Essay On The Election - 823 Words

It was December 2018. The people of Israel and Palestine grew weary with the violence. Palestinians regained the land they once possessed in the West Bank and Gaza. Negotiation was tough, but it is to most people’s delight that 2 years later the violence has slowly began to terminate. The next question is how Israel moves on from all the violence, and chaos. The upcoming elections become a key factor in Israel’s future condition. 2020 elections have begun, the Unified Constitution for Israel (UCI) party has officially won the national elections, with a majority of it’s members in the Knesset. This has never occurred in Israel history. UCI’s entire campaign was in support of Jewish Law. The Jewish community has a strong stance on personal†¦show more content†¦Many democratic nations use proportional representation like: Norway, Sweden, Switzerland, and Denmark. The people vote for a representative and whoever gets the highest amount of votes gets t he most seats in the Knesset. The good thing about proportional representation is that it doesn’t leave the less popular groups out. That’s when you actually have everyone’s vote count. As oppose to representation based on population, or winner takes all where you dismiss all other votes that werent the most popular. Denying citizens to be represented in government is denying their human rights. In The Politics and Strategies of Defending Human Rights: The Israeli Case, Meydani and Mizrahi explain what human rights mean for a nation. On page 41-42 they explain how â€Å"humans rights impose limitations on government authorities and private institutions, and are also important for the individual self fulfillment, social stability, and democratic regime† (Meydani and Mizrahi, 41-42). Such a way doesn’t exist where democracy can prevail, if the nation doesn’t represent the people that belong to it. Throughout history, it has been proven countl ess amounts of times that a nation has failed when one single branch of government wants to engulf all the power. Consequently, a way to prevent the Jewish religion to obtain all power, is by instituting checks and balances. For example when Hitler was in power, he ledShow MoreRelatedEssay On Election The Election741 Words   |  3 PagesShrestha Nitesh Shrestha GOVT 2306 Sherry Sharifian 20 November 17 Responsibility after Winning As I was running on the election for Texas House Representative, I used media and celebrity personalities to advertise myself and negotiate with many lobbyists and interest groups for funding. Now, if I win the election, I have the responsibility to develop my district and work for the prosperity of all my district people. If I am elected for the house representative, I would like to choose Business andRead MoreElection Election Essay820 Words   |  4 PagesI am running for the Texas Senate district 16 against my opponent Don Huffines who is Republican and extremely conservative. I have an ideology that matches with liberal democrat and I truly support equality and freedom. In this election; I am standing for providing quality education to the children and young people of my district, I am fighting against the poverty and also fighting for the property rights. Education is my main concern because I believe if every individual in my district is educatedRead MoreEssay On Election In Texas Election905 Words   |  4 Pagessuccessful officer, one needs to take concern on various aspects such as running for elections, organizing campaigns for publicity, building offices, utilizing available resources and maintaining the balance between funds and expenses. 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As Reagan was a political newbie with no advertising experienceRead MoreEssay Fo r Election1084 Words   |  5 PagesKhatri 6 Arun Khatri Professor Sharifian GOVT-2306-71001 September 29, 2017 I would like to run for Texas House of Representative this year. Although this post is just for 2 years, I want to make some radical drastic change in my district within certain period which I suppose my previous leaders didn’t do quite well. I want to make and pass federal laws that would favor my district people, communities and overall Texans. As I took a glimpse of my district, I came to know about the demographics andRead MoreElection Essay1239 Words   |  5 PagesIntroduction There has been a lot of talk regarding the involvement of Russia in the most recent US presidential election. The article chosen discusses key events that lead people to believe that some type of intervention occurred on a level that isnt being formally discussed. Many of the key issues discussed in the article revolve around the lack of attention to those key events and a lack of investigation. Because the United States Intelligence Community concluded that there was actual engagementRead MorePartisan Elections Essay717 Words   |  3 PagesPartisan Elections In the following essay I will be talking about the disadvantages and advantages of partisan elections for state politics. I will also examine the last couple years election results and costs. Finally, I will discuss if partisanship made a difference in the vote, as well as if a judge should be decided by partisan vote. In the next couple paragraphs I will talk more specifically about these topics. First, lets talk about the advantages of partisan elections compared toRead MoreEssay on Partisan elections689 Words   |  3 Pages Partisan Elections nbsp;nbsp;nbsp;nbsp;nbsp;In the following essay I will be talking about the disadvantages and advantages of partisan elections for state politics. I will also examine the last couple year’s election results and costs. Finally, I will discuss if partisanship made a difference in the vote, as well as if a judge should be decided by partisan vote. In the next couple paragraphs I will talk more specifically about these topics. nbsp;nbsp;nbsp;nbsp;nbsp;First, let’s talk

Cover Letter Free Essays

Cover Letter Veselina Anatolieva Ignatova 44 Paisii Hilendarski str. Kneja, Pleven, Bulgaria 5835 November 2, 2010 Mr. Viktor Georgiev, HR Manager Griffid Hotels Club 13 Rose str. We will write a custom essay sample on Cover Letter or any similar topic only for you Order Now , Golden Sands Dear Mr. Georgiev: Please accept this letter as an expression of interest in the position of Front Office Manager. I have enclosed a copy of my resume for your review. I am familiar with the requirements for success in the Managers profession and I believe I possess the right combination of organizational, management and language skills.My current position is also Front Office Manager in Marina Palace Hotel and my main responsibility is to coordinate the team of the receptionists, organize them and follow the reward and recognition scale in order to motivate my team. My experience here has provided me the opportunity to work in a high-pressure, team environment, where it is essential to be able to work closely with my colleagues and guests of the hotel in order to deliver good quality of service.As a person working for so long in the hotel service industry I have never lost my patience with the people around me, never been arrogant or with bad manners. I’m responsible for my duties, taking the lead when necessary, communicative, empowering my team and always with good sense of humor. Than k you for your time and consideration. I would welcome the opportunity to personally discuss my potential contributions to your company with you. Please telephone me at after 5. 00 p. m. to suggest a time that we may meet. I look forward to your reply. Sincerely, Veselina Ignatova How to cite Cover Letter, Papers Cover Letter Free Essays How to Write a Cover Letter What Should Your Cover Letter Do For You? It should answer the question – Why should I hire you? It should grab the employers’ attention and point out why you, above all other applicants, should be contacted for a personal interview. The resume should never travel alone. Each time you submit your resume to an employer, you should enclose a cover letter that explains why you are submitting the resume. We will write a custom essay sample on Cover Letter or any similar topic only for you Order Now A cover letter is critical to creating interest in your candidacy, even for an internship or volunteer opportunity. The cover letter is your â€Å"sales pitch†. It gives you the opportunity to draw an employer’s attention to the skills and experience outlined in your resume. You can expand on certain courses or job responsibilities that particularly match the position for which to be considered. It also gives you a chance to highlight special achievements that might otherwise go overlooked. In summarizing your qualifications, highlight your most appropriate skills or background in relation to a particular position without simply reiterating the information on your resume. Refer the reader to your enclosed resume for further elaboration your past accomplishments. Be direct and brief. Structure your cover letter with three sections: FIRST PARAGRAPH: This is the â€Å"why I’m writing to you† paragraph which immediately tells the employer the position you want to be considered for. This is short – usually 2-3 sentences. Points to cover: Why you are writing and which position you are applying for. ? How you heard about the position is irrelevant unless it is a mutual contact or recruiting program. Do not write, â€Å"I learned of this opportunity through the Career Services Office. ? Show from your research why you are interested in this position or organization. The goal is to make a connection – do this briefly and specifically or leave it out; sweeping statements will not work. SECOND PARAGRAPH: This is the â€Å"why I’m qualified† paragraph. Highlight some of your most relevant experiences and qualities as the y relate to the position for which you are applying. Choose 2 – 3 points you want to make about Specific experiences/accomplishments or about general qualities you have exhibited, and provide Specific examples to support those points. This paragraph will change according to the job/employer for which you are applying. This is usually the longest paragraph of the letter. You may break this paragraph into two if it looks too lengthy or if your points work best in separate paragraphs. Points to ponder: ? ? The first sentence should be a hard-hitting opener. It is a quick introduction, which is accomplishment-oriented and directed at the skills and qualifications needed for the job/industry. The body of the paragraph should provide evidence to back up what you’ve just claimed. Cite specific jobs/internships/activities/projects and accomplishments associated with those experiences. Use your resume to come up with some specifics, but NEVER reiterate passages from your resume word for word. Discuss why what you did is to the employer- relate the facts to the job. Strong examples are important! The final sentence is a summary of what you’ve discussed above. It’s a good idea to mention the position title and company name to bring the reader back to the specific job in question. ? FINAL PARAGRAPH: This is a short 2-4 sentences paragraph. You should refer to the enclosed resume, request an interview and let the reader know what will happen next (Contact them within specific period of time unless it is a recruiting program). It is vital that you thank the reader for his/her time and consideration. Cover Letter Rules 1. Address to a specific name and title. If you are uncertain who to address, look in the library reference materials or call the company and ask the receptionist for the appropriate name and title. To gather this information, tell the receptionist; â€Å"I am sending some important papers to the head of the Department. However, I’m not sure I have the correct name and address. Could you please tell me to whom I should address these documents? † Writing style should be direct, powerful and error free. Edit to eliminate extraneous words and to check grammar, spelling and punctuation. In addition to stating your purpose, the letter tells the reader how well you communicate. The cover letter should be no more than one page. It should follow good business format. Do not overwhelm the reader with a lengthy cover letter or excessive repetition of the resume content. Keep the letter short and to the point. Three or four paragraphs will suffice: Paragraph 1: State your interest and purpose. Paragraph 2 ( 3): Highlight your resume by stressing what you will do for the employer. Paragraph 3: Request an interview and, if possible, indicate that you will call to discuss potential opportunities. 5. Use appropriate language. Repeat terms that the employer uses, without plagiarizing the job description or quoting from the resume. Avoid jargon and the passive voice. Use action verbs and the active voice. Do not try to be cute or too aggressive. Be employer focused – tell the employer what you have to offer, not what you hope to gain from them or the position. Always be positive by stressing your base accomplishments and skills as well as your future value. 2. 3. 4. 6. 7. Be sure to keep copies of all correspondence. It is possible that you will need to refer to it in the future . Sample Cover Letter for an Internship (courtesy of about. com) Your Name 111 Main Street Reading, MA 01867 (781) 555 -5555 youremail@yahoo. com Date Name Job Title Company Street City, State Zip Dear Ms. LastName: I am interested in applying for the scientific research summer internship position that was listed through the Name University Career Services Office. I have had a great deal of laboratory experience in chemistry, biology, and geology, both indoors and in the field. In the lab, I have performed chemical reactions and I am currently using microscopes to observe many specimens. In environmental field studies, I have conducted outdoor labs to assess water chemistry. Last summer, I worked as conservation assistant at Clumber National Park. I am seeking to complement this outdoor experience with a esearch internship in order to acquire the background necessary for a future career in scientific research. I believe that I would an asset to your program. This internship would provide me with the ideal opportunity to assist at your organization and to expand my research skills. I will call next week to see if you agree that my qualifications seem to be a match for the position. If s o, I hope to schedule an interview at a mutually convenient time. I look forward to speaking with you. Thank you for your consideration. Sincerely, Signature FirstName LastName This is to be used as a REFERENCE ONLY. PLEASE DO NOT COPY EXACT STATEMENTS for your letter. Every cover letter must be tailored to the job for which you are applying! Sample Cover for a Volunteer Opportunity (courtesy of UMASS Amherst) Your Name 111 Main Street Reading, MA 01867 (781) 555 -5555 youremail@yahoo. com August 9, 2012 Person’s Name Volunteer Coordinator Massachusetts Community Water Watch 44 Winter Street Boston, MA 02108 Dear Ms. X: This letter is to apply as a volunteer with Massachusetts Community Water Watch found through the Office of Community Service Learning at the University of Massachusetts Amherst. I am available to intern from September 1st 2012 to May 16th 2013. I am a first year student interested in pursuing a career in the field of biology. Through my coursework at the University, I continue to master the art and science of collecting, analyzing and interpreting data. I have strengthened my organizational skills through my lab courses and have developed specialized skills in using Excel. With my experience as a camp counselor, I am confident in interacting with and presenting educational topics to a young audience. Specifically, I was assigned by my supervisor to serve the role of Head Counselor. Through this role, I was able to coordinate and collaborate with other counselors and share ideas on fun interactive activities for campers. I look forward to utilizing my organizational and leadership skills in addition to my interest in biology to this internship. Thank you for your time and consideration. Sincerely, Your Name Enclosure: resume This is to be used as a REFERENCE ONLY. PLEASE DO NOT COPY EXACT STATEMENTS for your letter. Every cover letter must be tailored to the job for which you are applying! How to cite Cover Letter, Papers Cover Letter Free Essays Dear Hiring Manager, I have enclosed my resume. I am currently enrolled in City University of New York majoring in Education concentrated in Early Childhood. I have over 5 years of experience working in an educational environment with children between the ages 2 and 5. We will write a custom essay sample on Cover Letter or any similar topic only for you Order Now While in Middle School, I volunteered at an after work program tutoring my peers in key curriculum courses needed to pass State Testing. Once in high school I nurtured my passion for helping others strive to be the best. I was hired at Antioch Daycare Academy as a Part Time Instructor. As an instructor I was responsible for a class of 20 students between the ages of 2 and 4. I was required to complete a daily curriculum with my students that included the fundamentals needed in order to advance to Pre- K. I held monthly meetings with my student’s parents to discuss the growth, strengths and weakness of each student. My experiences in the classroom and work place have taught me how to effectively assess the short and long-term goals of children, and establish mutually agreed on methods to meet their needs. Throughout my years at Antioch, I was noticed and promoted to the positioned as Director’s Assistant, where I was able to strengthen my teaching and leadership abilities. I have shown to successfully work as part of an interdisciplinary team, collaborating with diverse professionals to provide a holistic approach to care. I have volunteered at daycare centers and outreach teen programs, emphasizing the importance of an education and the limitless opportunities it allows. In addition to my academic success and work experience, I have learned to not only organize my time effectively, but also use my experiences to spread awareness and educate others. In addition to working, I recruited members of my community and signatures of over 100 parents, which qualified Antioch as a potential UPK grant recipient. After several proposals, budgeting plans and curriculum outlines, we were awarded the full amount for UPK. My volunteer work, academic courses and work experience makes me a well-rounded candidate for the position was as a Family worker. I will bring new innovative ideas and proposals to further develop the classroom. Our mission is intertwined, to provide a safe and academically enriching program for children. I am currently up to date and certified CPR and First Aid, Anti-Bully and I have clearance from the Department of Health and the Department of Education. My salary requirement is negotiable based on the job responsibilities and total compensation package. Thank You, How to cite Cover Letter, Papers

Operational And Functional Requirements Of Different Conferences

Question: Discuss about the Spatial Operational And Functional Requirements Of Different Sized Conferences. Answer: Introduction The modern conference industry originated due to the religious and political congresses and conferences that held in the early centuries. Later it was followed by the business conferences and meetings. Within this industry, several people from all over the world come together, therefore this industry has the provision of creating a new market on a global scale through the conferences, exhibitions, meetings and other corporate events. These events are mostly of three kinds, small sized conferences with the forums and workshops, medium sized conferences with different session throughout the day and the international conferences which continue for several days (Rogers 2013). Within this industry, there are three kinds of customers of these events, government, private associations and corporate. The corporate customers hire the event managers to organize the medium or large sized conferences, however, most of such events are sponsored by the employers themselves and it contributes to cre ate revenue for the stakeholders attending such conferences. On the other hand, the private associations tend to hire the event managers for the small or medium sized conferences where they provide service for a selected group (Pahl and Beitz 2013). The event managers are required to understand the specifications of different clients. This is very much significant for the EMCs or the Event Management Companies and he Professional Conference Organizers or the PCOs. This essay will explore and discuss the spatial, operational and functional requirements of small, medium and large sized conferences. Small Sized Conference In the small conferences, there are around 100-200 guests, therefore the operational requirements involve arranging a venue to cater such people. There should be chairs and tables, different room for delegates and the conference room. There should be napery for all the rooms which are allotted to the delegates and other guests. The lighting and sound system should be available in the conference room and minimum of one technician should be present if there is any unusual and unplanned flaw in the system. The microphones and lapels should be function in the conference rooms as well. All the rooms should function properly, especially the heating and cooling functions. It should also cope-up with the number of guests who are coming for the conference. Mostly for the small conferences, specially, a small hotel in the city is chosen. The location should be a capital city which can offer a good communication system for the guests and there are ample chances for accommodation for the guests (Jones 2014). These factors should be considered to be most significant while choosing the venue for the conference. There should also be sufficient communication with the hotel owners so that they are well-aware if there is any change in the schedule or in the guest list. The management who are organizing the event, they should discuss the entire event beforehand with the hotel management in order to avoid any communication. For the conference, there should be a big banquet room with a podium, stage and microphones. If there are workshop sessions along with the conference, the there should be separate halls with the minimum capacity of 30-50 guests. According to Rogers (2013) the environment of the conference and the workshop rooms contribute to the energy and exchange of information of all the participants. Therefore, all the rooms should be properly maintained and well functioned. The food should be available whenever it is required, especially the morning and evening beverages s hould be served on time. The conference hall should also provide the space for the guests and delegates to interact and relax. The hotel should also have sufficient resource and space at their restaurant for catering the guests and delegates for lunch and dinner. Along with that, they should also have sufficient space for any other collaborative events. Medium Sized Conference In any medium sized conference, the numbers of guests are around 600-1500 along with 50 exhibitors. Such conferences are generally 3 days long with the opening ceremony and around six to eight concurrent sessions on every day. Other than that, there should be sufficient space for networking activities. Such conferences have different special requirements from the requirements of small conferences. In these kinds of conferences, the location choice is very much significant along with the availability of the venue. The venue is a major factor here as this may increase the number of participants. As in such conferences, the delegates generally fund for their own selves, the venue location matter a lot (Van and Getz 2016). As there will be a plenary session in the conference, the delegates will require a big conference hall where they will listen to the speakers. Therefore a theater should set up where this purpose can be served. The venue should be selected according to these basic requ irements of the conference. Due to these purposes, the exhibition and conference halls should have wide space. As stated by Andersson, Getz. and Mykletun (2014) the value spend by the exhibitor should also be checked before booking the venue. However, it has been seen that, generally these kinds of medium conferences require minimum of $25000-$30000 to be spend for the venue. As, there will be minimum of 50 exhibitors, there should also be a hall of around 2000 square meters other than the conference hall, meeting room and the space where the guests will interact with each other. This will increase the chances of networking for the delegates. There should also be separate rooms available where the sessions will take place. For this purpose, there should be five to seven extra banquet rooms which will have the capacity of approximately 200 delegates. Other than that, there should also be an extra room for the operations of the Event Management Company. This room should be adjacent to the conference room and there should be adequate provision of operating all the rooms form that particular room. Even though the primary operational requirements are similar to the requirements of the small conference such as the chairs, tables, microphones and other necessary decorations, however the resources should be more than the small conference. Due to the size of the conference, there should always be one or more representatives from the Event management Company who will coordinate among the necessary authorities such as the hotel management, exhibitors and the delegates (Masterman 2014). The representatives will also take care of the marketing of the conference and they will ensure that there is a proper communication and signage among the conference management team and the exhibitors. In this situation, the venue of the hotel will act to be very significant, as more exhibitors will be interested depending on the place of the conference. Along with that, there should be pr oper data connectivity within the conference premises for both the exhibitors and the delegates. There should also be an extended food and beverages range for the guests. The hotel should have sufficient resources so that there is no issue with the delegates (Holmes, Nichols and Ralston 2017). They should have adequate number of employees to ensure that the plans are executing at right time. Other than that, there should be the Public liability insurance which should be allotted to the conference venue beforehand. Major International Conference A 5 day long major International conference will include, a plenary, concurrent sessions along with the networking activities on every day, a gala dinner and award ceremony. The numbers of guests for this conference should be 3500-5000 along with 400 exhibitors. Ideally the space should be big enough to support all the necessary requirements for the accommodation of the guests, the transport requirements, along with the social networking activities, leisure programs to other locations (Bladen and Kennel 2014). This will increase the numbers of participation of the exhibitors and other delegates. The conference room should be sufficient enough to host a plenary session with 5000 guests. The dining should also accommodate all the guests which will require around 500 tables. The main conference room should have a dance floor and a podium or stage for award ceremony. The exhibition rooms should also offer around 20000 square meters so that each exhibitor gets at least 50 square meter spa ce. The other operational requirements are approximately similar to the small and medium sized conferences, although it should come in big scale (Mackellar 2014). However, the international conference may require a local travel and tourism company to take care of the destination management. This company will have experts, who will take care of the necessary information such as local accommodation, transport coordination, local entertainment, visa, domestic tour and the other entertainment for the gala dinner and the award ceremony. They will also ensure the leisure social programs for the delegates and the guests. There should also be a technology team who will make sure that there are social networking activities involving the social media sites. Conclusion In conclusion, it can be said that, regardless of the size of the conference, there should be adequate amount of resource which will cater the delegates. Other than the basic requirements, there are always some operational and spatial needs which are very significant for the guests. This study has shown all the basic needs along with these requirements. References Andersen, S.S., Hanstad, D.V. and Plejdrup-Skillestad, K., 2015. The Role of Test Events in Major Sporting Events.Event Management,19(2), pp.261-273. Andersson, T.D., Getz, D. and Mykletun, R.J. eds., 2014.Festival and event management in Nordic countries. Routledge. Bladen, C. and Kennell, J., 2014. Educating the 21st century event management graduate: Pedagogy, practice, professionalism, and professionalization.Event Management,18(1), pp.5-14. Holmes, K., Nichols, G.S. and Ralston, R., 2017. It's a once-in-a-lifetime experience and opportunity-deal with it!Volunteer perceptions of the management of the volunteer experience at the London 2012 Olympic Games.Event Management. Jones, M., 2014.Sustainable event management: A practical guide. Routledge. Mackellar, J., 2014. Surfing the Fringe: An Examination of Event Tourism Strategies of the Bleach FestivalCoolangatta Queensland.Event Management,18(4), pp.447-455. Masterman, G., 2014.Strategic sports event management. Routledge. Miyamoto, Y., Kaysser, W.A., Rabin, B.H., Kawasaki, A. and Ford, R.G. eds., 2013.Functionally graded materials: design, processing and applications(Vol. 5). Springer Science Business Media. Pahl, G. and Beitz, W., 2013.Engineering design: a systematic approach. Springer Science Business Media. Rogers, T 2013, Conferences and conventions: a global industry, 3rd edn., Routledge, New York. Testa, M.R. and Metter, M., 2017. Assessing Economic Impact as a Means for Event Efficacy: A Proposed Model and Case Study.Event Management,21(1), pp.61-70. Van Niekerk, M. and Getz, D., 2016. The Identification and Differentiation of Festival Stakeholders.Event Management,20(3), pp.419-431.

Stereotyping and the Changing Workforce free essay sample

The changing workforce is an ongoing trend observed in organisational settings throughout the world. However, what is the meaning of this worldwide trend? Changing workforce is an organisation behavioral trend which records a growing increase in the diversity of people in the workforce in various countries. Such diversity includes gender, ethnicity, age, and race (McShane and Travaglione, 2007, Page 8). In this essay, I am going to discuss how the changing workforce influence stereotyping in organisational settings. Age Two main groups of people in the workforce now are the Generation X (born 1965- 1979) workers and Generation Y (born 1980-2000) workers, with those born Baby boomer generation making up the rest of the workforce. Generation X workers are more by the book and traditional compared to Generation Y workers. Gen X workers believe in experience over wild ideas and that workers should earn their praise and way up the step ladder. Unlike the Gen X group, typical Gen Y workers are more comfortable with the fast moving IT world and prefer making use of the latest technology in their work compared to the traditional approach passed onto them by their Gen X bosses. We will write a custom essay sample on Stereotyping and the Changing Workforce or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Gen Y workers are also less respectful of the pecking order in the workforce preferring to by-pass immediate superiors to get their ideas across to higher authorities. Gen Y workers also wants to know their work is meaningful and have input into big decisions. They also prefer constructive feedback about their suggestions rather then have their suggestions quietly dismissed (Alsop, 2009, Commentary, Page 47). As time goes by, the workforce will soon be dominated by the Generation Y in the near future as the earlier batch of the Generation X workers begin to retire. This is especially true in large multinational businesses. Thus Gen X employees will thus be stereotyped and discriminated against. One common stereotype would be older workers are susceptible to being inflexible and slow in their advancement with the fast paced technologies. Smaller companies on the other hand will tend to value older workers for their experience, low absence ates and low turnover. Thus younger workers in such companies will get stereotyped as â€Å"inexperienced and ignorant† (Schermerhorn Jr. et al, 2000, Page 63). Gender A few decades ago, well paying jobs in the workforce were dominated by the males whereas majority of the females stayed home and fulfill the duties of a domesticated home-maker. This social phenomenon was brought about by limited access to higher education for the females which restr icts their entry into the workforce, further forcing the females to become dependent on the men economically. Furthermore, with jobs requiring specialized skills and specific training becoming directly proportional with the employee’s salary, it is becoming inevitable that the only jobs willing to employ females are also the low paying jobs. It is also during this time feminist movement then began to slowly help women attain equal rights in their quest for education and employment as laws were put in placed to protect the rights of females in getting education and equal opportunities in employment, thus more females are in the workforce now as compared to previously. This change in the workforce can be seen from the following quote, â€Å"The typical 1950s’ ‘nuclear family’, consisting of a white Caucasian family where dad works 9 to 5 and mum stays home to raise the average 2. 4 children, seen as the stereotype in Australia and new Zealand for so long, now accounts for less than 20% of the population† (Robbins et al, 1998, Page 40). However, even as women are being protected by the law which entitles them to equal rights as men when seeking employment, there is still a certain level of discrimination towards women whether it is during the course of applying for a job or by their colleagues and fellow peers. In a study done in the U. S on the effects of how gender based stereotyping can undermine women’s capacity to lead, both men and women respondent cast women as better at stereotypical feminine skills such as supporting. Both men and women asserted that men are better at â€Å"taking charge† skills such as influencing superiors and delegation. While this result largely conforms to gender stereotype, both men and women saw themselves as better problem solvers as compared to the opposite sex and problem solving is one of the key qualities associated with effective leadership. Since males far outnumber female in top management positions, it is this stereotype that dominates the current corporate thinking and thus might contribute to the fact that although females hold more than half of all management positions, they make up for less then two per cent of U. S Fortune 500 and Fortune 1000 CEOs (Amble, 2005). Race and Ethnicity Racial and ethnic group diversity has become an integral part of the changing workforce due to non-discriminatory immigration and employment law in many countries. For example, more than half of Australia’s immigrants came from the United Kingdom and Ireland in the late 1960s. Now, these countries only make up 15% of the immigrants and more den 25% of the immigrants come from various parts of Asia (McShane and Travaglione, 2007, Page 9). With this much diversity in the workforce, it is inevitable that stereotype happens. The United States would make a very good example whereby stereotype against race of the minority happens. Life for the average African-American has improved remarkably, with the median black household income rising from $22,300 in 1967 to $32,100 in 2006 and most blacks today are middle class in the America. Even so, the gap between the Whites and the Blacks is still the same as before as the median household income of the Whites has also increased. Black’s median household income is still only 63% of the Whites (Atlanta and Harlem, 2008). This meant that while employers are more willing to pay and employ Blacks, they increased the salary of the Whites as well. Most White Americans still consider effective or intelligent people of colour to be against the norm, a successful person of colour would be startling. Most White Americans have the perception that African-American and Hispanic are not smart enough and cannot be successful business people as most of the time they see people of these races on television, they are either singing, or dribbling a basketball (Thomas and Wetlaufer, 1997). Generally, it is the minority group that will be negatively stereotyped. Reflection and Discussion Singapore being a multi-racial, multi-cultural country with a population of more than 5 million, our workforce diversity would therefore be high. It is therefore important to learn and know how stereotyping would affect organisational settings in Singapore. Firstly, when selecting a potential employee, employers should not have a pre-determined mindset on the different groups of people during the selection process. It will be unfair to those candidates who are perceived in the weaker and non-favourable group as during the selection process, there will be a level of biasness against candidates in these groups and favouritism shown towards candidates in the stereotyped stronger group. This will lead to organizations losing out on potentially good employees who might be better then those candidates that the organisation chose in the end. Meritocracy should be the basis during the selection process. Secondly, employers and superiors should not assign employees and subordinates work based on perceived stereotypical mindsets of the workers as it will be counterproductive because it prevents the workers being fully utilised based on their strengths. Bosses should try to get to know more of their subordinates and assign them work based on their strengths and weaknesses. As a future employee of the workforce, it is essential to be more sensitive to other colleagues who may be stereotyped in a negative manner. While it is human nature to stick with certain groups they are comfortable with based on personal interest and hobbies, it is wrong to ostracise people based on their gender, age or race. It is therefore important to take initiatives to get to know co-workers who are not part of the clique to find out if they happen to have the same interest and therefore invite them to the interest group or to find other common interest with them and try to form another social circle with the other employees. In this way, there would then be an increase in the diversity of social circles and thus a bridge between the different groups is formed and co-workers can in turn get to know members from different groups. Conclusion In conclusion, stereotyping occurs whether or not there are changes in the workforce. The difference being, with changing workforce, workers whom used to be in the majority group will find their position more threatened with this added competition, thus the stereotype and prejudice against the minority group becomes stronger. In order to deal with stereotyping in this changing workforce, the main challenge would be for employers need to deal with the diversity and individual differences among their employees in order to achieve maximum productivity for the organisation.

buy custom Use of Relationship Marketing as a Strategy for the Success of Investment Banks essay

buy custom Use of Relationship Marketing as a Strategy for the Success of Investment Banks essay Chapter 1: Introduction The success of a bank depends more on the perceptions and preferences of its customers (Yavas et al., 2004) identified the significant impact of customer perceptions and preferences on the growth of a banking institution. According to Chumpitaz Paparoidamis, (2004) analyzed markets based on the perceptions of the customers and designing a customer delivery system based on such analysis enables the banks to gain competitive advantages. Similarly when a bank follows the objective of meeting the customer needs and enhancing the quality of its services, the bank is sure to gain and sustain distinct competitive advantages. The development of information and communication technology has had significant influence on the way a bank or other financial services organization conduct its business and maintain the relationship with its customers (Dabholkar Bagozzi, 2002). The pressure on banks to enhance their profitability has forced them to move away from the traditional transactional and qui ck sale approach towards an improved relationship-based approach to market their products and retain the customers (Duddy Kandampully, 1999; Moria, 1997). Several studies have analyzed the relationship between service quality and customer retention in the context of banks and other financial institutions (e.g. Ranaweera Neely, 2003; Caruana, 2002). In this context, Bei and Chiao, (2001) identified the quality of service level as an important element in attracting and retaining customers by financial institutions. Reichheld and Schefter, (2000) concurred by affirming that by providing superior quality service through the use of automated services, the financial institutions could accomplish higher rate of customer retention. Within this context, this study analyzes the role of marketing strategies by Investment Management Institutions including Investment Banks in attracting and retaining customers. This study focuses on the concept of relationship marketing. 1.1 Investment Banking An Overview There exists a close relationship between banks, financial markets and the macro economy. This relationship has been studied in the past in detail by several researchers (Cameron, 1997; Goldsmith, 1969) ). These studies reveal that well-developed financial markets are necessary for the overall economic development of any nation. The Investment Banks form the foundation for the development of financial markets. In broad terms, Investment Management Companies consist of firms whose activities relate to issuing, distributing, selling securities and other related financial products. The activities of investment banks include underwriting, brokerage and market making. Commercial banks and several other financial institutions are involved in investment banking activities. The firms operating in this industry appear to have significant competitive advantage in undertaking investment banking activities and other brokerage related activities. Historically many of the securities firms have specialized in one or more of the product market areas, such as institutional brokerage, retail brokerage, exchange floor brokerage or corporate and municipal finance. Other firms have engaged in a relatively full range of securities activities, but have limited themselves to a particular region of the country (Hayes et al., 1983). Competition among the investment banking institutions has received great attention during the recent period. Proliferation of Internet and other information and communication technologies has increased the customer knowledge on the availability of various financial products, services, relative merits and demerits. Consequently, the customers have become well informed of the intricacies of investing their surplus funds and their choices and expectations of services from the investment banks have gone up tremendously. This has compelled Investment Banking Institutions to adopt suitable marketing strategies to market their products and services successfully. Economic globalization, cross-border activities and consolidation have made the investment banking industry go through incredible transformation. The business environment today witnesses a number of banks crossing international borders to market their products and services in various geographical locations across the world. The role and importance of investment banking can be seen from their engagement in public and private market transactions for corporations, governments and investors and in providing a number of benefits to these participants. Importance of investment banks is also enhanced because the services and efficiency of them affect the financial markets and ability of investment banks in minimizing the cost and maximizing profits is important for both the banks and their clients. Investment banks also contribute to the facilitation of various industry segments (Radic Fiordelisi, 2008). Investment banking can be defined as the service of intermediation between issuers of stocks and investors through their involvement in advisory, mergers and acquisitions, debt capital markets and equity capital markets. There are a number of factors, which have acted as key drivers for the proliferation of investment banking institutions and their expansion on a global basis. Some of these drivers include globalization initiatives aided by cross-border investment flows, increased accumulation of investment assets owned by large corporations, securitization and economic deregulation measures adopted by different countries in the wake of economic globalization. Gardner and Molyneux (1997) identified similar factors, which facilitated the evolution of the present day investment banking like the advancement in technology, changes in regulatory frameworks, distribution of property rights and other economic forces that have an effect on the investible funds of individuals and entities. Considering the scope of this research and the complexity of the investment banking business, the literature definition of investment banking is provided below: Investment banks business can be categorized into five main areas: broking (the broking of securities is commodity business in which firms appeal to customers mainly on price and integrity); trading (the trading of securities drives on market volatility); investment banking (represents the underwriting of new issues and advisory work also referred to as Mergers and Acquisitions); fund management (includes both retail and wholesale fund management); interest spread (derivatives income from borrowed funds) (Gardner Molyneux, 1997). Full service and boutique are the two kinds of investment banks. Full service investment banks provide clients a range of services to meet their specific needs. These services include underwriting, mergers and acquisition advice, trading, merchant banking and prime brokerage (Radic Fiordelisi, 2008). For example, Goldman Sachs is one of the investment banking institutions that offer services in investment banking, trading and principal investments, asset management and security service. In contrast to the full service investment banks, boutique investment banks offer specialized services in specific segments of the market and they do not form part of any larger financial services institutions. An example may be found in Greenhill, which specializes in Advisory services in Mergers and Acquisitions, financial restructuring and Merchant banking (Radic Fiordelisi, 2008). Similarly, Lazard offers Financial advisory and Asset Management services (Radic Fiordelisi, 2008). The role of marketing in investment banking can be seen from the fact that investment banking is mainly a revenue-motivated business. For most of the investment banks, earnings from the investment banking activity constitute only a part of total earnings. In order that the investment banks maximize the contribution to the total revenue from the investment banking activity, it becomes important that suitable marketing strategies are developed and implemented. 1.2 Marketing a Background Note The concept of marketing is the exchange process in which two or more parties give something of value to each other to satisfy perceived needs (Kurtz, 2008). Thus individuals trade money for product or services depending their perceived needs and preferences. Services rendered may be both tangible and intangible and the swap of money can take place in return for a combination of goods and services. Even though marketing has always been viewed as an essential part of a business, the significance of marketing has varied over time and the history of marketing has gone through, different stages relating to manufacturing, sales and customer relations. After the periods of Great Depression and World War II the marketing era emerged during which there had been a move from products and sales towards fulfilling customer needs. The shift from the sellers market to buyers market created the need for consumer orientation by businesses. The need for companies to market their products and services increased and this brought changes in marketing concepts. Marketing assumed a conceptual base in which a company-wide customer orientation to achieve a long-term success of the business became the primary element (Kurtz, 2008). Kurtz , (2008) the objective of marketing strategies has undergone major changes in the last decades towards building the commitment of the customer towards a brand or a dealer. The development has taken the forms of (i) creating customer satisfaction through the delivery of superior quality products and services, (ii) building brand equity, which is facilitated by factors like perceive quality, brand loyalty, association of the customer towards the brand, trademarks, packaging and convenience of distribution channels, and (iii) creating and maintaining relationships. Of these three forms, customer satisfaction by delivering quality products and services and creating and maintaining customer relationships have been particularly pursued by bankers. Relationship marketing enables financial institutions develop mutually beneficial and valuable long-term relationships with the customers (Ravald Gronroos, 1996). O'Mally and Tynan, (2000) observed that relationship marketing works more effectively in cases where the customers are highly involved in the services provided by the institution. More specifically in the case of investment banks and other financial institutions, customer oriented relationship marketing programs facilitate free and meaningful flow of information between the institutions and the customers. Such a flow of information enhances the positive feeling of the customers towards the bank, which leads to increased satisfaction and relationship strength (Barnes Howlett, 1998; Ennew Binks, 1996). Past studies provide knowledge about the nature and importance of relationship between customers and banks from the perspectives of customer and business (O'Laughlin et al., 2004; Madlill et al., 2002). Although relationship marketing can be extended to all types of customers of banking institutions, Carson et al., (2004) are of the view that it need not be directed towards all the customers. Usually, banks have both profitable and unprofitable customers and in most cases the profitable customers subsidize the unprofitable ones (Zeithaml et al., 2001). Investment banks find it difficult to retain profitable customers, because of the increasingly competitive environment. The financial institutions specialize in offering attractive services and prices to the profitable customers to lure and retain them. Since investments in all the customer segments are not likely to result in yielding similar returns, relationship marketing is directed towards the most profitable market segments only. The profitable segments are identified by the associated income and wealth (Abratt Russell, 1999). Within the realm of investment banking, relationship marketing has a significant role to play, as the present day customers are well informed about the level of service quality they can expect from the financial institutions offering various investment services and other financial services products. The objective of this paper is to analyze the role and function of relationship marketing as one of the marketing strategies of investment management companies especially the investment banks. 1.3 Aims and Objectives The central focus of this study is to evaluate the role of marketing in promoting the investment banking activities of investment banks and other financial institutions. In the process of studying this central aim, the research accomplishes the following goals. To study the impact of changes from the traditional transaction-based marketing towards relationship-based marketing on the business of investment banking. To examine and evaluate the different marketing strategies being followed by investment banks in managing their business including the product offerings and service offerings by the investment management institutions. To make a comparative study of the marketing strategies of HSBC and Citi Bank to compare and contrast the strategies for their effectiveness. 1.4 Research Questions The current research through a comparative case study and a review of the relevant literature attempts to find answers for the following research questions. What are the usual marketing strategies adopted by the investment banking institutions to market their products and services? What are the significant motivating factors for the investment banks to turn towards relationship marketing? What is the target population for the marketing strategies of investment management companies and how effective the marketing communications of these institutions in reaching the target population? 1.6 Significance of the Study In the present day competitive business environment and global exposure of investment management institutions, devising an appropriate marketing strategy has assumed prominence. It has become essential that managers should have a thorough understanding of the marketing concepts and latest developments in the application of marketing concepts in the field of investment management. Relationship marketing has been found to be of relevance in the context of marketing by the investment banks. From the customer perspective, the relationship with a particular bankbecomes important to decide and maintain such relationship for a longer period. From the banks perspective retaining of profitable customers is of prime importance and this involves the implementation of relationship marketing strategies in conducting the business. Therefore, the study of the role and impact of relational marketing strategies on the investment banking becomes important. To this extent, the current study attempts to add to the existing knowledge on the different facets of relationship marketing in investment management field. 1.7 Structure This dissertation is structured to have different chapters concentrating on the different aspects of research. Following the first chapter introducing the topic of study and laying down the research boundaries in the form of research aims and objectives and research questions, the second chapter presents a review of available literatures. Chapter three describes the research methodology. Chapter four contains the findings of the research from the case studies and an analysis of the findings. Concluding remarks, limitations and recommendations for future research are presented in chapter five. Chapter 2 Literature Review The objective of this chapter is to present a review of relevant literature on the topic of the role of marketing in investment banking. The review will add to the exiting body of knowledge by reviewing the past research findings and theoretical contributions on the concept of relationship marketing and its influence on customers for financial service products. The determinants of customer satisfaction and customer loyalty in investment banking are also reviewed. 2.1 Introduction The investment banking industry across the world has gone through significant transformation due to cross border activities and consolidation taken place in the industry (Radic Fiordelisi, 2009). Higher disposable income available to consumers increases the chance of marketing more investment products. Transformation in fiscal policies, deregulations and improvements in the financial services sector help the growth of the market for investment banking products (Radic Fiordelisi, 2009). Traditionally, the preponderance of these products is distributed through financial intermediaries who work on a commission basis. However, with the development of newer financial service product offerings and intense competition among market players, the necessity for evolving new techniques and strategies for marketing of these products has evolved (Kunst Lenmink, 2000; Stafford, 1996). In the modern customer centric competitive business environment, customer satisfaction, service quality and customer loyalty have proved to be the major factors in establishing a casual and cyclical customer relationship, which is vitally important for the growth of investment banking business (Jamal Naser, 2002). With a higher perceived level of service quality, the customer remains more loyal and satisfied which in turn increases the business of the investment banks (Lloyd-Walker Cheung, 1998). More specifically, financial institutions such as investment banks have increasingly understood the strategic importance of customer value. With this realization, the institutions are continuously striving to evolve and implement innovative strategies that could enhance customer relationships (Kunst Lenmink, 2000; Stafford, 1996). In this context, it is to be noted that the product offerings of many financial service products are almost similar and only slight product differentiation is p ossible (Lim Tang, 2000). This characteristic of the products makes the value of the loyal customers more important for the financial institutions. Such loyal customers are likely to use the services of the investment banks more, spread word-of-mouth, withstand the offers from the competitors and recommend the services of the particular banker to other potential customers. Developing close ties with clients is sure to result in the growth of business of business entities (Reichheld, 1993). In view of the excessive cost to be incurred in attracting new customers, the institutions seek to develop and maintain long-standing relationship with the customers, so that they can increase the profitability of the organization (Ennew Binks, 1996). The present day banks have started using relationship marketing in the place of transaction-based marketing, which considers the relationship with the customers as an important element. For developing sustained relationship, customer satisfaction h as been identified to be one of the essential prerequisite (Oliver, 1980). Crosby and Stevens (1987) attributed satisfaction in the service of organizational members, satisfaction at the quality level of customer service and satisfaction with the functioning of the whole organization as the determinants of better customer relationship. Within this context, this review presents an analytical description of relationship marketing and its influence on business growth of financial service providers including investment bankers. 2.2 Marketing Function an Overview The concept of marketing is the exchange process in which two or more parties give something of value to each other to satisfy perceived needs (Kurtz, 2008). A simple marketing model promoted by Kotler and Armstrong, (2000) explained marketing as the process of handing over goods and services against tendering of money in return. Effective marketing implies the transfer of details about the products from the trader to the potential purchaser as an important element. An effective advertising message informs the consumer, about the attributes of the product or brand of the company and the feedback from the consumer to the company will inform the company about the perception of the customers on the quality of the product or service marketed by the company. Consumer behaviour is one of the important determinants of marketing strategies. Blackwell et al., (2001) defined consumer behaviour as actions taken by people, when purchasing, using and getting rid of products or services. Consumer behaviour with respect to certain product or service is analyzed to ascertain the response of the potential customers to different advertising strategies of an organization. The firm makes an analysis of consumer behaviour for creating unique selling point. This selling point is developed to attract target audience so that the firm can reach its objective growth. The company must have a thorough understanding of the client attitude in order to maximize the return on its investment on sales promotion activities. Based on the analysis of the consumer behaviour, a company would devise and execute its marketing strategies tailored those factors, which would drive customer behaviour. There are a number of factors, which influence the buying decision of consumers. These factors include prior purchasing habits of the purchasers, their present preferences, impact of environmental factors and the influence of the advertising and sales promotion programs launched by the company. Other demographic factors like age group, profession, qualifications, personal traits and standard of living of the consumer influence the customers choice. Brand loyalty represented by the preconceived thoughts about the quality and functionality of the products or services also has influence on the buying decisions of consumers. Kotler, (2006) identified culture as one of the basic determinants of the consumer choices (p. 124). Culture in this context represents the norms and beliefs of the society. In addition, culture als o covers the customs learnt from the society, which ultimately become the value of the society (Fill, 2002, p. 83). Customer satisfaction with respect to the quality and utility of the product or service is another major factor, which needs to be considered in attracting and retaining customers for any product or service. In this context, relationship marketing is the new paradigm in marketing literature, which has challenged the existing marketing theories and philosophies (Kotler, 1991; Gronsroos, 2004; Gummesson, 1997). Relationship marketing is a strategic tool used to study the needs and preferences of the customers and their attitudes, so that a firm will be able to build long-term relationship with them. In the investment banking context, relationship marketing is of particular importance, as the investment banks have to establish and maintain successful relationships with customers to thrive among stiff competition. The following section presents a review of relationship marketing and its application to investment banking. 2.3 Review of Relationship Marketing Establishing, developing and maintaining successful relational exchanges characterize the process of relationship marketing. The essence of these activities is to decrease exchange uncertainty and to create customer collaboration and commitment through gradual development and ongoing adjustment of mutual norms and shared routines (Anderson, 2001). When the customers are retained over a number of transactions, there is the likelihood that both the buyers and sellers may profit from the experience gained through undertaking the previous transactions. The basic aim of relationship marketing is to enhance the profitability of the organization by accessing a larger proportion of specific customers lifetime spending instead of trying to maximize the profitability because of individual transactions (Palmer, 1994). The competitive environment of businesses forces the firms to find a different route to garner competitive advantage by forming relationships with the customers so that there is s ignificant improvement in business outcomes such as quality, efficiency and effectiveness (Nowak et al., 1997). The approach of relationship marketing involves a deviation from the traditional competitive approach to one that involves collaboration. Characteristic of relationship marketing involves collaboration, long-term focus, commitment to and trust in relationship among partners, establishing and achieving mutual goals and objectives, and a relatively fewer number of business partners and inter-dependence (Dwyer et al., 1987; Kanter, 1994; Iacobucci Ostrom, 1996; Nowak et al., 1997). Based on these characteristics, reciprocity can be identified as the core concept of relationship marketing. According to Bagozzi, (1995, p. 275) reciprocity is a disposition and a feeling that one should return good for good in proportion to what we receive. Gronroos, (1990, p. 138) has reflected the concept of this relationship in his definition of marketing as: Marketing is to establish, maintain, and enhance (usually but not necessarily long-term) relationships with customers and other partners, at a profit, so that the objectives of the parties involved are met (Gronroos, 1990). Relationship marketing in a conceptual context developed during the 1980s. The concept emerged as an alternative to the then prevailing transactional view of marketing, because of the realization that many exchanges particularly in the service industry were mostly relational in nature rather than transactional (Berry, 1983; Dwyer et al.,1987; Gronroos, 1994; Gummesson, 1994; Sheth Parvatiyar, 2000). Within the context of a banking setting, relationship marketing have been defined as, the activities carried out by banks in order to attract, interact with, and retain more profitable or high net-worth customers (Walsh et al., 2004 p. 469). Therefore, the objective of relationship marketing can be identified as increasing the profitability of the customer while ensuring the provision of a better service to the customers. A number of studies with their empirical findings established the positive association between relationship marketing strategies and effective business performance (e. g. Naidu et al., 1999; Palmatiyar Gopalakrishna, 2005). In the marketing of banks, relationship marketing have attained a significant position (Holland, 1994; Stone et al., 1996). In respect of banking services, Keltner, (1995) observed that German banks as compared to the American banks have been able to maintain a consistency in their market position during the 1980s and early 1990s by following the principles of relationship marketing concept. Nevertheless, it is important to understand that relationship marketing by itself will not automatically result in stronger customer relationships. When the financial institution follows the principle of relationship marketing, the customers will exhibit different levels of closeness in their relationship with the banks, which could strengthen the ties between the bank and its customers (Berry, 1995; Liljander Strandvik, 1995). Relationship marketing strategies will become more attractive when they are made to enhance the perceived benefits of engaging in relationships (O'Malley Tynan, 2000). H owever, O'Laughlin et al., (2004) argued that not all customers will like to engage in relationships with banks. The authors further argue that close customer relationships in banks are rare and the relationships are weakened by the increase in the proliferation of Internet and other self-service technologies. Several scholars studied customer satisfaction in the banking industry in detail (Ahmad, 2002). These studies focused on the integration of customer management with customer services and optimization of customer relations (James, 2004). Before the role of relationship marketing in investment banking is reviewed, the following section reviews the desired level of relationship outcomes, customer satisfaction and customer loyalty aspects as they apply in the context of banking in general. 2.4 Customer Relationship and Satisfaction Customer orientation and satisfaction is identified to be one of the basic tenets of relationship marketing. Saxe Weitz, (1982) argued that sales personnel who are customer oriented always strive to improve the customer satisfaction on a long-term basis. Subsequent research have shown that a firms relationship with its customers is influenced more by the customer orientation (Clark, 1997; Yavas et al., 2004). On the study of customer satisfaction in the field of marketing of financial services, it was observed that while customer oriented employees are able to evolve positive influence, sales oriented employees could develop only a negative impact on customers relationship satisfaction (Bejou et al., 1998). Customer relationship quality and customer relationship satisfaction are the customer evaluation measures normally used to reflect transactional and relational types of exchanges (Bejou et al., 1996; Crosby et al., 1990; Lang Colgate, 2003; Abdul-Muhmin, 2002; Rosen Surprenant, 1998). Research established a positive relationship between service quality and sattisfaction in the banking sector (Ennew Binks, 1999; Jamal Naser, 2002; Ting, 2004). However, the constructs in this context are highly correlated and sometimes it might become difficult to separate them to transactional interactions. This have been found to be even more difficult from a relational perspective. Therefore, it can be stated that in long-term relationships of banks with customers, perceived service quality and satisfaction are likely to be merged into one phenomenon, which helps in an overall evaluation of relationship satisfaction. In the context of service market, especially financial services, the market environment has become even more competitive, with the increasing intensity in price competition. This has made shifting of loyalty of customers as an acceptable practice. Many of the industries have started focusing on rearranging their marketing budgets such that more resources are diverted to defensive marketing with the intention to retain the customers (Patterson Spreng, 1998). According to Gummesson, (1998) there are a number of initiatives undertaken to improve customer retention, including value chain analysis, customer satisfaction and loyalty programmes. Customer satisfactions have been regarded as the basis for firm success as satisfaction is inextricably linked to customer loyalty and retention. Studies have established the link between customer satisfaction and customer retention and they have identified other factors such as the level of competition, switching barriers, proprietary technology a nd the feature of individual customers (Bloemer Lemmink, 1992; Bloemer Kasper, 1995; (Sharma Patterson, 2000). Fournier and Mick, (1999) observed the relationship between customer satisfaction and customer loyalty to be more complex than it was perceived earlier. Sharma and Patterson (2000) identified a significant impact of customer satisfaction on customer loyalty. Customer satisfaction as a direct antecedent leads to a greater commitment in business relationships (Burnham et al., 2003) and it greatly influences the repurchase intentions of the customers (Morgan Hunt, 1994). However, it is worthwhile to mention that the impact of satisfaction on commitment and retention is likely to vary in accordance with the nature of industry, product, service, or environment. Burnham et al., (2003) presented another view and argued that customer commitment cannot be construed to depend only on satisfaction. Relational switching costs are expected to strengthen the relationship commitment, since such costs represent a barrier to exit from the existing relationship. High switching barriers would force the customer to stay or to perceive that they have to stay with service providers who do not consider the satisfaction created in the relationship. On the other hand, Jones et al., (2000) observed that customer satisfaction is usually the key element in ensuring repeat patronage of customers and this outcome generally depends on the intensity of switching barriers in the context of providing effective service. Under certain circumstances, even though a customer maybe less satisfied with a service provider, they would still choose to continue with the same provider because of the higher perceived cost of leaving the services. The customer has to consider the co sts in switching a supplier. It involves set-up costs and termination costs. The set-up costs include the cost of finding the new service provider who would be able to provide the same or better performance as the previous provider or the opportunity cost of foregoing exchange with the incumbent. The termination costs include the relationship-specific idiosyncratic investments created by the customer, which might have no value outside the relationship (Dwyer et al., 1987). This is applied more particularly in the context of investment banking in the form of exit and entry charges on investments routed through the investment bankers. The service encounters can be viewed as a social exchange in the light of interactions between the service provider and customer becoming a crucial component of satisfaction. This provides a strong reason for the continuance of the relationship (Barnes, 2002). In a services context, considering the level of interpersonal contact needed to produce services, there is a range of psychological, relational and financial considerations that might act as a disincentive for a hypothetic change of service providers (Petruzzellis et al., 2008). 2.6 Relationship Marketing in the Context of Banking Fierce competitive trends and saturation in the financial service product markets have enhanced the need to garner effective competitive advantages by banking institutions. The growing demand for the banking products and service through new media like Internet have forced banks to respond quickly to new challenges in customer demand and to meet them, with new and improved business models (Methlie Nysveen, 1999; Jun Cai, 2001; Bradley Stewart, 2003). Gronroos, (1994) and Berry, (2002) identified the long-term relationship with customers as the key success factor in the service industry, which enormously increases with the electronic channels. The proliferation of new channels and the high demand for differentiated products has presented customers with a wide choice in terms of which service to use in order to profitably interact with the bank. (Petruzzellis et al., 2008) The latest extension in portfolios benefits both the customers and banks alike. Banks are provided with the opportunity of capitalizing on the beneficial characteristics of the newer product lines and channels of marketing. For example, electronic channels enable the banks to reduce the costs of interacting with the customers through the substitution of labor-intensive processes with the use of automated devices and sales processes (Campbell, 2003). In addition, the interactions resulting from face to face consultation enhance the opportunities for cross selling of the products (Clemons et al., 2002). It is imperative that banks undertake an active management of the usage of customer service so that the bank would be able to benefit from the different strengths of its portfolio. In this process, the banks are under an obligation to understand the ways the customers may adopt for choosing between the portfolios. The banks should also understand the circumstances under which the customers make these choices. This understanding will help the bank in identifying the factors that are relevant in influencing the customer choice and their relative importance in making the choice. Eastlick and Liu, (1997) observed that the decision by the customers to adopt a service is driven primarily by the perceived benefits and perceived costs of using the new product. The adoption of the product thus depends on the value the product can provided to the customer. The value in this case is represented by the service quality of the product Montoya-Weiss et al., (2003) and the convenience the customer can derive out of by using the product (Black et al., 2002; Devlin Yeung, 2003). The customers will also consider the risk involved in conducting the transaction using the product (Black et al., 2002; Grewal, Levy, Marshall, 2002; Reardon McCorkle, 2002) and the costs of carrying out the transactions through the product (Devlin, 2002; Fader, Hardie Lee, 2003). Perceived convenience, service quality and price are the key bank attributes which influence the perceived value of a service (Bhatnagar Ratchford, 2004). The perceived value of service therefore depends on the modera ting effects such as circumstances under which the customer chooses the service and the distinguishing features of the customer himself (Mattson, 1982). It is to be inferred that the importance of the bank attribute among convenience, quality and price for choosing a service is most likely to vary depending on the situations and customer features. In consistent with the literature, it is possible to distinguish between two dimensions of loyalty. They are: (i) a past loyalty that is more associated with the customers behavioral loyalty (Snehota Sderlund, 1998; Chaudhuri Holbrook, 2001). This loyalty represents the relative importance of a specific banking service in the previous transactions decision of the customer (ii) a cognitive loyalty, which implies the behavioural intention of using the banking service in future (Methlie Nysveen, 1999; Van Rail et al., 2001). The perceived service quality, satisfaction and past loyalty are antecedents of the intention of continuing to use the service or future loyalty. It is therefore important that the banks should ensure that they provide a service of high quality for surviving in the highly competitive market and for garnering a sustainable competitive advantage in the long-term, which cannot be replicated by the competitors (Mefford, 1993; Jun Cai, 2001). In the context of social capital effect on the usage or choice of banking service and its impact on customer loyalty, commitment on the part of the bank becomes a key construct as identified by the social exchange literature (Thibault Kelly, 1959) and the relationship marketing literature (Berry Parasuraman, 1991). As perceived by the customer, the relationship with a particular bank is so important that the buyer may decide that it is worth investing in specialeffort to maintain such relationship for an indefinite period of time (Tellefsen, 2001; Coote et al., 2003). Such long-term relationship enhances the exchange relationships and acts as stimulation for promoting the willingness of partnerscooperation and complying with mutual requests. The partners are able to share information and engage in joint problem solving exercises (Morgan Hunt, 1994). Commitment also acts to prevent the negative effects of switching costs (Fullerton, 2003). Thus, lack of commitment on the part of the customers will make them switch the service provider more frequently than the committed customers, and thus results as being a more powerful determinant in retaining customers than continuance commitment. 2.7 Relationship Marketing with respect to Investment Banking and Financial Products There are a number of factors, which influence marketing for financial service products. These products are service based offers and therefore are characterized by a high degree of intangibility and complexity. These characters in turn provide a high level of variability depending on the market situation. Factors such as type of demand, delivery style, duration, and significance to the client also influence the marketability of these products. The peculiarities of financial services products may lead to a conclusion that relationship marketing is the right approach applicable only within the financial services product categories. However, it must be emphasized that the specificity of relationship marketing to the financial services products is attributed mainly because of the high risk involved and the necessity for a long-term relationship in view of the involvement of the client for carrying out the service delivery process (Ennew Binks, 1996). In the case of investment banks, it becomes necessary to establish a balance between the transactional marketing and relationship marketing strategies for arriving at an optimal position. However, the point at which the investment bank balances both marketing strategies cannot be permanent because of the interaction of various factors enumerated above. The existence of the changing circumstances determines an instable area or a danger area for both parts of the optimal position, following the calculation difficulty or even impossibility at a certain time of the results generated by the different relationship or transactional strategies. The main risk arising out of the calculation of this optimal point between transactional marketing and relationship marketing can be described as below: With respect to implementing transactional marketing strategies, the bank may not be able to recognize the wishes of the customer for a higher level of involvement on the part of the organization (to be reckoned as the customer service type activities undertaken by the investment bank). With respect to applying relationship-marketing strategies, the bank is likely to overestimate the quality level of the service expectations by the customer. This might result in clients migrating towards a competing institution which offers a higher qualitative level to a lower price. A hybrid managerial approach can be thought as a possible solution, which might take into account the possible changes in the business situation. According to Gronross, (1995, p. 252) irrespective of the investment bank or the institution adopting mostly transactional or relationship marketing strategies, there may be situations when the company may have to address the needs and preferences of customers in different market segments. The hybrid managerial approach requires the application of multiple marketing strategies, which would provide for the development and maintenance of discreet changes necessitated by shoppers segments. In this case, the bank has to be satisfied with lesser degree of profitability. At the same time, the bank should strive for maintaining and intensifying the relationship with profitable clients. In conclusion, it cannot be possible neither profitable for an organization to create close relationships, personal and long lasting with all the clients, which inv olves a differentiated approach, based on segmentation principles that will combine elements of relational marketing and transactional marketing in accordance with the clients profile and its importance for the company (Filip Pop, 2007) Similarly, the clients may also adopt a differential approach depending on the type and complexity of the products involved. According to a study conducted in the banking market in the United States, there are differences between transaction oriented and relationship oriented clients (Quoted in Mohamed et al., 2002). Sixty-two percent of the clients interviewed confirmed that in general they tend to be confident, based on their own strengths acquired by searching and analyzing financial information. They also seemed to be price sensitive. The remainder 38% of the interviewed clients responded that they are mostly interested in personal service and are not sensitive to the price. A similar study conducted in the UK financial services market has developed a model that typifies the shopping behavior in the market in accordance with two basic factors, which are instrumental in motivating and determining individual choices. The two factors are (i) the level of involvement and (ii) the deg ree of uncertainty (that generates some level of trust in the banker) (Beckett et al., 2000). The following figure represents these customer behavioral patterns. Buy custom Use of Relationship Marketing as a Strategy for the Success of Investment Banks essay

Bilingual Education and Dual Language Programs

Bilingual Education and Dual Language Programs The most urgent of all educational challenges is not curriculum and instruction. It is the challenge of changing social/cultural relations through languages while simultaneously improving curriculum and instruction.† Dr. Henry G. Burger Ph.D. (Mazon, 1976). Schools in America are faced with a challenge; educating linguistically diverse students. Schools not only must accommodate large numbers of students from non-English language backgrounds, but must also cope with the linguistic diversity of their student bodies (McLeod, 1994). There is much controversy over the most effective way to teach literacy of standard language or languages for education in multilingual settings. In 2002 the Bilingual Education Act of 1968 was repealed and replaced with the English Acquisition Act. This emphasizes English rather than Bilingual instruction and encourages a rapid transition to English only instruction (Farver, 2009). By doing this we are not only losing history but more importantly ide ntity. For many students from a non-English language background, education in America is not a successful or enjoyable experience. Linguistic minority students do not perform as well in school as the linguistic majority group. Millions of public school student have limited English proficiency, and this number will continue to grow if drastic changes are not put in place. English language learners begin school behind fluent English speakers, they continue to fall behind in language and academic areas, if they do not catch up the results will most likely be outrageous. (Jost, 1) Children whose first language is other than English face considerable challenges in becoming literate and are at high risk for reading difficulties and low academic achievement. Spanish speaking students currently constitute the largest bilingual subgroup and are the fastest growing in English language learners (Farver, 2009). Rosalie Porter, Board member of the Center for Equal Opportunity states â€Å"Bili ngual Education is the least effective method for teaching English language learnersà ¢Ã¢â€š ¬Ã‚ ¦students would learn the English language rapidly and master school subjects taught in English.† The Supreme Court found â€Å"documented academic support for the view that structured English immersion is significantly more effective than traditional bilingual education† (Jost, 2009). Bilingual education should not be just the transitioning a student to a target language. It should not be just simply teaching subject matter in a foreign language. It is not teaching the first language to a non-English speaking child, nor is it just teaching English as a second language. While traditional Bilingual education, in the context of teaching non-English speaking people in both their native language and English, is considered to be failing, Dual language Bilingual education programs are emerging. Dual language is a type of Bilingual education program that helps students develop ful l literacy skills in English and another language. Dual language education or â€Å"two way immersion† has become increasingly popular in the United States. English-speaking children as well as minority language speaker learn together in the same classroom, with the goals of bilingualism, bi-literacy, cross-cultural understanding, and high academic achievement for all (Palmer, 2010). They key with dual language education is it has to start when the child is just beginning school. Dual language classrooms usually divide their days or weeks between the two languages of instruction, expecting all class members to interact in only one language at a time (Palmer, 2010). Moving between languages has been frowned upon and bilingual education had traditionally argued that languages should be kept separate in the learning and teaching of languages. This is considered separate bilingualism and is used as a means to not cross-language transfer (Creese, 2010).

Explore how sexuality has changed over the past 100 years Essay

Explore how sexuality has changed over the past 100 years - Essay Example Explore how sexuality has changed over the past 100 years Sexuality and the ways in which sex creates both pleasure and results in procreation has been revolutionized in the last one hundred years. In the early 20th century the concept of reproduction was being examined through the ideas of eugenics. This area of research was somewhat based on the developments by Charles Darwin about the idea of selection as a method for putting the best traits together in order to support increases in the ‘quality’ of human beings being born. The problem that emerged with the concept of eugenics is that anyone that was considered undesirable was also then deemed unfit to procreate. This included the different races, prostitutes, those with developmental difficulties, and even the Romani who were considered to be innately born as thieves and miscreants (Sinclair, 2007). Along with the concept of eugenics began a movement within the women’s rights movements that were emerging at the time which suggested that women should have the right to choose desirably traited men in order to procreate with them. The emergence of a call for equality began to suggest that the power to create life should accompany the ability to make choices concerning desirable mates. Where patriarchal frameworks of gender control had held onto the power to determine procreation up to this time, the beginning and progression of the women’s movement changed not only gender relations but began to change the nature of sexuality and procreation dynamics. In the 1960s as the women’s movement raged forward, creating a deep shift in the gender dynamics and prescribed roles, William Masters and Virginia Johnson were doing some of the most daring and controversial research on the subject of sexuality. Through direct observation of sexual partners they began to study how the physicality of sexual experience occurred. During these 10,000 observations of sexual experiences through volunteers from the academic community, they watched for the sign s of arousal and continued to record observations about how bodies functioned during sexual arousal and release through a variety of different sexual situations. This significantly impacted the way in which sexuality was viewed through the development of anecdotal research as well as measurements from different devices (Crooks & Baur, 2011). 2. Explore how technology has and is changing the world of conception, pregnancy, and parenthood. The science of having babies has dramatically changed the concept of procreation as human beings have been able to take some control over conception. Although there is still a great deal of mystery involved in how and when conception occurs, science has been able to replicate much of what it takes to get pregnant so that women who would have remained barren have the opportunity to have children. In addition, the ability to use surrogates and to influence the hormonal production has provided for further opportunities for women to have children, even when they might not be the one to carry the child. Science has also changed the control that a woman has over when she gets pregnant. Through understanding how children are conceived, science has been able to influence the female body so that some control over child-bearing can be achieved. Contraception has a number of different methods through which women can protect themselves from unwanted pregnancy

APPLE COMPANY Essay Example | Topics and Well Written Essays - 2000 words

APPLE COMPANY - Essay Example Through a review of literature from diverse sources, the reports bring forth the findings on the business interventions the company has adopted in order to remain ahead of competition. Two main aspects characterize the strategies developed by Apple Inc, these are innovativeness and product diversification. These two strategies have been put in perspective in this report. In addition, conclusions are drawn from the findings and recommendations made. The company has adopted a differentiation strategy that has the following advantages; Increased competitiveness Uniqueness Flexibility Limitations of the strategy; Increased chances of imitation Uncertainty of the future Recommendations Rebranding Being cautious of customer needs Evaluation of long term and short term goals Introduction Background Apple Inc is the second largest multinational company in the information technology sector all over the world in terms of revenue. It is known for its electronics, software, and personal computer s. Their products have been admired the world over, the Fortune magazine has ranked it the most admired company in the world from 2008 to 2012 (Fisher 2008); (Colvin 2009); (Fortune 2010, 2011 and 2012). The company utilizes diverse means to reach out to their customers, including having retail stores, online stores, and selling to wholesalers among other ways. Objectives This report endeavors to: 1. Identify the strategies that have kept Apple Inc ahead of competition. 2. To analyze the business strategy developed by Apple Inc in an attempt to elucidate what makes them unique. 3. Develop a critical view and evaluation of the competitive strategies by Apple Inc 4. Analyze the limitations and the strengths of the strategies adopted by Apple. 5. Establish creative recommendations that will see the company stand the torrents of competition and change. Business Strategy A company ought to stand the dynamics of the business world through gaining a competitive edge over the rest. It is of essence that a company should establish a business strategy. According to Johnson et al (2011), a business strategy involves a long-term focus to achieve a competitive advantage through utilization of available resources and competencies to the attainment of the stakeholders’ expectations. Being ahead of competition brings forth differences in the customer’s perception of a particular product hence the willingness to purchase (Martin and Thompson 2010). A company that remains on top in terms of competitiveness must embrace change and must provide better services or products to the customers compared to the competitors. Such a company will remain profitable. Competitive advantage A competitive advantage is achieved through a business strategy that may affect part or the entire workforce (Romaniuk, Sharp and Ehrenberg 2007). The board of directors together with the entire management team has the responsibility of foreseeing the development and implementation of business strategies that will help the organization to remain profitable. Apple’s Competitive Advantage Apple is a company has grown to a multinational with a great reputation across the world. In its path innovation strategies, product diversification and acquisitions have contributed greatly to its success. Despite some lapses in the management at some point, Steve jobs took over the company to steer it to become a leader in the industry (Nair & Leng 2012). Findings Apple Inc stands

Statistics in Business Essay Example for Free

Statistics in Business Essay Statistics is the science of learning from data, and of measuring, controlling, and communicating uncertainty; and it thereby provides the navigation essential for controlling the course of scientific and societal advances. Statisticians apply statistical thinking and methods to a wide variety of scientific, social, and business endeavors in such areas as astronomy, biology, education, economics, engineering, genetics, marketing, medicine, psychology, public health, sports, among many. Statisticians provide crucial guidance in determining what information is reliable and which predictions can be trusted. They often help search for clues to the solution of a scientific mystery and sometimes keep investigators from being misled by false impressions. Some examples that statistics are used are Statistics also provide the reasoning and methods for producing and understanding data. Statisticians are specialists, but statistics demands they be generalists, too. One advantage of working in statistics is that you can combine your interest with almost any other field in science, technology, or business. Another is Studies of the environment require data on the abundance and location of plants and animals, on the spread of pollution from its sources, and on the possible effects of changes in human activities. The data are often incomplete or uncertain, but statisticians can help uncover their meaning. One last example is the future of many industries and their employees depends on improvement in the quality of goods and services and the efficiency with which they are produced and delivered. Improvement should be based on data, rather than guesswork. More companies are installing elaborate systems to collect and act on data to better serve their customers. Statisticians must know more than statistics. A statistician who works in medicine or in a manufacturing plant or in market research must learn enough medicine or engineering or marketing to understand the data in their setting. Statisticians need the ability to work with other people, to listen, and to communicate. References; http://www.amstat.org/careers/whatisstatistics.cfm