Roles of international financial institutions

Introduction Since inception at Bretton, the World Bank and International Monetary Fund (IMF) have undergone several transformations in their roles of supporting the global financial architecture. There is some significant progress regarding the globalization of commercial architecture, which has a great boost to foreign operation and private investment.Advertising We will write a custom essay sample on Roles of international financial institutions specifically for you for only $16.05 $11/page Learn More Poor performance due to poorly managed developed or developing institutions led to the re-examination of the role state in curbing mismanagement and therefore enhancing the shift of these roles to other private market-based approaches. These transformations make the private international finance trusts as well as the entrepreneurship sectors to play the main role in ensuring economic development besides lending. This paper is a discussion of the roles pl ayed by the International Financial Institutions (IFIs) in their mandate to assist by collaborating with the private sectors in pursuit for adjusting the techniques to suit the required market-oriented developments. What role do the financial institutions play in ensuring clear principles of economic growth commitments? The twenty-first century requires procedures and measure that enhance the transformation of global scenarios. Today the International financial institutions (IFIs) are increasingly engaging countries that are economically poor into investing in resourceful developments that support economic growth. (IFC Magazine, 2010) This has been possible to achieve due to the strict measures taken over violations involving the internationally applied humanitarian laws. There are various hindrances to the role of IFIs to act as agents of promoting and ensuring adherence to international humanitarian laws. These obstacles include countries structural and political concerns. The ins titutions, however, have the advantage by the fact of being in a position of publically making harsh utterances against such countries, indicating the country’s level of tolerating violations or ability to absorb them. They can place weight behind the humanitarian law thus forcing those in need of support to abide by the rules. (Viknin, 2005) With this reasoning, they have the leading role in investigating a country’s commitment to impunity before loaning or funding projects. The institutions have the communal role of influencing engagement even if symbolically meant for financial considerations.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The steady growth of the private developing markets contributes hugely to fill the needed investment of flowing capital. The institutions support the growth of the savings gap in the developing nations and reduce people dependency by div ersifying and sourcing funds in terms of strategically planned investments. According to Wogan (2010), the financial institutions use the flow of private capital to fill the financial gaps by conveying technologies, changing the market behaviors, investing in the enhancement of managerial skills and funds distribution channels. They thus have a crucial role in assessing the impact resulting from the flow of private capital on the developing economies. The international financial bodies have to play the role of changing market positions. The traditional objectives of some of these institutions such as the World Bank and the IMF entail elevation of poverty in developing countries, enhancing measures that promote economic growth and protection of the environment. Other institutions like the EBRD have come up with a special role of fostering transition of its operations to cover the open market economies by raising the living standards of those involved with borrowing through enlighteni ng and expanding their rights as well as guiding in their primary choices. In line with the World Bank reports (2002), currently, the financial institutions are face up to fostering development through expansion of the private sector opportunities of developing economic goals. They have to ensure the poor participate in activities supporting environmentally sustainable growth. The institutions can ensure this growth by assisting the governments’ role of creating the conditions necessary for market-orientation towards the achievements and by being participants in investing. They ought to work with the private sectors to expand to become participating investors in the private sectors by improving the flow of working capital. Generally, the role fosters the tradition role of stabilizing the macroeconomic firms as well as ensuring provision of the required physical, legal and authoritarian infrastructure.Advertising We will write a custom essay sample on Roles of internation al financial institutions specifically for you for only $16.05 $11/page Learn More In collaborating with the private sectors, the financial institutions are obliged to think like them by subject to the dynamics of opportunities in the market. They thus meet the challenges of enhancing creativity and flexibility to respond to market needs efficiently. This was evidential when the World Bank transformed to an infrastructure back in pursuit of uplifting the private sectors since they were highly influential to the economic growth and was less venerable to corruption. (2002) the support of the private establishments requires the lenders to abide by the flexibility and confidentiality involved in privatized operations. Engagement with new role comes with additional facilities such as accountability and further commercial risk analysis, avoidance and control cultures. (Mirza, 2006) They have a crucial role in coming up with operational principals for well-run inst itutions. They aim to expand the private sectors; therefore they should stay clear of those activities that the segments are in a good position to handle and instead engage in activities that make an immense contribution to the transitional process of economic growth. They have the role of engaging other financial institutions to assist in placing down the funding required for a chosen investment. This is a vital role in the transition process and the achievement of a broader perspective for development. Today the financial institutions have the role of funding the building of other financial institutions in the local markets. This is a measure to strengthen their capital base through investing in projects offering broad perspectives. There is an urgent need for well functioning monetary branches to fulfill the role played by the financial lending institutions in fulfilling the market economies. They act as intermediaries to collect savings and invest them in the aim of commanding h ard budgetary allocations into the economic recovery endeavors that enhance development. One of the traditional roles played by the financial institution entails financing of efficient infrastructure. (IFC Magazine, 2006) The constraints experienced on most of the budgetary allocations means that further commercially oriented investments are required for enhancing access to the private financial sectors. Relevant markets disciplines ought to strengthen control of costs and minimize risks as a measure of providing revenue as a discipline introduced by the financial institutions today.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Conclusion A new focus on the market-oriented economies is highly supporting the flow of capital invested mainly in the private sector. The primary support by the majority of the financial institutions seems to shift goals to the development of the private sector by capitalizing on their strengths while minimizing the risks involved. The private markets and capital flows involved are powerful forces that represent significant opportunities for growth. The financial institutions ought to provide clear principals regarding the selection and design. By supporting the private sectors, the financial institutions aim to encourage or influence them into promoting the industries that they are not able to reach. A well-built financial and physical infrastructure creates jobs opportunities and enables broad market growths. Considering the various roles of the institutions, they can meet the high social and environmental standards of the companies by enhancing procedures to be followed by clie nts, which they teach during their projects support processes or advisory services to support financing projects. References IFC magazine. (2010) Role of international financial institutions. Retrieved from https://www.ifc.org/errorpage.html Mirza, A. (2006, July 25). Managing Risk in the Financial Sector. Retrieved from http://ezinearticles.com/ The World Bank. 2002. Global Development Finance. Washington DC European Bank of Reconstruction and Development (EBRD). Transition Report 2000. London. Vaknin, Ph.D., S. (2005, April 8). Financial Crises, Global Capital Flows, and the International Financial Architecture. Wogan, J. (2010, January 18). The Importance and Role of the Bank of England. Retrieved from http://ezinearticles.com/ This essay on Roles of international financial institutions was written and submitted by user Crimson Dynamo to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

The Legend of El Dorado

The Legend of El Dorado El Dorado was a mythical city supposedly located somewhere in the unexplored interior of South America. It was said to be unimaginably rich, with fanciful tales told of gold-paved streets, golden temples and rich mines of gold and silver. Between 1530 and 1650 or so, thousands of Europeans searched the jungles, plains, mountains, and rivers of South America for El Dorado, many of them losing their lives in the process. El Dorado never existed except in the fevered imaginations of these seekers, so it was never found. Aztec and Inca Gold The El Dorado myth had its roots in the vast fortunes discovered in Mexico and Peru. In 1519, Hernn Cortes captured Emperor Montezuma and sacked the mighty Aztec Empire, making off with thousands of pounds of gold and silver and making rich men of the conquistadors who were with him. In 1533, Francisco Pizarro discovered the Inca Empire in the Andes of South America. Taking a page from Cortes book, Pizarro captured the Inca Emperor Atahualpa and held him for ransom, earning another fortune in the process. Lesser New World cultures such as the Maya in Central America and the Muisca in present-day Colombia yielded smaller (but still significant) treasures. Would-Be Conquistadors Tales of these fortunes made the rounds in Europe and soon thousands of adventurers from all over Europe were making their way to the New World, hoping to be part of the next expedition. Most (but not all) of them were Spanish. These adventurers had little or no personal fortune but great ambition: most had some experience fighting in Europes many wars. They were violent, ruthless men who had nothing to lose: they would get rich on New World gold or die trying. Soon the ports were flooded with these would-be conquistadors, who would form into large expeditions and set off into the unknown interior of South America, often following the vaguest rumors of gold. The Birth of El Dorado There was a grain of truth in the El Dorado myth. The Muisca people of Cundinamarca (present-day Colombia) had a tradition: kings would coat themselves in a sticky sap before covering themselves in gold powder. The king would then take a canoe to the center of Lake Guatavit and, before the eyes of thousands of his subjects watching from shore, would leap into the lake, emerging clean. Then, a great festival would begin. This tradition had been neglected by the Muisca by the time of their discovery by the Spanish in 1537, but not before word of it had reached the greedy ears of the European intruders in cities all over the continent. El Dorado, in fact, is Spanish for the gilded one: the term at first referred to an individual, the king who covered himself in gold. According to some sources, the man who coined this phrase was conquistador Sebastin de Benalczar. Evolution of the Myth After the Cundinamarca plateau was conquered, the Spanish dredged Lake Guatavit in search of the gold of El Dorado. Some gold was indeed found, but not as much as the Spanish had hoped for. Therefore, they reasoned optimistically, the Muisca must not be the true kingdom of El Dorado and it must still be out there somewhere. Expeditions, composed of recent arrivals from Europe as well as veterans of the conquest, set out in all directions to search for it. The legend grew as illiterate conquistadors passed the legend by word of mouth from one to another: El Dorado was not merely one king, but a rich city made of gold, with enough wealth for a thousand men to become rich forever. The Quest Between 1530 and 1650 or so, thousands of men made dozens of forays into the unmapped interior of South America. A typical expedition went something like this. In a Spanish coastal town on the South American mainland, such as Santa Marta or Coro, a charismatic, influential individual would announce an expedition. Anywhere from one hundred to seven hundred Europeans, mostly Spaniards would sign up, bringing their own armor, weapons, and horses (if you had a horse you got a larger share of the treasure). The expedition would force natives along to carry the heavier gear, and some of the better-planned ones would bring livestock (usually hogs) to slaughter and eat along the way. Fighting dogs were always brought along, as they were useful when fighting bellicose natives. The leaders would often borrow heavily to purchase supplies. After a couple of months, they were ready to go. The expedition would head off, seemingly in any direction. They would stay out for any length of time from a couple of months to as long as four years, searching plains, mountains, rivers, and jungles. They would meet natives along the way: these they would either torture or ply with gifts to get information about where they could find gold. Almost invariably, the natives pointed in some direction and said some variation of our neighbors in that direction have the gold you seek. The natives had quickly learned that the best way to be rid of these rude, violent men was to tell them what they wanted to hear and send them on their way. Meanwhile, illnesses, desertion, and native attacks would whittle down the expedition. Nevertheless, the expeditions proved surprisingly resilient, braving mosquito-infested swamps, hordes of angry natives, blazing heat on the plains, flooded rivers, and frosty mountain passes. Eventually, when their numbers got too low (or when the leader died) the expedition would give up and return home. The Seekers of This Lost City of Gold Over the years, many men searched South America for the legendary lost city of gold. At best, they were impromptu explorers, who treated the natives they encountered relatively fairly and helped map the unknown interior of South America. At worst, they were greedy, obsessed butchers who tortured their way through native populations, killing thousands in their fruitless quest. Here are some of the more distinguished seekers of El Dorado: Gonzalo Pizarro and  Francisco de Orellana: In 1541,  Gonzalo Pizarro, brother of Francisco Pizarro, led an expedition east from Quito. After a few months, he sent his lieutenant Francisco de Orellana in search of supplies: Orellana and his men  instead found the Amazon River, which they followed to the Atlantic Ocean.Gonzalo Jimà ©nez de Quesada: Quesada set out from Santa Marta with 700 men in 1536: in early 1537 they reached the Cundinamarca plateau, home of the Muisca people, which they swiftly conquered. Quesadas expedition was the one that actually found  El Dorado, although the greedy conquistadors at the time refused to admit that the mediocre takings from the Muisca were the fulfillment of the legend and they kept looking.Ambrosius Ehinger: Ehinger was a German: at the time, part of Venezuela was administered by Germans. He set out in 1529 and again in 1531 and led two of the cruelest expeditions: his men tortured natives and sacked their villages relentlessly. He w as killed by natives in 1533 and his men went home. Lope de Aguirre: Aguirre was a soldier on Pedro de Ursà ºas 1559 expedition which set out from Peru. Aguirre, a paranoid psychotic, soon turned the men against Ursà ºa, who was murdered. Aguirre eventually took over the expedition and began a reign of terror, ordering the murder of many of the original explorers and capturing and terrorizing the Island of Margarita. He was killed by Spanish soldiers.Sir Walter Raleigh: this legendary Elizabethan courtier is remembered as the man who introduced potatoes and tobacco to Europe and for his sponsorship of the doomed Roanoke  colony in Virginia. But he also was a seeker of El Dorado: he thought it was in the highlands of Guyana and made two trips there:  one in 1595  and a second in 1617. After the failure of  the second expedition, Raleigh was executed in England. Was It Ever Found? So,  was El Dorado ever found? Sort of. The  conquistadors  followed tales of El Dorado to  Cundinamarca  but refused to believe that they had found the mythical city, so they kept looking. The Spanish didnt know it, but the Muisca civilization was the last major native culture with any wealth. The El Dorado they searched for after 1537 did not exist. Still, they searched and searched: dozens of expeditions containing thousands of men scoured South America until about  1800 when  Alexander Von Humboldt  visited South America and concluded that El Dorado had been a myth all along. Nowadays, you can find El Dorado on a map, although its not the one the Spanish were looking for. There are towns named El Dorado in several countries, including Venezuela,  Mexico, and Canada. In the USA there are no fewer than thirteen towns named El Dorado (or Eldorado).  Finding El Dorado  is easier than ever†¦just dont expect streets paved with gold. The El Dorado legend has proven resilient. The notion of a lost city of gold and the desperate men who search for it is just too romantic for writers and artists to resist. Countless songs, stories  books, and poems (including one by  Edgar Allen Poe) have been written about the subject. There is even a superhero called El Dorado.  Moviemakers, in particular, have been fascinated by the legend: as recently as 2010 a movie was made about a modern-day scholar who finds clues to the lost city of El Dorado: action and shootouts ensue.

Managers learn better through experience. Theory has nothing to offer Essay - 1

Managers learn better through experience. Theory has nothing to offer - Essay Example Owing to the dynamic nature of the current business environment, learning through experience has been widely used as the mode of leaning in the field of management (Rigolosi, 2013:1). Learning through experience has become an important has become an important aspect in management to enable them to meet the challenges posed by the business conditions in the 21st century. The statement ‘Managers learn better through experience. Theory has nothing to offer.’ is true in the modern times in the business world. This is owing to the fact that managing an entity in the modern times poses unique challenges to mangers globally. Managers have to experience some challenges resulting from globalisation and other forces in the market such as changing consumer needs and increased competitiveness. On the other hand, it has been observed that theory has a lot to offer in the management field, as there are some management theories that can be applied to solve problems facing managers in t he modern world. This means that theory cannot be fully left out in the field of management. Instead, it should be complemented with the experience learnt by managers in their line of work. In order to study the reasons as to as to why learning through experience is the best form of learning for managers this paper gives a discussion of the experiential learning theory and its practical application. To start with, experiential learning is defined as learning through experience. The theory of experiential learning is refers to the process of learning through experience and theorists such as Kurt Lewin and Dewey made important contributions to the theory (Border, 2007:7). The theory refers to learning as the process where knowledge is generated through experience. In other words, knowledge comes from the events experienced on a daily basis. Learning through Experience Mangers can learn a lot from observing the trends and activities in the business world. According to the theory, indiv iduals learn so much from observing and listening to the opinions of other people. This sparks their interest and enables them to discover and learn new concepts. David Kolb’s learning theory identified stated different learning styles that are founded on a four stage learning process. The four stages are important in the process of mangers learning through experience. There is the concrete experience that is gained through feeling and putting in practice what is leant (Janet, 2006:45). If managers feel that making a certain move will benefit the company, they learn through taking such decisions. The second step is reflective observation where the managers can learn through observation and critically analyse the outcome. The third step is abstract conceptualisation that entails assessment of the conceptual understanding. The last step is active experimentation and finding solutions to problems. This theory states that learning is based on immediate experience that acts as the basis of our reflections and observations. These observations help managers to plan and come up with new implications and are assessed to learn new concepts and experiences. All the stages discussed above are highly important to the learning process by managers. The entire process of experience, planning, reflection and

Uk Music Retailers Essay Example | Topics and Well Written Essays - 2000 words

Uk Music Retailers - Essay Example Just like in any other economy of the world, the UK economy also suffers from quite a number of challenges. Being an important component of the economy, the UK retailers have not been spared from the difficult moments that occasionally characterize the economy. Therefore, some traditional UK retailers such as music retailers who deal with the selling of music CD and VCD have been critically affected. In the past few years, some famous music retailers went bankrupt one after another. Cases in point include the Towers, KPS, and Virgin. Whilst some of the aforementioned retailers were troubled by the market changes, the likes of Find-CD, which is an online music company, were flourishing. According to findings of Traynor (2013) in his research, nearly 140 music retailers are prone to perilous economic period in the near future. A case in point is the HMV music retailer. HMV is credited for having been one of the longest-serving players in the music industry with a history of music retai ling for approximately 91 years.Unfortunately, trends in the recent years spell doom to its operations. Currently, the company no longer accepts gift card payment as well as it has stopped issuing new gift cards in over 200 of its retail stores worldwide. In addition, the London Stock Exchange decided to suspend HMV’s stock trading due to a persistent poor performance of its shares. In a bid to salvage the sorry situation, HMV has contracted Deloitte to investigate the possible solution as well as chart a way forward for the company.... In addition, the London Stock Exchange decided to suspend HMV’s stock trading due to persistent poor performance of its shares. In a bid to salvage the sorry situation, HMV has contracted Deloitte to investigate on the possible solution as well as chart a way forward for the company (Savov, 2013). In 2008, the UK largest music retailer Virgin Megastore faced a host of challenges. This company had stood in London Oxford Street for 18 years. After struggles with its finances and the changing fortunes in the industry, Virgin Megastore decided to sell its125 music retail stores to Zavvi Retailer. This is just but an example of the music retailers that have slowly been fading into oblivion in the UK. The other retailers include MVC, MUSIC ZONE, and FOPP. This closures and acquisition serve to signify the changing market fortunes in this industry. Despite the fact that Zavvi Retailer acquired stores from Virgin Megastore, the prospects of the business seem to be bleak and black. Thi s is because Entertainment UK (EUK), which is the major supplier of music records to Zavvi, has also been struggling to survive. 2. The service delivered by the retailers of music bear a number of characteristics that distinguishes them from goods. These characteristics include intangibility, inseparability, perishability, variability, inaccessibility. It is from this nature of services that the marketers of music face quite a number of challenges as they market the service to the customers. These challenges are as discussed below: Intangibility of music makes it difficult for the customers to ascertain the risk factors involved before they receive the

Politics and culture Essay Example | Topics and Well Written Essays - 2250 words - 1

Politics and culture - Essay Example The comparison will be between ‘Five Faces of Oppression, by Iris Young and ‘The Creation of Patriarchy’ By Gerda Lerner. Iris Young’s article explains the five types of abuse that include; exploitation, violence marginalization, cultural imperialism, and powerlessness (Lerner, 1993).1 However, Gerda Lerner’s mainly explores the origin of women’s subsidiary roles to men in society. Learner’s article mainly focuses on the Neolithic period. During this period, women were exchanged between tribes for pragmatism purposes. However, for the purposes of this essay and argument, this paper will discuss and focus on the aspect and issues of cultural imperialism and exploitation as put forth by Gerda Young comparatively against Iris Young opinions. In the natural and conventional wisdom, it refers to the fact that section or part of the society would feel superior and domineering or overbearing over and above the others. This happens in the instances where a part of the world would feel that their lifestyle and the way in which they live is the best, and the cultures of other people are inferior. Thus, in the tail end, it follows that the people who feel that their culture or in principle their way of life is the superior start to impose on the others. In so doing, they would start to coerce and intimidate others whom they consider culturally inferior to change and embrace their lifestyle and method of lifestyle. The same also extends to the gender roles where the males domineer or pose an overbearing approach to the lives of women. This happens since the men in most cases seek to define and control what ought to constitute the gender performance and role of the women (Lerner, 2005).2 For instance the men may seek to define the roles or women relative to domestic and office duties. This is where the men may seek to dominate or use their conventional masculine ability to control and impose

The Psychological Effect Of Branding In High Fashion Marketing Essay

The Psychological Effect Of Branding In High Fashion Marketing Essay The American Marketing Association (AMA) defines a brand as a name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of others sellers.(Kotlers and Keller,2006). So branding is a key aspect of marketing a product. Wheeler explains that brand is created in consumers minds, he states that it gives a promise, the reputation and an expectation about the product and the brand its-self, when these factors are managed properly it results in increased awareness and brand loyality(Wheeler,2003) appart from that, branding helps to convey the market position of the brand to potential customers. Branding in fashion industry is to be concentrated in this paper, as clothing/ fashion industry is one of the most growing industries (reffer to appendix 1). According to Verdict reports, The global market for luxury brands has grown rapidly over the past two decades. Estimated to be worth $263billion in 2007 which represents a 31% increase over the past five years, predictions indicate a 71% growth over the next five years, largely fueled by high demand from emerging economies (Verdict, 2007 in Caroline Tynan et al 2009). Fashion shopping is a personal element of consumer culture, it has become a popular leisure activity (Campbell, 1987). Aron OCass(2002) states that there is no single factor that dominates the morden popular cultural psyche as much as fashion. Apart from this, fashion is a significant way of identity portrayal (Crane, 2000; Wilson, 1990). The expression of personality and individuality with the use of cloths is not a new phenomenon, it was used to represent social class and profession as early as the beginning of civilastion. However, the nature of the modern fashion prospect is such that identities can be created and recreated as fast as posible than ever before (Popp, 2000). Commentators characterise this phenomenon as fast fashion. Similar to the fast food revolution, fast fashion entails rapid change in garment styles some garments having a fashion life of only weeks rather than months or years (Jackson and Shaw, 2001). With the help of celebrity and gossip magazines and media p ower there has been a formation of a culture in which the indecisiveness of fashion has brought to a quite fanatical speed,(Ingrid Jeacle.2009). If a popular celebrity is seen in a particular costume a new fashion trend is born, and then the high street store have to reproduce that look as fast as possible before the competition. (Rosenau and Wilson, 2001). This ability to react to the change as fast as posible is known as quick response (Ingrid Jeacle.2009,Abernathy et al., 1999). This huge clothing, industries total main media advertising expenditure amounted to  £56.7m in the year ending March 2009.(Key Notes, 2009 Clothing Retailing 2009). So a study on how brand is used in this industry and the importance consumers give it, in different aspect would be usful for the industry. The following research aims are set, which is undertaken in this study: To establish a relationship between consumer psychology and brand To analyse brand experience and customer satisfaction To analyse factors affecting brand choice Literature Review What is branding? Branding is the main focal point of this study, it would be appropriate to look into what a brand signifies. There are many definitions given to branding by many scholars as it is one of the basic consistencies of marketing. Branding in simple words could be defined as information that a provider of products or services communicates about the value of its offerings to establish trust and build loyalty among its customers. Brand messages differentiate in the marketplace, acting as a filter for making choices. Brand communicates: If you use my product/service, you will get X level and kind of value. For product and service providers, brand is critical because it helps develop loyalty among the customer base and creates opportunities for cross-selling and for deeper sales within a product/service category. Consumers make decisions about products and distinguish among multiple offerings based partly on brand.Anon(2002). According to Chernatony (2006) there are a variety of interpretations for branding and they are based on three categories, Input-based: stressing branding as a particular way of managers directing resources to influence customers, Output- based : consumers interpretations and considerations of the way brands enable consumers to achieve more, and Time-based : recognising their evolutionary nature. A brand is an identifiable product, service, person or a place, augmented in such a way that the buyer or user perceives relevant, unique, sustainable added values which match their needs most closely(Chernatony and McDonald,2003). Similarly (Miller, 2005) states that brand are name, which has a visual expression, like a symbol, a design, a trademark, a logo. He also argues that a brand is directly used to sell products or services. Like these definitions The American Marketing Association (Kotler and Keller, 2006) defines branding as A brand is name, term, sign, symbol, or design, or a comb ination of them, indented to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors All these definition by scholars have shown the importance of branding in an organisation or a product. Branding is complex and it is different products offered with different attributes. How ever the successfulness of a brand could be decided ultimately consumers mindsets, it exists largely by virtue of a constant co-ordinated activities across an organisation apprehensive with delivering a group of values are interpreted and internalised by consumers. The decision making tendency of a potential customer will be affected by the culture and sociological nature of the individual. Culture and sociological factors affecting decision making process Roth (1995) states that, Consumers shopping motives are known to be influenced by cultures, social values and socioeconomic conditions of the market. In an increasingly globalised business atmosphere, it is essential that marketing managers study about differences in consumer decision making with regards to culture. The success of an organisation in a culturally different market place may be largely affected by how well the decision makers grasp the consumers buying behaviours, and how well they are able to incorporate such understanding into their marketing plan and strategies.'(C. Leo et al 2005). Consumer decision making style refers to the mental orientation or approach a consumer has towards making choices (C. Leo et al 2005). Though, consumer decision making style represents a comparatively regular prototype of cognitive and affective responses (Bennett Kassarjian, 1972) national culture has been proven to impact considerably on personal values and attitudes (Hofstede, 1980), thus, culture is expected to encompass significant influence on consumer choice. Fashion industry is a very complicated industry, it is handled differ ently in different parts of the globe, especially in the east and the west. There is evidence of cultural differences in consumer decision making styles for fashion industry in the Chinese and other cultures.(Fan Xiao, 1998; Hiu, Siu, Wang Chang, 2001; Lysonski, Durvasula Zotos, 1996).according to Byoungho, J(2003)Shopping motives may be a function of cultural, economic or social environments. As it is this factor, that drives the attitude that brings consumers to stores, consumers valuation of a stores attributes and successive shopping results, for instance shopping satisfaction, must be different according to their shopping motives (Groeppel-Klein et al., 1999; Van Kenhove et al., 1999) thus in countries which has diverse cultures, tastes, and living habits, international service companies require to be conscious of and adaptive to local requirements (Hofstede, 1980; Prahalad and Doz, 1987). Mc Donald would be a good example of this. Veena Chattaraman, Sharron J. Lennon. (2008) research states, that strength of ethnic identification was an important in determining cultural apparel useage and attributes of emotions and meanings to the consumption. De Mooij (2000) says, Although there is evidence of convergence of economic systems, there is no evidence of convergence of peoples value systems. Cultural and social assumptions trigger our opinion, thoughts and judgment (Hoppe, 2004) this is a great factor in our decision making process. Culture points out the forceful practice that takes place within any perticular society grouping and this helps initiate the cognitive map of beliefs, values, meaning and attitudes that drive perception, thoughts, reasoning, actions, responses and interactions (Tung, 1995) Hofstedes seminal typology of cultural dimensions was first announced in 1980 and still leads in the research topic for management and marketing researchers (Furrer, Liu Sudharshan, 2000;M.H Bond,2002). It characterised culture with five dimensions: (1) Power distance (a tolerance for class differentials in society). (2) Individualism (the degree to which welfare of the individual is valued more than the group). (3) Masculinity (achievement orientation, competition, and materialism). (4) Uncertainty avoidance (intolerance of risk; and later). (5) The Confucian dynamic or long-term orientation (stability, thrift, respect for tradition and the future).( Hofstede and Bond, 1988 in Jhon C et al 2000). However many schloars debate that Hofsted model, is used to stereotype.(M.H Bond. 2002). Appart from the cultural factors scoial infuvence is also very important in the marketing of luxury products or high street fashion goods, according to Bagwell and Bernheim, luxury products marketing is related to conspicuous consumption or status superiority signaling (Bagwell and Bernheim, 1996). Erdem et al. (1999) study established that social status was the most imperative brand or store attribute to clothing or fashion shoppers and emphasized so as to brand or store image fashioned through the brand or store attributes significant to shoppers should be coordinated to individuals values to achieve need or motive satisfaction. The studies recommended that the significance of the brand attributes might differ depending on the purpose of shoping. Ian Phaus research states that, status seeking teenagers have an positive apporach to internatinal luxury brand apparel.( Ian Phau, Yip Siew Leng.2008). (Baudrillard 1988, in Ingrid Jeacle. 2009) analyzes spending practices in terms of the conception of signifying practices. Merchandise act as signs, he argues, and thus their buying the goods is not necessarily to apply any financial need, but rather to communicate status to pear group or other consumers. Bourdieu (1984) has also projected a hypothesis to describe the spending of cul tural capital, such as privileged edification. Social status has been seen to survive superior by most consumption practices, they are infused with the symbolism of experience which expedites distinctions farther made between consumers. Psychological effect Psychological effect is one of the most important factors affecting decision making while selecting a brand or a fashion item like clothing or accessories. The consumers develop better association and links with the brands that they are more familiar with (Hoeffler and Keller, 2003). This aspect is very important to marking managers as in the case of luxury goods people may pay more for the particular product than what they pay for similar products in department stores or other ordinary stores. The sales of luxury goods improve as growing passion for quality and stylish goods set a market segment. The number of people with a passion for fashion is continuously growing, in the competitive world people who are willing to pay more for goods which are produced in limited quantities (H.Elizabeth 2010). Owning limited quantities of higher-priced merchandise make many people feel social and confident. Consumers often evaluate imported goods differently than they do identical domestic products (Herche, 1992). In the cases os brands like, Callaway golf or Victorias Secret products, customers are largely acknowaging to the emotional benefit provided by these luxury goods (Traci Warrington ,2004). Research mainly conducted in further developed countries, have shown that consumers have a common fondness for domestic-made merchandise over foreign merchandise, mostly when information about the product is lacking (Damanpour, 1993; Elliott and Camoron, 1994; Wall and Heslop,1989). The importation figure of apparel products, for instance, was found to have an impact on consumer perception of the quality of clothing brands. Cloths from developing country had the image of quality being significatly inferior. (Dickerson,1982; Morganosky and Lazarde, 1987 Cheng-Lu, et al. 2004). However, a reverse pattern of this effect was seen in less developed countries, where consumers may possibly have a liking for imported brands as contrasting to domestic brands (Agbonifoh and Elimimian, 1999; Li et al., 1997; Marcoux et al., 1997; Wang et al., 2000). there are several other factors that affect consumers perception, there hasent been huge amount of research in this area of business in the past ho w ever some researchers have indicated with the intention of consumers perceptions of brand attributes persuade perceptions of shopping costs and shopping satisfaction(Jiaxun He,2010; Ingene, 1984; May, 1989, Sherman et al., 1997). Ingene (1984) study reveled that a pleasant and enjoyable shopping ambience positively affected the shopping time and the amount of money that customers spend in a store, in addition to the sensation of shopping. Another study by May, (1989) explains that status/ prestige or the attractive displays of stores be able to lead consumers to forgo the time and effort necessary to go extra distance to more distant stores. These examples imply that consumers shop at the place where they can maximize their satisfaction effectively. And other researchers argue that ther are other factor that important in consumer perception, like price and energy (Kim and Kang, 1995) In other words, these studies recommend that perception of the cutomers shopping expenses is a dif ferent dimension that must be taken into thoughtfulness to recognize shoppers store selection process. Buying habits Buying habits, like all these factors, helps in marketing and targeting the market segment. Understanding the buying habits of potential consumers will help in branding and marketing, there are many scholars who have given importance to this subject area, (K.P Kaas, 1982; Caroline B. et al, 2009; P. Knowles, 2002). These researches help in improving the brand image and loyalty. Designer brands use these buying habits to personalise the services given to their regular customers, (in most cases they might be celebrities). In other words buying habits helps us to stereotype consumers and results in targeting only the potential customers, for example, Bruce in his paper states that, young and affluent shoppers who are the fashion stores core customers and fast-fashion chains such as Zara and HM target these customers. (E.Bruce, and Wing-Gar Cheng,2010) They also state, that most department stores in China and other countries devote most of their space to high-margin goods such as cosmeti cs, clothes, and shoes. Those items now account for 70% of sales at the top department stores (E.Bruce, and Wing-Gar Cheng, 2010) According to Sanguanpiyapan, Thitiporn, and Cynthia Jasper. (2010) customers shop for luxury goods where they shop is due to the functinal and nonfunctional shopping motives. According to their research the nonfunctinal motive is very important to analise why they shop where they do. Their research shows that the overall experince which they get from a store is very important in influvencing the customer decition as to where they go for the luxury goods. (Sanguanpiyapan, Thitiporn, and Cynthia Jasper, 2010). Costomers decisions concerning where to purchase or shop are based on their approach toward a stores products mix in addition to the shoppers personal inner orientations, such as motives, needs or values (Gentry and Burns, 1978, Finn and Louviere, 1996;). H. Brad(2010) also argues that the envoirnment is very important for sucsessful retailing, he says that the sles staff should be fully trainsd and knowlageble about the proucts that they sell and the attitude of thes staff is very important in customer satifaction and repeat business. According to Sproles and Kendall (1986,), a consumers decision-making patterns are a mental orientation characterizing a consumers approach to making choices. Their research identified eight mental characteristics describing a consumers decision-making style. The eight decision styles are: (1) Quality conscious; (2) Brand conscious; (3) Fashion conscious; (4) Recreational and hedonistic orientation; (5) Price conscious; (6) Impulsive and careless tendencies; (7) Confused by overchoice; and (8) Brand loyalty These eight factors illustrate the most common and basic psychological or mental characteristics of a potential customers decision making and these are directly related to the consumer choice and behaviour. This information is also necessary in identifying the target market, (i.e. the segments of consumers sharing similar attitudes to shopping ) (Lysonski et al., 1996). Since clothing is one of the most growing industry (it provide huge options) and these behaviours can be identified because of the huge choice available in this industry. The usual factors that one thinks of when selecting a dress or an accessory would be to evaluate the style, colour, brand, design, price and some people check the country of origin. These choice stlyes or behaviors are mostly appropriate to certain shopping attitudes of interest, such as brand conscious, fashion conscious,price conscious, and hedonistic orientation.from this, it is fascinating to see the connection among consumer decision-making styl es and the choice made.(Cheng-Lu, et al. 2004) Tauber (1972) hypothesizes six personal motives for shopping (i.e. role playing, diversion, learning about new trends, self-gratification, physical activity, and sensory stimulation) and five social motives (i.e. social experiences outside the home, communication with others who have a similar interest, peer group attraction, status and authority, and pleasure of bargaining) this was found with in-depth interviews. Taubers study will be very useful in studying the buying habits of consumers. Fashion leaders Fashion leaders are very influential in the decision making process. Most people are always looking forward to celebrities or famous people. Celebrities life style can be imitated by many people, especially by fashion conscious people. This phenomenon has been studied by very few researchers. In the 21st century the fashion world revolves around this phenomenon. If a popular celebrity is seen in a particular costume a new fashion trend is born, and then the high street store have to reproduce that look as fast as possible before the competition. (Rosenau and Wilson, 2001). Most high street fashion stores survive on reproducing the styles that celebrities set. This ability to react to the change as fast as posible is known as quick response (Ingrid Jeacle.2009,Abernathy et al., 1999). Apart from celeberies, fashion leaders can be a popular members of their peer group. Michon R, et al (2007) says that, the mall surrounding can be directly influences fashion leaders hedonic shopping experience and approach behaviour. Fashion followers hedonic shopping experience may be mood driven, while that of fashion leaders is triggered by higher involvement cognitive processing (Michon R, et al 2007). (Vernette E ,2004) Reveals that in womens fashion, especially magazines, a media plan targeted at opinion leaders can succeed, that these opinion leaders ten d to be positive towards and discuss advertising media and that they read more womens fashion magazines and have more affinities with such media than non-opinion leaders. Celebreties are used in advertisement of fashion goods because; in general they tend to be perceived as more attractive, competent, or honest when they are associated with specific branded products characterized by a prevalence of elements that remind perceivers of the corresponding credibility sub-dimension (Guido and Pelusos, 2006). (Kamins 1990) study found that, a highly attractive celebrity endorser is effective for attractiveness-related products. When advertising fashion goods selecting a brand ambassador is very important because they are looked as the face of the brand, they way the look is very important for these goods, apart from this their social life is also very important (Guido et al 2009). Because their social life can affect the image of the brand a good example for this would be Tiger woods, in 2010 when his personal life was under lime light, his personal image was portrayed in a negative format and thus many brands associated with him felt that these media images might affect the image of the brand. These influential people in the society are watched very keenly and some time people try to imitate them mainly the way they dress. Brand loyalty Doyle (1989) stated, that the most significant condition of brand success was connected with differential advantage and the stupendous reputation or image for quality, service, or reliability. This he believed will in turn create brand loyalty. Ehrenberg and Scriven, (1996) states that brand loyalty varies little from brand to brand. Some papers state that, cissessed in long term on the basis of a competitive advantage that competitors find difficult or complicated to copy or achieve and that consumers distinguish as highly desirable for example superior customer service or the brand image/attiude that create brand loyalty. (Cokayne 1991 and De Chematony and McDonald 1994) Loyal customers are the strength of the value of a brand as it is these customers who are least likely to defect and hence it will be these customers who will be going to buy the same brand for years to come (Hofmeyr and Rice, 2000). Isabel Buil,et al (2009)says that, Brand extensions with high fit receive more favorable consumer evaluations and decrease the negative feedback effects of extensions on parent brand equity. A brand can stimulate greater levels of the repeat purchase phenomenon among customers, especially the loyal ones (Miller, 2005). Customer loyalty has become something of a legend in marketing concepts and theories, which is based on the above assumption. Brand loyalty has largely been defined in terms of attitudinal terms or behavioural terms (Mellen et al,1996). The researchers generally consent to the point that Brand loyalty is a complex construct (Javalgi and Moberg, 1997) and claim wide acceptance to the definition brought forward in the first instance by Jacoby (1971). Thus the widely accepted definition for Brand Loyalty is that, it is biased (non-random) behavioural response (purchase) expressed over time by some decision-making unit with respect to one or more alternative brands out of a set of brands and is a function of psychological processes. At the same time the definition enjoys wide acceptance it is also noted that the few people would be classified as truly loyal when all the above stated criteria have to be complied with. As Wood (2004) observes that it is possible for consumers to buy a brand they dislike because it is the one that is readily available to them .Also states that it should not be assumed that behavioural loyalty involves feelings or positive cognitive process as antecedents. Thus Brand loyalty however is not the sole driver for the customers to stick to a particular brand. One of the investigations into the issue introduced a new paradigm of brand commitment. Hofmeyr and Rice (2000) argue that the key to brand profits is creating a committed customer base. They suggests that the customer purchasing decision is influenced by how committed they are to the brand, as even though the consumer may buy a particular brand repeatedly, this may be because the brand of their choice is not available to too expens ive. Hence points out that the brand attitude would be one of the deciding factors in loyal behaviour, there are other influential factors like distribution, market concentration and activities promoting the brand. It is very important for the brand owners to keep track and understand the variables that are the basis of loyalty , specially that of the loyalty behaviour for the brands due to various reasons. Today, traditional consumer life-stages are fragmenting , the social and economic changes raging from fractured career paths, redundancy , increasing in single, separated, widowers and divorcee group etc all of it disrupts the traditional pattern(Kottler and Keller,2006). ). Studies have shown that consumer buying behaviour is habitual, habit have also been hard to break, and looked on as safe and familiar (Bandyopadhyay,Gupta and Dube,2005). Therefore, if the competitor brand is to inspire loyalty and break an old habit, it would be a real success in marketing and brand management. A recent research on the importance of the nature of brand loyalty, argued that the relation between brand loyalty and size of the brand is inversely proportional(Bandyopadhyay,Gupta and Dube,2005). Smaller bran ds attract fewer customers than large brands, and customers opt for larger brands far more frequently, this double disadvantage of the less popular brands is termed by many experts as double jeopardy (Bandyopadhyay,Gupta and Dube,2005). A study shows that business lose between 15 % to 20% of customers a year, and retention of 80 % means that customers on average , remain loyal only for 5 years and improving retention to 90% leads to the average life of a customer doubling to ten years (Boone and Kurtz,2006). There have been several other studies which seem to corroborate the fact that brand loyalty is a highly desirable phenomenon to any marketing initiative. Customer loyalty and building long -term relationships is vital; as more saturated the market, the more difficult and expensive it is to win new customers and more the existing customers are.It goes to the extend that the increasing focus of marketers on retention of exsisting customers and less on attracting new ones(Verhoef,2003). One of the widely quoted studies in most of the literature was a research conducted by Bain and Co, which came up with a simple equation suggesting that the cost of winning a new customer would be five times as high as the cost of retaining an old one (Reichheld, 1996). This is a significant incentive for companies to invest in measures which help boost brand loyalty. The same paper also gave out a statistic suggesting that a minor control on the rate at which the customers defect form the companies bran d can have a significant impact on the overall profitability i.e. a cut of 10-15% can boost the profitability by over 60% (Reichheld, 1996). There is however little doubt about the role of brand loyalty in building the strength of a brand and adding value to the business. Specified below are some of reasons which emphasize the implications of building the emotional relationship with the customer in terms of brand loyalty (Miller, 2005)- Cost: The costs of attaining new customers are condensed to a great degree Distributors e.g. retailers are happier to stock brands with high loyalty Highly loyal customers tend to become brand advocates to family, friends and colleagues and thus act as ambassadors of the brand and bring in new customers A loyal customer foundation acts as a breathing space for companies a kind when faced with market changes Brand loyalty has thus a important role in defining brand equity and brand valuation. Brand image and brand attitude significant research efforts has been concentrated on identifying important brand or store attributes that constitute brand or store image which influence consumers store choice and benefaction (Dickerson and Albaum, 1977; Hansen and Deutscher, 1977-1978; Lindquist, 1975). Erdem et al. (1999) studed the nine dimensions of Lindquist (1975) and developed an evolved three key store attributes for clothing shopping: (1) Status; (2) Merchandise; and (3) Price. Apart from this approach, Westbrook and Black (1985) also hypothesized three categories of shopping motives: (1) Product-oriented; (2) Experiential; and (3) A combination of product and experiential. Accordind to Parks and his teams study, brand images or advertisements based on an perceptive of consumer motives/needs have been viewed as an efficient way to converse product benefits (Park et al., 1986; Jiaxun He, 2010). Doyle (1989) revealed that the most essential principle of brand success combined with the degree of difference advantage was exceptional reputation or image for quality, reliability or service. This, he was convinced that this, enabled successful brands to accomplish numerous additional criteria, for instance seize higher prices than less successful brands. However some researcher argue that the success of a brand depends on factores like market share, shareholders equity and profitability (Innscher1993, , Gale 1987, Hansen, Gronhaug and Wameryd, 1990 and wilson 1978). (Dall Olmo Riley et al., 1997) have recognized strong correlations involving a brands market share and consumer attitudes towards it. But according to Pitta and Katsanis (1995), successful brands w ere the brands with a strong image or personality, when consumers perceived specific attributes as being strongly associated with particular brands. Keller (1993) describes, that the brand associations needed to be congment because the favourability and strength a brand association could be influenced by other brand associations. De Ghematony and McDonald (1994) in their study highlights the importance of added values as a main feature of successful brands. De Ghematony and McDonald (1994) also mentioned that, it was perceived effect, other than the actual quality that accounted and that this effect was assessed by consumers in camparison to other brands. These consumer-based achievement criteria are influential to business-based measures of achievement, such as the consistent stream of future income and the superior eamings that originate from high market shares, premium pricing and from the ability to resist pressure from the trade for discounts. (De Chernatony et al,1998). Joachimsthaler and Aaker (1997) explains that visibility have to be joined with clear brand identity, so that those conniving and implementing the communications channels do not accidentally send confusing or conflicting messages to consumers. Stephens et al. (1996) states, that a long-term good relationship with the consumer is very important in creating of successful brands image. With the creation of a high brand image and brand attitude, brand will be able to originate to premium pricing, high market shares, and from the ability to oppose pressure from the business for discounts. (Gokayne 1991)

Truth Disguised By Words :: essays research papers

Truth Disguised by Words Throughout history people have used disguises to deceive others to hide their true identity. Hiding ones true identity is a predominant theme throughout King Lear for characters dress up to deceive their friends and family. Another use of disguise in this play is using words to hide ones true emotions and personality. Words have a strong importance to the characters in this play which leads to easy manipulation. Three characters use words that do not reflect their true feelings to deceive and manipulate their friends and family to do things that they would otherwise not do if their true intentions were know. These three characters are Goneril and Regan, the two eldest daughters of King Lear, and Edmund, the illegitimate son of Gloucester. They lie, deceive, fabricate evidence, overpower and betray their father and the other people closest in their lives, including each other. All three of these characters have used their mastery of the English language to portray an intention differe nt from their true feelings and emotions and succeed in fooling the other characters in the play to obey them. Throughout King Lear cruelty and selfishness is an ongoing theme and sentiment which is mainly generated from Lear's two eldest daughters, Goneril and Regan. Though these two sisters are virtually one character during most of the play they do even turn on each other when need takes over their heart. Goneril and Regan begin the play by professing their deep undying love for their father. These speeches were necessary if they wish to aquire their deserved piece of land and power from their father. In these two speeches Goneril and Regan use such phrases as "A love that makes breath poor and speech unable"(I, i, 60) and "And find I am alone felicitate / In your dear highness' love." (I, i, 75-6) while the daughter with the truest love towards her father refuses to speak for she "cannot heave / My heart into my mouth."(I, i, 91-2). The love Cordelia could not express in words her sisters were able to so insincerely, for if their love was true love it wo uld not be able to be expressed in just words because emotion would take over any meaning words had. This is the first time we see them speak in the play and their first words are insincere which is definitely a sign of the lack of respect they give to the meaning of words throughout the continuation of the play.

Petroleum Engineering: Research Proposal Essay

Petroleum engineering is technical activities related to the hydrocarbon production – either crude oil or gas. The importance of petroleum engineering is swiftly increasing and researchers try to highlight peculiarities and innovations in their writings. Petroleum engineering is main substance discipline within the gas and oil industry which concentrates on maximizing economic recovery of hydrocarbons. Therefore, the intended audience will be researchers and scientists who are interested in promoting petroleum engineering which offers certain benefits, and common people who are interested in innovative technologies. As far as petroleum engineering is related to many scientific fields, I am sure that economists, engineers, geologists and drillers will find the material informative and valuable. The current research will be assessed through the methods of description, case study and desktop research. The main purpose of the study is to enlarge knowledge of petroleum engineering, its importance and benefits. The research will focus on defining of petroleum engineering, improvements in modeling and materials, application of petroleum engineering, probability analysis and new development of new technologies as, for example, enhanced oil recovery and horizontal drilling. The main goal of the research is to answer the question whether petroleum engineering is really worth of studying and researching. A literature search revealed a number of on-line articles and books on petroleum engineering and its application in modern world. Over two-thirds of these were prescriptive and written by practitioners, consultants and journalists. There is also a steady flow of research and ideas on how new developments in petroleum engineering challenge conventional techniques. The most valuable resources are â€Å"Petroleum Engineering† by Wyllie (the author offers information of the development of petroleum engineering, its peculiarities and innovations) and â€Å"Petroleum Production Systems† by Economides, & Hill (the authors offer extensive coverage of well deliverability from oil, gas and two-phase reservoirs).

Bank of England

Bank of England In order to facilitate economic recovery, the Bank of England (BoE) and the UK government have proposed that major commercial banks should raise some extra  £25 billion by December 31, 2013 (Wilson, 2013).Advertising We will write a custom essay sample on Bank of England specifically for you for only $16.05 $11/page Learn More Issuing the statement on March 2013, the Financial Policy Committee in BoE pointed out that, some banks were at risk of losing about  £50 billion in the next years based on bad loans and related fines. The treasury however indicated that taxpayers would not be required to spend more money on state-backed lenders, thus meaning that the banks would need to find ways of raising the required money independently (Wilson, 2013). Explaining that the recovery of the UK economy requires strong banks, BoE underscored the importance of the financial institutions to self-repair by strengthening their balance sheets. In a 2012 report, BoE had s tated that the authorities (i.e. the government), may provide temporarily funding to banks that are required to recapitalise and cannot access market funding immediately. Where granted, the funding will enable banks meet their liquidity needs in the short-term (Federal Deposit Insurance Corporation Bank of England, 2012). To access such funding however, the banks would need to secure it with collateral. BoE has advised the UK banks to: restructure (and shrink the size of investment banking activities); cut the bonuses awarded to employees; and reduce bonuses paid to investors in order to meet the  £25 billion shortfall. Combined, all the three approaches suggested by Wilson (2013) will bolster the banks’ capital reserves, although some analysts have predicted some short-term consequences are inevitable. One such consequence has been identified as the threat of losing competent staff to firms that are willing to compensate them more favourably (Wilson, 2013) Although not a requirement by either BoE or the UK government, it is argued that the  £25 billion recapitalisation will eventually affect banks’ capacity to lend.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More References Federal Deposit Insurance Corporation Bank of England. (2012). Resolving globally active, systematically important financial institutions. Retrieved from bankofengland.co.uk/publications/Documents/news/2012/nr156.pdf Wilson, H. (2013). British banks must shrink, cut bonuses, reduce dividends to meet 25bn shortfall. The Telegraph. Retrieved from telegraph.co.uk/finance/newsbysector/banksandfinance/9956281/British-banks-must-shrink-cut-bonuses-reduce-dividends-to-meet-25bn-shortfall.html Article 2: In order to facilitate economic recovery, the United Kingdom government and the Bank of England (BoE) have proposed that commercial banks solidify their capital base by  £25bn by end of year (2013). As far back as September 2012, the Financial Policy Committee (FPC) stated there was a need for banks to raise more capital externally instead of simply relying on the reduction of bonuses and dividends (Aldrick, 2012). The major requirements to the banks are: Recapitalise and strengthen balance sheets before the end of 2013 Raise the needed capital independently without involving taxpayers Seek temporarily funding from the government if unable to raise the required capital immediately (or within the stipulated time) Have collateral to secure the temporary funds sought from UK authorities BoE has also suggested some ways through which the banks can raise (part) of the capital requirements internally. They include:Advertising We will write a custom essay sample on Bank of England specifically for you for only $16.05 $11/page Learn More Shrinking investments for purposes of retaining financial liquidity Cut back on bonuses give n to bank employees and managers Reduce dividend payments to investors (at least in the short-term) (Wilson, 2013) The requirements by BoE and the UK government are meant to ensure that the banks survive the next three years (up to and including 2015) without jeopardising the savings of their customers. In 2012, the Federal Deposit Insurance Corporation and Bank of England (2012) released a report documenting some of the measures that the regulators would take to ensure that consumers were not exposed to systemic risks by banks. One such measure was the requirement for banks to solidify their capital base by ensuring that their balance sheets were strong enough to withstand any negative shifts in the banks’ operating environment. References Aldrick, P. (2012). Financial policy committee threatens to force banks into raising more capital. The Telegraph. Retrieved from telegraph.co.uk/finance/newsbysector/banksandfinance/9570953/Financial-Policy-Committee-threatens-to-force-ba nks-into-raising-more-capital.html. Federal Deposit Insurance Corporation Bank of England. (2012). Resolving globally active, systematically important financial institutions. Retrieved from bankofengland.co.uk/publications/Documents/news/2012/nr156.pdf. Wilson, H. (2013). British banks must shrink, cut bonuses, reduce dividends to meet 25bn shortfall. The Telegraph. Retrieved from telegraph.co.uk/finance/newsbysector/banksandfinance/9956281/British-banks-must-shrink-cut-bonuses-reduce-dividends-to-meet-25bn-shortfall.html.

The eNotes Blog The Best Book I Read LastYear

The Best Book I Read LastYear Looking for a good read to begin 2014 right? We have some recommendations for you!  Heres a list of staff members favorite picks from a year of reading. We hope it inspires you when creating your list for 2014. Clearly the editors, interns, marketing staff and others behind are a mixed bunch, with high-brow, chick lit, and even photography manuals between us. Check out our reads and let us know whats on your list in a comment below. Gone Girl This huge bestseller was probably on many readers lists for 2013, with its spellbinding plot and really, pretty horrifying characters. It had me compulsively turning its pages, making Gillian Flynns dark thriller easily a one-weekend-read. Warning: dont pick it up without a bit of time on your hands; you wont want to put it down without solving the mystery of Amy Dunnes disappearance. Infinite Jest One of co-founders selected a throwback for his 2013 pick: David Foster Wallaces 1996 novel  Infinite Jest. The book is set in a futuristic society of North America and has inspired some polarizing opinions from readers for its complex plot, but it has to be admired for its influence over the past two decades of fiction. If youre looking for a challenging, important read, look no further. The Age of Miracles The Age of Miracles is the captivating imagining of what would happen to our world should Earth gradually cease to spin. The ensuing apocalypse is a slow and torturous one, wreaking havoc on both the natural world and the formerly normal teenage life of its main character. If youre looking for YA fiction with truly poetic prose, this is your read. Speedliters Handbook: Learning to Craft Light with Canon Speedlites So, our managing editor is a bit of a photography nut. If you are too we suggest you pick up the Speedliters Handbook. Itll teach you all kinds of things about Canon Speedlites. The rest of us have no idea what those are, but hey, look at the cover shot! Thats good, right? Art as Therapy Into philosophy? Weve got a high-brow selection for you with Alain de Botton and John Armstrongs  Art as Therapy. The philosopher and art historian duo explore the purpose of art and specifically of masterpieces, suggesting that they can be useful, relevant, and above all else therapeutic for their viewers. Finally, walk into a museum and get the art! Bridget Jones: Mad About the Boy And onto the lists most controversial choice: Helen Fieldings latest installment of Bridget Jones Diary. I know, I know, Darcys dead (sacrilege!) but I challenge you not to smile at Bridgets encounters with Twitter, toyboys, head lice and heartache. Just dont be a buzzkill and compare it to Bridgets debut. On its own the novel is really v.g. The Sense of an Ending editorial intern Tylers choice for his best 2013 read is Julian Barnes 2011 novel The Sense of an Ending. Sitting at only 150 pages, the Man Booker prize-winning novel is a quick but important read. It centers on the life of Tony Webster, who recounts his youth and tries to make sense once and for all of the suicide of his schoolboy friend Adrian. The title of the book is pulled from a literary theory book that concerns making sense of the ways we try to make sense of our lives. Vivian Maier Street Photographer Vivian Maier was one of the talented few in street photography who captured all facets of humanity in her expertly shot portraits: the humorous, beautiful, and often heartbreaking scenes of city life following WWII.  But until just a few years ago, nobody had seen any of her work. The full-time nanny had no formal training in photography, and though she passionately, compulsively shot photographs into the 90s, she never shared them with anyone. This 2011 collection of more than 100 of her best prints is a fascinating read for any photography admirer. The Kitchen Counter Cooking School Another of our editorial interns, Katie, recommends this unique spin on a cooking book: Flinns book was really interesting because  it demonstrated just how transformative learning to cook can be. She takes on a group of women and visits their homes and takes inventory of their kitchens, interviewing them about why they would like to cook. Then she does a series of classes with all of them and once they finish, she does a follow up visit a few months later to see how the experience had changed them.  Really interesting and inspiring, plus lots of good recipes! The Cairo Codex Again from Katie, Lamberts book is very provocative. Its reminiscent of Dan Browns books, but her protagonist is a female anthropologist who discovers an ancient codex that seems to have been written by a member of the Holy Family. Ive always been fascinated by Egypt and its culture, and thats where the book is set. The book really keeps you on your toes.  Im excited because its the first in a trilogy. So, whats up on the list for 2014? For me its the enticing  The Light Between Oceans  and Eleanor Cattons Booker prize-winning The Luminaries  (to start). What will you be reading this year? Happy New Year from the gang at

How is the city written, by consumerism (focus on Shopping and Essay

How is the city written, by consumerism (focus on Shopping and fashion) - Essay Example Consumerism has created a mass market by bringing millions of products and changing the perspective of people in relation to how the city is written (Warde, 1996). This paper seeks to discuss how the city is written by consumerism. In addition, the paper will present argument on consumerism in fashion in industry in London. â€Å"If there is one agreement between theorists of modernity and those of post modernity, it is about the centrality of consumption to modern capitalism and contemporary culture. To thinkers as different as Werner Sombart, Emile Durkheim and Veblen Thorstein at the turn of the twentieth century, consumption was a decisive force behind modern capitalism, its dynamism and social structure† (Trentmann 2004, p.373) According to Richards (1990), consumerism has undoubtedly defined the existence and modernity of today’s metropolitan cities. London, being a focal point of Europe, has been a home to people from all around the globe. While commenting on con sumerism as a phenomenon, Stearns (2001) regards a consumerist society in which many people formulate their goals in life partly through acquiring goods that they clearly do not need for subsistence or for traditional display (Stearns 2001, p.9). According to Mullins, Natalier, Smith & Smeaton (1999), the theoretical propositions, of how a city is written by consumerism, in relation to the concept of consumerism are largely classified as pessimistic views and liberal views. The pessimist point of view considers consumerism as a byproduct of capitalism whereas the optimistic view states that consumerism allows people to improve their objective and subjective well being, with opportunities being available to enhance leisure freedom and to facilitate the pursuit of happiness in writing the city (Mullins, Natalier and Smith 1999, p.44). In its literal meanings, Warde (1996) implies that the diversity of patterns involved in consumerism is expressed more openly than before and relating t his open expression to London, one can say that the city has dwelled on this notion quite substantially. The ever increasing consumerism in London has come in many facets beginning from history to the current times, and the most prominent among them was the historical exhibition. The Great Exhibition in 1851, which expressed consumerism in every way possible through displaying the intent of consumerism, which was to promote the living standards of people in the city by increasing income through the buying and selling in the exhibition. As Peter Corrigan (1997) describes, the London’s culture on consumerism can be traced back historically during the period of Elizabeth I (Jayne 2006, Beer, 2007), however, consumerism has greatly changed from history and is particularly different in the way people consume products. The fact of the matter is that London’s metropolitan face was emphasized through the display of its potential and advancement (Auerbach and Hoffenberg 2008). However in the past, it has grown due to industrial revolution, and therefore resulted in the different practices such as impulse buying (Eade 2000). The aristocrats among the people living in the city of London updated their consumerism concerns through regulating their

Automobile firm FORD Essay Example | Topics and Well Written Essays - 3250 words

Automobile firm FORD - Essay Example The rise in taxes in recent years has meant that petrol cars pay more VED. Companies have to take into account other laws such as new car warranties and the laws under the EU treaty such as those regarding location and block exemption. The market is oligopolistic. Ford has a high market share in 3 categories of cars. However, international competition, especially from BRIC countries, is a threat. The Ford brand has lost its appeal to the masses and is now termed as an old brand. In the market, there are high barriers to entry from financial constraints and regulatory requirements. There is threat of substitutes from environment-friendly cars. Backward integration diminishes the power of suppliers. Customers have high bargaining power in this durable goods industry. The future strategies of Ford Motors should be focused on slashing prices, improving brand image and technological innovation. The automobile industry is perhaps an industry that has suffered the most in the current global economic crisis situation. Burdened by the lack of consumer credit and cutbacks in household expenditures, this durable goods industry has had to endure setback in sales growth. Furthermore, the credit crunch has meant that the companies have found hard to draw capital from the pockets of investors. Oil price hikes and increase in credit costs pulled up the costs of manufacturing and put the giant manufacturers in the same league as small manufacturers with regard to problems faced. Companies like Chrysler have had to cut back on production in order to trim their inventories and reduce cost. Revill (2008) reports that Ford will reduce production at its Southampton factory in southern England in 2011 to 35,000 units, less than half of the 75,000 the factory built in 2007. Despite this, the automotive industry has done quite well. According to Auto Industry (2007), in 2006, 1.4 million cars and 208,000 commercial vehicles were produced in the UK. SMMT (2009) reports