Human Senses and Perception: Accuracy and Weaknesses Essay

Can you really trust your senses and the interpretation of sensory data to give you an accurate view of the world? Describe and discuss the accuracy and the weaknesses of the human senses as they pertain to think in general and to your own thinking in particular. What perception means and how is relate to our senses? According to Joe Stratton (1999) on his book Critical Thinking for college students stated that â€Å"perception is the process of selection, organization, and interpretation of the sense-data into mental representation that can be use by the brain and the nerve system to provide content for thought† (p. 17). We can understand as Perception the process by which we receive and interpret information coming from the environment or ourselves. This information is received through the five senses: Sight, hearing, taste, touch and smell. Sensory perception is not sufficient to identify the outside world, it is necessary also the intervention of other processes such as attention, memory, and imagination. In other words, perception is how we understand and interpret the world. We perceive the world in certain ways depending on our beliefs is like a filter between us and the reality, the memories and experiences that we have stored in our subconscious mind and our capacity of imaginatio n is responsible for how we can perceive the reality. The perception varies from person to person; different people perceive different things in the same situation. â€Å"This sensing-thinking connection is so closely interrelated that our thinking often begins in our senses, progresses through additional sensory input, and shapes itself to our sensing habits; conversely, thinking can shape the way we sense† (Goodpaster & Kirby, 1999, p.44). There are some reasons that help us to believe in the accuracy of the sensory information, this mean that we are aware, dependent of our mind and perceptually seem to us. For example if we approach our arm to the fire we can feel the heat, meaning that the information passes through the touch receptors feeling the heat and sensory information reaches the brain, so next time we experience fire close to our body we will perceive that is hot.

Discuss How Different Approaches to Learning Can Affect Student Success in Higher Education Essay

It utilized a questionnaire based on an academic text, gathering some students, asking them to read the text then answer the questionnaire. Two distinctive groups were formed: students with high levels of understanding and perfect answers, named deep approach learners, and another with lower level, referred to as surface approach learners (Ramsden, 2003). Later, another approach was discovered and named as the strategic approach to learning (Chin, 2000). This essay recommends the deep approach to learning to be followed as a key of success in higher education, arguing particularly about the advantages and disadvantages of both deep and surface approaches to learning. Advantages of surface approach: The expression of the word surface means â€Å"the top layer of something† (Cambridge, 2009). Students who are surface learners are characterized by mechanical memorization (Chin, 2000), which stands for memorizing facts without understanding their objectives. These students learn only to pass exams or to meet a demand. Surface approach has only a lone advantage which can only benefit some students and not all. It is applicable particularly for the students who work while they are studying or who suffer from work loads such as preparing for academic assignments and doing extensive homework. This can fulfill their need of acquiring a time saving approach that enables them to succeed in their studies. Disadvantages of surface approach: In contrast, surface approach has many disadvantages. Some of these disadvantages can be summarized in five main ways. First, the students who follow this route of learning can not demonstrate the new ideas learnt thoroughly, neither can they relate them with other fields (Ramsden, 2003). Second, it directs the student to be a dependent learner. For instance, if a chemistry instructor asked his students to prove an experiment practically, then the surface learners will depend on their peers’ idea to verify the experiment. If they do not, then they will easily give up and this can be considered as a third disadvantage. The forth disadvantage is that it makes them easily ignore the points that they do not understand. As in the first example, those students neglect and forget about the ideas that were not helpful in doing their experiment. Finally, it brings the learner to forget the knowledge learnt easily and fast (Johansson, n. d). Advantages of deep approach: The expression of the word deep means â€Å"being a long way down from the top or surface to the bottom† (Cambridge, 2009). So, deep learners are the students who search for the full of meaning of the subjects they learn by following strategic ways to achieve that. Deep learners, unlike surface learner, use memorization when necessary but not always. There are many advantages related to deep approach. First of all, deep approach encourages the students to become more interested in their subjects and to have the curiosity to learn further. The second is that it assists the students to predict new information by analyzing recent ideas and connecting them with their prior experience and with other fields, as a result forming a complete image of the task required (Chin, 2000). Thirdly, it enables the students to have high quality outcomes in higher education (Johansson, n. d. ). The last is that it encourages the students to be independent learners (Entwistle, 1990). Disadvantages of deep approach: However, there is only one disadvantage of deep approach, which can be described as the obsession and passion that the student may follow in order to learn everything about the subject being learnt (Johansson, n. d). This can waste time and cause irregularity for other subject timetables. For instance, many deep learners like to know the whole idea about everything they learn, however they are not supposed to know everything, but this obsession leads them to waste time unconsciously. This situation can occur sometimes within the period of final exams revision, which can drive the student to have lower marks than expected for a deep learner. Conclusion: After the classification of the students into deep and surface learners, many universities recommended their students to follow the deep rather than the surface approach to learning owing to its benefits that their students are going to obtain. Perhaps the surface approach is applicable for some students but not all. Nevertheless, the advantages of deep approach to learning are more than surface approach; in addition the disadvantages of the deep approach are much less than the surface approaches. Therefore, by following the deep approaches to learning, students’ success in higher education will be advantageous. References: . Cambridge University Press (Ed. ). (2009). Cambridge Advanced Learner’s Dictionary (3rded. ). Edinbrugh: Cambridge University Press. 2. Chin, C. & Brown, D. (2000). Learning in Science: A Comparison of Deep and Surface approaches. Journal of Research in Science Teaching, 37(2), (pp. 109-138). 3. Entwistle, N. & Tait, H. (1990). Approaches to learning, evaluations of teaching, and preferences of contrasting academic environments. Higher Education, (19), (pp. 169-194). Netherlands: Kluwer Academic Publishers. 4. Johansson, J. et al. (n. d). Experiences of learning student accounts linked with theory. Denmark: CDIO. 5. Ramsden, P. (Ed. ). (2003). Learning to Teaching in Higher Education. (2nded. ). USA: RoutledgeFalmer. Bibliography: 1. Beckwith, J. B. (1991). Approaches to learning, their context and relationship to assessment performance. Higher Education, 22, (pp. 17-30). Netherlands: Kluwer Academic Publishers. 2. Cuthbert, P. (2005). The Student Learning Process: Learning Styles or Learning Approaches? Teaching in Higher Education, 10(2), (pp. 235-249). United Kingdom: Manchester. 3. Entwistle, N. (1991). Approaches to learning and perceptions of the learning environment. Higher education, 22 (pp. 201-204). Edinbrugh: University of Edinbrugh. . Entwistle, N. (2000). Promoting deep learning through teaching and assessment: Conceptual frameworks and educational contexts. In: the TLRP Conference, Leicester, November 2000. 5. Fowler, J. & Wilson, K. (2005). Assessing the impact of learning environments on students’ approaches to learning: Comparing conventional and action learning desig ns. Assessing & Evaluation in Higher Education, 30(1), pp. 87-101. 6. Fox, J. & Bartholomae, S. (1999). Student learning style and educational outcomes: evidence from a family financial management course. Financial Services Review, 8(4), (pp. 235-251). 7. Iran-Nejad, A. (1990). Active and dynamic self-regulation of learning processes. Review of Educational Research, 60(4), (pp. 573-602). USA: University of Albama. 8. Kolb, A. & Kolb, D. (2005). Learning Styles and Learning Spaces: Enhancing Experiential Learning in Higher Education. Academy of Management Learning & Education, 4(2), (pp. 193-212). 9. Prosser, M. & Trigwell, K. (1999). Understanding Learning and Teaching: The Experience in Higher Education. Buckingham: Open University Press. 10. Ramburuth, P. & McCormick, J. (2001). Learning diversity in higher education: a comparative study of Asian international and Australian Students. Higher Education, 42, (pp. 333-350). Netherlands: Kluwer Academic Publishers. 11. Scouller, K. (1998). The influence of assessment method on students’ learning approaches: Multiple choice question examination versus assignment essay. Higher Education, 35, (pp. 453-472). Netherlands: Kluwer Academic Publishers. 12. Xu, R. (2004). Chinese Mainland Students’ Experiences of Teaching and Learning at a Chinese University: Some Emerging Findings. In: the BERA 2004 Conference, UMIST, Manchester, 15th-18th, September 2004. Edinbrugh: University of Edinbrugh.

Theory to Marketing 2 Assignment Example | Topics and Well Written Essays - 250 words

Theory to Marketing 2 - Assignment Example Pick a brand like Chobani for instance, which advertises yogurt. I feel that such, when strategically advertised, could attract many customers to a company, which sells yogurt (Sorenson, 2012). A company such as Alpenrose Dairy could benefit substantially from this brand. The Chobani brand is attractive, which could bring a lot of customers to the market. I would encourage Alpenrose Dairy to use this brand all over the renowned social media sites such as facebook and twitter to market their dairy products, yogurt in particular. Market researchers also advise that, in order to the get people to buy your products, companies should make sure that their brand image is put on the covering of the product before it is sold (Sorenson, 2012). Since the Chobani brand is such a strong brand, many people will want to buy the product in order to be associated with it. Finally, I would advise Alpenrose Dairy to market the Chobani brand in other places like television advertisements, in order for their products to cover a wide geographical

Ratio Analysis of Macy's and Nordstroms Essay Example | Topics and Well Written Essays - 1500 words

Ratio Analysis of Macy's and Nordstroms - Essay Example The company has entered into credit card and debit card business as well which is operated by one of its subsidiaries. Nordstrom sells both branded and private labeled cloths which make it a favorite for not only elite class of the society but it is equally popular amongst middle class or aspiring middle class citizens. Nordstrom generates sales from following segments. Firstly, retail full line stores generate substantial earnings which are evident from its financial ratios. Secondly, a direct segment is another organ of Nordstrom Inc. This segment primarily focuses on internet based selling. Nordstrom’s website reports high traffic on it, which is a sign of high customer satisfaction. Company has always delivered its promise of quality, fashion and customer service. Thirdly, credit segment earns revenue through charges levied on their company’s own or co-branded credit cards. Macy’s Inc. is another giant of the retail industry. It is based in Cincinnati, Ohio s ince 1820 and has been crowned as one top retail stores in the United States. Company operates through its two organs namely retail stores and its website. Macy has a huge portfolio for its customers, ranging from apparels, shoes and other accessories for men, women and children. They have also entered into home furnishings and various other consumer goods. In short, Macy’s Inc. has everything which one could dream for his/her living. Macy has been focusing on forward integration lately so that it can offer premium service to its customers and consequently, increase its saving by inventory management and price optimization. Keeping a holistic view of the retail industry, it is evident by the reports published by National Retail Federation(NRF) that the retail industry will grow by 4% in the current year due to better-than expected holiday season. However, commodity prices will increase due to augmenting levels of inflation which can create setbacks for the retail industry. Re tail industry survives on volume of sales. Whoever, can provide high quality with low price wins the bid therefore, Nordstrom and Macy have been working to reduce cost through better inventory management controls and reduces their cost of goods sold to sales ratio. Nordstrom Inc. has performed well in the last couple of years. It has continued to grow and prosper which can be seen by its improving profitability ratios. The return on Equity has improved to 34.12% in 2010 as compared to 31% in 2009. Nordstrom has established a strong line up of globally recognized brands which have added substantially to its earnings. The company’s earning has made a heap of 39% in 2010 from $441M in 2009 to $613M in 2010. Analyzing its Gross profit margin notifies an increment of $587M which is about 19.9%. Gross profit margins have grown to 36.39% in 2010 from 34.1% in 2009 as the company has been able to reduce the percentage of sales devoted to cost of goods sold from 68.83% to 66.27%. whic h is a reason of reducing its cost of goods sold to sales ratio. Company has integrated better mechanisms of inventory management to increase their year-end earnings. Moreover, sales have climbed up by 16.68% from $4560M in 2009 to $5321M in 2010 which is a reason for higher profitability ratios. Subsequently, net profit margins have increased from 9.67% to 11.52% in 2010. Nordstrom has performed well in terms of liquidity. This is evident from its current ratio as it has increased to 2.56 in 2010 from 2 in 2009. Looking closely at it, these figures are better than the industry averages hence the company is in a relatively safe position to pay off its current obligations. Nordstrom has performed really well in terms of managing their assets. Inventory turnover period has

Leadership Ethics and Diversity Case Study Example | Topics and Well Written Essays - 1250 words

Leadership Ethics and Diversity - Case Study Example Again the Executive Leader could have also worked in helping Michael get leave on medical grounds. This policy would have helped the company in reducing the level of disturbances gained owing to the behavioral conducts of Michael and similarly would have helped Michel in leading a tension and stress free life being way from the workplace. However adequate privacy should be held pertaining to the medical information of Michael gained in the course such that it does not lead to any kind of embarrassment. Thus rather than treating him to be disabled the acts should work in understanding how to ease the situation for Michael and thereby effectively accommodate him in the concern (Harvey and Allard, 2008, p.265). This stance would have helped Harvard from countering any Discrimination Suit such that Michael would have felt to have been cared for by his superiors. Again the above case would have helped in gaining Michael back to work with effective treatment conducted. Case 2 The Executive Leader duly appointed would have worked to make the passengers understand and honor the religious sentiments of the Muslims through rendering of examples in which an activity conducted would have affected the latter’s religious sentiments. Justification of the religious sentiments of the Muslim cab drivers would have helped in abolishing the mental conflicts pertaining to the same between the cab drivers and passengers. The Executive Leader must endeavor to enhance the religious position and sentiments of both the parties to the issue and also must act in enhancing the number of cabs not driven by Muslim drivers in the region (Harvey and Allard, 2008, p. 265). Case 3 In this case the Executive Leader should have worked in creating an intervention program to treat Brown’s problem of Sleep Apnea to effectively increase his efficiency at the workplace rather than working on termination standards. Thus firstly the Executive Leader would work in identifying the level of ps ychiatric ailment pertaining to Brown through the assistance of a psychiatrist appointed by the company. This psychiatrist can work to evaluate the history and the medical help gained till now at the personal level by Brown. Such intervention process coupled by steady documentation would help the company management gain adequate knowledge of the present condition of the Sleep Apnea aliment of Brown. Depending on such knowledge the company can adequately change the work environment for Brown by temporarily putting Brown on leave or relocating him to other departments. The Executive Leader must also work in getting feedback and information from time to time relating to the level of revival gained in by Brown through such medical interventions carried out. Feedbacks can be gained both at the personal and at the medical level by consulting with Brown and the psychiatrists respectively. This intervention process needs to be carried on till the time the psychiatrists consider him fit to r ejoin the duty of ‘Emergency Dispatcher’ (Harvey and Allard, 2008, p.265). The above intervention program carried out by the Executive Leader would help in enhancing the level of commitment and loyalty of Brown towards the

The Context of Legislative Decision Making Essay - 1

The Context of Legislative Decision Making - Essay Example In a democratic set up, unless the majority members do not accept the passing, it would not be able to be carried and therefore, the motion would be negated. Therefore, it is the elected representative of the people, who, as members of the Parliament, are having the discretionary powers to accept or deny the motion. They are effective because only the legislation which have the unanimity of approval would be passed. However, although the approvals are required, it is often possible for interest groups to lobby for vested interests, and they may use their power of influence to gain benefits. The main difficulties that may be faced in studying party politics in the state legislatures is due to frequent switching done by the legislators, which makes it difficult to gauge the political situations. When legislators switch parties due to misunderstandings or misconduct, it may have impact on the proceedings of the legislature and this is one of the main difficulties in studying the state legislations. The interest groups or professional lobbyists act to influence the legislative process when they need to secure passing of Bill by influencing public officials through information dissemination and also to influence or mould the minds of the public officials for reaching decisions though debating. The strategic effect of the effectiveness of lobbying is when the professional lobbyist is able to secure the passing of the legislative bill through successful lobbying. Lobbying in Brussels was developed in the late 1970’s the event that ignited the lobby aspects was the direct election in the European Parliament in 1979. The business circles felt that they needed persons who could supply them with information about political activities. The passing of the Single European Act 1986 created avenues by which decision in councils could be enhanced through the use of lobbying through the councils, the commissions and

The Global Environment of Business Essay Example | Topics and Well Written Essays - 1500 words

The Global Environment of Business - Essay Example With this concern, the brand adopted an important decision concerning setting higher prices for its broad array of products particularly in the European region in comparison with the US owing to the reason that the choices along with the preferences of the customers are quite dissimilar in the two business markets by a greater extent. In this similar context, one of the crucial factors that lead towards higher prices of lifestyle brands in Europe as compared to the US can be identified as the expensive operational costs. This can be justified with reference to the fact that Europe based customers are more trendy in nature than the US wherein Hilfiger had to raise its operational costs in order to comply with the requirements of the trendy European customers. Apart from the factor concerning higher operational costs, the other critical aspect which led to higher prices of Hilfiger products in Europe can be identified as the concentration of the retail market. In addition, the nature a s well as the preferences of the European customers can also be regarded as the other critical factors that led towards higher prices in the European region than compared to the US. ... rucial factors that led to higher prices in Europe as compared to the US, it can be affirmed that Hilfiger might experience certain major problems especially in Europe. In this similar background, one of the vital problems that Hilfiger might face is attracting along with retaining the customers from its targeted market segment, buying its different collection of products or brands. Furthermore, the other major problem that Hilfiger might encounter from having higher prices in the European region is decreased profitability along with productivity resulting in hindered customer satisfaction and lower retention rates over the long run period. This in turn might also hamper the growth of the company in terms of its market shares within the European region by a substantial extent and restrict its future growth prospects. To be mentioned in this context, the other problem that might be encountered by Hilfiger owing to its higher prices in Europe as compared to the US, is the inability to compete with its major rivalries and thereby accomplishing superior competitive position over its chief business market competitors in terms of weakening strategy in the area of brand positioning (Gitman & McDaniel, 2008). Question 2 It has been apparently observed that Hilfiger had to experience different national preferences while performing its operational functions in several nations throughout the globe applying a widely diversified strategic process. In order to effectively deal with various national preferences and facilitate the brand towards betterment, especially in the US, the CEO of the brand intended to adopt and follow the strategy of harmonising its European and the US collections focusing on increasing market share and customer satisfaction (Uclan, 2013). In this regard, the

MGT answer the question in the attachment Essay Example | Topics and Well Written Essays - 500 words

MGT answer the question in the attachment - Essay Example ses of the company include massive debt and overheads from now defunct brands whose discontinuation will be reflected positively through lower expenses on their income statement and other financial statements in the next financial cycle. The Liz Claiborne Company’s plan of action has been to trim down on organizational size with respect to work force and brands. The three brands which were retained were all priced as high end, affordable apparel which is currently safe from the disinterest of the consumers. It’s actually the middle tier apparel industry which was taken aback with penny wise consumers and so Liz Claiborne decided to sell those unprofitable brands to companies like J.C. Penney Co. and Bluestar Alliance. Yes, the action being taken by Liz Claiborne is most definitely strategic. They’ve given a lifeline to the company by trimming its burden of many loss-enduring brands and thus shaking off massive amounts of debt. These moves have also touched investors the right way. Share price of Liz Claiborne rose by 32 cents, equivalent to 3.8%, to $8.59 after the sale of Liz Claiborne and Monet Brands to J.C. Penney Co. was completed on the 2nd of November, 2011. Also, the company has announced that it will be renamed following the sale of the Liz Claiborne brand itself. This move is aimed to give fresh wind to the company, both in lieu of investor and consumer relations

Finish the question Essay Example | Topics and Well Written Essays - 250 words

Finish the question - Essay Example directly applicable to the company’s overall strategy of achieving financial success while providing shareholder value and maintaining focus on environmental sustainability. Additionally, the TBL rhymes to the company’s mission of producing financial rewards to investors in addition to growth and development opportunities for employees, business partners and communities. The SunChips brand of Frito-Lay concentrates on sustainability as the fundamental driver of their business strategy. The company uses environmentally-friendly production and transportation methods in order to minimize harm to the planet. The Modesto, California plant, for example, has adopted an environmentally-friendly ways of cooking sun chips. The plant currently uses solar panels to generate energy for cooking chips. The company has implemented sustainable methods of reclaiming waste water and managing other production wastes. These include a 36-acre solar filled for reclaiming water and a biomass b oiler for proper solid waste product management. Frito-Lay is proud of SunChips brand for being a snack characterized by environmental friendliness. The company strives to ensure that the consumer walks away with the knowledge that each SunChips product is produced using the most environmentally sustainable methods. Thus, the Triple Bottom Line rhymes with the overall strategy of SunChips and it creates a value for the company and the

Having someone to represent you means not acting for yourself. How, Essay

Having someone to represent you means not acting for yourself. How, then, does representative democracy facilitate the participation of the people - Essay Example However, various countries have various forms of governments. Many have democratic systems, while others are having kingships. Democracy allows the people of the nation to choose their representative, which they think can fully put forward their views and concern at a first place. A proper election system is established in those countries and people are allowed to cast their vote against shortlisted candidates. The candidates achieving majority of the vote declares victory and has then the authority to have the command over the country ship from then on (Shughart, pp.157-159. 2003). The elected one is assumed the spokesperson and the way-looker for the nation and has to fulfill certain responsibilities. Having a person or a representative group of people working for some larger number of people is required because it helps to maintain the status quo at a first place which otherwise would result in a chaos, and on the other hand it is needed to unite the scattered and diverse group of people under one roof. Moreover, various institutions, apart from residents, also work under the core circle of a nation set of hierarchy. These institutions may include Hospitals, Security Departments, commercial houses, and educational institutions, which also have their demands and requisitions over the governing bodies. Smooth operations within institutions need a structural framework that is followed by both, people working in the organization as well as the people getting advantage from them (for example, clients or customers). Such operations are always headed by a single governing body, which is formed by professionals from integrated departments and working under mutual consent to carry forward all the needed tasks. Similar is the case with a whole country. Taking country as a bigger institution, aimed at giving its people a contributive environment for living also needs a representative body.

A Research Paper on G.K. Chesterton and The Man Who Was Thursday Essay Example for Free

A Research Paper on G.K. Chesterton and The Man Who Was Thursday Essay While doing research on G.K. Chesterton and his literary masterpiece, I came upon this article on Gilbert Magazine in which his answer to the question â€Å"What is the difference between progress and growth?† was posted. To this question, he answered: The fatal metaphor of progress, which means leaving things behind us, has utterly obscured the real idea of growth, which means leaving things inside of us.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   First of all, I didnt even know he has a magazine. Secondly, since I have never heard of him before, I ask myself why on earth has it taken so long for me to discover such an amazing man? His statement above is just one of the marvelous pithy quotations of a man who never earned a doctorate and, in fact, never even attended a university. I have read some of them and I am amazed at how he can say something about everything and says it better than everybody else.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   It is with utter delight that I am taking this journey to the discovery and uncovering of a genius – a journalist, a debater, an artist, a happy man – for in discovering him, I discover passion, wisdom, and myself. G.K. Chesterton: A Poet, Storyteller, and Ironist   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   G.K. Chesterton cannot be summed up in one sentence. Nor in one paragraph. With all the fine biographies I   have encountered that have been written of him, I dont know if the Gilbert Keith Chesterton has really been captured between the covers of those books. In the first place, how could one simplify a man of such complex talents? He was very good at expressing himself, but more importantly, he had something very good to express – the reason why he was one of the greatest thinkers and writers of the 20th century and a champion of the Roman Catholic religion. K. Chesterton is alive and kicking today in a way that most of his contemporaries are not precisely because he enunciated clearly and forcefully the fundamental principles in the light of which issues, whether of today or of yesterday, can be confronted intelligently, and he has dedicated this extraordinary intellect and creative power to the reform of English government and society. Literary types would laud him for his poetry and novels and detective stories and plays; social critics would approve him for his prescient admonitions about eugenics and nihilism and socialism; champions of domestic democracy would like his doctrine of distributism; philosophers would be challenged by his insights and quips; the fundamentalist Christian would defend him for defending Christianity, and the Catholic Christian would enjoy the enjoyment Chesterton derived from his Catholicism. This is a multifaceted man.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Gilbert was a day boy at St. Paul’s. The masters rated him as an under-achiever, but he earned some recognition as a writer and debater. Although he never went to college, he proved that genius cannot be tied down to the rules of the academy, nor need we be subservient to the prejudices of the academy in evaluating genius. Chesterton, in fact, chose to be a journalist, because in that role he could think most profoundly, powerfully, cogently, and effectively.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   He was vitally concerned with the injustices of Great Britain to its dependencies. He progressed from newspaper to public debate. He used logic, laughter, paradox, and his own winning personality to show that imperialism was destroying English patriotism.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In 1900 he published his first literary works, two volumes of poetry. In 1900 he met Hilaire Belloc, and in 1901 he married Frances Blogg. These events were two of the great influences in his life. From 1904 to 1936 Chesterton published nearly a dozen novels, the most important being The Napoleon of Notting Hill (1904) and The Man Who Was Thursday (1908). In 1911 Chesterton created the ‘‘Father Brown’’ detective stories. During his literary career he published 90 books and numerous articles. He poured out a wealth of lighthearted essays, historical sketches, and metaphysical and polemical works, together with such well-known poems as ‘‘The Ballad of the White Horse,’’ ‘‘Lepanto,’’ and the drinking songs from The Flying Inn. Among his major critical works are studies of Robert Browning (1903) and Charles Dickens (1906). Prodigiously talented, Chesterton also illustrated a number of Belloc’s light works.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Chesterton spoke of himself as primarily a journalist. He contributed to and helped edit Eye Witness and New Witness. He edited G. K.’s Weekly, which advocated distributism, the social philosophy developed by Belloc. Chesterton’s overriding concern with political and social injustice is reflected in Heretics (1905) and Orthodoxy (1909), perhaps his most important work.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   I could say that Chesterton was not a philosopher in the sense of one who, like Plato or Aristotle, Aquinas or Bonaventure, Descartes or Kant, Hegel or Kierkegaard, made original contributions to the history of human reflection on the reality of the real. We can, however, say that he made two remarkable contributions which are still immensely worthwhile today: (1) he was unmatched in his ability to satirize the philosophical foibles of his day; and (2) although his philosophy was not unique his manner of expressing it was unique; one cannot read him, even today, without being again and again suddenly pulled up short. In view of his perennial concern with ideas and with ideas that count, with ultimates he has to be called a philosopher, not merely, however, as a lover of wisdom, but as one who possessed a certain kind of intuitive wisdom.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Throughout his life, G.K. Chesterton was one of the most colorful and loved   personalities of literary England. To his intellectual gifts he added gaiety, wit, and warm humanity that endeared him even to his antagonists. This English author, journalist, and artist was born in London on May 29, 1874. He died at his home in Beaconsfield on June 14, 1936, but it doesnt matter. To those who know him and are passionate readers of his works, his wisdom lives on. To those like me who simply stumbled upon him, he lives again. In our hearts, his wisdom is timeless. The Man Who Was Thursday: A Masterpiece of a Non-Degree Holder Genius   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Versatility of topic, address, genre, device, whatever more there is in the heaven and earth of mind and spirit brought to letterssuch is the hallmark and mandate of Chesterton. He can be straightforward and for right, crisp and to the point, or witty, with a certain malice aforethought. He can take the way of irony or simply snort when his patience is exhausted. He can soar with angelic sweep or swoop like a bird of prey. His descriptive hand is as authentic as any, as witness this from the beginning of The Man Who Was Thursday: The suburb of Saffron Park lay on the sunset side of London, as red and ragged as a cloud of sunset. It was built of a bright brick throughout; its skyline fantastic its ground plan wild. More especially this attractive unreality fell upon it about nightfall when the extravagant roofs were dark against the afterglow and the whole insane village seemed as separate as a drifting cloud. This . . . was more strongly true of the many nights of local festivity, when the little gardens were often illuminated, and the big Chinese lanterns glowed in the dwarfish trees like some fierce and monstrous fruit.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The Man Who Was Thursday was the phantasmagoric 1908 novel of eccentric anarchists, philosopher-detectives and a riddle-writing criminal mastermind who just might be God. Subtitled A Nightmare, this masterpiece by G.K. Chesterton better known for his Father Brown detective series mingles theological brainteasing with cloak-and-dagger capers like a cross-country balloon chase and a  Ã‚   bombing conspiracy fomented over jam and crumpets.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   This metaphysical thriller spirals out madly from a marvelous premise: a London counterintelligence chief has formed a corps of â€Å"policemen who are also philosophers.† An initiate tells the books hero Gabriel Syme, who is with the British police: The ordinary detective goes to pot-houses to arrest thieves; we go to artistic tea-parties to detect pessimists. The ordinary detective discovers from a ledger or a diary that a crime has been committed. We discover from a book of sonnets that a crime will be committed We say that the most dangerous criminal now is the entirely lawless modern philosopher.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Soon after joining these vigilantes, he was hired by an unknown, unseen man to infiltrate the noted anarchist movement, making him stumble upon an anarchist conspiracy to destroy civilization and morality itself. He starts with a loudmouthed poet of disorder, Gregory, and follows him into a meeting of the anarchists. Gregory is forced to keep Gabriels identity a secret for his own sake, for he himself had led the policeman into their secret hideaway.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The undercover Gabriel manages to get elected as one of the seven top men in the organization, alias Thursday, much to Gregorys silent chagrin. Gabriel meets with the other members of the council, all of who appear to be dark and dreadfully evil most of all the President, the huge mountain of a man called Sunday. Little by little, however, Gabriel realizes that the other five people under Sunday are not at all evil, but all of them spies from the police!   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In the process, however, Gabriel succeeds in getting an entire French countryside to think he and his new friends are really anarchists (meanwhile they are thinking, or wondering in disbelief, that the entire countryside is full of anarchists after them). They nearly get lynched. When things are settled, this group of undercover police go back to England to seek out Sunday, whom they soon find is the very man who hired them to infiltrate the council in the first place! Sunday leads them on a strange and wild chase, during which the six philosophize about the nature of their strange antagonist.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Phantasmagoric escapades proliferate, and police pursuit collides with the carnivalesque nature of the universe. They realize that they have been seeing him from behind, and from behind he looks brutal; but the apparent evil was misleading. The journey ends at a palatial estate where the six are treated like kings, and finally see Sunday for who he is The Sabbath, the peace of God. The council of anarchists has turned into a High Council commemorating the Seven Days of Gods Creation.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The purpose of Sunday as the evil anarchist was to bring forth good through the others to urge them on to unnatural virtue. As they were fighting, they were fighting Satan. As the hearers grow indignant at Sundays using them for his purposes and allowing them to go through such trials, the paradoxical Problem of Evil seems somehow resolved. The last question asked of the strange man as he recedes into space is Have you ever suffered? and the answer the Christian knows is whispered from the distance. The last scene sees Gabriel Syme waking from his reverie, and chatting philosophy with the other Poet of Saffron Park, Gregory.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Chesterton offers up one highly colored enigma after another in The Man That Was Thursday. He truly knows how to create an atmosphere of hallucinatory suspense, to use the fantastic and paradoxical and fugitive to glimpse the other side of God. In an article published the day before his death, he called this literary masterpiece of his, â€Å"a very melodramatic sort of moonshine.† I guess thats how we would describe a novel set in a phantasmagoric London where policemen are poets and anarchists camouflage themselves as, well, anarchists. By turns hilarious and terrifying, Chesterton’s The Man Who Was Thursday is a lyrical search for truth in a world where nothing is what it seems.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   This is not a book. This is a glorious experience. Works Cited Bloom, Harold. Modern Horror Writers (Writers of English). New York: Chelsea House Publishers, 1994. Chesterton, G.K. The Autobiography of G.K. Chesterton. New York: Sheed Ward, 1936. Chesterton, G.K. The Man Who Was Thursday: A Nightmare. New York: Dodd, Mead Company, 1908. Coren, Michael. Gilbert, The Man Who Was G.K. Chesterton. New York: Paragon House, 1990. Dale, Alzina Stone. The Outline of Sanity: A Biography of G.K. Chesterton. Grand Rapids, Michigan: Eerdmans, 1982. Dale, Alzina Stone. The Art of G.K. Chesterton. Chicago: Loyola University Press, 1985. Ffinch, Michael. G.K. Chesterton. San Francisco: Harper Row, 1986. â€Å"More letters asking Whats the Difference?.† Gilbert Magazine Outlining Sanity. 30 November 2007 http://www.gilbertmagazine.com/page_16.html Titterton, W.R. G.K. Chesterton: A Portrait. Folcroft, Pennsylvania: Folcroft Library

Foreign Exchange Risk in Pakistan Financial Institution

Foreign Exchange Risk in Pakistan Financial Institution Abstract Companies especially multinational companies and financial institutes like banks and insurance companies are now exposed to foreign currency risks caused by unexpected movements in exchange rate. In order to survive in this competition age companies have to manage this foreign exchange risk in a planned and good manner. The purpose of this study is to describe the different types of risks faced by financial institutions in Pakistan. These risks may include translation risk, transaction risk and operating risk. Research also includes the management and measurement of foreign exchange risk and studies the different methods of hedging this risk. The research was conducted through internet, analyzing the financial reports of different financial institutes and face to face interviews conducted from different executives of different financial institutes. Foreign exchange risk has a great impact on the cash flows and operating profits of an organization while doing business abroad and organizations have to familiar to manage and hedge this risk by using different derivatives and choose the best method that is suitable to organization. Managing the foreign exchange risk through hedging and use of derivatives is very common in these days. Organization often uses leading and lagging technique and less uses the swaps and invoice currency methods. 1- Introduction In this section the back ground of the research will be presented. On the basis of back ground we will make a research question and then followed the proposition for a financial institutions foreign exchange risk. 1.1 Background of the study With the fast development of economic globalization since 70s of last century, today companies operate in as integrated world marketplace. The international market produces the global producer, supplier, customer and also global competitors. Now a days money has no national boundaries. Meanwhile the increasing global business has brought many new problems and opportunities for organizations. They also facing different kinds of risks involving operation risk, investment risk and financing risk etc. to be familiar with those risks and how to hedge and control these risks is very important for organizations. Especially the foreign exchange risk is placed at the top of the risks to be concerned for an effective management. Multinational corporations and multinational enterprises are the entities that operate in at least two countries in both ways i.e production and rendering services. Recently foreign exchange risk has got the increasing importance in both sectors corporate and literature. Focusing on different aspects, a no of studies have been done in order to develop the theory and provide the facts of corporate sector in foreign exchange risk. Some of them like Charles, Ronald and Herman tried to study the exchange rate behavior and others like Anderson Bollerslev, Diebold and Paul attempted to study the volatility of exchange rates. Present monitory system is illustrate by a mix of floating and managed exchanged rate policies that every country perused in its best interest. Any appreciation of a currency against other will bring export down and vise versa. Financial institutions must understand the foreign exchange risk in order to compete, survive and grow in their business of exports and to avoid from competition in imports. ________________________________________________________________________ http://en.wikipedia.org/wiki/Multinational_corporation 1.2 Research questions What exchange risk does a financial institute face and whether they hedge it or not. Whether these institutions used derivatives instruments to hedge exchange rate risk or not. What derivatives are used by these financial institutions in order to hedge the exchange risk? How these organizations measure the exposure of foreign exchange. What would be the objectives of foreign exchange risk management in financial institutions in Pakistan 1.3 Purpose Main purpose of this research is to describe the actual condition of foreign exchange risk in financial institutions in Pakistan. And how these organizations manage this risk and what efforts are done by these organizations to hedge the risk. 1.4 Disposition Chapter one: Introduction Content: This part is that where the research topic was introduced along with the importance of the foreign exchange risk management, the background of study and our purpose of study. The research problem and questions has been brought up, and we provide reader with our research purpose. Chapter two: Literature review Content: it is the literature review part. It will include the theory of foreign exchange risk management concepts of foreign exchange risk, its classification, characteristics, and different methods and techniques to manage and hedge this risk. Chapter three: Research methodology Content: This part is about the methods and techniques used for research purpose that how the data will be gathered analyzed and how to reach the conclusion. Chapter four: Empirical findings Content: In this part of thesis research will be done with the help of annual reports of different organizations. The study will help in analyzing that how these organizations manage this risk and what techniques are used by them. Chapter five: Comparative Analysis Content: In this chapter we will compare the data gathered from different financial institutions and find out the managing methods used by them. Chapter six: Conclusions and Recommendations Content: this part will contain the summary of our findings, implication and results answering the research questions of existing theory. It will also contains the recommendation for future research that may evaluate this research 2. Literature Review It is the review of literature regarding the foreign exchange risk management. It also includes the concepts, characteristics by types and different methods of hedging this risk. 2.1 Foreign exchange risk 2.1.1 The concept of foreign exchange risk What is foreign exchange risk? Different authors and researchers define exchange risk in different ways. Niso abuaf defines à ¢Ã¢â€š ¬Ã…“foreign exchange risk is the chance that fluctuation in the exchange rate will change the profitability of a transaction from its expected valueà ¢Ã¢â€š ¬?. (P.29)This definition is in terms of financial risk. Cornell and Shapiro (P.45) also define foreign exchange risk as à ¢Ã¢â€š ¬Ã…“variability in the value of a firm as measured by the present value of its expected future cash flows, caused by uncertain exchange rate changes. In this definition both the researchers emphasize the firms cash flows. Hekman (60) defines exchange risk in terms of control of firms as the possibility that operating and financial results may exceed or fall short of budget. Foreign exchange rate risk is the potential gain or loss resulting from a change in exchange rate. It is the risk arising from the adverse movements in exchange rate to the earnings and capital. It is the impact of adverse movement in currency exchange rate on the value of open foreign currency position. Banks faced this risk that arises from maturity mismatching of foreign currency positions. Banks also face the risk of failure to pay of counter party in foreign exchange business. While such type of risk crystallization does not cause primary loss, bank may undertake new transaction in cash/spot market for replacing the failed transactions. ____CGAP Portfolio, à ¢Ã¢â€š ¬Ã…“Are MFIs Hedging Their Bets? Issue 1, April 2005 Major categories of exchange rate changes are given as follow: Depreciation: it is the ongoing decline in the value of currency in the relevance of another currency. Devaluation: it is the sharp fall in the value of currency in comparison of another currency. Appreciation: it is the gradual increase in the value of currency in comparison of another currency. For example, a financial institution that has not managed its foreign exchange risk will Lose money through currency depreciation when the value of local currency falls as compared to the currency in which the liability is held. That is, if a financial institution say bank has borrowed in US Dollars and giving debt in local currency PKR will suffer a loss if the value of rupee falls against Dollars. It must have more PKR to service the Dollar based debt. 2.1.2 Classifications of foreign exchange risk Ankrom (1974) was the first writers who classify the foreign exchange risk in different categories. Many other writers and researcher also classified foreign exchange risk in different types. These authors include Walker (1978), Whilborg (1980), Dumas (1984), and Shapiro (1989). Following are three main kinds of foreign exchange risk, Translation exposure Transaction exposure Operating exposure These risks are further defined by Shapiro in 2006. à ¢Ã¢â€š ¬Ã…“Translation exposure, also known as accounting exposure, arises from the need for purpose of reporting and consolidation, to convert the financial statements of foreign operations from the local currency (LC) involved to home currency (HC). If exchange rate has changed, liabilities revenues, expenses, gains and losses that are denominated in foreign currency will result in foreign exchange gain or loss.à ¢Ã¢â€š ¬? This exposure generally affects the balance sheet and those items of income statement that already exist. à ¢Ã¢â€š ¬Ã…“Transaction risk, result from transactions that give rise to know, actually binding future foreign-currency-denominated cash inflows or cash outflows. As exchange rate change between now and when these transactions settle, so does the value of their associated foreign currency cash flow, leading to currency gains or losses.à ¢Ã¢â€š ¬? This exposure affects the cash flows of an organization which can be the result of an existing contractual obligation. For example this risk may affect the transactional account like receivables (export transactions) and payables (import transactions) or repatriation of dividends. à ¢Ã¢â€š ¬Ã…“Operating exposure, measures the extent to which currency fluctuations can alter a companys future operating cash flows, that is, its future revenues and costs. The firm faces operating exposure the moment it invests in servicing a market subject to foreign competition or in sourcing goods or inputs abroad. This investment includes new-product development, a distribution network, foreign Supply contracts, or production facilities.à ¢Ã¢â€š ¬? This risk also affects cash flows but impacts revenues and costs associated with future sales. The combination of two exposures i.e transaction exposure and operating exposure is also called economic exposure as said by Shapiro. This economic exposure actually affects the firms present value of future expected cash flows from exchange rate movement. Economic risk concerns the effect of exchange rate changes both on revenues (domestic sales and exports) and operating expenses (domestic input costs and imports). It is very crucial for firms to establish a strategy of managing the foreign exchange risk as they have the clear identification of various types of currency risks along with their measurement. 2.2 Measurement of foreign exchange risk For the multinational firms, they must have to face the foreign exchange risk. It is very important for them to exactly measure the foreign exposure faced by their organization. 2.2.1 Measurement of translation risk History describes four principals method for translation. These are given as follow: The current/non current method The monitory/non monitory method The temporal method The current rate method These can be understood from following table: Note: while translating the income statement sales revenues and interests are generally translated at average historical exchange rate that prevailed during the year, whereas depreciation is translated at appropriated historical rate. Cost of goods sold and some general and administrative expenses are translated at historical exchange rate and other items are translated at current rate. à ¢Ã¢â€š ¬Ã…“Cà ¢Ã¢â€š ¬?= it stands for current rate. That means assets and liabilities are recorded at current prevailing rate. It is the rate at balance sheet date. à ¢Ã¢â€š ¬Ã…“Hà ¢Ã¢â€š ¬?= it shows historical rate. Assets and liabilities are recorded at historical rate that was prevailed during the period. After knowing all the methods of translating the issue arises is that which method should be used among these four methods while translating? Financial accounting standard board (FASB) in its standard 8 which relates to the governance of treatment of translation of foreign currency financial statements from 1975 requires that organizations should use the temporal method for translation of financial statements and the resulting gain or loss from translation should be included in income statement. But this treatment was argued that this produced gains or losses which were not the economic reality of the organizations business. So any hedging for this translation risk under this method seems not realistic meaning. From the invention of standard 52 published by Financial Accounting Standard Board to the end of 1981, which replaced the FAS 8, require that organizations must use the current rat method for translation purpose. FAS 52 introduced the functional currency, which is identified b y each organization for basic economic environment and selected for each of the organizations foreign entities. If the functional currency is foreign currency, the standard requirement is to use the current rate method for any translation gain and loss that is taken directly to the share holders equity. Whereas if the functional currency is the parents company currency, then the rule described by FAS 8 should follow. The above mentioned issues can be referred to the Adrian Buckleys book named à ¢Ã¢â€š ¬Ã…“Multinational Financeà ¢Ã¢â€š ¬? (2004) (P145-152). http://pages.stern.nyu.edu/~igiddy/fxrisk.htm, à ¢Ã¢â€š ¬Ã…“The Management of Foreign Exchange Riskà ¢Ã¢â€š ¬? by Ian H. Giddy And Gunter Dufey 2.2.2 Measure of economic exposure as Adler and Dumas (1980,19840defined foreign exchange risk as the regression of assets value on the exchange rate and recommended that exchange rate risk of organizations can be calculated by the sensitivity of stock return to exchange rate activities. Many other researchers like Popper (1997), Bodnar and Gentry (1993) And recently Martin and Mauer (2003, 2005), have been done to explore the foreign exchange exposure. Whereas Holton (2003) indicated that when measuring the foreign exchange risk is difficult it is due to the difficulty of measuring the economic risk. For the measurement of economic risk the method used is value-at-risk (VAR). in broader sense value at risk is defined as the maximum loss for a given risk over a given period of time with z% confidence. This definition was given by micheal papaioannou (2006). 2.3 Foreign Exchange Risk Management 2.3.1 Corporate Objectives of Risk Management After knowing the foreign exchange risk and its measurement faced by the organization, the company should choose to whether hedge this risk or not and further know how this risk should be managed. Oxelheim and wihlborg (1987) with mutual participation produced the idea of currency risk which is given as follow, à ¢Ã¢â€š ¬Ã…“Risk aversion: it relates to the desire of reduction of variability of cash flows in businessà ¢Ã¢â€š ¬? à ¢Ã¢â€š ¬Ã…“The target variable: in summaries form these are the efforts of the organization to maximize or to stabilize, measurement in accounting or cash flow, measurement in nominal or real terms.à ¢Ã¢â€š ¬? An effective foreign exchange risk management requires definite objectives viewing managements approach toward the foreign exchange risk. The decision making of hedging or not to hedging the foreign exchange exposure depends upon the attitude of companys management towards exchange risk management. Hedging strategy varies from organization to organization. Whenever there is a risk the risk aversion companies try to hedge this risk whereas the risk taking companies leave this risk unhedged. This is the idea arises from management of financial risks that management of financial risk is unnecessary and the gain and loss is will at last equalize in term of equilibrium relationship in the international financial market. This idea was given by Dufey and Sirininasulu in 1984: à ¢Ã¢â€š ¬Ã…“Foreign exchange risk does not exist; even if it exists, it need not be hedged; even it is to be hedged, corporations need not hedge it.à ¢Ã¢â€š ¬? It is the general concept that the organizations invo lved in exports and imports should hedge the risk of foreign risk exposure as a risk averse attitude. In real terms companies prefer to manage the risk within an acceptable limit instead of adopting neither of the two attitudes. Management should be in charge for ensuring to take suitable and reasonable actions based on after-tax term to decrease the risk. 2.3.2 Theoretical appraisal of managing foreign exchange exposure it is the basic strategy of the organizations to hedge the foreign exposure that they increase hard currency assets and decrease the soft currency assets, at the same time decreasing the hard currency liabilities and increasing the soft currency liabilities. However, many debates relating to the hedge the translation exposure exist in finance literature. Pramborg (2002) pointed out that transaction exposure hedging comes to add value for Swedish companies whereas there is no value addition from translation exposure. Butler (1990) suggested that it support the general suggestion of the finance literature not to worry about this type of risk, so it might not be hedged. A reason for not hedging this risk is that translation exposure risk is uneconomic as it is based on historical book value and has no direct effect on organizations cash flows. Thus organization should concern to the exposure faced to the cash flows. Earlier experimental studies by Belk and Glaum (1990) and Aobo (1999) who have investigated the foreign exchange risk management in UK and US multinationals, show that the management of transaction exposure is the focal point of company exchange risk management for the transaction risk control the real cash flows. As compared to translation and transaction risk operating risk is less defined and more difficult to manage. It could be defined as the sensitivity of an organizations future cash flows to the unexpected change in foreign exchange rate and any change in aggressive environment caused by these currency movements. Belk and Glaum (1990) found that firms were less worried about the real impact of exchange rate varies on the competitive position of the companies. Bradley and Moles (2002) find that there is a strong relations ship between exchange rate sensitivity and the extent to which it sales, sources and funds itself worldwide. Shapiro (2006) argued that it could be concluded that organizations operating exposure is attributed to distinguish a companys product is, the internationaly expand its competitors is, the ability to shift production, the sourcing of inputs among countries, and the variation in real exchange rate. It is assumed that the firms more involved in foreign markets the greater would be the operating risk faced by the organization. Shapiro (2006) concluded that firms can easily hedge their transaction risk, competitive exposure (operating exposure) are long term and can not be dealt with exclusively through financial hedging techniques, they relatively require making the long term operating adjustment. Strategic reorientation of operating policies related to pricing, sources, location of production and financing needs not only financial managers but also requires the corporate managers. Moffet and Karlsen (1994) illustrate the use of production, financial and promotion policies to manage economic currency risk as natural hedging. Being a part of globalization business environment, diversification of international operations is very important for multinational corporations to handle operating risk. So this can give the companies to maintain competitive advantage and protective reactions to unfavorable exchange rate changes. Whenever service cost or domestic production cost is affected by exchange rate changes as compared to those of producing in foreign country, the firm can move product sourcing from those countries whose currency is devalued or plant transfered there. Strategic marketing and production regulations in general are for à ¢Ã¢â€š ¬Ã‹Å"cost-effective. Another operational process used to hedge operating exposure is financial management, which are formating the firms assets and liabilities. One option is to funding the portion of a firms assets used to create export profits so that changes in foreign assets values caused by an exchange rate change are compensate by virtual changes in the debt expense in the same currency. For example, a firm should hold debt in currency of a foreign country, in which the firm increases a considerable export market. Existing text such as Glaum (1990) suggests economic exposure management should be integrated into the long-range, strategic planning system of the corporation and included with all areas of corporate decision-making. Tools and techniques for foreign exchange risk management Nowadays foreign exchange risk could not only control a firms quarterly earnings, but Also decide its survival. A variety of financial implements come into sight as the financial markets require managing the different increasing exposure that firms face. For Managing foreign exchange risk, there exist internal techniques such as matching inflows and outflows, inter-company netting of receipts and payments, transfer pricing agreement, etc, and external hedging tools involve the usage of different sorts of derivatives including forwards, futures, debt, options and swaps. Each of these techniques differs to hedge different exchange risk in each company situation. There have been many studies concerned with the effect from the use of these Currency derivatives, e.g. recent study as Allayannis and Ofek (2001), Bengt Pramborg (2002). Foreign exchange forwards A forward foreign exchange contract is a contract to exchange one currency for another with a particular amount, where the exchange rate is fixed on the day of the contract but the actual exchange takes place on a fixed date in the future. The predetermined exchange rate is also known as the forward exchange rate. The amount of the contract, the value date, the payments method, and the exchange rate are all mentioned in contract at the time of contract. Forward contracts in major currencies are available on daily basis with maturities of up to 30-, 90-, and 180-day. Two types of forwards contracts are often used: deliverable forwards (face amount of currency is exchanged on settlement date) and non-deliverable forwards (which are settled on a net cash basis). A currency forward contract is usually used to hedge exchange risks that ranges from short to medium term and whose timing is known for certainty. It is so important for Firms treasurers to deal in the forward market that they can fix the costs of imports and exports in advance for the payable or receivable amount and hedge the exchange risk. A lot of experimental researches such as Belk et al. (1992), Bodnar et al. (1995), Mallin et al (2000) and Pramborg (2002) pointed out that the most commonly used method is forward exchange contract. With forwards, the firm can be totally hedged. However, some exposures including settlement risk that exchange rate shift in the opposite direction as they predicted, and counter party risk which the other party is unable to perform the contract. Sometimes the high cost of forward contracts prevent Firms to implement this instrument to fully hedge their exchange exposure. For that reason, futures are more beneficial. Currency futures Currency future is another tool to decrease the exposure of foreign exchange instability It is an exchange-traded agreement specifying a standard amount of a particular currency to be replaced on a specific future payment date. It is likely to forward contract in a way that they permit a firm to buy or sell definite currency at a fixed price and at a future time. So far, there are some differences among these two sorts of practices. One of the futures distinctiveness vary from forward is that futures are standardized both for amount and payment date (normally March, June, September and December), whereas Forwards are for any amount and any delivery date upon which the two parties are agreed. One more difference is that forwards are dealt by phone and telex and are completely independent of locality or time while all clearing functions for futures markets are hold by an exchange clearing house. The biggest difference is in terms of liquidation that futures contracts are settled by balancing of gains and losses for each day, whereas forward contracts are settled by real delivery whether full delivery of the two Currencies or net value only at the contract maturity. Giddy and Dufey said à ¢Ã¢â€š ¬Ã…“This daily cash compensation attribute mostly eliminates default risk.à ¢Ã¢â€š ¬? Futures market and forward market both are of most important ways to hedge risk. David Tien (2002) pointed out à ¢Ã¢â€š ¬Ã…“Firms uncomfortable with the uncertainty involved in receiving a fixed payment in foreign currency can easily hedge the transaction using either futures or forward contracts.à ¢Ã¢â€š ¬? Some studise as Belk and Glaum (1992) establish that none of the firms which were talked used currency futures, because the standardized features of exchange traded futures most often do not enable the companies to hedge their positions completely. Mallin et al (2000) also found that only 9 companies out of 231 respondents to their survey used currency futures. Giddy and Dufey conclude that à ¢Ã¢â€š ¬Ã…“forwards and futures serve similar purposes, and tend to have identical rates, but differ in their applicabilityà ¢Ã¢â€š ¬?. The largest part of big companies use forwards; futures tend to be used whenever exchange risk may be a problem. Currency options A foreign exchange option which is dissimilar from currency forward agreements and currency futures is to give the possessor of the contract the right to buy or sell a definite amount of a certain currency at a prearranged price (also called strike or exercise price) until or on a specified date, but he is not bound to do so. The seller of a currency option has obligation to execute the contract. The right to buy is a call position and the right to sell is a put position. There is option premium required to pay by those who acquire such a right. The holder of a call option can take advantage from a price increases (profit is the difference between the market price and the strike price plus the premium), while can choose not to exercise the right when the price decreases (locked in loss of the option premium). Vice versa is the situation for the holder of a put option. For the advantages of simplicity, elasticity, lower cost than the forwards, and the expected maximum lossà ¢Ã¢â€š ¬Ã¢â‚¬ which is up to the premium paid to acquire the right , the currency option has become growing popular as a hedging tool to protect firms against the exchange rate movements. Whenever there is insecurity in the size of cash flows and the timing of cash flows, currency option agreements would be better to conventional hedging instruments such as forward contracts and futures contracts. Grant and Marshall (1997) observed the degree of derivative use and the motives for their use by carried out surveys in 250 large UK companies, found that a extensive use of both forwards and options(respectively 96% and 59%). They pointed that comparing the most important reasons for the use of forwards were company policy, business reasons and risk aversion, A good understanding of instrument, and price were prominent while the primary reasons to use option for company management. Currency swaps As a virtually new financial derivative used to hedge foreign exchange exposure, currency swaps have a rapid advancement. Since its introduction on a global scale is in the early 1980s, currency swaps market has turn into one of the leading financial derivative markets in the world. A currency swap is a foreign exchange agreement among two parties to exchange a given amount of one currency for another and, after a particular period of time, to give back the original amounts exchanged. It can be negotiated for a broad range of maturities up to at least 10 years, and can be regarded as a series of forward contracts. It is normally used under such circumstances that a firm functions in one currency but need to borrow in another currency. Currency swaps are frequently connected with interest rate swaps, as the common cross currency swaps the cross-currency coupon swap which is to pay fixed and get floating interest sum meantime buying the currency swap. Another generally used one is cross currency basis swap which is to pay floating interest in a currency and receive floating interest in another currency. The benefit of currency swaps is to facilitate each contracting part to borrow in their relative constructive market, and both parties can benefit from the swaps by lessening the borrowing costs. The use of swaps now has developed rapidly in western countries such as Grant and Marshall (1997) found that the use of swaps and forwards/futures is dominant in UK, Bodnar et al. (1995) found that swaps govern for interest rate risk management in US.

Impact of Inflation on Chinas Economy

Impact of Inflation on Chinas Economy Chinese inflation is rising too fast But its had another major side effect. The Chinese economy is fast overheating. All that extra liquidity is driving up prices and wages, while property values have soared. In October, the official figures showed Chinas cost of living climbing by 4.4% year-on-year. That was the fastest increase in more than two years. And the situation may be rather worse than this. Two weeks ago a pundit at the Chinese Academy of Social Sciences, one of the governments top think tanks, said that by its own calculations the countrys consumer price index had been understated by more than 7% over the past five years. And last week the original Dr Doom, Marc Faber, said he reckons the real Chinese inflation rate is nearer 10% a year. Whatever the exact figures, theres no doubt inflation is rising far too fast for comfort for the authorities. The Chinese central bank has been trying to cool things down gently. Five times this year its raised bank reserve requirements, which reduces the amount that lenders can lend. Yet the credit brakes are being tapped, not slammed, says the FT. The government could be more aggressive. In other words, so far the tightening hasnt had much of an impact. The workforce is getting far stroppier than it once was. Between 2007 and 2008 the latest available data labour disputes more than doubled. Food prices are already rising at 10% year-on-year. The Xinhua news agency reported last week that a basket of 18 staple vegetables cost 62% more during the first ten days of November than in the same period last year. So higher wage demands are likely to become more frequent as most of the population lives close to the edge, says the FT. In fact, its starting to look like Chinas inflation problem has now got rather out of hand. This article is talking about the inflation occurring in China and the costs that it has brought to China. This inflation has caused severe consequences to China and we will be discussing the possible solutions inflation  is a rise in the general  level of prices  of goods and services in an  economy  over a period of time. When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the  purchasing power  of money a loss of real value in the internal medium of exchange and unit of account in the economy. A chief measure of price inflation is the  inflation rate, the annualized percentage change in a general  price index  (normally the  Consumer Price Index) over time. Costs of inflation in China: When inflation rates are high, groups such as pensioners, households, dependent on social security benefits, stand lose to a great deal since they are often on fixed incomes. These Chinese will now be able to purchase less than before (less purchasing power), and will start to demand for higher wages. Only those with strong bargaining positions will be able to bid up for higher wages. In addition, people will be able to buy less food items than before which is a major issue because food is one of the basic necessities in human life, as in the article it has shown the the prices of food increase 10% year-to-year. Inflation causes an increase in interest rates and will therefore have a negative effect on investment and output, both of which will adversely affect employment, as in the article we can see that labour disputes have been doubled Higher inflation means that the businesses in China will have to change their prices to keep up to date on the price level. Inflation affects the foreign trade and the exchange rate. Experiencing high rates of inflation, Chinas domestic products will be less competitive internationally. As the domestic products prices increase the demand for these products will fall and therefore the demand for Chinas currency will also fall, thus affecting the exchange rate. The cause of inflation in China: The cause of inflation in Chinas economy was expansionary monetary policies and rising wages. The inflation in China was caused by cost-push inflation. It means that the cost of firms increase, in this case it is higher wages, and the firms are forced to raise prices inorder to cover the costs. Cost-push inflation If the economy demands higher wages, the higher costs of labour will shift the SRAS curve to the left from SRAS1 to SRAS2. The price level rises from P1 to P2. Higher wages increase consumption and therefore increases aggregate demand from AD0 to AD1. The increased spending (and possible expansionary policies) move the economy towards equilibrium at Yfe but at a higher price level. We have now a round of cost-push inflation. Solution: In the article, it has shown that Chinas government is trying its best to avoid this issue but it has been said that it hasnt had much of an impact. One of the possible ways of reducing inflation is by subsidizing businesses. The government can give out subsidies to business so that the businesses can reduce their costs of production. This will then encourage the businesses to lower their prices and thus avoiding inflation. The problem here is that the government will suffer a huge loss if there are many businesses to subsidize. Another possible solution is by appreciating its currency. This is because if it appreciates its currency then firms will be able to buy cheaper raw materials and therefore will have lower costs of production. Thus reducing prices of goods. It can appreciate its currency by using its foreign currency reserves to buy its own currency and this will increase the demand for its currency. Even though this method will help businesses to reduce their prices, there are also negative consequences.

Behaviorism Essay -- Psychology Psychological Essays

Background and Description of Behaviorism in Relation to Learning The background of behaviorism is associated with many scientists. Behaviorism started back in 400 BC with Aristotle. Aristotle believed in association and that "the objects being associated are similar, or opposite, or near each other". Then, behaviorism came into play with Ivan Pavlov, a Russian physiologist. He studied the behavior of dogs and how they would salivating (conditioned reflex) when shown just the food dish without food (conditioned stimulus or conditioned response). Next, John B. Watson wrote a book called Behavior, where he described psychology as the process where behavior can be predicted and controlled. Watson also studied how learning can be achieved through a repeated stimulus and specific responses. Edward Thorndike described behaviorism as "a description of a man’s mind is that it is his connection system, adapting the responses of thought, feeling, and action that he makes to the situation that he meets". Thorndike also studied how the "law of effect" a nd "law of exercise" affects a person’s learning abilities. In other words, if an individual is positively reinforced, without punishment, and if a stimulus was followed by a response with repeated practice, stronger learning would take place. One of the main behaviorist that will be discussed is B.F. Skinner. Skinner studied what individuals "do and don’t do" in relation to behavior. He also believed that the actions that people take are in response to whatever happened to them in their past. Skinner came up with the idea of "operant conditioning". In operant conditioning, the organism’s behavior (response) is controlled by the use of positive reinforcement (stimulus) (Behaviorism As a ... ...orida: Harcourt Brace & Company. Nnedu, Cordelia. (1997, November 19) Auburn University: Educational Foundations, Leaderships, and Technology. EM 600 Behaviorism. Retrieved on October 29, 1999 from the World Wide Web: http://www.auburn.edu/academic/education/eflt/beh.html Ormrod, Jeanne, E. (1995). Human Learning. New Jersey: Prentice-Hall, Inc. Shrock, Sharon, A.(1995). A Brief History of Instructional Development. In G. Anglin (Ed.), Instructional technology: Past, Present and Future (p. 15-16). Englewood, CO: Libraries Unlimited, Inc. White, Andy. (1995) Theorist of Behaviorism. Retrieved on October 29, 1999 from the World Wide Web: http://www.coe.missouri.edu/~t377/btheorists.html UHCL Home Page: Behaviorism As A Learning Theory. (1995, June 13) Retrieved on October 29, 1999 from the World Wide Web: http://inst.cl.uh.edu/inst5931/Behaviorism.html

Culture Schock Essay -- essays research papers

Culture in ancient times was defined as â€Å"the sum total of the equipment of the human individual, which enables him to be attuned to his immediate environment on the historical past on the other†. It reflects in effect what humans have added to Nature. It comprises the spiritual, material, intellectual and emotional features of a society and includes, in addition to the arts and letters, the value systems, traditions, modes of life and beliefs of the society. It also absorbs from other cultures and undergoes changes with time, sometimes beneficial, sometimes regressive. (Barlas, 15). Culture shock is a severe psychological reaction that results from adjusting to the realities of a society radically different from one’s own. The actual degree of culture shock may vary depending on the differences and similarities between the society studied and the persons’ own society. The symptoms may range from mild irritation to surprise or disgust. (Scupin, 124). Usually after the person experiencing culture shock learns the norms, beliefs, and practices of the community, the psychological disorientation of culture shock begins to diminish. This paper will be based upon culture shock and international business. There are three areas where culture shock could affect you: 1. Emotions-you have to cope with the stress of international work and keeping an emotional balance in order to perform in a business. 2. Thinking style- you have to understand how your counterparts think and be able to develop culturally effective solutions. 3. Social skills and social identity- you need effective social skills to establish new business relationships. (Marx, 25). This differs from manager to manager, some managers seem to adapt in an almost chameleon –like way to different countries, whereas others cling desperately to their habits and their national approaches. Working in a new culture can produce a variety of reactions, such as;  · Confusion about what to do  · Anxiety  · Frustration  · Exhilaration  · Inappropriate social behavior  · Inability to get close to your business partner and clinch the deal  · Feeling isolated  · Becoming depressed All of the above are possible reactions to culture shock, the shock we experience when we are confronted with the unknown the â€Å"foreign†. The term culture shock was coined by the anthropologists Oberg, who explained both the symptoms and the process o... ...location. It is as likely to occur in a country near your home base as in posting further afield.  · As soon as you arrive in your new location, identify all the opportunities for building support networks with other international managers and local people.  · As with any stressful situation, fight it, don’t give in to it. So don’t resort to escapist strategies such as drinking or eating too much and don’t deny your symptoms.  · Ask other international managers for guidance on the issues and problems to look out for. Learn from their experience  · Give yourself time to adapt and don’t rush into too many work-related projects as the start of the assignment. Make sure that the organization gives you this time too.  · Don’t hesitate to seek professional help of symptoms persist despite your coping effort. Help may be available within your company or externally through counselors or the medical profession.  · Expect the same symptoms to reoccur when you come home. Reverse culture shock is normal.  · Think about the positive aspects of culture shock-people who experience it adapt better to their new environment than those who do not.  · Retain a sense of humor! (Marx, 18). Word Count: 1199

Biography of Wayne Shorter :: Musicians Music Jazz Saxophonists Essays

Biography of Wayne Shorter Wayne Shorter was born on August 25th, 1933 in Newark, New Jersey. His musical introduction came through the clarinet at the age of 16. Shorter attended Arts High School and later graduated from New York University with a major in music education in 1956. It was while in New York that Shorter started to play the saxophone and gained exposure to some of Jazz’s most influential artists. After a two year interruption in the military, Shorter kickstarted his professional career in 1958 with a band led by pianist Horace Silver. The band showcased Shorter’s talents and led to his invitation to join the Maynard Ferguson band and later Art Blakey’s Jazz Messengers. After 4 years with Blakey, the Vee-Jay label endorsed Shorter as one of their lead artists and he released his first three solo albums (Second Genesis, Blues A La Carte, and Wayning Moments). In the 1960s, he continued to win attention from audiences and recorded another 9 albums with Blue Notes label (ch eck album information links). In 1964, Miles Davis invited Wayne to play with his quintet composed of Herbie Hancock, Ron Carter and Tony Williams. The band was successful in shaping the direction of jazz music during a difficult social time. In 1970, Shorter started his own band, the Weather Report with Joe Zawinul and Miroslav Vitous. This band helped innovate jazz by integrating a rock, classical and jazz forms into a hybrid that would later be called fusion. During the Weather Report years, Shorter won the first of three career grammies. Shorter’s influence has continued through the present day. Last year, at the age of 69, he toured the Wayne Shorter Quartet and showcased his first acoustic album, Footprints Live. Wayne Shorter’s contributions to the Jazz world have spanned his entire 45-year career.

Gender Stereotyping in TV Commercials Essay

Stereotyping is basically relating a certain behavior or actions to a certain sector of the society or a certain group of people. It dictates how a person or a group is supposed act or respond in front of the society. It tells what behavior by a particular group is acceptable to the society. Such labels or tags are put by us humans itself. Gender stereotyping is when we relate certain manners or conduct to men and women. For example, men are the bread earners of the house and women are home makers. Such stereotypes are created by the society and the general behavior portrayed by them. Today gender stereotyping is extensively used in television commercials. This is mainly done to attract viewers to buy their product. Female stereotypes are mostly used in TV advertisements. Women are usually portrayed as sex objects in commercials. They are portrayed as â€Å"decoratives† in various promotional strategies. They are shown as desirable women to attract the male crowd. They are used more in those commercials which advertise products used by men. For example axe, addiction, etc. They are also shown with minimal clothing. Women are also portrayed as housewives only. In advertisements like Saffola oil, Maggi, Everest masala, etc. t is always the woman who is cooking, etc. Women are shown as people with lower status than men. They are the ones who are washing dishes and clothes in ads like Vim and Surf Excel respectively. Most successful women portrayed on television are always shown as fair and young women. Duskier women are very rarely shown in ads. Fair & Lovely ads are a great example. They demonstrate that any and every woman can become fair after using their product. The end result is shown as them turning fair and becoming successful or popular. They stereotype that women must always be fair and pretty to be successful. Male stereotypes are less used as compared to female stereotypes. They are usually portrayed as more successful and powerful. Men are usually well dressed in TV commercials. They are shown to have more poise and status in the society. Mostly only handsome and good looking men are used to sell products to women. Men are stereotyped to be the ones to lead the society ahead with their charm and personality and success. It has been tried to avoid such stereotyping by a lot of advertisers but at the end of the day the viewers get attracted to such advertisements only. Companies generate more revenue but such advertisements.

Record Organization

All sizes of facilities seem to have a few similarities and differences in how a readiness handles groundless reports. In reviewing our compiled selective information I noticed that most of the facilities prefer that their loose enrolls argon permanently anchored in the longanimouss charts. Permanently anchoring files in patients charts peck avoid files being misplaced or lost. The way files are organized supposes on each facility policies. In the cultivation the most popular form of governance seems to be chronological.While others file by ain information, doctors orders, medications, then legal information. In reviewing the data from the interviews, I noticed there were some(a) similarities and differences in how a patients file is handled. Sm only facilities seem to practice account files and all reports are filed at heart the patients main record immediately. This prevents reports from getting lost, and they are easier to locate. All sensitive and large facilities ar e more plausibly to subprogram electronic files rather than paper files.With electronic files everything gets filed in the patients main file immediately. Using electronic files also eliminates the risk of misplacing files. It seems the smaller facilities use paper files because the electronic system may be too costly for them. In conclusion, how patients files are filed and how they are taken care of within a small, medium, or large facility depend on the preference of that facility. Even though there are some similarities and differences they all take care in the plaque of how their files are filed whether it is paper or electronic.

My Beach Memories

My Beach Memories Sifting back through my memories, I am reminded of a peaceful, quiet time in my life. My mind drifts own back to a happy place of relaxation and tranquility. I am able to remove myself from click all the continued chaos of everyday life. Sitting on the sand, feeling the much warmth of the sun, all of my troubles quickly partial melt away.Accommodation isnt always simple since there are just a few several hotels here, to find.Lying quietly in the sun, I empty can feel its warmth engulfing me such like a large fuzzy blanket covering my skin. So peaceful and serene are my memories as I continued to rest on the beach. I can stand still hear the crash of the water against the rocks. The ocean birds old songs still echo in my head as they sang me to sleep on the soft, patient warm sand.Its very popular with backpackers and is among the finest beaches in nova Goa for thieves.

I can see millions of faint twinkling stars, as I get lost in their magic and mystery. It seems as if time is frozen no worries or stress to cloud my mind.I can be free to dream and ponder over all of my desires. Sitting quietly on the beach, I can be free.Make damn sure you book nicely ahead although the Palolem Beach Resort is to remain.The moment we see the shore we can cross in the water wading or swimming .The beach how that is main is decent for swimming .

The waters are liquid crystal clear and it is simple to discover the eastern shore whilst swimmings bottom.The street goes all of the way lower down into the Hyatt beach resort from where you can create your path.Plus the 3 a la cartes werent bad in any way.Beach clubs might provide gourmet more food choices.

Actually, invite only provides a lot of shore club memberships.The direct result is a great bit of home decoration.There is an excellent good chance youll require both.Truth be told, you dont even how have to leave your house town to discover that real feel.

Coffee †Starbucks Essay

Starbucks is a agiotage chocolate contact which has strayed from its genuine answer of deep brown. The approaching of juvenileer technology has otiose the Starbucks arrive. Howard Schultz, Starbucks chairwork force, send a memo on February 14, 2007 reporting this worry to the prexy and political boss executive police officer of Starbucks, Jim Donald. In the memo, Schultz verbalise his conviction on how the quick refinement of Starbucks is causing him to revaluate the gilds set surrounded by how it operated when it began and where it is aim in the future.Starbucks isnt the comparable neighbourhood m angiotensin-converting enzymetary fund as it was when it was found and no lasting shows the heating system for deep brown that they had in the beginning. I begin utter for 20 old age that our victor is not an entitlement and to sidereal day its proving to be a reality. allows be smarter virtually how we be expense our time, currency and resources. allows birth spur to the nerve center (Schultz). a retentive with its expansion, Starbucks has been difficult to engage wise technologies to modify the harvest they trade to consumers.Starbucks changed their espresso machines from manual to machinelike to bucket along up attend and efficiency. These machines obturate the optic flock pains the guest antecedently had to esteem the subscribe cosmea made, and for the well-read experience with the barista (Schultz). corking deal no semipermanent withstand that lettered alliance with the batch reservation their hot chocolate, or to the sin slight product. The employees atomic number 18 as well more than than than disassociated from their lead because of these new machines that f number up production.Starbucks also compound flavor-locked publicity to contri providede the rent for clear roasted umber. This is a great return to the node because it keeps hot chocolate bean berry causal agen t or beans warm longer, b arly the potential of the flavor-locked bags contri provideded to the discharge of aroma, possibly the al closely reigning non-verbal omen, in Starbucks (Schultz). The play of Starbucks is bewildered with these improvements and the haunting feeling is change magnitude along with its heritage.Starbucks is even so a umber-loving company, and consumers are slake receiving the umber tree delicacies they want, but at what greet to tradition. https// places. google. com/site/hollymadalyn/ piece of music/Starbucks-enquiry-paper analysis Starbucks Corporation, sooner founded in 1971, but purchased by Howard Schultz in 1987, is the merchandise attraction in merchandising bon vivant coffee (Starbucks, 2008). Starbucks main objective lens is to collapse itself as the most consider and recognized coffee chump in the world (Fact Sheet, 2008).Starbucks has naturalized this objective and undergo practically victory finished their bellig erent dodge of thumping few(prenominal) stores within the very(prenominal) biotic community and by means of their distinctive competencies of roast and change the feature coffee turn providing broad(prenominal) tincture node service. The interrogative mood is, crapper Starbucks live their food foodstuff carry on branch with move competitors? Should they condense more on their foreign trading operations? stack they continually reinvent themselves to swan their gruelling pit mental image in the long leave? PROBLEMS. boilersuit frugal downturn preempt make believe Starbucks grocery store grapple if vigilance neglects to speak competitors strategies with dispirit priced offerings as consumers are seemly more cautious in expenditure their discretionary income. passing of identicalness and genuineness focused upon the foundational Starbucks experience, which, if unaddressed by management, pot dissolving agent in disgruntled customers, s ledding of sales, and diminish market share. Considering the deliverance and change magnitude interior(prenominal) disceptation within the U. S. , Starbucks must(prenominal) address their less bankable internationalist operations. fig up ANALYSIS1 effort rating In the prehistoric deuce decades, the coffee industry has experient a pregnant step-up in the pauperization for premium coffee. Today, about one in vanadium Americans jollifys some fount of espresso-based coffee drink from each one day. The total annually coffee wasting disease per capita in the U. S. is virtually 4. 4Kg. Among these coffee drinkers, the comely expending is 3. 1 cups of coffee per day, with men alcohol addiction approximately 1. 9 cups per day, and women alcohol addiction an mean(a) of 1. 4 cups per day (Coffee Research continues.

Main characteristics of a marketing orientated organization Essay

Marketing- lie ecesis is delimit to bugger off characteristics as having cogitate ON CUSTOMERS and the clients be regarded as perish of constitution chart. continual epitome of the securities industry helps them to adapt, promote, and speciate their proceedss and function to keep up clients require (Enterprise mechanisation group, accessed 2009). done and with self-colored nodes, these governings cig atomic number 18t arrive PROFITS. The social social organisation of commercialise placeing- orient administration actu exclusivelyy a lot has a couple of(prenominal) layers and their policies ar non genuinely difficult. Moreover, the STRATEGIES of a commercialise oriented boldness argon primarily open air and supple beca physical exertion it deals with securities industry definition and selection, set and differentiation, and mart place creation or pass away decisions (Drumwright & Kosnik, 1989). Fin aloney, onwards make fundamental decisi ons, formation has to cautiously bet the EXPECTATIONS OF STAKEHOLDERS, their perceptions and attitudes.Analyzing decrees come in, the union is a selling oriented governing body imputable to having features as customer predilection, aspiration of organization complex body part, formula of strategies and stakeholders (Blurtit, accessed 2010). It dope be understandably seen that all of the mellowed societys performances argon easy related to to the characteristics of trade orientation.Firstly, all decisions of economy number CUSTOMERS early and they assign the usual cheer of passe-part let on forest of harvest-feasts. code attaches finicky greatness to the spirit of productions and customers convenience. This pity is visualisen in the payload of the party We atomic number 18 to the full perpetrate to earning the faith of customers by providing well- certain go and sustenance a coarse with well-designed products that be smooth to use and re liable. ( formula topic 2008). tally to the scenario, command bequeaths products which spell users non totally convenience, timberland and versatility moreover too a droll modus vivendi. Furthermore, in Vietnam, jurisprudence centers work been realized to provide support run sooner and after gross revenue for the product groove from principle much(prenominal)(prenominal) as cameras, camc fellowships, printers and photocopiers (Chau An, 2009). exclusively of these facts show that statute is aCUSTOMER-ORIENTED come with.Secondly, the organisational construction of order is prone structure. legislation focuses on an organisational structure in which food mart and customer feedback is cursorily relayed to cultivation teams and swiftly reflected in products, still in like manner the boosting of scientific durability on the sales lie ( economy, accessed 2010).Thirdly, the schema OF merchandise predilection of edict is long-run and flexible. formul a has strategies such as change over itself effectively through organized long be submitn technology forecasting, designation of product segments with high emf and grounding of products in these segments earlier of competitors and victimisation globalization, alliances and insertion in a well-coordinated demeanor. The schema of commandment tolerate be termed as end-do competency build in which characteristic competencies are renew with the accusing of dynamically maintaining its competitive skirt. (Bowonder and Miyake, n.d.).Recently, commandment has developed a dodge named conquest, which heavy on Asiatic grocery including India, mainland China and Vietnam. The schema aims to modify the bureau of polity in these markets. Vietnam is the source depot of this plan. We are works to weapon a double outline fashioning Vietnam market both a ware fixing and an all- authorised(prenominal) strategical market for the products of ordinance, give to ngue to Hideki Ozawa the head and chief executive officer of decree Asia (Tuyet An, n.d.). In sum, the strategy of market orientation of ordinance is very clear, loyal and well-established so that principle bottom of the inning race out plans in target market effectively.Finally, commandment considers the EXPECTATIONS OF THE STAKEHOLDERS earlier making important decisions. edict cares much approximately how well the company has met stakeholders expectations such as requires for information, high-ranking performance, and meaty scrap (Sustain ability, accessed 2010).Nowadays, in the long time of merchandising orientation, businesses are light-emitting diode to be PROFIT-ORIENTED. following(a) this orientation, law produces what passel indispensableness to bribe in order to maximise turn a bread. take hold the musical theme that users preferproducts which construct eye-catching appearance, give them convenience, and besides time, order has released 2 p roduct lines SELPHY ES3 & ES30, laser printer LBP3250, LBP5050 & LBP 5050N. By providing market offerings that forgather customers, command washbasin too get the income. Therefore, moveyons profit can be gained through customer satisfaction.In conclusion, polity has characteristics of a marketing oriented organization. Canon not only concentrates on the customers satisfaction, having the abstract organisational structure and grammatical construction of strategies only if also takes thoughtfulness of stakeholders. by dint of acquiring these points, Canon can come through conquest as gaining profit and enhancing the position in the market.