derived mainly from Great Britain. Most of the population is Roman Catholic. The Climate is much like ours.   Ã‚  Ã‚  Ã‚  Ã‚  The republic of Ireland covers 83% of its stand with the other 17% containing the country of Northern Ireland. There are twenty-six counties in the Republic with the over-all capitol of Dublin. The six northeastern counties form the county of Northern Ireland which is actually connected to the republic. Northern Ireland is part of the United Kingdom, where as the republic is not. The whole Island was under British rule before 1922. The island containing the Republic of Ireland and Northern Ireland, is separated by the original ruling country of Great Britain by way of the Irish Sea.   Ã‚  Ã‚  Ã‚  Ã‚  Ireland is actually a detached fragment from the European Mainland. Most of the country is 500 ft. above sea level. The surface of the country is covered by glacial drift from the Pleistocene ice age. This period left eskers, or long gavel ridges, and drumlins or small hills that were left behind by the glaciers. You can find the start of this belt in the west of the country by Clew Bay. It continues across the country.   Ã‚  Ã‚  Ã‚  Ã‚  In the south of Ireland, there is a series of parallel ridges of Devonian sandstone. The ridges rise in elevation westward and lead up to Carrantuohill, the largest mountain in the country. The famous lakes of Killarney are located at that point. The lakes are famous for their scenic beauty.   Ã‚  Ã‚  Ã‚  Ã‚  In the southeast of Ireland, granites from the Devonian age makeup the uplands which travel 80 mi. in a northeasterly direction towards the counties of Wexford and Wicklow, reaching the south shore of Dublin Bay. These uplands are glacier modified valleys.   Ã‚  Ã‚  Ã‚  Ã‚  Most of the soil in Ireland have been formed of Glacial Drift. Limestone, as around here, is the most common bedrock in Ireland, Making it even more like our area. Gleyed soils are commonly found where there is poor drainage, such as in the north-central lowland. Because of past wetness and acidity, peat has accumulated to form bogs that now cover thousands of acres in the midlands. These bogs are useless for agricultural purposes, but very useful in the source of peat fuel. Peat covers much of the higher hills and supports much vegetation making it actually an indirect importance to agriculture. It also makes good grazing for sheep.   Ã‚  Ã‚  Ã‚  Ã‚  The climate of all of Ireland stays mainly as a cool maritime climate. July has average temperatures ranging from 61 degrees in the south, to 57

Managed Health Care

Within the past thirty to forty years, the scope and cost of health care coverage and services has drastically changed, altering the manner in which health care was previously managed. There are several factors that have affected the cost of health care coverage over the course of the past two to three decades. One of these factors is the introduction and rapidly increasing enrollment in managed health care insurance plans. Managed care health insurance plans can, in most cases, help to alleviate the rising costs of effective medical coverage. Another important factor that has affected health care costs is the invention and implementation of new medical technologies. As prominent researchers and economic analysts have discovered, there is a distinct and direct correlation between advancing medical technologies and rising health care costs. Medical innovation has been proven time and again to be an important determinant of health care cost growth. It would appear that managed care health insurance plans, which attempt to lower health care costs, and highly expensive new medical innovations and procedures are at cross purposes, pulling against one another in very different directions. Market-level comparisons have found the cost growth of health care in markets with greater managed care penetration to be generally slower than that of non-managed care health insurance markets. However, managed care is unlikely to prevent the share of gross domestic product spent on health care from rising unless the cost-increasing nature of new medical technologies changes. Managed care health insurance plans differ greatly from indemnity fee-for-service, or FFS, insurance plans. Since the early 1970's, rapidly growing enrollment in managed care health insurance plans has transformed the health insurance market in the United States. Virtually nonexistent in most markets three decades ago, managed care health plans covered 63 percent of the nation's employees by 1994. Managed care incorporates a range of features that allow the insurer greater influence in the process of care delivery. Managed care plans aggressively contract for lower prices from physicians and hospitals and attempt to constrain the use of health care services by monitoring providers and changing provider incentives. Health insurance providers that operate under the fee-for-service concept grant the consumer much more freedom of choice concerning doctors and treatment programs, thus freeing the consumer of any feelings of discontent with â€Å"interfering† insurance companies. Consumers of indemnity plans, however, pay a price for that freedom by way of drastically higher rates and little knowledgeable input on doctors, specialists and nearby hospitals that will fit their particular needs. Many of today's health insurance consumers choose to place their trust in a managed care insurance company, relying on the expertise of the provider to support and facilitate their various medical treatments and needs. Health maintenance organizations, commonly known as HMOs, have emerged as the clear leader of managed care providers. Other types of managed care plans include preferred provider organizations, point of service plans and managed indemnity plans. Most studies focus on HMOs and so do not describe variation in the type of HMO or in the extent of the level of management in non-HMO plans. HMOs have effectively reduced health care expenditures (Scheid, 2003) A natural assumption would be that the quality of care would be lowered as insurance rates go down and remain reasonable and affordable. However, these cost savings have been achieved, according to most evidence, without significant reductions in the quality of care (Bransford, 2006). This suggests that managed care health insurance plans -HMOs in particular- tend to reduce inefficiencies in the health care system. In fact, a study that examined changes in hospital expenses in California found as much as a forty-four percent slower rate of hospital care cost growth in markets with high HMO penetration relative to markets with low HMO penetration (Cooper, & Gottlieb, 2000) There are two main types of services that managed care health insurance companies use to categorize and label their treatments and procedures. These categories are known as complementary services and substitutive services. These two terms apply to new innovations in medical technology and the amount of money spent to provide the technology to the consumer. Complementary services are those whose use increases with the use of the new technology. Complementary services are attractive to the consumer, who, understandably, desires the latest, most effective medical technology to treat themselves and their loved ones. For example, suppose an improvement were to be made in the field of diagnostic imaging. This improvement could provide clearer, higher quality images, thus leading to more favorable surgery outcomes. The likelihood of a better surgical outcome may result in more individuals electing to receive surgical treatment. The development of this new technology in diagnostic imaging would, no doubt, have been highly expensive. Also, the costs associated with an illness in which there is an increased need for surgery are usually quite high. If an innovation leads to greater use of complementary services, expenditures raise more than would be predicted by simply examining the direct expenditures on the innovation. In this case, imaging and surgery are complementary technologies. This example suggests that the use of complementary services may increase the costs associated with use of new innovations by as much as fifty percent. Substitutive services, on the other hand, differ in that they are not provided because of the use of new technologies. The savings associated with the avoidance of these services offset the costs of the technological innovations and complementary services. If the innovation results in improved health outcomes, substitution away from services that would have been consumed later may also occur. It is also hoped that this type of substitution would accompany most preventive services and many other innovations that yield a reduction in morbidity in the long-run. Evidence suggests that medical innovation has led to higher expenditures on health care services. It appears that if the rising cost of health care that results from technological advances remain unchecked by managed care, the effect of technological progress will tend to offset any cost savings achieved by managed care through lower prices or lower use of established services. Factors such as population increases, extended life expectancies and overall inflation have contributed to rising health care costs. However, studies have proven that important advances in specific areas of medical technology have had the most intense effect on health care costs. This finding still applies when it is considered in terms of managed care health insurance plans to a certain undeniable extent (Scheid, 2003). Studies have been conducted during many periods over the course of the past several decades, focusing on substantial increases in health care costs in direct correlation to particular medical procedures and fields. Among these procedures and fields are child birth, radiation therapy, coronary bypass surgery, and nuclear medicine and cancer treatments. For example, the innovation of cesarean sections used during problematic child deliveries has increased health care costs. The various medical personnel must all be compensated for their time and labor: the anesthesiologists, the surgeon, the nurses, etc. Also raising health care costs are fetal monitoring and ultrasound techniques. In the case of breast and other cancers, radiation therapy, as well as combination therapies that include chemotherapy has contributed to rising health care costs. One field of medical practice which has become notorious for being costs-increasing is the study and treatment of heart attacks. In the treatment of heart attacks, the prime cost-increasing technologies were the introduction of intra-coronary streptokinase infusion and coronary bypass surgery. A study performed by Glenn P. Mays, Gary Claxton, and Justin White; (2004), using Medicare claims from 1994 to 2001, report a four percent annual increase in the average reimbursement for treating elderly heart attack patients. They attribute the majority of this increase to the diffusion of new technologies for performing invasive revascularization procedures. Over the period of the study, cardiac catheterization rates rose from eleven percent to forty-one percent of heart attack patients. Bypass rates rose from five percent to thirteen percent, and angioplasty rates rose from one percent to twelve percent. The population studied by Glenn P. Mays, Gary Claxton, and Justin White; (2004) was overwhelmingly enrolled in traditional FFS Medicare; therefore, any finding must represent a spillover. Furthermore, they do not address the likelihood of receiving a related service, coronary bypass surgery, so we have an incomplete picture of how practice patterns change over the period of time studied. Different approaches are used to determine the impact of new technologies and innovations on health care costs. One approach, called the affirmative approach, focuses on individual technologies or diseases. This approach suffers from an inability to access the aggregate impact of technology on cost growth. The body of evidence suggests that the impact of technology varies by disease. One study notes that in certain areas, technology clearly lowers costs, particularly when that technology facilitates complete cure or prevention of a disease (Scheid, 2003). One example of this type of innovation is the Salk-Sabin polio vaccine, which is inexpensive to develop and manufacture and almost completely eliminates the high costs of polio treatment. Another approach that is used to examine the effect of technology on health care costs is known as the residual approach. This approach views technological advances as being the sole reason for rising health care costs simply because the innovations are so expensive that there must be a method of which to pay for the invention and further development of the technology. The differences between health care givers and the companies that provide the health care insurance have blurred substantially. A decade ago managed health care organizations was referred to as an alternative delivery systems. However, today in the United States, managed health care organizations are now the leading form of health insurance coverage. Every individuals currently living in the United States of America has a need for affordable and accessible health care coverage. Over the last thirty to forty years, the extent and cost of health care coverage have significantly changed; therefore, altering the method in which health care is managed. The demand for health care has expanded because of changes in the age population, increasing incomes, and improvement in medical technology. Elderly people demand more health care and health care systems must supply the expected quality if health care. The improvement of medical technology has largely increased treatments to enable people to have a good quality of life. The resource factors such as land, labor, income, capital, goods and services cause shifts in the managed care. The increase in the health care price reduces people's income and this means that the health care price is more expensive in comparing to other goods and services. An increase in income leads to an increase in demand and vice versa. However, a decrease in income will reduce the amount of health care treatments. The relationship between price and quality of health care demanded indicates the quantity of health care services that can be obtained at conceivable price. A change in price leads to a movement along the demand curve. For example if the price of eye surgery rose significantly, then people would seek another alternative of treatment. This would lead to a fall in the demand, but when income or prices of health care services change, the demand curve will shift. If the level of cost changes then the supply curve will shift. For example if the doctors or nurses income increases, this process will increase health care cost. Managed care plans substituted the traditional fee for service system. The plans provide a number of economic incentives for health care providers, patients, and payers to cut health care cost. The increased enrollment will reduce the health care expenditures through reduction of price and quantity. Currently, the new plans are popular among public sector of health care programs such as Medicaid and Medicare. Medicaid and Medicare is a joint federal and state-run program that provides health coverage to selected low-income individuals who cannot provide their own health insurance and senior citizens over 65 years of age. Government intervention contributes to an increase of health care cost and creates inefficiencies, while big employers are cutting benefits, demanding higher contributions from their employees and saying there is more of the same to come, smaller and medium-sized employers offering health care plans dropped in 2002. People might demand a better Medicare of Medicaid program, but they will be affected by escalating health care costs. The private insurers will be under even more pressure, as they will have to provide policies tailored to the needs and budgets of their clients. They will increasingly have to keep costs down by using their bargaining power. People in this country demand health care because they want to be healthy. This trend has been fueling managed health care systems for the last forty years. Changes in health care structure are influenced in this country by macroeconomic conditions and the standard of living. Government agencies have a tremendous impact on regulating and controlling of health care spending. Changes in age structure, increasing real incomes, and improvements in medical technology have all fueled this desire for better health care. References Bransford, C.L. (2006). The Exercise of Authority by Social Workers in a Managed Mental Health Care Organization: A Critical Ethnography. Journal of Progressive Human Services, 17 (2), 63-85. Cooper, C. C., & Gottlieb, M. C. (2000) Ethical issues with managed care: Challenges facing counseling psychology. The Counseling Psychologist, 28, 179-236. Glenn P. Mays, Gary Claxton, and Justin White; 2004; Managed Care Rebound?   Recent Changes in Health Plans' Cost Containment Strategies: (Health Affairs, August 11, 2004) Scheid, T.L. (2003). Managed care and the rationalization of mental health services: Journal of Health and Social Behavior, 44 (2), 146-161.