How people survive the work place political jungle Essay

Distinguish between positive and negative corporate politics and explain how these can influence employment engagement. The essay will seek to distinguish between positive and negative corporate politics. The writer will start by defining corporate politics in trying to have an understanding of corporate politics and how it influence employee engagement Kakabadse (1983) cited by Armstrong defines politics as ‘a process, that of influencing individuals and groups of people to your point of view, where you cannot rely on authority’. Organizations consist of individuals who, while they are ostensibly there to achieve a common purpose, are, at the same time, driven by their own needs to achieve their own goals (Armstrong, 2009). There is significant difference between corporate politics and negative corporate politics. This can seen from the effect the two have on employee engagement and the purpose of the individual that is to say positive corporate politics is done as tool mainly by management and supervisors to try and influence other staff so as to meet organisational goals. Positive corporate politics is normal done to the benefit of the organisation as a whole. On the other hand negative corporate politics is self fulfilling – it is aimed achieving self interests and in most cases it is against organisational goals Positive corporate politics include the process of influencing individual endeavour and ambition to the common good. Some individuals genuinely believe that using political means to achieve their goals will benefit the organization as well as themselves. Positive corporate politics can thus illustrated in the following case; Mrs Takuta is the Personnel at ZTRD Development Bank and is deputised by Taurai who she went to the same University and the two were in the same class. Taurai was more intelligent than his supervisor and because of the relation between the two, Mrs Takuta always find it difficult to give Taurai orders and in extreme situations taurai will challenge his boss. In the quest to have work done through her junior, Mrs T akuta will use the following statement â€Å"the HR Manager wants the report done by the end of the day†. Mrs Takuta would use the HR Manager’s authority to influence Taurai to perform his duties. To the same effect, Positive corporate politics can increase efficiency, form interpersonal relationships, expedite change, and profit the organization and its members simultaneously. This can be achieved if those in power are able to use their power to influence members of staff to this effect. Thus  positive corporate politics would also include the different powers vested in them to influence positive employee engagement and increase in productivity. Management can give their employees the power to make decisions about their jobs – flexible autonomy, reward for good performance among others. Positive corporate politics involves action by individuals or groups to acquire develop and use power and other resources in order to obtain preferred outcomes (Hellriegel, Slocum and Woodman, 1995) Armstrong (2009) defines power as the capacity to secure the dominance of one’s goa ls or value over others. Individuals and managers can thus influence directly and indirectly using the various types of powers. French and Raven (1959) cited by Armstrong identified the four different types of powers that can be used to influence other employees and the power are; reward power, coercive power, expert power and legitimate power. Reward power is when individuals and managers use the reward power to influence or obtain compliance from subordinates by promising or granting rewards that includes salary increase, bonuses or even promotions. It is the management who normal use this power positively to achieve company goals. Coercive power is used to obtain compliance through threats of punishment and actual punishment. For example promising to fire an employee if they use company vehicles for personal use. The ability to influence others with the power anchored in one’s formal position of authority thus the legitimate power. Individuals can use their legitimate positions of authority to get things done through others. Legitimate power focuses constructively on job performance. Expert power is when individuals have influence because of the valueable information or knowledge they posses. The supervisor’s power is enhanced because they know about work schedules and assignments before their subordinates. Corporate politics involves struggles between social entities for resources, personal conflict and a variety of influence tactics executed by individuals and groups to obtain benefits and goals in different ways (Molm 1997) cited by Vigoda, (2000). Molm’s view of corporate politics would to a greater extent reflect negative corporate politics. Ferris, Russ, and Fundt, (1989) cited by Vigoda (2000) defines negative corporate politics as behaviour strategically designed to maximise self interests. Corporate politics can contradict the collective organisational goals or the interests of other people. Medison etal 1980) cited by Vigoda, (2000) observed that when  individuals were asked to describe work place politics they would list self serving and manipulative activities. It can then be understood that negative corporate benefits individuals at the expense of the entire organisation or a work unit. The behaviour is thus associated with manipulation, defamation, subversiveness and illegitimate use of power to attain one’s objectives. Corporate politics can then lead to job anxiety, decrease job satisfaction, and withdrawal from the organisation. Dorory (1993) cited by Vigoda, (2000) found that corporate politics has a potential demaging effect especially on lower status employees. He speculated that employees who lacked a stable power base and effective means of influencing perceived organisational politics as a source of frastiration and react by showing negative attitude towards the organisation. Employees can feel isolated and unhappy if they are not part of a cohesive team or if they are bedevilled by disruptive power politics. In conclusion, one can therefore generalise that positive corporate politics reinforces employee engagement. Employees tend to put more effort either because they expect a reward or have been promised reward for such performance. That is to say employees can be influenced by the reward power. Employees work hard or do not do unwanted behaviours to avoid punishment. in most cases, employees will also give respect to those in authority thus the legitimate power. However, on the other hand, employee will not perform as expected thats negative engagement which can be caused by negative corporate politics. Using case studies, discuss how people within an organisation can use political tactics to survive the corporate political jungle? Individuals within an organisation which can be likened to a political jungle act out roles in efforts to establish identities they wish to convey, and which can result in personal gain. It should also be noted that people alter the image they choose to present, and the strategy used to present this image, based on the situation they are in and the outcomes they hope to achieve that is how they intend to survive (Chad etal 2003). To this effect, it is important to note that individuals do not necessarily use the same tactic in every situation. Likewise, different individuals may choose different tactics when faced with similar situations. For example, whereas one individual may use self-promotion to obtain a job offer, that same individual may use  ingratiation or rationality in an attempt to obtain a promotion or pay raise. On the other hand, another individual, when faced with the same situation, may use ingratiation to obtain a job offer and assertiveness or self-promotion to win a pay raise. Different individuals may use a number of contextual factors which influence tactics an individual chooses to use, under what circumstances he or she chooses to use them, and how effective the tactic of choice will be. Such factors include the relative power of the parties, the direction of the influence attempt, the objective of the influence attempt, and the political skill of the influencer (Falbe & Yukl, 1992; Ferris, Perrewe, Anthony, & Gilmore, 2000) cited by Chad etal (2003). Buelens etal (2011) also subscribe to the same tactics as identified by Appelbaum and Brent (1998). He pointed out that individuals would use different tactics to get influence within an organisation or rather to get favours and promotions from their bosses. It is however believed that political behaviour is far less common and less intense among employees in lower-level positions than among employees in higher-level positions. There are a variety of political tactics used by employees at almost every organizational level that include forming coalitions and networks, impression management, information management, pursue line responsibility , ingratiation , rational persuasion, consultation and exchange Appelbaum and Brent (1998) . Forming coalitions and networks best known as networking, is a political tactic which consists of befriending important people. These people may not be in positions of any obvious political value but their jobs may provide them with information that could be useful to have. Some people ï ¬ nd that forming friendships with people in upper-level management can help them gain access to important information (Appelbaum and Brent (1998). The above can be illustrated in the following case: Zikanda was a messenger a t RIT Energy. Despite the fact that Zikanda was just a messenger, other senior employees would always give him respect and at most times conform to his needs and favours. For many years in the same organisation, I never realised why even middle level managers would actually conform to unreasonable demands of a mere messenger. Zikanda would take the pool car home as and when he feel like and no one would question that and worse of other senior employee would commute or even ask for transport from him. I later realised that his power or influence was because of his relationship with the General  Manager. Zikanda was no relative with the boss but has managed to form a network with the General Manager they were friends. Zikanda every lunch time would go to the General Manager’s office ask him what he want for lunch. It was Zikanda’s job to be sent to buy him lunch however it was the way the whole thing was done, he would at times buy him lunch with his own monies. The General Manager and Zikanda were just friends they were just too close. Other employees were not comfortable with this relation there were not sure what information the two buddies share. Zikanda has managed to make a network with the General Manager. Impression management is a simple tactic that most people uses from time to time is the management of their outward appearance and style in the quest of trying to impress those in authority. Generally, most organizations prefer a particular image that consists of being loyal, attentive, honest, neatly groomed and sociable. By deliberately trying to exhibit this preferred image, an individual can make a positive impression on inï ¬â€šuential members of the organization. As illustrated in the case of Transport officer who has turned himself to driver. Nhetuka is a transport officer at ZBM Company. Mr Nhetuka has turned himself into a driver in trying to impress management. Nhetuka is always driving managers when he is supposed to delegate drivers to drive managers around. Not only that he takes the Area Manager’s son to and from school a job which is supposed to be done by company driver. Information management is a tactic consisting of managing the information that is shared with others. The nature, as well as the timing, of information given out can have strong effects on others’ conduct (Appelbaum and Brent (1998). People who play the information management game are not likely to lie or spread misinformation, but they rely on the carefully planned release of valid information to obtain their ends (Vecchio and Appelbaum, 1995, p. 323) cited by Appelbaum and Brent (1998). An example can be given of a personnel Clerk who by virtue of his job has access to very important information to include how people can get access to loans among others. The person having such a position can sort respect and influence to the extent that he is able to make people lower themselves to get that information. In a political jungle despite the fact that this information should be given to all employees, one can choose to with hold the information for his own benefit. Pursuing core business within an organization, some positions are more closely tied to the primary  mission of the organization thus the line positions. They are at the very heart of the organization. While staff people may come to wield great power within their own territories, it is the people who do core business who usually â€Å"call the shots† on major issues. Core staff not only makes the more important decisions within the organization, they are also more likely to be promoted to top-level exe cutive positions. In many organizations, there is a preferred department of origin and career path for top- level managers. Therefore, one way to gain inï ¬â€šuence within an organization is to be assigned to a core position. It will often provide more visibility, inï ¬â€šuence, and upward mobility. A case to support the effect of core position for influence in the in an organisation; Takunda was an administration clerk ZETDC an organisation whose core business is to transmit and distribute electricity. He worked very hard for ten years furthering his qualification hoping that one day he will be promoted and be given a higher grade but nothing cane his way. ZETDC would on get people with 5 ‘O’ Level train them as electricians and give them good grades despite that they only posses a Certificate in Electrical power engineering. Takunda then decided to change the career and started a programme at the Polytechnic were he attained a Certificate in Electrical Power Engineering. And it was only then Takunda was recognised and promoted. ‘Ingratiation tactic involves giving compliments or doing favours for superiors or co-workers. Most people have a difficult time rejecting the positive advances of others. Ingratiation usually works as a tactic insofar as the target often feels positive toward the source even if the ingratiation attempt is fairly blatant and transparent. In the behavioural sciences, the notion of â€Å"social reciprocity† has been offered to help explain the process of ingratiation. In social reciprocity, there is a feeling of a social obligation to repay the positive actions of others with similar actions’ Appelbaum and Brent (1998). Appelbaum and Brent, (1998) defines ingratiation as an attempt by individuals to increase their attractiveness in the eyes of others. Ingratiation tends to be used more as an upward inï ¬â€šuence process than as a downward inï ¬â€šuence process. This tactic can best be observed when especial when one has a female boss how often do we pass complements to our female bosses, â€Å"nice hair style†, â€Å"nice dress† even if we don’t mean it. It is a political game most of us play to survive hash judgement from our bosses. In case of a Human resources clerk who  was left acting as Human Resources Officer. During the absence of his boss, Sipiwe was supposed to employ a Customer Care Clerk on a contract basis. Sipiwe knew that his boss’s daughter was unemployed and Sipiwe took this opportunity to employee the boss’s daughter without even consulting the boss. It was later discovered that Sipiwe did this because she had a boyfriend who was out of employment. Sipiwe calculated and realised that it would be easy for her to convince the boss to employ her boyfriend since she has employed the boss’s daughter. In a game of politics one has to be clever and calculative and be able to use politic al tactics to your best advantage. The case above illustrates a tactic called exchange. REFERENCE LIST Appelbaum, S..H. and Hughes, B. (1998) Ingratiation as a political tactic: Effects within the organisation; Journal of Management Decision Vol 36/2 Armstrong, M. (2009) Armstrong’s handbook of human resources management Practice; London, Kogan Pages. Buelens, M. etal (2011) Organisational Behaviour; Berkshire,McGrall- Hill Chad, A. etal (2003) Influence tactics and work outcomes; Journal of Organisational Behaviour Vol 24 No 1. Hellriegal, D. , Slocum, W. J. Jr. and Woodman, R. W. (1995), Organisational Behaviour;New York, West Publishing Company. Vigoda, E. (2000), Organisational Politics, Job attitudes and work outcomes: Exploration and implications for the Public Sector, Journal of Vocational Behaviour Vol 57. MIDLANDS STATE UNIVERSITY FACULT OF SOCIAL SCIENCES BSC HUMAN RESOURCE MANAGEMENT HONOURS DEGRE ORGANISATIONAL BEHAVIOUR [HRM 202] Assignment Cover Page Surname : NcubeName: Innocent Taurai Reg. Number: R135973GMode of Entry: VISITING Level 2.1 Lecturer: Mrs. Masitara Topic/Question: Distinguish between positive and negative corporate politics and explain how these can influence employment engagement. Using case studies, discuss how people within an organisation can use political tactics to survive the corporate political jungle?

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Whats your religion belief - Essay Example ne others the plan of our salvation, than from those from whom the Gospel has come down to us, which they did at one time proclaim in public, and, at a later period, by the will of God, handed down to us in Scriptures, to be the ground and pillar of our faith†. In a fairly categorical sense, the above quote seems to indicate that the existence of further understanding, revelation, or identification of how salvation takes place is not existentially possible. Instead, the quote embodies the belief that the final revelation of salvation and its relation to humanity have been uttered and no possible further explanation could be offered. Yet, this particular view misses one fundamental precept; namely the fact that both before and after Christ’s earthly ministry, the power and importance of the Holy Spirit and its ability to convict the hearts of men and lead them in the path of righteous understanding played a central, if not pivotal, role in the way in which theological int erpretation and understanding took place. The underlying theological relevance of the above quote is of course central to understanding how a further knowledge and appreciation for Christian doctrine should develop. If it is in fact true that the development has taken place already, then the possibility for future scholars and theologians to continue to approach these topics from new perspectives and gain further insights is all but wasted effort. However, if the statement and untrue and somewhat misguided, then it is still required for individuals to engage with the Gospel and consider the unique ways in which theology and theological inquiry regarding the Holy Spirit, salvation and other fundamental Christian precepts can be understood and engaged within the life of the believer. Those that would disregard this approach as heretical would likely point to the danger of revisionism of key Biblical doctrines. However, such a fear is not necessarily grounded in reality or in fact; as the

Higher education Essay Example for Free

Higher education Essay English 10/29/13 Education has become a tremendous topic over the past several years and many people have come up with different philosophies on how to improve it. In â€Å"The Vision of Education Reform in the United States Remarks to UNESCO† by Arne Duncan and â€Å"Changing Paradigms† by Ken Robinson both have similar and different philosophies on education. Arne Duncan compares America to other nations, and Ken Robinson talks about the problems with our current day educational system. In the â€Å"The Vision of Education Reform in the United States Remarks to UNESCO† Arne Duncan addresses America as a whole. America is behind other nations in terms of educational success. There is a gap because one quarter of high school students drop out or fail to graduate on time, also 1 million students leave for the streets every year this is socially and economically unacceptable, and with the opportunity to acquire a good job without a high school or college diploma diminishing it is getting harder and harder to live without a proper education. Duncan also states that America needs to increase economic and educational competitiveness. The demand for educated workers has skyrocketed over the last decade and the United States simply can’t keep up with other nations. Americans have been introduced with new difficulties, now that Americans not only have to compete with fellow Americans but now with citizens from other nations. The most significant theory that Duncan presents is the idea that America needs to collaborate more with other nations. Collaboration is a necessity if America wants to accomplish our major goals like curing cancer, stopping world hunger, and obtaining world peace. Unfortunately America is not currently at a level in which it can keep up with other nations. To achieve such a level of educational success it is extremely important, America needs to improve upon STEM (Science, Technology, Engineering, And Math) subjects. America has the tools to accomplish these goals. This was proven when a study showed that â€Å"foreign-born students were earning masters and doctorates in science and engineering fields, now nearly half of America’s PhD scientists and engineers are immigrants even though they only take up 12% of America’s workforce overall. Although† The foreign-born immigrants usually return back to their home country with the skills they learned in America. Strengthening Americas rank in educational attainment to its former position is presidents Obama’s goal by 2020. It is immensely important that America strengthens its educational system not only to its benefit but for the benefit of nations all-around the globe. Arne Duncan identifies what America must do to progress on, an international standpoint; While Ken Robinson focuses mostly on improving America at home. In Ken Robinson’s â€Å"Changing Paradigms† he discusses what the United States government should do to improve schools in various ways. Ken Robinson discusses the lack of use of technology in schools. While students are stimulated outside of school with smart phones, computers, TVs, and tablets, when they come to school they are bored because they do not have that stimulation. This lack of stimulation can cause problems for students. Ken Robinson addresses one of these problems as ADHD. Robinson thinks ADHD is a â€Å"false epidemic†. He justifies his statement by blaming the lack of technology in schools. He believes that the high use of technology outside of school and the lack of it in school are causing the students to become bored, so they will try to stimulate themselves which is being diagnosed as ADHD. Ken Robinson in away wants our educational system to be revamped, such as he wants the way children are grouped to be change from age to ability. He also desires more in class collaboration like in a real workplace. He also wishes for the added use of technology in schools. Ken Robinson has a very agreeable philosophy on how education should be, however he fails to elaborate on how these changes should take place. Arne Duncan and Ken Robinson have very interesting philosophies on education but each focus on different parts of it. Duncan focuses on international success and on higher level education, while Robinson has a more local standpoint and is more K-12 based. Arne Duncan believes that America’s main priority should be to lead the world in educational success. Ken Robinson believes that the government should work on advancing schools technologically and changing education to better fit the students. America needs step up and step up fast both internationally and locally. By 2020 the president of the United States goal is for America to lead the world in college attainment America also needs to increase technology in schools.

Reverse Engineering (Sequence Diagrams)

Reverse Engineering (Sequence Diagrams) Abstract For better understanding of the software system the extraction of high level models with the help of reverse engineering of behavioral model is preferred. Reverse engineering of sequence diagrams depends on instrumentation and analysis of the source code that considers structure of control flow. In the absence of source code this approach is senseless. In the proposed paper, the approach is to analyze the execution traces through reverse engineering of sequence diagram of the object-oriented applications has been analyzed. Our technique is based on reusing of algorithm k-tail and merging dynamic analysis for LTS. This Labeled Transition System is later converted into SD that has loops. Conclusion of the paper show that this technique can provide sequence time in reduced time and less resources. Keywords- Sequence diagrams, reverse engineering, execution traces. UML helps software engineers understand software through the visualization of interaction of the objects with other objects in it. When sequence diagram is absent the reverse engineering is used to extract accurate models. As per the paper, the authors have taken into account that RE (reverse engineering) of SD from extraction traces of object-oriented systems. The definition of execution trace can be given as a sequence of method invocations where each invocation represents interaction among objects. Reverse engineering can be done in two ways, one by analyzing the source code if the system statically and the other is to dynamically executing the program and analyzing the resulting traces for the sequence diagrams. Here, we are considering the method of execution traces of object-oriented systems for the reverse engineering of sequence diagram. Sequence of method invocation that shows the communication of different objects in an object-oriented system is known as an execution trace in that system. There are two challenges while mapping the traces of method invocation and messages which are: Control flow detection. Multiple execution trace merging. Existing methods use static analysis if method invocation is linked to loop blocks in source. Even though this solution cannot be used in the absence of source code. Several other methods have been proposed to cope with the above two challenges in reverse engineering, but they work only with sequence diagram that too from a single trace and the outcome with multiple execution trace is still uncertain. The prime goal here is to get the UML sequence diagram from multiple traces of execution using only dynamic analysis. Here, before going ahead towards the approach first the model which is used for formalizing the reverse engineering of UML designing is presented. A. Execution traces: First, the analysis is done by observing the trace of execution of the respective system. It can be defined as a sequence of method invocations. [1] Then invocation of methods and traces are defined as: label. caller | method | callee. Trace: Trace is just a sequence of invocation of methods. B. Sequence diagrams A sequence diagram shows the interaction of objects in a system with each other. It can also be shown as an algebraic expression with method invocation as atomic terms an the three operators as the operator in the expression.Sequence diagram can be expressed as[1]: D::=M|(DaltD)|(DseqD)|loop(D) This approach consosts of the following steps: Collection of traces. Merging of traces. Extraction of sequence diagrams. Collection of traces: In the first step, the interaction is observed of objects which are known, in different situations. Every situation, a method invocation is created and an execution trace is captured. Merging of traces: In this step, based on LTS merging, a technique is used which is described in the next section in detail. Extraction of sequence diagrams: In the last step, a sequence diagram is generated with the results of the previous steps Here the K-tail algorithm is used also known as grammar inference technique for merging execution traces. This involves two steps, which are as follows: Initialization: Here a LTS is generated for every execution trace. The generated LTS is a version of the finite automata. Merging: Here the above mentioned algorithm is applied for the merger of LTSes of different execution traces into one LTS. This algorithm uses the initial transitions systems as input, then merges K-equivalents. If the obtained states can be defined by the same path of method invocation, then only they can be considered as K-equivalent.The obtained LTS here shows the behavior in the input traces. In this part an approach is presented to extract a sequence diagram generated by the k-tail algorithm. As per the approach, known solution are reused for transforming DFA to Regular Expression for obtaining Regular Expression equivalent to LTS. The resultant Regular Expression is converted to sequence diagram through simple mapping. An approach has been proposed in the research for the reverse engineering of SD which is based on dynamic analysis. This approach is considered to be very important because in some secured systems, source code might not be provided. We have used the K-tail algorithm for the extraction of   Labeled transition systems (LTS) from observed execution traces. Later the extracted LTS is converted into a SD and then after   mapping to a regular expression. RE- Reverse Engineering, SD-Sequence diagram, LTS- Labeled Transition System, RE2 Regular Expression. [1] Tewfik Ziadià ¢Ã‹â€ - , Marcos Aurà ©lio Almeida da Silvaà ¢Ã‹â€ - , Lom Messan Hillahà ¢Ã‹â€ -à ¢Ã¢â€š ¬Ã‚  , Mikal Ziane A Fully Dynamic Approach to the Reverse Engineering of UML Sequence Diagrams., à ¢Ã‹â€ -UMR CNRS 7606, LIP6-MoVe Università © Pierre et Marie Curie, Paris, France à ¢Ã¢â€š ¬Ã‚  Università © Paris Ouest Nanterre La Dà ©fense, Nanterre, France à ¢Ã¢â€š ¬Ã‚ ¡Università © Paris Descartes, Paris, France. [2] Lionel C. Briand, Senior Member, IEEE, Yvan Labiche, Member, IEEE, and Johanne Leduc Toward the Reverse Engineering of UML Sequence Diagrams for Distributed Java Software, IEEE TRANSACTIONS ON SOFTWARE ENGINEERING, VOL. 32, NO. 9, SEPTEMBER 2006. Fig. 1 An example of extracted sequence diagram

Consumer Influences and Behaviour: UK Banking

Consumer Influences and Behaviour: UK Banking Chapter 1 (Intro) 1.1 Introduction To become the leading international bank HSBC has combined the emerging markets through international connectivity and scale yet maintaining the strategy unchanged. To comply with the recent economic turmoil HSBCs strategy is apparently most appropriate one as the projected the return of total shareholders equity remains achievable over full business cycle. Reinvestment of the capital allowed the company to maintain flexibility of direction in accordance with financial and regulatory environment. This can help the company to make the long term decisions supporting the brand values and the customer relationship and the growth to be consistent with the strategy. The ‘Managing for growth a diverse evolutionary strategy ranging from 2003 to 2008 for HSBCs growth and development across the globe addressing the areas where desirable and attainable improvement can be made; was an ultimate success. Unlike competitors, the consistent approach to grow within the emerging markets HSBC did not have to dispose any stakes in strategic investments to generate capitals. Depending on the customer demand and maintaining the strategic line while reviewing the emerging new opportunities, HSBC has successfully survived in the period of uncertainty. The company has increased the number of HSBC Premier Customers to 2.9 million, and the customer volume is increasing highly in the emerging market. During financial crisis and economic recession the global financial markets have suffered a serious impact. Very few banks have escaped unharmed by adjusting to shifts in the global financial and economic environment. Market entry timing decisions are inherently difficult. A firms managers need to consider the influence of so many factors both internal and external to the firm in deciding when to enter a market with a new product (Lieberman and Montgomery, 1991). Firms face a particularly difficult decision of planning when it is best to enter a market with a new product in response to a market introduction of a pioneering new product by a major competitor. Given that pioneering is no longer an option, is it better for the firm to enter the market quickly with a competitive new product or is it better for the firm to delay market entry for strategic reasons. When the competitive stakes are high, it is clearly in a firms best interest for its management to plan carefully such a market entry timing decision by giving careful consideration to a broad array of information including information on the competitor, the competitors product offering, the market, and the firms internal resources and product offerings. Considerable academic research has been conducted that suggests the desirability of certain market entry timing strategies for a wide array of conditions in the competitive environment (cf. Bowman and Gatignon, 1995; Brown and Lattin, 1994; Green et al., 1995). The business world composed of organization and work becoming more demanding and wild. Facing organizations are now facing so many challenges. Among them globalization, customer awareness, higher revenue with minimizing the operational cost, strengthening the organizational capacity, renovation and change, technological implementation, maintaining diverse human capital, and confirming essential and constant change. Fortunately the degree of competition among industry rivals has significantly increased. Now most of the organizations can easily duplicate technology, industrial methods, production, and even strategy. To gain the competitive advantage in the long run, business houses need to establish their own organizational capability (Burke Cooper 2004). 1.2 Background of The Study HSBC is a prominent name in the global banking industry. This bank has been operating successfully all around the world as a local bank with its efficiency and effectiveness. The integrated strategy of HSBC and on time decision made it becoming a threat for other long lived bank in the industry. The strategy the bank had followed make it to cope up with all sorts of cultural barriers and to be along within the society and create the better brand value compare to the other rivals in the banking industry. The reason behind the on-going prospect of this bank is due to a reason which made is to gain the competitive advantage in the global money and investment market. Lately the economic crisis hit the global money market and retail banking industry injuring the performance of all the major players in the industry as the confidence and the trust of the customers were gone. 1.3 Rationale This study is a requirement for the course I am enrolled in. This study will help me to utilize the acquired knowledge/theories and relate them to the applied business. The title was chosen as banking industry is one of the diverse industries and UK is one of the most competitive markets where the industry rivals constantly changing their strategies to adopt with the change and HSBC is one of the best performing banks in it. With the establishment of the purpose given, this study may be of importance to the purpose that have been discussed by fulfilling the objectives, the study will be helpful for researchers focusing on different strategies and innovative techniques with regards to the method of gathering the information. The findings of the research will be helpful for researchers in creating their own means of conducting their study. The significance of this study is the option that it may contribute the findings for the other studies that wish to examine factors for the success or failure of a study. Another importance of the report is to serve as a director for researches that emphasis on defining the effects of an integrated marketing strategy which made HSBC successful in the UK banking industry as well as globally. 1.4 Aim and Objective of the Study The aim of the research to find the answer to the research question â€Å"How can HSBC Continue to Maintain Its Competitive marketing advantage in the UK market?† The objective of this study is to identify the reason behind the success of HSBC and the challenges the company may face in future and the potential strategy the company may follow so that it can maintain its leading position in the UK retail banking industry. So, the prime objectives of the study are as follows: To identify how HSBC operates and what made it unique besides others To identify the attitudes of the UK customers towards HSBC. To identify the attitudes of the company staffs towards existing marketing system. To identify the shortcomings (if existed) of the Strategy being adopted by HSBC To identify the most effective strategy appropriate for HSBC in response to the current financial crisis in UK. 1.5 The Organization of the paper: Unlike the conventional approach this paper is furnished with the industry analysis focusing on the UK banking industry in term of its performance, effective factors leading HSBC to become more successful, the changing switching tendencies of the customers, role of the SMEs in the industry and an overview on the investment criteria in the money market. The study will initially gather information that will serve as introductory part of the study. The study will then gather related literature to prove the need for conducting the study. The literature review can help in determining what are the studies already done, what study needs to be corrected. The study will then determine the methods and means for data to be gathered and analyzed. In this part the data is being readied to be gathered and analyzed but the method to gather it will first be determined. The next part of the study is gathering, presenting and interpreting the data. In this part the validity of the hypothesis and ideas about the study will be proven. The last part of the study will be the part where conclusions and recommendations will be stated. In this part final statement about the study will be done. The study will be organized in accordance with the following order Chapter 2(Literature Review) According to Porter (1985) it is the value chain through which a company can create and offer value to its customers by efficiently utilizing costs and effectively offering the product or services through a lower cost or a higher differentiation. Again Rajnandan (2007) said value chain not only seeks to do away with the activities that do not add value, but establishes the importance of other support activities, including infrastructure, technology, and so on, that play a vital role in providing the foundation for competitive advantage. The value chain also is useful in outsourcing decisions. Understanding the linkages between activities can lead to more optimal make-or-buy decisions that can result in either a cost advantage or a differentiation advantage. (Graeme J. Buckley, 2006) After defining the discrete activities marketers need to identify the linkages between activities. The relationship survives if the performance or cost of one activity affects that of another. Competitive advantage may be obtained by optimizing and coordinating linked activities. (Porter, 1985) The developed opponents expected strategy, where it participates in the marketplace, how it competes, and what it tries to achieve, should be distinct from any strategy pursued by any rival. Those executives charged with visualizing the developed rivals strategy should also be encouraged to go beyond the likely strategies of announced. It is necessary to communicate the competitive variables to the target market as that will force the buyers to prefer the products. Where marketing communications carries the meaning of the companys product attributes, aiding customers reach their goals and moving the company closer to its own goals. (Lancaster, 2002) Marketing efficiency depends on communications effectiveness. The market is activated through information flows. The way a potential buyer perceives the sellers market offering is heavily influenced by the amount and kind of information he or she has about the product offering, and the reaction to that information. Marketing, therefore, relies heavily upon information flows between the seller and the prospective buyer. (Thomas A. Staudt, Donald Arthur Taylor, 1976) The firms value chain links to the value chains of upstream suppliers and downstream buyers. The result is a larger stream of activities known as the value system. The development of a competitive advantage depends not only on the firm-specific value chain, but also on the value system of which the firm is a part. (Kiichiro Fukasaku, 2007) Dramatic changes due to globalization, deregulation, and technology have redefined the nature of business by increasing competition. Significant increases in the speed of competitive response and the number of competitive actions and price cuts have also resulted. Those indicators highlight the intensity of competition. (Gr, Cu, Le, Hu, Ken G, 2005) Unlike the classical concepts, the marketing concept states that the nature of the marketing orientated organisation, whether product or service based, profit or non profit based, is the identification and genuine satisfaction of customers needs and wants, more effectively and efficiently than the competition. The marketing concept has been defined as ‘the key to achieving organisational goals and the marketing concept rests on ‘market focus, customer orientation, co-ordinated marketing and profitability. (Le, Ru, Lancaster, 2002). ‘Marketing Research is a systematic problem analysis, model-building and fact-finding for the purpose of improved decision-making and control in the marketing of goods and services (Kotler, 1999) Strategic capabilities that companies can use to support the strategy they have chosen to pursue. A strategic capability offers a company a sustained competitive advantage when substantial time and effort is required for competitors to develop the same capability. (Susman, 1992) Game theory more specifically, non-cooperative game theory can be a useful tool for investigating a comprehensive model of competitive advantage in that it demonstrates the linkages between resources, competitive moves and responses, and advantage. (Gr, Cu, Le, Hu, Ken G, 2005) The ability and speed with which a company can learn from experience is another strategic capability. The ability to learn is dependent, in part, on how the company captures and accesses information. Companies can simplify this process by minimizing the amount and complexity of information they have to process. (Susman, 1992) Only by gaining a deep and comprehensive understanding of buyer behaviour can marketings goals be realised. Such an understanding of buyer behaviour works to the mutual advantage of the consumer and marketer, allowing the marketer to become better equipped to satisfy the consumers needs efficiently and establish a loyal group of customers with positive attitudes towards the companys products. (Lancaster, 2002) Competitive advantage is a way of firms gained advantage over its rivals. Competitive Advantage introduces a whole new way of understanding what a firm does. Competitive Advantage takes strategy from broad vision to an internally consistent configuration of activities. Its powerful framework provides the tools to understand the drivers of cost and a companys relative cost position. Competitive Advantage also provides for the first time the tools to strategically segment an industry and rigorously assess the competitive logic of diversification. (Porter, 1998) The design stage determines the way in which a firm intends to differentiate its good or service from rivals. In this stage a firm makes choices to gain a competitive advantage over rivals. (William, 2004) For a single product or narrow group of products, a firms competitive strategy refers to the weighted mix of price, product qualities and features, and service that differentiates its product from those of rivals. (William, 2004) The Competitive Advantage model of Porter learns that competitive strategy is about taking offensive or defensive action to create a defendable position in an industry, in order to cope successfully with competitive forces and generate a superior return on investment. According to Michael Porter, the basis of above-average performance within an industry is sustainable competitive advantage. There are 2 basics types of CA: Cost Leadership (low cost) and Differentiation. The Delta Model contains the following elements: Strategic Triangle: used for defining strategic positions that reflect fundamentally new sources of profitability (three strategic options: best product, customer solutions, and system lock-in), Aligning these strategic options with a firms activities and provides congruency between strategic direction and execution (three fundamental processes are always present and are the repository of key strategic tasks: operational effectiveness, customer targeting, and innovation), and Adaptive processes: core processes of the company must be aligned to the chosen strategy in order to make progress against the strategic agenda and avoid a commodity-like outcome. 2.1 The Trends (Customer Focused) E-trading and online customer services are becoming the key differentiators in every industry. The banking industry in the midst of a shift assisted and backed by the rapid technological advancement, internet and globalization. The transition is not an incremental one through which organizations, processes, and technologies evolve in linear fashion into more advanced, but still familiar models which is distinct from the earlier industry change. Industry observers anticipate that this transition will be much more radical and constitute a complete metamorphosis of bankings entire business model, realigning everything from its strategic business orientation to its technology architecture to its value proposition to its customers. (Balthasar, 2010) 2009 is a significant year forcing many private banking experts to remember. Privet funds failed to generate revenue as clients withdrew assets from private banks. The global financial crisis has fundamentally changed the investment pattern of the High Net Worth Investors and their wealth management business itself. Growing Market ‘Many â€Å"new money† acquire their wealth through IPO. Brazil and China accounted for two-thirds of global capital raised in Q2 2009 (Ernst Young, 2009) showing that there is a growing demand for private banking and wealth management service in the region as the economy is rapidly growing. Chinas growth will outstrip US which is a good news for private banks who have a strong APAC presence, wealth management professionals should understand that the Chinese market is not easy to penetrate. First of all, client advisors need to be fluent in Mandarin and have local connections. Secondly, guanxi (relationships) still plays an extremely important role in the modern Chinese business community, private bankers without access to key relationship brokers as references will find it very difficult to convince Chinese HNWIs to open accounts. Private banks that hire locals will have a definite advantage over expats trying to cover Chinese clients. (Warren Buffet, 2009) Responsible lending Affordability assessment approaches vary across the industry. Responsible lending decisions require checks to be made concerning income and outgoings (typically using a combination of income multiples and affordability models) when assessing ability to repay now and into the future. Also the type of lending undertaken and the type of borrower (for example, applicants with impaired or low credit ratings) may require more detailed assessments to be carried out. Other (unregulated) lending Mortgage lending is only part of the affordability picture. Under the auspices of Treating Customers Fairly (TCF), affordability assessments are equally relevant to other borrowing, including personal loans and credit cards, and a number of lenders are looking at how their affordability assessment processes may need to be strengthened for these types of credit. In an effort to strengthen existing rules, new Banking Code guidance concerning assessing affordability in relation to unsecured loans (overdrafts and other borrowing) was issued by the Banking Code Standards Board in April 2006. Any assessment should now include at least two of the following: Income and financial commitments Repayment history Credit reference agency information and past repayment history Credit scoring. It is also worth noting that the Office of Fair Tradings recent guidance (‘the OFT Guidance) reinforces the need for firms to have regard to its earlier guidance on non-status lending and confirms its intention to consider further specific guidance with regard to irresponsible lending and what this may mean in different market sectors and circumstances. Responding to the concerns The FSA has indicated that as part of its retail agenda it will continue to focus on quality of advice processes in the mortgage market. In responding to these concerns, firms will wish to consider how the results of the FSAs findings impact each of their lending businesses: How extensive is the affordability process; does the advice process include an assessment of income and identifiable expenditure; anticipated changes in personal circumstances (income/expenditure composition); impact of interest rate changes and possible future increases in interest rates? How can the consumer deal with mortgages extending into retirement? What steps are taken to ensure that underwriting processes (including income multiples and affordability models) reflect the different characteristics and risk profiles of customers in different market sectors (for example, sub-prime; non-conforming)? Is the recent assessment carried out to identify the affordability (including affordability decisioning models) to meet the regulatory as well as commercial drivers impacting the business? What steps are taken concerning the assessment of the customers ability to repay where ‘enhanced income multiples are used (and where the firm may have insufficient, or outdated, data to measure the potential impact/risks of default)? What MI does the consumer have to facilitate the identification of affordability issues on a timely basis (for example, the performance of loans where ‘enhanced multiples have been applied; at the end of any discount period; the level of arrears and repossessions; lending introduced by intermediaries)? Even for long-established product offerings, it is clear that nothing stays still. Aside from regulation by the FSA, the market still needs to respond to the challenges of competition investigation into the PPI market. Household Leverage: In the years leading up to the crisis, a combination of factors, including low interest rates, lax lending standards, a proliferation of exotic mortgage products, and the growth of a global market for securitized loans fueled a rapid increase in household borrowing. (Shedlock, 2010) ‘The recent financial crisis contributed to the longest and most severe economic contraction since the Great Depression. The rapid expansion in the use of borrowed money, or leverage, by households in recent years, is one factor that may help account for the virulence of the downturn. (Shedlock, 2010) ‘The common patterns observed across countries suggest that, the unwinding of excess household leverage via increased saving or increased default rates could be a significant drag on consumption and bank lending going forward, possibly muting the vigor of the economic recovery. (Shedlock, 2010) 2.2 Changing Nature of Consumer Behaviour (Higher Expectation) ‘Customers take control. Customers will be smart, informed and savvy users of financial services. They will only be interested in service providers that can meet their very specific individual needs. (CMA Management, 2006) Global banking leader for the Institute for Business Value, each bank must decide on a strategy that fits its customers needs. Banks will need special strategies to cater to a far more discerningand controllingcustomer. Innovative approaches to business design, customer service, workforce management and IT will be critical to banks future success. (Sunny Banerjea, 2009) Banking customers will demand more advocacy, personal security and control in their banking relationships Banks will source products and services from many specialized and best-in-class service providers, including independents and other banks providing white-label products and services. Innovation in products, processes, relationships and business models will be the primary path to sustainable growth. Furthermore, the modern banking industry has brought greater business diversification. Some banks in the industrialized world are entering into investments, underwriting of securities, portfolio management and the insurance businesses. Taken together, these changes have made banks an even more important entity in the global business community. 2.3 Globalization (Intense Competition) ‘By 2015, we will live in an intensely customer-centric market that is dominated by global mega banks and densely populated by specialist financial services providers. Fierce competition, global regulation and technology will reshape bank and non-bank structures. (Rusty Wiley, 2009) Banking is moving incrementally but unmistakably away from a model based on products, transactions, touch points, and internal departments toward one based on customers, processes, integrated experiences, and the enterprise-wide value of information. The new strategic centre is not an institutions asset size, market share, revenue growth, or operating efficiency, but the â€Å"customer experience† the institution provides to consumers. Whether a seismic departure in focus or simply a more pronounced emphasis on an existing strategy, many banks have decided this is their destination. Many countries are now more alert after so many scams including The Bernard Madoff $65 billion Ponzi scheme exposed in 2009. To minimise and control the false trading activities and tax evasions, governments worldwide demand more oversight of banking operations influencing not only the investment banking business but also the private banking side. The account opening process, KYC and offshore banking activities are under tighter scrutiny than ever before. As a direct result, banks have to spend more money on compliance and risk management. (Investment Research, 2010) Banks no longer think in terms of selling products and making transactions, but rather in terms of acquiring, satisfying, and retaining customers. They are realigning their system architectures to recognize, integrate, and monitor business processes that span departmental boundaries and consider customers from a company-wide perspective. The resulting systems provide customers with tools to conduct their own banking business on their own terms, in their own time, and through whatever channel they happen to access. (Balthasar, 2010) This shift in strategic focus has already had a profound impact on the way that bankings role and value to its customers have evolved, leading to the second feature of the industrys transformation, which is that banking is no longer seen as purely a financial transaction, but rather in a broader and more significant way as a financial information business. This distinction may sound like splitting hairs, but the eventual effect on the banking industry will be nothing short of transformative. To better adapt and accommodate this shift successfully, banks will have to recon and upgrade their entire IT infrastructures. The excellent international reputation and the $300 billion private banking assets the region currently manages, the Singaporean government is aggressive in making the country more attractive to private banks and HNWIs worldwide. Singapore officials are planning to amend the Income Tax Act, which is likely to help the country to make Organisation for Economic Cooperation and Developments â€Å"white list†, further establishing itself as Asias private banking stronghold. (Wall Street Arrow: Market Insights, 2009) The competitive pressures that have squeezed the banking industry for the past decade show no sign of letting up, principally due to the banking industrys continuing consolidation. (Balthasar, 2009) Many industry analysts are expecting another round of large bank merger announcements, with the additional element of international banks involved in cross-border mergers. We have seen the beginnings of that trend already in Europe, with the acquisition of Abbey National (U.K.) by Santander (Spain) and the protracted dispute between Dutch bank ABN AMRO and another Spanish bank over two Italian banks. One important ramification of the continued growth of leading banks will be their ability, based on their sheer size and higher efficiencies, to invest in world-class data storage, management, and analytical capabilities, thereby extending their dominance by the development of innovative revenue-generating products and services. The transition to banks as primarily an information source has helped lower the barriers to entry in the financial services industry, opening the banking arena to a host of new, non-bank players. The current alarm among banks and their regulators about Wal-Marts efforts to obtain an industrial loan company (ILC) license in Utah is the most visible manifestation of that trend. 2.4 Technology (Customised Service) Sharply focused technology. The enabler of all this change will be technology that supports rapid, accurate decision making and greater operational flexibility and efficiency. The successful specialists will be those who can track and analyze specific customer needs and speedily meet them with profitable, reliable products. (CMA Management, 2006) The global trend of deregulation has opened up many new businesses to the banking industry. Coupling that with technological developments like internet banking and ATMs, the banking industry is obviously trying its hardest to shed its lackluster image. (Investopedia, 2010) The major force driving banking transformation stems from the increasing commoditization of financial transactions. Banks can no longer distinguish themselves on the basis of product set functionality or operational excellence. Commercially available systems have perfected virtually all the important functions in basic transactions, including payments, deposits, funds transfers, and account reporting. The maturity of technology in these areas has made both functionality and pricing nearly uniform among leading vendors. The sheer volume and scope of regulatory requirements has imposed on banks an unprecedented need to develop transparent systems and processes, along with more effective and reliable means for collecting, storing, and manipulating information. Going forward, banks will need to develop an approach to their IT infrastructure that places a premium on flexibility, adaptability to rapidly changing market circumstances, and the ability to integrate information from multiple sources currently isolated from each other. The competitive landscape has also shrunk considerably. In June 2008, there were 46 lenders offering unsecured personal loans, down from 58 in June 2007, however, by June 2009 this number had dropped further to just 37. The real value proposition that banks offer now is in the information they can provide about financial services and transactions, from a perspective of accessibility, speed, convenience, granularity, analysis, and so forth. In other words, the important question to ask banks now is â€Å"how quickly, accurately, deeply, efficiently, transparently, and finitely can they capture, parse, store, identify, access, retrieve, sort, match, analyze, aggregate, present, share, distribute, and protect data?† Therefore, leading banks are basing new technology strategies on transforming and enhancing their command of information. Although they already sit atop vast amounts of data about their customers, banks in many respects are unable to identify and/or retrieve it with any degree of precision. With bankings future growth and profitability dependent on the ability to aggregate information across systems and reorient it by customer instead of product, technology spending decisions will he nceforth be guided by how well a proposed solution furthers a banks command of information. (Balthasar, 2009) Data management The command of information should be incorporated it into technology development by the vendors allowing them to capture (automatically as much as possible) descriptive and associative information about customers, transactions, and workflow circumstances as distinct data fields; to identify, access, associate, aggregate, sort, and display data from disparate sources; to exchange, transfer, compound, and deconstruct data freely across system boundaries; to normalize, integrate, and analyze that data for a specific purpose and for a specifically designated market segment; to drill down and parse data into ever more discrete units that can be segregated and analyzed; and to manage all of the above in near-real time through centralized database management and automated business processes with rules-based workflow and exception management. Initiatives and architectures not built on a sophisticated data management core will provide only limited benefit, since sooner or later they will be unable to integrate fully into

The Labelling Theory Essay -- Psychology, Deviant Behavior

The main aim of this essay is to describe two general theories of offending and then consider the extent to which they explain youth offending. This essay will firstly outline the context of the labelling theory then go on to discuss the way in which a label becomes a person’s master status in life. The essay will then compare the differences with primary and secondary deviance and define the term self fulfilling prophecy. The second stage of the essay will describe the learning theory, explaining the background including all the terms, classical conditioning, operant conditioning and social learning theory. Furthermore, it will then go on to explore the research and describe the extent to which both theories explain youth offending. Finally, the essay will compare and contrast the two theories and evaluate any of the assets or implications. The labelling theory became dominant within society during the 1940’s and 1950’s, when a group of graduate students from the Chicago school tried a different approach to applying theory to deviant behaviour. Within this group was a highly influential young man, Howard S.Becker who became the person most recognised for his work with the labelling of crime (Williams.F. McShaneM. 2010.p110). Becker argued that labels could be applied through the social reaction of others when a deviant or criminal act had been committed he stated that â€Å"Labelling is the process of identifying, categorising and stereotyping social categories such as delinquents† (Davies.M.et.al.2010.p30). When an individual becomes labelled a criminal, people do not consider all the praiseworthy things they may have done previously, they just see that they have committed some form of deviance and are now judged within societ... ...more stimulus for the individual to learn from (Williams.F. McShane.M.2010.p241). Furthermore, deviance within the labelling theory is defined through society’s norms and value’s, where as the deviance within the learning theory is imitation of deviance from society. To conclude this essay, it would be safe to say that the labelling theory and the learning theory both have great powers over young people’s lives, possibly because of their vulnerability and the way they perceive different behaviour within society. With criminal and deviant acts being formed and constructed by society, then behaviour displayed by a young person will inevitably be labelled if they do not live up to the norms and value’s that are in place. However, as the essay explains young people will gather characteristics of deviance from society’s influential structures.

Philosophical Pluralism in the Service of Humane Governance :: Philosophy Philosophical Essays

Philosophical Pluralism in the Service of Humane Governance ABSTRACT: In recent times, the American Philosophical Association has been exposed in a serious way to the issue of pluralism in philosophy curriculums in the departments of philosophy of American universities and colleges. This conversation brings to the fore the fact that what is at issue in the prospect of pluralizing American philosophy departments is not merely the matter of deciding the discipline's boundaries of intellectual formation relative to the current generation of students, but the unforeseeen consequences of pluralism which challenge both 'the American canon' and the profession's self-understanding vis-Ã  -vis a 'Western' intellectual heritage that distinguishes the 'essential' from the 'marginal' by privileging essential figures, problems, and time-honored methodological commitments. Yet, to the degree that there is a quest for relation of differences, this need not presuppose the universality of philosophical discourse, comparative philosophy moving inevitably with in a logic of opposition rather than a logic of mutuality. Our thinking is surely problematic if at this World Congress we find an occasion for a confrontation between 'the West' and 'the margin,' the latter construed negatively as a 'mute, growing and menacing pressure.' In recent time the American Philosophical Association has been exposed in a serious way to the issue of pluralizing the philosophy curriculum in the departments of philosophy of American universities and colleges. John Lachs, Philip Quinn, John Stuhr, and Kathleen Wright each contributed thoughtful discussions to the "issues in the profession" section of the November 1996 Proceedings and Addresses. (1) As Lachs observed, there are those who conceive pluralism to mean "due representation of the analytic, Continental, and American philosophical traditions". Others who have explicit concern with the developing "sub-discipline" of comparative philosophy conceive pluralism to include "work in the complex traditions of Chinese, Indian, African, Latin American, Islamic, Jewish, feminist, and Native American thought, as well". Quinn perhaps speaks for a majority of philosophers when he suggests that hardly anyone would deny that "it is a good thing to expose students to the many ways in which philosophy has been done in various places and at different times", that "it is a good thing to carry forward philosophical inquiry in the many traditions that have proved to be of enduring value". Thus Quinn favors a more inclusive pluralism, one which "would consist of a conversation that contains many more non-Western philosophical voices". Notwithstanding Quinn's hopeful remarks, Stuhr noted that today pluralism is not widely endorsed.

Comparing Cinderella and Ever After Essay -- Movies Film Ever After Ci

Comparing Cinderella and Ever After When most people think of the movie, "Cinderella';, they think of the animated Disney version with the little mice and the happy ending where Cinderella marries the prince and they live happily ever after. While the movie "Ever After'; is based on "Cinderella';, it is not animated, but still has many of the same characteristics as the Disney version. Of course it is not exactly the same, and since it is not animated there are many differences. In "Ever After';, Drew Barrymore portrays the character Cinderella, who in the beginning of this movie is called Danielle. In the very beginning, it shows how Danielle's father died and how she went off to live with her wicked stepmother and stepsisters. In "Cinderella';, both of the stepsisters are wicked, but in "Ever After';, her sister Jacqueline is not so wicked and usually sides with Danielle. In "Ever After';, Jacqueline is the not so pretty and quiet sister and Marguerite is the loud obnoxious pretty one. One similarity is that in both movies, Cinderella and Danielle are servants to their stepmother and stepsisters. They are also not allowed to eat with them, only serve them. In "Ever After';, Danielle's only friends are the other servants of the house, this is similar to how Cinderella is friends with the mice that live in her house. In both cases their friends are always protective and willing to help. In "Cinderella';, Cinderella doesn't meet the prince before the ball, she doesn't even really expect to be going to the ball. In "Ever After';, Danielle meets the prince in a confrontation where the prince was actually stealing one of their horses. Danielle starts pegging him with apples, but just as she realizes that he is the prince, she kneels down before him. She apologizes, but the prince is lenient and says he will not punish her. He also gives her money to keep quiet about the whole situation. In "Ever After';, Danielle repeatedly bumps into the prince. Whenever she does meet up with him, she makes sure she is dressed like a courtier, so he doesn't think that she is a servant. They start to fall for each other and they spend more and more time together. In "Cinderella';, the stepmother tries to make sure that one of her daughters is chosen for a wife by the prince at the ball. At first she tells Cinderella that she can go also even... ...nce and Cinderella live happily ever after. In the end of "Ever After';, the wicked stepmother is called to the palace. She doesn't know that Danielle and the prince are married. The king and queen question the stepmother of lying to the queen. They tell her that if she doesn't tell the truth, she will be killed. She confesses that she lied to the queen about Danielle. Just then Danielle comes in dressed as the princess she has become, and her stepmother kneels before her. The only punishment that she gives her is the punishment that she had to go through herself as a servant. The stepmother and Marguerite are brought down to the washroom and they are put to work. Jacqueline the other sister is not punished because her innocence had been noted. Of course "Ever After'; is a little bit more realistic because it is more like real life. "Cinderella'; is animated and there is a lot more make believe, such as talking mice. "Cinderella'; is also probably aimed at more of a younger audience and "Ever After'; can appeal to a little bit older crowd. "Cinderella'; is one of my all time favorite movies, and know that I've seen "Ever After';, it ranks right up there with "Cinderella';.

Global Financial Crisis Essay

The global financial crisis started to demonstrate its effects in the mid of 2007 and continued in 2008. Around the world a large number of the financial institutions collapsed, stocks fell and the entire world was under stress. The crisis unraveled in the USA, UK and then spread around the world. This meltdown of the financial systems will affect the lives of almost everyone around the globe. The genesis of the financial crisis was the collapse of the US sub-prime mortgages. Many people defaulted on their repayments of these loans. Basically, a sub-prime mortgage is a type of a loan made to borrowers who do not have a good credit history and are unable to qualify for the high interest rates in the market. It has a diversified product range from mortgages to car loans to credit cards. These loans started out in 2001 when the interest rates were historically lowest in US. At that time, the demand for the real estate was on high because of these low interest rates. The builders kept on investing in the construction of the houses even though the demand for property saw a decline after a while. Due to this huge boom, the property became so over valued that it saw the worse decline in prices in 2006 (University of Iowa, 2008). This made most of the investors and leaders became unwilling to refinance the sub-prime loans and were strict in their policies. This raised the interest payments which some of the investors were unable to afford. Hence more and more people stared defaulting. Around 3. 6 million home owners lost their homes due to the mortgage defaults. There have been around $100 billion worth of Sub-prime mortgage leans defaults from the low-credit worth people. At the same time, the world saw the world stock prices falling in most of the places which made large number hedge funds insignificant. This collapse in demand for the securities which were backing the sub-prime mortgages forced 90 of the firms into declaring bankruptcy (Acharya, 2007). These crises in the sub-prime mortgage and the declining world stock prices led to the global financial crisis in July 2007. Investors had also over indulged themselves in the sophisticated financial instruments such as the derivatives thinking they were reducing the risk associated with the assets. As people started earning money through it, they started taking more risk and hence earning more money. The real problem arose when the market turned towards speculative in nature. This means that with each loss the investor went with more risk to cover up the earlier losses and earn a higher profit. The financial instrument that the bank expected to will reduce its risk created the greatest problems for it. This is how the derivatives became a problem in the current world and one of the causes of the destruction of the banks around the globe (Shah, 2009). This shattered the confidence of the investors. People now did not want to buy the assets or securities but they wanted their money back. Therefore, this created a crisis situation for the investor confidence around the globe. The western economies were also affected by the process of securitization. It is a process by which the financial assets are backed by the real assets through the use of instruments such as the derivatives. The sub-prime mortgages were risky and under rated when compared in isolation but as soon as these loans were gathered together with other debts to diversify risk, they become more attractive and over-rated. Soon when the stocks fell in the international market, most of the securities lost their value. This caused a large deficiency in the capital of the banks and therefore, they were forced to tighten their credit policies around the world. For example: Lehman Brothers filed for bankruptcy on September 15, 2008. It was the largest bankruptcy filed in the US history because it held a major share of the assets in the US. Its share value had fallen to less than $1. The bank had given out excess amount of the sub-prime mortgage loans which were backed by securities but it had no way to pay back the depositors. It had started facing severe problems when the credit policy was tightened across the world. Sine they were refused to be bailed out, they had filed for bankruptcy with the US government. This had a direct effect on almost all the banks in the US and abroad that were holding the assets of the Lehman Brothers and hence this caused a ripple effect globally. The whole world was affected with the sub-prime mortgage defaults because the world is a global village now and all the businesses in it are inter-related with each other. The credit housing market had indirectly affected all the other markets around the globe. The lenders developed strict policies for the credit facilities and hence decreasing the consumer spending. Demand for the goods and services decreases, profits declines and hence less investment and production. This leads to the layoffs, less household income and therefore less consumer spending. Due to the financial crisis, it is estimated that approximately 80 million people could be forced to live in poverty. The developing economies will be experiencing slow growth rates due to the decline in the export demand. This is due to the diminishing demand of the goods and services globally (Hodgson, 2007). The world GDP is expected to grow at a rate of 0. 5% which is slowest since World War II. The global financial crisis that unraveled in 2007 did expose some serious flaws in the regulations internationally as well as domestically and the global financial system. The major cause of the global financial meltdown is the weak regulatory mechanisms, inadequate transparency, insufficient competition and poorly designed incentive structures. The banking system in the US is the most unregulated sector of the financial institutions. It could create and sell many diversified products making them look secure and attractive. When the loans were being given out, there was very little risk analysis being done and that also with the imprecise and inaccurate data and models. The strict regulation of the sub-prime mortgage and low interest loans would have reduced the chances of the financial meltdown. In the US there is no notion of a central bank that controls the other financial institutions such as the insurance companies, mortgage banks and banks. The US federal government preferred self regulation of the financial institutions under the rule of Chairman Alan Greenspan. This provided for the relaxed and simple environment where different institutions came together to produce and flood the market with sophisticated and diversified products and made them look very attractive and safe. The investors invested in these banks as they did not have the right information about the negative consequences which were never released. This type of policy does result in growth but at the same time it also results in mismanagement and less control. Most of the firms present in the world were resistant to bring any change in themselves which would otherwise have brought strong competition in the market. The people have now called for better regulation and reforms for the financial sector both internationally and domestically. They want the developing nations to have some voice in the formation of these policies and shaping up the global economy. The simple and well designed policies will be easy to implement. They will protect the financial institutions in the short run and bring innovation and diversification in the products in the long run. The most important is that the banking sector in the USA needs to be regulated heavily by a central bank. They should be regulated in a way that they have the minimum required amount of deposits. The Bank of England deputy governor Sir John Gieve suggests that the capital and the liquidity requirements for the bank should be increased and made stricter along with the tough restraints on the building up of the risk. At the same time, the loans should be made difficult to get in good times. These banks need to provide the investors with the adequate information when they are making their decisions. The rating agencies in USA as well as around the world must have stricter reforms and should be heavily regulated so that they properly rate the assets using appropriate models and data. It is also suggestive that there should be a single international rating agency that will rate the assets worldwide. The IMF and the World Bank reforms will play an important role in the future. They need to go about a structural change in their policies because their â€Å"one fit all solution† was a disaster for the developing economies. They had earlier realized that the financial crisis in the developed world will sweep into the developing world and harm it further. Even then they were unable to find a clear solution. Therefore, they need to change their policies and must include the say of the poorer nation while making the new policies. The international bodies and the banks need to be more transparent in their operations and the enforcement of policies so that there no further objections rose to it (Shah, 2009). References Shiller, R. J. (2008) The Sub-prime Solution, Princeton University Press.Fraser, D. , Gup, B. , and J. Kolari (2007) Commercial Banking: The management of risk, John Wiley & Sons, Australia. Heffernan, S. (2005) Modern Banking, John Wiley & Sons, Chichester, England. Koch, T. and S. Scott MacDonald (2003) Bank Management, Thomson South Western, OH45040, USA. Laeven, L. and F. Valencia (2008) Systemic Banking Crises: A New Database, International Monetary Fund, Washington. Rose, P. (2002) Commercial Bank Management, McGraw Hill Irwin, Boston. Faber, Marc. â€Å"Gloom & Doom economist: credit crunch will spread. † CNBC 19 May. 2008. Nazar, Yousuf, â€Å"The fall of US financial capitalism. † Dawn 22 September. 2008. Acharya, M. (2007) Credit crunch – the big picture, The Star, http://www. thestar. com/article/247510 [retrieved on Mar 05, 2009] CNBC, (2007) Gloom & Doom Economist: Credit Crunch Will Spread, http://www. cnbc. com/id/24703745 [retrieved on Mar 05, 2009] Credit Crunch, (2007) Crunch Time for Credit? An Inquiry into the State of the Credit System in the United States and Great Britain, http://www. creditcrunch. co. uk/home/article. php? story=20070905083913327 [retrieved on Mar 05, 2009] HM Government, http://www. realhelpnow. gov. uk/credit-crunch-causes-why. php [retrieved on Mar 05, 2009] Hodgson, A. (2007) Global credit crunch: turbulences and outlook, Euro monitor international, http://www. euromonitor. com/Global_credit_crunch_turbulences_and_outlook [retrieved on Mar 05, 2009] Nazar, Y. (2008) The fall of US financial capitalism, Dawn, http://www. dawn. com/2008/09/22/ebr1. htm [retrieved on Mar 05, 2009] Gieve, J (2008) Speech, John Gieve: the credit crunch and the UK economy, http://www. bis. org/review/r080924e. pdf [retrieved on Mar 05, 2009]