A Short History of the Great Depression

A Short History of the Great Depression The Great Depression, which lasted from 1929 to 1941,  was a severe economic downturn caused by  an overly-confident,  over-extended stock market and a drought that struck the South.   In an attempt to end the Great Depression, the U.S. government took  unprecedented direct action to help  stimulate the economy. Despite this help, it was  the increased production needed for ​World War II that finally ended the Great Depression. The Stock Market Crash After nearly a decade of optimism and prosperity, the United States was thrown into despair on Black Tuesday, October 29, 1929, the day the stock market crashed and the official beginning of the Great Depression. As stock prices plummeted with no hope of recovery, panic struck. Masses and masses of people tried to sell their stock, but no one was buying. The stock market, which had appeared to be the surest way to become rich, quickly became the path to bankruptcy. And yet, the Stock Market Crash was just the beginning. Since many banks had also invested large portions of their clients savings in the stock market, these banks were forced to close when the stock market crashed. Seeing a few banks close caused another panic across the country. Afraid they would lose their own savings, people rushed to banks that were still open to withdraw their money. This massive withdrawal of cash caused additional banks to close. Since there was no way for a banks clients to recover any of their savings once the bank had closed, those who didnt reach the bank in time also became bankrupt. 1:44 Watch Now: What Led to the Great Depression? Unemployment Businesses and industry were also affected. Despite President Herbert Hoover asking businesses to maintain their wage rates, many businesses, having lost much of their own capital in either the Stock Market Crash or the bank closures, started cutting back their workers hours or wages.  In turn, consumers began to curb their spending, refraining from purchasing such things as luxury goods. This lack of consumer spending caused additional businesses to cut back wages or, more drastically, to lay off some of their workers. Some businesses couldnt stay open even with these cuts and soon closed their doors, leaving all their workers unemployed. Unemployment was a huge problem during the Great Depression. From 1929 to 1933, the unemployment rate in the United States rose from  3.2% to the incredibly high 24.9%- meaning that one out of every four people were out of work.   PhotoQuest / Getty Images The Dust Bowl In previous depressions, farmers were usually safe from the severe effects of the depression because they could at least feed themselves. Unfortunately, during the Great Depression, the Great Plains were hit hard with both a drought and horrendous dust storms, creating what became known as the Dust Bowl. Years and years of overgrazing combined with the effects of a drought caused the grass to disappear. With just topsoil exposed, high winds picked up the loose dirt and whirled it for miles. The dust storms destroyed everything in their paths, leaving farmers without their crops. Small farmers were hit especially hard. Even before the dust storms hit, the invention of the tractor drastically cut the need for manpower on farms. These small farmers were usually already in debt, borrowing money for seed and paying it back when their crops came in. When the dust storms damaged the crops, not only could the small farmer not feed himself and his family, he could not pay back his debt. Banks would then foreclose on the small farms and the farmers family would be both homeless and unemployed. Bettmann Archive / Getty Images Riding the Rails During the Great Depression, millions of people were out of work across the United States. Unable to find another job locally, many unemployed people hit the road, traveling from place to place, hoping to find some work. A few of these people had cars, but most hitchhiked or rode the rails. A large portion of the people who rode the rails were teenagers, but there were also older men, women, and entire families who traveled in this manner. They would board freight trains and crisscross the country, hoping to find a job in one of the towns along the way. When there was a job opening, there were often literally a thousand people applying for the same job. Those who werent lucky enough to get the job would perhaps stay in a shantytown (known as Hoovervilles) outside of town. Housing in the shantytown was built out of any material that could be found freely, like driftwood, cardboard, or even newspapers. The farmers who had lost their homes and land usually headed west to California, where they heard rumors of agricultural jobs. Unfortunately, although there was some seasonal work, the conditions for these families were transient and hostile. Since many of these farmers came from Oklahoma and Arkansas, they were called the derogatory names of Okies and Arkies. (The stories of these migrants to California were immortalized in the fictional book, The Grapes of Wrath by John Steinbeck.) Roosevelt and the New Deal The U.S. economy broke down and entered the Great Depression during the presidency of Herbert Hoover. Although President Hoover repeatedly spoke of optimism, the people blamed him for the Great Depression. Just as the shantytowns were named Hoovervilles after him, newspapers became known as Hoover blankets, pockets of pants turned inside out (to show they were empty) were called Hoover flags, and broken-down cars pulled by horses were known as Hoover wagons. During the 1932 presidential election, Hoover did not stand a chance at reelection and Franklin D. Roosevelt won in a landslide. People of the United States had high hopes that President Roosevelt would be able to solve all their woes. As soon as Roosevelt took office, he closed all the banks and only let them reopen once they were stabilized. Next, Roosevelt began to establish programs that became known as the New Deal. These New Deal programs were most commonly known by their initials, which reminded some people of alphabet soup. Some of these programs were aimed at helping farmers, like the AAA (Agricultural Adjustment Administration). While other programs, such as the CCC (Civilian Conservation Corps) and the WPA (Works Progress Administration), attempted to help curb unemployment by hiring people for various projects. The End of the Great Depression To many at the time, President Roosevelt was a hero. They believed that he cared deeply for the common man and that he was doing his best to end the Great Depression. Looking back, however, it is uncertain as to how much Roosevelts New Deal programs helped to end the Great Depression. By all accounts, the New Deal programs eased the hardships of the Great Depression; however, the U.S. economy was still extremely bad by the end of the 1930s. The major turn-around for the U.S. economy occurred after the bombing of Pearl Harbor and the entrance of the United States into World War II. Once the U.S. was involved in the war, both people and industry became essential to the war effort. Weapons, artillery, ships, and airplanes were needed quickly. Men were trained to become soldiers and the women were kept on the home front to keep the factories going. Food needed to be grown for both the homefront and to send overseas. It was ultimately the entrance of the U.S. into World War II that ended the Great Depression in the United States.

Triceratops essays

Triceratops essays When most people hear about the Triceratops they usually think of the dinosaur with the horns. As a matter of fact, Triceratops means "three-horned face" and refers to the three extremely large and menacing horns on its face, but there is a lot more to this dinosaur than just its looks. (childrensmuseum.org/kinetosaur/dinotric.htm) Even though this dinosaurs looks may be menacing, it is actually a herbivore, but it could also take up for itself when it needed to. At nine meters (30 ft) in length, Triceratops was among the largest ceratopsians and one of the last to become extinct. It made up the bulk of the plant eating population just before the end of the Cretaceous. Its remains are particularly common in coastal lowland sediments. cbv.ns.ca/marigold/history/dinosaurs/datafiles/triceratops.html Triceratops remains were first discovered near Denver, Colorado, in 1887. At first they were identified as the remains of a recently extinct species of buffalo. Triceratops had a single, short nasal horn and horns as long as hockey sticks protruding above its eyes. Its head, sometimes as much as three meters (10 ft) long, was the largest ever possessed by a land animal. It had large eyes and a relatively large brain. Triceratops lived in the late Cretaceous Period, about 72 to 65 million years ago, toward the end of the Mesozoic, the Age of Reptiles. It was among the last of the dinosaur species to evolve before the Cretaceous-Tertiary extinction 65 million years ago. enchantedlearning.com/subjects/dinosaurs/dinos/Triceratops.shtml The Triceratops proved to be the largest known ceratopsid - heavy as an elephant, with a massive body, and a head as long as the height of a human. dinodata.net /Dd/Namelist/Tabt/T121.htm. A broad, bony frill stuck out from the back of its deep beaked skull, and t ...

Innovation and Change Essay Example | Topics and Well Written Essays - 3250 words

Innovation and Change - Essay Example Innovation and commercialisation differ considerably from each other. Different types, sizes and markets of innovation have been clearly depicted in the paper. Several factors such as culture, organisational structure, its core competence and environmental scanning that play a vital part in innovation strategy have been mentioned in detail. Various issues and factors that make an organisation innovative have been discussed by citing examples. 2.0 What Is Innovation and Why Is It Important? Definition Innovation refers to an application of improved or new ideas to products, process, marketing or various other activities of a firm in order to increase its ‘value’. Value represents a wider approach to incorporate higher value added to the firm, benefits to consumers or other firms (Princeton University Press, n.d.). Innovation implies the process by which different degrees of quantifiable value improvement is planned as well as achieved in commercial activity. The processes by which innovation can be achieved are introducing new or improved products and services, executing improved operational process and implementing new managerial process (Business.Gov.in, n.d.). Importance In the present scenario, innovation is a key factor to maintain long run of business and organisation. Innovation facilitates to achieve competitive advantage over others. An organisation is involved in various innovative activities in manufacturing procedures, brand building, product improvement and others. Innovation facilitates to structure corporate life and also helps a company to develop various strategies. Various other significances of innovation in the industry encompass decrease in total cost of production, increase in income opportunity and maintenance of well-organised operating system. It also enables to observe probable acquisitions on the basis of cost as well as accelerating profitable top-line revenue growth along with increasing capabilities. The research and de velopment of the country can be expanded by innovation by means of most up-to-date technology in the country (Business.Gov.in, n.d.). Difference between Commercialisation and Innovation Innovation implies improvement with innovative technologies in various sectors in an organisation. Innovation process varies considerably depending on different industries and their product lines. In certain industries, such as pharmaceuticals, innovation depends greatly on scientific breakthroughs, while in electronics industry innovation develops from product and process design. Innovation takes on several characteristics during product as well as industry life cycles (Princeton University, 1995). Commercialisation refers to increase in profit from innovation in an organisation by integrating new technologies into processes, products and services and then selling them in marketplace. Commercialisation is contingent in industries of pharmaceuticals along with aircraft while receiving sanction of pro ducts from suitable organisations. Commercial success depends on the ability and skill of firms to develop and protect a proprietary benefit in the marketplace as it does on their capability to produce new scientific and technical advances (Princeton University, 1995). Several innovations are developed to the prototype stage and are produced in lesser amount, but it is not totally commercialised because the financial

Alternative Courses of Action Essay Example | Topics and Well Written Essays - 500 words - 1

Alternative Courses of Action - Essay Example An example one has gone through in gathering and evaluating information from a number of sources prior to making a decision would thereby be presented as follows: As one was pursuing a Business Management Degree from 2007 to 2011, it was deemed crucial that to assist in supporting one’s academic requirements, there is a need to find employment where one’s knowledge, abilities, and skills would be appropriately used and developed. Finding the preferred job according to one’s academic background, competencies and skills that would fit the requirements of the position is an example of a situation that necessitates gathering and evaluating different options and where ones decision would actually depend on the organizations which would relay a positive response to one’s job application. After two years of studying, one sought possible employment in fields seeking positions that do not require specific educational qualifications but where minimum criteria could be immediately met. There were positions open for Care Assistants or for Customer Service Representatives. Since these two positions were preferred, these became one’s alternative courses of action: to choose applying for a Care Assistant job or to select a Customer Service Representative Job. To gather pertinent information needed to analyze these options, one searched online sources of job descriptions, average annual income, locations of employer, the skills and educational requirements. Both positions offer basically the same salary ranges ( £15,000 per annum) but the job descriptions and responsibilities are contrasting. Care assistants focus on â€Å"provides help and support to people with limited mobility or other care needs.

The Product In Service Marketing Mix

The Product In Service Marketing Mix The service marketing mix is also known as an extended marketing mix and is an integral part of a service . The service marketing mix consists of 7 Ps as compared to the 4 Ps of a product marketing mix. Simply said, the service marketing mix assumes the service as a product itself. However it adds 3 more Ps which are required for optimum service delivery. servicemarketingmix Service Marketing Mix The product marketing mix consists of the 4 Ps which are Product, Pricing, Promotions and Placement. These are discussed in my article on product marketing mix the 4 Ps. Product The product in service marketing mix is intangible in nature. The product element of the marketing mix includes the tangible good and all of the services that accompany that good to produce the final product. A product is a package, or bundle, of goods and services that comprise the total offering. For example, the purchase of a hotel room includes the guest room, fitness center, pool, restaurants, valet service, concierge, housekeeping service, etc. A restaurant meal consists of the actual food, host/hostess, and waiters, etc. Finally, a travel experience consists of a chain of products and services starting atthe time of purchase and ending upon returning from the trip. Everything in between, such as hotel service, restaurants, and transportation (including taxis and buses), affect the overall experience. Some of the variables that are part of the product decision include variety, quality, design, features/amenities, brand name, packaging, supporting services, and warranties. As stated earlier, the decision regarding the proper mix of goods and services is based on the wants and needs of consumers (the concept of marketing. Place The place element of the marketing mix includes the distribution and logistics of producing a product or service and making it available to the final consumer. The location of a manufacturing or wholesaling facility is determined by considering the costs of resources such as labor, raw materials, and real estate. In addition, it is necessary to have access to the preferred mode(s) of transportation for delivering the products to wholesalers and retailers. The location of a retail establishment is based mainly on accessibility to the final consumers. Services have relatively short channels of distribution and focus most of their efforts on finding retail locations that are convenient for consumers. For example, restaurants tend to choose high traffic areas close to shopping and other attractions. Similarly, hotels locate their facilities in areas such as airports, urban centers, industrial centers, and tourist attractions that are accessible to their respective target markets. Some of the variables that are part of the place decision include the type of channel, location, assortments, coverage area, inventory, and transportation. Many service providers overlook the importance of this variable in the strategic planning process. The channel of distribution tends to be shorter for the marketing of services than that for goods, and most service providers act as manufacturer and retailer. Many managers in service firms assume that once the initial location is determined this variable diminishes in importance. However, hotels and restaurants do switch their operations to a more favorable location on occasion. This is a major decision involving company time and resources, but it can result in long-term growth and increased profit if handled properly. Another good example of a place decision for a hotel is the Harborside Hyatt in Boston, Massachusetts.. Promotion The promotion element of the marketing mix includes all of the communications associated with marketing a product or service. The promotion mix consists of four elements: advertising, personal selling, publicity, and sales promotion. Advertising and publicity are forms of mass communication using a variety of mediums such as television, radio, newspaper, magazines, direct mail, and the Internet. Advertising is a paid form of mass communication with an identified sponsor, while publicity is a non-paid form of mass communication without a sponsor (i.e., it is free and objective). Personal selling is a form of interpersonal communication sponsored by the firm. Sales promotion is a short-term inducement to purchase a product or service. Some examples of sales promotions are contests, sweepstakes, premiums, and product bundles. Pricing Pricing in case of services is rather more difficult than in case of products. Price. Price is the value placed on a product or service. Other terms that can be used to refer to the price component of the marketing mix are: fee, rate, tuition, premium, and toll. There are non-monetary elements to price as well as the more obvious monetary elements. Some examples of non-monetary price are the time it takes to search and evaluate alternative products or services and the convenience of location. If a consumer drives to several locations to shop for a product or service, then there are costs associated with time, gas, and depreciation on the car. Also, there could be tolls for highways, bridges, or subways. In the end, it is the perceived price or the perceived value the consumer associates with a product or service that influences the purchase and the level of customers satisfaction. Value is the trade off between price and quality the benefits the consumer receives for the pr ice paid. Here on we start towards the extended service marketing mix. People : The role of the service employee becomes much more critical since to a very real extent the employee is the service, given the absence of any tangible artifact. They carry the responsibility of projecting the image of the service firm. Because of the inseparability of production and consumption of services, service delivery is characterized by interactions between customers and service employees. Service employees who experience positive human resource practices can devote their energies and resources to effectively serving their customers. The service firms human resource management practices can create an environment that elicit more positive, courteous and helpful behavior from the employees toward customers. In turn, the behavior that employees display will positively impact on service quality. Physical Evidence : Physical evidence of service includes all the tangible representations of service such as clear signage, good ventilation, adequate space, internet presence, equipment and facility. As services are intangible, customers are searching for any tangible cues to help them understand the nature of the service experience. For example, in the hotel industry, the design, furnishing, lighting, layout and decoration of the hotel as well as the appearance of its employees will influence customer perceptions of the service quality and experiences. For theme parks, restaurants, health clubs, hospitals or schools, the physical facility is critical in communicating the service and making the entire customer experience positive. Ambient conditions include background characteristics of the environment such as temperature, air quality, lighting, noise, music, and scent affect the five senses. Spatial layout of the equipment, and furnishings arranged, the size and shape of these items, and the spatial relationships among them are also crucial to influence customers perception. Process : Process is referred to as the procedures, mechanisms and flow of activities by which the service is delivered i.e. the service delivery and operating systems. Delivering customer expectations depends on how well various steps function together. Highly bureaucratized services frequently follow complicated and extensive series of actions, and the logic of the steps involved often confuse the customer. Customers may complain that service firms are slow in response and bureaucratic with the many steps involved. They want easy access to the service process, and they want things to be handled quickly, preferably by the first service employee. Customers describe frustrating experiences when they have to run from pillar to post to complete a simple transaction, experience long waiting time, rules and regulations, and personnel who decline to serve them with the excuse Im not allowed to do this or this is against our policy. Service LIC An Ordinance was issued on 19th January, 1956 nationalizing the Life Insurance sector and Life Insurance Corporation came into existence in the same year. The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies-245 Indian and foreign insurers in all. The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector. History Life Insurance Corporation of India (LIC) was formed in Sep 1956 after the Parliament of India passed the Life Insurance Corporation Act in Jun 1956. The company was created with the objective of spreading life insurance more widely, especially to reach all the insurable people in the rural areas and provide them with adequate financial cover at a reasonable cost. Apart from its corporate office, LIC had five zonal offices, 33 divisional offices and 212 branch offices in 1956. The nature of life insurance contracts being long-term coupled with the need to provide a variety of services during the term of the policy, LIC re-organised itself by opening a number of new branch offices. After its re-organisation, servicing functions were transferred to branches which were converted to accounting units. Operations As on Mar 2008, LIC had 2,048 fully computerised branch offices, 109 divisional offices, eight zonal offices apart from its corporate office. LICs network connects all the branches through wide area network. The company also has tie-ups with certain banks and service providers to offer on-line premium collection facility in select cities. Besides, ECS and ATM premium payment facility to its customers, the company has also commissioned IVRS and information centres at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune, amongst other cities. LIC has also launched Satellite Sampark offices in order to provide easy access to its policy holders. The company had 340 such offices as on Mar 2008. LIC also provides housing finance through LICHFL. It has also formed an asset management company known as LICMF AMC. The corporation has also extended its operations to the international arena; through various JVs and subsidiaries it operates in as many as nine countries. Products Services LIC offers a wide array of insurance products to its customers such as insurance plans, pension plans, unit-linked plans, special plans and group scheme. During FY08, the company introduced certain new products such as Profit Plus, Fortune Plus, Jeevan Akshay, Jeevan Amrit Amulya Jeevan. As of Mar 2007, total number of agents of the company stood at 1.1 mn while the total number of policies issued was 38.2 mn. The premium earned by the company reported a growth of 41% in FY07 when compared to the previous year. During the year, the company insured 34.28 mn individuals for the first time 7 P`s of Services Marketing in LIC The marketing mix is the combination of marketing activities that an organization engages in so as to best meet the needs of its targeted market. The Insurance business deals in selling services and therefore due weight-age in the formation of marketing mix for the Insurance business is needed. The marketing mix includes sub-mixes of the 7 Ps of marketing i.e. the product, its price, place, promotion, people, process physical attraction. The above mentioned 7 Ps can be used for marketing of Insurance products, in the following manner: PRODUCT: A product means what we produce. If we produce goods, it means tangible product and when we produce or generate services, it means intangible service product. A product is both what a seller has to sell and a buyer has to buy. Thus, an Insurance company sells services and therefore services are their product. In India, the Life Insurance Corporation of India (LIC) is the leading companies offering insurance services to the users. Apart from offering life insurance policies, they also offer underwriting and consulting services. When a person or an organization buys an Insurance policy from the insurance company, he not only buys a policy, but along with it the assistance and advice of the agent, the prestige of the insurance company and the facilities of claims and compensation. . In short, the formulation of product-mix should be in the face of innovative product strategy. While initiating the innovative process it is necessary to take into consideration the strategies adopted by private and foreign insurance companies through various plans like Endowment plan, pension plan, ULIP. PRICING: In the insurance business the pricing decisions are concerned with: i) The premium charged against the policies, ii) Interest charged for defaulting the payment of premium and credit facility, and iii) Commission charged for underwriting and consultancy activities. . The pricing in insurance is in the form of premium rates. The premium rates are revised if there are any significant changes in any of the below factors. a) Mortality b) Expenses c) Interest PLACE: This component of the marketing mix is related to two important facets i) Managing the insurance personnel, and ii) Locating a branch. . While locating branches, the branch manager needs to consider a number of factors, such as smooth accessibility, availability of infrastructural facilities and the management of branch offices and premises. In addition it is also significant to provide safety measures and also factors like office furnishing, civic amenities and facilities, parking facilities and interior office decoration should be given proper attention. Thus the place management of insurance branch offices needs a new vision, distinct approach and an innovative style. This is essential to make the work place conducive, attractive and proactive for the generation of efficiency among employees. The branch managers need professional excellence to make place decisions productive. PROMOTION: Advertising and Publicity, organization of conferences and seminars, incentive to policyholders are impersonal communication. Arranging exhibitions, participation in fairs and festivals, rural wall paintings and publicity drive through the mobile publicity van units would be effective in creating the impulse buying and the rural prospects would be easily transformed into actual policyholders. PEOPLE: Understanding the customer better allows designing appropriate products. Being a service industry which involves a high level of people interaction, it is very important to use this resource efficiently in order to satisfy customers. Training, development and strong relationships with intermediaries are the key areas to be kept under consideration. Training the employees, use of IT for efficiency, both at the staff and agent level, is one of the important areas to look into. PROCESS: The process should be customer friendly in insurance industry. The speed and accuracy of payment is of great importance. IT Data Warehousing will smoothen the process flow. IT will help in servicing large no. of customers efficiently and bring down overheads. Technology can either complement or supplement the channels of distribution cost effectively. It can also help to improve customer service levels. The use of data warehousing management and mining will help to find out the profitability and potential of various customers product segments. PHYSICAL EVIDENCE: The physical evidence are includes such as policy document, statements, intimation letter, uniforms of personnel, vending machine of LIC enquiry option , LIC logo and their awards. AXIS BANK Axis Bank Limited was the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of the specified undertaking of the Unit Trust of India (UTI I), Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC) and other four PSU insurance companies, i.e. National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd. The Bank today is capitalized to the extent of Rs. 358.56 crores with the public holding (other than promoters) at 57.60%. The Banks Registered Office is at Ahmedabad and its Central Office is located at Mumbai. Presently, the Bank has a very wide network of more than 701 Branch offices and Extension Counters. The Bank has a network of over 2854 ATMs providing 24 hrs a day banking convenience to its customers. This is one of the largest ATM networks in the country. The Bank has strengths in both retail and corporate banking and is committed to adopting the best industry practices internationally in order to achieve excellence. Axis Bank Limited has been promoted by the largest and the best Financial Institution of the country, UTI. The Bank was set up with a capital of Rs. 115 crore, with UTI contributing Rs. 100 crore, LIC Rs. 7.5 crore and GIC and its four subsidiaries contributing Rs. 1.5 crore each. THE SERVICE MARKETING MIX OF AXIS BANK PRODUCT The main products of AXIS Bank are Saving Account, Current Account and Demat Account. The other products are Home loan, personal loan, Insurance, Credit cards, etc. For better marketing of products, the products are categorized under Axis Bank and Axis Sales. Products under Axis Bank are Saving Account Current Account Forex Department Salary Accounts Products under Axis Sales are Home loan Personal loan, Demat Account PRICE The price of the product depends upon the services provided by the Bank on the respective product to the customers. Detailed pricing changes from time to time and the same can be found on the website of Axis bank. PLACE Place plays an important role in tangibilizing service offerings. Quality of service is perceived by many customers in the form of place of delivery- locational appeal, interiors, ambience, etc. If a bank is located in a crowded market the place or location will be a negative tangibilizes. Providing excellent tangibles in the form of place or location and interiors is particularly important for appealing to the customers segment. More recently, some of the private banks in India like AXIS Bank are providing very attractive tangibles in the form of their locations, exteriors and interiors. PROMOTION Promotion can tangibilize services in different forms: Visualization Association Physical representation Documentation. Visualization tangibilizes services through hoardings, TV and print campaigns or advertisements. Physical representation in services has a good promotional appeal to customers like use of colors to symbolize wealth and status. Service providers use documentation in their promotions in support of their claims for dependability, popularity and responsiveness PEOPLE People are a common factor in every service. And people tangibilize services. Good people (means good performance) make good or successful services. Bad performers deliver bad services. PROCESS Customer defined business process- Process innovations and continuous improve- ment through people involvement. Result oriented approach- Each process has been designed by first planning the desired results. Axis Bank is constantly taking initiatives to offer the best in class service that seek to enhance customer experience. PHYSICAL EVIDENCE Reduce paper usage- Due to technological innovations such as use of Finacle software for core banking solutions. It has positioned it self as a bank which gives higher standard of services through product innovation. Satisfies the diverse need of individual and corporate clients. It is customer centric, and service oriented . Now we will compare the strategies of both axis bank and adlabs, LIC provides life insurance policy, like Endowment plan, pension plan, ULIP. Axis bank also offers variety of products like Saving Account, Current Account and Demat Account. The other products are Home loan, personal loan, Insurance, Credit cards In LIC the pricing decisions are concerned with :i) The premium charged against the policies, ii) Interest charged for defaulting the payment of premium and credit facility, and iii) Commission charged for underwriting and consultancy activities. . The pricing in insurance is in the form of premium rates. The price of the product depends upon the services provided by the Bank on the respective product to the customers. LIC consider a number of factors, such as smooth accessibility, availability of infrastructural facilities and the management of branch offices and premises Quality of service is perceived by many customers in the form of place of delivery- locational appeal, interiors, ambience, etc. If a bank is located in a crowded market the place or location will be a negative tangibilizes. AXIS Bank are providing very attractive tangibles in the form of their locations, exteriors and interiors. Advertising and Publicity, organization of conferences and seminars, incentive to policyholders are impersonal communication. Arranging exhibitions, participation in fairs and festivals, rural wall paintings and publicity drive through the mobile publicity van. Visualization tangibilizes services through hoardings, TV and print campaigns or advertisements. Physical representation in services has a good promotional appeal to customers like use of colors to symbolize wealth and status. Service providers use documentation in their promotions in support of their claims for dependability, popularity and responsiveness .LIC being a service industry which involves a high level of people interaction, it is very important to use this resource efficiently in order to satisfy customers. Training, development and strong relationships with intermediaries are the key areas to be kept under consideration. In axis bank Good people (means good performance) make good or successful services. Bad performers deliver bad services. The process should be customer friendly in insurance industry. The speed and accuracy of payment is of great importance. IT Data Warehousing will smoothen the processflow. IT will help in servicing large no. of customers efficiently and bring down overheads Customer defined business process- Process innovations and continuous improve-ment through people involvement.Result oriented approach- Each process has been designed by first planning the desired results.Axis Bank is constantly taking initiatives to offer the best in class service that seek to enhance customer experienc The physical evidence are includes such as policy document, statements, intimation letter, uniforms of personnel, vending machine of LIC enquiry option , LIC logo and their awards In Axis bank physical evidenceReduce paper usage- Due to technological innovations such as use of Finacle software for core banking solutions.It has positioned it self as a bank which gives higher standard of services through product innovation. CONCLUSION There is littile bit similarity in the service marketing mix of LIC and axis bank but there is difference in the marketing strategy of the both companies

Being A Centrist :: essays research papers fc

Few people know their own political beliefs. Although this sounds strange I truly believe it, considering the varying political opinions that are constantly being thrown at us from the television, the news, the radio, magazines, our families, and even the president. So much influence makes it hard to maintain personal political views; your own opinion can easily be swayed. The media often presents information on current issues that may cause someone to stray from their original, authentic position. In order to reestablish a personal opinion, everything else must be set aside, and all outside influences disregarded. Having done this, and having taken several political quizzes, I was surprised to find myself, according to the political quizzes, considered a centrist- a moderate or middle grounder. Prior to exploring my own political views I considered myself a conservative. Having been influenced by the media and especially by my family I thought of myself as a true conservative in ev ery way. Until recently, I never even bothered to have my own political views; what I heard from family members I accepted as true and learned what I could from the media. Although I still passionately support the Republican Party on many issues, I discovered that with all other influences set aside, I have more moderate, and surprisingly several liberal opinions than I ever would have acknowledged. Republicans and conservatives are nearly one in the same. A Conservative usually â€Å"favor(s) strong military, oppose(s) bureaucracy and high taxes, favor(s) a free-market economy, and endorse(s) strong law enforcement†(http://www.self-gov.org/quiz-score/quiz.php). Before questioning my political views, I was very conservative because my family was conservative, as I said before, and whenever an issue arose I tended to support the right as opposed to the left. However, having explored political parties a little more in-depth, I’ve found there are several issues, socially and economically, which I disagree on that are supported by the Republican Party, such as the death penalty, restrictions on personal actions that are against traditional values, and drilling in The Arctic National Wildlife refuge. Personally, I’m very opposed to death penalty; under no circumstances should a person be executed for a crime he or she has committed. Although jails have supposedly become more comfortable and beneficial, with access to exercise facilities and libraries, I would much rather see a criminal given a life sentence in jail than the death penalty. Coming from a Catholic family, I think I have developed my stance on this issue due to my faith.

Ethics in International Environments Essay

The different changes that are happening in the society greatly affect the norms and practices of people, especially those that are involved in the business sector. The existence of globalization has paved the way for business organization to expand their marketing operations outside their local countries and try targeting new consumers that are situated in foreign nations. However, in doing so, business organizations have to take into consideration the differences among nations, especially when it comes to values, beliefs, culture, legal system, and many others. In line with this, respecting and properly addressing the differences among countries also entails properly applying the decisions and business strategy of the company in such a way that it upholds business ethics. Business ethics refers to the applied or professional ethics that is used in order to identify the morality or rightness of a decision or action in ethical issues that arise in business organizations (Crane & Matten, 2007). In line with this, the case study of the British American Tobacco Australia (BATA) in marketing their Winfield brand in Asia should carefully consider the ethical implications of their market expansion to the welfare of the consumers in that part of the world and also the overall effects of it in the robustness of the company. Brief Summary of the Case Study The British American Tobacco Australia (BATA) is maker of Winfield, an Australian brand of cigarette. Winfield is available in countries such as: Australia, New Zealand, Pacific Islands, UK, and Europe. The main competitive advantage of Winfield as compared with other brands is the reputation that it has wherein it boost quality along with the concept of ‘more for less’, without being regarded as a ‘cheap’ brand. The brand has showed strong financial growth starting from its launch in Australia and other international market place. However, the stricter tobacco advertising restrictions has made it difficult for the organization to market and communicate to the consumers in order to sell Winfield. Due to this, the organization decided to enter the Asian market because their tobacco laws are not as strict as compared with the United States and Australia. BATA wants to maximize the potential of the Asian market before it begins banning cigarette advertising and tobacco smoking. In order to expand in the Asian market, BATA has to practice the multi-domestic marketing strategy. The multi-domestic marketing strategy entails that business organizations have to tailor made a marketing standard that adheres to the culture and personal preference of the target foreign market of the company (Kurtz, 2008). In relation to this, business organizations also have the ability to maintain the standard quality of the product by making sure that despite the differences in the marketing strategy, it still adheres to the core value and objective of the brand (Kitchen & Schultz, 2001). Ethical Issues BATA has to address different issues when it comes to entering the Asian market. First, the organization has to identify as to what degree standardize policy on cigarette advertising and promotion has to be applied across borders. Second, BATA needs to find ways in order to establish a balance between ensuring ethical marketing activities and still gaining from the freedom of communication in some international market places. BATA has to reconcile whether a global marketing strategy or multi-domestic marketing strategy is the most effective marketing model that will benefit the organization (Kurtz, 2008). The organization has to face the ethical issue that comes with marketing and selling their cigarettes in the Asian market. BATA has to deal with the ethical dilemma that marketing Winfield in Asia might place the lives of people in danger because of ill effects of tobacco smoking. In addition, the organization also has to take into consideration the exposure of the marketing of Winfield to minors. Moreover, the reputation of the company should also be given utmost consideration because their image of giving quality products with a desire to give satisfaction to customers might be threatened by a wrong marketing move. Formulation of Alternative or Possible Solution In order to properly address the ethical issues that exist and others more that might arise, BATA has to analyze their decisions and actions through the Social Contract Theory (SCT). The Social Contract Theory pertains to a wide range of theories that try to explain the idea of how people willingly give a part of their right in order to form the state with the main purpose of ensuring social order. Every individual has their own respective rights, which they freely surrender a portion of to a higher authority usually the government, in order to prevent chaos and preserve order in the society (Crane & Matten, 2007). In the context of international business ethics, the Social Contract Theory allows the establishment of a framework that will help address the ethical issues in relation with Winfield. The Social Contract Theory solves ethical issue by means of the following: (1) establish core principles that are related to the organization; (2) provides recommendations for various communities; (3) examine the appropriateness of marketing practices; (4) enables the theoretical foundation of norms and values (Crane & Matten, 2007). Based on the Social Contract Theory, the possible solution entails BATA should identify specific and effective core value system for the organization. In order to properly identify the decisions and actions that the organization recognizes as ethical or unethical an outline of the core value system of the organization is necessary. Another important step is for the organization to implement the multi-domestic marketing strategy that will give importance to the specific preferences of different foreign markets. The organization has to tailor-made their marketing strategy to the needs of respective foreign countries. The appropriateness of the marketing practices of the organization should also be assured by means of establishing a separate department in the organization that will oversee that the marketing of Winfield adheres to the culture, preferences, and law of the foreign market it is being catered. Moreover, the norms and values of the company should be uphold by means of making marketing ads and other promotional materials that targets adults rather than minors. In addition, BATA should place warnings about the ill effects of smoking to the health of people in the very packaging of Winfield and also, in their marketing campaigns even if the law of the foreign country does not require such. BATA has to protect the reputation of the organization and one effective way of doing so is by effectively practicing corporate responsibility (Blownfield & Murray, 2008). The organization has to be mindful of their duties and responsibilities to their consumers and the society as a whole. Recommendation The Utilitarian approach to ethics is a kind of normative ethics that assesses the morality or rightness of action based on its outcome. In utilitarianism, a decision or action is ethical when it yields the greatest benefit for the greatest number of people (Crane & Matten, 2007). Based on utilitarianism, BATA has to give importance to the welfare of their consumers and not only the organization’s profit in order to make their business processes ethical. By means of establishing the core value system of the organization and also by making sure that the promotion of Winfield is focus on adults together with the corresponding health warning, BATA can be able to give the greatest benefit or happiness to almost all stakeholders that are involve. The organization will gain more profit and further develop their company by means of entering the Asian market. In addition, BATA’s greater corporate responsibility will further boost the reputation of the company. In the side of the consumers, they will have more variation when it comes to cigarette choices. The consumers are also properly informed by the company of the health risks of smoking, which will give them informed-consent on deciding whether they will smoke or not. References Blowfield, M. , & Murray A. (2008). Corporate Responsibility: A Critical Introduction. New York: Oxford University Press. Crane, A. & Matten, D. (2007). Business Ethics: Managing Corporate Citizenship and Sustainability in the Age of Globalization. New York: Oxford University Press. Kitchen, P. J. , & Schultz, D. E. (2001). Raising the Corporate Umbrella: Corporate Communication in the 21st Century. New York: Palgrave Macmillan. Kurtz, D. L. (2008). Contemporary Marketing. New York: Cengage Learning.