Marketing and the Apple Watch Essay

Marketing occurs within an organisation when consumers needs, wants and demands are met with the exchange of a product (Kotler & Armstrong, 1991). The concept is organisation wide, and particularly important when new products are introduced within a market. Customer value is an important aspect of marketing, as it aids in exploring what the consumers perceived needs and wants are. Customer value can be defined as the benefits gained, and sacrifices made in order to purchase a product. The main sources of value created by the organisation are functional/instrumental value, experiential/hedonic value, symbolic/expressive value and cost/sacrifice value. In this paper we will be looking towards the fore coming Apple Watch as an example. Marketing is an extremely broad concept. Therefore when attempting to define the term, the diverse meanings it has for many different people and groups must be acknowledged. (Kotler, Shaw, FitzRoy, Chandler, 1983). The term at its core relates to much more than just the selling and advertising of products. The desired aim is for products or services to be revealed in a stimulating manner for both indirect and direct customers of the organisation. The common misconception of the term â€Å"marketing† is that its core element is to simply sell a product or service. However, marketing as a business philosophy is adopted throughout the whole organisation, and through all levels of management (Keelson, 2012). It is an approach where the customers’ wants and needs must be the primary concern throughout all business decisions. Kotler et al (1983) explores the term further by arguing that marketing is the process of using activities and institutions that enable communication, deliverance and the exchange of offerings that provide value for a wide array of customers, as well as society at large. Marketing has some fundamental notions attached to it – the first and foremost being human needs, relating to people feeling deprived by not possessing goods or services (Kotler & Armstrong, 1991). Human needs are intricate and come in abundance, and from these perceived needs human wants are established. Human wants are largely dependent on the needs of humans, as they are molded by individual cultures and development (Kotler & Armstrong, 1991). Once an  individual desires a product and has the capacity to purchase it, these wants are converted to demands. Most importantly within the process is the exchange, observed as the underlying principle of marketing (Woodall, 2004). Relating to procurement, acquiring the favourable product from a person whilst offering something in return. A product is essentially anything offered to the market in order to satisfy their perceived needs and wants (Kotler & Armstrong, 1991). In this case the Apple Watch will be discussed. The product or service will be directed at a specific market, which comprises all potential and actual buyers (Kotler et al, 1983). The Apple Watch is being targeted at the general public, but more specifically a hyper focus towards previously established Apple users and fans with a propensity for superior goods. These notions are important components of marketing as they provide information for the organisation to determine what goods and services to offer. Marketing is hugely important to any organisation, regardless of size or type of product and service on offer. The aim of undergoing marketing is to deliver a standard of living to people, providing them with products for when and where they need them (Kotler et al, 1983). The concept of marketing is more often than not propelled by revenue; businesses want to add to their profits by satisfying customer needs. Without properly executed marketing functions in place, where the customers needs, wants, and demands are not aligned within the transaction, then the organisation has little chance of achieving a competitive advantage, as well as gaining value for themselves. (Keelson, 2012). Using the example of the Apple watch, which has been in production for some time, Apple have been assembling their ideas, whilst observing the results of other rival companies releasing similar versions of the product. Apple have been carefully honing in on the customers needs and wants, and are finally r eady to release the end product to expectedly enthusiastic consumers. Customer value essentially is the perceived benefits concluded by the customer, derived from obtaining the product held up against the sacrifices  being made to acquire the product (Weinstein, 2012). Organisations creating value, furthermore customer value is progressively being seen as a fresh and up to date source of competitive advantage (Woodruff, 1997). Because of this, the creation of customer value is an incredibly significant central concept within marketing (Patterson & Spreng, 1997). However there is not one single agreed upon definition that may be used for customer value, as well as no distinct definitive theory or framework used to emphasize customer value (Weinstein, 2012). Adopting the way in which organisations are able to create value, Smith and Colgate (2007), have developed an innovative framework where four types of value created merely by the organisation are acknowledged – these being functional/instrumental value, experiential/hedonic value, symbolic/expressive value and cost/sacrifice value. Functional and instrumental value refers to the buyer purchasing the product and having it complete the function it is designed to do (Smith & Colgate, 2007). More so concerned with the product’s attributes, performance and outcomes. In order for the Apple watch to attain this value, the smart watch has to possess all features including accurate time, Wi-Fi, and user-to-user connectivity in a way that is easy to operate and understand, as well as reliable for the consumer. This assessment of value may vary between individuals. The experiential / hedonic value is more removed from the product itself, and more related to the sensations we receive from the product. More specifically linked to the feelings and emotions we receive, as well as suitable experiences for the customer (Weinstein, 2012). Tim Cook, the CEO of Apple has titled the Apple watch as the most personal and intimate product yet (Apple, 2015), with the watch alerting you of notifications through a small vibration to your skin. Continuing with sensory value within the watch, Apple have worked with high fashion designers and stylists to ensure the product looks great, as well as releasing a wide array of styles suitable for anyone. Furthermore, the smart watch being one of Apple’s most aesthetically pleasing products to date, it is believed that consumers will purchase due to pleasure of possessing it (CNET, 2015). This sense of joy and experience holds emotional value for the buyer. Symbolic and expressive value is duly concentrated on the degree in which the customer will bestow or associate psychological meaning to a specific product. Moreover in terms of self-identity, and whether the product enables the buyer to express their personalities, as well as attaching social meaning (Smith & Colgate, 2007). There are a large variety of Apple watches that may be purchased with differing prices and styles. This gives the buyer plenty of choice, and an ability to express themselves in terms of design in colours, shape of watch, and wristbands. Addressing self-worth and self-identity, aforementioned the watch comes in many styles with different price tags, the 18 carrot gold apple watch could appeal to a person wanting to symbolize prestige, and status, and therefore make the buyer feel good about themselves. However personal meaning is incredibly specific to individuals, and for marketers this can be very difficult to achieve. The cost and sacrifice value related to the things we give up in order to obtain the product, involving time, money, personal investments and the risks involved (Slater & Narver, 1994). Apple has provided a wide array of prices ranging from AU $499 to $24,000 (CNET, 2015), meaning that people are able to choose the dollar amount they pay. As this is Apple’s first attempt at marketing a product designed to be worn, the actual purchase experience will vastly differ. Apple employees have been trained to be much more customer focused, asking questions and making the buyer feel comfortable (Apple, 2015). However the product has a high level of personal investment, and risks attached to the actual purchase of product. As the watch remains a part of the modern digital electronic world, there is always the chance that technology will revolutionize quickly and the product will be outdated. Moreover along with purchasing the watch, the buyer must have one of the latest versions of the IPhone in order for the device to be compatible, this limits the market of people buying the product. Whilst the Apple watch may carry a lot of symbolic, and expressive value, there are still a lot of risks and costs attached to the product. The relationship that exists between marketing, and customer value is apparent. Organisations are aware that suitable marketing needs to involve more than just promotional hype. It needs to be intertwined with providing  real value to customers. Prior to the actual release of the Apple watch, the brand has been able to find a balance between employing large-scale ads on television as well as high class magazines to gain attention and to conjure interest from the public, whilst still educating consumers on the uncapped features and functions that the watch possesses. Woodruff (1997) alludes to customer value having long acted as a vital principle within modern day marketing as a means to not only gain customer satisfaction, but brand loyalty as well. Organisations employ different philosophies of marketing as a way to discover what the customers’ needs and wants are, to gain a more complex understanding of what customers’ value (Slater & Narver, 1994). By having an organisation comprehend their specific target markets, the delivery of customers anticipated satisfactions can be completed in a more efficient and effective manner. In conclusion marketing and customer value are intertwined with each other in terms of achieving organisation success. The consumer’s needs and wants are delivered through an exchange of product that provides real value to the customer. The consumer will then weigh up the product in terms of costs and benefits. The apple watch has perceived customer value, with the product providing symbolic / expressive value, as well as functional / instrumental value to consumers. However as with any product there are still risks associated with purchasing the product, as well as sacrifices having to be made. References Apple,. (2015). Apple – Apple Watch. Retrieved 1 April 2015, from https://www.apple.com/watch/ CNET,. (2015). Apple Watch Release Date, News, Price and Specs – CNET. CNET. Retrieved 22 March 2015, from http://www.cnet.com/au/products/apple-watch/ Keelson, S. (2012). The evolution of the marketing concepts: Theoretically different roads leading to practically same destination!. Global Conference On Business And Finance Proceedings, 7(1). Kotler, P., & Armstrong, G. (1991). Principles of marketing. Englewood Cliffs, N.J.: Prentice Hall. Kotler, P., Shaw, R., FitzRoy, P. & Chandler, P. (1983). Marketing in Australia. Sydney: Prentice-Hall. Chapter 1, 3-27. Payne, A., & Holt, S. (2001). Diagnosing Customer Value: Integrating the Value Process and Relationship Marketing. British Journal Of Management, 12(2), 159-182. Slater, S. F., & Narver, J. C (1994). Market orientation, customer value, and superior performance. Business Horizons, 37(2), 22-28. Smith, J.B. & Colgate, M. (2007). Customer value creation: A practical framework, Journal of Marketing Theory and Practice, 15(1), 7-23. Weinstein, A. (2012). Superior customer value. Boca Raton, FL: CRC Press. Woodall, T. (2004). Why Marketers Don’t Market: Rethinking Offensive and Defensive Archetypes. Journal Of Marketing Management, 20(5-6), 559-576. Woodruff, R. (1997). Customer value: The next source for competitive advantage. Journal Of The Academy Of Marketing Science, 25(2), 139-153. Kotler, Philip, and Gary Armstrong. Principles of Marketing. 8th ed. Upper Saddle River, NJ: Prentice Hall, 1999. Perreault, William D., Jr., and E. Jerome McCarthy. Basic Marketing: A Global-Managerial Approach. 13th ed. Boston: Irwin/McGraw-Hill, 1999.

Are Test Scores a Good Indication of a Student’s Competency?

Are test scores a good indication of a student's competency? Nowadays, many students spend all their time in learning the courses and preparing the tests, and they don't have any time to take part in other activities. Is this phenomenon good or not? However, are test scores a good indication of a student's competency? Opinions vary from person to person. As far as I am concerned, test scores are not the only standard of evaluation, but it is still very important. First of all, not only those who get very high test scores can achieve success.Test scores only stands for a small part of one's competency. Test score is a reflection of your daily study. A good examination results indicates that you study hard, know how to go ahead and be different with those who lives without any aims. Scores themselves aren't what count, it's the fact that you are a person of ability or not. For example, the college entrance examination score of Jiang Fangzhou, who is a talent young writer, was not so hi gh. But Because of his outstanding writing ability she was unconventional admitted by Tsinghua University.Besides, the 2012 Nobel Prize in Literature was awarded to Mo Yan, but he had only primary education. On the other hand, high test score does not always represent a very strong personal capacity. â€Å"High scores and low abilities† is a new phrase in china. Xiao Li, a graduate who was freshly out of school, hasn’t found a job yet. He said, â€Å"I can’t do anything except studying, especially interpersonal skills and the ability of living independence. Maybe because my ‘High scores and low abilities’, I can’t get an offer from any company. When you are a person who has no other ability, test score can be a standard to evaluate your ability. But when you enter the society, maybe it is meaningless. It just represents your history, and you need to have various other abilities, such as practice ability, innovation ability, target power and interpersonal communication ability. Thirdly, test score is not a capital, but some time it is the knocking brick of success. Test score is still an important standard of selecting candidates in today's china.For example, in most cases, the college entrance examination and the civil servants examination are completely according to the examination scores for students' admission. In addition, many employers choose better employees in according to their test scores. So to most ordinary people, if we have high scores, we can have more opportunities All in all, test scores are not the only standard of evaluation. But under the exam-oriented education, we must have a high score, only then we can be recognized by the society. Of course, we should not only manage to get high test scores, but also improve our other abilities as far as possible.

Advantages and Disadvantages of an Early Marriage Essay

Below is a free essay on â€Å"Advantages and Disadvantages of an Early Marriage† from Anti Essays, your source for free research papers, essays, and term paper examples. Young people in modern society have completely different views on marriage. Ones prefer to get married at an early age; others, however, tend to postpone marriage until they finish their studies and make a successful career. Early marriages have lots of advantages, such as experiencing the joy of parenthood and other benefits of the wedlock and becoming mature as early as possible, but also have some negative sides, such as economic restrictions, misunderstanding between partners and inability to get proper education. On the one hand, marrying young has some advantages. Firstly, due to the heavy workload arising from new responsibilities and duties, such as earning the living, taking care of children, organizing time properly, running the household, the newly married youngsters mature much earlier than their peers. see more:advantages and disadvantages of family Read more:  Child Marriage Essay Introduction Secondly, the earlier the partners get married, the more time they spend together, the more obstacles they overcome hand in hand, the more mutual interests they have, and, as a result, it is quite easy for them to find common ground and see eye to eye on various problems. Besides, such spouses are more likely to compromise and to comfort each other more successfully. Thirdly, having children is another important aspect of family life, which is worth mentioning. The idea is that giving birth at an early age is not likely to be followed by any health problems. On the other hand, there are some disadvantages in getting married at an early age. To begin with, both partners do not have an opportunity to finish their education, as they have to provide for their family and one of the spouses is likely to become a breadwinner. Furthermore, marrying young leads to a wide range of problems and inconveniences, such as insufficient income and lack of suitable accommodation. This is when a young couple realizes that the reality is much tougher, than their pure feelings and family life is not always about being lovers, but it also demands self-sacrifice.

Business Report Essay Example | Topics and Well Written Essays - 500 words - 1

Business Report - Essay Example Faster or afterwards all society regardless of culture, language or nationality arrives at the final stage of political and social development. This implies the entire society will be unified to co-exist with harmony, though prior to this they ought to undergo fierce engagement in terms good and evil, which aligns with premises put forth by Karl Marx and Chinese whom they proved through applying them in their lives. Second met account contends societies emerge in terms of following a linear progression to result to a singular end. Societies irrespective of culture or creed ought to progress from original structures whereby respective groups comprise the basic units towards modernized societies, hence prompting atomized people turning sovereign units. Consequently, all these are assumed to be cogent besides their intentions being to vote with the objective coming up with concrete decisions. Due to their rationality once they vote, end up ensuring sound governance besides harmony in their full existence. Eventually, electoral democracies will be the only political system for all countries and people with a free market to make them all rich. Those who endorse democracy with the mission of spreading it all around the world are as good and evil for those who do not hold elections. The effects of socialism in China as by the met narrative is that there was wide spread poverty in the country even in the period where Li was growing up. China was a struggling poor agricultural economy and businesses were doing fairly badly. The people were so poor and his family lived on food stamps and rationed portions of meat. The effects of electoral democracy often accompanied by capitalism are dismal performance of elected governments and civil strife especially in developing countries. China’s organizational system serves as a model for Human Resource Management and development as it is unbiased and efficient. It has divisions into state owned

Cool for sale Essay Example | Topics and Well Written Essays - 1250 words

Cool for sale - Essay Example When reviewing the PBS special report The Merchants of Cool, it was at first noticeable, in the lead photograph, that the youth group being displayed in the photos showed evidence of gender role changes which are not common in youth subcultures. The male teenaged individual in the forefront displays the words, J-Lo, in reference to the famous singer Jennifer Lopez, however the letter J is written backwards (pbs.org, 2008). This might reflect a deliberate attempt or testimonial against the mainstream music scene by showing their defiance against celebrity with the twisted representation of the singer’s name on his chest. Additionally, the youth has written on his chest, Kissy me with a heart displayed, showing apparently no remorse for the decision (pbs.org), something which would generally be limited to female display in traditional youth groups. Personal displays of body-art which borders on feminism, being displayed by a youth male, is very edgy and, in traditional youth gro ups, might lead to bullying by peers. Changes in how peers identify with themselves would radically change the marketing strategy of a corporate brand because it would limit the power of celebrity endorsements and a mass market effort might become only a niche market investment when it only appeals to smaller group subcultures. In 2004, the fast-food giant McDonald’s used Yao Ming, the famous basketball player, to appeal to youth buyers and found considerable success (Hargrave-Silk, 2004). This would likely not be effective due to changes in youth attitudes today.

Fire & Rescue Leadership Dissertation Example | Topics and Well Written Essays - 8000 words

Fire & Rescue Leadership - Dissertation Example With an increase in the propensity for threats related to terrorism and a change in the urban landscape, the challenges confronting Fire and Rescue Service organisations are now far more complex than ever before. Emergent nations, including the United Arab Emirates, now confront new challenges with the construction of buildings like the Burj Khalifa, which is the tallest building in the world. However, despite the significance of leadership for all organisations, Fire and Rescue Service organisations around the world present an increase in the leadership gap that is of concern. Thus, it makes sense to try to understand better leadership within the context of Fire and Rescue Service organisations and to device ways to enhance the leadership potential of Fire and Rescue Service members at all levels. This dissertation presents a discussion about fire and rescue leadership, enhancing leadership in Fire and Rescue Service organisation and how Fire and Rescue Service organisations in emer gent nations, like the United Arab Emirates, can learn from the experiences of the more developed nations. Declaration I certify that, except where cited in the text, this work is the result of research carried out by the author of this study. _____________________________________________ Name and Signature of Author March 2011 This write - up is for a dissertation on Fire and Rescue Leadership. Biographical Sketch Acknowledgements Contents Chapter 1 Introduction 1 1.1 Background 3 1.2 Objectives of study 4 1.3 Scope of study 5 1.4 Structure of dissertation 6 Chapter 2 Literature review 7 2.1 Leadership Theories and the Difference between Leaders and Manager 9 2.2 Leadership within the Context of Fire and Rescue Services 12 2.3 Training Leaders for the Fire and Rescue Services 15 Chapter 3 Research Approach and Methodology 21 3.1 General approach 22 3.2 Methodology Framework 24 3.3 Primary research 28 3.4 Secondary research 28 3.5 Data Collection Procedure and Analysis 29 3.6 Interp retation and Application of Results and Findings 30 Chapter 4 Findings 32 4.1 Conduct of Interviews 32 4.2 Findings of Interviews 33 4.3 Analysis of Leadership Courses for Fire and Rescue Services 36 4.4 Observations Derived from Research 37 Chapter 5 Summary, Conclusions and Recommendations 38 5.1 Summary 38 5.2 Conclusions and Recommendations 40 5.3 Limitations 41 Appendices 43 Appendix A – Questionnaire for the Semi-Structured Interviews 44 Appendix B – Consent Form for the Recording of Interviews 47 Bibliography/ References 49 (This page intentionally left blank) Chapter 1 – Introduction The Fire and Rescue Service in any nation confronts change based on the needs of an age that demands clear leadership from within its ranks (Communities and Local Government, United Kingdom, 2005, Pp. 1 – 5). As an example, the threat of terrorism has now placed new demands on fire service leaders who must now find new and innovative ways to meet new challenges and co mmunity expectations, while remaining committed to ensuring maximum safety for the Fire and Rescue Services employees (Weeks, 2005, Pp. 1 – 10). Terrorist attacks in Bali, Madrid, London, Mumbai, Sharm al Sheikh, Amman, Algiers and elsewhere amply demonstrate the need for a new strategy that will challenge Fire and Rescue leadership. In addition, tall structures in regions where they previously

Tennesse Williams The Glass Menagerie Essay Example | Topics and Well Written Essays - 500 words

Tennesse Williams The Glass Menagerie - Essay Example In Act One, Scene One, the stage setting is described as having a ‘dark, grim rear wall of the Wingfield tenement’. There are stage directions where the actors and actresses enter and exit the stage using the props like stairs and this is difficult or impossible to accomplish using an arena stage. (Williams 12).An arena stage is a central stage that has surrounding seats and this gives no leeway except to ascend or descend from the stage. Then the actor or actress has to sit down at the level of the audience, or walk all the way to the nearest dressing room. An arena stage is similar to a theater in the round, which has the audience seated on all sides of the performance stage. A thrust stage is most suited for this play because it allows the actors and actresses entrance and exit routes and help to make the play a realistic drama. In Act One, Scene One, the stage directions say that; ‘The scene is memory and is therefore non-realistic.’ (Williams 12). Amanda and Laura are seated at the dinner table behind the scrim to symbolize their need for privacy since they are eating. Williams highlights the unrealistic nature of the play by stating that; ‘Eating is done by gestures without food or utensils.’ (Williams 15). This play is also unusual in having a character, Tom, in the play, assume the multiple roles of being the narrator and stage director too. This makes the play realistic because the play is Tom’s testimony. Some characters are unrealistic in the play. In Act One, Scene Two, Amanda discovers that Laura has been skipping her typing class and deliberately deceiving her. Laura is an unrealistic dreamer. She fails to understand the importance of earning her stripes with a formal education and getting a relevant job to be self-supportive, if not contributing to the family household income. Tom is rooted in realism although his responses to the pressure are human and hints of escapism. Amanda

Linkage among Environmental Opportunity, Competency and Organizational Essay

Linkage among Environmental Opportunity, Competency and Organizational Success - Essay Example 1 The technological environmental represent the application to marketing of knowledge based on discoveries in science, inventions and also innovations new technology will results in new goods and services for consumers. Improved existing products better customer service and care and often lower prices through the development of more cost-efficient production and distribution methods (Louis, 1992) Though technology can quickly make products obsolete for example calculators wiped out the markets for slide rulers. It can quickly open up new marketing opportunities. It has led to spawning of new industries for example computers, laser and xerography industries. Marketing managers might closely monitor the technological environment for a number of reasons. This may be the means by which a firm introduces major products breakthrough giving of a competitive edge. For example after years of technological research, Procter and Gamble scientist succeeded in perfecting a formula for a combination of shampoo and conditioner which was introduced in the market place as part plus, this brad become the leading shampoo in the united states and captured twelve percent of the market keeping in mind that it competes with more than 1,100 other products. 2 By the application of new technology marketing managers have greatly improved services to their customers. Electronic communication has brought consumers the convenience of in home shopping and also twenty-four hour banking at the automated teller machines. The more competent he becomes in the organizational competent. According to Louis (1992) new technology can greatly help marketing managers in making decisions that will result in increased productivity and overall efficiency in its operations. Computer aided designs super workstations, and computer aided manufacture tends to speed up the process of bringing new products to the market. Designing products by computers allow firms to thorough test products for potential problems, which increase their competitive ability by eliminating costly errors before the products go into manufacturing. This not only assures business survival but also ensures the continued success of a business. Computerized mapping systems will give marketing managers instant geographic and customers information. Computer maps will also help markets in targeting markets, planning advertising analyzing competitors and distributing their products. Advancement in communications technology will help creating computer networks that allow marketer to share information with dealer's distributors and co-workers in such areas as finance, research and development. Laptop computers and cellular phone technology will definitely increase sales force productivity since the salesman will do less paperwork hence spending were time with clients and prospects. Technology can not be separated with competency and success of the business since for any organization undertaking its business technological rate and level has had great implications especially in areas of new products development customer satisfaction and also its role in controlling and standardizing quality of products. 3 Marketing managers understands that economic environmental influence consumer buying power so as to achieve success. The health of an economy will influence consum

Marketing Success Research Paper Example | Topics and Well Written Essays - 500 words

Marketing Success - Research Paper Example There can be high value created by the product for target consumers in terms of quality and price. Hygiene is an important factor in any form of consumption which will be maintained in the bottled water products. On the other hand, it will be affordable for all income groups and will eliminate the risk associated with consuming normal water. Value creation will also be done by not creating any negative impact on the environment. Marketing mix comprises of four important elements such as product, price, promotion, and place. The product majorly represents mineral water which will be passed through various stages so as to ensure its level of quality. The packaging of the product will be dependent on prices as there will be bigger sized bottles, medium sized bottles, and small sized bottles. Prices of the product will vary from $3 to $6. Low prices will be a unique selling proposition for the bottled water. The product will be manufactured in factories which will be then stored in nearby warehouses. There will be third-party logistic systems utilized to transport bottled water products to respective retailers. These retailers will then promote the bottled water products in their stores so that it can reach the end users. The promotion will be done through traditional media such as TV, newspapers, radio, etc. Along with that social media will also be used to promote the product so that message of â€Å"pure wat er† can be communicated across the large base of customers. Each of these elements will contribute towards product success as they all highlight the quality assurance of product along with its low prices. The packaging waste is a major area of concern for these bottled water products. It can be stated that this can have a major impact on product sales. This is because if environmental impact keeps on increasing then less number of products will be manufactured due to restrictions.  

Financial Markets Assignment Essay Example for Free

Financial Markets Assignment Essay Explain how interest rates decline following major Fed purchases of mortgage-backed securities. The FED implements quantitative easing by buying financial assets of longer maturity, e. g. , mortgage-backed securities, from commercial banks and other private institutions in order to inject a pre-determined quantity of money into the economy. This is a means of stimulating the economy and lowering longer-term interest rates further out on the yield curve; quantitative easing increases the excess reserves of the banks, and raises the prices of the financial assets bought, which lowers their yield. Graphically, this can be explained with the aid of Figure below. The supply of money is shifted from point 1 to the right (MS1 to MS2) and, all else equal, the new equilibrium point (with aggregate money demand curve) is at point 2, where the interest rate is lower. i i1 i2 AD1 MS1 MS2 Quantity of Money 2. What could be the implications of lower interest rates for households and businesses? By implanting the policy of purchasing mortgage-backed securities, the FED has set its sight on increasing consumption and investment, which will ultimately increase employment. As described in question one Bernanke’s policy decreased interest rates to new record lows, encouraging borrowing for both businesses and households. The ability to borrow money at more attractive rates stimulates investment in durable consumer goods, such as automobiles, and in operational necessities such as buildings and capital equipment for businesses. Indeed, after the implementation of the policy mortgage applications increased significantly. Because of low interest rates households and businesses as investors could shift their preference away from bonds and into stocks. According to frbsf. org, the increase in stock trading volume has the effect of raising the value of existing stock portfolios, which in turn stimulates consumer and spending across the country due to the psychological effects of rapid capital appreciation. Lower interest rates can have negative effects on the value of the local currency compared to other currencies. As foreign investors dump their local-denominated investments in favor of more profitable currencies, exchange rates can shift to the detriment of the local currency. The weakening of the local currency serves to increase the attractiveness of local goods to foreign purchasers, which has the effect of boosting exports and international sales. All of the factors mentioned above have the combined effect of increasing productive output, or GDP, and increasing employment across a wide range of industries. As individuals, businesses and foreign investors are encouraged to spend more due to increased access to capital, higher portfolio valuations and weaker currency values, businesses in nearly every sector experience an increase in sales, often requiring them to grow their operations and employ additional labor. However, there are some negative implications from this policy. Without a strong commitment to control inflation over the long run, the risk of higher inflation is one potential implication of experiencing real interest rates below the economy’s natural interest rate. Low interest rates provide a powerful incentive to spend rather than save. In the short term, this may not matter much, but over a longer period, low interest rates penalize savers and those who rely heavily on interest income. If short-term interest rates are low relatively to long-term rates, households and firms may overinvest in long-term assets, such as Treasury securities. If interest rates rise unexpectedly, the value of those assets will fall (bond prices and yields move in opposite directions), exposing investors to substantial losses. Finally, low short-term interest rates reduce the profitability of money market funds, which are key providers of short-term credit for many (large) firms, e. g. the commercial paper market. 3. Explain the Fed’s policy dilemma and try to rationalize why unemployment in the US is stubbornly high while inflation is low. Based on the theory of the Philip’s curve diagram we notice that there is an inverse relationship between inflation and unemployment. Stated simply the lower the unemployment in an economy the higher the rate of inflation. Philip’s Curve Inflation Unemployment The explanation of the inverse relationship between inflation and unemployment is based on two assumptions. The first has to do with the fact that as unemployment rises there is no room for workers and labor unions to demand an increase so a wage inflation that would increase the prices of the final products cannot occur. Secondly high unemployment is a reflection of the decline in economic output and indicates an economy’s slowdown. Therefore competition among firms in recession will lead the prices at lower levels. But this is not the case currently in the US since we observe high unemployment and low inflation. The FED is concerned about the unemployment rate and in an effort to stimulate the economy and improve the labor market conditions it started implementing the quantitative easing policy. So the FED purchased MBS, helped banks to rebuilt their balance sheets, contributed into maintaining price stability, preserved interest rates near zero for more than three years, and prevented the economy from slipping into greater recession. Despite all these efforts the situation in the labor market did not improve. Apparently the fact that unemployment is still very high depicts the limitations of the monetary policy. The low business confidence, policy uncertainty, and the government’s reluctance to act are beyond the FED’s capacity. What is more the infinite use of the quantitative easing may produce undesirable effects in the long run such as stagflation. The only optimal solution under these circumstances is the co ordination of the FED’s monetary policy with the government’s fiscal policy plan that could boost the society’s confidence. . Do you think that another round of quantitative easing (QE) by the Fed would help stimulate the US economy? Please explain. The FED declared that the use of QE will be aggressively continued until the economy is improved. The cash injections into the economy helped interest rates to remain at low levels. Consequently everyone wins from this decision in the short run; homeowners can borrow at historical low levels of inter est rate, corporations can also take advantage of this act and invest, consumption increased and also the banks increased their profits and the stocks record a growth. So as long as the QE is active in the short run everyone is a winner. But in the long run things become vague. First of all historical evidence shows that despite the fact that interest rates may be at levels near zero it remains uncertain whether this will be the incentive to boost the actual economy. Secondly the fact that consumers will have more money to spend but fewer goods to buy might lead to a hyper inflation. Furthermore by repeating the use of QE is very possible to lead to a liquidity trap, unless the economy finds ways to stimulate production. Last but not least the FED’s decision to inject cash into the economy by purchasing MBS is questionable; Mortgage backed securities entail the risk of defaulting once again as they did in the real estate crisis and that would cost the Americans a lot more money repeating the history that started back in the September of 2001. To sum up the use of QE is indeed very effective but only in the short run. Short periods of economic recession can be avoided by stimulating the economy temporarily through cash injections but to maintain growth on the real economy we need to improve labor market conditions, productivity, innovation and bolster the economy’s confidence. So a combination of fiscal and monetary policy is the only way to prevent an economy from collapsing, and also is this is the only way to avoid a possible systemic risk that will negatively affect all the institutions and individuals. . How is a loose Fed monetary policy in the US affecting fundamentals (such as inflation, asset and commodity prices) in other countries? What does that imply about global monetary policy? Since the dollar is the vehicle currency in the global economy almost every country is tied to its value and everyone is affected by the monetary decisions of the FED. By the QE, the supply of dollars is increased and consequently the dollar depreciates against foreign currencies. This means that America’s exports will increase and on the contrary the imports will decrease. So countries trading with the US fear about the capital inflows and the possible inflation on commodities. On the other hand the FED support that there can be no further inflation since the global economy is in recession. Moreover countries experiencing huge capital inflows resulting in inflation can implement fiscal policy, such as imposing taxes, in order to contain the effects of foreign capital inflows which push up local stock prices and the currency itself. Every country should focus on its own monetary policy adjusting it to the problems that may experience. For example the US chose to inject more money in the economy. The results of such a decision are low interest rates, more exports but always with the risk of inflation. On the other hand a country experiencing high inflation might limit the money supply, increasing the interest rates with the risk of experiencing a decline in exports.

Explain The Concept Of Elasticity Of Demand Economics Essay

Explain The Concept Of Elasticity Of Demand Economics Essay There are generally three types of elasticity of demand, which are price, cross-price and income elasticity of demand. These three will be explained individually in order in the following paragraphs. Price elasticity of demand is a measure of the responsiveness of change in quantity demanded of a good/service to a change in price, ceteris paribus. As the law of demand indicates, when the price of a good/service increases, the demand of it will decrease. Conversely, when the price of a product decreases, the demand of the product will increase. However, the extent to which a price change impacts the demand differs widely from produce to product. PED=(change in quantity demanded)/(change in price). If this value is bigger than one, the product is said to be price elastic (price sensitive), whereby a change in price will lead to a greater than proportionate change in quantity demanded. If the PED is smaller than one, the product will be price inelastic (price insensitive), where a percentage change in price will lead to a smaller percentage change in quantity demanded. And when PED=1, the product is unit elastic, where an X% change in price will result in an X% change in quantity de manded. One of the factors that affect the PED is the substitutes and complementary product that a good/service has. And cross-price elasticity of demand measures the responsiveness of demand for good X following a change in the price of a related good Y. For complementary goods, the two goods are in joint demand. That is, the relationship between the price of good Y and quantity demanded for good X will look like a normal demand curve. Goods in joint demand are closely related, and the stronger the relationship between two products, the higher cross-price elasticity of demand will be. A good example would be games and game consoles, as one cannot function without another. And as the price of one increase, the quantity demanded for the complementary good will decrease like any other normal goods due to joint demand, and vice versa. On the otehr hand, with substitute goods such as several competing brands of bread, an increase in the price of one good will lead to an increase in demand for the rival product, as consumers will likely switch to the cheaper product. And conversely a decrease in price of one good will lead to a decrease in demand for the rival product. However when consumers become regular purchasers of a product (effect o f brand loyalty), the cross price elasticity of demand against rival products will decrease. This reduces the substitution effect that causes consumers to swicth to another product when an increase in price occurs, which makes demand less sensitive to price. The result is that firms will potentially be able to charge a higher price, increase total revenue and achieve higher profits. Lastly theres the income elasticity of demand. Another factor that can affect PED would be the price of a good relative to a proportion of ones disposable income; so as ones income changes, the price of the good in terms of a percentage of ones income will change, thus affecting quantity demanded. Income elasticity of demand measures the relationship between a change in quantity demanded for a good and a change in real income.   The income elasticity is calculated by (% change in demand)/(% change in income). For normal goods, as consumers income rises, the quantity demanded will rise. Necessities such as food will have a Income Elasticity of Demand smaller than 1 (whereby a change in income will bring about a less than proportionate change in quantity demanded) and luxury goods such as TV sets will have a Income Elasticty of Demand bigger than 1 (whereby a change in income will bring about a more than proportionate change in quantity demanded). However for inferior goods as consum ers income rises quantity demanded will decrease. Potential examples of inferior goods (this occurs only when there are superior goods available, and only if consumers can afford them) include the demand for low-price foods, cigarettes and alcohol. Discuss why it may be important for a firm to have knowledge of price elasticity of demand: The concept of PED generally help firms decide whether to raise or drop the price of their product in order to maximize revenue. For example, when the PED of a good is inelastic, it would be best to increase the price to maximize revenue; and when the PED is elastic, itd be best to decrease the price to maximize revenue. However this is only a general idea, and simple PED does not take into account of the firms costs, rivalry/substitute goods, etc. The graphs belows shows the effect on revenue with a change in price for price elastic and price inelastic goods respectively. However, firms need to know their products PED in order to alter prices; but how would they know a products PED? Thats when knowledge of PED is needed. Firms would first need to know some factors that may affect PED, and then use that information to evaluate the approxiamte PED of a product. For example, a firm can estimate PED for a product depending on the number of substitutes that exist in the market. The more substitutes in the market, the more elasticthe demand for a product is, because consumers can more easily switch their demand if price of one particular product changes. Firms can also assume the PED of a product by having an idea about the degree of necessity of that particular good/service. Products such as food (bread, rice), or even habitual products such as cigarretes are necessities and tend to have an inelastic demand whereas luxury goods such as TVs will tend to have a much more elastic demand because consumers can make do without these luxuries when their budgets a re limited. Lastly, the firm need to know how cheap their product in terms of a proportion of the consumers income. Goods and services that take up a small proportion of a households income will tend to have an inelastic demand, as a price% rise in that product will make almost no difference for consumers. For example if a newspapers price increased from $1.00 to $1.10, very little people will fuss over this 10% (seemingly large percentage increase) increase in price because it is so insignificant compared to their income, and thus its demand is insentive to price change. So in short, producers need to have sufficient knowledge of PED to determine the PED of their product, which will in turn help them to set prices that can potentially maximize their revenue. Furthermore, PED may help firms to set their policy on price discrimination. The firms will most likely be monopoly suppliers, and may decides to charge different prices for the same product to different segments of the market. Examples of this can be increase in price for peak-hour public transportation, more charge for hotel rooms during public holidays, because the products/services during those time periods have an inelastic demand; or vice versa, firms may decrease the price when the product/service is price elastic, such as unsold plane tickets the week before flight, or out-of-season clothes that wont sell in a clothing store. This concept can actually also be linked back to basic knowledge of the PED, because the time period at which the product is sold is also a factor that can determine the PED of a product. More specifically, concept and knowledge of PED can be applied in some tricky situations: for example, when government imposes indirect taxes on certian products that one firm produces. In this situation, knowing how price elastic the demand of the product is will help the firm to decided whether it is able to pass on the tax (or some of it) onto the consumers. If its goods like cigarretes which has an inelastic PED due to its habitual nature, its likely that firms may decide to pass the tax onto consumers as it will result in only a small decrease in quantity demanded. On the other hand, if its a luxury good such as cars, the firm may decide to not pass any of the tax onto consumers due to the the products elastic demand, because an increase in price can potentially decrease total revenue for a price elastic good, as shown in diagram before. In conclusion, knowldge of PED is very important becaue firms need it in order to determine the PED of products, which then in turn help them to estimate and predict the effect of a change in price on the total revenue.

Organizational culture, and change management

Organizational culture, and change management Introduction This study is based on organizational culture, and change management This study provides an overall idea about the particular subject area and it provides very important knowledge base in both practical and theoretical manner. Accordingly in the first part of the study the concept of culture of an organization has been studies as a one learning outcome of the module. Under that a framework of analyzing organizational culture has been described. After that the internal and external factors which could influence organizational culture has been explained, accordingly as the final description of the first learning outcome the current organizational culture has been evaluated. After a comprehensive understanding on culture of the organizations a study has been expanded to study understand the impact of change that underpins individual and organizational performance. In that section the concept behind organisational values the values to an individual and as well the affect of mangers personal values in working with team members has been explained properly. As the third learning outcome the relationship between organizational culture and change management has been understood and accordingly it was identified how organizational culture can affect organizational change management process and then it was assessed how organizational culture and change management can affect individual behaviour. Also ultimately it is discussed how individual values can influence the behaviour of team. All together this study covered a vast area in the subject area of organizational behaviour and change management. Universal Supplier (Pvt) Ltd is UK based company, they import many food items from various Asian countries, and among that Sri Lanka is major country. Universal suppliers are newly established company, it is not alder than 10 years, but its progress is very successful. World is change every day, new technologies are emerge and customer anticipation and satisfactions are change day by day therefore every business has to upgrade their standard. Universal suppliers have understood change system, so they give more priority to change their management and products relative to market change. The Concept of Culture To achieve this learning objective there are three main areas which has to be address. First one is the to determine a framework for analyzing organizational culture and then Explanation on internal and external factors that influence organizational culture and at last of this section the consideration was given to evaluate the current Organizational culture. Determine a framework for analyzing organizational culture Organizational or corporate culture is the pattern of values, norms, beliefs, attitudes and assumptions that may not have been articulated but shape the way in which people behave and things get done. Norms are unwritten rules and behaviors. In a very simple way we can say the culture of an organization is the typical way of doing things in the organization. It particularly relates to the behavior pattern and the relationship. The culture of an organization develops as an evolution of long time. It is normally created by the people who work in the organization both the managers and the workforce. So this framework for analyzing organization should be developed in a manner considering on above said ideas of the organizational culture. There seems to be wide range of agreement that organizational culture refers to a system of shared meaning held members that distinguishes the organization from other organizations. This system of shared meaning is, on closer examination, a set of key elements that in aggregate capture the essence of and organizations culture. These elements are the core of the framework which can use to analyze the organizational culture. Those are as follows. Innovations and risk tasking The degree to which employees are encourages to be innovative and take risk. Attention to detail The degree to which employees are expected to exhibit precision, analysis, and attention to detail. Result Orientation The degree to which management focuses on results or outcomes rather than on the techniques and processes used to achieve those outcomes. People Orientation The degree to which management decisions take in to consideration the effect of outcomes on people within the organization. Team Orientation The degree to which work activities are organized around teams rather than individuals Aggressiveness The degree to which people are aggressive and competitive rather than easy going. Stability The degree to which organizational activities emphasize maintaining the status quo in contrast to growth Each of these elements exists on a continuum from low to high. Appraising the organization on these seven characteristics or the elements and then gives a composite picture of the organizations culture. Explanation on internal and external factors that influence organizational culture to Management Practices Internal Factors The actions of Top Management The actions of the top management also have major impact on the organizations culture. Through what they say and how they behave, senior executives establish norms that filter down through the organizations as to whether risk taking is desirable, how much freedom managers should give their employees, what is appropriate dress, what action will pay off in terms of pay raises, promotions and other rewards. Human resources Practices Once culture is in place there are practices within the organization that act to maintain it by giving employees a set of experience. For example many of the human resources practices reinforce the organizations culture. The section process, performance evaluation criteria, training career development activities, the promotions procedures ensure that those hired people fit in with the culture. Socialization No matter how good a job the organization does in recruiting and selection, new employees are not fully indoctrinated in the organizations culture. May be most important, because they are unfamiliar with the organizations culture, new employees are potentially likely to disturb the beliefs and customs that are in place. The organizations will therefore want to help new employees adapt to its culture. This adaptation process is called as Socialization. External Factors The context of Community The people have an inner life that nourishes and is nourished by meaningful work that takes place in the context of the community. This matter have two sides one is community as a external factor how look at the organization and the other hand employees also come from that community that will effect to the internal factors also. Organizations that promotes a spiritual culture recognize that people have both a mind and a spirit seek to find meaning and purpose in their work, and desire to connect with other human being and be part of a community. Government Rules and Regulations This is also having another high effect on organizational culture. Especially in the areas like how to treat for the employees, regulations o customer relations and like that the government rules and regulations also may have a effect on organizations culture. National Culture it is needed to taken in to account if accurate predictions are to be made about organizational behavior in different countries. But does national culture override the organizations culture. Is an IBM facility in Germany, for example more likely to reflect German ethic culture or IBMs corporate culture? This example should be taken in to account to national culture override the organizations culture. Evaluate the current Organizational culture Here if we take the McDonalds organization the organizations culture can be identified as follows. Organizational culture to cope up with National culture McDonalds company adjusts to cooking differences in various cultures. In the case of India, McDonalds offered vegetarian burgers to practicing Buddhists. Asian countries preferring spicy taste saw the introduction of spicy burgers, chicken and seasoning. This provides options for customers to purchase food with either the American taste or the local taste. McDonalds achieves balance by maintaining standardization in products but adjusting to the local taste. Company operations Operations Customer Oriented Product and service delivery of McDonalds is customer cantered. This means that McDonalds primary concern is the satisfaction of its customers. This is ensured by applying a strict standard of food and service quality. Under direct Supervision of Mother Company Periodically, representatives from the mother company visit certain branches in order to ensure the maintenance of quality standards, to discover problems and issues, and to provide updates on operation, management and marketing techniques. Relationship with the Employees The company applies the employment policy of providing sufficient training to its workforce. Prior to starting work, newly hired employees are given a rundown of the rules and regulations, company practices and the goals of the company. After this, the employees are introduced to the different components of the menu, process of food preparation, food-packaging techniques, serving of food, handling the cash register, and establishing rapport with customers. New employees are given practical exercises for experience. Change Management Process The change management process is one of basic skill in that most Managers and larders need to be competent in there management process. There are very less working environments where change management is not important and not implemented. In here we are looking basic principles of change management, and provide some guideline on how these principles can be implemented. When leaders and managers are planning to manage changes, there are five main philosophies which need to be remember Various people respond various way to change Everybody has basic needs which have to be fulfil Changes regularly involves a loss, and people go through the loss curve Anticipation need to be managed rationally Fears have to be deal with changes The some techniques in the change management practitioners belt are well known in the business and trade press. The effective organizational change in their implementation and realization are required the introduction of lean manufacturing, 360 ° feedback, executive coaches,  six sigma, CRM, just-in-time supply and manufacturing processes such as kanban and kaizen, Total Quality Management, or enterprise applications such as SAP, and etc Importance (Objectives)of Change Management to the Organization 1. To allow changes while, at the same time, maintaining or improving service stability and availability. 2. To increase the probability of change process success. 3. To reduce and minimize the ratio of changes that needs to be backed out of due to inadequate preparation. 4. To ensure that all parties affected are informed of planned changes. 5. To provide a record of changes implemented to assist with and shorten problem determination time. 6. To ensure that technical and management accountability for all changes is identified. 7. To assist with the accuracy of predictions of impact, such as response time, utilization, etc. 8. To ensure that all affected parties are not only informed, but necessary documentation and training is in place prior to the implementation. Organization Culture and Change Management Process The organization culture and change management process are interrelated. There are many impact cultural impacts for change management process. Ever organization has unique culture, so management system also adapted surrounding that culture and if they implement any change process they have to adapt that change process with their culture, otherwise they have to change organization culture. Company motivation process is often to improve the effectiveness of this employee in order to improve the financial status of the company. Some organizational cultures are making barriers to implement changes, so they have to overcome those resistant against to change. Most of manager and leaders are not willing to do changes, because they have some fear about it success or failure. Cultural changes or changes adaptation to culture are required to success of changes, because these two cannot be separated. Good relationship between organization culture and change management process always bring succe ss of change. Model for the Changing Process Change is not conventional; it does not chase the particular order in change management models were suggested. So, when look at these models of change management, permit a lot of flexibility when referring a model rather than referring any model too rigidly, The way of implementation of changes are differ and depending on which model is used, but we can fallow basic steps those are essential to follow and those are common to any personal or organizational changes. Model for the Changing Process Kotters Eight Change Model John Kotters eight change model is so suitable compare with the other all models for Universal Supplier change process. It has eight steps to fallow for the appropriate change process that will be applied to Universal Supplier. (Source: http://www.google.co.uk/images?clien) Step One: Create Urgency This may help to Universal supplier spark the initial motivation to get things moving company has low distribution network so they want to expand it all over the UK, still it spread only within boundary of London. Company has threat from their market, because there are many competitors arising with new entrance. Company has opportunity to expand its other region in UK; because London is more competitive place many business organizations are located there, not only UK they have opportunity to penetrate other EU countries Like French. Company competences are enough for penetrate and expand the market network, but they should strengthen it further. Step Two: Form a Powerful Coalition The effective change leaders dont need to follow the traditional company hierarchy. To lead change, company management level need to bring all together a coalition, or team, of influential people whose power comes from several of sources, including job title, status, expertise, and political importance Step Three: Create a Vision for Change The universal Supplier change process vision is to be a leading food supplier in UK and change objective is expansion of market network all over the UK and Penetrates to other EU countries such as French. When the first start thinking about change. There will probably be many great ideas and solutions floating around. Link these concepts to an overall vision that people can grasp easily and remember. Step Four: Communicate the Vision Change vision is communicated all the stakeholders of Universal Supplier. There are various methods is implicated for success of vision communication. Step Five: Remove Obstacles Universal Supplier has some obstacles from importing process. There are many rules and regulation impose when importing of products, and employee knowledge and skills are not enough for achieve that change. Therefore company has to remove those obstacles by using various strategies Step Six: Create Short-term Wins Company should create short term wins like annual target coverage, 10% change coverage. Company should be given a taste of achievement early in the change process. It will be encourage employees to reach to final goal in changing process Step Seven: Build on the Change Company need to implement continuous improvement and change build on going changes. In here final goal is penetrate to other EU countries that should be achieved in the change process. Continuous improvement is very important for going to final target. Step Eight: Anchor the Changes in Corporate Culture The Cooperate culture regularly identifies what gets done, so the values behind the company or person vision must show in daily work. Required continuous commitment to ensure those changes are seen in every aspect of organization, this will help that change a solid place in Universal supplier (Pvt) Ltd Resistant to Change There are many reason to change, those are due to lack of understanding, poor communication process, cultural and belief barriers, norms, conflict, company structure, technological capabilities, Managerial attitudes and style. Therefore managers and other executives need recognise and identify different form of resistance: 1. Threat of power on an individual basis 2. Threat of power on an organization basis 3. Losing the control by employees 4. Increasing the control of employees 5. Economic factor and limitation 6. Fear for the Jobs security 7. Implication on personal objectives and plans 8. Misunderstanding about changes 9. Fear of unknown 10. Limited resources allocation There are many factors for create resistance again changes. Organization should identify those barriers (resistant) to changes and need to find out overcome those resistant otherwise changes are not implemented successfully. Successful Method of Implementation of Change There are several key parameters that need to be observed if change is to be successful, those are: 1. Idea and the need for the change: Idea generally should be serious, and otherwise there is not a perceived need for change. 2. Adaptation: Adaptation is occurred after key persons make decision chose to a head with planed objectives. Executives and general employees should help to success of change process, and major organizational changes should be sign on legal documents by the board of directors 3. Resources: Change is not happened without resources, it requires allocated resources within time frame, specially required adjustable budget, and proper human resource, technology and etc. 4. Implementation: Implementation is occurred after create change decision with organizational plan. Capital approval, employee training, arranging of materials and equipments are very important in implementation process. Conclusion This assignment analyses a broad area in organizational culture, and change management process. In the first part of the study the concept of culture of an organization has been studies in broad term under three main study areas. Which are organizational culture external internal factors affect for organizational culture and assessing a current organizational culture of an organization. In the second section a comprehensive understanding on culture of the organizations a study has been expanded to study understand the impact of changes that underpin individual and organizational performance. In that section the concept behind organisational culture and the changes to an individual and as well the affect of mangers personal values in working with team members has been explained properly. In the final section relationship between culture and changes has been understood and accordingly it was identified how organizational culture can affect organizational change process and then it was assessed how organizational culture can affect individual and organizational changes. Also ultimately it is discussed model of change process, resistant to changes and successful method to implementation of changes. Universal Supplier (Pvt) Ltd is UK based company, they import many food items from various Asian countries, and among that Sri Lanka is major country. Universal suppliers are newly established company, it is not alder than 10 years, but its progress is very successful. World is change every day, new technologies are emerge and customer anticipation and satisfactions are change day by day therefore every business has to upgrade their standard. Universal suppliers have understood change system, so they give more priority to change their management and products relative to market change.

Al Capone Biography :: Biography

Al Capone was an Italian criminal working the streets of America. He started his life with petty crime in Brooklyn, New York. After escalating his way up in Brooklyn, Capone moved to Chicago for bigger and better things. There Capone had prominence supremacy as one of the giant bootlegging forerunners. His collected and composed ways, made crime into a business that we see in today's mafia. Capone changed crime into a profession, which in turn made it a business. The word mob or mafia is a title that is often heard. When the name Capone is associated with the title, most people think of Capone as the true influence of the mob or mafia today. Capone was a man who of the many prohibition leaders, lead the way for the mafia in the early 19 hundreds. Due to the prohibition era, Al Capone transformed the mafia into today's business like criminal organization. Organized crime in the 19th century, was an ever booming scene for the average citizen. Since the 19th century, crime and business seemed to have gone hand in hand since the prohibition days of Capone. Long before Al Capone became involved in bootlegging, his excitement in life was the economic opportunity of being a gangster on the streets. As soon as Capone reached the legal age of fourteen, he dropped out of school to live this economic dream of making money as a gangster on the streets. 1.Al Capone was convinced that the opportunities for personal advancement and material success were not available through legitimate means, and so Capone turned toward the crime profession of bootlegging. Capone was a smart man with a mission. 2.His mission was to succeed as a criminal in a business like matter. Although prohibition was clearly illegal, Capone used his prohibition as a business. His attire was that of a rich business man, along with his ways of talking were also that of a business man. Everything Capone did was set to flow like a business, and prohibition help him act out his business ways. Capone used prohibition to 3.make over a modern city for his own use, and lived off it as blatantly and richly as a caesar of Rome. This edict that Capone presented, seem to have establish the standards for the ways of the mafia today. With this method of doing business, it would only dispense the mafia with more control over meaningful people in their pursuit of organized crime both then and now. 4.There are several cases on record about Capone in which the cases became more clearer when put in the light of an analysis of how the mafia enterprise

Female Lawyers in the 20th Century :: Attorneys Law Careers Professions Essays

Female Lawyers in the 20th Century As early as the American Civil War, women fought to enter the legal profession. Since then, they have repeatedly proven themselves competent, and yet many have felt the pressure of opposition from their male counterparts. Even today, discrimination still exists, not from outside the profession, but from within. The reader will confront the history of female attorneys, what obstacles stand in their way, what advances are being made with regards to equality, and where the profession stands today. In addition, the reader will confront interviews with actual women lawyers from New York City, and case studies from across the United States. These women each have unique backgrounds. They work in large law firms, in solo practices, and for the City of New York. For contrast, also included is an interview with a female attorney from Oneonta, New York. Oneonta is a small city in Upstate New York with a population of approximately 14,000. Through the use of these interviews and case st udies, the reader will get a first-hand accounting of what it means to be a female attorney today. History of Women in the Legal Profession The late 19th century saw the rise of the first female lawyers. The Civil War, as all subsequent wars, had an important affect on women. Women were brought out of the home in order to take over the roles of the men who were away at war. Some women did not wish to return to the domestic life they had left behind and sought their way into the professional world. The first female attorneys were married women, and most came from the Midwest. As there were no law schools at the time, women seeking to enter the legal profession were taught by their lawyer husbands. In 1869 Arabelle A. Manfield became the first woman to be granted a law license. However, not all women would be so fortunate. In 1870, Myra Bradwell passed the Illinois state legal examination. Unfortunately, the state of Illinois â€Å"refused to issue her a license on the grounds that law was a wholly unsuitable profession for any wife and mother.†[1] Unhappy with the decision, Bradwell appealed to the United States Supreme Court.

Challenges that working women face today Essay

Introduction In today’s culture where individualism is emphasized and especially that women are encouraged to assume equal roles as men would normally take, two or three decades ago, it is very difficult to see eye to eye with how women are during biblical times. â€Å"Girl power† or women empowerment is the rule of the day for women nowadays. Although, of course, all women as all men have the right to lead in the sense that they have the same intrinsic capacity to influence, the role of leadership has been blown out of proportion by feminist groups as they apply it to women. The result of this over blown leadership role of women has been the constant battle between members of opposite sexes in many significant areas within society. It has affected the homes, government and non-government institutions, down to the smallest entity that has within its membership men and women. The Challenges Today, despite the liberty afforded to women since their right to suffrage had been granted, myriads of problems assails them as they exercise many of their freedoms. These include sexual harassment and abuse, balancing family life and, still being debated to a degree is the issue on an equitable salary or pay. Generally, the women today have double jobs not to mention the close attention they pay towards their children’s schooling. This is usually true in urbanized and highly educated centers in the mainland USA. Despite these changes of traditional roles of women in the cities, there are yet rural areas where women assume roles that are still traditional. Women in these areas are still known to be subservient to their men; oftentimes abuses are the rule not the exception. Abuses come in the form of incest, rape, lure of prostitution, cybernet prostitution, abortion, domestic violence, sex tourism, and mail order brides among others. However, without exception, more less educated women are abused than their more educated counterparts who also have more access to social services. In other words, the abuses mentioned characterized women, though the incidence and degree are comparatively higher in the less educated and misplaced/marginalized areas (Malveuax et al., 2002). ~ Salary Equity Despite the provision by law that there should be equal remuneration standards for men and women, many firms and workplaces continue to abuse women of this right (Equal Employment Opportunity Act). This law precisely was originally intended for women to receive equal pay and be protected against anomalous employers who make whimsical decisions regarding their women employees. It provides against employers who may lower wages from either sex or labor organizations that will attempt to influence employers against employees’ wages (Taber, 2008). The question is how prevalent is the discrimination or abuse on employee salaries? Basically, most occupations still show discrepancy with women versus men wages, although various explanations are put forth. However the factors may be explained, the fact still remains that women lose around 20 to 30 percent to that of men’s income (77cents to one dollar for men) as reported by The Washington Post (2007 July). ~Balancing Work and family (Work-Life Initiatives) Work-life initiatives are strategies implemented by firms to reduce turnover and increase productivity and overall firm performance. Studies were made to examine the influence and effects of work-life initiatives on employees and the organization in general. Workplace diversity which incorporates the concepts of work-life initiatives does indicate that it is inevitable that when a company introduces work-life initiatives, there is a resulting increase in diversity. Substantial evidence point to the effectiveness of workplace diversity hence, many institutions encourage and promote this in their particular milieu (http://www.cmdronline.com/workshops.htm). It is inevitable that juggling work and family life will be one of a person’s demanding experiences. The rationale for having a job is not only to have a livelihood, achieve personal satisfaction in the expression of his abilities and trainings, and receive his remuneration and perks on the side. Preparation for family stability to be able to provide and thus create an atmosphere of care, for bachelors/maidens, is also the foremost and logical reason for having a job. However, the thin thread that separates between the two polarities becomes blurred, and there lies the tension that pulls a person in different directions. The Center for Mediation and Dispute Resolution opens its website with the following quote: â€Å"Our life is one giant balancing act (http://www.cmdronline.com/workshops.htm).† Perhaps, no person will ever disagree with that statement. The goal then is to know how to do the balancing act, to gain competencies in achieving a rewarding, flourishing kind of life that holds work in one hand, while maintaining a well-nurtured and healthy family on the other hand. ~Sex Harassment What is perhaps most important to women’s well-being is their security against abuse of any form from employers, fellow employees and other people as they conduct their day-to-day affairs. Sex harassment is defined by the Women’s Justice Network as â€Å"Sexual harassment is any unwelcome sexual advance, request for sexual favors, and other verbal or physical conduct of a sexual nature. Whether sexual harassment is from a supervisor, co-workers or customers, it is an attempt to assert power over another person. The harassment may take place in your work setting, outside of your work setting, in your home, while traveling on business or at business functions† (20002). Conclusion While at the moment, the common cry of women is equality to both genders as it is reflected in women’s roles in the family, in public places, and the obliteration of the stereotyped designation of females in past decades which until now has its bearing in the minds of the general public the consequent outcome of this campaign is prevalent in almost every area where function is concerned. In the late 1960s, women’s movement began to blossom. It was stirred by the then sentiment of repulsion to the tasks being typecasted among women. Women’s movement of the 60s aimed to question the menial duties relegated to women such as getting married, becoming a housewife and afterwards attending to household chores (including raising children), and when outside opportunity comes for them to work, they’re consigned to answering phones, photocopying, etc (Encarta, 2006). The scenery has been changed and is no longer the same as in the past 30 or 40 years. The typical woman today is one that is among the working class – no longer confined to house premises, but working and providing as much as her male counterparts. She can be the manager or an executive of an established firm where most of the male employees are under her command. Equality in roles has now been achieved. Whereas this status and depiction of women in itself is not outright negative, the undercurrent force that it has created is the programming of the minds of today’s women to be resistant to the biblical description of their role as they are teamed with men. Instead of seeing male and female partnership as complimentary to both sexes, the danger of too much emphasis on equality especially when it is defined merely in domestic and public functions is the threat that masculinity poses to womanhood. It is good for women to fight for their basic equal rights with men as members of this global community, but if it results in certain imbalances because the aim has become the dethronement of the opposite gender, then the battle for equality has now turned into fight for superiority of the female sex. Reference: 1. Encarta Dictionary 2006. (DVD). 2. Malveaux, Julianne, Deborah Perry, Deborah L. Perry. 2002. Unfinished Business: A Democrat and a Republican Take on the 10 Most Important Issues Women Face. Penguin Group USA. 3. Halonen, JS and JW Santrock, 1996. Psychology: Contexts of Behavior, Dubuque, IA: Brown and Benchmark, p.810. 4. __________ â€Å"Values: what are they?†2007. Family Works : University of Illinois extension. Accessed November 10. 2007. http://www.urbanext.uiuc.edu/familyworks/values-01.html 5. _________Centre for Mediation & Dispute Resolution, accessed in http://www.cmdronline.com/workshops.htm 6. Taber, Loren. The Law in the Workplace. Accessed February 28, 2008. http://www.google.com/search?q=cache:2K4rLBDHP90J:www.cbi-cc.org/PowerPoints/The%2520Law%2520in%2520the%2520Workplace.ppt+women+issues+on+discrimination+in+salary/wages&hl=en&ct=clnk&cd=1 7. _________ â€Å"Men vs Women: Asking for more Money. The Washington Post. July 30, 2007. Accessed February 28, 2008 http://ocouha.com/weblog/tags/earnings-income-salary-wages-wealth/ 8. _________ â€Å"Sexual Harassment in the Workplace. Toronto Harassment support Group. Retrieved February 28, 2008.

Left in the Lurch Essay

Jim could give Sara a quick call before the presentation just to be sure it wasn’t her he saw at the gas station. Jim could go on with the presentation without Sara and hope that the sides he never received from her will not make a huge impact and do a great job presenting what he has. Jim could also call Sara before the presentation and ask if she can email him her PowerPoint slides. Jim doesn’t actually know whether or not Sara is in fact sick or not, nor does he know if that was her at the gas station, but he needs to know her well-being so that he can get her part of the presentation they are supposed to present to the CEO today. Jim can be persistent in taking control of the situation his partner put him in by not sending him the needed slides or show up to help present. Jim can show interest and enjoy presenting on his own. He can show his confidence in how successful of an outcome his presentation on his own. Jim should go on with his presentation with or without the slides Sara never sent and show how confident he is in the work he has done.

Energy Drink and Alternative Beverages Essay

1. What are the strategically relevant components of the global and U. S. beverage industry macro-environment? How do the economic characteristics of the alternative beverage segment of the industry differ from that of other beverage categories? Explain. SEGMENTATION: The global market for alternative beverages was divided by product type (sports drinks, energy drinks, and vitamin-enhanced beverages) with different demands for each group. Sports drinks accounted for nearly 60% of alternative beverage sales in 2009, while vitamin-enhanced drinks and energy drinks got about 23% and 18% of 2009 alternative beverage sales, respectively, in the US. RIVALRY: The worldwide competition between three major producers (PepsiCo, Coca-Cola and Red Bull) made the industry rivalry become global. In U. S. , Pepsico has engulfed almost half or 47. 8% of the market shares last 2009. The only region where Coca-Cola beats Pepsico is in Asia-Pacific. Coca-cola has 13. 7% of the market shares while Pepsico has 12. 4%. Worldwide, Pepsico is still leading among the three with 26. 5% of market shares while Coca-Cola and Red Bull had 11. 5% and 7%, respectively. MARKET SIZE: The global beverage industry’s dollar value for beverages in 2009 was $1,581. 7 billion (458. 4 billion liters); with 48. 2% of industry sales was from carbonated soft drinks, 29. 2% from bottle water, 4. 0% from sports drinks, 1. 6% flavored or enhanced water, and 1. 2% from energy drinks. The dollar value of global market for alternative beverages in the same year was $40. 2 billion (12. 7 billion liters), while the dollar value of the U. S. market for alternative beverages stood at $17 billion (4. 2 billion liters). Meanwhile, in Asia-Pacific region, the dollar value for alternative beverages in 2009 was $12. 7 billion (6. 2 billion liters) and it was $9. 1 billion (1. 6 billion liters) in the European market. MARKET GROWTH: The dollar value of the global beverage industry had grown approximately 2. 6% annually from 2005 to 2009 and was forecasted to grow approximately 2. 3% annually from 2010 to 2014. However, this indicator for the alternative beverage industry was much higher. For example, the dollar value of the global market for alternative beverages grew at a 9. 8% annually from 2005 to 2009, but was expected to slow down to 5. 7% annually from 2010 to 2014. Based on the geographic share of the alternative beverages market, U. S. largely covers 42. 3% of it; while Asia-Pacific, Europe and Americas (excluding U. S. ) only cover 31. 5%, 22. 2% and 4% respectively. US is the country that has strongest growth internationally in terms of alternative beverage sales with a 84. 78% growth between 2005 and 2009; while Europe and Asia-Pacific are 22. 97% and 24. 51%, respectively. However, poor economic conditions in the US in 2008 and 2009 led to a 12. 3% decline in sports drink sales and a 12. 5% decline in flavored and vitamin-enhanced waters sales. It was also the reason why energy drinks sales increased just a little of 0. 2% between those years. 2. What is competition like in the alternative beverage industry? Which of the five competitive forces is strongest? Which is weakest? What competitive forces seem to have the greatest effect on industry attractiveness and the potential profitability of new entrants? In the beverage industry, competition can be extensive (large scale). There are many substitute beverages from tea,soft drinks,fruit juices, and bottled water. Provided that there is a wide range of substitute beverages, this weakens the competitive power of substitute beverages when there comes a change to consumer preference. Because there is a large purchase for wholesale clubs, grocery stores, and convenience stores ; consumers have significant influence in negotiations for pricing and slotting fees with the producers. Wholesale clubs and the likes find it difficult to represent new brands due to limited shelf space. When products become a household name such as coca cola, red bull, etc already offer the demands of consumers. Coca Cola and PepsiCo are the least vulnerable when it comes to substitute products since they offer a wide range of variety beverages. The strongest competitive force is competitive rivalry within the industry, competition grows stronger by the year. The primary focus on brand image is key to becoming a household name in the industry, Attractive packaging should be developed, New research and product development, Increase of distribution capabilities, Better taste and more variety. The Bargaining power and leverage of suppliers is the weakest competitive force, Consumers tend to buy more alternative products. The threat of new brands varies by market maturity of each alternative beverage category. Competition is strong and will continue on growing every year in the product line. Competition among all brands center mostly on brand image, attractive packaging, new product and research development, sales promotion, better access to shelf space, and strengthening distribution capabilities. Rivals expands their numbers and types of alternative beverages in their product line, the opportunity for low switch cost for consumers gets introduced and sales efforts to establish consumers brand loyalty. 3. How is the market for energy drinks, sports drinks and vitamin-enhanced beverages changing? What are the underlying drivers of change and how might those forces individually or collectively make the industry more or less attractive? The market for energy drinks, sports drinks and vitamin-enhanced beverages is now changing due to the change in the long-term industry growth rate. Because of the US recession on the entire beverage industry the demand for the alternative beverages was expected to grow worldwide as the purchasing power of the consumers increased. The volume of the alternative beverages offered higher profit margin than those of other beverages. Product innovation, in terms of flavors and formulation, was the most important competitive feature of the alternative beverages. They competed on the basis of differentiation from traditional drinks. This made the industry attractive because of the enhanced look and flavors that the company made. The modernization in marketing and distribution system changed the industry in the way that the beverages may be bought from convenience stores, restaurants, sporting events, delis, concerts, festivals, carnivals and vending machines. The industry was made more attractive because of the famous artists that the companies hire for advertisements. There was also an expansion of target markets, and an increase in new entrants, which made the industry seem appealing to others. The regulations and policies that the government implemented made the industry less attractive due to the products’ faults being exposed to the public. The growing concern of people about health associated with their consumption also made the industry less attractive. For example, caffeine in energy drinks, mixture of alcohol and energy drinks, melatonine hormone in relaxation drinks, and use of Kava and unapproved valerian roots as food additives. The drivers of change, however, will unlikely alter the attractiveness of the alternative beverages for the next years because large producers of this industry would rely on product innovations and acquisitions to increase sales and market shares. But individual and collective effect of industry drivers of change will likely affect the attractiveness of the industry. 4. What does your strategic group map of the energy drinks, sports drink, and vitamin-enhanced beverage industry look like? Which strategic groups do you think are in the best positions? The worst positions? PepsiCo, Coca-Cola, Red Bull GmbH, and Hansen Natural Corporation are strategic groups that are in the best positions because they have already established a market position and they hold most of the market share in the alternative beverage industry. They also account for most of the sales in the industry and they have conquered not just US but also Europe and some parts of Asia and America. Living Essentials, Vacation in a Bottle, Dream Water or Drank are strategic groups that are in the worst positions. This is due to the small number of consumers that they have and policies implemented by the government hinder their expansion. Though Living Essentials lead the development of energy drinks, they did not expanded their market thus other companies took advantage of the opportunity. 5. What key factors determine the success of alternative beverage producers? The four key factors that determine the success of alternative beverage producers: (1) access to distribution, (2) innovating product skills, (3) image, and (4) sufficient sales volume. The first one is access to distribution, which is regarded as the most important industry success factor due to the fact that most brands of energy drinks/alternative beverages cannot achieve good sales volumes and market shares unless they are widely available in stores, and there are also far too many brands for all to be included on store shelves. Popular brands that enjoyed first mover advantages such as Red Bull and 5-Hour Energy and brands offered by Coca-Cola and PepsiCo were assured of consistent access to distribution. The second factor is innovating product skills. By definition, alternative beverages were different from traditional beverages based upon product innovation. Moreover, continuing product innovations were essential to developing additional volume gains from line extensions and the entry into new categories like energy shots. The third one is image, which was also a critical factor in choosing a brand of customers. The image presented by the product’s name and emphasized in advertisements, endorsements, and promotions created demand for one brand over another. Brand image was also a result of labels and packaging that alternative beverage consumer found appealing. Small producers with poor image building capabilities found it difficult to compete in the industry unless the product enjoyed a first-mover advantage similar to that achieved by 5-Hour Energy. Finally, sufficient sales volume to achieve scale economies in marketing expenditures is also an important driver. Successful alternative beverage producers were required to have sufficient sales volumes to keep marketing expenses at an acceptable cost per unit basis. 6. What recommendations would you make to Coca-Cola to improve its competitiveness in the global alternative beverage industry? to PepsiCo? to Red Bull GmbH? Coca Cola * Increase alternative beverage drink brand awareness in Europe and capture its market * Grow infrastructure in Africa * Continue to budget and implement their â€Å"2020 vision† corporate strategy * Enhance product line and innovation PepsiCo * Focus on current energy drink line * Continue to promote their tea and juice-energy lines * Offer different sized cans for current energy drink lines of No fear and Amp * Proceed to distribute Rockstar energy drinks and strengthen their alliance with them RedBull * Expand product line while focusing on market penetration in South America * Branch out with additional lines of alternative beverages * Continue to promote brand

Perspectives On Managing And Organizing Education Essay

Experiential larning provides a phenomenon where direction as a acquisition procedure is applied for single workers, squad edifice and organisational constructions ( Bartik 2001 ) . It provides a holistic and dynamic attack in direction through entrepreneurial acquisition, scheme preparation, job resolution, decision-making and leading. Experiential acquisition as applied in direction has hence been instrumental in planing managerial instruction plans, developing and development. It is peculiarly important in determining the behaviour of persons with regard to existent experiences that they go through at their several workplace in relation to their personal ends and aims. Employees are motivated to work at the organisational degree by the grade to which their personal and calling aspirations are applied. The direction of different organisations hence needs to actuate their employees by making an environment that promotes their public assistance for the common benefit. The acquisition manners utilised towards beef uping direction in organisations benchmark both the experiences of directors and work force ( Brockett & A ; Merriam 2007 ) . It is every bit of import that personal acquisition manners are le in the procedure of geting dynamic cognition and preparation. Through entrepreneurial acquisition, cognition is acquired which is so complimented by the assimilating phases that includes scheme preparation. Entrepreneurial acquisition incorporates ways of working chances that are good to both workers and the direction. Persons are benefit from experiential larning in direction by constructing the capacity to place jobs in their lives after which declarations are designed to work out them based on the existent challenges that follow the implicit in experiences. In pull offing organisations, the leading seeks to work out jobs which interfere with the end product of their concerns. The acquisition styles that steer the procedure are benchmarked on a proper apprehension of the managerial behaviour, squad edifice and organisational construction. Individual are able of geting cognition through a careful observation of their experiences in add-on to their interaction with their milieus. Peoples are so in a place to measure their experiences in life in order to do of import determinations meant to work out their jobs. Since acquisition is a procedure of geting cognition, the procedure of interrogating day-to-day life experiences from the position of one ‘s ends and aims so invent his/her individuality consequently ( Moon, 2004 ) . Peoples are so directed in their lives by the subsequent picks that they make to react to the accompanying challenges. Experiential larning hence establishes an luxuriant agencies of transforming experiences into cognition which is appropriate to single aspirations. Learning in general seeks to enlarge the cognition base of information. This requires that the information is stored for future mention or otherwise memorized. The accomplishments and facts acquired during the learning procedure should authorise scholars in work outing their day-to-day jobs through using them suitably. Persons have a natural ability to larn from their experiences ( Griffin, 2003 ) . It therefore explores a method of obtaining information by larning from experiences. The cognition is so acquired and transformed to work out jobs that persons have every bit good as the environmental concerns. Experiential acquisition is a uninterrupted procedure that incorporates the experience with theory, contemplation every bit good as solutions. Experiential acquisition is based on the rule that persons learn better from their personal experiences. People ‘s actions in this theory are more of import than what they have been taught ( Moon, 1999 ) . It hence employs a learning procedure that is self fulfilling and gratifying in order for the scholars to confront the challenges suitably. It besides empowers the persons with the ability to go originative and advanced. The theory of experiential larning hence based on firsthand experience and observation. Contemplation in experiential acquisition is really critical ( Silberman, 2007 ) . I t provides the nexus between the existent life experiences and theoretical constructs. Participants in the acquisition procedure are given an chance to interact with each other with an purpose of larning from one another. An person is besides expected to measure his advancement within the squad with a position of developing oneself at the terminal. This is peculiarly utile larning since it equips persons with the possible to grok thoughts easy. This is due to the fact that workers are engaged in several activities at the same clip. As a consequence they require such group activities to animate their acquisition procedure with upper limit end product out of each session ( Hillier, 2002 ) . This is besides because the professionals are able to interact with the acquisition phenomenon firsthand from familiar experiences that could steer their contemplation. Both the content of the acquisition procedure and the relevant experience that is applicable to the scholar are explored. The immediate personal experience provides the foundation for acquisition because it provides a familiar relationship to the theoretical constructs being discussed. Any new thoughts being discussed can hence be verified against these known experiences for their cogency ( Brockett & A ; Merriam, 2007 ) . The experiences can besides be understood better through a witting contemplation. Experiential acquisition is typically a uninterrupted procedure that combines existent touchable experiences through contemplation to academic theories in order to calculate current and future events. This may include the procedure of larning about market and corporate kineticss for the end of forming and pull offing concerns. No instructor is involved but the scholar additions knowledge by interacting with the environment straight thereby being able to do personal finds without looking at others ‘ experiences ( Moon, 1999 ) . In order for the scholar to profit from this sort of exposure instruction, he/she should be able to take part proactively in the experience. Another basic constituent entails the scholar ‘s possible to reflect on each and every item of the experience ( Nasta, Gray & A ; Gray, 2000 ) . In order to grok the experience to the full, the scholar should possess critical fact-finding accomplishments in order to examine the issues being experienced. Then the scholar needs to hold the accomplishments to cover with hard scenarios every bit good as doing wise picks. This is really utile in authorising the scholar with the possible to work the experiences involved in existent life state of affairs. This becomes even more indispensable to directors and their subsidiaries alike who find the experiences a feasible resource stuff for mention when work outing daily jobs every bit good as doing life determinations. However, these experiences can be to the full utilized if they are understood within the context of formal larning otherwise general experiences may stop up being applied wrongly ( Doyle, MacDonald & A ; Leberman 2006 ) . Therefore experiential acquisition on its ain may take to generalisations, stereotypes and bias when scholars make decisions from their experiences. On the manus, experiential larning becomes really utile in assisting persons educate themselves about their best manner to run into personal demands, wants and demands through direct experience. Persons take parting in this sort of acquisition should possess personal enterprise and regular rating of their experiences in order to efficaciously prosecute in the procedure. The procedure requires that scholars at the inset set their ends and aims which are meant to steer them in measuring their experiences. Evaluation entails doing relevant observations, contemplation and the ultimate determination devising. There is besides a constituent of enjoyment in experiential larning characterized by athleticss and games ( Zounkova D, Franc & A ; Martin, 2004 ) . The serves to maintain the lessons obtained in the acquisition procedure for a good period of clip. The societal forums created by the athleticss encourage squad work, communicating and leading. When scholars are personally involved in the experiential acquisition procedure, they are able to appreciate their endowments and gifts within a communal and gratifying scene. As a consequence, those easing the experiential acquisition should be rather surpassing in footings of prosecuting the scholars in procedure to the full. This demands that the facilitator provides leading by active engagement every bit good as promoting the squad members to work the environment to the upper limit. They should brainstorm the heads of their co-workers to believe in tandem to the set ends and aims. Emphasis is hence put on an person ‘s personal growing and development through escapade in the mark environment ( Hillier, 2002 ) . The attack seeks to authorise the personal rational, emotional, physical and religious well-being. The person ‘s senses are put to pattern in the acquisition procedure prosecuting the encephalon, the eyes, the bosom, the lingua and the custodies. This means that the whole being of a individual is engaged in a holistic acquisition procedure. Persons so interact with each other constructing relationships and furthering character development and individualism. This signifier of acquisition is peculiarly effectual in grownup acquisition and direction. The grownups have fundamentally gained experience in the immediate yesteryear which is relevant in experiential acquisition procedure when covering with present challenges. Tangible experience is related to theoretical constructs through contemplation and dynamic tests ( Moon, 1999 ) . The grownup scholars utilize their immediate experiences through acute observation and brooding thought to pull relevant constructs about the past events in their finding of future programs. The four phases are integrated procedures that follow each other in the experiential grownup larning procedure. Learners are invariably involved in set uping personal experiences that are related to the current environment being evaluated within a societal cultural apparatus. This properly defines the best position to prosecute in womb-to-tomb learning procedure. It provides a forum for the grownups to develop the society through their personal experiences in position of the current challenges. Experiential acquisition besides provides an chance to develop the grownups ‘ callings after their formal acquisition in schools. Their work experience is peculiarly of import when seeking for publicities at their workplace and leading in the society as an chance to foster their callings. The procedure of experiential larning hence develops a individual ‘s overall mentality and societal relevancy. This manner of acquisition is really of import in finding the sequence of events in a peculiar state of affairs particularly when discoursing possibilities of work outing a job. From this form of events, a general shaping rule can be established to explicate the state of affairs ( Silberman, 2007 ) . The actions that characterize the response to the state of affairs and several other related events provide the implicit in rule. When a similar state of affairs arises or some other related scenario, this rule is applied in specifying the stairss which can be exploited to work out them within that context. This is an of import signifier of larning to grownups particularly those in direction places. This is because they are able to do wise judgements by transporting out a critical contemplation on issues based on old experiences in direction. The grownups are able to expect future results by linking similar actions that occurred in their past experiences at work or in societal forums. Despite of this baronial acquisition procedure, the generalisation of issues may take to erroneous decisions which could damage the credibleness and unity of peculiar cover determination devising processs ( Griffin, Holford & A ; Javis, 2003 ) . Above all, scholars in direction have their ain strengths and failings which they are familiar with. This when coupled to their ain experiences which they are easy for them to use, forms a comfy acquisition atmosphere to derive personal cognition. Management as a acquisition procedure besides exploits relevant experiences that are practical in nature such as the application of larning manners by portfolio directors in investing banking. The implicit in attack seeks to analyze the mode in which the portfolio directors are able to use the subsequent job resolution and determination devising accomplishments in forming assets in their portfolios ( Checkoway 2007 ) . The investing subdivisions of a bank which are usually demanding in footings of the big discretional histories and clients with a hazard disposition so steer the investing directors in determination devising. They really achieve the position utilizing suiting larning manners such as active experimentation and concrete experiences in rapprochement of histories. On the manus, other subdivisions of a bank such as the personal trust section with lower public presentation and hazard outlooks every bit good as fewer discretional histories so inform the directors on larning manners that incorporate brooding observation and active conceptualisation in determination devising. The several directors with acquisition manners face-to-face to each other had different experiences in their direction acquisition ; the concrete directors preferable people in the signifier of fellow workers, agents and business communities in their direction portfolios. Abstract directors on the manus obtained information relevant in their sections through analytical informations from beginnings such as company reappraisal and economic analysis ( Pettigrew 2003 ) . The concrete directors really preferred information that was utile in doing specific recommendation to a job with regard to investing banking. It was besides deserving observing that abstract directors arrived at a decisive decision from beginnings of information that they could straight analyse with regard to investing dimensions. As a consequence, abstract directors have a inclination to utilize so much information in their analysis in order to get at a determination as compared to their concrete opposite numbers in the same investing banking ( McGill & A ; Weil1989 ) . A situational analysis reveals that experiential larning in investing banking enables directors to be sensitive in their feelings towards other people particularly their clients and other stakeholders who matter in their plans. This really empowers them with an open-minded attack in their lives and managerial callings. This is so followed by job analysis with regard to investing state of affairss which so strengthens understanding in work outing jobs. The principle follows a position that recognizes people ‘s ideas and feelings in order to set up of import sentiments to be made that decide direction challenges. Those persons that participate successfully in this analysis develop a character profile with of import values such as forbearance, equity and resourceful thought. The subsequent experiences are utilized in solution analysis where possibilities are created for practical solutions to underlying following the precedency already established in the old phases. A solution analysis hence generates solution every bit good as their application in deciding jobs ( Sheth & A ; Eshghi 2008 ) . In this procedure, people are prefer rational logical thinking as opposed to mere feelings every bit good as set up theories related to underlying state of affairs ( in this instance investing banking ) than look intoing established facts. Directors are concerned with systematic organisation of issues, quantitative analysis and theoretical use of constructs in concern. As a affair of fact, the ensuing result of their idea forms follows a rigorous standard of analysing thoughts and later organizes their systems in investing portfolios for the common benefit of the concern and clients. What follows so is the execution analysis which is characterized by the procedure of placing undertakings that are portion of the solution analysis into a logical program characterized by relevant clip frames with appropriate rating schemes. Mechanisms are established to promote clients for case to put more in stocks and to mortgage installations alternatively of pyramid strategies that could put on the line their pecuniary additions in unbarred ventures. Directors who are able to interrogate issues to this degree derive practical cognition of their concern challenges and state of affairss that confront their dynamic markets ( Partin 2008 ) . These directors finally obtain practical applications of their theoretical cognition in order to act upon fellow co-workers. In kernel the directors taking advantage of active experimentation happen it easier to use abstract solution to their jobs and their organisations. In the universe of investing banking, the directors are able to innovatively plan practical solutions through a situational analysis and the subsequent execution protocols. They are really capable of taking manageable hazards in order to accomplish their ends and aims in add-on to their passion to see an impact of their Bankss in the surrounding environment ( Griffin, Holford & A ; Jarvis, 2003 ) . Through corporate societal duties, the directors are capable open uping local investing into enterprises that lead to poverty obliteration. They are influential in converting managers on of import council chamber determinations that create investing enterprises for other corporate every bit good as little and average endeavors. Since experiential acquisition follows a paradigm that values squad edifice, directors who are donees of the preparation value the part of their co-workers in benchmarking concern investings related to banking every bit good as research and development of their portfolios towards competitory advantage in the market ( Hillier 2002 ) . Team constructing characterized by larning from one another ‘s experiences enables for self rating and brainstorming techniques to be applied with a high grade of answerability and transparence. In order to larn from diverse experiences in a squad, the squad really builds itself from constructive duologue which allows for members to reflect about their single experiences together. As a consequence of contemplation, preservation and corporate duty and active question of single experiences, practical solutions can be created for the benefit of the full society. Members are encouraged to interact as equals in group treatments where they brainstorm on issues in their environment and peculiarly in their investing Bankss. The groups every bit do research in their niche markets on their clients with leading from directors with diverse experiential acquisition in order to incorporate dynamic thoughts in determination devising ( Moon 2004 ) . The directors are able to help the squads to develop an image unique to their organisation by spearheading a corporate treatment on different members ‘ experiences. As a consequence of the fruitful treatments, the directors are able to transfuse in the squad some sense of corporate duty in the subsequent determinations that affect their organisation. In kernel, the directors integrate in the workers through responsible leading, an apprehension that all of them belong to the company and their aspirations and ends in life every bit affair ( Silberman 2007 ) . Investings in the bank are more likely to better when the employees are trained to believe in the vision and mission of the organisation every bit good as guided on how to incorporate their single experiences and aspirations into the broader image of the investing authorization. For case, the workers ‘ calling aspirations can be developed more suitably when the bank through squad edifice recognizes endowments and capablenesss of its staff in their determination devising procedure. Monetary awards are non plenty in actuating the bank workers to execute better and honest in their projects. The workers ‘ household and calling aspiration is fundamentally a major ingredient of their direct experiences which could act upon the overall end product of the organisation. The directors fundamentally provide the executive consciousness required to steer the interaction procedure within the squad with maximal regard and focal point ( Nasta, Griffin & A ; Gray 2000 ) . It is of import that the workers are guided into fruitful deliberations with a batch of regard with one another ‘s experiences. When the civilization of common regard is developed in the squad, members become receptive to their co-workers points of position which so lead to proper contemplation on the subsequent determination for the common growing and development of everyone. The squad really develops into a acquisition system with members have a maps that contribute towards continuing the aims of the squad. The directors are left to monopolise leading alternatively they are portion of the squad which assumes shared leading with personal demands being integrated into the squad ‘s ends. The functions assigned to team members revolve around the investing banking portfolio with others being information searchers, coordinators and others could function as criterions compositors, compromisers, encouragers and group perceivers ( Zounkova , Franc & A ; Martin 2004 ) . Members really preferable executing those undertakings which they were familiar with or otherwise interested in. Despite of this, they were motivated by the squad spirit to execute some responsibilities for the best involvement of the group. As a consequence, the group provides a hospitable infinite for calling growing and expertness among its members. The procedure of experiential acquisition in direction of the banking industry besides allows for the creative activity of occupations through enlargement of concern chances to the young person. The investing portfolio is hence guided by its part to the society as a consequence of the fruitful deliberations that involve the full members of the community. The banking involvements in furthering fiscal growing in the environing community is paramount and squad edifice ensures that the merchandises provided by the establishment ( Silberman 2007 ) . For case husbandmans can be financially empowered through loans that enable them to purchase farm inputs such as seeds and fertilisers in order to guarantee that the end product of their agricultural green goods is sustainable with high net income borders. Students can every bit be supported through experiential acquisition to develop a holistic attack in calling patterned advance. The Bankss are every bit positioned good to widen educational loans and grants to the pupils with minimum involvement rates for their common benefit. Management as a acquisition procedure is hence sustained as a procedure of accommodating to the day-to-day challenges that confront the society particularly in elating their life criterions. Action Plan affecting economic research Economic research is of import in finding the extent to which the benefits of an industrialised economic system are to both the urban and rural scenes. Economic determinations are ever made by political leaders in authorities and people in direction ( Bartik, 2001 ) . Since most of the industries are based in urban scenes, there is sporadic rural-urban migration taking to congestion in major metropoliss. The limited resources particularly in lodging, infinite, employment and sanitation have lead to an addition in the degree of poorness every bit good as an addition in condemnable activities. Directors hence need to take advantage of the available statistics which demand for increased support into urban centres with a position of bettering the societal installations in order to avoid wellness hazard from happening ( Bartik, 2001 ) . Facilities such as schools, infirmaries, prisons and societal amusement articulations require periodic rating and upgrading in order to back up the increasing populations. The authorities may every bit see set abouting economic plans which promote private concerns in order to cut down poorness degrees and empower personal investings in coevals of employment. Such little and average endeavors are managed by people with small preparation in concern direction. The authorities should therefore explore economic research into ways of preparation concern proprietors for such little and average ventures with a position of fiting them with necessary accomplishments on current engineerings ( Bartik, 2001 ) . Research into the state of affairs is really important in steering the procedure of policy doing within authorities. Such policies are utile because some dependable statistics are available to steer the procedure. It is hence of import that a proper analysis is done to happen out the possibility of relocating some industries to rural countries in order to authorise the destitute populations at that place economically. It is non just for authorities to pass immense fiscal investings in traditional sectors of the economic system that can non be widening to suit the increasing populations. They are besides located within urban centres merely go forthing rural dwellers enduring in rampant poorness. It could look expensive to set up new industries for case in rural countries but this type of venture nowadayss instead a lasting solution to the marginalized province of the economic system in the distant scenes ( Bartik, 2001 ) . These demands that equal resources are budgeted in the nationally in order to finance substructure undertakings meant to open up rural countries for both authorities and private investings. There is besides need for authorities subsidies and revenue enhancement releases for economic activities already based in rural countries. Agricultural-based industries could be set up in rural scenes because there are available natural stuffs that can be when the necessary substructure is in topographic point ( Bartik, 2001 ) . As such, economic research is really relevant in steering authorities intercessions in cut downing poorness degrees every bit good as coevals of wealth across the board. It is hence of import for policy shapers to understand the kineticss associated with both urban and rural scenes. Other factors important for the economic research include the literacy degrees and acceptance of engineerings in the assorted scenes. When the authorities ends within the its vicinity as a state succeeds in accomplishing their aims in eliminating poorness every bit good as create employment chances for all, they every bit open up their states for direct foreign investings ( Bartik, 2001 ) . This therefore means that economic productiveness could come on with equal distribution of resources. The authorities general financial policies are based on dependable informations about the worlds on the land every bit good as the planetary political tendencies. Decision Experiential acquisition is hence an of import parametric quantity that informs research, instruction and direction for the well-being of society. Experiences that people have in different environments, when integrated into the common ends of the community, boosts development enterprises. Resources including human work force are efficaciously managed when diverse experiences are exploited for the common good of everyone. As a consequence of this worthwhile acquisition paradigm, direction in such fiscal establishments as Bankss can be efficaciously done as noted through squad edifice for the intent of non merely increasing investings but besides cut downing poorness and making occupations. The overall consequence is the betterment of the people ‘s life criterions. Mentions list Bartik, J. , T.2001. Jobs for the hapless: can labour demand policies help. New York: Russell Sage Foundation, 2001. Brockett, G. R, Merriam B. S. 2007. The Profession and Practice of Adult Education: An Introduction Jossey-Bass higher and adult instruction series, London: John Wiley and Sons. Checkoway, B. 2007.Strategic positions on planning pattern. Michigan: Lexington Books. Doyle, S. , McDonald, L. & A ; Leberman, S. 2006. The transportation of acquisition: participants ‘ positions of grownup instruction and preparation. Berlin: Gower Publishing, Ltd. Griffin, C. Holford, J. & A ; Jarvis, P. 2003. The theory & A ; pattern of larning, New York: Routledge. Hillier Y. 2002. Brooding instruction in farther and big instruction Continuum Studies in Lifelong larning.Washington: Continuum International Publishing Group. McGill I. & A ; Weil W. S.1989. Making sense of experiential acquisition: diverseness in theory and pattern, Washington: Society for Research into Higher Education. Moon, A, J. 1999. Contemplation in larning and professional development: theory and pattern. New York: Routledge. Moon, A. J. 2004. A enchiridion of brooding and experiential acquisition: theory and pattern. New York: Routledge. Nasta, T, Griffin C, Gray D.2000. Training to learn in farther and big instruction Teacher Training Series. London: Nelson Thornes. Partin, J.J. 2008. Current positions in organisation development. Addison-Wesley Publishing Company. Pettigrew A, M. 2003. Advanced signifiers of forming: international positions. London: Sage. Sheth N, J. & A ; Eshghi G, S. 2008.Global human resources positions. California: South-Western Publishing Company. Silberman L, M 2007. The enchiridion of experiential larning Essential Knowledge Resource Series. London: John Wiley and Sons. Zounkova D, Franc D, Martin A. 2004. Outdoor and experiential acquisition: an holistic and originative attack to programme design. Berlin: Gower Publishing, Ltd.