Tutorial Response Essay Example for Free

Tutorial Response Essay Week 6 Referring to Christopher Pierson discussion of Offe’s work, explain the three â€Å"management crises† of the KWS. Offe (1984) points out that the present Keynesian Welfare System is a form of crisis management however within the system are three management crises; the issue of sustaining the funding for the upkeep of the welfare system, then   the issue of administrative willpower; were it battles between providing humane welfare programs and the issue of accountability. Lastly the issue of popular distrust of the states proclivity to help groups who it wants too rather than helping all citizens in need. 2. Marginson discusses ‘market liberals’ (New Right) views on the failures of the KWS and their proposals for addressing them. Explain their views. The market liberals said that KWS failed because the government had too much control over the economy of the country. They felt that too much spending of the government had distorted the market forces of the economy. The full employment logic is damaging to the market since it distorts the truth about unemployment rates but is harmful to the economic market. They have recommended that the government remove all of its regulation laws limiting the business sector. 3. According to Paul Pierson, why has it been difficult for the New Right in the 1970-80s to achieve their retrenchment goals? Although neo-liberals were gaining ground in that period, the retrenchment goals were not fully achieved because although the costs for keeping the welfare system running was too high, it was not possible for the government to reform its welfare programs as it was met with widespread disapproval. Voters were found to be averse of pay cuts and welfare marginalizing than they were of possible equivalent gains if reforms of welfare program was carried out. Week 7 According to Mishra, ‘globalisation is an economic phenomenon driven by politics and ideology’ (p.1). Explain his meaning. Globalisation is an economic force that is brought about by neo-liberal politics and ideology. This means that the neo-liberals have supported free market liberalization and driven by the ideology of minimum government control over the economy of the nation states; the liberal thinkers envisioned a global market. Globalisation extended the capitalism of major countries and city states to the international market where it is less controlled by any national government. 2. According to Kennet, what are the main defining features of the post-KWS economy? The main defining features of post-KWS economy are the decline in manufacturing and assembly lines, increases in service employment, the concentration of economic control by multinational firms and financial institutions, substantial change in the patterns of state interventions and reorientation of the welfare state, the cutting of pay-outs and stricter welfare qualifications. As well as the obsolescence of full employment and the dismissal of Keynesian policies on the economic market. 3. What does she mean by the ‘hollowing out’ of the nation state in relation to economic globalisation? Hollowing out means that due to economic globalisation the nation state have become less of a major player, it implies that the authority of the nation state to govern economic forces have become lesser in contrast to major cities that have taken on world city functions and become centers of economic, social and cultural developments. Moreover, the nation state’s important economic functions and political power to trade and negotiate in the international arena have been lessened or eased out. 4. According to Brietenfeller, what are some of the arguments in favour of economic globalisation? Economic globalisation has led to the increase of prosperity in much of the world, the exchange of goods and services and international capital have encouraged the growth of the business sector, thereby contributing to the growth of the economy in certain countries. With globalisation is also the widespread exchange of technology that has made it possible for countries to trade and market their services and goods unencumbered by state regulations. What problems doe he see arising from it? The greatest problem with economic globalisation is that it encourages stiff competition among a number of countries in terms of labour and capital, thus a country that offers less costs for labour to multinational companies would naturally get the contract, and if multinational companies do not agree with state regulations they can always take their plants to cheaper countries. The end result is that globalisation results in job losses and income inequality. Week8 Downes is a conservative liberal writing in the 1970s. What does he mean by ‘separating the planning and procurement of public services from their production and delivery’? Downes argued that the government should take the role of separating the planning and procurement of public services from their production and delivery. This means that he believes that the government could work more efficiently if it narrows its focus and concentrate on planning and procuring of public services which it does best and then assign the production and delivery of public services to private entities who can do it better and would be more cost efficient to the state. 2. What does Brennan mean by ‘separating steering from rowing’? By steering, Brennan means making policy decisions while rowing is the direct-service delivery of public services. When he says separating steering from rowing, he means that the government should do the steering because it is better and more effective in doing so. The division of these functions would enable the government to concentrate on what they are better at, looking for and raising revenues and planning for social programs that the citizens would benefit from. 3. McGuire discusses contracting out of public services and service delivery contracts for the public sector. To what kinds of developments is she referring? McGuire asserts that contracting out of public services and service delivery contracts for the public sector will answer the need of the government to transition from post Keynesian systems to neoliberalism. She says that contracting will result to competition that improves the efficiency and effectiveness of public service delivery it also defines what services to be delivered and it facilitates the blurring of traditional boundaries between public and private sectors. In what ways can these developments be understood as ‘steering not rowing’ by the state? Neoliberalism calls for the abolishment of government control over the economy, they believe that true economic prosperity depended on a true and free market. By contracting out public services, the government is basically concerned with policy decisions making – steering such as what services should be contracted out, what performance goals to measure etc, while the same act is rowing because the government awards contracts to private groups to deliver public services. How does Harvey characterise neoliberalism? Harvey defines neoliberalism as a political and economic theory that posits that individuals can only attain progress if the state grants its individual citizens the right to entrepreneurial freedom wherein the state must create laws that protect property rights, establish free markets and free trade. Aside from which, neoliberalism does not approve of state intervention and governance over the business sector as well as the encouraging of welfare dependency.   Week 9 According to Ransome, what distinguishes post-Fordism from Fordism? Post-Fordism is characterized by the belief in the sovereign consumer which has the power to dictate the market forces, what the market provides is based on what the consumer wants and needs. It is also seen as the emergence of personalized life-styles and the withdrawal of individuals into their private worlds. On the capitalist side, owners and means of production begun to implement organizational changes to accommodate the changing consumer profile. According to Ransome, what is the link between the flexible firm, flexible production, and the core-periphery structure of the labour force? Flexible firms are capitalist enterprises that are structured to accommodate organizational changes and production methods around the model of flexible specialization, wherein it can change the size of the workforce, redeployed to different tasks to meet the changes of consumer demands which are accommodated by the retaining of highly skilled workers (core) and transiently employed workers (periphery). Flexible production is the availability of new production methods and the ability to produce specialized goods by flexible firms. 3. According to Walters, what is the significance of neo-liberal notions of the `active society` to labour market policy? The active society seeks to make all individuals workers. It is thought of as a solution to the problem of the welfare state. In the welfare state, those who are on welfare are called inactive and contribute to the shortage of labour. If all individuals capable of getting paid work will be available in the market labour then there will be less need for state policies to protect or serve workers. Active individuals would lead to faster economic opportunity and combat poverty. What concerns does Combet raise in relation to the current Federal Governments ‘workplace agenda’? Combet argues that the workplace agenda is a radical plan that will strip every Australian worker the right to join unions and to collectively bargain with management to improve worker welfare. Then it also removes any protection from unfair dismissal without any right to representation. The plan also proposes to abolish the no disadvantage test and replace it with streamlined conditions that is a disadvantage for every worker. According to Leonard, what is the difference between Fordism and Post-Fordism? Leonard says that Fordism is a period where technological innovation was minimal, organizations were bureaucratic in structure, and workers joined mass unions and wage bargaining was centralized and welfare was standardized for all; as such it was a period wherein everyone thought and was treated alike. Post-Fordism on the other hand is a direct opposite of Fordism although it leaned more to the development of individual choices, specialization and independent thinking. Week 10 1. According to Williams, what is the main features neo-liberal of public sector reform? Neoliberals argue that government spending on welfare programs is too excessive and hence should be regulated. Any reform to the public sector should include cutting public spending and taxes, government should sell its business enterprises to private corporations, contracting out the delivery of services, creating markets out of monopolistic public or private industries and deregulating industries.   This would enable the government to focus more on what it should essentially do. 2. Williams refers to the ‘responsibilisation of individuals as market players’(p.250). What does he mean and why does he consider it a problem? Responsibilisation of individuals as market players to Williams mean that citizens of the state now become individualistic in their pursuit of needs and interests in a state that is structured as a marketplace. The problem with this is it encourages the rich to resort to arrangements beneficial to themselves and to disregard any obligation for the collective good. The poor however have no choice and have to contend to what is available to them. 3. According to Mendes, what are the five main concerns neoliberals hold regarding the welfare state? The main concerns of neoliberals regarding the welfare state is that the welfare state is captured by interest groups for their own purpose, it also deregulates the labour market since it preserves minimum wages and deny disadvantaged workers access to jobs. It also encourages welfare dependency, it also does not make any distinction between the undeserving and deserving poor and it reduced private individual’s ability to contribute to charities of their own choice. Rodger suggests there is a ‘new moral economy of welfare’. What does he mean by this? According to Rodger, the new moral economy of welfare means that individuals rather than society will carry the primary obligation to meet their own welfare needs in the future. He acknowledges that there is a relationship between the complex institutional provisions of health and welfare in contemporary society and the nature of social consciousness. The moral fabric of welfare will then be concentrated on preparing individuals to provide themselves with a comfortable future.   Week 11 Moss argues that the Mutual Obligation Scheme is morally flawed because ‘the unemployed have little choice about their contract’ and ‘there is insufficiently mutuality shown towards the unemployed’, and that the Scheme is accordingly ‘essentially punitive’. 1. According to Moss, what is the Mutual Obligation Scheme and what is new about it? The Mutual Obligation Scheme is based on the premise that those who depend on the community for long periods should give something back to the community that supports them. It is also made up of the Work for the Dole 2000 which refers to the obligations of the unemployed in terms of what they can give back in exchange of the help they were receiving like providing services to the local community. 2. What is the moral basis of Moss’s argument? Moss argues that receiving welfare and being obligated to give something in exchange for it is not morally binding. Those on welfare are there because they cannot find work through no fault of their own. Welfare is supposed to be a service that the state owes it citizens and should not be dealt with as a business and hence it is not obligation binding. The title of Mendes’s article is the phrase: ‘Blaming the Victim: the new assault on welfare state’. 3. What does this phrase mean? The phrase means that the reforms on the welfare state were designed to abolish the services that assist the less fortunate and able because it punishes the victims of poverty and disadvantaged for their own fate and to deprive them of the right to assistance. The welfare state existed because of poor people who are lazy and are blamed for the excessive spending of the state which should have been channeled to more necessary services. What evidence does Mendes provide? Mendes have cited a number of evidences that have led him to believe that the poor is blamed for the welfare state. There is the published critique of the welfare state by the New Right; there is the dob in a dole bludger campaign which in essence denigrates the poor with its reference to dole. Those who are unemployed are also forced to keep a dole diary and a review of the Young Homeless Allowance.   Week 12 Llewellen states that the Third World has been created – it is ‘in no way primal or natural’. What is the basis of his argument? Llewellwn states that the Third World is not a natural occurrence; it is a label developed by the First World to designate underdeveloped countries as such. But this designation is a function more of its place in relation to the First world rather than a natural occurrence. Third world countries are underdeveloped because they do not have the same technological advancements as the First world. Third Worldism evolved out of the military, political and economic expansion of the First worlds. 2. Hoogvelt argues that economic globalisation is another phase of the imperialist exploitation of the Third World by the ‘advanced’ world (western/industrialised nations). Explain the basis of her argument. Hoogvelt says that economic globalisation had allowed the advanced world to manipulate the economy of third worlds by imposing on them measures that are beneficial to the first world, the labour divisions that limited the Third world into providing the raw materials, producing and exporting unprocessed commodities to the first world, the profits that the first world gets out from technological rents and the global expansion of capitalists to third worlds are all imperialistic in nature. 3. Amin argues that most discourses of contemporary (economic) globalisation present this phenomenon as a kind of `natural law, thus marginalising any understanding of the social, political and economic factors which bring it into being’. Briefly outline the major points of Amin`s argument. Globalisation accordingly has been perceived as a natural law thereby it has taken off as a natural occurrence. It is a phenomenon that has been brought about by the interdependence of contemporary societies that allowed the deploying of economic dimensions on a world scale. It is founded on historical social compromises between nations and defined within the framework of political states, those who have greater power and resources control the global market. Brietenfeller argues in favour of ‘global unionism’. What difficulties stand in the way of workers ‘solidarity’ between North (west/industrialised) and South (Third World/developing) unions? Global unionism has been sought by many as an answer to the inequality of the conditions and wages of workers all over the world. But there has been strong opposition against the international worker organizations because states fear that it would lead to trade union imperialism, hence policies and reforms to recognize them have been ignored by the state. Factional differences within the group also exist and limit their collective representation in the world trade. Week 13 1. Referring to Esping-Anderson (2002) and Perkins, Nelms and Smyth (2005): Explain ‘social investment’ in your own words. Social investment is a concept that encompasses the states responsibility to invest in its human resources. It is seen that in order for the state to gain economic progress it has to design and give services that would benefit its human capital. It means that the government provide for the education, training and protection of its citizens that would prepare them to participate in the labour market. Social investment would also necessitate the drawing up of social policies that would prioritize government spending on programs and services that will generate the best outcome for the economy and society; like making sure that roads and facilities that would enable the exchange of goods and trades are well kept and in excellent condition. 2. Esping-Anderson suggests that ‘social justice’ should be an important facet of ‘social investment’. What is the proposed moral basis of ‘social investment’ to which Esping-Anderson refers? Social justice is the moral basis of social investment; it means that any action directed towards developing the state’s human capital should conform to the normative definition of justice of the culture. Hence providing opportunities for education and training to enable its citizen to participate in the labour market should be founded on equal opportunities, wherein anything that is beneficial to some should be beneficial to all. The state should also develop life skills for all kinds of people, basic social services should be rooted on the principle of equality and justice. However, priority should be given to those who are the weakest in the state and their welfare would be safeguarded. Social justice also dictates the rules for making choices and selecting priorities on what form of social investment should be given like a the need for having a healthy and educated workforce would take precedence over the need for developing cultural awareness. References Pearson, C. 1998. Beyond the Welfare State, 2nd, Cambridge: Cambridge University Press. Pp. 56-81 Marginson, S. 1997. Educating Australia. Government, Economy and Citizen since 1960, Oakleigh, Melbourne: Cambridge University Press. Pp. 73-81 Pierson, P. 1996. Dismantling the Welfare State? Reagan, Thatcher, and the Politics of Retrenchment, Cambridge University Press: Melbourne. Pp. 1-9 Mishra, R. 1999. Globalisation and the Welfare State, Cheltenham, UK: Edward Elgar. Pp. 1-16 Kennett, P. 2001. Comparative Social Policy, Buckingham: Open University Press. Pp. 26-29. Brietenfeller, A. 1997. ‘Global Unionism: A potential player’. International Labour Review, Winter 136:4. Pp. 533-37 Downes, A. 1998. ‘Separating the planning and procurement of public services from their production and delivery’, in Anthony Downes ed. Political Theory and Public Choice, Cheltenham UK: Edward Elgar. [first published 1976]. [4 pages] Brennan, D. 1998. ‘Government and civil society’, in P. Smyth and B. Cass eds. Contesting the Australian Way, Oakleigh, Melbourne: Cambridge University Press. Pp. 127-137 McGuire, L. 1997. ‘Service delivery contracts; quality for clients, customers and citizens,’ in G. Davis, B. Sullivan and A. Yeatman eds. The New Contractualism, Centre for Public Centre   Management, Griffith University, Queensland. Pp. 102-118. Harvey, D. 2005. A Brief History of Neoliberalism, Melbourne: Oxford University Press. Pp. 1-3, 64-67. Ransome, P. 1999. Sociology and the Future of Work. Contemporary Discourses and Debates, Sydney: Ashgate. Pp. 66-74. Leonard, P. 1997. Postmodern Welfare, London. Sage. Pp. 119-127 Walters, W. 1997. ‘The â€Å"active society†: new designs for social policy’, Policy and Politics, 25(3): 221-34. Pp. 224-31. Combet, G. 2005. ‘Whose Choices? Analysis of the Current Industrial Relations â€Å"Reforms†Ã¢â‚¬â„¢. Journal of Australian Political Economy, 56:243-253. Pp. 243-253. Williams, C. 1996. ‘Reinventing’ the welfare state: neo-liberalism and beyond’, in A. McMahon, J. Thomson, and C. Williams eds. Understanding the Australian Welfare State: Key Documents and Themes, Croydon, Victoria: Macmillan. Pp. 248-261. Mendes, P. 2000. Australia’s Welfare Wars: the Players, the Politics and the Ideologies, UNSW Press. Pp. 37-49. Rodger, J. 2000. From a Welfare State to a Welfare Society, London: Macmillan. Pp. 3-10. Moss, J. 2001. ‘The ethics and politics of mutual obligation’, Australian Journal of Social Issues, 36(1): 1-14. Pp. 1-14. Mendes, P. 2001. ‘Blaming the messenger: The media, social workers and child abuse’, Australian Social Work. 54(2):27-36. Pp. 27-36. Mendes, P. 1997. ‘Blaming the victim: the new assault on the welfare state’, Journal of Economic Social Policy, 2(1):41-53. Pp.41-53. Gardner, F. 2006. ‘Current Issues and Prospects’, Chapter One in Working with Human Services Organisations, South Melbourne: Oxford University Press. Pp. 3-13. Lewellen, T.C. 1995. Dependency and Development. An Introduction to the Third World, London: Bergin and Garvey. Pp. 19-25. Hoogvelt, A. 2001. Globalisation and the Postcolonial World. The New Political Economy of Development, 2nd, Hampshire UK: Palgrave. Pp. 29-34, 43-47. Amin, S. 1999. ‘Capitalism, imperialism, globalisation’, in R. M. Chilcoate ed. The Political Economy of Imperialism: Critical Appraisals, London: Kluwer Academic Publishers. Pp. 157-67. Brietenfeller, A. 1997. ‘Global unionism: A potential player’. International Labour Review, 136(4):531-555. 543-44, Pp. 549-51. Esping-Anderson, Gosta 2002. Why we Need a New Welfare State. Melbourne: Oxford University Press. Perkins, Daniel, Lucy Nelms and Paul Smyth. 2005. ‘Beyond neo-liberalism: the social investment state?’ Just Policy, 38:35-40.

Comparison of Marketing Strategies in Banking Industry

Comparison of Marketing Strategies in Banking Industry 1. Introduction There has been progress and advancement in the field of finance and business due to the widespread use of information technology. Banking Industry has proved that it is far ahead due to the implementation of several technologies and most of its industries and businesses are doing exceedingly well because of this. In todays times, when one is interacting with banks and other financial institutions there is a gap in services which is felt by the demanding and upmarket consumer. Due to this banks have had to pull up their socks and turn around their operations by introducing sophisticated means of conducting business. They have hence provided ATMs (automatic teller machines), computer and internet banking, phone banking and banking kiosks are proving to be alternative means to benefit from the banking services in a comfortable and convenient manner. According to scholars Wong (1998) and Kimball Frisch (1997), e-channel, also known as innovative distribution channel or online banking, as per Daniel (1999) or technology-intensive delivery system, says Filotto et al. (1997), is interpreted as the approaches used to deliver financial products using electronic media such as personal computer, the telephone and the Internet, say Dannenberg Kellner (1998). The ATM as a matter of fact is the most commonly used electronic distribution channel that aids the customers of a bank to conduct their banking transactions, which could be deposits, withdrawal or balance enquiry 24-hours a day. All banks in Malaysia provide ATM services coupled with the phone banking option. As the customer service department has been centralized services such as phone banking, account balance enquiry, instruction to issue bankers cheques and giving standing instructions are services which can be executed for all. Though a call will first reach an automated respo nse system, a customer may want to talk directly with a service representative. The phone banking facility is available 24 hours a day. Some examples are Direct Access of Southern Bank, Tele-banking of RHB Bank and Maybank. Phone banking, or also known as remote e-banking, self-service banking, home banking and office banking, is the third type of e-banking. There is internet banking as well which makes use of the Web. This is a comfortable way of finding out the balance in your account, if you need to transfer funds or request for a cheque book, and make the payment of bill, and can be done at home or while you are in office. Within three years, marketing companies believe that the financial services business over half of the customers will use the Internet to make themselves knowledgeable about the new financial services, products and search for more information, if they do need it. This number can even go higher in a short period of time. LIMRAs optimizing Opportunities with Online Consumers (2007) came to the conclusion that around out of 10 online customers, 7 say that they expect to check products, prices, grading and details of the company on the internet. These findings show that there is plenty of opportunity for people to make use of the internet to introduce opportunity within a large number of prospective customers. As the World Wide Web continues to grow, the expectation of the user and his behaviour are also changing. Potential customers now have the skill to develop content online and play a proactive part in creating and sustaining relationships with companies they are able to find online. This dissertation aims at exploring the effectiveness of e-marketing in banking industry and its impact on the industry. 2. Problem Statement In order to increase the customer base, the marketing team of a bank uses content and illustrations in direct mail or ad campaigns to attract and draw customers towards it schemes and products. Of late there has been an increase in tele-callers as well who persistently call and promote the various products available. On the Internet, which is fast-paced in form and function, banner ads and smartly written click-to-pay has become a trap to captivate customers. The other level is keyword buying from Google and other search engine providers, and especially the buying of regional keywords. This one is a fresh technique used to bring the surfer to a website, where he or she will find ways to do business with your bank. The use of technology in the marketing of service industry especially banking industry is not such a new concept. Its been used and have been in use for various countries but it should have a key focus which will be discussed in this research. 3. Research Question What is the effective e-marketing tool(s) used in bank industry marketing? Evaluate the comparison between UK and Indian Banks? 4. Research Objectives The key objectives of the research are: To evaluate the various marketing strategies used by the banking industry. To study the effectiveness of different marketing strategies used. To examine the various e-marketing methods used by the service industry. To study the effective e-marketing tools used by UK Banks. To study the effective e-marketing tools used by Indian Banks. To evaluate the comparative analysis between e-marketing tools used in UK Bank and Indian Banks. 5. Literature Review The Meaning of Marketing Marketing has a two-way definition when it talks comes to discussing corporate activities. Firstly, it is used to adjust its resources on a constant scale so as to satisfy its chosen customers and in doing so to offer social and financial benefits. This is being tagged as marketing concept and stresses on the accountability of senior management to keep an eye on the situation and acclimatize oneself to changing situations. The scholar Levitt (1983), is a promoter of this concept. The other definition is to perceive marketing as a subject of demand management, primarily a technology to affect the behaviour of customer groups. This method is tagged as marketing management and it stresses the accountability of operational management to stage-manage demand in support of the business. It handles the selection of target markets, collection of appropriate offerings and stresses on advertising. According to Anderson (1983), it has many advocates as this been in the thoughts of most marketing theorists to date. Marketing in Banking The UK clearing banks have a branch network which is similar the field sales force of a production company. It is through these branches that customers are able to make use of the services of the bank. The branches work as outlets through which the banks policies are put forth, its relationships with its customers is tackled and the markets are surveyed and intelligence reports are gathered. Hence the branch and its management seem to be pivotal to any marketing exercise and their behaviour towards marketing an essential element in its acceptance. It may be debated that technical transformations like cash dispensers, credit cards and other electronic modernization is taking the customer further and further from his branch and he is becoming a stranger with the staff of the bank. The branch of the bank is the main crossing point with the customer and these very alterations are likely to increase the value of the branch as a stage for business development and cut down on its role as a performer of money transactions.Whether marketing in the short term has improved the situation of a company by the results achieved in their branches, management is likely to introduce marketing. In the initial days when bank marketing was introduced in the UK, there were some doubts about the capability of a conventional line of work to acknowledge what appeared to be a different method to take up. The procedure and the concerns linked with the application of marketing to financial services is hence special interest to students of marketing and ba nking. Indian Banking Scenario In the 1960s marketing in banks began in its most conventional form of publicity and public relations. Even though they functioned within the stipulation that there can be only small changes among individual banks, the marketing environment of a bank has since then changed to a large extent. Today banks are facing strong opposition from the foreign, private and public sector banks, and there is a pressure from other financial institutions. Financial institutions are not only better placed statutorily, they provide higher returns and a handy product-mix which offer tax rebate benefits as well. A far as the supervision of their marketing function is there, these companies are better supervised and administered. While, it is discouraging to observe that the immense boost received by the banking sector thanks to nationalization has not been factored in in productivity and profitability, on the other hand, its cost of carrying business has gone up, its bottom line has dropped and the disp arity between the anticipated and perceived quality of customer service has also become broader. As a result, the banking sector has been under strong criticism by the Government and the public alike. In order to make their business environment more positive, in the last few years, banks have adopted various steps which are initiating creative schemes; organizing processes to reduce paper work and delays; introducing teller systems; competent enhancements in the look and feel of the banks branches; looking up the model, expert and service branches; offering extra boost to their publicity initiatives; creating customer service bodies at the banks offices; carrying out customer relations programmes; establishing customer service departments at the head office of banks; making courtesy weeks/fortnights, customer service campaigns and door-to-door surveys; setting up May I help you? counters and placing public relations officers in large branches. These reactions of the bank show that may be they have woken up to a logical way of marketing their financial services, and to think beyond the narrow course of marketing as publicity and public relations held so close by them. UK Banking Scenario In developed countries, though industrial and consumer goods industries have increased their marketing exercises, service companies and the banking businesses seem to be slow in taking up and enforcing the marketing concept, for case studies in various countries, say Watson (1982), Donnelly Berry (1981), Lewis (1981), Cramer (1968). To the best of the present authors knowledge, there are no researches of bank marketing in developing countries, more so in Turkey. As Turkey becomes more liberalized and industrialized, marketing of bank services becomes crucial to its economic development. Also, data about bank marketing is important for foreign bankers, international monetary agencies, domestic policy makers and overseas businesses which deal with Turkish markets. Technology Marketing in Banks The banking industry would not have been so sophisticated and evolved had technology not been harnessed to its maximum. There have been a number of factors responsible for its progress and evolution. Broad economic trends and social forces, toned down by government policy and controls, become the environment within which progress occurs, and the level of oppositions largely decides the rapidity of amendments. Technology is a way to prevail over obstacle and expenses, but in recent years it has become all-embracing and advocated change. It has also been accountable for the rise in superiority of marketing in the supervision of banks. There are two factors why only providing a gist of a single banking system at the present time would be insufficient to study the influence of technology. The first is that the application of technology is unequal among countries and period of time, and the other is that technology is growing very fast and will continue to do so. There is a time gap before technological developments are implemented and we need to know what decides this gap. The only way to move forward is by way of a historical study, sketching an outline of the parallel progress of technology and banking operations since the 1950s and perhaps into the future. Technology and Marketing It is a well-accepted fact that the value of marketing in dependent on the level of opposition in a certain market. Since 1950s, competition has shot up in all banking markets, and it continues to grow with the existing trend of de-control, which focuses on getting rid of structural barriers between types of institutions and market, while escalating the control for prudential objectives. In this environment and period, the growing worth of marketing departments is not alarming. Even a perfunctory glance at marketing literature reflects that the contribution of bank marketing has undergone a change in this period. Some writers have typified three different stages through which it has progressed the first stage was the one in which marketing was restricted to advertisements that reiterated the banks strong points; the second was one in which the bank was proactive in marketing its new products; and the last stage began when banks tried to find out and match the actual requirements of the customer. In the first stage there was not much that a marketing department could do, however, in the second and third stages marketing had a powerful role to enact in bank management. In the second stage, technology took on an important role in bank marketing, with the design of new products. One mode that was adopted was to put up accounts for depositors, which often had a layering of interest rates as per the size of balance or a rate that altered daily and weekly with money market rates. Others offered some connection between two different accounts, perhaps a current account and an interest-bearing account; when the latter account was operated by a building society or savings bank that had little influence to offer current accounts, transfers between the accounts included two institutions. It was typical of banks in the second marketing stage to get lazy and so slow down the customers from making the most of the power to minimise their current balances day by day; in the third phase they are expected to meet the customers requirements, but it is surprising how few of them have yet to provide sweep accounts so that the current account balance is exactly zero by the end of the day. These features of the new accounts would have been impossible without support from the computer. The third stage is the one in which marketing becomes the superior part in the strategy of the banks, when marketing departments lose their shine as the banks management, at the highest levels especially, must comprise of people who have experience of marketing. It is also a stage in which the method is to fractionalize the retail customer base. Banks which provide payment services can easily beat the rivals on the basis of their computer record of the traits and the financial behaviour of their customers. Technology is hence vital for this stage but it would be wise to remember that technological support for new products and segmentation has been in existence since 1980 in the form of mainframe computers; the only new thing is the addition of new software. 6. Research Methodology Research approach The researcher took on a case study method to get a detailed understanding of how e-marketing Industry. As per Denscombe (2000) when emphasizing on one or few research units with the objective of obtaining detailed information, the best method is to take up the case study approach. As per Yin, when the researcher has almost no control over happenings and when the stress in on a certain event in real life and to answer how or why questions, case study is the preferred method approach. Case selection By using random sampling techniques, the researcher found 4 banks which include 2 from each country i.e. UK and India. One public and one private sector bank was chosen for both the countries. As per scholars Hunt Shelley (2004), a qualitative method makes the researcher grasp and construe the qualitative character of the information. The way forward keeping the qualitative aspect of the study in mind will include an in-depth study and assessment of the existing research and techniques applicable to the specific research problems, involving environmental issues within the marketing mix and policies created by the companies. The purpose is to fully grasp the way the companies create marketing strategies to remain in the competitive market. Data collection Primary data: According to Denscombe (2000), for an in depth knowledge and understanding of the importance of e-marketing strategies in in Bank. The researcher used a face-to-face interview as the most apt method. This would not only enable him to seek information, but also give him an opportunity to seek detailed clarifications on the thoughts. Walshman (1995) had stressed on the advantages of personal interviews as one of the best ways to record the views and aspirations of the interviewee. The researcher faced problems such as limitations on the selective thoughts of one person, inconsistencies due to rigid beliefs of the interviewee, collation of voluminous data, transcription by using this methodology. To gather information from the interviewee, the scholar has suggested to use the semi-structured interview guide as interview questions would differ as cases had very different strategies. According to Walshman (1995) interviews provide the best way to understand the views of the participants regarding the actions and events, which have or are taking place and the views and aspirations of themselves and other participants. In qualitative approach there is the extra benefit of permitting the researcher to go back to the drawing board and assess the understanding provided by the respondent in more detail as compared to other methods. The interviews will be carried among managers of the companies who are accountable for the creation of green marketing strategies. The researcher documented the responses and also simultaneously recorded them to transcribe later. The researcher will be going for 5-10 interviews from each bank. Secondary data collection Secondary data is gathered from different sources such as websites, annual reports, books, journals and articles and case studies. The objective this information gathering is to find out the related data regarding strategies adopted by the Trident Solutions. Pilot study: A pilot study was carried out among interviewees to ensure that the terms used are correct and suitable. As per Denscombe (2000, p 135), interview will be held using the face to face approach in order to aid the interviewer to ask questions which were not in the interview guide depending on the respondents answers. Data analysis The information was studied using content analysis. After the interview got over, information was cut down to recognize the patterns and themes and obtain a clear understanding. As per Ghauri and Gronhaug (2005) information was explored, studied and classified based on the questions in the research questions. If more information was needed or when new questions arose, then another round of data collection would be conducted.

The Red Convertible by Louise Erdrich Essay -- Papers Vietnam War Red

The Red Convertible by Louise Erdrich In the Red Convertible by Louise Erdrich, the main character Henry loses his hold on reality. The story takes place in North Dakota on an Indian Reservation where Henry lives with his brother Lyman. Henry and Lyman buy a Red Convertible that later in the story illustrates Henry’s lack of ability to stay sane. The brothers take a summer trip across the United States in the car. When they return, Henry is called to join the army, which turns out to be the transitional point in Henry and Lyman’s personal life. The Vietnam War changed Henry’s appearance, psyche, and his feelings about the Red Convertible. Before the Vietnam War, Henry’s appearance was cheerful and energetic. Henry enjoyed the time he had with Lyman, working on the Red Convertible, and traveling across the U.S. during the summer. They went from Little Knife River to Alaska without a worry in the world. Henry was talkative and friendly to even strangers. For example, when they pass a woman on the side of the road Henry says, â€Å"Hop on in†, indicating his friendliness and confidence (975). Henry’s appearance before war suggests that his life was complete. However, after war, Henry’s appearance was one of depression and dishevelment. When Henry returned Lyman said â€Å"[he] was very different, and I’ll say this: the change was no good (977).† Henry was 180 different than he was before the war. â€Å"He was quiet, so quiet†¦,† said Lyman, not talkative and cheerful like he was before (977). Henry and Lyman had went on a long trip in the Red Convertible before the war, but now Henry is â€Å"never comfortable sitting still anywhere (977).† They used to sit around the whole afternoon before, but now Henry is always ... ...y’s feelings soon changed. Henry one day comes home and says, â€Å"the red car looks like *censored*†(978). This one point in the story where Henry’s past actions before war were still there after war, completely surprise Lyman. As the Red Convertible progresses Henry’s appearance, mental state, and feelings about his once cherished car change because of the Vietnam War. The war had extreme effects on Henry and his brother throughout the story. 57,000 men and women died in Vietnam, and the soldiers that survived suffered the same post-war feelings that Henry did. Seeing death causes every person to change in some way, but when it is as gruesome and seen as repeatedly as some soldiers did, it changed their lives forever. Work Cited Erdrich, Louise. "The Red Convertible." The Story and Its Writer. 5th ed. Ed. Ann Charters. Boston: Bedford/St. Martin's, 1999.

Carnieros Theory :: essays research papers

The land of Mesoamerica changes through time and conflict. Carneiro’s theory defines a state as “an autonomous political unit, encompassing many communities within its territory and having a centralized government with the power to collect taxes, draft men for work or war, and decree and enforce laws.'; Carneiro’s model of Mesoamerica shows the growth of two states, Uruk and Susa.   Ã‚  Ã‚  Ã‚  Ã‚  In Caneiro’s theory, the two states follow his philosophy by the book. A slow rise in population also increases the growth of control. Thus more people in one area, the greater power they posses over others. However, superiority arouses the problems of war. When a state is on top, someone is always out there looking to surpass them. Conflict rises due to this discrepancy of a high and mighty population. A slight decrease from 4 to 3 in control leaves many possible reasons open. One possibility could be a rebellious or fleeing group, causing the state to become smaller. Fortunately, a successful state possesses resilience and is able to bounce back. Many social factors are necessary to cause state origins.   Ã‚  Ã‚  Ã‚  Ã‚  Environmental Circumscription is a major factor in the creation and existence of states. Environmental Circumscription is obtaining the good, scarce land from the surrounding dry land and being able to maintain and keep it from surrounding states. Social Circumscription can also be a deciding factor on the length of existence of each state. It is the relative closeness of a group of people, that results in everyday confrontations and increases chances of fighting. The last factor is Resource Concentration. This is one of the most prominent reasons behind war. When a certain area or state has certain resources that others do not, conflict arises. Trading may occur for a period of time, but when then the other states lack trading materials, war can break out. The increase in population and high political control can be factors in archaeologically identifying a state. It takes time to reach a maximum level of control, and certain estimates of age can be made. When an area reaches the 4-5 range of political control, it is considered a state.   Ã‚  Ã‚  Ã‚  Ã‚  Carneiro’s model can be seen in this example as true. Carnieros Theory :: essays research papers The land of Mesoamerica changes through time and conflict. Carneiro’s theory defines a state as “an autonomous political unit, encompassing many communities within its territory and having a centralized government with the power to collect taxes, draft men for work or war, and decree and enforce laws.'; Carneiro’s model of Mesoamerica shows the growth of two states, Uruk and Susa.   Ã‚  Ã‚  Ã‚  Ã‚  In Caneiro’s theory, the two states follow his philosophy by the book. A slow rise in population also increases the growth of control. Thus more people in one area, the greater power they posses over others. However, superiority arouses the problems of war. When a state is on top, someone is always out there looking to surpass them. Conflict rises due to this discrepancy of a high and mighty population. A slight decrease from 4 to 3 in control leaves many possible reasons open. One possibility could be a rebellious or fleeing group, causing the state to become smaller. Fortunately, a successful state possesses resilience and is able to bounce back. Many social factors are necessary to cause state origins.   Ã‚  Ã‚  Ã‚  Ã‚  Environmental Circumscription is a major factor in the creation and existence of states. Environmental Circumscription is obtaining the good, scarce land from the surrounding dry land and being able to maintain and keep it from surrounding states. Social Circumscription can also be a deciding factor on the length of existence of each state. It is the relative closeness of a group of people, that results in everyday confrontations and increases chances of fighting. The last factor is Resource Concentration. This is one of the most prominent reasons behind war. When a certain area or state has certain resources that others do not, conflict arises. Trading may occur for a period of time, but when then the other states lack trading materials, war can break out. The increase in population and high political control can be factors in archaeologically identifying a state. It takes time to reach a maximum level of control, and certain estimates of age can be made. When an area reaches the 4-5 range of political control, it is considered a state.   Ã‚  Ã‚  Ã‚  Ã‚  Carneiro’s model can be seen in this example as true.

Fixed Income Securities

ANSWERS TO QUESTIONS FOR CHAPTER 1 (Questions are in bold print followed by answers. ) 2. What is meant by a mortgage-backed security? A mortgage-backed security is a security backed by one or more mortgage loans. Like a bond that is callable, a mortgage-backed security allows the investor to grant the borrower an option. 4. What is the cash flow of a 10-year bond that pays coupon interest semiannually, has a coupon rate of 7%, and has a par value of $100,000? The principal or par value of a bond is the amount that the issuer agrees to repay the bondholder at the maturity date.The coupon rate multiplied by the principal of the bond provides the dollar amount of the coupon (or annual amount of the interest payment). A 10-year bond with a 7% annual coupon rate and a principal of $100,000 will pay semiannual interest of (0. 07/2)($100,000) = $3,500 for 10(2) = 20 periods. Thus, the cash flow is $3,500. In addition to this periodic cash, the issuer of the bond is obligated to pay back th e principal of $100,000 at the time the last $3,500 is paid. 6. Give three reasons why the maturity of a bond is important.There are three reasons why the term to maturity of a bond is important. First, the term to maturity indicates the time period over which the holder of the bond can expect to receive the coupon payments and the number of years before the principal will be paid in full. Second, the term to maturity is important because the yield on a bond depends on it. The shape of the yield curve determines how the term to maturity affects the yield. Third, the price of a bond will fluctuate over its life as yields in the market change.The volatility of a bond’s price is dependent on its maturity. More specifically, with all other factors constant, the longer the maturity of a bond, the greater the price volatility resulting from a change in market yields. 8. Explain whether or not an investor can determine today what the cash flow of a floating-rate bond will be. Floati ng-rate bonds are issues where the coupon rate resets periodically based on a general formula equal to the reference rate plus the quoted margin. The reference rate is some index subject to change.The exact change is unknown and uncertain. Thus, an investor cannot determine today what the cash flow of a floating-rate bond will be in the future. 10. What is an inverse-floating-rate bond? While the coupon on floating-rate bonds reliant on an interest rate benchmark typically rises as the benchmark rises and falls as the benchmark falls, there are issues whose coupon interest rate moves in the opposite direction from the change in interest rates. Such issues are called inverse floaters. 12. (a) What is meant by an amortizing security?The principal repayment of a bond issue can be for either the total principal to be repaid at maturity or for the principal to be repaid over the life of the bond. In the latter case, there is a schedule of principal repayments. This schedule is called an amortization schedule. Loans that have this amortizing feature are automobile loans and home mortgage loans. There are securities that are created from loans that have an amortization schedule. These securities will then have a schedule of periodic principal repayments.Such securities are referred to as amortizing securities. (b) Why is the maturity of an amortizing security not a useful measure? For amortizing securities, investors do not talk in terms of a bond’s maturity. This is because the stated maturity of such securities only identifies when the final principal payment will be made. The repayment of the principal is being made over time. 14. What does the call feature in a bond entitle the issuer to do? The most common type of option embedded in a bond is a call feature.This provision grants the issuer the right to retire the debt, fully or partially, before the scheduled maturity date. 16. What does the put feature in a bond entitle the bondholder to do? An issue wit h a put provision included in the indenture grants the bondholder the right to sell the issue back to the issuer at par value on designated dates. The advantage to the bondholder is related to the possibility that if interest rates rise after the issue date (thereby reducing a bond’s price) the bondholder can force the issuer to redeem the bond at par value. 8. How do market participants gauge the default risk of a bond issue? It is common to define credit risk as the risk that the issuer of a bond will fail to satisfy the terms of the obligation with respect to the timely payment of interest and repayment of the amount borrowed. This form of credit risk is called default risk. Market participants gauge the default risk of an issue by looking at the default rating or credit rating assigned to a bond issue by one of the three rating companies—Standard & Poor’s, Moody’s, and Fitch. 0. Does an investor who purchases a zero-coupon bond face reinvestment risk? The calculation of the yield of a bond assumes that the cash flows received are reinvested. The additional income from such reinvestment, sometimes called interest-on-interest, depends on the prevailing interest-rate levels at the time of reinvestment, as well as on the reinvestment strategy. Variability in the reinvestment rate of a given strategy because of changes in market interest rates is called reinvestment risk.This risk is that the interest rate at which interim cash flows can be reinvested will fall. Reinvestment risk is greater for longer holding periods, as well as for bonds with large, early cash flows, such as high-coupon bonds. For zero-coupon bonds, interest is reinvested at the same rate as the coupon rate. This eliminates any risk associated with the possibility that coupon payments will be reinvested at a lower rate. However, if rates go up, then the zero coupon bond will fall in value because its â€Å"locked-in† rate is below the higher market rate. 22.W hat is meant by marking a position to market? Marking a position to market means that periodically the market value of a portfolio must be determined. Thus, it can refer to the practice of reporting the value of assets on a market rather than book value basis. Marking to market can also refer to settling or reconciling changes in the value of futures contracts on a daily basis. 24. What is risk risk? There have been new and innovative structures introduced into the bond market. Money managers do not always understand the risk/return characteristics of these securities.Risk risk is defined as not knowing what the risk of a security is because those involved in issuing and buying securities are not aware of what can happen. There are two ways to mitigate or eliminate risk risk. The first approach is to keep up with the literature on the state-of-the-art methodologies for analyzing securities. The second approach is to avoid securities that are not clearly understood. 26. What is a pri ce-risk-transferring innovation? A price-risk-transferring innovation is an innovation that provides market participants with more efficient means for dealing with price or exchange rate risk.

Seven Wonders

About a hundred years after the Statue of Zeus came the Temple of Artemis. It was built in the ancient city of Ephesus, or modern day Turkey. The architect Theodorus probably built the incredible temple, and he most likely did so to honor the Greek Goddess of the Moon, Artemis. Tragically, a man named Herostratus set the Temple of Artemis on fire along with a group of Goths in an attempt to have his name go down in history. He managed to do so and city officials tried to enforce a new law stating that if any one citizen of Ephesus mentioned his name, they would receive the death penalty; the attempt failed. All of religion at this point declined because Artemis did not protect her temple. The structure as well as the story is terrific. Measuring about three hundred feet by one hundred fifty feet, and the one hundred twenty seven columns each having a heighth of about sixty feet, one can easily see how the Temple of Artemis' means of construction are a complete mistery. Theodorus built the columns so that they had proportions to the human body. Aside from that, it was completed around 440 B. C. and took approximately one hundred twenty years to build. Such strenuous man labor classify this temple as one of the Seven Wonders of the World. Contemporary to the Temple of Artemis was the Mausoleum, which was located in Halicarnassus, or present day Turkey. It all began when Mausolus took over with Artemisia. In 353 B. C. , Mausolus died, leaving his wife Artemisia, who was also his sister, incredibly depressed. In honor of Mausolus, she decided to build him the â€Å"most splendid tomb in the known world. † The Mausoleum surprisingly managed to remain intact after over sixteen centuries. It went through many hardships and risky situations, one being the reign of Alexander the Great, and yet somehow never fell apart. It did, however, eventually collapse when a severe sequence of earthquakes passed in the fifteenth century. Unlike the other â€Å"Wonders of the World,† this building did not rely on size, but rather on beauty to catch the eyes of modern people. That is to say, the Mausoleum was so beautiful and unique that it became one of the Seven Wonders of the Ancient World.

Jacksonian democracy Essay

Jacksonian Democracy refers to the political philosophy of United States President Andrew Jackson and his supporters. Jackson’s policies followed in the footsteps of Thomas Jefferson. Jackson’s Democratic Party was resisted by the rival Whig Party. More broadly, the term refers to the period of the Second Party System (1824-1854) when Jacksonian philosophy was ascendant as well as the spirit of that era. It can be contrasted with the characteristics of Jeffersonian democracy, which dominated the previous political era. Jackson’s equal political policy became known as Jacksonian Democracy, subsequent to ending what he termed a â€Å"monopoly† of government. The Jacksonian era saw a great increase of respect and power for the common man, as the electorate expanded to include all white male adult citizens, rather than only land owners in that group. In contrast to the Jeffersonian era, Jacksonian democracy promoted the strength of the presidency and executive branch at the expense of Congress, while also seeking to broaden the public’s participation in government. Jacksonians believed in enfranchising all white men, rather than just the propertied class, and supported the patronage system that enabled politicians to appoint their supporters into administrative offices, arguing it would reduce the power of elites and prevent aristocracies from emerging. They demanded elected (not appointed) judges and rewrote many state constitutions to reflect the new values. In national terms the Jacksonians favored geographical expansion, justifying it in terms of Manifest Destiny. There was usually a consensus among both Jacksonians and Whigs that battles over slavery should be avoided. The Jacksonian Era lasted roughly from Jackson’s 1828 election until the slavery issue became dominant after 1850 and the American Civil War dra matically reshaped American politics as the Third Party System emerged.