Sources of Finance free essay sample

There are various methods of raising account for a business. The kind of account picked relies upon the idea of the business. Huge associations can utilize a more extensive assortment of account sources than are littler ones. Fund isn't simply required when beginning another business, however you might be required to look for additional money regardless of whether you’re business is entrenched I-e further extension, RD, new item dispatch . Regardless of what business you are in, you will consistently need to guarantee your business is satisfactorily financed; there are two significant structures 1. Inner Finance 2. Outside Finance Interior Finance Internal money is the account that is raised from inside the organization. The representative should either contribute his own capital ‘owner s capital’ or hold benefits they have earned . This is savvy wellspring of getting capital and significant piece of each association however has its own confinements . Along these lines the business associations need to utilize the other interior wellsprings of account so as to address their issues . following are instances of inside wellsprings of money I. A tight credit control II. Defer installments to banks III. Decreases stock level Outside Finance There are diverse outer sources from which specialists can get account, these can be; Banks, monetary establishments, Capital markets, cash loan specialists, makers, makers, remote budgetary foundations and organizations, and so forth anyway in extent of raising assets rely on the type of business association. There are three sorts of financing in outside sources I. Momentary II. Medium term III. Long haul Short-term financing: span of reimbursement is short of what one year Medium/Long term: during of reimbursement is over one year Short term Finance: Cash that is expected to back exercises that are generally going to last short of what one year. Bank overdraft An overdraft is a concurrence with a bank to permit the business to go through cash it doesn't have; it is a type of a credit. Exchange Credit This is a timeframe given to a business to pay for merchandise that they have gotten. It is regularly 28 days yet a few organizations probably won't pay for a half year and on certain events even a year after they have gotten products. Held benefit Profits from a business record can be utilized by the proprietors for their very own utilization or can be utilized to return to the business. Visas Using your very own or business Visa. These generally have high loan cost. Proprietors capital The cash might be the aftereffect of investment funds, cash left to them by a relative in a will Medium term Finance: These may fall in either short or long haul wellspring of money. Calculating Selling your credit advances to specific organizations who purchase your credit at lower cost discharging your cash to you. Bank advances Short/Medium/Long term. Debatable. Fixed time of loaning, generally low financing cost. Renting out A rent successfully implies that the business is paying for the utilization of an item yet don't possess it. It is additionally called recruiting. You may likewise rent out undesirable hardware to raise money. Debentures A type of financial exchange credit for Ltd organizations which is made sure about against your business resources. Inability to take care of advance on time will bring about seizure of those benefits by your loan boss. Long haul fund: Used for financing the setting up of new organizations and for development of existing organizations or new item dispatch. Offer capital If you are a PLC (private/open) at that point you can raise shares by selling responsibility for business on the stock trade. Resource deals These advantages could be as property, apparatus, hardware, different organizations or even logos of your own business. Funding Venture business people are gatherings of people or organizations explicitly set up to put resources into creating organizations. They may solicit to be part from settling on certain choice of the business! Government, neighborhood authority or EU concedes This could be the nearby position, the national government or the European Union. These awards are regularly connected to motivators to firms to set up in territories that are needing monetary turn of events. Workforce rebuilding Moving representatives into new posts or laying off workers who have been working under 2 years. Question 2 ASSESS THE IMPLICATIONS OF THE DIFFRENT SOURCES Answer Implications of Sources of inner and outer fund are as per the following Implications of Sources of Internal Finance Personal reserve funds: This is regularly a possibility for independent ventures where the proprietor has a few investment funds accessible to use as they wish. Held benefit: This is benefit previously made that has been put aside to reinvest in the business. It could be utilized for new apparatus, showcasing and promoting, vehicles or another IT framework. Working capital: This is momentary cash that is saved for everyday costs, for example, writing material, pay rates, lease, bills and receipt installments. Deals of advantages: There might be surplus fixed resources, for example, structures and apparatus that could be offered to produce cash for new territories. Choices to sell things that are as yet utilized ought to be made cautiously as it could influence ability to convey existing items and administrations. Ramifications of External Source of financing Shares: Restricted organizations could hope to sell extra offers, to new or existing investors, in return for an arrival on their speculation. Credits: There are debenture advances, with fixed or variable premium, which are typically made sure about against the advantage being put resources into, so the advance organization will have a legitimate mutual enthusiasm for the speculation. This implies the organization would not have the option to sell the benefit without the lender’s earlier understanding. Moreover the moneylender will take need over the proprietors and investors if the business ought to come up short and the cost should be reimbursed regardless of whether a misfortune is made. There are different kinds of advance for fixed sums with fixed reimbursement plans. These might be viewed as somewhat more adaptable than debenture credits. Overdraft: A bank overdraft might be a decent wellspring of momentary fund to enable a business to level occasional dunks in income, which would not legitimize or require a drawn out arrangement. The preferred position here is that intrigue is determined every day and an overdraft is in this way less expensive than an advance. Recruit buy: Hire buy courses of action empower a firm to procure an advantage rapidly without following through on the full-cost for it. The organization will have selective utilization of the thing for a set timeframe and afterward have the alternative to either return it or get it at a marked down cost. This is regularly used to subsidize acquisition of vehicles, apparatus and printers. Credit from providers: Many solicitations have installment terms of 30 days or more. An organization can set aside the most extreme measure of effort to pay and utilize the cash in the meantime time frame to back different things. This strategy ought to be treated with alert to guarantee that the receipt is as yet paid on schedule or, more than likely the firm may chance upsetting the provider and risk the future working relationship and terms of business. It ought to likewise be recollected that it’s not ‘found’ cash yet rather a cautious exercise in careful control of income. Awards: Grants are frequently accessible from boards and other Government bodies for explicit issues. For instance there might be a board need to recover a specific region of a town and who are glad to help support repair of structures. On the other hand there might be an association that has practical experience in helping youthful business visionaries to dispatch new organizations. Funding: This source is regularly utilized in the beginning times of building up another business. There might be a gigantic danger of disappointment however the potential returns may likewise be large. This is a high hazard source as the investor will be searching for an offer in the firm’s value and a solid profit for their venture. Anyway the noteworthy experience these financial specialists have in running organizations could demonstrate significant to the organization. Considering: This includes an organization re-appropriating its invoicing game plans to an outer association. It promptly permits the organization to get cash dependent on the estimation of its extraordinary solicitations just as to get installment of future solicitations all the more rapidly. It works by the firm creation a deal, sending the receipt to the client, replicating the receipt to the considering organization and the figuring organization paying a concurred level of that receipt, typically 80% inside 24 hours. There are expenses required to cover credit the executives, organization charges, and intrigue and credit insurance charges. This must be weighed facing the advantage picked up in expanding income, a decrease in the time spent pursuing installments and access to a progressively refined credit control framework. The drawback is that clients may like to manage the organization selling the products or administrations. Question 3 Evaluate proper wellsprings of account for a business venture Answer Sources of fund required to begin a business venture are as per the following for instance setting up a drive-through joint like ‘McDonalds’ would be above all else there would be introductory capital required to lease a spot just as equipment’s for (cooking, warming, freezing and above all an extra space) and afterward there would be extra capital required for outfitting andâ buying furniture and employing of staff and aides just as the conveyance staff and the most significant is the fixings required for making the nourishment For Example, if an individual has beginning Capital for $200,000 for diversifying McDonald’s and The capital required to fire up the McDonald’s establishment is $500,000 there are number of manners by which an individual can back the rest of the sum for $300,000 which are as per the following

Brand Extensions The Good - The Bad And The Ugly Free Solution

Question: Talk about the Brand Extensions for The Good, the Bad and the Ugly. Answer: Presentation Dutch group has planned a wallet that can't be lost, as losing wallet is consistently one of the monstrous migraines both for the money related misfortune and bother engaged with dropping the cards. Consequently, so as to forestall this problem and such sort of occurrences, a Dutch development group has made a brilliant wallet extend with the office of the remote innovation and it is 100 percent secure. In this specific research work, spotlight would be shed on directing recreated test promoting for the Ekster wallet and a proposal would be made on twofold underestimation. It has been seen that EKSTER is uncommon in nature as this wallet includes a tracker that works on Bluetooth 4.0 low vitality. From the item, it very well may be seen that the EKSTER go considers two choices and these are the wallets and the card holders and for which the tracker is discretionary. One of the worries of this item was to maintain a strategic distance from massiveness, so them two are slimmer than the regular wallets (Eksterwallets.com 2016). Directing reproduced test advertising Aaker (2012) has expressed that reproduced test promoting is one of the most significant test advertising, as the providers guarantee to have a normal precision inside +/ - 10% of the first gauge up to 90% of the real time. In addition, it is critical to make reference to that mimicked test showcasing gets the new items and the administrations off on the correct foot and therefore for the Ekster wallet, this kind of test advertising is profoundly required. A portion of the means are required to follow and these have been referenced here (De Mooij 2013). Test showcase: It is no uncertainty to state that the item is one of the imaginative items and require medium capital venture and there exist a high hazard in the item itself just as the promoting of the item (Indiegogo 2016). Business Evaluation: It has been seen that may web based shopping sites have bolstered this imaginative item and along these lines the organization has utilized the internet based life showcasing so as to arrive at a more extensive area of target populace in little league (Kapferer 2012). Initial Tracking: Preference and the mentality of the clients were followed through mindfulness after advancement and it has been discovered that all have distinct fascination for utilizing this creative item (Kapferer 2012). Provincial Division of Target Population of Ekster Wallet Deals by geographic area 2015 2016 (Expected) Europe $20000 $25000 North America $29000 $32000 Different pieces of the world $34000 $41000 From the above table, it tends to be discovered that the organization is relied upon to grow their business and the above table expresses that point precisely. The organization has been intending to reconsider their current showcasing approach so as to arrive at a more extensive segment of populace. In this part, it is imperative to make reference to the objective populace and the advertising plan is required to design dependent on this objective populace (Kickstarter 2016). Target Population of Ekster Wallet Target populace Likelihood of procurement Youthful populace, matured 22 years to 30 years This specific populace utilize any inventive innovation at the most significant level and hence the administration of the organization structures their promoting plan remembering this predetermined populace (Lusch and Vargo 2014) Moderately aged populace, matured 31 years to 40 years This specific populace the greater part of the occasions endures generally because of loss of wallet and accordingly they need this application at their every day life Matured populace, matured over 40 years This populace is additionally in the advertising plan of the organization and at the underlying level, the organization has been intending to give some additional advantages to this age gathering (Solomon 2014) Fundamental DNA impacts in trail The assembling group of the organization puts stock in presenting such an item, that must be profoundly productive, thin, secure just as acclimated to the normal needs. The Ekster resembles flick-blade of the wallet world and one simply need to click a catch and afterward a spring-stacked instrument pops the cards out in an amazed game plan so one can without much of a stretch and rapidly pick the necessary card. The wallet has RFID/NFC blocking tech to quit taking the cards data and this is thin and subsequently one isn't required to mass the pocket. In this way, it very well may be expressed that the innovation utilized if there should be an occurrence of Ekster wallet doesn't influence the DNA to a great extent (Terpstra et al. 2012). Configuration bundling Ekster wallet is a ultra-thin track capable that gives moment and simple card access at a solitary snap of a catch and this would assist an individual with rescuing their lost wallet. The Ekster wallet permits one to get to the cards at the snap of a catch utilizing a spring stacked system. The developed following application keeps one from losing the wallet that shows the separation between the wallet and the individual who has lost the wallet. The Ekster wallet utilizes small scale usb battery-powered battery and this makes no mischief the client (Eksterwallets.com 2016). The gadget is planned in such a way, that when the individual who has lost the wallet press the following catch on the wallet, the telephone begins ringing, regardless of whether it is in the quiet mode. In any case, from the item subtleties, it tends to be seen that the RFID/NFC blocking keen wallets shield the cards from the remote skimming and private information robbery. In this manner, the definite structure of the Ekster wallet has been comprehended (Lusch and Vargo 2014). Channels fathoming twofold minimization De Mooij (2013) has said that twofold underestimation is such an episode in which various firms in a similar industry. That has their separate market controls yet at a few vertical levels in the gracefully chain. It very well may be expressed that Ekster wallet is one of the most inventive items and in this way it has not such solid contenders. In this way, the organization has not been focusing as soon as possible underestimation. In this part, it is profoundly essential to make reference to the channels through which the organization is required to sell their items. In the current day, distinctive web based life locales are getting one of the solid stages that have the possibility to arrive at a wide area of populace inside a brief timeframe period. Appropriate and alluring ads are required to plan for the advancement of Ekster wallet. Appropriations of the items are required to make through various diverts so as to arrive at an enormous populace and this part is required to take a gander at from the sells division of the organization (De Mooij 2013). In this part, recreated test promoting has made in light of the fact that this is one of the consistently developing field that is both financially savvy and time compelling. It is required to express that the advertisers are required to structure the plans so that the items and the administrations proceed however much as could reasonably be expected. Reports have expressed that broken promoting plans influence the business in a negative structure and along these lines, the administration is required to take a gander at this part genuinely. Earlier selling the items in the market, the organization is prescribed to set up a careful survey of the current multi channels and make the showcasing arrangements in like manner. End After conduction of the whole investigation, it very well may be said that the organization, Ekster wallet has made a ultra thin just as effectively track capable wallet that gives moment card access at a single tick of a catch. This empowers the clients not to utilize their wallet. This specific research work has proposed the best approach to lead recreated test showcasing and separated from that, a few channels through which organization can sell their items have been broke down. References Aaker, D.A., 2012. Brand expansions: the great, the terrible and the ugly.Sloan the executives review,31(4). De Mooij, M., 2013.Global Marketing and Advertising: Understanding Cultural Paradoxes: Understanding Cultural Paradoxes. Sage Publications. Eksterwallets.com. 2016. EKSTER | The Next Generation Wallet. [online] Available at: https://eksterwallets.com/[Accessed 29 Mar. 2016]. Indiegogo. 2016. Snap HERE to help EKSTER: The Next Generation Wallet. [online] Available at: https://www.indiegogo.com/ventures/ekster-the-cutting edge wallet- - 2#/[Accessed 29 Mar. 2016]. Kapferer, J.N., 2012.The extravagance system: Break the principles of advertising to manufacture extravagance brands. Kogan Page Publishers. Kapferer, J.N., 2012.The new vital brand the executives: Advanced bits of knowledge and vital reasoning. Kogan page distributers. Kickstarter. 2016. Ekster Wallets: The cutting edge Wallet. [online] Available at: https://www.kickstarter.com/ventures/eksterwallets/ekster-wallets another installment experience [Accessed 29 Mar. 2016]. Lusch, R.F. what's more, Vargo, S.L., 2014.The assistance prevailing rationale of advertising: Dialog, discussion, and headings. Routledge. Solomon, M.R., 2014.Consumer conduct: purchasing, having, and being. Engelwood Cliffs, NJ: Prentice Hall. Terpstra, V., Foley, J. what's more, Sarathy, R., 2012.International showcasing. Naper Press.

What Can Be Done To Further Improve The Independence Of Auditors In

What Can Be Done To Further Improve The Independence Of Auditors In What Can Be Done To Further Improve The Independence Of Auditors In The UK â€" Essay Example > What should the U. K do to enhance Auditor Independence Auditing plays a crucial role in business, government and our national economy (Boynton et al. , 5). It is the “process of examining the assertion or representation of another party and providing assurance on the fairness and reliability of the information in accordance with given standards” (Giove, 1). Independent auditing is a process involving the “independent examination of, and expression of opinion on, the financial statements of an enterprise” (Power, 4). The 2001 Enron disaster in the U. S. was the result of rogue trading, deliberate concealment of debts off balance sheets and other financial irregularities carried out by Enron in connivance with its auditing firm, Arthur Andersen LLP (Beams, 2002). The Enron scandal was immediately followed by the Worldcom disaster: in June 2002, Worldcom disclosed that during 2000 and 2001, it had been guilty of capitalising (instead of rightfully showing as expenses), a sta ggering amount of $ 3.8 billion (Boynton et al. , 3). These scandals were so massive that it shook public confidence to a degree rivaled only by the collapse of banks and utility organisations during the Great Depression in the United States. Just as it happened after the Great Depression, the after-effects of the Enron (and to a lesser degree, Worldcom) debacles marked a watershed not only in the U. S. but also in the whole world (Beams, 2002). Business standards are expected to be reliable. As the Financial Times (February 2002) put it: “Trustworthy business standards are among the most important social capital the developed world possesses” (Beams, 2002). It is the fundamental right of every shareholder to expect accuracy and reliability in the publicised financial reports of the companies they invest in; this crucial factor governs the shareholders’ relationship with the company, because such reports are the only sign of the company’s financial (especially its investmen t) health and progress, thus making it the foundation on which the shareholders take decisions about investment in the company (Hermes. co. uk). Shareholders as well as others (investors, bankers, bonding agencies and other creditors) depend on the company’s audited financial reports to make certain that they have access to accurate and reliable information when initiating or enhancing business with that company (Boynton et al. , 5). The need to assure shareholders, investors and other interested players about the accuracy and reliability of the company’s published financial reports represents the main reason why companies have their accounts checked by an independent auditor. High profile fraud cases like those involving Enron and Worldcom not only drastically reduce the public’s high regard of the auditing profession in general, but also results in erosion of shareholder and other players’ confidence as they begin to doubt the authenticity of the reports published (Herme s. co. uk). Since 1998, the global auditing world has been ruled by 5 auditing firms (called the Big Five) that have the capability and international network to audit the largest public companies in the world. They are PriceWaterhouseCoopers (PwC), Klynveld, Peat, Marwick, Goerdeler (KPMG), Ernst Young (E Y), Deloitte Touche (D T), and Arthur Andersen (AA) {Europa. eu, 2002}. What was originally the Big Eight (1970s to 1989), that also included Arthur Young Co., Coopers Lybrand, Haskins Sells and Touche Ross, was reduced to the Big Six (1989-1998) when Haskins Sells merged with Touche Ross to form Deloitte Touche. The last major merger involved Price Waterhouse and Coopers Lybrand, who formed PriceWaterhouse Coopers, thereby trimming the Big Six to Big Five (1998-2002). Arthur Andersen was struck off the Big Five in the wake of the Enron scandal in 2002, and there are now only the Big Four audit firms (Wikipedia).

Should Child Abduction Be A Valuable Parenting Support Essay

In reviewing your suggested app, â€Å"Security Alert,† I felt your proposal was worth considering. With forty-percent of surveyed Americans feeling unsafe walking at night, this app could aid in reducing the anxieties associated with this fear as pointed out in your proposition (Sadd, 2011, para. 6). Furthermore, with three-fourths of surveyed parents stating that child abduction was a fear that they held and one-third of these parents admitting it was a worry that affected them frequently, this app could even further reduce anxieties (Bilich, n.d.). Consequently, decreasing the apprehension that one might feel. Therefore, this shrinking of one’s level of stress, could aid in the development of better physical and emotional health, subsequently lessening the risk of developing other stress-related disorders (Nevid, 2015, p. 357). Moreover, â€Å"Security Alert† could prove to be a valuable parenting support, should an actual abduction occur, as the â€Å"Redâ €  option would allow for faster response time as also pointed out in the dissertation. Rapid response time is critical in the recovery of an abducted child, as seventy-four percent of slayings occur within the first three hours after an abduction (Bilich, n.d.). Again, I foresee an app such as this being successful in providing security for its users, although disguising it as a security application may not prove to be effective. Ultimately, the likelihood that an abductor would take the time to open the app is extremely low.Show MoreRelatedI Felt Your Proposal Was Worth Considering886 Words   |  4 Pagessurveyed Americans feeling unsafe walking at night, this app could aid in reducing the anxieties associated with this fear as you had pointed out in your proposition (Sadd, 2011). Furthermore, with three-fourths of surveyed parents stating that child abduction was a fear that they held and one-third of these parents admitting it was a worry that affected them frequently, this app could even further reduce anxieties (Bilich, n.d.). Consequently, decreasing the apprehension that one might feel. ThereforeRead MorePositive Effects of Single Parenting2616 Words   |  11 Pagesof Single Parenting Concepts Every Single Parent Needs to Keep in Mind By Jennifer Wolf, About.com Guide See More About: †¢ effects of single parenting †¢ coping strategies †¢ divorce and children †¢ effective parenting You might not often think of being a single parent family as a bonus for your kids. There have been many sacrifices along the way, and plenty of times when you wished things were different. However, there are some positive effects of single parenting that you should bear in mindRead MoreCritical Analysis Of Legal Regime For The Better Future Of Children Essay6622 Words   |  27 PagesIntroduction of Childs Child Rights The question of the rights of children in the modern times has emerged as one of the most vibrant issues in contemporary human rights discussions. National and international initiatives have been underway to understand and provide solutions with far reaching affects. Notable among which has been the UN Convention on the Rights of the Child adopted by the General Assembly of the United Nations, on 20 November 1989, the first legally binding code of child rights in 54Read More11 Types of Essay4025 Words   |  17 Pagesinformative and requires proper knowledge. The writer has to do proper research for writing an essay on cars. He/she should know some specific terms used for cars. This essay can provide a lot of information to the reader. It has to be very interesting and catchy. There are different ways of writing an essay, one can descried his/her own car or his/her dream car. The writer should specify the reason why is he/she writing particularly an essay in cars. In a descriptive e ssay you need to mention all

Alligator Snapping Turtle Facts

The alligator snapping turtle (Macrochelys temminckii) is a large freshwater turtle native to the United States. The species is named in honor of Dutch zoologist Coenraad Jacob Temminck. The turtle gets its common name from the ridges on its shell that resemble the rough skin of an alligator. Fast Facts: Alligator Snapping Turtle Scientific Name: Macrochelys temminckiiDistinguishing Features: Large turtle with strong jaws and a ridged shell resembling alligator skinAverage Size: 8.4 to 80 kg (19 to 176 lb); males larger than femalesDiet: Primarily carnivorousAverage Life Span: 20 to 70 yearsHabitat: Midwest to Southeast United StatesConservation Status: VulnerableKingdom: AnimaliaPhylum: ChordataClass: ReptiliaOrder: TestudinesFamily: ChelydridaeFun Fact: Although not aggressive, the turtle can deliver a bite powerful enough to amputate fingers. Description The alligator snapping turtle has a large head and thick shell with three ridges that feature large, spiked scales. In contrast, the common snapping turtle (Chelydra serpentina) has a smoother shell. Snapping turtle have strong, stout heads, powerful jaws, and sharp claws. Although alligator snapping turtles may be black, brown, or olive green, most turtles appear greenish from algae growing on the carapace. The turtle has golden eyes with a radiating pattern that aids camouflage. On average, adult alligator snapping turtles range from 35 to 81 cm (13.8 to 31.8 in) carapace length and weigh between 8.4 to 80 kg (19 to 176 lb). Females tend to be smaller than males. Male alligator snapping turtles can be very large, potentially reaching 183 kg (403 lb). Of the freshwater turtles, only a few Asian softshell species reach a comparable size. Distribution The alligator snapping turtles makes its home in the rivers, lakes, and canals of the midwestern to southeastern United States. It lives in watersheds that ultimately drain into the Gulf of Mexico. The turtle is found as far north as South Dakota, as far west as Texas, and east to Florida and Georgia. Alligator snapping turtles live almost exclusively in the water. Females venture onto land to lay eggs. Diet and Predators Technically, turtles are omnivorous. But, for the most part, alligator snapping turtles are opportunistic predators. Their usual diet includes fish, carcasses, mollusks, amphibians, worms, snakes, water birds, crayfish, aquatic mammals, and other turtles. They will also eat aquatic plants. Large alligator snapping turtles have been known to kill and eat American alligators. Like other reptiles, they refuse to eat when the temperature is extremely cold or hot because they cannot digest their meal. The turtles tongue resembles a worm. reptiles4all, Getty Images Although the turtles tend to hunt at night, they can lure small prey during the daytime using their unusual tongues. The tongue of the turtle resembles a pink wriggling worm. A variety of predators may eat turtle eggs and hatchlings, including snakes, raccoons, skunks, herons, and crows. Humans are the only significant predator of the adults. Reproduction and Life Cycle Alligator snapping turtles become sexually mature around 12 years of age. They mate in the spring. About two months later, the female leaves the water to build a nest and deposit between 10 and 50 eggs. She selects a nest site near the water, but high enough or far enough to protect the eggs from flooding. Hatchlings emerge after 100 to 140 days, in early autumn. Their sex is determined by incubation temperature. In captivity, most turtles live between 20 and 70 years. However, they can potentially live as long as 200 years. Conservation Status The IUCN Red List classifies the alligator snapping turtle as a vulnerable species. The turtle is listed on CITES Appendix III (United States), with restrictions on its capture in several states within its range and on exportation. Kentucky, Illinois, Indiana, and Missouri are among states in which the turtle is considered endangered. Threats include collection for the pet trade, habitat destruction, pollution, pesticide accumulation, and trapping for its meat. Although threatened in the wild, the turtle is also kept in captivity. Conservationists are concerned release of captive turtles outside the species natural range may cause it to become invasive. In 2013, an alligator snapping turtle was captured and euthanized in Oregon. Some states prohibit keeping alligator snapping turtles as pets. Sources Elsey, R. M. (2006). Food Habits of Macrochelys temminckii (Alligator Snapping Turtle) from Arkansas and Louisiana. Southeastern Naturalist. 5 (3): 443–452. doi:10.1656/1528-7092(2006)5[443:FHOMTA]2.0.CO;2Ernst, C., R. Barbour, J. Lovich. (1994). Turtles of the United States and Canada. Washington, D.C.: Smithsonian Institution Press. ISBN 1560988231.Gibbons, J. Whitfield (1987). Why Do Turtles Live So Long?. BioScience. 37 (4): 262–269. doi:10.2307/1310589Thomas, Travis M.; Granatosky, Michael C.; Bourque, Jason R.; Krysko, Kenneth L.; Moler, Paul E.; Gamble, Tony; Suarez, Eric; Leone, Erin; Roman, Joe (2014). Taxonomic assessment of Alligator Snapping Turtles (Chelydridae: Macrochelys), with the description of two new species from the southeastern United States. Zootaxa. 3786 (2): 141–165. doi:10.11646/zootaxa.3786.2.4Tortoise Freshwater Turtle Specialist Group 1996. Macrochelys temminckii (errata version published in 2016). The IUCN Red List of Threatened Spe cies 1996: e.T12589A97272309. doi:10.2305/IUCN.UK.1996.RLTS.T12589A3362355.en

People With Disabilities Free Essays

The nature, causality, assessment, prevention, accommodation, and my personal reflection of the hearing loss will be discussed in my paper. I. Nature of the Exceptionally: According to Gallaudet University, approximately 1 of every 1,000 infants is born deaf while 6 of every 1,000 are born with some degree of hearing loss. We will write a custom essay sample on People With Disabilities or any similar topic only for you Order Now Permanent hearing loss at birth annually affects 24,000 infants in the USA. In other words, 6 infants per 1,000 will have a hearing loss in a least one ear that will affect communication, cognition, and educational development. Twenty to thirty percent of hearing loss in children occurs during infancy and early childhood. Some will suffer hearing loss in one ear or possibly both. There are different types of hearing loss. A conductive hearing loss occurs in the middle ear. This is where three small bones involved in hearing are located. A hearing loss that occurs in this part of the ear is usually temporary. A chronic or recurrent ear infections may cause a hearing loss in the middle ear. There are cases where there is a malformation in this area that can be improved or corrected through surgery. There are occasions when a problem in the middle ear can not be corrected. A sensori-neural hearing loss occurs in the middle ear and indicates that there is nerve damage. This type of loss is not reversible. In summary, there are different natures of hearing loss some that can be corrected or others that are irreversible. II. Etiology/Causality: Parents sometimes ask Why did this happen to my child In some cases, the cause of a childs hearing loss may be easy to trace. There may be a family history of deafness, a congenital condition, an illness, an accident, a prescribed edication, etc. that may obviously be cause of the hearing loss. In many cases, there may be no obvious reason for the hearing loss. Parents must come to understand that they may likely never know the cause of this hearing loss. In my case, Meningitis was the cause of my hearing loss. When I was one year old, I was not responding to my parents calls. They took me to the hospital to get tested and found that I had Meningitis. III. Assessment Many birthing facilities in our country have currently adopted the Universal Testing of all infants for hearing loss. The two most frequently used measures for testing infants are the ABR (Auditory Brainstem Response) and Otoacoustic Emissions (OAEs). Both measures can be made on an infant while he or she is sleeping and requires no response from the child. The ABR monitors brain activity. It looks specifically, however, the activity that happens in response to sound. OAEs are a quick, non-invasive probe measure that determines cochlear, or inner ear, function. The importance of early childhood development is critical for a child with a hearing loss. Early diagnosis and intervention of hearing loss can mean the difference etween toddlers entering school with severe language and concept delays versus children with age appropriate language and concept development. Early hearing screening paves the way for children to be able to begin life on an equal footing with their hearing peers. Recent research at Gallaudet University indicates that children whose hearing losses are identified in the first 6 months of life, and who receive intervention services, developed language within the normal range. IV. Prevention/Remediation/Accommodation: The law mandates that public schools are responsible for providing an appropriate education ithin the childs neighborhood school. School districts are required to educate students the least restrictive environment with the related services necessary to allow for their success. Some counties/states will have what is called cluster programs. This is when classes for the deaf or hard of hearing are located in specific schools. Students can be in an environment with a teacher of the deaf and hard of hearing and deaf and hard of hearing peers but also be in a regular school setting. Another options for family is a school for the deaf. Most schools for the deaf now offer different communication options rom which a family can choose. Schools must take language and communication needs, opportunities for direct communications with peers and professional personnel in the childs language and communication mode, academic level, and full range of needs, including opportunities for direct instruction in the childs language and communication mode into consideration. This does not mean that the peer will also have a hearing loss but should be able to communicate in the deaf or hard of hearing childs mode of communication. Many parents choose to have their children in a setting where other deaf and hard of earing students are also in attendance thereby allowing for friendships with other deaf and hard of hearing students to develop naturally. Teacher may need to adjust their classroom to meet the students needs. The teacher must focus on reducing background noises as much as possible. To reduce background noises the classroom can have carpeting, area rugs, or drapes. If the classroom do not have drapes, tennis balls can be attached to the bottom of chair legs to stop chairs from scraping on the floor. Noise absorbing material such as a corkboard can be added to the classroom as well. The teacher should consider background noise when choosing the childs seating placement. The school should adjust their teaching strategies to accommodate their students needs. When teaching in the classroom, the teacher needs to remember that a hearing aide do not correct hearing in the same way that eyeglasses correct vision. When speaking to the class, the teacher needs to be in a distance where the child will be able to understand speech and speak at a normal tone. They need to remember that the deaf or hard or hearing child may have fluctuating hearing oss as a result of colds or ear infections changing what we can hear from day to day. There are communication options that teachers can use in the classroom. American Sign Language (ASL) is a manual language that is distinct from spoken English. Extensively used within and among deaf community. English is, however, taught as a second language. Closed Captioning is way of communication used on the television set. Words appear on the bottom of the screen to communicate to a deaf or hard of hearing student. Another form of communication is an interpreter. Interpreters are used for deaf and hard of hearing students to communicate in ASL what the teacher is discussing. Total Communication is the philosophy of using every to communicate with deaf and hard of hearing students. The child is exposed to a formal sign-language system, finger spelling, natural gestures, speech reading, body language, oral speech, and use of amplification. The idea is to communicate and teach vocabulary and language in any manner that works in the classroom. V. Personal Reflections: When I wrote this paper, I have never given my culture background any thought. Deaf culture is part of my ife. I have basically been raised in more of a hearing culture setting then a deaf culture setting. I went to school with my hearing peers but yet had many deaf friends. I went through the nature, causality, assessment, and the accommodation discussed in this paper. I have experienced this first hand and am lucky to have this support. Deaf and hard of hearing has their advantages. We have a right to sit up front at a concert or event. We can also shut people out by just switching off our hearing aides. Being part of the Deaf community is a great experience and I would not change that for the world. How to cite People With Disabilities, Essay examples

A Study of Mankind Antigone Essay Example For Students

A Study of Mankind Antigone Essay A Study of Mankind AntigoneWe all make inadvertent or unsuitable decisions throughout our lives. It is the real-world hamartia of human character. The problem is, we often realize this all too late; learning from our mistakes as one would say. So naturally an individual learns as they he or she has been taught. Then again, what of those who never learn, or those who are so blind to this fact that they bring about events so avoidable it is laughable? These are the people that you meet for just an instance, say at a party, and then you realize that you are restraining yourself from punching a tooth down their throat. Its that annoying feeling you get when a fly lands on your arm, you swat, it flies to your other, arm you swat, and the cycle continues. But these people cannot be swat away into the uninhabited portions of our minds as was done with the humble fly. Left unchecked their social blindness will trigger events whose results are seldom agreeable. This leads to question, Can we stop this psychological pandemic? A man can spend his life searching for a cure or even a treatment, and yield nothing. But he who claims to have unlocked the secret will be praised and worship. Yet in reverse isnt such a claim the result of the disease itself? A man who claims to have achieved perfection of mind, of ego, isnt that the sort of declaration that is analogous to the very illness itself? I deem such miracles a ruse or fallacy. It is human nature to suffer from the same emotional disease, arrogance. Nothing has changed in regard to arrogance, nor will it ever. The memory of that brisk winter night pierces through my head like the stadium lights had done that same night. It was down to the wire; playoffs or next year. One pass determined that result. No quarterback likes this position; from pee wee to NFL, the feeling is mutual. So I cannot imagine what Brice Cutter was thinking in the seconds prior to the ball being hiked into his hands, initiating the last and final play of the game, and possibly Brices career. The command was given and the play commenced. Needless to say the opposing teams defense was useless in providing a challenge. The cliffhanger was disposed of and our team walked of the field with thoughts of the state championship on their minds. Sports have a strange effect upon those who partake in its sweet intoxications. They have a strange way of changing a persons mood or even personality. Win or lose; two words seemingly harmless, but are truly the prime examples of a double edged sword. A player attached his or herself to the game, devotes his or her life to the moment, the one kick, the one hit, the one score. After sitting behind Brice in homeroom for two years strait, Ive grasped such a concept quite tightly. Not to mention that I, being an athlete, have seen such effects amongst my teammates. The same could be said for positions of leadership. Creon, the king and protagonist in the tragedy of Antigone, has forgotten the laws of the gods worshipped by those he rules. He becomes more concerned with the laws made by man. This is due to the fact that he desires perfect order and reform in his nation. Without his position of leadership his thoughts would have been more clear allowing him to see that a perfect synthesis of mans and gods laws is much more agreeable to the citizens. Regardless, Brice was worshiped. He had taken our team to the playoffs for the first time in years, and the town openly showed their approval. Even Josh Leland my, best-friend-for-ever, anti-everything, companion became interested in owning a piece of Brices attention. .u598755188b5617954a429dcfb18f8630 , .u598755188b5617954a429dcfb18f8630 .postImageUrl , .u598755188b5617954a429dcfb18f8630 .centered-text-area { min-height: 80px; position: relative; } .u598755188b5617954a429dcfb18f8630 , .u598755188b5617954a429dcfb18f8630:hover , .u598755188b5617954a429dcfb18f8630:visited , .u598755188b5617954a429dcfb18f8630:active { border:0!important; } .u598755188b5617954a429dcfb18f8630 .clearfix:after { content: ""; display: table; clear: both; } .u598755188b5617954a429dcfb18f8630 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u598755188b5617954a429dcfb18f8630:active , .u598755188b5617954a429dcfb18f8630:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u598755188b5617954a429dcfb18f8630 .centered-text-area { width: 100%; position: relative ; } .u598755188b5617954a429dcfb18f8630 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u598755188b5617954a429dcfb18f8630 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u598755188b5617954a429dcfb18f8630 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u598755188b5617954a429dcfb18f8630:hover .ctaButton { background-color: #34495E!important; } .u598755188b5617954a429dcfb18f8630 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u598755188b5617954a429dcfb18f8630 .u598755188b5617954a429dcfb18f8630-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u598755188b5617954a429dcfb18f8630:after { content: ""; display: block; clear: both; } READ: Heliocentrism Essay He acquired what he sought. After the game Josh and Brice were going to the local club along with the rest of the members of the student who had half a sense of popularity. Naturally, I went along, not entirely willing however, yet still glad to be doing something. I arrived to an empty club; no DJ, no music. The doors

Small Voise(Mga Munting Tinig) Essay Sample free essay sample

From the minute she arrives at Malawig. a distant. impoverished small town a coach drive from the Philippines hustling capital of Manila. Melinda Santiago realizes she has her work cut out for her. A immature and optimistic alumnus of Manila’s City University whose household wishes her to repatriate to America where the existent chances are. Melinda is non precisely prepared to run into the many challenges of her new place. that of Elementary School instructor. These challenges appear in many forms–an unscrupulous principal ( Mrs. Pantalan ) who sells ice confect to the pupils merely to stuff her ain pockets. a motorcycle-riding â€Å"Bombay† ( Indian merchandiser ) who charges 10 % for hard currency progresss on delayed teacher’s payroll checks. and sharply inactive parents who believe that merely the rich can afford to woolgather. take a firm standing that their boies and girls would make better to work the Fieldss or supply domestic aid instead than procuring an instruction. We will write a custom essay sample on Small Voise(Mga Munting Tinig) Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page And so. of class. there is the monsoon season. torrential rains that aim to destruct the school’s meager supply of textbooks. lesson programs. and other tapering resources. Melinda goes about her work with day-to-day diligence though. ever holding a smiling. a sort word for her neatly uniformed charges. But her conflicts against apathy. corruptness. and disdain are changeless. farther hindered by the volatile political clime in which male parents and boies are invariably recruited to fall in guerrilla forces contending in the mountains. When a support chance in the signifier of a regional vocalizing competition presents itself to Melinda. the idealistic instructor must cleverly beguile uncooperative school decision makers. confrontational parents. and the lacerate kids themselves in order to allow their little voices be heard. Gil M. Portes’s simple. sincere â€Å"Small Voices† ( â€Å"Mga Munting Tinig† ) offers a rare penetration into a civilization we seldom see depicted on movie. It applauds the battle of pedagogues in an environment that is frequently times in direct resistance to the basic dogmas of larning. Pulling from his ain experiences. Sublime portes fashions his movie with visible radiation. delicate touches. considering on Melinda’s day-to-day battle with a point of view that is refreshfully unaffected by Western influences ( this might do the movie a small excessively unworldly for some ) . For his lead Portes has chosen Alessandra De Rossi and he has chosen good. She’s delightful in the function of the naive immature adult female who faces cultural obstructions at every bend. De Rossi has a unagitated strength about her that’s lovely to witness. Sometimes her reactions seem a small excessively immodest. such as when she acts surprised or shocked. but for the most portion she’s efficient and convincing. particularly in the film’s shutting competition scenes. There’s an inexperienced person. lyrical quality to the movie and it’s hard non to be charmed by it. Portes. who lives in New York. has made some 25 characteristic movies in his native Philippines yet in â€Å"Small Voices† he’s guilty of a few newcomer errors–there’s a brief. slow-motion sequence. for illustration. that seems out of topographic point and for much of the clip the movie feels a small excessively calculated in its predictable apparatus and character observations. The subtitling. excessively. is hapless. with several stretches unclear against the whitened images the manager has so carefully constructed. But â€Å"Small Voices. † much like its cardinal character Melinda. rises above these challenges to emerge as a euphoric avowal of the power of alteration. learning us that large dreams and the desire to follow them frequently come in little bundles.

TheIndonesianpatternofgenocide essays

TheIndonesianpatternofgenocide essays The guidelines for genocide have been set. All the rules that clarify exactly what constitutes the act the crime of genocide have also been set forth. The U.N has even made the act of genocide a crime, punishable by death or life in prison. But, with that being said, the act of genocide and severe human rights violations still occur in todays complex and violent world. This is no more apparent than in East Timor. Timor is an island nation located at the southeastern end of the Indonesian archipelago. No larger than the state of Connecticut in the U.S.A. it has over 700,000 people. Just North of Australia, the island was colonized by the Portuguese in 1520. Over the next two centuries both the Dutch and the Portuguese claimed the island as their own. Eventually the island was divided with the Dutch taking the Western half and Portugal taking the Eastern half. East Timor remained a colony of Portugal for over four centuries until 1974. The population of East Timor as of 1975 was just under 700,000 people. Of that, 97% were natives of the island, while the Chinese made up 2% and the Portuguese made up the rest of the population. The island has a mountain range that runs through the middle that dominates the landscape. Most of the native peoples live in isolated villages. The main occupation is farming with some small coastal fishing villages scattered about. The Chinese run most of the trading outposts on the island. Christianity, specifically Roman Catholicism, is the major religion on East Timor, while the rest of Indonesia is strictly Islamic. As I will point out later, the difference in religion will play a significant role in some of the atrocities committed by the pro-Indonesian militias. The natives of Timor have experienced many episodes of conquest that included some form or other of genocide. The first occurred when the Portuguese originally colonized the island. The Portuguese were especiall...

Entrepreneurship and Innovation Essay Example | Topics and Well Written Essays - 2500 words

Entrepreneurship and Innovation - Essay Example Dragons Inc. in the Chinese market. Dragons Inc. operates as a group of entrepreneurs which significantly focuses on delivering advanced products to the market. With the concept of innovation, The Presto! Soup E-duper is one of the recently developed kitchen appliances of the organization which involves multi tasking facilities including mixing, blending as well as crocking capacity. The organization manufactures its innovative products which facilitate the customers to obtain new experiences of technological advancements and preparing tasty as well as health food items in a lesser time and in a cost-convenient way. The Soup E-Duper will be produced by Kitch-in-Zinc Plc, especially to target the new customer segments in the Chinese market. Therefore, the paper intends to prepare a viability report of Soup E-Duper in the Chinese market by considering the major factors of the marketplace, product and manufacturing issues that might to be faced by the organization. Moreover, the discuss ion of the report will further focus on developing an effective business plan for the organization to successfully operate Soup E-duper in the Chinese market. Part One: Analysis of the Chinese Marketplace External Business Environment The business environment in China can be identified as sustainable for foreign companies which are mostly related with manufacturing industries, or tourism or education sectors. For instance, the current political and economic environment of the nation depicts the elements to be in favour of companies which attempt to set-up its manufacturing operations within the country with the belief that it would increase job opportunities for the Chinese community and simultaneously facilitate the growth of the overall economy. Furthermore, China also encourages foreign investment from companies which belong to the nations aligned through World Trade Organisation (WTO) and other treaties with the economy (Yueh, 2012). Notably, as it can be identified that the pro duct intended to be manufactured in China, i.e. Soup E-Duper, is patented by a UK based entrepreneurial group, Dragon Inc. and also manufactured by another European firm Kitch-in-Zinc Plc, the business plan can attain greater benefits even in relation to legal obligations. Furthermore, as the economic conditions prevailing within the Chinese market can be observed as growing with stability, it can be affirmed that the marketing prospects of the business plan can also be expected to yield better returns as per the expectations of the investors, including Dragon Inc. and Kitch-in-Zinc Plc. It is worth mentioning in this regard that with the growing GDP of the economy, which is currently recorded as 7.8%, the lifestyle preferences are also enhancing within the Chinese community (Yao, 2012). This can further be attributed as a positive aspect for the successful accomplishment of the objectives considered in this business plan. The offered product, i.e. the Soup E-Duper allows enhanced l ifestyle to its customers rendering the facilities of easy blending, mixing, and processing through crock pot. It is also intended to

Case Overview (International business) Essay Example | Topics and Well Written Essays - 1000 words

Case Overview (International business) - Essay Example To fight this inflationary fire, the central bank of Vietnam, the State bank of Vietnam has raised the key interest rates to 14%. This was the latest in a flurry of interest rate increases since February 2011. This interest rate increase is to be accompanied by usual anti-inflationary measures like tighter monetary policy and tighter control on credit. The government of Vietnam has also pledged to cut the burgeoning budget deficit and check the bleeding public sector enterprises of the country. The package introduced by the government to counter this inflation is known as Resolution 11. The Resolution 11 clearly states that the government seems determined to control inflation even at the cost of economic growth. At the meeting of the Asian Development Bank in Hanoi, Vietnam’s Minister for Planning and Investment conceded that because of the priority of the government to control inflation, the Vietnamese economy will fall short of its targeted growth rate of 7% to 7.5%. The private credit of Vietnam is a massive 120% of the GDP. This means that Vietnam is a sort of global record holder in credit creation. However, the saving grace is that bank deposits have kept pace with this record credit growth. Because of this high inflation, the dollarization and ‘goldisation’ of the economy have increased. Ordinary Vietnamese citizens are resorting to hedging against the inflation by keeping their reserves in dollars and gold instead of dong. What has helped this dollarization is the easy availability of dollars because of the large stock of it. In spite of the capital controls, the stock of dollars in Vietnam is high, because of the remittances sent by the large army of Vietnamese migrant workers working abroad .The banks of Vietnam also offer dollar deposits to the customers. To check the move to dollar deposits, the government has capped interests on dollar deposits to 3% against the very high interest rates of 14% on dong deposits. The country also has

Business Analysis Techniques for Strategic Planning

Business Analysis Techniques for Strategic Planning Through a strategic planning an organization defines its strategy, or direction, and decisions making on allocating its resources to practice this strategy such as its capital and people. There are various business analysis techniques that are used in strategic planning such as SWOT, PEST, STEER and EPISTEL. The strategic planning, which indicates the future course of an organization, is the formal consideration involves three key questions; these questions mainly refer to what an organization does, who it deals to and how it excel. Another integral question can be phrased as how to beat competition (Bradford Duncan, 2000). The development of this business strategy is of great importance for organization as the whole structure of organization depends on it. An authentic business strategy development needs an appropriate analysis of the organization and its environment. This analysis must be executed at an internal and external level in order to identify the strengths and weaknesses o f internal environment (organization) as well as threats, opportunities of the external environment. Different factors are assessed in this regard including the economy markets, competition, supplier markets, labor markets, regulatory environment and Technology. Marketing plans and strategies are the tools that are used as helpful in understanding the goals of the business and to develop the activities to achieve them. Strategic Models and tools are employed by marketing participants to analyze marketing decisions. The 3Cs, the corporation, the customer and the competitors, can be employed when beginning a strategic analysis to get a broad understanding of the strategic environment. Different organizations often use it to convey strategic positioning of their market mix. In order to form a market plan to practice a defined strategy, 4Ps, the product, the price, the place and the promotion, can be used. Marketing theories provides the solution for achieving the marketing goals throug h procedure. The basic theory of marketing revolves around Target Audience, Proposition and Implementation. Organizations sum up their objective and goals into mission and vision statement. They are used to formulate objectives and goals. Every organization follows particular organizational ethics, which meant to show how ethically internal or external stimuli are responded by them. Organizational ethics also expresses the values of an organization to its employees and other entities irrespective of governmental and regulatory laws. Organizational Ethics is interdependent with Organizational Culture. Organizational Culture deals with the beliefs and personal and cultural values of an organization, Psychology, attitudes and experiences. This culture is defined as a collection of norms and values shared by group of the people in the organization and the way they interact with each other and with the stakeholders outside organization (Hill and Jones, 2001). A core competency is definit e factor that is seen as being central to the way it by a business, or its works and employees. It carries out three key criteria, it provides consumer benefits, it is not easy for competitors to imitate and it can be leveraged many products and markets. Competitive advantage takes place when an organization acquires and develops an attribute and combination of attributes that allows it to outperform its competitors. A timetable for the implementation of a strategy shows the timing for the each steps of the plan that is pursued to implement the strategies accordingly. The effectiveness, efficiency and economy have to be evaluated so that the success of the timetable can be estimated throughout the implementation of planning and strategy. This paper examines and assesses the different business models, development of strategic planning, its implementation and evaluation of the effectiveness and efficiency of implementation of the timetable of strategic planning of an organization. The chosen organization is Marks Spencer (MS). Marks Spencer is chosen because it is an important and major British retailer, with over 895 stores in more than 40 territories worldwide, over 600 domestic and 295 international stores (MS International Stores MS website, February 2009). It is also the biggest clothing retailer in the United Kingdom, as well as being an up market food retailer, and the 43rd largest retailer in the world as of 2008. (Wal-Mart remains largest global retailer, according to Deloitte survey). Its domestic stores also sell both food and clothing; it has started the store expansion into other ranges including furniture, home ware and technology. In 1998 it was the first and only retailer to make a pre-tax profit of over  £1 billion (BUSINESS | Marks Spencer profits top expectations. BBC News, 1998). The business assessments of such organization of such a big range and with glorious history will definitely be a remarkable addition in the study of business management and business strategic planning. In general terms provide examples (4to 6) and briefly explain them of theories and principles that underlie strategic planning? Every organization comes into being with a strategy, which is called an organizational strategy and aims to provide a guideline to guiding member of the organization. Since the future survival of an organization depends on its strategy, therefore, every organization is commenced with their own strategy. This strategy involves business strategy mainly focusing on development and progress of the organization including internal and external factors as well. An organization needs to analyze the strengths, weaknesses, threats and opportunities that the organization could face while developing strategy, political, economic, social, and technological environment other socio-cultural, ecological, and regulatory factors and environment, informatics, and legal matter are also as important to be analyzed as above factors. For this purpose, therefore, organizations summarize these strategies into their mission, vision and values, which illustrate their business strategy. Provide in outline form, using a diagram a framework which would enable your choice organization to develop its strategy in general terms? The preparatory phase of a business strategic plan relies on planning. At the first, business plan includes Analysis of the Current Situation and Marketing Plan Strategy and Objectives. Marks Spencer requires having analysis of the current situation including past year. This analysis includes analysis of Business Trends, Market Analysis, Competitive Analysis, Market Segmentation, Marketing-mix, SWOT analysis, Positioning analyzing perceptions and Sources of information. Marketing plan Strategy and objectives for next year should also be analyzed including Marketing strategy, Desired market segmentation, Desired marketing-mix, TOWS-based objectives as a result of the SWOT, Position perceptual gaps and Yearly sales forecast. Describe and critically evaluate a small range (3 to 5) of models tools and techniques that could be used to develop marketing for your chosen organization? There are many Marketing strategic models and tools employed to analyze marketing decisions. In order to find a broad understanding of the strategic environment the 3Cs can be used by Marks Spencer. This 3Cs model points out that focus should be on three key factors for success. Three main players must be considered when planning a strategy for business: Corporation, Customer and Competitors. These 3Cs can sustain a competitive advantage in a strategic triangle. From a corporation point of view, strategies are needed to maximize the strengths of a corporation relative to the competition in the area of function that are critical to achieve the success. The corporation does not have to exceed in every function in order to win. If it can achieve decisive edge in one key function, it will ultimately be able to progress its other functions which are now average. In case of swiftly rising wage costs, it is an important decision for company to contract out a major share of its assembly ope rations. If the competitors are not able to shift production so swiftly to vendors and subcontractors, the outcomes difference in cost structure and in the companys ability to cope with demand fluctuations can have integral strategic implications. The cost-effectiveness can be improved by adopting three ways. At first, reduction in the basic cost, exercise greater selectivity such as products offered, orders accepted and functions performed and share certain important functions with other business of corporation and other organization. Since clients and customers are the base of strategy therefore the basic goal is to be of customers interest rather than of the shareholders. This segmentation appears from a trade-off study of marketing costs versus market coverage. There always appears to be a point of reducing returns in the cost versus coverage relationship. The task of the organization is to optimize its range of market coverage, geographically and channel wise. Competitors are l ikely to be scrutinizing the market in similar ways in fierce competition. The effectiveness of a given first strategic segmentation will tend to decline over an extended period of time. It is useful to pick a small group of customers in such situations and reexamine what it is that they really want. A market segment change takes place where the market forces are changing the distribution of the user-mix over time by affecting demography, distribution channels, and customer size, etc. This kind of change is meant to be the allocation of corporate resources to be shifted and the ultimate level of resources committed in the business to be changed. The strategy based on competitor can be built by looking at possible sources of diversities in functions including purchasing, engineering, design, sales and servicing. The power of image and capitalizing on profit and cost structure differences are the ways to achieve the differentiation. I mage can be the merely source of positive differen tiation when performance of product and form of the distribution are difficult to differentiate. In capitalizing on profit- and cost structure differences, firstly, the difference in source of profit may be oppressed, from new products sales etc. Secondly, difference in the ratio of unchangeable costs and changeable costs may also be oppressed strategically. A company with lower unchangeable cost ratio can lower prices in a lazy market and hence gain market share. Another strategic tool that can be useful for Mark Spencer is Porters 5 Forces Model. Porters 5 Forces Model is structural analysis of the market. It rather focuses view of analyzing the strengths and weaknesses of a Market Segment through analyzing the different threats prevail in the market. It is a framework for the business strategy development and industry analysis. It draws upon industrial organization economics to develop five forces that determine the competitive intensity and in the result attractiveness of a market. Porters 5 Forces Model Structureurl.png The Threat from the potential new entrants Profitable markets that submit high returns attract the new firms. Its consequence is many new entrants, which ultimately decrease profitability for all firms in the industry. The profit rate will constantly fall unless the new entrants are not blocked. This is also known as perfect competition. New entrants can be blocked by the existence of barriers in the form of copyright etc. Attractive segment is the one in which barriers for entrance is high while barriers for exit are low. Thus only few new firm ca enter and only non-performing firm can exit easily. Economies of product difference also make an opportunity for small firms to enhance their businesses thus large firms who have their product out in the market in high price, products of low price can affect them. Marks Spencer has been going through the same situation. Brand equity, which refers to the effects of marketing or consequences that accumulate to a product with its brand name compared with those that would increase if the same product did not have the brand name (Leuthesser, Kohli and Harich, 1995). The threat of substitute products or services The existence of products outside of the sphere of the common product boundaries boost the inclination of customers to switch to substitute including relative price performance of substitute, buyer switching costs, perceived level of product differentiation, number of substitute products available in the market, ease of substitution. Information-based products are more flat to substitution, as online product can easily replace material product. There are many reason cause customers to switch to substitute of the product such as substandard product, and reduction in quality of the product. Increase in the features of the product develops the competitive market. Marks Spencer by increasing the features of its products can make the customers stick with their product. The Bargaining power of customers or buyers The customers bargaining power is also defined as the market of outputs such as the efficiency of the customers to put the firm under pressure; it also affects the sensitivity of customers to price changes. Customers concentration to firm concentration ratio, degree of dependency upon existing channels of distribution, bargaining leverage, specifically in industries with high fixed costs, customers volume, customers switching costs relative to firm switching costs, information availability for customers, ability to backward integrate, availability of existing substitute products, customers price sensitivity and differential advantage and uniqueness of industry products are the actors that increases the bargaining power of customers. Large number of supermarkets will provide better opportunity for the potential customers to reach thus it will decrease the bargaining power of the customers. The Bargaining power of suppliers The suppliers bargaining power is also defined as the market of inputs. Suppliers of materials, components, labor and services such as expertise to the firm are source of power over the firm, when there are a few substitutes. Suppliers may possibly refuse to work with the firm or charge excessively high prices for unique resources. Despite the fact that supplier switching costs is relative to firm switching costs, and degree of differentiation of inputs, impact of inputs on cost or differentiation, presence of substitute inputs, supplier concentration to firm concentration ratio, employee solidarity like labor unions and supplier competition and ability to forward vertically integrate and cut out the buyer and Competition among the existing suppliers mainly reinforce the factor. Number of suppliers across Britain will rather diminish this factor for Marks Spencer. The competitive rivalry within an industry For most organizations, the major determinant of the competitiveness of the industry is the intensity of competitive rivalry. Sustainable competitive advantage by innovation, competition between online and offline companies; click-and-mortar -v- slags on a bridge, Level of advertising expense, Powerful competitive strategy and the visibility of proprietary items on the Web all these factor define the competitive rivalry within an industry (Rainer and Turban, 2009). The situation of competitive rivalry is hhigh because there are majorly three rivals of Marks Spencer that provide it a competitive advantage and change its strategic planning. State a variety 7 to 10 of general and marketing strategic options which have been used or are available to the organization of your choice and evaluate the advantages and disadvantages of four of these Product Branded product helps in capturing market as it creates an identity of the firm with that brand. Marks Spencer has been selling out branded product but there is no single of theirs, because owning the brand can exceed the sell of that product. The advantage of owning a product as a brand is that it allows the customers to identify the organization with a particular name. While mostly brand products are supposed to be accessible for everyone as a result of its price. Price Price is another factor that is integral for Marks Spencer. Determination of price that depends on the market situation very much affects the market situation for the firm. An affordable Price of the product can be more successful for the firm. Affordable price offer of the Marks Spencer will allow to everyone to access them easily thus it will generate demand of the products if it could not maintain the supply and demand of the products it will have to suffer in the market. Place The place of selling also makes a difference in the marketing strategy of a firm. Since e-commerce has been so much in practice Marks Spencer can start e-commerce through which it can sell out its products online. Besides this, variety of distribution outlets can also be an option for Marks Spencer as it is a good promotion tool of the product. Placing the products in every distributions outlet may lead the firm to the low market level due to its order of supply. Promotion Promotion of the products must be designed in the way Across the Line. Across the Line promotion of the product provide the opportunity to access the customers at any length. Promotion of the products Across the Line will cost the firm highly as promotion across the line requires in order to meet the promotion target. People Work force or staff must be well trained and professional because a well trained work force increase the productivity of an organization. Marks Spencer is the 43rd largest retailer if it hires professional and trained work force it will definitely hit its economy. Process The standard of the services offered must be of good and must be integrated with customer support. Physical Evidence Physical evidence of a firm especially like Marks Spencer does matter. The overall environment of the firm can provide a pleasant impression on others and results in good sell. Who are stakeholders in the organization of your choice and state the three major ones of these. What affect have or could the major stakeholders have on the strategy that the organization has or could introduce. What considerations should be taken into account to ensure that the three major stakeholders can contribute to the development of the organization strategy through some form of participation? There are number of group of stakeholders of Marks Spencer: employees, customers, shareholders, suppliers, local communities, pressure groups and local and national government. All these above directly or indirectly influence the Marks Spencer in its strategy making. Employees, who are direct stakeholders of the organization, want secure jobs, well and good pay and fair treatment with all employees. Customers, also a direct stakeholder of the organization, want high quality, good service, and good choice of products. Shareholders look for growth and profit. These direct stakeholders can affect the strategies of the organization. If employees are not satisfied or if feel that they are not enough benefits from the offered strategy they can strongly resist it by so many act of barriers such as resignation or boycott from service. Organization understands that in order to keep the customers stick with product it is important to provide them quality products and services in affordable r ate. The customers who want quality product in affordable price with good services would also reject the strategy if found it not in their favor by rejecting the product or switching to another substitute. Shareholders, who are back bone in the economy of the Marks Spencer, possess the shares of the company; organization will want them to have profit so that the stay with them in the business. Thus there will not be any strategy which in any way annoys the shareholders. The contribution of employees, customers and shareholders is equally important for organizations interest. This contribution by them can part in the development of the organizations strategy through expressing their expectation from the organization. These expectations are not just to be of their favor but in the favor of the organization as well because their benefits and profits are interlinked with the success of the organization. In a laymans language define the term vision, mission statement, objective and value and go to provide professional definitions of these giving the source of these. Every organization comes into existence with a definite purpose which is called objective of the organization. This objective varies from organization to organization such as profitable organization and non-profitable organization. The organization expresses its objective through vision, mission statement. Vision: Vision is the intended or desired future statement of an organization or enterprise in terms of the fundamental objective and strategic direction. Vision refers to a long term view, describing how the organization would like the world in which it operates to be. A vision statement provides the organization with an inspiration that is the basis for all the organizations planning. It explains what an organization wants to do. Mission: Mission is the fundamental purpose of an organization or an enterprise, concise describing the reason of existence and path to achieve its Vision. It also draws a future picture of the organization. Values: Values can be defined as the beliefs of an organization shared among the stakeholders of an organization. Values are the means of driving the organizations culture, ethics and priorities. The vision statement is a realistic, credible, and attractive future for an organization (http://www.au.af.mil/au/awc/awcgate/ndu/strat-ldr-dm/pt4ch18.html). Mission statement broadly describes the presence of an organization present capabilities, customer focus, activities, and business makeup (Glossary, Strategic Management: Concepts and Cases by Fred David). Provide the vision and mission statements and strategy of your chosen organization and explain how the effectiveness if these can be measured. Marks Spencer has defined its Vision, Mission statement and Values as follows: The Vision Statement The standard against which all others are measured. The Mission Statement Making aspirational quality accessible to all. The Values Quality, value, service, innovation and trust. Marks and Spencer has followed a value price strategy from its origin. Since Marks Spencer has focused on middle class customers, it has continued with the value pricing strategy. Although its most of suppliers have been Britain, which has higher textile manufacturing costs than other developing nations, Marks Spencer was able to maintain its value by developing strong economic bonds with its suppliers. Through its economies of scale in buying, MS has been able to require manufacturers to adhere to strict quality standards and to bargain lower prices for its customers (De Nardi-Cole, 1998). The standard against which all others are measured, as a vision statement thoroughly conveys the objective of the organization, as the organization has set up the standard as an objective of the organization to achieve. It is promoting inspirational standard of the organization in term of products, service, and quality and price. This vision has greatly affected the organization output as a consequence of achieving its objective through this vision. The mission statement of Mark Spencer revolves around its marketing strategy telling about the price of the products that are affordable enough to be accessed by everyone. Values of the organization describe the standard quality and value of products and services following innovation and trust of the customers. Define the term organizational g12 cultural and ethical values and explain the culture and ethical values of the organization of your choice. Organizational culture is an idea which illustrates personal attitudes, experiences, psychology, beliefs and values and cultural values of an organization. It is defined as the specific set of values and norms shared by people and groups in an organization. The organizational culture as well as ethical values is also known as beliefs and ideas about the kinds of goals of the organization and ideas about the appropriate kinds and standards of behavior members of the organization use to achieve these goals. From organizational ethical values develop organizational norms, guidelines, and expectations that prescribe appropriate kinds of behavior by employees in certain situations and control the behavior of organizational members towards one another (Hill, and Jones, 2001). Organizational Ethics refers the way an organization ethically responds to an internal or external stimulus. Organizational ethics and the organizational culture are interdependent. Although, it is similar to both org anizational culture and business ethics on the micro and macro levels, organizational ethics is neither Organizational culture, nor is it alone business ethics which includes corporate governance and corporate ethics. Organizational ethics express the values of the organization to its employees and to other entities irrespective of governmental and regulatory laws. The organizational culture of Marks Spencer is characterized as a reflection of taken for granted fashion the attitude that is shared by the all members of the organization. The basic assumptions and beliefs operate unconsciously among the members and also exist at the organizational level. The assumptions and taken for granted fashion have taken its roots from the basis of the success of organization. Marks Spencer strictly follow code of ethics, a detail document of the ethical codes, in order to get on with its internal matter. The document contains the responsibility of all belong to Marks Spencer and Behavior for customers, colleagues, shareholders and environment have been explained. Besides, there are policies about workplace and Business (MarksSpencer, Code of Ethics, 2010). Explain the term core competencies and critical success factor and state whether these are necessary to the success of the organization of your choice. Has the organization of your choice amended its strategy in response to changes in the current business and economic climate? A core competency is a particular factor that an organization looks as being integral to the way it, or its works, and employees. It performs three key criteria: provides consumer benefits, not easy for competitors to imitate and can be widely leveraged to many products and markets. A core competency can take many forms, such as technical or subject matter know-how, a dependable process and close associations with customers and suppliers. It also includes product development and culture, such as employee dedication. The core competencies are specific strengths relative to other organizations in the industry which supply the fundamental basis for the provision of added value. Core competencies are the organizations collective learning, and involve the way to coordinate different production skills and incorporate multiple flows of technologies. It is an involvement, a communication, and a strong commitment to working across organizational boundaries. Core Competencies of Marks Spencer The core competencies are vital for the existence of Marks Spencer; it is in its sourcing methods, gave it the power to deliver high value, reliable, consistent quality, investors and customers has trusted it, its quality of management was ranked very high, consequently feeling of what good for Marks Spencer was good for the Nation and epitomized the most honest face of commerce. Since the revolutionary change in the business world, Marks Spencer had to suffer a lot. After the crisis of 1999, Marks Spencer has remarkably amended its strategies in terms of products, customers, price and marketing strategy. As a result of e-commerce revolution Marks Spencer amended its strategy and started e-commerce which ultimately changed its marketing strategy. A large number of the same product in the market caused the Marks Spencer to adopt a differentiation way such as own brand products and Premium brand appearance. Since there are so many products out there in the market that is decreasing the sell of Marks Spencer, due to the threat of the substitute product Marks Spencer has reviewed its prices of the product in order to create competitive advantage. Explain how your organization has responded to change in its environment and consider whether this response has effective The change in the product price from Marks Spencer creates a competitive advantage fro it and it is much effective for the organization. The enhancement in the place of its firm can also be beneficial in the way that it is in the access of as many people as targeted. All these response to the environment from Marks Spencer could provide it some space to restore its position in the market. List what you would consider to be the major functional area in generally and discuss the three major functional areas of organization of choice and why this is so. Every business have work within certain functional areas, among them there are few general major functions performed in all businesses including finance and accounts, production and operations, administration and IT support, human resource, marketing and sales, customer services, and research and development. The major functional areas of Marks Spencer are sales and marketing, human resource and administration and IT support. They are the major functional areas of the organization because Marks Spencer is a retailer of goods, its business growth very much depends on the sales and marketing, human resource (the people and the staff serve the organization can make difference in the growth of the organization) and administration and IT support make the business process smooth and successful. Since the competition is so tough in the market, Marks Spencer must improve their major functional areas. How have the three major functional areas in organization been developed to provide it with a competitive advantage? Efficient and good sales and marketing strategy can play an important role to develop a competitive advantage for the organization. Decrease in the price by change in the marketing strategy increases the competitive advantage for the organization. Human resource is such a function that works as a back bone for an organization, skilled and trained human resource of the Marks Spencer can provide a competitive advantage through inputting the best to serve the organization. Administration and IT support has come out as one of the vital function of the organization since organization has initiated e-commerce, it can efficiently perform as support to e-commerce to give competitive advantage to the organization. Discuss how a timetable for the implementation of a strategy could be developed around key milestones. The implementation of a strategy roadmap needs a time table that defines milestones in weekly, one month, three month, and six month intervals. Implementation milestones should be established and communicated to all key business partners, the board of directors, stakeholders and investors, customers, and employees, from day one. The best timetable and milestones focus on at least the following dimensions: customers, competitors, finance, communications, and culture, intellectual property, globalization, governance, leadership, investors, marketing, partners, information technology, products, sales, processes and policies and space and inf

How Social Media Communities Impact Consumer Behavior Essay

Social media has increasingly become a constant in our lives. Many people reach out to friends or family through social media, sometimes on a daily basis. Through Facebook, people can view pictures and read status updates. Twitter allows others to read status updates that are limited to 140 characters. Each of these social media tools has its advantages and disadvantages but each opens up the doors to creating an online community with others that may not be possible offline. George Herbert Mead’s theory of symbolic interactionism states that our interactions with individuals and communities shape our identities and influence our actions. Is it possible that his theory could apply to the ways in which a persons’ social media community influences his or her purchase decisions? This paper will seek to find the answer. The following thesis will include an analysis of Mead’s theory of symbolic interactionism, a literature review about communities in social media, the method used to collect data, an analysis of the data, and implications from the study. Importance of the Study As a professional marketer, I have always been fascinated with social media. At the very essence of human nature is a desire to be social. Social media has provided humans an outlet to create online communities making it easier to network with others, which satisfies some of our deepest social wants and needs. Additionally, social media has allowed users to increase the amount of people included in their personal communities, as social media is both viral, which is to say that information travels rapidly between social media users, and transparent. Social media can be considered transparent as users of sites such as Facebook and Twitter post their thoughts, pictures, and locations to their followers, which often consist of people who are not close friends or family. Social media tools have become superb channels for marketers to reach consumers. The article titled, â€Å"Expand your Brand Community Online† states that social media is important for marketers because it allows them to dialogue directly with consumers, which in turn engages consumers directly with company brands (Hanlon, Patrick, Hawkins, & Josh, 2008). Many companies, such as Audi and Dunkin’ Donuts have used social media very effectively to reach consumers. According to Wasserman (2011), out of all other brands on Facebook, Audi’s fans are the most engaged of all major corporate brands on Facebook. That consumers can reach out to companies and their personal communities via social media has created a power shift between companies and consumers. Lee (2010) contends that social media has become vastly popular for â€Å"normal people† because it allows anyone to interact with content or deliver it (p. 112). This model of communication is vastly superior to the traditional format of one-way communication between major media and its intended audience (Lee, p. 112). A company that uses social media is more likely to create relationships with members of its target demographic rather than traditional media where conversations between the medium and the audience are unlikely. Now, social media outlets such as Facebook and Twitter have made it easy for consumers to post product reviews and reach out to other like-minded individuals in their communities. As social media infiltrates our lives as consumers, before people make purchases, they are increasingly reaching out to their social media communities for opinions (Drell, 2011). Goal Consumers often want others’ opinions about items before they make a commitment to purchase. For example, they may ask about the color of a shirt, or if they should purchase a large or small purse. Social media communities provide an outlet for consumers to seek opinions, but how often and at what point in the purchase process do consumers reach out to their online communities for advice? Do the opinions provided by social media communities actually impact consumers’ purchases? These are among the key questions I will seek to answer in this thesis, including the overarching question of whether social media communities impact consumers’ purchase behavior. An exploration of Mead’s concept of the â€Å"self† reveals how it can help a company realize its brand identity and ensure the â€Å"self† portrayed on Facebook remains consistent with its understanding, and the public’s understanding of the brand. In Mead’s theory of symbolic interaction he suggested we create our â€Å"self† by figuratively peering through a looking glass to see ourselves as others do, which leads to the creation of an identity (Griffin, 2009, p. 63). As we interact with others, the â€Å"self† is constantly changing and adapting to further shape our identities, which, Mead contends, are ultimately based on how others view our â€Å"self† (Griffin, p. 63). Mead’s concept of the â€Å"self† is an apt metaphor for the process in which a Facebook profile is created and refined through communicative engagement with consumers in a digital marketplace. Using Mead’s theory of symbolic interactionism, this thesis will attempt to identify how social media communities affect consumers’ online purchasing behavior. To help answer the question of how people’s social media communities affect their online purchases, I will use numerous research methods to gather data relevant to my thesis topic. For the collection of literary sources, I will use two primary sources. First is the online databases offered through the Foley Center Library at Gonzaga. There, I will discover and collect academic peer-reviewed journal articles about the history of social media, the psychology behind the creation of personal communities and how people interact with them, and current trends in consumer purchase behavior. Another resource I will use is the online magazine Advertising Age, a primary resource for marketing professionals that includes articles about trends in digital marketing. From Advertising Age, I will search for articles about new technologies that help consumers more efficiently reach out to their social network communities. ProQuest will be my main literature database source as it contains a wide variety of academic journals suited for a thesis. Advertising Age will be a complementary source while the databases Business Source Complete and Communication & Mass Media Complete will likely serve as complementary sources. I will employ survey research to help collect data. I will create a survey instrument with a list of questions that pertain to people social media communities and how these communities affect their purchases. The survey will include a Likert-like scale of 1-3, and will allow for collection of data regarding people’s rankings of the influence their social media communities have over their purchases. Additionally, the survey will include situational questions, i.e., â€Å"If you were to buy a large purchase, would opinions from your Facebook friends impact your purchase?† Lastly, the survey also will gather information that could have an impact on the thesis question, including respondents’ age, other demographic data, and item amounts purchased online vs. offline. Organization of Remaining Chapters The following thesis will be organized into the following chapters. The second chapter will be the literature review. This chapter will cover Mead’s theory of symbolic interactionism and its relation to the creation of online communities. The literature review will also review the theory of hyper-symbolic interactionism as well as the benefits to online communities, how social media has transformed the power dynamic between companies and consumers, the differences in millennials’ and non-millennials’ use of the Internet, and gender differences in relation to Facebook. The third chapter of this thesis will introduce the scope and the methodology used to gather data. The scope of the project will be limited to people who live in Western Washington, use social media, and purchase products online. The methodology will be a Likert-like survey distributed through the survey tool Surveymonkey.com. The fourth chapter will analyze the data gathered from the survey. Lastly, the fifth chapter will conclude the thesis. It will contain method limitations as well as future studies that should be considered. How Social Media Communities Impact Consumer Behavior, 10 REVIEW OF THE LITERATURE Introduction Symbolic interactionism theory was created by Mead to describe how humans form their identity and construct a reality of social norms through interactions with others. Although human interaction methods have changed over time, most recently with the digital age, Mead’s theory remains relevant in today’s world. Applying the theory of symbolic interactionism to online networks, it can be hypothesized that online communities shape individuals’ identity and reality, and provide a vast network with which to create relationships. This literature review will further explore Mead’s theory of symbolic interactionism and its application to online communities within social networks. It will also explore how social network users create relationships that can influence their online purchasing decisions. Overview of Symbolic Interactionism Theory The theory of symbolic interactionism includes three core principles that describe how humans interact with each other through meaning, language, and thought to create our â€Å"self† (Griffin, 2009, p. 60). Mead believed that interactions are â€Å"central to the development of one’s social identity and functioning according to shared norms and values† (Tormey, 2007). Meaning is found in how a person constructs a social reality (Griffin, p. 60). The way one interacts with others, verbally or nonverbally, derives from the meaning one assigns to various interactions (Griffin, p. 60) For example, a person may see a protestor on the street picketing very loudly. This person may view the protestor as obnoxious and intrusive, whereas another person may view this person as progressive and inspirational. Each of these people has assigned a meaning to the protestor, which in return constructs a reality. The protestor’s true meaning, however, cannot be concretely defined, for each person will assign a different meaning to the protestor and interact based on the meaning he or she has constructed. The meanings one assigns to another is created through the use of language (Griffin, 2009, p. 60). When the first person sees the protestor, he or she uses language to assign a certain meaning to the protestor. Calling the protestor obnoxious assigns a negative meaning to the protestor through language. To Mead, â€Å"naming is the basis for human society† (Griffin, p. 61). Lastly, thought occurs when we refer to our inner dialogue to interpret symbols and their meaning (Griffin, p. 62). According to Mead, a person needs language to create this inner dialogue (Griffin, p. 62). Without symbolically interacting, one cannot think and create this inner dialogue, which in turn allows a person to assign meaning to others (Griffin, p. 62). When the three principles of meaning, language, and thought occur, the idea of a â€Å"self† begins to emerge (Griffin, p. 63). Mead believed we had to look outwardly to truly understand our inner selves (Griffin, 2009, p. 63). This occurred when the concept of the looking glass self was used (Griffin, p. 63). When the looking glass self is applied, people construct their identity based on how others view them (Griffin, p. 63). One’s â€Å"self† is created through interactions with others involving the use of language (Griffin, p. 63). Thus with each new interaction, a person’s self can change, which is how we evolve and create our identities. When we interact on a one-to-one basis with another we create a self based on how another views us, but when people interact within an entire community, their self is created based on the expectations and responses of the community (Griffin, p. 65). When interacting with a community, a person creates a â€Å"generalized other† based on what expectations and responses the community is perceived to have, Mead noted (Griffin, 2009, p. 65). This generalized other is our guide to behavior when interacting with community members (Griffin, p. 65). It helps a person assign meaning to actions, and to act based on the meaning one wants to assume within the community (Griffin, p. 65). As interactions become more frequent within communities, norms and boundaries are created (Lynch & McConatha, 2006, p. 89). To Mead, a community consists of, â€Å"individual actors who make their own choices. Yet they align their actions with what others are doing to form healthcare systems, legal systems, and economic systems† (Griffin, p. 65). Although Mead formed this theory long before the Internet was created, it also applies to online social network interactions. Using Mead’s concept of the lookingglass, one can see how a Facebook page is actually a creation of our â€Å"self.† Symbolic interactionism theory plays an important role in the creation of Facebook profiles and how individuals identify themselves through engaging in online communication. â€Å"When Facebook users communicate ‘what’s on their mind’ or update their status, they are offering a representation of the ‘self,’ which is based on their social interactions with others† (Ellis, 2010, p. 39). According to Ellis, there is a three-step process in which a Facebook profile reflects one’s identity in light of Mead’s theory of symbolic interactionism (p. 39). First, a Facebook user, through actions, allows other Facebook users to become aware of his or her intentions. These intentions are made clear in a person’s Facebook profile picture and profile name (Ellis, p. 39). Secondly, communication occurs, as the profile picture becomes the user’s â€Å"self.† This image is what they would like others to perceive to be their identity (Ellis, p. 39). For example, if a How Socil Media Communities Impact Consumer Behavior, 13 veterinarian laboratory chose a picture of a smiling veterinarian and a happy dog, this lab is portraying to the world via Facebook that the company is not only a veterinarian laboratory with happy veterinarians, but one that caters to dogs, and in return, the dogs will be happy. Lastly, in the three-step process the profile picture means something to Facebook users who use it to decide what their identity will be (Ellis, p. 39). The user has created a â€Å"self† through this profile picture as it brings about an identity utilizing the symbolic act of communication (Ellis, p. 39). Hyper-symbolic Interactionism Theory Hyper-symbolic interactionism is a revised theory of symbolic interactionism for online networks (Lynch & McConatha, 2006). Theorists like Mead who used symbolic interactionism to describe socially constructed worlds did so before the invention of the Internet. The classic application of symbolic interactionism theory needs to adapt and evolve to fit today’s digital society (Lynch & McConatha, p. 88). Additionally, advancements in sciences require symbolic interactionism theory to be re-analyzed (Lynch and McConatha, p. 88). Advancements in such subjects as neuroscience and psychology have allowed us to learn more about the human mind than Mead knew when he created symbolic interactionism theory (p. 88). The generalized other, as Mead explained, forms when one creates his or her â€Å"self† based on a community’s expectations and responses (Griffin, 2009, p. 65). Thus, the â€Å"self† one creates is constantly changing and evolving based on interactions with others (Griffin, p. 65). One can assume that the creation of online communities, which use different means of interaction, allows one’s â€Å"self† to evolve even more than Mead ever thought one could (Lynch & McConatha, 2006, p. 89). Lynch and McConatha propose that the creation of a generalized other still exists, but exists differently online vs. offline (p. 89). While the generalized other still helps one form a â€Å"self,† the generalized other in the digital space is different than the one Mead described (Lynch and McConatha, p. 89). Lynch and McContha (2006) claim that the generalized other humans perceive today is different than Mead’s because of technology (p. 90). Due to the decrease in varying methods of human interaction, such as phone calls and verbal communication, and an increase in similar digital interactions, we are creating our self based on a different generalized other than Mead described (Lynch & McConatha, p. 90). The generalized other that impacts one’s self in the digital age is based more on consumerism than the generalized other described in the classic theory of symbolic interactionism (Lynch &McConatha, 2006, p. 90). Hyper-symbolic interaction is Lynch and McConatha’s (2006) solution to the immediacy of the Internet (p. 91). Hyper-symbolic interaction theory explains the creation of a new type of reality based on symbols found digitally. The theory â€Å"comprises the smallest symbols such as the l’s and O’s of computer language and the tiny pixels of digital imagery, as well as the complex contemporary imagery of advertisements and commercials produced daily† (Lynch & McConatha, p. 91). The larger symbols and imagery that these details create lead to new values and norms different than other nondigital communities (Lynch & McConatha, p. 91). This digital community is filled with marketers and advertisers, which in turn affect the reality humans’ construct, including the norms and values we abide by, as well as the meaning we give to symbols. We socialize very differently in digital reality than we do in real life (Lynch & McConatha, p. 91). Additionally, the increase in digital advertising causes us to perceive marketers and ads as reality (Lynch & McConatha, p. 92). Neuromarketing is a new term to describe marketing that has emerged from this shift in reality. Neuromarketing involves the study of how consumers react to marketing messages and is based on the idea that we have three brains, the new brain, the middle brain, and the old brain (Lynch & McConatha, 2006, p. 93). There are claims that neuromarketing actually drives consumers to purchase more products through a process of discovering consumers’ needs and then integrating them within their reality (Lynch & McConatha, p. 94). Neuromarketing also taps into what is believed to be a human’s old brain, the decision-maker that makes choices based on what will help one survive (Lynch & McConatha, p. 94). A human’s reaction to the decisions made by the old brain creates a constructed reality of what we essentially need and should react to (Lynch & McConatha, p. 94). Recently, Delta Airlines used neuroscience marketing to create a budget airline called â€Å"song.† The word â€Å"song† had no meaning to the airlines, but they used neuroscience marketing to discover the word â€Å"song† produces a pleasant feeling for consumers (Lynch & McConatha, p. 94). Delta Airlines is tapping into meaning consumers associate with symbols. Do consumers realize this or is it so engrained within our newly digitally created realities? Social Network Communities The article â€Å"Consumer Behaviour in Social Networking Sites: Implications for Marketers†(2011) identifies how humans use social media and how marketers should approach users of social media (Diffley, Kearns, Bennett, & Kawalek, p. 47). Its authors assert there are two methods marketers can use to reach consumers via social media: push THE STUDY Introduction For a week, I collected survey results through Surveymonkey.com. After asking co-workers in Seattle, people on Facebook and Twitter, and others in the Gonzaga community to take the survey, I amassed 154 responses. The survey responses came from Western Washington residents who use social media, and purchase items online. Survey questions asked were specific to Facebook and/or Twitter to gain more insight into how the two social media tools affect consumer behavior online (Appendix A). Data Analysis Of the 154 total individuals who answered the survey, the majority of people were 30-39 years of age (34%), 64% were female, 57% used both Facebook and Twitter, 55% used Facebook daily and 53% never used Twitter. The majority of individuals had 200299 Facebook friends (24%) and 52% of individuals had met all of their Facebook friends. In comparison, 40% had 1-99 Twitter followers and 40% had never met their followers in person. From these data it can be deduced that those who use Facebook typically â€Å"friend† others (meaning they are added as friends in their Facebook profiles) they also know offline while those who use Twitter tend to follow or be followed by strangers. Of all Facebook and Twitter respondents, 60% responded they purchase items online and offline at the same rate. These respondents noted they typically purchased clothing and accessories online (70%). Additionally, 68% of respondents bought travel accommodations online, 50% bought housewares, 32% buy electronics, and 10% buy insurance online. When asked if they would be more likely to listen to a stranger’s online review over that of a friend, 65% said they would be somewhat more likely while 30% said they would not be likely. To determine whether a person’s Facebook or Twitter community impacts their likelihood of online purchases, I asked a series of questions in the survey regarding Facebook and Twitter. From the results of these questions, I was able to gather enough data to indicate that Facebook communities have a higher impact on how consumers purchase products online than Twitter users. These results vary slightly from my hypothesis, which posited both social media tools would influence consumer behavior. Fifty-four percent of Facebook users said that they sometimes reach out to their Facebook communities before purchasing a product. This is a large percentage of Facebook users who view their Facebook communities as a trusted source for product opinions. Overall, How Social Media Communities Impact Consumer Behavior, based on the survey results, the majority of Facebook users sampled in this study said they are open at times to the influence and opinions of their Facebook communities, while Twitter users say their communities rarely influence their purchase decisions. When asked how often they reach out to members in their social media communities for opinions about products before they purchase them, 47% of respondents said they never reach out to Facebook friends before purchasing an item. Ninety percent said that they never reach out to Twitter followers before purchasing an item. Two sets of questions asked in the survey reveal the point in the purchase funnel in which people reach out to others on Facebook or Twitter. Fifty-two percent of individuals never gather opinions from Facebook friends at any point during the purchase funnel. However, 20% reach out to Facebook friends before researching products to buy, 26% while they are comparing products after the initial research phase, and 2% directly before purchasing a product. How Social Media Communities Impact Consumer Behavior, 30 Ninety-two percent of Twitter users never reach out to followers during the purchase process. Only 2% of Twitter users reach out to followers before researching products to buy, 5% before comparing products after the initial phase and 0% directly before making a purchase. When asked how likely it was that Facebook friends would influence one’s online purchases, 48% said that it is not likely, while 51% said that it is sometimes likely. Only 1% said that it is always likely. How Social Media Communities Impact Consumer Behavior, 31 Twitter appears to have significantly less of an effect on one’s online purchasing behavior as 92% said that Twitter is not likely to affect their purchase decisions. Six percent of Twitter users said that other Twitter followers will sometimes influence their purchase decisions and 1% said that other Twitter followers almost always have an influence. How Social Media Communities Impact Consumer Behavior, 32 Fifty-seven percent of Facebook users said that they have later purchased an item they heard about on Facebook, while only 17% of Twitter users said the same. The majority of Facebook users (54%) believe that Facebook is sometimes useful when looking for opinions about what products to purchase while 41% said it is not useful. Twitter is even less useful according to respondents as 79% said Twitter was never useful when looking for opinions about what products to purchase and only 19% said it is sometimes useful. When filtering the data to discern the difference in millennials (younger than 30 years of age) and non- millennials (30 years of age and older) it appeared that millennials were more open to influence from Facebook communities than non-millennials. The majority of non-millennial respondents used Facebook everyday but never used Twitter. Sixty-four percent of millennials used Facebook every day and 27% also used Twitter on a daily basis. Millennials were more likely than non-millennials to have both a Facebook and Twitter account (61% of millennials have both compared to 53% of nonmillennial). Sixty-one percent of non-millennials purchase about the same amount of products online as they do offline and 73% of their purchases are for travel accommodations. In comparison, 57% of millennials purchase about the same amount of products online as they do offline and the majority of their purchases (77%) are for clothing and accessories. Fifty-four percent of non-millennials say that they never reach out to Facebook friends for opinions before they purchase products online, while 51% of millennials said they sometimes reach out to Facebook friends for opinions. A large majority of both millennials and non-millennials said that they never reach out to Twitter followers for How Social Media Communities Impact Consumer Behavior, opinions before purchasing a product. Millennials were more likely than non-millennials to reach out to Facebook friends before researching products to buy. Additionally, 24% of non-millennials stated that they reach out to Facebook friends to compare products after the initial research phase, and this was around the same amount for millennials (29%). Seventy-eight percent of millennials said they hear about products on Facebook that they later buy 51% of non-millennials said the same. Forty-eight percent of nonmillennials believe that Facebook is not useful when looking for opinions about products to purchase online while only 35% of millennials believed that it is not useful. The majority of millennials (61%) believe that Facebook is sometimes useful when looking for opinions about what products to purchase. Both millennials and non- millennials agreed that Twitter is not useful when looking for opinions about what products to purchase. The majority of male and female respondents who took the survey were 30-39 years of age. Sixty percent of males used both Facebook and Twitter while 36% only used Facebook. In comparison, 54% of women used both Facebook and Twitter while 43% used only Facebook. Forty-seven percent of males used Facebook daily while a large percentage (50%) never use Twitter. Women tend to use Facebook and Twitter more often. Sixty-two percent of women use Facebook daily while, like males, a large majority never use Twitter. When asked the question, â€Å"About how many of your â€Å"friends† on Facebook have you met in person?† Forty-four percent of men responded that they knew all of them, whereas 53% of females stated that they knew all of their Facebook friends offline. How Social Media Communities Impact Consumer Behavior, Sixty-four percent of men said that they typically purchase the same amount of items in store and offline with 65% of purchases being travel accommodations. On the other hand, 59% of women typically purchase the same amount of items in store and offline with 73% of purchases being clothes and accessories. When asked how often they reach out to Facebook friends to provide opinions about products they may purchase online, 57% of men and 51% of women said they never do. Fifty percent of men also said that it is sometimes likely their Facebook friends will influence their purchases and 53% said that they often hear about products that they later purchase on Facebook.. Whereas, only 47% of women said that it is sometimes likely their Facebook friends will influence their purchase decisions but 59% said that they hear about products on Facebook that they later purchase. Both genders saw Twitter followers as having only a small influence on their purchase decisions if any at all. Results of the Study Mead’s theory of symbolic interactionism states humans are influenced by community members (Griffin, 2009, p. 65). Using Mead’s idea that communities impact our perception of what is a norm, I hypothesized that social media communities would impact consumer online behavior. My belief was, that if Mead believed that communities impact our perception of reality and what is normal, then by default social media communities should influence what one purchases online. One would purchase based on what the community believes to be the best purchase. The survey results showed that Twitter communities tend to not significantly impact social media users’ online purchase behavior, but Facebook communities typically do and have the potential to become even more of influencers for consumers. How Social Media Communities Impact Consumer Behavior, Facebook results seem to fall right in line with Mead’s idea of communities as influencers. While for Twitter, the survey results indicate that Twitter communities behave differently than offline communities and Facebook communities. As the majority of Twitter users stated that their followers are strangers, they may not feel the same type of intimacy and companionship as those who use Facebook feel. This is something Lynch and McConatha (2006) touch on when introducing the theory of hyper-symbolic interactionism. Lynch and McConatha believe that due to the marketing-based reality constructed on the Internet, we no longer have the same type of community interactions as we do offline (2006). If this is so, then it is plausible that one’s Twitter community has less of an influence, especially for those who are avid Twitter users. For marketers, this study can be interpreted in two ways. First, it implies that marketers who focus on the sharing of products among social media communities to boost sales should rethink their strategy, especially if they use Twitter more than Facebook. Second, the results of the survey should inspire marketers to find a marketing method that will increase the influence online communities have on other social media users. My study showed that Facebook communities typically influence some users and have the potential to influence even more in the future. Many Facebook users surveyed seemed to value their Facebook friends’ opinions when it came to purchasing items online, and sometimes these opinions impacted their purchases. Marketers should use community influence on Facebook users as a way to increase sales and/or brand awareness. Another takeaway for marketers is the difference between Facebook and Twitter. Most of the respondents use Facebook on a daily basis and Twitter was not used nearly as How Social Media Communities Impact Consumer Behavior,   much, if at all. Out of the two social media platforms, Facebook communities are more of a community than Twitter. More people on Facebook know their Facebook friends offline, while many Twitter users did not know most of their Twitter followers offline. When comparing all of the questions pertaining to Facebook and those pertaining to Twitter, it is apparent that those who use Facebook have more of a relationship with their friends than Twitter users do with their followers. For marketers, this information is beneficial when deciding what channel would be the best to focus their attention on. CÄÆ'rtÄÆ'rescu (2010) stated that online communities create places for members to â€Å"share a sense of belonging, have a specific culture, a specific set of norms (‘netiquette’), affective ties that bind them together and a sense of shared history† (p. 82). These elements appear to be lacking in Twitter as most respondents to the survey answered that their Twitter communities were typically comprised of strangers who did not impact their purchasing decisions. Based on CÄÆ'rtÄÆ'rescu’s definition of an online community, and the lack of survey participants that use Twitter, it is questionable if Twitter constitutes a community, especially one that influences. Rather, it can be identified as a communication tool to reach out and converse with strangers but probably is not able to build relationships like Facebook does. In my opinion, Facebook feels more like a community than Twitter. Answers from the survey support this notion, as many of the respondents stated that they knew Facebook friends offline, while Twitter followers are comprised mostly of strangers. Based on Mead’s concept of a community as an influencer, I assumed that people would reach out to their Facebook communities to help shape their opinions, more than they would on Twitter. What my survey discovered was a good portion of Facebook users felt How Social Media Communities Impact Consumer Behavior, like Facebook was a good method of gathering opinions before purchasing a product, as 50% of survey respondents used Facebook communities this way. Respondents seemed to regard Facebook as a community full of influences, which could help shape not only the Facebook users’ identities, but their purchasing opinions. Greenleigh (2010) found that 84% of millennials turn to online communities before purchasing an item. The survey results from my study found the opposite. On average, 50% of millennials who responded to my survey said that Facebook influenced their purchasing decisions. In particular, when asked how often they turn to Facebook communities before purchasing an item, only 51% of millennials said that they sometimes do and 47% said that they never do. Greenleigh also found that millennials were 51% more likely to trust strangers when purchasing products, over family and friends. Again, my study contradicts Greenleigh’s notion. Sixty-five percent of millennials said that they would sometimes listen to a stranger’s online review of products over their friends. While 29% said they would not be likely to and a small margin of 6% said they would always listen to a stranger’s online review. According to Thompson and Lougheed (2012), women are on Facebook more often than men and due to this have increased anxiety. While my study did not measure the amount of anxiety one feels from social media, it did find that women tend to spend more time on Facebook than men much like Thompson and Lougheed stated. Forty-seven percent of males used Facebook daily while 62% of women use Facebook on a daily basis. What is surprising about the results when comparing men and women’s Facebook tendencies, is the smaller influence Facebook communities have on women than men. Although women said that they used Facebook more often than men on a daily basis, they How Social Media Communities Impact Consumer Behavior, were less likely to be influenced by Facebook communities when purchasing a product online than their male counterparts. However, women tend to contradict this statement when they are later asked how often they purchase items after hearing about it on Facebook and 59% say that they sometimes do. In comparison, a smaller percentage of men say the same. How Social Media Communities Impact Consumer Behavior, SUMMARIES AND CONCLUSIONS Limitations of the Study While my study produced interesting results, I believe there is room for my improvement within my study that would have produced better results and more reliable data. One such issue that I would have changed was my desire to limit the location of participants in the survey. My study focused solely on Western Washington individuals with the belief that they would believe an adequate sample size to study. While my sample size provided reliable data and provocative insights, I am curious whether a larger sample size would have impacted the results I received. Would people in Eastern states view Facebook and Twitter differently than people in Western Washington? I think my sample size was drawn too narrowly to make a conclusive statement. A second problem with my study is due to time constraints. I was only able to gather data using one method. With more time, I would have implemented an additional method. Another data source would have provided more insights on how social media communities impact consumer behavior online. While my survey, provided adequate enough data to analyze and make a prediction, a method, such as an in-person user research study, would have provided additional results to analyze. Further Studies or Recommendations For further evaluation of how social media impacts consumer behavior online, other studies should be explored. While my thesis only looked at the impact of social media communities on consumer behavior online, another avenue I would have liked to pursue would have been the impact of a company’s Facebook page on consumer behavior How Social Media Communities Impact Consumer Behavior, online. For instance, if an online consumer likes or interacts with the Nordstrom Facebook page, are they then more likely to purchase from Nordstrom online? Additionally, another study that could provide interesting results would be how Facebook advertisements impact consumer behavior online. Many companies purchase these ads hoping that they will entice Facebook users to visit their company page, purchase their product, or recommend the product to others. While data are available on these advertisements to the companies that purchase them, such as number of clicks on ads, a study could help indicate if they actually influence Facebook users to perform the wanted action. The data only show numbers, but a study could help identify the psychology behind the numbers and why a person may click on one company’s Facebook ad over another. Conclusions Social media continues to play a role in many people’s lives. From finding information about friends to perusing a company’s Facebook page to gain insight into their products, many of us use social media constantly. While our purposes for using social media may vary, we all have created communities we interact with within our social networks. According to Mead’s theory of symbolic interactionism, the way we interact with individuals shapes our identity. Thus, it can be thought that how we interact with others on social media also can shape our identity. Mead also described the importance of a community’s influence. My thesis seeks to understand if a social media user valued their social media communities’ influence when it came to purchasing products online. I hypothesized, based on Mead’s rationale, that if offline communities How Social Media Communities Impact Consumer Behavior, 41 impact our identities and actions, then social media communities should perform the same way. To obtain this information I distributed a survey to respondents in Western Washington who use Facebook and Twitter as well as purchase items online. When analyzing the results, many interesting insights were noticed. The respondents of the survey interacted more with friends and family on Facebook than they did on Twitter. The majority of Twitter followers one had were strangers. Thus it can be deduced that Facebook is more like an offline community that Mead describes than Twitter. When it came to answering my overall thesis question of whether or not social media affected consumer online behavior the survey showed surprising results. It was found that Twitter had very little influence on consumers and more than likely they never reached out to Twitter followers at any point during the purchase process for opinions. Facebook friends, on the other hand, had more of an influence on Facebook users. Around 50% of Facebook users reach out to their Facebook communities before purchasing an item. Thus, results for Facebook align with Mead’s theory of symbolic interactionism. In conclusion, the survey I distributed found that social media communities in general, do have an influence on what products social media users purchase online, with Twitter having a very minimal amount of influence and Facebook communities having a relatively high level of influence. How Social Media Communities Impact Consumer Behavior, 42 References Budzanowska-Drzewiecka, M. (2011). Social conditioning of purchasing decisions of 9-11 year-old consumers. Journal Of Customer Behaviour, 10(2), 143-160. doi:10.1362/147539211X589555 CÄÆ'rtÄÆ'rescu, I. (2010). Utility of online communities — ways one can benefit from one’s online life. Journal Of Comparative Research In Anthropology & Sociology, 1(2), 79-91. Retrieved from http://web.ebscohost.com.proxy.foley.gonzaga.edu/ehost/detail?vid=54&hid=110 &sid=9a83f789-ffbb-4d09-ad3369f906fba08e%40sessionmgr14&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d# db=sih&AN=55558221 Dellarocas, C., Gao, G., & Narayan, R. (2010). 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