A Resort with a difference

This will be a hotel that is modified for Christians however will be available to all to the extent they keep up the way of life of the spot. Various administrations will be offered including nourishments and beverages, meeting offices, sports offices, convenience, amusement and profound sustenance offices for Christians.Services will be offered in a quiet situation and no mixed beverages or other unchristian conduct will be permitted in the spot. Profound sustenance offices will incorporate Christian writing, music and instructing sessions.The Resort will be exceptional in that other than offering basic administrations it will keep up a situation that will empower socialization and simultaneously give otherworldly sustenance. All offices will be given incredible thought on sustaining great ethics and individual developments.The Resort will fill in for the neighborhood bar or club just that administrations and offices will all be outfitted on socialization and amusement as well as bo th on otherworldly and physical turn of events. There are numerous individuals who might want to profit by offices offered in bars, resorts and clubs however their virtues, beliefs or open standing keep them from going to such places because of the idea of arrangement of administrations in such places.However, a Resort for Christians will be remarkable and will give the unobtrusive condition that such individuals require; they will have the option to watch football, mainstream TV programs or a film in a spot they are agreeable in and with the organization of individuals they would want to be with. The chapels and other Christian associations have various gatherings and guests and will be handily tricked into utilizing this sort of resort on account of the discernment that it is a Christian place.In the following five weeks the Resort will be in the hatching time frame. In this period we will set up a fabulous opening of the Resort. We will do top to bottom exposure of the up-coming Resort and the excellent opening occasion. Exposure will be done through print and electronic media, boards and post office based mail to conspicuous people.In this period the Resort offices will be arranged altogether and enlivened so as to beâ The hatching time frame will end with a stupendous opening of the Resort which will likewise check the section into the presentation stage. As indicated by NetMBA Business Knowledge Center site (http://www.netmba.com/showcasing/productlifecycle) â€Å"during the presentation stage, the essential objectives is to set up a market and assemble essential interest for the item class.†We would do this through exceptional distributing the hotel by the fantastic opening and proceeded with notice. We would welcome conspicuous individuals in the general public, particularly the individuals who have a notoriety of humility, to effortlessness the event. We will at that point likewise receive an entrance estimating methodology by offering ideal valuing for our items for the primary month of our operation.As the business develops we will ceaselessly assess the administration arrangement frameworks in the offices and guarantee we offer quality administrations. This is on the grounds that, as refered to in NetMBA Business Knowledge Center site (http://www.netmba.com/showcasing/productlifecycle), as an item travels through the various phases of its life cycle, it requires change of the promoting methodology along these lines calling for constant assessment and re-adjustment.We will set up a humble and remarkable culture so as to guarantee that our administrations are unique in relation to other people. This item separation along with proceeded with advancement will guarantee that our administrations are liked. We will likewise put resources into innovation in order to expand productivity and viability in arrangement of services.We will keep up a very much point by point site and build up joins with movement offices. We would a ssess our business persistently and increment or decrease the administrations we offer and how are they are advertised. This will be intended for keeping up our administrations as unique in relation to those of our rivals and guaranteeing cost viability. We would likewise continue investigating better approaches for advancing our administrations in order to keep up our piece of the overall industry and to contend effectively.ReferencesNetMBA Business Knowledge Center. The Product Life Cycle. Recovered January 07, 2008 from http://www.netmba.com/advertising/item/lifecycle

Praise and Children Essay

Disclose how to help youngsters and youthful people groups fearlessness and confidence. We can bolster youngsters and youthful people’s self-assurance/confidence and advance this in settings by doing a scope of verbal/non verbal things to guarantee kids have certainty. It is significant that we give youngsters consolation while attempting another movement, we can do this by verbal discourse, for example, ‘can you attempt to do it’? or on the other hand non verbal ways, for example, hand motions approval or grinning and so on. Likewise after a kid has accomplished something positive we should consistently applaud them verbally with a ‘well done’! or then again approval and so forth even a sticker diagram or group focuses has a similar impact. In the event that we don't give youngsters acclaim and support they are less inclined to participate in new exercises which won't give them certainty to encounter new things and become independant. It is significant that youngsters are constantly applauded for accomplishing something great with the goal that they have a high confidence and will need to show the conduct once more. We should guarantee that kids have the certainty to settle on there own decisions by giving opportunities to them o do this. for eg give them the decision of what toys they need to play with, what exercises they might want to do or what snacks they might want. It is significant we do this to urge youngsters to turn out to be more independant. On the off chance that we don't permit kids to settle on there own decisions they may get dependant on a grown-up and not pick essential things further down the road that could influence them. We can likewise advance self-assurance by compensating youngsters with things, for example, desserts or stickers. This can be a decent method of applauding youngsters however can likewise make kids ‘go back’ with conduct or get things done to much just to get a prize. For instance if a kid is remunerated for utilizing the can or attempting to utilize the latrine they may simply sit on it the entire day so they get compensated. We should do normal perceptions of kids to discover there interests and create exercises around these to assist youngsters with meeting achievements. This is significant as the youngster is in charge of there own learning and will feel like they matter. For instance if a childs intrigued by trains you could utilize them in what you are doing. In the event that the kid has control of there learning they are bound to settle on decisions and believe in doing as such. It is additionally significant that we guarantee the kids realize that they can confide in their key laborer and can address them about anything, so the youngster has constructive associations with the individuals in there setting.

How to Give a Wedding Speech If You Have Social Anxiety

How to Give a Wedding Speech If You Have Social Anxiety Social Anxiety Disorder Coping Print 8 Tips for Giving a Wedding Speech If You Have Social Anxiety By Arlin Cuncic Arlin Cuncic, MA, is the author of Therapy in Focus: What to Expect from CBT for Social Anxiety Disorder and 7 Weeks to Reduce Anxiety. Learn about our editorial policy Arlin Cuncic Updated on October 05, 2019 Social Anxiety Disorder Overview Symptoms & Diagnosis Causes Treatment Living With In Children Satoshi Kawase / Getty Images If you are a bride or groom who suffers from social anxiety disorder, the idea of giving a speech at your wedding may be causing you to panic. Dont worry! You can get through that speech, and even shine on your special day if you just take some time to prepare.   First, if you havent already been diagnosed or received treatment for your social anxiety (such as cognitive-behavioral therapy and medication) add that to the top of your list. However, you probably have limited time between now and the wedding and need to know how to get through that speech without the help of outside interventions. 8 Helpful Tips for Giving a Great Wedding Speech Despite Being Nervous Below are some steps you can take to help calm your nerves about giving a speech at your wedding. Become Familiar With the Venue Make sure that you are familiar with the reception hall before the wedding. Find out where you will be seated and where the microphone and podium will be. Becoming familiar with these surroundings early on will make you more comfortable when the big moment comes. Dont Script It Although it may be tempting to write out a speech word for word, unless you are very experienced in public speaking there is a risk that you will come across as stiff and wooden. Instead, carry point form notes with you to the podium and try speaking in a conversational tone. Practice There is no substitute for lots of practice when it comes to public speaking, and a wedding speech is no exception. By practicing what you are going to say in advance, you will gain confidence that will carry through to your big day. Imagine Success Athletes have used this trick for years â€" by imagining yourself relaxed and confident while delivering your speech, you train your body to respond in the same manner. Exercise Make sure to engage in regular exercise leading up to your wedding. Regular exercise helps to alleviate stress and anxiety. Avoid Caffeine While it is never advisable to consume large amounts of caffeine, those who suffer from social anxiety should try to avoid it altogether. Remember that in addition to coffee and caffeinated soft drinks, tea and chocolate also contain caffeine. Admit to Being Nervous Before you begin speaking at your wedding, acknowledge that you are nervous. Simply admitting to having a little stage fright often goes a long way to overcoming performance anxiety. Focus on Your Speech Instead of scanning the room and worrying about what others are thinking, focus on what you are saying. Allow yourself to be swept away by the moment and notice how your anxiety tends to be swept away as well. Remember, these are the tips to shine while you give your speech: Find out where you will be speaking.Bring point form notes only.Practice and imagine success.Get regular exercise and avoid caffeine.Admit you are nervous and then focus on your speech. While many people may feel nervous about giving a wedding speech, you might actually find that you enjoy it! At the very least, feel proud that you took the time to try and overcome your fear to make this important contribution to your special day. Years from now your spouse wont look back and remember your fear and anxietyâ€"only the thoughts that you shared.

Impact Of Immigration On The United States - 1017 Words

America has always been a country of immigrants. During the 1891 to 1924, over twenty million immigrants came to the U.S. (Daniels, 1997, p. viii). Several pieces of key legislation were also passed during that time that affected immigrants. America’s view at this time reflected that of strong Nativism. Several anti-immigration groups had their fair share of influence in political affairs that had a negative affect on certain groups. This paper will outline the events that led to three pieces of legislation. This paper will also highlight the impact on immigration and how the chosen pieces of legislation contributed to future legislation (if at all). The first piece of legislation highlighted in this essay is the Geary Act of 1892. For†¦show more content†¦45) From America’s point of view at that time, it made sense to pass such legislation that prevented disease and even future crime. The passing of the Immigration Act of 1891 paved the way for even more restrictive legislation. The Geary Act of 1892. This act strengthened the already existing Chinese Exclusion Act of 1882 by extending the ban on Chinese becoming citizens (Daniels, 1997, p. 14). It is now generally acknowledged that the Chinese exclusion act was an unfortunate mistake. The discrimination was uncalled for with the main reason being that the Chinese were stealing jobs (even though they were often jobs the Americans did not want). Other restrictions that applied to the general immigrant population were also passed at this time. Another piece of key legislation was the Anarchist Exclusion Act of 1903. This was in response to the â€Å"assassination of of President McKinley by an American-born anarchist with a foreign name† (Daniels, 1997, p. 60). On March 3, 1903, President Theodore Roosevelt signed the Act into law. One might think something like this would already be in place, but it took a tragic event for real action to be taken. The Anarchist Exclusion Act denied Anarchists or people who supportShow MoreRelatedThe Impact Of Immigration On The United States1301 Words   |  6 Pagesâ€Å"The US Council of Economic Advisers on Immigration s Economic Impact. Population and Development Review, 33. 3, (2007), 641. Web. Feb. 2017. Immigration remains the subject of significant public and political debate in the United States. In May and June of 2007, a lot of public attention was concentrated on a debate in the U.S congress on legislation. The bill in front of the senate formally named the â€Å"Secure Borders, Economic Opportunity and Immigration Reform Act of 2007,† was controversialRead MoreThe Impact Of Immigration On The United States1415 Words   |  6 PagesRecent immigration has not only increased since the end of World War 2, but also gained momentum, reaching numbers in the 1990s. The national origin of US immigrants also changed sharply over the past fifty years. Before 1960, the vast majority came from European countries or Canada. Even as late as the 1950s, more than two-thirds of all arrivals were from these countries. During 1960s, however, when family reunification criteria rather than national origin quotas became the basis for allocatingRead MoreThe Impact Of Immigration On The Unite d States971 Words   |  4 Pagesimmigrants in the United States? What is the impact of immigrants in the United States economic system? How can we define the history of immigration in the United States? According to Nancy Kleniewski, â€Å"It has often been said that the United States is a nation of immigrants. Immigration has been a long-term trend, but both the locations where immigrants settle and the places from which they come have changed over the years† (Kleniewski, 169). For a very long time in the United States, there seemsRead MoreImpact Of Immigration On The United States1283 Words   |  6 Pagescreate a safer border environment by facing the multiple Issues and Challenges, like illegal Immigration, Drug Enforcement, and cross-border Transportation, and Technological improvements by Homeland security influence the agents, trying to cease these issues. A vast complication that the United States goes through is the huge illegal immigration. Each year thousands of illegal immigrants enter the United States across the U.S.-Mexican border. The result is that the congress has mandated increased effortsRead MoreImpact Of Immigration On The United States Essay1434 Words   |  6 Pagesharm. Major impacts of immigration can be observed in several forms of a countries economic system such as employment opportunities for both immigrated workers as well as current citizens along with unemployment rates, wages, profit margins, the ability of local and international business’ to grow and the overall GDP of the specific country. For this paper specifically the developed country that will be analysed will be Australia. Considered to be one of the worlds â€Å"major immigration nations† (togetherRead MoreThe Impact Of Immigration On The United States1279 Words   |  6 Pagescreate a safer border environment by facing the multiple Issues and Challenges, like illegal Immigration, Drug Enforcement, and cross-border Trans portation, and Technological improvements by Homeland security influence the agents, trying to cease these issues. A vast complication that the United States goes through is the huge illegal immigration. Each year thousands of illegal immigrants enter the United States across the U.S.-Mexican border. The result is that the congress has mandated increased effortsRead MoreThe Impact Of Immigration On The United States1469 Words   |  6 Pagescontaining several scholarly articles such as JSTOR and GALE. Two sources that will be used to preforme OPVL are a personal interbore from a man who worked in downtown Houston during the 1990’s, and an article published examining the influx of immigration into Texas during the 1990’s Summary of Evidence- During the 1990’s there was an influx in foreign born population. In Texas the native born population was approximately 15,462,074 people. The foreign born population was 1,524,436 meaning thatRead MoreThe Impact Of Immigration On United States1989 Words   |  8 PagesThe Impact of Immigration on United States (U.S.) Economy Introduction In recent times, migration has been a major point of discussion at different international fora. According to the United Nations (UN), more than 175 million people, about three percent of world’s population, live and work permanently outside their countries of birth (UN, 2002). The changing faces of European migration, at the beginning of the new millennium is different from those of fifty years ago. Also, in the late 19th andRead MoreThe Impact Of Immigration On The United States1925 Words   |  8 PagesImmigration is a very broad topic, a topic that has been highly discussed in the past. However, what is the reason that most people think people migrate from Mexico, Honduras, El Salvador, or Guatemala? Most would say it is because of job opportunities that will better their families. Some say it is because of the higher rate of freedom in the United States. However, not many people look at the hard environments back in the homelands of the immigrants. Maybe a big reason for crossing the borderRead MoreThe Impact Of Immigration On The United States1692 Words   |  7 PagesImmigration has radically changed a religion picture in the United States. At the present time people with their unique culture, specific habits and traditions participate in our society. America is their home as well as ours. To live in peace together we have to understand, communicate and integrate with each other. But sometimes unforeseen events happen and crash the whole global hope for productive cooperation. On September 11, 2001, the tragedy in the USA shocked the whole world. It was the message

Financial Analysis Assignment on Ratio Analysis Virgin Media - Free Essay Example

Sample details Pages: 5 Words: 1516 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? The company formerly known as NTL Group Limited is a cable and telecommunication firm. It was established in 1996 from the acquisition of National Tran communications limited by international cable tel. It conduct business from its registered head office which is located i London, United Kingdom. Don’t waste time! Our writers will create an original "Financial Analysis Assignment on Ratio Analysis Virgin Media" essay for you Create order The company telecommunications services include a national digital telecoms network end to end residential and business telecommunication, internet services, mobile radio communication, visual communications, internet services, internet satellite links and turnkey systems. The company holds several cable TV franchises for Dublin, Galway and Waterford, and all of Northern Ireland. In addition the company holds MMDS franchises for mobile telecommunication covering counties Dublin, Galway, Waterford and Mayo. The company has home businesses such as NTL UK and Ireland cable networks, ITV/C4 transmission network, and NTL Business UK and Ireland. Further the company has international business in Australia, Switzerland, France and Singapore. Background Virgin Media Inc. is an UK based media and communications company. The company is a residential broadband and mobile virtual network operator and also engaged in providing a pay television and fixed-line telephone services in the UK. Virgin Media conducts its business operations through three reportable segments, namely, Cable, Mobile and Content. The company is head quartered at New York, the US. In April 2009, sit-up Ltd., UKs most innovative home shopping retailer and a subsidiary of Virgin Media was acquired by Munich-based industrial holding named AURELIUS AG. Wondering who we are? Well, were the first people in the UK to offer you TV, Broadband, Phone and Mobile all from one place. The future is bursting with fresh entertainment and communication possibilities. Thats why were here to bring all the excitement to you and make your digital place the brilliant place it should be. Suddenly, everythings coming together, and were the first people to provide you with a unique combina tion of: TV that puts you in control Superfast and reliable broadband Phone packages that fit around you Mobile service that gives you just what you want Whatever you choose with Virgin Media, were aiming to make the whole experience as effortless as the award-winning service our Virgin Mobile customers have enjoyed for years. RATIO ANALYSIS Financial statement analysis is a judgmental process. One of the primary objectives is identification of major changes in trends, and relationships and the investigation of the reasons underlying those changes. The judgment process can be improved by experience and the use of analytical tools. Probably the most widely used financial analysis technique is ratio analysis, the analysis of relationships between two or more line items on the financial statement. Financial ratios are usually expressed in percentage or times. Generally, financial ratios are calculated for the purpose of evaluating aspects of a companys operations and fall into the following categories: Liquidity ratios measure a firms ability to meet its current obligations. Profitability ratios measure managements ability to control expenses and to earn a return on the resources committed to the business. Leverage ratios measure the degree of protection of suppliers of long-term funds and can also aid in judging a firms ability to raise additional debt and its capacity to pay its liabilities on time. LIQUIDITY RATIOS Working Capital: Working capital compares current assets to current liabilities, and serves as the liquid reserve available to satisfy contingencies and uncertainties. A high working capital balance is mandated if the entity is unable to borrow on short notice. The ratio indicates the short-term solvency of a business and in determining if a firm can pay its current liabilities when due. Current Assets Current Liabilities Acid Test or Quick Ratio: A measurement of the liquidity position of the business. The quick ratio compares the cash plus cash equivalents and accounts receivable to the current liabilities. The primary difference between the current ratio and the quick ratio is the quick ratio does not include inventory and prepaid expenses in the calculation. Consequently, a businesss quick ratio will be lower than its current ratio. It is a stringent test of liquidity. Securities + Cash + Marketable Accounts Receivable Current Liabilities Current Ratio: Provides an indication of the liquidity of the business by comparing the amount of current Assets to current liabilities. A businesss current assets generally consist of cash, marketable securities, accounts receivable, and inventories. Current liabilities include accounts payable, current maturities of long-term debt, accrued income taxes, and other accrued expenses that are due within one year. Current Assets Current Liabilities PROFITABILITY RATIOS This ratio reflects the overall profitability of the business. It is calculated by comparing the profit earned and the capital employed to earn it. Return on Capital Employed = Profit before Interest, Tax and dividend *100 Capital Employed Return on shareholders funds This ratio reveals how profitably the proprietors funds have been utilized by the firm. Net profit after interest tax Total shareholders funds Net profit ratio This ratio shows the relationship between net profit and sales. Net Profit Ratio = Net Profit * 100 Net Sales Earnings per Share This ratio measures the profit available to the equity shareholders on a per share basis. All profits left after payment of tax and preference dividend are available to equity shareholders. EPS = Net Profit Dividend on Preference Shares No of equity shares Dividend per Share DPS is the dividend distributed to equity shareholders divided by the no. of equity shares. DPS = Dividend paid to Equity Shareholder No. of Equity Shares Earnings and Dividend Yield This ratio is closely related to EPS and DPS. While the EPS and DPS are calculated on the basis of the book value of shares, this ratio is calculated on the basis of the market value of shares. Earnings Yield = EPS * 100 Market value per share Dividend Yield = DPS * 100 Market value per share Price Earnings Ratio It is computed by dividing the market price of a share by the EPS. PE Ratio = Market Price of the share EPS SOLVENCY RATIOS Debt Equity Ratio This ratio explains the relationship between the long term debts and share holders funds. Debt Equity Ratio = Debt Equity Debt to Total Fund Ratio This ratio is a variation of the Debt Equity Ratio and gives the same indication as the debt equity ratio. In this ratio, debt is expressed in relation to total funds. Debt Total Funds Ratio = Debt Equity + Debt EFFICIENCY RATIOS Sales to Working Capital (Net Working Capital Turnover) Indicates the turnover in working capital per year. A low ratio indicates inefficiency, while a high level implies that the companys working capital is working too hard. Net Sales Average Working Capital Financial Statement: Profit and Loss A/c: Particular 2008( millions) 2009( millions) Turnover 3776.8 3663.9 Operating Profit -271.8 132 Net interest -473.3 -448.9 Profit Before Tax -860.2 -352.8 Profit after Tax -853.4 350.3 Balance Sheet: Particular 2008( millions) 2009( millions) Intangible Assets 2592.6 2283.7 Tangible Assets 5342.1 5045.8 Fixed Investment 353.5 359.9 Total Fixed Assets 8877.8 8087.5 Cash at Bank or in Hand 181.6 430.5 Total Assets 9933.3 9190.5 Creditor Amount 1475.1 1352.2 Creditor Amount after 1 year 192.7 288.8 Total Liability 7917.1 7698.7 Net Assets 2016.2 1491.3 Ratio of Virgin Media: Items 2009 2008 Current Ratio 1.23 1.42 Liquidity Ratio 1.23 1.42 Shareholder liquidity ratio -0.53 0.67 Solvency Ratio 18.63 -41.68 Assets Cover 4.11 1.31 Gearing (%) 361.03 n.s Return on Capital Employed 130.88 -40.30 Return on Total Assets 60.67 -14.92 Ratio Analysis of Virgin Media: In the analysis I got the ratios from profit and loss, balance sheet. There has different ratios like current ratio, liquidity ratio, shareholder liquidity ratio, solvency ratio, assets cover, Gearing Ratio, return on capital employed, return on total assets. So the analyses of this ratio are as follows: In the current ratio the ratio in 2008 is 1.42 whereas in the year 2009 ratio is 1.23. So its slightly decrease from 2008. In the liquidity ratio also it has the same position in both the year. Like as the current ratio. With 1.42 in 2008 and 1.23 in 2009 In shareholder liquidity ratio, in 2008 it has 0.67 and in 2009 it has negative position as -0.53. So, it has also decrease from 2008. In Solvency ratio, in the year 2008 the ratio is -41.68 and in 2009 it has 18.63. So we can say that it has increase as comparison to 2008. In Assets covering ratio, in the year 2008 1.31 value and in 2009 it has 4.11 values. And it is also good for the company. In the return on capital employed, in the year 2008 value is -40.30 has negative value. And in 2009 it has 130.88. It is also good for the company. In the return on total assets, ratio in the year of 2008 has -14.92 which is not good for company. But in the year 2009 it has good value as comparison to 2008 and got 60.67 values. Conclusion: Provide key company information for business intelligence needs The company strengths and weakness and area of development or decline are analyzed. The opportunity open to the company are considered and its growth potential assessed. Competitive or technological threats are highlighted. The report contains critical company information business structure and operations, the company history, major products and services, key competitors, key employees and executive biographies, different locations and important subsidiaries. The report provides detailed financial ratio for the past years as well as interim ratio for the last four quarters. Financial ratio includes profitability, margins and return, liquidity and leverage, financial position and efficiency ratio.

The Rational Choice Approach Free Essays

Whilst people all around the world debate over which political system is the most effective, social scientists are still in debate over which is the best way to analyse politics. Without the correct analysis of political objects how is one supposed to decide which political system or party is the most effective? It is for this reason that the way in which we analyse political objects is so important. There are many different ways to go about analysing politics. We will write a custom essay sample on The Rational Choice Approach or any similar topic only for you Order Now One main distinction to be noted is how in America the subject is called political science, whereas many European universities just call it politics. European scholars would suggest that the name political science is flawed in the sense that you cannot conduct certain political experiments. Rational choice theorists would suggest otherwise as I will explain later on in the essay. In a lecture delivered by Professor Mark Franklin at the European University Institute, he stated; â€Å"We cannot take a random sample of people and give them a new political system to see what happens† (Franklin, 2006). Debates such as these go far further than just cross-national. In this essay I intend to give a brief background to the various approaches to studying politics. I will then go on to outline the strengths and weaknesses of the rational choice approach to understanding the political, paying close attention to the definition of self-interest, using various scholars work to form a critique of the rational choice theory. The studying of politics can be dated back to the ‘Platonic era’ of ancient Greece, as early as 420 B. C. However, the departments of politics came much later. Within these departments one of the earliest forms of analysing politics was through the method of institutionalism. This involved the studying of institutions. Institutionalists looked at how institutions were formed, what they did and how they were structured. Rather than looking at philosophical questions, institutionalists concentrated on normative questions. Institutionalism was criticised for its lack of rigour as it was mainly a descriptive process. Others called it elitist and described it as â€Å"clever people telling others about their own system† (Parvin, 2013). The 1930s saw the American way of thinking revised as a result of the increasing numbers of European scholars entering America. As a result of this, and with the growing criticisms of the conventional approach, analysis took a behavioural standpoint. At the same time of behaviouralism, rational choice theorists were in writing. However, it only flourished in the 1980s. Rational choice theory involves more questioning of peoples decisions and political objectives and was a lot less descriptive. Rational choice theory, first used in the field of economics, suggests individuals are rational and therefore act in their own self-interest. They do this by weighing up the costs and benefits of a situation. It also assumes individuals are rational meaning they do not act outside the norm. Another assumption is that individuals make their decisions whilst taking into account what other individuals do, or what they believe the other individuals will do. The first weakness of the rational choice theory I wish to analyse is the assumption that all individuals are self-interested. To tackle this it is important to define being self-interested. It is often defined as one gaining pleasure from an act. However, is an act still self-interested if the person gains pleasure from helping others? If your answer is no, then what if an act pleasures one’s self whilst helping others, but also putting others at a disadvantage. Is this now self-interested again? For example, when a pressure group member of ‘fathers 4 justice’ climbs a building to encourage politicians to allow him to see his child he would be seen as self-interested. On the other hand, he is doing it in order to care for his child and give him the correct up-bringing he needs. In this instance he may not be considered self-interested. On a further note, by climbing up said building police and other services would be called out to resolve the situation. This could lead to a delayed call-out for police to attend another crime scene, putting others at a disadvantage. Does this now make the act self-interested again? From this series example it is evident that there are usually several parties affected by a particular political movement or decision. It is also evident that upon making political decisions people often have multiple incentives which may involve benefiting ones self and benefiting others, making it extremely difficult to give determine if an act is self-interested or not. Furthermore, assuming it was possible to narrow down an act to being self-interested or not, it is  impossible to say every single person is self-interested. This is outlined by the ‘black swan theory’. This theory suggests that no matter how many white swans you see, you can never rule out the possibility of there being a black swan. One strength of the rational choice theory is that it offers an explanation as to why there has been a a dramatic decrease in political participation since the middle of the 20th century, as outlined in Colin Hay’s book ‘Why we hate politics’. For example, between 1950 and 2001 electoral turnout in the UK has decreased by 24.2% (Hay, 2008: 49). Decreases in electoral turnout doesn’t stop at the UK, since the middle of the 20th century lots of countries including of the OECD countries, bar two. This decrease in political participation may be as a result of voters weighing up the costs and benefits of voting and then coming to the conclusion the costs outweigh the benefits. People feel as if their vote would count for nothing and that one vote is highly unlikely to change who forms the government. Hay goes on to deliver this point of view in the equation of [Uchosen – Uother] p Cvoting. In this equation [Uchosen – Uother] p represents the utility the voter receives if the party they vote for goes into power minus the utility received if the other party goes into power. Cvoting represents the cost of voting and the cost is always greater than the benefits to a rational individual (Hay, 2008: 50). This is further examined by Mancur Oslon in his book ‘The logic of Collective Action’. Oslon highlights how individuals do not participate, letting others put in the work and then reaping the rewards of having a strong government (Oslon, 1971). This has also been linked to the power of the minority and how they can choose to opt out of a trade union but still get the benefits, for example; an increasing wage rate. Both theories presented are easy to accept as they suggest strong explanations as to why there has been a decrease in participation. However, on a closer examination to the voting system, it may appear that there are more benefits to be earned from voting. Many people experience a feeling of pleasure from participating as they feel as if they have done a good deed. Which arguably, they have. Moreover, some people may experience a sense of pride as a result of doing something to help their country. Another point to take into account when weighing up the benefits of voting is that some people may genuinely enjoy the process. On the contrary, when weighing the costs it must be noted that the effort and inconvenience of voting isn’t the only cost in certain cases. Some individuals choose not to vote as they believe by voting they are accepting a certain party’s policies, whereas some people do not agree with any party. Others are anarchists who do not believe governments should exist. In this instance the cost would be far greater, providing further support for the rational choice theory. The rational choice theory has also allowed us to predict behaviour through its vigorous methodology. In the introduction I briefly mentioned the various views on whether or not politics can be viewed as a science. Although we may not be able to conduct experiments which involve observing people in different political systems, we can put them in situations to observe their decision making and relate it to the political. One experiment involving offering two bank robbers the opportunity to either stay quiet or hand over their accomplice saw individuals being rational. The best outcome was if they both stayed quiet and saw them both have reduced sentences, whilst if one stays quiet and the other hands the accomplice over, the accomplice will be sentenced with the one who handed him over going free. However, if they both handed each other over they would both have an increased sentence. This is part of game theory and is known as the prisoner’s dilemma. Being rational, the prisoners near enough always handed over their partner. Rational choice theorists would suggest this can be transferred to the political arena by explaining that they would act with this level of self-interest in all situations, including within the political arena. Nonetheless, it is important to note that choosing between imprisonment and who governs are two completely different scenarios. To say that individuals would act the same in both situations with little evidence to show this is somewhat illogical. For example when confronted by a woman asking you for your wallet you may decide to refuse, but when she is holding a gun to your head your answer may change. The game show whereby similar outcomes are offered to two people but instead of prison sentences, the outcome is how much money they receive is evidence of how the answer depends on what is at stake. Within this show there were always different combinations of answers with both self-interested people and people willing to share. From this essay it is clear that there are many weaknesses. However, it should not go un-noticed that one of the most influential factors that caused the increasing use of the rational choice approach was its vigour. Whilst other approaches offer mere descriptions, rational choice theory goes into deep questioning. Furthermore, the methodology is greater than any other with the use of experiments to allow for more precise, qualitative data to be recorded. On the other hand it could be argued that the use of rational choice approach ignores the study of institutions by focusing solely on the individual. All theories possess strengths and weaknesses. It is also apparent that different approaches may offer more concise measurements in different areas so it is important not to rely on one particular approach, but instead use a variety to allow for a more reliable analysis. Despite the outlined weaknesses, it has had much success in the field of economics. Some may argue that this means we should stick with it as a way of analysing politics. However, I fear that it is not plausible to simply transfer a theory from one subject to another, despite both being social sciences. This is due to the nature of politics being focused on equal distribution and fairness (in the vast majority of countries due to the democratic values resulting in a government for all the people). If people were as self-interested as the rational choice approach suggests then there would be a lot more extreme right-wing and left-wing parties present where the rich want to keep all of their money and the poor want as many benefits as possible. Instead we find a middle ground such as the liberal democrats in England. For this reason, it appears that the methodology does not compliment the ontology as no matter what experiments are carried out, none can be related to the political, as the European University Institute outlined. How to cite The Rational Choice Approach, Papers

Effects of Mass Media Worksheet free essay sample

Material Effects of Mass Media Worksheet Write brief 250-to 300-word answers to each of the following: |Questions |Answers | |What were the major developments in the |There were major developments in the evolution of mass media during the 20th century. It | |evolution of mass media during the 20th |first started in the 19th century with Swedish soprano singer Jenny Lind in 1850. She had | |century? Fans crazed over her music with what was called â€Å"Lindomania† that was spread through | | |showbiz by showman P. T. Barnum. Then, about a century later, there was â€Å"Beatlemania†. I | | |wish I was around for that, I love the Beatles. Anyhow, television was the main source of| | |this frenzy of Beatlemania. They were on the Ed Sullivan Show and it was estimated 40% of | | |the U. S. watched that night. That is an amazing number of people in the country watching | | |such a show back in the 1960s. With all that being said, I would say that that | | |television would be the main source that had developed and made a huge change in the way | | |that media was sent and received. We will write a custom essay sample on Effects of Mass Media Worksheet or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In the late 20th century, the internet started to evolve| | |as well. That was a whole new level of media that no one was used to in the past years. Newspapers, magazines, and television were and are still popular but since the end of the | | |20th century computers and that sort of technology has taken over. Just about all cell | | |phones have internet on them so you can include cell phones along with video games, CDs, | | |and DVDs, to be included with that mass media of the 20th century. It now being the 21st | | |century I can only imagine what other types of media wee will be seeing in our future. How did each development influence |As the developments of media in the 20th century evolved, so had the influence it had on | |American culture? |American culture. It brought both advantages and disadvantages to American culture. The | | |types of media like CDs, DVDs, television and the internet have changed peoples lives. | | |Some people depend on the internet as their number one source of media, while others still | | |may stick to the most traditional ways like, newspapers, television, and magazines.

King Lear Essays (1397 words) - King Lear, Edmund, Cordelia, Goneril

King Lear In Shakespeare's classic tragedy, King Lear, the issue of sight and its relevance to clear vision is a recurring theme. Shakespeare's principal means of portraying this theme is through the characters of Lear and Gloucester. Although Lear can physically see, he is blind in the sense that he lacks insight, understanding, and direction. In contrast, Gloucester becomes physically blind but gains the type of vision that Lear lacks. It is evident from these two characters that clear vision is not derived solely from physical sight. Lear's failure to understand this is the principal cause of his demise, while Gloucester learns to achieve clear vision, and consequently avoids a fate similar to Lear's. Throughout most of King Lear, Lear's vision is clouded by his lack of insight. Since he cannot see into other people's characters, he can never identify them for who they truly are. When Lear is angered by Cordelia, Kent tries to reason with Lear, who is too stubborn to remain open-minded. Lear responds to Kent's opposition with, Out of my sight!, to which Kent responds, See better, Lear, and let me still remain (I.i.160). Here, Lear is saying he never wants to see Kent again, but he could never truly see him for who he was. Kent was only trying to do what was best for Lear, but Lear could not see that. Kent's vision is not clouded, as is Lear's, and he knows that he can remain near Lear as long as he is in disguise. Later, Lear's vision is so superficial that he is easily duped by the physical garments and simple disguise that Kent wears. Lear cannot see who Kent really. He only learns of Kent's noble and honest character just prior to his death, when his vision is cleared. By this time, however, it is too late for an honest relationship to be salvaged. Lear's vision is also marred by his lack of direction in life, and his poor foresight, his inability to predict the consequences of his actions. He cannot look far enough into the future to see the consequences of his actions. This, in addition to his lack of insight into other people, condemns his relationship with his most beloved daughter, Cordelia. When Lear asks his daughters who loves him most, he already thinks that Cordelia has the most love for him. However, when Cordelia says, I love your Majesty/According to my bond, no more nor less (I.i.94-95), Lear cannot see what these words really mean. Goneril and Regan are only putting on an act. They do not truly love Lear as much as they should. When Cordelia says these words, she has seen her sisters' facade, and she does not want to associate her true love with their false love. Lear, however, is fooled by Goneril and Regan into thinking that they love him, while Cordelia does not. Kent, who has sufficient insight, is able to see through the dialogue and knows that Cordelia is the only daughter who actually loves Lear. He tries to convince Lear of this, saying, Answer my life my judgment,/Thy youngest daughter does not love thee least (I.i.153-154). Lear, however, lacks the insight that Kent has. He only sees what is on the surface, and cannot understand the deeper intentions of the daughters' speeches. As his anger grows from the argument, his foresight diminishes as he becomes increasingly rash and narrow minded . When Lear disowns Cordelia, he says, we/Have no such daughter, nor shall ever see/That face of hers again (I.i.264-266). He cannot see far enough into the future to understand the consequences of this action. Ironically, he later discovers that Cordelia is the only daughter he wants to see, asking her to forget and forgive (IV.vii.85). By this time, he has finally started to gain some direction, and his vision is cleared, but it is too late for his life to be saved. His lack of precognition had condemned him from the beginning. Lear depicts Shakespeare's theme of clear vision by demonstrating that physical sight does not guarantee clear sight. Gloucester depicts this theme by demonstrating clear vision, despite the total lack of physical sight. Prior to the loss of his eyes, Gloucester's vision was much like King Lear Essays (1397 words) - King Lear, Edmund, Cordelia, Goneril King Lear In Shakespeare's classic tragedy, King Lear, the issue of sight and its relevance to clear vision is a recurring theme. Shakespeare's principal means of portraying this theme is through the characters of Lear and Gloucester. Although Lear can physically see, he is blind in the sense that he lacks insight, understanding, and direction. In contrast, Gloucester becomes physically blind but gains the type of vision that Lear lacks. It is evident from these two characters that clear vision is not derived solely from physical sight. Lear's failure to understand this is the principal cause of his demise, while Gloucester learns to achieve clear vision, and consequently avoids a fate similar to Lear's. Throughout most of King Lear, Lear's vision is clouded by his lack of insight. Since he cannot see into other people's characters, he can never identify them for who they truly are. When Lear is angered by Cordelia, Kent tries to reason with Lear, who is too stubborn to remain open-minded. Lear responds to Kent's opposition with, Out of my sight!, to which Kent responds, See better, Lear, and let me still remain (I.i.160). Here, Lear is saying he never wants to see Kent again, but he could never truly see him for who he was. Kent was only trying to do what was best for Lear, but Lear could not see that. Kent's vision is not clouded, as is Lear's, and he knows that he can remain near Lear as long as he is in disguise. Later, Lear's vision is so superficial that he is easily duped by the physical garments and simple disguise that Kent wears. Lear cannot see who Kent really. He only learns of Kent's noble and honest character just prior to his death, when his vision is cleared. By this time, however, it is too late for an honest relationship to be salvaged. Lear's vision is also marred by his lack of direction in life, and his poor foresight, his inability to predict the consequences of his actions. He cannot look far enough into the future to see the consequences of his actions. This, in addition to his lack of insight into other people, condemns his relationship with his most beloved daughter, Cordelia. When Lear asks his daughters who loves him most, he already thinks that Cordelia has the most love for him. However, when Cordelia says, I love your Majesty/According to my bond, no more nor less (I.i.94-95), Lear cannot see what these words really mean. Goneril and Regan are only putting on an act. They do not truly love Lear as much as they should. When Cordelia says these words, she has seen her sisters' facade, and she does not want to associate her true love with their false love. Lear, however, is fooled by Goneril and Regan into thinking that they love him, while Cordelia does not. Kent, who has sufficient insight, is able to see through the dialogue and knows that Cordelia is the only daughter who actually loves Lear. He tries to convince Lear of this, saying, Answer my life my judgment,/Thy youngest daughter does not love thee least (I.i.153-154). Lear, however, lacks the insight that Kent has. He only sees what is on the surface, and cannot understand the deeper intentions of the daughters' speeches. As his anger grows from the argument, his foresight diminishes as he becomes increasingly rash and narrow minded . When Lear disowns Cordelia, he says, we/Have no such daughter, nor shall ever see/That face of hers again (I.i.264-266). He cannot see far enough into the future to understand the consequences of this action. Ironically, he later discovers that Cordelia is the only daughter he wants to see, asking her to forget and forgive (IV.vii.85). By this time, he has finally started to gain some direction, and his vision is cleared, but it is too late for his life to be saved. His lack of precognition had condemned him from the beginning. Lear depicts Shakespeare's theme of clear vision by demonstrating that physical sight does not guarantee clear sight. Gloucester depicts this theme by demonstrating clear vision, despite the total lack of physical sight. Prior to the loss of his eyes, Gloucester's vision was much like

Defining Democracy essays

Defining Democracy essays When formulating my definition of democracy, I was forced to use other examples of democracy as a basis, a starting point. One of the greatest sources of this information lay in Arend Lijpharts book, Patterns of Democracy. In this book, Lijphart discusses different definitions of democracy, exemplified through the use of models. In examining models such as the majority model, and the consensus model, Lijphart offers different definitions of what democracy really is. However, though these definitions may suffice for Lijphart, for me these definitions simply serve as a basis for a more complete and well-rounded definition of democracy, pulled from all of the aforementioned subjects. Before I may give my complete and concise definition of democracy, I must first examine some of the models of democracy that Lijphart mentions in his book. One of the first models of democracy mentioned in Lijpharts book is the majoritarian model of democracy. The to-the-point model basically favors the majority of the people, over the minority of the people (Lijphart, pg. 2). It states that in essence a majority government would be more, by the people, for the people, than a minority government (Lijphart, pg. 2). While this definition does seem adequate and provide a platform to begin, it has its issues too. This model does not account for tyranny of the majority, nor does it account for the lack of political knowledge frequently held by the masses, or the majority. In essence, it does provide one definition of democracy. Another model which resembles the majoritarian model of democracy is Lijpharts consensus model, is the model that as many people as possible is the definition of a democracy (Lijphart, pg. 2). While this model resembles the majoritarian model of democracy, it somehow requires that a democracy must hold as many people as possible, (Lijphart, pg. 2). While this may also appear to be a valid de...

Healthcare Professionals Assuming Active Administrative Roles Annotated Bibliography

Healthcare Professionals Assuming Active Administrative Roles - Annotated Bibliography Example The section introduces healthcare’s complexity and its suggestion for medical practitioners to assume administrative roles. This is because they have adequate information and experience regarding what the field entails contrary to politicians or other policymakers. The latter groups do not have the necessary experience coupled with knowledge on how to promote the fields’ effective professional practices and ethics (Belluz, 2011). Since, besides their varied specializations, they can also receive additional education regarding management through induction. This is especially in the sections that entail their involvement. This section also offers adequate literature regarding present changes characterizing healthcare, which entails doctors’ involvement especially in assuming managerial posts. The section highlights the essence of doctors undertaking extra courses or inductions meant to refine their administrative skills. This is especially in the sections that considerably entail their involvement, for instance, being administrators. Hence, promote service delivery not only in the confinements of the healthcare facility but also outside where practitioners ought to attend while checking out patients as specified by HMO. This is an essential section because its core purpose focuses on augmenting practitioners’ knowledge, hence refine their skills to become remarkable clinical leaders. This subsection compares former federal’s proposition of increasing professionals’ distribution across the state to training the available doctors.

Qualitative Dissertation Study Analysis LOCATE ANY QUALITATIVE Essay

Qualitative Dissertation Study Analysis LOCATE ANY QUALITATIVE DISSERTATION AND SUBMIT WITH ASSIGNMENT - Essay Example Twelve female season-ticket holders of university men’s basketball, with no recent attendance at a women’s basketball game, were interviewed using a semi-structured format† (Farrell, 2006, p. 1). The logic behind this selection of interview subjects was simple. If Farrell had analyzed women who do not like sports to determine why they do not watch women’s sports, it would have led to too obvious a conclusion: Women just do not like sports, women or men’s. However, it does seem possible that women who like sports like men’s sports, that there may be something about men’s sports in particular that would attract them in particular, such that talking to either fans of women’s sports or women who watch neither would be relevant as a control. Nonetheless, this choice of interview subject is designed to find people who not only like sports but also like them enough to buy a season-ticket pass to college games. Farrell (2006) pointed to research that identifies four different categories of research interest: characteristics of language, discovery of regularities, discerning meaning, and reflection. She also pointed out that qualitative and quantitative techniques are not strict binaries. For example, one quantitative technique, numerical and statistical analysis, is done on a fundamentally qualitative tool, a survey, by having people rank their beliefs from 1 to 7 or on any other scale. Farrell defined qualitative research, in line with Golafshani (2003), as â€Å"a naturalistic approach that seeks to understand phenomena in context-specific settings, such as a real world setting where the researcher does not attempt to manipulate the phenomenon of interest† (p. 61). Theoretical Background Farrell (2006) used social constructivism and critical theory for her interpretation, noting that many other approaches (positivism, pragmatism, interpretivism, postmodern techniques) are also equally viable. She defined s ocial constructivism thusly: â€Å"Social constructivism asserts that humans construct knowledge using collective social instruments such as language and cultural practices† (p. 62). A social constructivist argument would take it as a given that the category of â€Å"women† is not fixed, so there is no answer for â€Å"Why don’t women like women’s sports?† that has the form â€Å"Because that is what women do† or â€Å"Women are genetically programmed only to like male gladiatorial rituals†. If women do not like women’s sports, it must be a social factor: acculturation, values, the failure of women’s sports to appeal to their values or interests, etc. Farrell (2006) justified her use of critical theory thusly: The study of women in sport is, in essence, a study of gender struggles against male hegemonic values embedded in the construction of sport as a male preserve. Critical theory lends itself well to a more deliberate investigation of the power structures of sport in this study (p. 63). Indeed, critical theory’

Economic Benefits of the Commonwealth Games: Manchester

Economic Benefits of the Commonwealth Games: Manchester Economic benefits that Manchester gained by hosting the Commonwealth Games 2002 This paper discusses Manchester’s hosting of the 2002 Commonwealth games, and how it was used as a catalyst for urban regeneration. It discusses the theory and history behind hosting Mega events.  The rationale behind cities bidding for mega events has shifted. They bid not only to raise the image of their city on the world stage, button use the new facilities as a catalyst for urban regeneration. The Manchester case study is drawn from the local council websites and reports published during and after the event. This gave an insight into the long term economic gains for the city. The paper concludes that the hosting and the urban regeneration were successful for Manchester. This success has promoted other cities to bid for Mega events. 2.0 Introduction There are three advents that are described as mega events, the Football world cup, the Olympic and Commonwealth games. These events are held every four years, with cities around the world bidding to host them. For the purpose of this paper the discussion will be on the Olympic and Commonwealth games. The main Focus will be on Manchester hosting of the2002 Commonwealth games. Mega events as steeped in tradition, they are a platform for host cities to show what they can do. Cities plan for them years in advance, putting their bid forward so they can succeed on the world’s stage. When a city is successful in a bid, there are other cities that are disappointed. This paper discusses Manchester’s successful Commonwealth games bid after two failed Olympic bids. When a city hosts a Mega event it is in the public eye, everybody remembers the spectacle of the opening and closing ceremonies. What is not so public is all the planning behind the scenes, committing resources to the success of the games. These resources are committed at an early stage; the bid has to be viable to be considered. The rational for hosting games has shifted from the prestige associated with the attention of the world’s media, to a tool for regenerating rundown areas of the host city. Therefore the planning of the venues has shifted from temporary buildings, to long term facilities for the local communities. Some cities hosting mega events are looking at the long term usage for the new facilities after the event, in the past a lot of these buildings were built as temporary structures and pulled down shortly after the closing ceremony. This is viewed by some commentators as waste of resources, with prolonging the life of these buildings cities, can benefit long after the games are finished. This shift has attracted new cities to bid for Mega events, with the justification that it will lead to economic growth both short and long-term. The benefit can be two fold, raising the image of the city and regenerating a rundown area. Although not all host cities have been successful at obtaining growth, some are still repaying the debt that was run up to host the games. The resources that each city has ploughed into holding these prestige games are immense. To succeed they require the backing of local residents, council, sports providers, grants, the government and their agencies. This should be incorporate at the planning stage to increase the chance of a successful bid. The value to local residents of a city hosting a mega event is immense in economic terms. It is not only the new facilities that can generate income, if the games are a success, the city can attract tourism long after the event. The games cannot be viewed in isolation of the sporting stage, there is the build-up to the bid, the planning of hosting the games and the long term value they van add to the city. All these factors make up a successful mega event bid. Manchester spent a long time planning for the games. This is illustrated in the time line that appears in the appendices of this paper. This was not an easy ride, as financial problems affected the plans. Manchester overcame these and held the 2002 Commonwealth games. 3.0 Aims and objectives The aim of this paper is to assess the economic impact of cities hosting mega event; this will concentrate on the 2002 common wealth games held in Manchester. The objectives are †¢Ã‚  An in depth analysis of the history of mega events, with the resources and planning to host such an event   †¢Ã‚  An analysis of the economic benefits that can be gained and the disadvantages of hosting a major sporting event. 4.0 Methodology This chapter discusses the research methods used for the project and the rationale for their choice. It discusses methods that were not used, with justification of why they were not included.  Included is a critique of methods selected, and with hindsight identifies any changes that would have enhanced the research.   This paper critically evaluates the impact of the 2002 Commonwealth games on the city of Manchester. This paper will investigate the economic impact of a mega event and the subsequent urban regeneration. This will be compared to other host cities, both with the Commonwealth and Olympic games. Selection of the topic was stimulated and formed out of heightened publicity on the topic. The aim of holding the games was not only publicity for the city but to use it as a tool of urban regeneration. The nature of the research was discussed with colleagues and fellow students this not only added practical ideas and suggestions, it opened new avenues of thought.  This was the discussed with lecturers sounding out ideas, gauging opinions and clarifying the question.  Focusing in on the question was obtained by employing relevance trees, narrowing the research area.  This gave direction to the research, although with reviewing the literature this changed several times (Buzau, J. 1995).   Next, a research proposal was compiled, with the benefit of organising ideas and setting a time-scale for research.  Theoretically, the proposal would highlight any difficulties with the research question and access to data.  Creating a time-scale would focus on targets and meet deadlines in the completion of the paper.   The literature review, discussing theories and ideas that exist on the topic formed the foundation of the paper.  The findings from the research are then tested on theories for validity (Saunders, M. et al1997).  The literature review was challenging, there is very little academic research on the topic area. Most of the literature focused on individual’s performances at the games, and the impact of hosting the Olympic Games. This information proved relevant in understanding the justification for bidding for mega events. Journals and newspaper articles were the back bone for the review, together with internet sites and reports. Tertiary data sources, such as library catalogues and indexes were used to scan for secondary data.  This produced journals and newspaper articles, and Internet addresses.  With the amount of literature, it took time to sort out relevant material to the research.  Narrowing down the search Bell’s (1993) six point’s parameters was applied.  Applying key words that were identified in the first search produced relevant and up-to-date material (Bell, J.1993).  A limitation on the literature search was the amount of time to read all articles and books on the subject. Whilst reviewing the literature references to other publications were followed and reviewed.  Bells checklist on identifying the relevance of literature found was a practical method to reduce the amount of reading (Bell, J. 1993). A case study on the impact on the city of Manchester of the 2002Commonwealth games was chose to replace primary research. This would report the actual benefits gained by staging such a major event. There is a lot of information presented in articles on the benefits of hosting Mega games, but little on the problems.  Therefore a lot of information was rejected due to the bias of the content. Articles and web sites were used to form a picture of the impact. This would then be compared with the literature and previous host cities To produce primary data the success of a mega event proved to be vast task, taking a lot of time to produce results. Internal and external operations of several organisations, providers, spectators and competitors would have to be compared to reach any level of validity. Instead it was decide to review a case study. This was then compared to the literature review. 5.0 Literature Review This section will review all the relevant literature on mega events, including cities that have bid and hosted them together with the history of the games. The review will also discuss the rationale behind bidding and the benefits it can bring to a City who hosts an mega event. 5.1 Mega Events Mega events are regularly defined as special events, these have unique status. Hamilton, (1997) characterise these events containing similar features, including international dimensions, short-termed, and may be either a one-off occurrence or conducted on a regular cycle. From the literature, size emerges as a dominant distinguishing feature separating mega from non-mega events. Both the Olympics and the commonwealth games fall into this category, they are international, short termed and held on a regular cycle. They are held every four years, at different locations (Hamilton, L 1997:124). Sporting events are rapidly increasing in popularity as a means of attracting attention to particular geographic locations (Getz, 1998).Increasingly, cities are basing their marketing around Mega events(e.g. Manchester and the Commonwealth Games), in order to maximise the benefits to be achieved from event-driven tourism, sponsorship, and media exposure. Sporting events make up an important part of the overall Mega event industry. In reality there are a limited number of Mega sporting events that exist. This has led to fierce competition among cities to be successful in winning the business of playing event host (Getz, (1998) cited in  Westerner, H et al 2002:303). 5.2 Resources Required The size of an event can be discussed in four different ways. First is determined by the noticeable involvement of national and regional government authorities. Government agencies provide an event with the development of policies, infrastructure or making resources available supporting the attraction of events to major cities  (Westerner, H teal 2002). Higher technical competencies are required, such as advanced facilities, suitable event location and skilled personnel; these are directly related to size of the event. The demands placed on services provided by host cities to deliver an event is of superior quality when compared to other event types. The technical competencies must satisfy number of requirements. This includes the technical standards set by international federations pertaining to competition, non-competition elements (accommodation and transport) and personnel issues competition management, and personnel issues  (Westerner, H et al 2002). The higher competencies are a requirement for the event management team, made up of both bid and operational teams, it is composed of expert people capable of carrying out professional relations with event owners and organisers prior to and throughout the event as well as having the technical expertise to stage the event  (Westerner, H et al2002). The hosting City requires broad support from both direct and indirect stakeholders. Overall approval must come from the general public, government, (target) markets and other business sectors. The large amount of capital invested from the public purse in bidding for and staging an event, it is essential for strong community support for the process (Ernst Young, (1992) cited in  Westerner, H et al2002:305). 5.3 Planning for the Games International and worldwide events are more important now than ever before. In most countries major events are significant to all levels of society and institutions, whether at local or national level. Sporting events dominate large sections of the press, television and radiobroadcasts. Therefore event management has become an industry in its own right, with both specialist organisations and individuals(Torkildson, G 2005). The decision making process for the bid will develop a long term strategic plan (Johnson G, , Scholes, K 2004). This strategy is the direction and capacity of an organisation, (i.e. the committee forth games) which achieves advantages through its configuration of resources within the changing environment. The strategy answers both the questions where do you want to go? and how do you want to get there?  The first question is answered when the bid is accepted and the second is answered when the strategies are planned (Mullins L2005). Planning is the first stage of implementing the development of the city for the capacity to hold the games. Managers are required to step back to look at the environment, competitors, market place and review both the internal and external strengths and weaknesses. A SWOT analysis will focus the managers on both internal and external factors that can affect a new strategy. The host city must recognise its strengths and utilise them, and reduce weak areas through planning (Groucutt, J. teal 2004). Managerial decisions are made to identify what is required to implement the new strategy. What are the new resources are required? I.e. Property, finance or employees, and how will the city gain these resources?  Then the risk should be assessed for its long term value to the host. Strategies should not only be considered on how they will affect existing resource capabilities, but also if needed new resources and how they will be controlled. The costs to the host should be weighed against the long term gains, and if needed it can be reviewed, accessed and amended accordingly (G, Johnson K, Scholes, 2004). Mega Events are a dynamic and multi-dimensional phenomena, there are at the same time, urban events, tourist events, media events and international global events. They are the subject of collective corporate recourse, with action in each of the sections. Therefore amulet dimensional approach is required in the planning and managing of the games. This requires multi-disciplinary team based approach(Torkildson, G 2005).   5.4 Marketing Kilter et al (1993) identify several target markets to which place marketers direct their attention. These include visitors’ athletes, officials, spectators and the media, residents and workers, business and industry, and export markets. The focus of sporting events is on the visitor segment, including business and non-business visitors. Business visitors include persons who travel to a place for meetings, conventions, to inspect sites or to buy or sell a product. Non-business visitors include tourists who travel to see the place and travellers who are visiting family and friends. Individuals travelling to particular destination to attend the event or teams and participants attending events as well as organizing committees and such can also be categorized as non-business visitors (Kilter, P et al 1993). The increase in the competition and the globalisation has not only saturated the extent of competition in the markets but mainly saturated the target markets itself as argued by Brassington and Pettit (2003).This is mainly because of the fact that the high level of competition among the participating organisations in a given market segment has increased the product range leaving the customers with an endless variety of products to choose for satisfying their requirements. This level of saturation has also increased the need for further development in the market in order to achieve competitive advantage as well as sustainable growth in the business (Brassington, F and Pettit, S 2003). Therefore mega events will if correctly marketed stand alone as a once only product. This product offers a unique entry into a market, there is little comparative competition, although all sport and leisure will compete for their market share. Although a Mega event is no normally at the same level as the existing competition. This approach is accomplished through the geographical spread either nationally or internationally by the host (Lynch, R 2003). The domestic and/or international media, coupled with the selling of broadcasting rights, are important characteristics of mega events The support of the media prior to or during an event guarantees exposure and consequently raises world-wide awareness of the event and host city. The 2000 Olympics in Sydney generated in excess of $1.3 billion in revenue from broadcasting the Games, indicating the substantial financial returns for event owners, organisers and the host city brought about by media support for the event ( Westerner, H et al2002). 5.5 Sponsorship Corporate sponsorship of sports and other events is one of the fastest growing forms of marketing communications used to reach target audiences. The rate of growth in sponsorship expenditures is greater than for traditional media advertising and sales promotion. Corporate spending on sponsorship worldwide was estimated to grow 12 present in2001 (Roy, D and Cornwell, T 2003). Sponsorship is viewed as a means of avoiding this clutter by enabling sponsors to identify and target well-defined audiences in terms of demographics and lifestyles. Linking a brand with an event via sponsorship enables firms to gain consumers attention and interest by associating with events that are important to them. Despite the increased use of sponsorship to reach market segments there has been little research on the impact of sponsorship on consumer behaviour(Roy, D and Cornwell, T 2003). While sports sponsorship activities range from providing athletes with uniforms to funding entire stadiums, the basic principle behind such sponsor ships appears to be their proposed ability to increase brand equity by means of enhancing brand image. There are several key goals associated with corporate sponsorship of events such as (1) enhanced brand image via associations with positively perceived events; (2)increased goodwill via perceptions of corporate generosity; and (3)elevated brand awareness due to increased exposure (Miyazaki, A and Morgan, A 2001). The high prices paid for Olympic sponsorships reveals that at least some organisations find these efforts to be worthwhile. This is illustrated by comments from top corporate officials that the Olympics are â€Å"the most important marketing opportunity of the decade† and management suggestions that this investment will heighten global recognition and increase revenue (Miyazaki, A and Morgan, A 2001:9). 5.6 Tourism In the 1980s and 1990s, political, economic, and technological developments that led to the global economy became a feature of the environment within which cities compete for economic growth. This trade in goods and services has become increasingly open and internationally competitive; cities had to compete with cities from around the world for investment capital, businesses, and tourists. Cities such as New York, London, and Tokyo have become â€Å"global or world† cities in the urban hierarchy. These cities contain the largest variety of cultural and entertainment facilities of the highest quality, such as museums, galleries, opera houses, theatres, and concert halls (Burbank, J et al2002) Therefore other cities are a disadvantage when competing for tourism. The pursuit of hosting a mega-event is a mechanism for economic growth. This strategy relies on obtaining a single event large enough to be seen as a way to generate future economic growth. Many events can bring tourists and attention to a city, but the mega-events sufficiently large that it creates a single focal point and timeframe for completing event-related development. It is also noted that stadiums and sports teams are luxuries that financially strapped cities can ill afford; therefore holding a mega event can provide the city with these facilities for the future (Burbank, J et al 2002) The number of tourists to an area where a mega event is due to take place increases.  Individuals are drawn to destinations because of omega (sporting) event rather than the region itself. For example, tourism estimates of visits to Sydney between 1997 and 2004, as direct response to the Olympic Games, have been set at 1.7 million. Actual visits for the period during 2000 have been estimated to be 20 percent of this total (Forecast, 2001). Arising from the growth of the tourism industry has been an emphasis on place (or city) marketing and promotion and the emergence of mega sporting events to support and enhance this promotion. Place marketing represents the techniques utilised by certain organisations to raise the awareness of their particular destination to specified target markets.  Promotional objectives relate to capturing the attention of international visitors and to providing information in an endeavour to entice them to travel to a specific destination (Moutinho, L and Wits 1994). 5.7 Attendance of Events A standard set of economic factors would be expected to affect demand for attendance. Price of admission and, more generally, the opportunity cost of attendance (including cost of travel, car parking, food and beverages at the venue, and programme), would be predicted to be negatively related to attendance. Income of the potential audience at sporting contest, and size of population in the potential market for contest, would be expected to be related positively to attendance. Availability and price of substitutes would also influence attendance. Some substitutes might be considered â€Å"direct†, such as the live broadcast of the event. Other substitutes will be â€Å"indirect†, for example, attending a different sporting event or contest; or other types of entertainment alternatives such as theatre or movies (Borland and  Macdonald, R 2003) Macroeconomic factors could have an impact on attendance such as threat of unemployment. Although it has been suggested that attendance at sporting events may constitute a social outlet for unemployed persons, therefore the attendance is higher as the rate of unemployment increases (Borland, J and  Macdonald, R 2003) The infrastructure of the venue has a direct impact on attendance to the events. The quality of viewing, the facilities at the stadium, the quality of seating; the impact of adverse weather conditions; distance from contest and extent of vision to different parts of the sporting field. Catering and bathroom facilities can also have an impact(Borland, J and  Macdonald, R 2003) 5.8 Economic Benefits The national government’s involvement in bringing events to a city is on the increase. The level of spending dedicated to biding for an event demonstrates the strength of governments backing. This is to the detriment of the competition with other (cultural) activities undertaken by government and other interest groups. Openly supporting abide increases the pressure of accountability to the public and hence support will only be given, if it is clear that justifiable and measurable benefits for all stakeholders are generated by hosting the event (Westerner, H et al 2002). The economic activity associated with staging mega sporting event can create significant economic benefits for the host destination. Howard and Crompton (1995) defined the economic impact as â€Å"the net economic change in a host economy that results from spending attributed to sports event or facility†. Economic impact studies enable the quantification of the benefits to a community to be ascertained in order to justify the investment in the event (Howard, D and Crompton, J1995:55). The Olympic Games provide an obvious example of significant economic contribution by a mega sporting event. The 1984 Los Angeles Olympics made a profit of US$125 million with the Seoul Olympics exceeding that profit by a further US$50 million. Outcomes of this magnitude serve to encourage cities to bid for high status events (Law, C 1993). In September 1990, Atlanta won the bid to host the 1996 Summer Olympic Games. In spite of the approximately $2.5 billion price tag, the benefits derived from hosting the Olympic Games were expected to outweigh the costs. Positive media attention, construction of facilities and infrastructure, and employment increases were identified as the primary beneficial output of this massive endeavour. The cash in flow during mega games is relatively easy to identify, the legacy â€Å"of the games in terms of long-term benefits is more difficult to measure. The positive employment impact of the 1996 Summer Olympic Games, led to a 17% increase in long term employment in the surrounding area (Hotchkiss, J et al 2003). It must be noted at this point that not all events are successful financially. While focusing on the economic benefits presented by mega sporting events, there are significant financial burdens that such events place on host communities. This financial commitment to events often requires a degree of community assistance through public funding. The external benefits associated with mega sporting events enable this financial assistance to be classified as an investment, with clear reciprocal benefits to the host community (Westerner, H et al 2002). Once the mega-event policy is underway, extra-local interests become increasingly vital to a successful outcome. Hosting modern games requires the authority and cooperation of not only the host city, but other state and local governments and agencies as well. Moreover, the financial demands of the games require support from local public and private sources, but are increasingly dependent on multinational corporations and the government (Burbank, J et al 2002). Several global cities have had their fingers burned by over ambitious sports development plans. Sydney found itself in trouble finding permanent use for Stadium Australia. The Manchester bid, while ambitious, was also realistic. It already had the G-Mix Centre and MEN arena, Old Trafford and Maine Road football grounds. It has added to this the velodrome, an aquatics centre, Sport-city, and the City of Manchester stadium. These facilities are part of the long term regeneration, the aquatic centre has been appropriately sited for the city’s three universities; Sport-city is to become one of 10 regional centres of excellence in sport; and the stadium will be used jointly by Manchester City football club and community teams (Anonymous 2002). 5.9 Urban Renewal The Olympic Games are regarded as the world’s most prestigious sporting occasion. They are typical of mega events in that they are transitory, bring short-term international participation and attention and can have long-term consequences for the host city. There is considerable investment in both sporting facilities and the supporting infrastructure, although after the games these then become legacies to the host city.  The costs involved in hosting the Games are now so high that host cities can often only justify the expenditure when it is seen as leading to a major programme of regeneration and improvement (Essex’s and Chalked, B. 1997). Harvey (1989) has discussed that urban policies to compensate Forde-industrialisation have become more proactive and entrepreneurial often involving some form of interurban competition for jobs and investment. The use of ‘urban spectacles’, such as major sporting events, as a strategy for urban renewal are being seen as one of the main products of post-modern society This is also a means by which cities express their personality, enhance their status and advertise their position on the global stage. Urban politics have shifted to ales bureaucratic, more entrepreneurial and autonomous stance (Harvey 1989).  An example of these new urban politics is Manchester’s Olympic bids of the 1980s and 1990s, in which local government-based decision-making and bureaucratic politics were essentially replaced bay dynamic business leadership (Essex, S and Chalked, B. 1997). For the host cities there is important justification for bidding to stage the Games, particularly in recent years, the stimulus to economic development and urban regeneration. The event can promote economic activity as a result of the jobs created by the vast numbers of tourists visiting the city before, during and after the event. The construction of sports facilities can also play a role in programmes of urban renewal by, for example, introducing new sporting and recreational facilities into previously under-provided areas. On broader scale, preparations for the event can also provide a means of justifying new investment in transport infrastructure and in projects to enhance the city’s landscape and physical appearance (Essex, S andChalkley, B. 1997) 5.10 History of Mega events There are several games that are held on a four yearly cycle; these include the Olympics, Commonwealth, and the world cup. Each has grown in stature with more cities bidding for the right to stage them. The information below was extracted from both the Olympics and Commonwealth Games web sites. The first Commonwealth Games were the product of discussions and ideas shared over a thirty year period. John Cooper proposed sports and cultural gatherings for English speaking nations in 1891. In 1911 sport competitions were part of the Festival of the Empire in London, in which athletes from England, Canada, South Africa and Australasia competed (www commonwealthgames.org). The first games in Hamilton Ontario, Canada consisted of six sports, with around 400 athletes from 11 nations. The name of the games has changed frequently. The first four games were known as the British Empire Games. The name was changed to British Empire and Commonwealth Games for the 1954-1962 editions. From 1966 to 1974 the name British Commonwealth Games was used and from 1978 to the present the Commonwealth Games Kuala Lumpur, Malaysia hosted a very successful 1998 edition of the Commonwealth Games. The Queen’s Baton was carried to the stadium on an elephant and presented to Prince Edward by Malaysia’s first ever Commonwealth medal winner Kohl Eng. Tong, a bronze medallist in weightlifting from the 1954 games   The Olympic Games are steeped in history. Today, the Olympic Games are the worlds largest pageant of athletic skill and competitive spirit. They are also displays of nationalism, commerce and politics. These two opposing elements of the Olympics are not a modern invention. The conflict between the Olympic movements high ideals and the commercialism or political acts which accompany the Games has been noted since ancient times According to legend, the ancient Olympic Games were founded by Heracles son of Zeus. Yet the first Olympic Games for which we still have written records were held in 776 BCE (though it is generally believed that the Games had been going on for many years already). Approximately1500 years later, a young Frenchmen named Pierre de Coubertin began their revival. The revival of the ancient Olympics in 1896 attracted athletes from 14 nations. The largest delegations came from Greece, Germany, France and Great Britain. Winners were awarded a silver medal and an olive branch   To conclude the games are steeped in history and are a prestige event for any city to host. They can raise the city’s image on the world wide stage, thereby attracting tourism in the future. But an emerging factories they can be a catalyst for urban regeneration, therefore the value of holding the games can be immense to host city, if it is conducted right.   6.0 Case Study Manchester This section will present the facts of Manchester successful bid forth 2002 Commonwealth games. The information is from the City Council’s web site, reports and articles. The second part will pre

Commercial Bank Service Delivery

Commerce Bank INDUSTRY: Banking SERVICE: Checking Accounts & Loans COMPANY/BRAND: Commerce Bank SOURCE: HBS Premier Case Collection WRITTEN BY: Frances X. Frei, Corey Hajim PUBLICATION DATE: Dec 02, 2002 PROD. #: 603080-PDF-ENG Reader's comments would be much appreciated and replied to!!! Analyze Commerce Bank's service delivery system prior to ‘Retailtainment’. Base your analysis on the following heads: Service OfferingFunding Mechanism Employee Management System Customer Management System ANALYSIS: Commerce Bank’s Service Delivery System Commerce Bank’s entire banking and operational philosophy is designed around creating a retail experience for the customer. This was unusual for the entire banking industry and thus a great source of differentiation from both the operational standpoint and from the service delivery design perspective.This meant that the entire value proposition from the customers’ standpoint depended on the design of the service en vironment/theater including the 3 service marketing mix variables This can be seen from employee comments and facts in the case about these variables Product: â€Å"We believe the value of a bank is not its loan base but rather the deposit base† – Vernon Hill (Chairman & CEO) Price: â€Å"We are generally the lowest ratepayers in every market† – Vernon Hill (Chairman & CEO) Place: ‘†¦ eciding where to put a branch was just as important as what the building looked like.. ’ Promotion: ‘Commerce spent $500,000/branch in NYC on promotion†¦Ã¢â‚¬â„¢ and ‘Red and blue painted Commerce vans with an emblazoned logo’ People: â€Å"This is not a job for someone who ‘s interested in being cool or indifferent† – John Manning (Employee Trainer) Process: â€Å"the way we look at credit and credit quality is a lot tougher†¦Ã¢â‚¬  – Falese Physical Evidence: â€Å"They i. . customers know what th e deal is whenever they visit one of our banks† – John Cunningham (CMO) The Chairman and CEO, Vernon Hill has been able to do this by understanding 2 very important aspects or critical success factors of the banking business Understanding the Nature of the Servicescape: Despite trends (cross selling & non-interest revenue) in the banking industry moving towards the more remote delivery mode (Pg. : Most banks actively encouraged customers to move their transactions from full-service channels to self-service channels†¦monetary penalties for using the more expensive channels†¦charging $3 to visit the teller), he understood that because banking as a service depended so heavily on the service attributes of searchability, experience and credence and the nature of the servicescape was in essence that of an Elaborate- Interpersonal type Reducing the Listening Gap (from Gap Model of Service Quality): In comparison to other banks in the industry which competed on keepin g a low-interest ratio, he rightly understood the customers’ real need by competing instead on service, convenience and other intangible service differentiators (Pg. 6: †¦the competition is beating on the 3% i. e. ustomers wanting a higher interest rate; we decided to compete on the 62% i. e. customers wanting convenience) Keeping this in mind we can now look at the 4 dimensions its Service Delivery system prior to ‘Retailainment’ Service Offering In light of this, the bank’s entire service offering can be visualized as in the figure below: Here we can see that the service offering in itself is split into CORE OFFERING: This is not very different from what other banks in the industry offer. However, from an execution standpoint their focus was different, because their strategic intent for both operations and growth was that Bank Value is ‘Deposit Base’ NOT ‘Loan Base’. Their core offering i. e. anking services included Deposi ts or Checking accounts (first 3 years no monthly service fees and free 1st order of checks) Sr. No. Type Minimum Balance Details 1 Standard Checking $100 No monthly service fees 2 Interest Checking $1000 No monthly service fees, Unlimited check writing, Interest 3 50 Plus Club $100 No account maintenance charge for checking account with interest, free checks, money orders, notary service and travelers’ checks 4 Consumer Checking None No per check charge for first 8 checks/month for $3 monthly fee Table 1: Commerce Bank’s Deposit Product Line Loans: Commerce’s value is not in its loan base but in its deposit base.So for Commerce, loans are not given out as easily as other banks in the industry which believe that growth is in loans since deposit growth can occur only with the lowest interest rate. However, credit quality checks for loan approval is very stringent ATMs: Withdrawals were available at any ATM and purchases anywhere Visa was accepted. Transactions w ere immediately reflected in accounts and statements Cash Reserve Line: All accounts could be combines with a Cash Reserve Line to ensure protection from overdrafts SUPPLEMENTARY SERVICE: Commerce has 8 supplementary services (4 facilitators and 4 differentiators) which allow for superior customer service: FACILITATORS DIFFERENTIATORS InformationCommerce decided to use Live agents over the phone instead of Voice Response Unit (VRU)to talk to customers Consultation Branch manager (also the Loan officer) consults/advises loan applicants and helps to manage both loans & deposits Order Taking (Banking context: Cash withdrawal & loan application process)  · Loans were assigned to service branch instead of Head office for easy access for customer  · Weekend banking facilities were provided to allow customers to bank on Saturdays & Sundays Hospitality  · Helpline phones at ATMs  · Employee escorts with umbrellas during rains  · Lollipops and dog biscuits at drive through banking windows  · Coffee and newspapers in waiting lobbies Billing Banking context: Loan approval and monthly statement generation process)  · Loan applicant had to personally sign-off by on loan papers at service branch  · Online Monthly statements Safe Keeping (Banking context: Peace of mind about account balances and check deposits)  · Immediate updating of ATM withdrawals in online statements  · A ‘Check View’ feature on Commerce’s website Payment (Banking context: Loan repayment process)  · Payment is easier for customer and assured for bank, since loan customer also has a deposit at service branch Exception handling (Banking context: Coin currency & Irregular hours )  · ‘Penny arcades’ to handle coins  · Midnight timing at busy locations 10 minute rule to increase banking hours by 20 minutes in a day’ operation Table 2: Commerce Bank’s Supplementary Services mix As a result of this unique service offering design, Commerce has produced above average results in its undifferentiated core offering: Comparison Parameter Commerce’s Value Industry or Competitor Value Deposit Growth (1996-2001) 30% US Banking Industry-20% (98-01) Deposit Growth (2001) 40% US Banking industry – 5% Online Usage 34% Wells Fargo – much lower Net Income growth (1998-2001) 200% (Double) US Banking industry – 20% Table 3: Commerce Bank’s Performance Comparison Funding Mechanism Commerce’s funding mechanism can be looked at from 2 perspectivesCommerce’s own startup and growth strategy (how it funded it’s own growth) Commerce’s banking and lending operations (how it functions as a bank) Startup and Growth Strategy Founded in 1973 with $ 1. 5 million as startup capital (assumed to be seed capital not VC funding) Chairman & CEO, Vernon Hill did not believe in M&As as a growth strategy but as a cost-cutting measure Started operations as a community bank in southern New Jers ey Used the retail franchise expansion model (without acquisitions) to grow Expanded into branches in Pennsylvania, Delaware and New York Concentrated on seeing customer as a revenue-generator (not cost center).However, cross-selling was not encouraged since main revenue stream was considered as deposits Expansion into New York was done organically (Branches were wholly owned and run by Commerce and promoted heavily (Spends – $500,000 per branch) By 2001, Commerce had $ 1 billion in core deposits Banking and Lending Operations Commerce’s 2 basic product categories were: Deposits (Debits) and Loans (Credits). Its operations as compared to the Industry can be analyzed as below: Product Category v Commerce’s Philosophy: Focus is consumer business (Deposits) Best value from both (conventional & electronic) channels Low-expense ratios are bad Outgoing friendly service Industry Trend: Cross-Selling products Preference to electronic channels Non-interest income revenue Pushing customers out of store(bank) DepositsRates need not be the highest in the industry (only 3% want this) Longer operating hours allow for more time for customer service (62% want this) Non-interest income revenue (i. e. ATM charges) must be used as competitive advantage to grow and not simply be an addition to the bottom line They are transaction-oriented and low growth Dozen or more types of checking accounts $5 monthly fee for Internet Banking facilities Loans Assigned to customer service branches that received credit for deposits Loan-deposit ratio low Stringent credit quality checks Customers mostly commercial real estate projects, mortgages and consumer loans Loan officer is also branch managerLoan delivery is centralized leading to customer and loan officer disconnect Loans are 90% of deposit base (2001) Lower credit quality loans (i. e. sub-prime mortgages) get approved Loans not linked to deposits RESULT > Deposit Growth (2001) – 40% Online Usage – 34% N et Income growth (1998-2001) – 200% Loan & Deposit growth (1998-2001) – 20% Deposit Growth (2001) – 5% Non-interest income growth – 27% Interest Income growth – 11% Customer attrition – 1/3rd of customer base Table 4: Commerce Bank’s Funding Mechanism Employee Management System Commerce’s Employee Management System can be broken up into Hiring Training Work Autonomy Workplace involvement Rewards Appraisal or Performance Measurement HIRINGPolicy emphasizes internal (among employees) and external (customers & employees) engagement Extensive interviews (2000 interviews for 40 positions in Manhattan branch) Experience about local and entrepreneurs given high importance Interviews used to know about competitors and their best performers TRAINING WOW program (process improvement) for all employees to be trained and integrated into the Commerce culture (‘Traditions’ class) Commerce University (full time education and trai ning facility) Easy to remember framework for learning Commerce service deliver model: SMART (Say YES to customers, Make each customer feel special, Always keep customer promises, Recover, Think like a customer) Continued business education for senior executives WORK AUTONOMY ‘Kill the stupid rule’ program to suggest improvements WORKPLACE INVOLVEMENTAll employees encouraged to hand out their visiting cards to recruit potential employees Redeemable WOW! Stickers WOW! Awards and Musical performances Red Fridays (Pictures taken of those employees who are wearing red) Mascots – Mr. C , Buzz and Dr. Wow REWARDS Glamorous prizes for top performers (like a leased Porsche Boxster for 1 year) $5000 reward for the staff of nearest Commerce branch where a competitor closed down $50 reward for suggesting improvement in the ‘Kill the rule’ program (mentioned above) APPRAISAL OR PERFORMANCE MEASUREMENT All shops (branches) performance data on an internal database open to all branch managers Salary increases based on shopping (No. f deposits) results Mystery shoppers visited 14000 shops (branches) annually for evaluating employees, customer-service reps for compliance with greeting and other procedures Competition between branches in different regions in the form of Leagues (assuming this is like football or baseball leagues) to get the best service report Table 5: Commerce Bank’s Employee Management System Customer Management Systems Commerce’s Customer Management Systems or customer-centric programs can be divided into: Customer Acquisition Programs Customer Retention Programs Both these have some customer ‘delight’ features which are called as such because they are against industry norms and unexpected by customers Acquisition Industry NormEmployees were encouraged to cross-sell products (deposit account and loan products) Employees’ key performance measures were volume of calls handled and number of tran sactions processed rather than customer satisfaction or repeat customers Customers were seen as cost centers and in order to keep a low-expense ratio were pushed to use the electronic channels (full-service to self-service) Also, customers using the conventional personal (teller) banking channel were penalized through extra fees This savings in the marginal cost was then used to give a higher interest rate which banks felt was the only way to attract new customers. These are the result not understanding why customers selected their banks in the first place. In addition to proximity, customers chose banks based on service. Vernon Hill, CEO & Chairman, Commerce Bank understood this and built it into Commerce’s Customer Management System Commerce’s customer acquisition methodology Branches located close to competitors branches Branches are designed to be inviting, open windows (Note: this is a visual ‘Cue’ designed into the physical evidence variable.It shows honesty and transparency) and ample parking Red & blue painted commerce vans helped create free advertising opportunities Building designs across all branches were consistent (Note: This gives a consistent message to the customer – Integrated marketing communication) Very high promotional spends for every new branch in the form of direct mailings, subway ads, phone kiosks and free food (like 10,000 hot dogs in Commerce napkins) First time customer is given 4 simple checking account options (See Table 1) and First time customer is given a free gift for opening an account Employees treat customers with outgoing friendly service and do not try to cross-sell products or push customers out of the store after they finish their transactions Loan applicants were encouraged to open deposit accounts first Retention Industry Norm All banks provided the same ease-of-use electronic banking features along with their extensive branch networks. Also, existing Customers were expected to be c omfortable in a different environment and deal with a different culture when banks merged. In spite of this, even the best retail banks lost 15% customers/yr as the following table shows: Sr. No. Reason for leaving of customer base 1. Dissatisfaction with steep fees and fee surprises, poor service and errors 34 2. Outside of reach of current branch locations 34 3. Availability of more convenience such as longer hours in other banks 15 Table 6: Customer attrition in the Banking Industry Commerce’s customer retention methodology Analyzing the facts of the case, it can be clearly seen that Commerce’s customer retention program targeted exactly those pain points (See Table 6) which caused customers to switch banks. Convenience Extended banking hours (10 minute rule allowed for 20 minutes of extra banking everyday) Busy locations were open till midnight (12:10 am)Weekend banking (Saturdays & Sundays) which started in Jersey shore were extended to all branches Exactly same e nvironment across all branches (Note: This feature was lost after ‘‘Retailainment’ program was launched) Phones in ATMs reach helplines Live agents instead of VRUs Boundary-spanning Roles and Interface Employee conduct monitored by mystery shoppers for friendliness (handshakes), consistency in greeting and other procedural details when dealing with customers Employee appraisals and salary increases linked to branch performance (which is linked to service quality) and not volume of transactions handled Live agents dress codes stricter than other call center settings Personal attention Guidance to manage deposit accounts by branch managersLoan accounts handled by local customer service branches and not central headquarters Guidance to manage loan accounts by loan officers (who also happened to be branch managers) Customer delight features No fees for ATM and check cards Non-interest income (ATM charges/fees for using other bank’s ATMs) returned to customers E mployee escorts with umbrellas to cars during rains ‘Penny Arcade’ program to handle coins with no charge either customers or non-customers (Note: This might have even helped customer acquisition) Gifts (pens and lollipops) at drive-through banking windows All these helped drive the growth engine of Commerce Bank. It grew to $1 billion in deposits by 2001. While the net income for the industry stood at 20%, Commerce doubled its net income in the period 1998 -2001.