Implications Of The Debt Crisis Essay Online For Free - Free Essay Example

Sample details Pages: 14 Words: 4090 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? The recent global crisis had multiple causes: The general cause appears to be a rapid growth of the level of debt (especially in the case of households), accompanied by sharp increases in real estate prices. However, the complexity of the crisis was increased by the existance of individual reasons in each country. The article aims to synthesize some of the most important reasons that led to the current crisis both general and country-specific (USA, Iceland, Ireland, Greece, Portugal, Spain). Don’t waste time! Our writers will create an original "Implications Of The Debt Crisis Essay Online For Free" essay for you Create order Last but not least, the article analyses some of the implications of the crisis for the markets and for the regulators. Introduction The financial crisis that hit the global economy in 2007 and is still continuing in 2011 has been the largest such crisis in the post-world war period. Its implications have been so numerous and some of them so radical that understanding this crisis has become a necessity for all of us. Having started as a liquidity crisis, it developed to the extent that it generated a recession in many countries, and it has had implications not only on the banking system, but also on the real economy and on the economic dynamics. The current article aims to make a synthesis of current research on this topic with regard to the multiple causes of the recent crisis (in the USA and in Europe) and to its implications. Causes of the crisis Despite the unprecedented global reach of the recent crisis, the European Commission (2009) believes some of its causes are similar to causes of previous crises, such as the Asian crisis in late 1990s or the crisis of the Nordic countries in the early 1990s. The common feature was that all these crises were preceded by long periods of rapid credit growth, low risk premiums, abundant availability of liquidity, strong leveraging, soaring asset prices and the development of bubbles in the real estate sector. Indeed, McKinsey (2010) made a quantitative and qualitative analysis of the evolution of debt levels during the pre-crisis period in several countries in the world, which revealed that after 2000 debt grew significantly in most mature economies, enabled by the globalization of banking and a period of unusually low interest rates and risk spreads. The borrowing increased substantially in the case of households, especially through home mortgages. The household debt level increased s ignificantly relatively to the household disposable income, which was ignored because the ratio of debt to assets appeared stable before the crisis due to the rising house prices. The level of debt was less worrying at the start of the crisis with regard to the business sectors, with the exception of the commercial real estate sector and some banks. Coming back to the level of debt, the McKinsey (2010) piece of research also quantified the structure of debt for a selection of 10 developed countries and 4 emerging countries in 2008. These results are summarized in the chart below, which shows what percentage of the debt of each country was issued by government, financial institutions or non-financial institutions, and what percentage of a countrys total debt is represented by household debt. All the numbers represent a percentage of the countrys GDP. Figure 1: The structure of debt for several countries as of 2008, as % of GDP. (Source: McKinsey (2010) report). These numbers have also been used by the Economist (2010a), which took the previous study further by analysing the dynamic of the increase of the government debt in analysed countries. Thus, in the 10 developed countries, the total debt increased from 200% of GDP in 1995 up to 300% of GDP in 2008. Some countries displayed even higher increases in the ratio between debt and GDP, such as 1200% for Iceland and 900% for Ireland. In the case of the latter two countries, the debt level proved unsustainable and pushed them into crisis in 2010. The chart shows that the countries for which the ratio between debt and GDP reached the highest level are the peripheral countries of the Eurozone (Greece, Portugal, Italy), but also USA, Japan, Canada and othes. The countries with the lowest ratio of debt to GDP in the sample were Russia, India and China, which also happenned to have a spectacular recovery recently following the crisis. At a more specific level, each of the countries hit by the recent financi al crisis had individual causes which influenced the development of the crisis both in specific countries and overall, since in some situations a strong contagion effect of the crisis could be noticed. With regard to the specific contry reasons detailed below, several economic indicators may be mentioned. The charts below detail the evolution of these economic indicators for the countries included and for the period 1995 2011. All data is available from the IMF and it is updated as of October 2010: Figure 2: GDP % change for a selection of countries, 1995 2011. (Source: IMF Database). The numbers represent the percentages of year-on-year changes for the constant price GDP. The numbers for 2010 and 2011 are IMF estimates, updated as of October 2010. Figure 3: Current account balance for a selection of countries, 1995 2011. (Source: IMF Database). The current account includes all transactions other than those in financial and capital items. The major classifications are go ods and services, income and current transfers. The focus of the balance pf payments is on transactions (between an economy and the rest of the world) in goods, services, and income. The numbers for 2010 and 2011 are IMF estimates, updated as of October 2010. Figure 4: General government gross debt as a % of GDP for a selection of countries, 1995 2011. (Source: IMF Database). Gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. This includes debt liabilities in the form of SDRs, currency and deposits, debt securities, loans, insurance, pensions and standardized guarantee schemes, and other accounts payable. The numbers for 2010 and 2011 are IMF estimates, updated as of October 2010. Figure 5: Evolution of the unemployment rate for a selection of countries, 1995 2011. (Source: IMF Database). The numbers for 2010 and 2011 are IMF estimates, updated as of October 2010 . The USA was the first country to be hit by the crisis, and this was due to a series of issues. Firstly, the large mortgage debts, which were mentioned above. Secondly, some large financial institutions in the USA were confronted with a gradual decline in the quality of capital, as they had asset growth with increasing amounts of hybrid capital instruments, such as certain forms of preferred stock (McKinsey (2010)). Such capital instruments were unable to compensate for credit losses during the crisis, which brought a degree of vulnerability for those financial institutions in front of the crisis. Thirdly, instead of keeping loans on their own balance sheets, the banks moved towards the originate and distribute model, which led to a decline in lending standards (Brunnermeier (2009)). The banks used to create diversified portfolios of credit instruments (mortgages, corporate bonds, credit card receivables etc), then slice these portfolios into a number of tranches and sell these slices to various categories of investors. Each slice used to receive a credit rating from rating agencies and as a result, the slices were ranging from the superior senior tranche (the safest tranche, AAA credit rating, the first in line to be paid out of the cash flows of the portfolios, but with the lowest interest rate) to the equity tranche (the most junior tranche, lowest credit rating among the tranches, the last in line to be paid out of the cash flows of the portfolios, but with the highest interest rate). The low lending standards generated by such actions from the banks, combined with the cheap credit available at that time resulted in the housing frenzy that laid the foundations for the crisis. Icelands specific reason behind the financial crisis was, according to The Economist (2008), the fact that it had built a financial house of cards. Iceland represents an extreme case of a huge financial system towering over a small economy. Behind the encouraging image of low u nemployment, income per person above the average in the European Union, huge investments in green energy and inflows of foreign investment, the countrys 3 largest banks and its households built huge amounts of debt. The credit crisis was enough to make Icelands banking system, its credit rating and its currency all collapse at the same time. As a result, Icelands GDP fell by 15% from its top point to the bottom reached during the crisis. Ireland also proved to be different with regard to the way in which it was hit by the crisis. Morgan Kelly, an economist at University College Dublin, cited by The Economist (2011a), said that What happened in Ireland was very boring. There were no complex derivatives or shadow banking systems. This was a good old 19th-century, or even 17th-century, banking collapse. It appears that Irelands only reason to become hardly hit by the crisis was that during the previous decade, Ireland had turned into a nation of property developers. Ireland enjoyed average annual GDP growth of almost 10% between 1993 and 2000, which continued even afterwards, fueled by the low interest rates environment and excessive lending. Irelands fall started when property prices started falling in 2006 2007, and it continued with the crash of shares in Irish banks, the transformation of the banking crisis into a sovereign-debt crisis, the big rise in its borrowing costs and it culminated with Irelands acceptance of a bail-out from the EU and the IMF in November 2010 (the second such situation for a EU country). The rescue package received was EUR 85bn, out of which EUR 35 bn is aimed at recapitalising the Irish banking system. The cost of recapitalising the Irish banks has indeed proved to be significant. According to Deutsche Bank (2011), if the EUR 35bn amount previously mentioned would be fully used for this purpose, the estimated total cost of recapitalisation of Irish banks would reach 52% of Irelands 2009 GDP. Greece was the first EU country to receive a bail-out from the EU and the IMF in May 2010, worth EUR 110bn. Some of its greatest issues have been its high level of public debt and its high budget deficits. As The Economist (2010c) noticed, in 2001 when joining the euro, Greece already had a public debt in excess of 100% of GDP. Adoption of the euro currency allowed more favourable terms for the refinancing of government debt, and the strong GDP growth masked the weakness of Greeces public finances. Greeces government debt reached 115% of GDP in 2009 and its current account deficit reached 14.6% of GDP in 2008. Greece had leant too heavily on consumer spending and relied on foreign capital to supplement its low savings (The Economist (2010c)).Nelson et al (2010) went into further detail and listed additional reasons behind the Greek crisis: high government spending, weak revenue collection, weak enforcement of EU rules regarding debt, and others. In addition to these facts, Greece also faced certain restrictions, suc h as: impossibility to devalue the currency due to the membership into the eurozone, and the lack of competitiveness of its economy partly due to overhiring and overpayment in the public sector (The Economist (2010d)). Last but not least, Nelson et al (2010) noticed that complex financial instruments may have played a role in helping Greece accumulate and conceal its debt. One implication of the Greek crisis was the contagion effect to other European countries. Even if these countries only shared few of Greeces issues, investors still have become more prudent with respect to Portugal (which also has a high budget deficit), Spain (in need to restructure its economy) and Italy (heavily indebted). Portugal increasingly started to be seen as a potential victim of the sovereign debt crisis following Greeces crisis. Portugals weaknesses have been a large public debt and a high budget deficit, but its situation has been slightly different from that of Greece. Portugal enjoyed rapid econ omic growth before joining the euro in 1999, but afterwards it has been impacted by a steady loss of competitiveness in wages. The 1990s have been a lost decade for the economy and as a result, it became difficult to manage the countrys public finances (The Economist (2010c)). Moreover, the further expansion of the European Union towards Eastern Europe in 2004 has diverted part of the foreign direct investment away from Portugal towards the new members. Investors expect April and June 2011 to be an important test for Portugal, as Portugal will need to refinance EUR 9.5bn of public debt then. The yield of 6.7% paid by Portugal for the ten year bonds sold in January 2011 is very close to 7%, which some Portughese officials have declared that is not a sustainable level (FT, 7th Jan 2011). Spain also started to be seen as a potential victim of the sovereign debt crisis following Greeces crisis, even if Spains public debt level (at less than two thirds of its GDP) is not large relativ ely to the other countries. However, Spains problems lay with its local banks (cajas) and its housing bust. According to The Economist (2010b), Spanish banks have outstanding loans of EUR323bn to property developers (equivalent of 31% of GDP); and they already had provisions of EUR87bn for bad loans by the end of 2010. Deutsche Bank (2011) explains that in addition to this exposure of the banking system to the constructions sector, Spain is also negatively impacted by the highest level of unemployment among the major developed countries. In this respect, Spain is similar to Ireland. Deutsche Bank (2011) also highlights the major differences between the Irish and Spanish banking systems: the better condition of the two largest and internationally diversified Spanish banks (vs the major Irish banks), the heavier reliance of the Irish banks on inter-bank sources of funding, the stronger banks overall capital adequacy before the intensification of the crisis in Spain vs Ireland. Implications of the crisis for Europe The implications of a crisis can be numerous and they can refer to the financial sector, the real economy, regulations etc. As Cogman Dobbs (2008) pointed out, the impact of previous crises on the real economy has not always been the same. The direction of the impact was due to the actions pursued by governments for recapitalizing banks, introducing stimulus measures and restoring investors confidence in the economy. According to Reinhart Rogoff (2008), countries usually need two years in order to start recovering from past recessions after major banking crisis. However, there were several situations when a much longer period was needed for starting the recovery: Japan needed almost a decade (the lost decade) following the crisis in the 1990s; the USA also needed a longer time to start recovering after the Great Depression in 1929 1933, when 28% of GDP was lost. Cogman Dobbs (2008) suggest that one important aspect to assess is the impact that financial crises have on the availability of credit in relation to this, the impact of a potential shortage of credit has on the real economy and on consumer confidence has to be assessed. With regard to the availability of credit, the McKinsey (2010) report proved that 44 out of the 45 crises identified between 1929 2010 were followed by periods of deleveraging, where they defined deleveraging episodes as periods in which the ratio between total debt and GDP declined for at least 3 consecutive quarters and the total fall was at least 10%. Along these results, the report would expect that a series of sectors in some countries would deleverage in the near future (UK, USA, Spain, Canada and South Korea). The report also concluded that deleveraging episodes usually last 6-7 years and their initial years may also witness a recession. On a different note, it is interesting to mention that Lund Ruxburgh (2009) have tried to assess how the fortunes of the power brokers have changed following the recent crisi s (McKinsey Global Institute defined in 2007 the power brokers to be four large groups of investors which seemed to have an edge over others: oil exporters, Asian sovereign investors, hedge funds and private equity firms). Their conclusion was that in almost any scenario (depending on the future development of the crisis) the previously defined power brokers would remain significant players in the global capital markets. The big winners are the oil exporters and Asian sovereign investors, as the source of their wealth will persist: trade surpluses. As noticed by the authors, the rapid growth of hedge funds and private equity firms has stopped abruptly, but they are still expected to recover in the future. With regard to Europe, the implications have also been very diverse and of a very diverse nature: the decoupling of the core European countries from the peripheral ones, the creation of the European Financial Stability Facility (EFSF), debates on the topic of European integratio n, debates on complex derivatives and their regulation, implications for the government debt issuance, and others. As mentioned above, one important aspect of the crisis is that it has not impacted all European countries uniformly. In fact there is a big divergence between the core countries (Germany, France) and the crisis-hit peripheral countries (Greece, Ireland, Portugal and Spain): while the core countries have been enjoying an economic recovery since 2010, the peripheral countries are still struggling with recession. Being part of the same monetary union (ie the eurozone), they are goverened by the same monetary policy. While all eurozone countries were at the height of a financial and economic crisis, there was no debate regarding the apropriateness of the monetary policy. However, following the recent divergence, such debates have increased, showing a difficult task ahead of the European Central Bank regarding the rising of the interest rate for the euro. The four main pe ripheral countries mentioned above do represent a significant 18% of euro area GDP. However, Germany and France together represent 50% of euro area GDP. (Deutsche Bank (2011)) One of the consequences of the financial crisis in Europe was the creation of the European Financial Stability Facility (EFSF) in June 2010 by the 16 euro area member states. The EFSF has been fully operational since August 2010 and its purpose is to finance loans for euro area member states which are experiencing difficulty in obtaining financing at sustainable rates (EFSF (2011)). EFSF will be able to borrow up to EUR 440 bn by issuing bonds guaranteed by the euro area member states, and it has received the best possible credit rating (AAA) from all three credit rating agencies (Fitch, Moodys and Standard Poors). The money borrowed through such bonds will then be lent to struggling euro zone countries. EFSF issued its first bond on the 24th of January 2011 and met spectacular demand on this occasion, bankers not being able to recall such a large order book for any bond, government or corporate (EUR 40bn in orders vs EUR 5bn notional sold) (FT (2011b)). This first bond has been seen as a landmark deal and some investors said it could be a precursor to the first common eurozone bond. The European Commission also agreed on the creation of a permanent crisis mechanism: the European Stability Mechanism (ESM). ESM will become operational in 2013 when the EFSF expires and it will build on the existing EFSF. The aim of ESM will be to support countries of the euro zone which may find themselves in financial distress. ESM loans will enjoy preferred creditor status and they will be junior only to IMF loans (EFSF (2011)). The recent crisis also brought changes in the government debt issuance practices in the 16 euro zone countries. Before the crisis, these practices had converged to a common standard which involved placement of long-term, fixed rate debt denominated in national curren cy via competitive auctions. De Broeck Guscina (2010) have proved that after mid-2008 this standard could not be followed anymore, because of the increase in sovereign funding needs and the fall in investor risk appetite, which made risk premia rise. They performed a research on a sample of 3,000 debt issuances by governments in the euro zone and Denmark in 2007 2009, which was divided into a pre-crisis period (mid-2007 to mid-2008) and a crisis period (mid-2008 Dec 2009). The main findings of the research were that the new standard for issuing government debt in the countries studied was defined by shorter maturities (because such debt is less risky for the investor), foreign currency denomination (because such debt shifts currency risk exposure from the investor to the debtor), and/or floating rates (because such debt transfers the risks related to changes in global interest rates and in the countrys perceived creditworthiness from the investor to the debtor). Therefore, the im pact of the crisis was that it has forced governments to assume additional risk. This negative effect was especially pronounced in countries with high deficit and high debt. De Broeck Guscina (2010) concluded that the mentioned change in the standard for government debt issuance allowed governments to deal with the reduced risk appetite of investors and to limit the impact of high deficits and debt on interest payments, but at the same time exposed them to significantly higher risks of refinancing and repricing, and sometimes to exchange rate risk as well. One other implication of the crisis was that the use of complex financial instruments has been more and more questioned, and so were the financial regulations that are concerned with them. Nelson et al (2010) remind that during the crisis, the Greek governments used derivatives to conceal the true level of Greeces debt. For example they traded currency swaps through which they were receiving upfront payments which under EU acc ounting rules could not be recorded as loans, even if in essence they were. Some do believe that derivatives played an important role in creating Greeces debt crisis and as a result, an urgent need to tighten financial regulation for derivatives has been identified. Last but not least, on a global level, the development of the crisis also brought critics of the credit rating agencies. As stated in a previous article (Minescu (2010)), following each financial crisis there has been a lot of talk on the failure of ratings issued by credit rating agencies to predict the crises. This failure may be understood in multiple ways, such as: failure of a rating to predict default, failure of a rating to be stable, failure of multiple agencies to issue similar levels of credit rating for the same country at the same time, or failure of an agency to issue a rating in the correct category of ratings (ie investment grade or junk). Talk of the failure of ratings has been central to this recent c risis as well and in August 2007 the head of Standard Poors even resigned amid criticism received from politicians and investors about the agencies failure to signal the risk of securities backed by sub-prime mortgages. As a result of the new wave of critics directed at rating agencies during this crisis, regulators are again aiming to improve the legislation concerned with conflicts of interest that result from the business models used by certain agencies (FT (3rd Feb 2011)). Conclusions The recent global crisis had multiple causes: The general cause appears to be a rapid growth of the level of debt (especially in the case of households), accompanied by sharp increases in real estate prices. In this respect, the crisis may have similarities with previous crises, such as the Asian crisis in the early 1990s. In addition to this, there have been individual causes for each country: In USA -the increased use of hybrid capital instruments and the adoption of the originate and distribute model by the banks, which involved the creation of diversified portfolios of credit instruments and their resale as a redesigned product; in Iceland the huge growth of the debt to GDP ratio to 1200%, which led to the fall of local banks; in Ireland -the burst of the real estate bubble in the context of a debt to GDP ratio of 900% generated huge costs for recapitalizing the Irish banking system; In Greece unsustainable budget deficits, lack of competitiveness of its economy due to overhi ring and overpayment in the public sector, inappropriate use of complex financial instruments; in Portugal large public debt and high budget deficit; in Spain the housing bust and its negative impact on the Spanish banking system, and the highest unemployment rate among all developed economies. Several countries have already received external help from the IMF and other organizations: Greece, Iceland, Ireland etc. The implications of the crisis have also been very complex: lower availability of credit, the decoupling of the core European countries from the peripheral ones, the creation of the European Financial Stability Facility (EFSF), debates on complex derivatives and their regulation, implications for the government debt issuance, criticism of the credit rating agencies for failing to predict the crisis, and others.

Negative Effects of Consumerism Essay - 1753 Words

Negative Effects of Consumerism on North American Society Consumerism is damaging to our society, in our North American society consumerism is often portrayed to be a negative aspect of people’s lives. However, one can also argue positive effects that result from consumerism, or emphasize on the negative effects of consumerism and how it can be a constraining force in one’s own life. Consumerism is an idea of an economic policy that the market is shaped by the choice of the consumer and continues to emerge to shape the world’s mass markets. Some of the negative effects of consumerism that many critics may argue and that will be further emphasized on are the overexploitation of consumerism which has lead to economic poverty, and increase†¦show more content†¦The rich consume at the expense of the poor as further resources are expended maintaining this unequal balance of power. 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Marketing Channels on Tesco Thailand Free Essays

Managing Distribution and Marketing Channel: TESCO Lotus This essay is to written in to express my opinion on group 4 presentation on Tesco Lotus marketing channel and further analyze the marketing channels in more details. Tesco Lotus has undoubtedly changed the way people in Thailand goes to supermarket since it entered Thailand in 1998 and now has over 380 Stores as part of a joint venture with CP Group. Consumer Marketing Channels Tesco Lotus in Thailand uses 1 level of consumer marketing channels as they themselves act as retailer. We will write a custom essay sample on Marketing Channels on Tesco Thailand or any similar topic only for you Order Now The suppliers would have to re? ll their inventory at Tesco Lotus Distribution centers which is placed across the country and Tesco will distribute the goods to each branch themselves. In order to serve the customers better by minimizing out of stock time and more Tesco Branches ef? cient and cost effective, Tesco Lotus divides the goods into 3 (Act as retailers) categories: Fast moving goods, Average moving goods, Slow moving goods. They categorize their products by dividing each of them into one of these categories and therefore, fast moving goods such as grocery, can be delivered fresh and never run out Consumers of stock everyday, whereas slow moving goods, such as furniture only needs to be re-stock every week, rather than everyday. Tesco Lotus distribution system is managed by themselves and therefore it is also their advantage over their rival, Big C, who uses DHL as their distributor. Tesco Lotus can control their own distribution system and the distribution cost. The example is presented during the presentation which is using Bio-diesel for all Tesco Lotus distribution trucks which can save a lot of transportation cost. Types of Store Tesco Lotus operates in various types and sizes of store. There? re 6 types of store sizes. 1. Hypermarket, 2. Tesco Lotus Valued, 3. Talard Lotus, 4. Tesco Lotus Express, 5. Plus shopping mall, 6. Community Mall. The hypermarket is the full size store with the most assortments and products, Tesco Lotus will place this store type mainly in the outskirt of the city to serve the people in the city. The Tesco Valued store is smaller than the hypermarket type and has less assortments and products, Tesco Lotus will mainly select the faster moving goods and leave out more expensive assortments or products as this type of store will be places mainly in more rural area. Talard Lotus shares a similar concept to the Tesco Valued but mostly focuses on fresh grocery. This concept came from the local market in Thailand. Tesco Lotus wants to create more local experience for the local in upcountry. Tesco Lotus Express, this is the smallest store size and it is more like a convenience store than a super market. This type of store was created to compete with 7eleven who is the market leader in this store size with the most branches throughout Thailand. This type of store is usually placed within a community area and mostly carry foods and drinks. Plus shopping malls is also a full sized hypermarket but Tesco Lotus Wissut Prutisart, ID: 5249252 Tesco Distribution Center (Act as Tesco Mfg) ocuses more on the rental space within their mall. They want to create a shopping mall atmosphere with clothes shops, restaurants, cafe etc with a full sized supermarket. The last type of the store is the community mall, the concept is similar to villa market but the stores are placed closely to community household. The objectives for Tesco Lotus for having many types of store are to serve the right products at the right price and place for consumers in those demographic areas that the stores are in. This is more bene? ial to both customers and to Tesco Lotus, as Tesco Lotus only carry what their customers in those areas need from their stores and nothing else more than that. It is more ef? cient, less investment cost, lower operation cost for Tesco Lotus too and also providing the maximum coverage of their customers as much as possible. Customers also gain a lot of bene? ts from this also as the stores nearest to their home would have the majority of their daily needs. Marketing Channels Tesco Lotus utilizes both below and above the line advertising. For below the line advertising, they have monthly promotion brochure which are distributed at every stores and also sending them to members? houses, Thairath newspaper ad to highlight their main promotion, their own website to show more information and download lea? et or brochure and lastly their Tesco Lotus Club Card to collect customers data and for doing promotion. For above the line, they advertise on the main TV channels focusing on lower price and the highlight promotion. With this strategy, Tesco Lotus has almost the whole coverage of their target customers already. Private Brand: Tesco Value Tesco Lotus themselves act as a distributor and retailer but they also use backward integration and became a producer to produce their own brand of products called ? Tesco Value?. The Tesco Value brand? s objective is to produce most daily needed products for customers with lower cost than other brands are offering but offer similar level of quality. Tesco will place their own product next to other popular brand products with a very similar packaging. The reason why they do this is so customers will think and compare the cost and bene? of the product they are about to buy, usually if it? s a products that customers use regularly but they do not concern with the brand or have a need for more premium product, customers will tend to buy Tesco value brand products instead. The reason why they produce their own brand is because they have buying power and the economy of sale to produce products at lower price point without having to do marketing campaign to promo te their products, therefore even their price is lower than most brands, they still make pro? t from selling their own products. Recommendation My recommendation for Tesco Lotus is add one more distribution channel, that is the ? online channel?. Tesco already has successfully implemented this system in the UK already. The idea is to fully utilize their website to the maximum potential and provide more convenience for their customers. Customers should be able to look at all the products available from Tesco website and be able to order then Tesco Lotus can deliver their orders to their home. Even though this idea is already implemented in UK but no supermarket in Thailand has successfully executed this idea yet. With a strong coverage in term of branches around the country and strong distribution system, Tesco Lotus should be able to successfully implement this system in Thailand. Wissut Prutisart, ID: 5249252 (Example of the online ordering page from Tesco UK website) To conclude this essay, I believe that Tesco Lotus in Thailand is already doing well in term of distribution and marketing channels, it is up to them to control their cost and therefore this always keep them alert about their cost. Tesco Lotus also needs to do more CRM and Social responsibility to their local customers as they are expanding quickly into every cities in Thailand and therefore there will always be a concerned for a local supermarket and convenience stores business. There was some protest going on in some cities when Tesco was about to expand into, Tesco may need to focus more locally as to what they can give back more to the local society apart from selling OTOP roducts from those cities in Tesco and provide jobs for the local. Second, I believe that by implementing the online order and delivery service, this will create a totally new channel of distribution. Tesco may need to do some initial investment such as buying more Pick up trucks, re-design the website and set up the system but with the expertise Tesco has from the UK, they should be able to implement this idea in Thailand. Wissut Prutisart, ID: 5249252 How to cite Marketing Channels on Tesco Thailand, Papers

Nietzsche vs. Mill free essay sample

This essay discusses how Nietzsche believes slave morality, or Christianity, came to dominate. Additionally, the paper examines weather or not, like Mill in On Liberty, Nietzsche recognizes that there are both advantages and disadvantages to Christianity as a moral doctrine. Furthermore, the paper examines Nietzsches key reasons for believing that God is dead-that Christianity no longer supplies values-to understand how we now face the horizon of the infinite. First, we must examine the morality of the warriors, the master morality. Master morality is entirely pragmatic. The values created by the conquerors, or warriors, were structured to achievement in the present, on this world. This is resulting from achievers, from those with animal strengths, either physical or mental, to get things done on this earth. The warrior does precisely what he or she needs to do in a predatory way, just as the natural world has predatory beings. There is nothing limiting the warrior, no conscience. We will write a custom essay sample on Nietzsche vs. Mill or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Warriors do whatever they want to do, whatever their strength enables them to do. Therefore, they create a system of me morals: What we do is right, so when we conquer you, our values are your values. Thus, master morality speaks of good and bad rather than the Good and Evil of slave morality.

Adam Smith Essays (340 words) - Economy, Business, Manufacturing

Adam Smith Adam Smith, (1776), of the division of labor According to Adam Smith, economic growth is rooted in the increasing division of labor and the specialization of the labor force by the breaking down of large jobs into many little ones. Under this regime, each worker becomes an expert in one area of production and workers do not have to switch tasks during the day. This will increase efficiency by saving time and money. Smith illustrates his theory very well with an example of the production pins. He says that an individual could not make as many pins as he or she could produce concentrating on a single operation of its manufacture. Smith tells us that there are three reasons for this: First, the individual has improved dexterity in concentrating on a single task; Second, there is a disadvantage of expanding time changing from one task to another and third, the machines used are designed in a way to perform their task quickly and efficiently for that particular function. Adam smith's division of labor theory was very useful and was introduced into the factories of the 19th century with the assembly line technology. Almost any factory in our days considers the division of labor as a key element for efficiency and for increasing productivity. In the assembly lines of car factories for example, one worker or robot is specialized in assembling the interior, another is responsible for placing the engine, and a third is specialized with the installation of the gear box. However, one should not ignore the disadvantages of this theory. Adam Smith's theory considers men as robots and expects them to do the same task for their whole life. But a worker forced to perform a repetitious task would become demotivated and his productivity will decrease. One possible solution for the problem of routine could be the rotation of tasks, where workers will have the chance to discover new fields in the process of production. After all, men are human and could not be treated as robots. Business

Free Essays on Death Be Not Proud

The novel, Death Be Not Proud, by John Gunther, is the story of the struggle of a child to stay alive. Johnny Gunther Jr.'s constant hope got him out of bed every morning with a positive attitude. His outright opposition to the fact that he was going to die and his determination not to, kept a fiery spirit in him so that he didn't give up. Johnny's stubborn determination to not accept defeat at so early an age, along with the tremendous courage he showed when realizing that he must accept his defeat, is a strong point portrayed in this novel. Johnny's hope, determination, and courage kept his death at bay. One of the main reasons that Johnny remained alive for so much longer than he should have lived, was the hope that he possessed. He hoped every day of his illness that he would get better, that his parents would be spared their grief, or that some doctor would come up with a revolutionary idea that would heal him. Because of his hope, Johnny never complained or protested during the entire course of his illness. He always obeyed the doctors' wishes and followed their instructions to a "T" because he wanted so desparatly to get well. Although he realized that eventually his life would end, he still never gave up the hope that perhaps he could outsmart his fate to die, if just to steal a few extra hours. Each day, until his last, the determination Johnny had to get well, live a normal life, and even maintain his schoolwork was phenominal. After being away from school for sixteen months, being tested constantly by doctors, and having a rapidly deteriorationg brain, Johnny still managed to graduate with his class and be accepted into Harvard. Throughout his illness, Johnny always had an unwavering will to survive, to awake the next morning and find that he was well, that he had only been dreaming the nightmare of his illness. When Johnny awoke each morning however, he felt ... Free Essays on Death Be Not Proud Free Essays on Death Be Not Proud The novel, Death Be Not Proud, by John Gunther, is the story of the struggle of a child to stay alive. Johnny Gunther Jr.'s constant hope got him out of bed every morning with a positive attitude. His outright opposition to the fact that he was going to die and his determination not to, kept a fiery spirit in him so that he didn't give up. Johnny's stubborn determination to not accept defeat at so early an age, along with the tremendous courage he showed when realizing that he must accept his defeat, is a strong point portrayed in this novel. Johnny's hope, determination, and courage kept his death at bay. One of the main reasons that Johnny remained alive for so much longer than he should have lived, was the hope that he possessed. He hoped every day of his illness that he would get better, that his parents would be spared their grief, or that some doctor would come up with a revolutionary idea that would heal him. Because of his hope, Johnny never complained or protested during the entire course of his illness. He always obeyed the doctors' wishes and followed their instructions to a "T" because he wanted so desparatly to get well. Although he realized that eventually his life would end, he still never gave up the hope that perhaps he could outsmart his fate to die, if just to steal a few extra hours. Each day, until his last, the determination Johnny had to get well, live a normal life, and even maintain his schoolwork was phenominal. After being away from school for sixteen months, being tested constantly by doctors, and having a rapidly deteriorationg brain, Johnny still managed to graduate with his class and be accepted into Harvard. Throughout his illness, Johnny always had an unwavering will to survive, to awake the next morning and find that he was well, that he had only been dreaming the nightmare of his illness. When Johnny awoke each morning however, he felt ...

International baccalaureate primary-year-program Essay

International baccalaureate primary-year-program - Essay Example My first very exposure to the curriculum of International Baccalaureate was at an information morning, when I was a part of a seminar held in a good infrastructure school in the suburbs of Mumbai, India. Currently, I have an experience in an IB school, teaching the PYP: thanks to my education. The International Baccalaureate (IB), formerly known as the International Baccalaureate Organization, is a nonprofit institution which provides educational products to the international community. Founded in 1968 in Switzerland, IB's original mission was to provide curriculum to schools; catering for children of Western diplomats who traveled frequently. The idea was to keep the curriculum consistent between schools in order to serve the needs of these students as they moved from one country to another. Today, the organization administers three programs, which are available for purchase by interested schools. The three programs of the IB schools are as follows: Primary Years Program(PYP) founde d in September 1997 caters 3 – 12 years Middle Years program(MYP) introduced in 1994 caters 11 – 16 years Diploma Program ( IBDP) introduced in 1969 caters to 16 – 19 years I chose the IB PYP board as I was impressed by the breadth of study, the potential for individual choice, the opportunity to develop and follow my passion as stated early on and the inclusion of CAS (creativity, action and service). With respect to this module and my experience, IB PYP has really taken full of my attention. I hope I will be able to instill my essence of thoughts on paper and do proper justice to this module without being too bias or critical. Key words: Curriculum, International Baccalaureate Primary year program(IB PYP). Introduction The International Baccalaureate Primary Year Program is one of the many educational programs of the International Baccalaureate (IB) system. The program caters for students who are 3 to 11 years of age. Its primary goal is to prepare the student s for the middle year’s program of the IB system (IBO.org 2009). Like any IB program the primary year program was carried out in order to enhance the skills of young children to make them knowledgeable, caring and inquiring. The primary goal of the program was to produce young people who have intercultural understanding and respect so that they will be able to help create a better and peaceful world. This goal was to be achieved because the program was a transnational program that inculcated the cultures and background of several nations and people without any discrimination whatsoever. Another goal of the program is to produce students who understand the differences of other people. These students will be encouraged to become active, compassionate, and lifelong learners. Â  There are ten traits that the Primary years program (PYP) aims to enhance or develop and these are:Â  Inquirers, Knowledgeable, thinkers, communicators, principled, open-minded, caring, Risk takers, bal anced, and reflective. As said early on, the International Baccalaureate aims to develop inquiring, knowledgeable and caring young people who help to create a better and more peaceful world through intercultural understanding and respect. To this end the organization works with schools, governments and international organizations to develop challenging programs of international education and rigorous assessment. These programs encourage students across the world to become active, compassionate and lifelong learners who understand that other people, with their differences, can also be right. But how effective is the PYP? Have the aims and purposes of the PYP program really been achieved in practice? Are there theories or studies that support the efficacy of the PYP program? This essay evaluates and analyzes the aims and purposes of the PYP program and how likely these programs are achieved in pract

Public & Private enterprise Essay Example | Topics and Well Written Essays - 500 words

Public & Private enterprise - Essay Example Some good and services are not suppose to be provided by the private sectors in some countries. The public goods and services are defined by economist as non excludable and non rival while private goods are excludable and rival (Kelly, 2007). In public purchasing, it is important to use ethics in order to improve the morale and loyalty of customers and workers. Ethics in management ensure that leaders behave according to the code of contact hence attracting customers and retaining the previous customers (Kelly, 2007) In the reconstruction of Tappan Zee Bridge it is important to use the Public-Private Partnership (PPP). The construction will be effective since both the private and public sector will provide services and funds. There will be merging of ideas and the construction will be effective (Kelly, 2007). In respect to the wimp video there are five types of government. Monarchy or dictatorship is the first form of government which is ruled by a king with nobles. Oligarchy is another form which is the most common form of government ruled by powerful few. Anarchy is another form which means without government. People decided to have no government due to crimes committed by the government. Government is necessary for the protection and security and anarchy is not a good form of government. Democracy type f government means a form of government the rule of the majority. Republic government means the public thing and the government is limited by the law to safeguard the public (Kelly, 2007). Private-public enterprises are a contract made between a private party and a public sector authority. In the enterprise, a private party provides a service and assumes all risks, substantial financial and technical risks in the business. Example of the private-public enterprise is health organization providing health services, water privatization, centralized units and financing like banking services

The Iliad Essay Example | Topics and Well Written Essays - 500 words

The Iliad - Essay Example In a reflective exploration of Agamemnon’s decision to take Briseis from Achilles, it becomes palpable that the crucial decisions in the Iliad are not made by the heroes to a great extent. Rather, these decisions are influenced by external factors including power struggles, political issues, war threat, involvement of gods etc. Therefore, it is essential to establish that the heroes in the work by Homer play an insignificant role in the making of vital decisions in the course of the plot and a precise set of principles, known as the â€Å"heroic code†, influence their decisions. Significantly, Agamemnon’s decision to take Briseis from Achilles illustrates the fact that the important decisions by heroes in the epic are influenced by external factors and the â€Å"heroic code†. A profound analysis of the characters and actions in the epic the Iliad confirms that, to a great extent, the decisions made by the heroes are influenced by external factors and conditions, although there is difference of opinion on the matter. Thus, the various heroes of the epic, including Agamemnon and Achilles, are influenced by the power struggles, political pressures, the role of the gods etc in their decisions at the different stages of the story. For example, a careful reader of the epic realizes that there exists significant power struggle between the two heroes of the work, Agamemnon and Achilles, which has a pertinent impact on the decisions they take. In the epic, King Agamemnon represents fixed system of monarchy while Achilles represents the honor based system as he is the best warrior of his time. Decisions made by both these heroes are influenced by the complex relationship between them based on the power struggles in the epic. In a careful exploration of the decisions made by the heroes in the Iliad, it becomes lucid that a precise set of principles known as the â€Å"heroic code† lie beneath the decisions and actions by the heroic characters. A

Examining The Dangers Of Social Networking Media Essay

Examining The Dangers Of Social Networking Media Essay Social networking websites are web based services where one can create a public profile within almost virtual community. One can have a list of other users (friends) with whom they share a connection with, as well as view information on friends of friends. The main purpose of social networking sites is to build relations between friends who share similar interests. Most of these sites provide instant messaging and email services but are on a high level so that there is an element of complexity eg special software application tools are available in facebook which increase the users presence on that website. . Social networking recently has become a major part of the internet. In fac,t social networking sites are everywhere, nearly every person who has access to the computer and internet indulges with social network related sites on daily basis. Commom sites such as facebook, MySpace, hi5, Bebo and YouTube have millions of visitors daily. Facebook alone, has over 500 million users which make it the most popular social network website on Earth. According to Facebook , 50 % of their users are active users who log on facebook daily and People spend over 700 billion minutes per month on Facebook. The rapid increase in popularity of social network such as facebook has encouraged organisations to allow access to these sites within their networks. However many people now question social networks, the popularity of these sites has raised both security and privacy issues of its users. Millions of teenagers and adults exchange and share their personal interests and personal information such as photo s, videos etc, therefore one can learn almost anything about someone or stranger (If the profile page is open to anyone) who they maynot have met before, from their birthday to who their friends are and other personal information such as relationship status. There are many problems and dangers in using social networks however in contrasts there are considerable benefits of using social networks. Social networking is undisputedly one of the easiest way to keep in touch with family and friends as well as a channel in meeting new people with similar interests. One can make connect with people not presently in conact, for example staff in an organisation, students or alumni. Thus, social networking has made it very easy to make new friends or even meet old friends, which is a major benefit of social networking. Now, within the business world, social networking sites can also provide easy opportunity for anyone to advertise. This could either mean advertise an upcoming event or any other form of business advertising. The most important benefit of social networking sites like facebook or MySpace is that it gives an individualan opportunity to create an image of themselves through their profile, in a way he or she wants to be represented. It also gives them the chance to express themselves. There is a strong sense of being able to express ones own creativity. For this reason people find the sites almost personally fulfilling to be part of. Social networking sites have considerable benefits in allowing users to keep in touch with one other. Before social networking, people were only able to stay in touch with friends, families via phone, emails letters or online messengers, but it was very awkward and difficult to maintain contact due lack of communication tools. But sites like facebook have made staying in touch with people much easier where user can also emails as well as do live chat. Use of mobile phones and home computers with cheap internet has opened the doors for users all over the world, thus social networking has rose more than ten fold in the last decade. There is more pressure on people to use the sites because it has becaome almost part of modern living. The benefits somewhat seem to outweight any disadvantage even though the general public may not know at length where significant dangers lie in not setting appropriate User boundries for the applications or not using the applications with care and security. Social networking allow individuals to express themselves. The most popular way for an individual to express them self is by creating a profile which gives basic details about their personality such as personal interests, hobbies and education etc. One can add there details of hobbies and interests which might envoke other users to remain contact with similar interests and create social network between them. Social network sites, such as MySpace allows user to be creative by letting them design their own profile with different colour schemes and background pictures as well as using their own html codes for different layouts. Users such as music artist or writers can also show their creative side by writing blogs to let people know what is going on in their life. Creative artists such musicians, actors etc often use social networking to expand their fan base by using their profile in effect to advertise themselves. They can also get rapid feedbacks on any expressedtype of new ideas fr om their fans However despite all the positives of social networking the negatives overshadow the positives. Social networking has completely changed the nature of privacy by allowing individuals to obtain information of one individual without much effort. Social networking sites do not educate their users of apparent or hidden dangers in publishing their personal information on the World Wide Web. Even if a user is cautious about protecting their privacy it is very difficult for them to absolutely control who can view what on their profile pages. Most of the social networking sites have privacy tools which are not flexible enough to protect users data. This is because they have limited options of just to make the profile private (only friends can view it ) or public ( every one can view)à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦.. Social networking has also provided a new way for phishing and scamming to fraudsters. Scams can be posted as comments on an individuals profile or sent as private messages. This could encourage users to click on links that might link to fake version of that social networking site asking to enter logging detail or any other personal detail. This site might have no functionality apart from redirecting the user back to the original social networking site after the user has entered his/her login detail. That way, the scammer can use the login detail to have full access to the victims profile, which then can be used to scam more users and sell their personal detaisl on black market. According to Symantec monthly report [10] on spam phishing, 92 % of phishing scams were carried out through social networking sites. This shows that social networking is a leading area for scammers to either steal personal details or send spams. Figures from fishtank.com [11] show that FaceBook is the 7th mo st targeted website of phishing scams in 2009, this figure might have increased in 2010. According to the article in the guardian paper, lately many phishing attacks have been carried out through Facebook , fraudsters have sent spam messages to users which link to the fbstarter.com or fbaction.net. These sites were phishing scams which looked as if they are Geneon sites, but were used to steel login details of facebook users. However facebook has announced that they have blocked the fbaction.net links from facebook website and messages that links to fbaction.net. Social networking is very common in teenagers or underage users. Most of these teenagers dont take into account or acknowledge the dangers of social networking sites. To them, all the social sites seem innocent. Most of these kids use these sites only to stay in touch with friend. Social networks are a hub for paedophiles and perverts. This is because majority of the children post too much personal imformation. Not just their name, but they post their photos, addresses and the school that they attend. Social networking sites provide neccessary information that these criminal predators need in order to target vulnerable kids. Majority of the parents are also not aware of common dangers in misuse of the sites. Also they may be unaware that their child has access to them or worse still is addicted to them. There are reports, worldwide, of grave concequences of children being involved in such incidents where sites have provides a main medium of communication with the children putting the mselves in dangerous situations. Facts show that out 10 teenagers, at least one has posted a nude/semi nude photos of them self on their profile [15]. An adult can become aware enough and handle all ofl the dangers of posting personal information on a social networking site but it might not be obvious to children, since they simply are not mature nor have developed enough,in mind, to comprehend the complexity of social networking. However, this danger could be prevented if children not only educated about what they should post on the profile and how they should post restricted material but also protected. Carers or parents should know what children are exposed to and what activities they conduct. The use of privacy settings on sites such as facebook can also help to prevent these dangers. One interesting aspect is when an employee can overlook his /her posting on any social networking site and talk about themselves for example to a potential employer. Thay may present a picture of themselves completely differnt to that of the one on thir social site. How are they to know that these details have not been viewed by that person. One example is that they may tell a lie about their whereabouts to someone only to discover that they have found the truth about them on a social site eg on holiday or out shopping instead of sick, at home and off work . It is clear that there is evidence suggesting that social networking is very dangerous indeed, but it is very difficult to ignore social;l trends locally and on a global scale. Can we live without a system that has breeded into our society so rapidly and deeply that it has an impoact on our day to day habits, even sleep is effected. Some people are suffering from an insomnia syndrome due to addictions on ef facebook poker and Farmville and the worrying issue is that the users are now the very young ones, small children. One great disadvantage is the impact on verbal and communication skills for children. The findings are is that children are missing out on being verbally competent, thay are learming to speak properly later in life due to chatting on the internet, thay are more shy or reserved. This danger is one of the impact on society and the future generation. Insead of talking and reasoning verbally, they are typing into the keyboard. Perhaps talking on the phone is better for humans because true emotion can be expressed and maybe we use a different parts of our minds. How much control do you think we will have over this. Social networking is here to saty because Such a big user level No one person has control over it Too many uses Will always be delveoping Too much meny to be made in it May be part of our future jobs May need it for Dangers have to be managed Are there but its have they are controlled/stopped/ Have to have a deeper understanding of what danger is, its impact on us today and toimarrow.. learn from mistakes and continuously work together to protect people and educate them Face [10]http://eval.symantec.com/mktginfo/enterprise/other_resources/b- state_of_spam_and_phishing_report_02-2010.en-us.pdf [11] http://www.phishtank.com/stats/2009/03/ [12] http://www.guardian.co.uk/technology/2009/apr/30/facebook-phishing-scam http://www.yourteenager.co.uk/facebook-your-teen.html http://life.familyeducation.com/teen/internet-safety/57657.html?page=2 [15]http://articles.sfgate.com/2009-08-10/news/17175229_1_social-networking-sites-social-networking-teens

Is Alcohol Harmful To Our Life? :: essays research papers

So much information about adverse effects of alcohol is known. Yet, a large number of people condone what is known to them. Overlooking the negative effects of alcohol can turn the alcohol into a deadly weapon. Alcohol can cause deaths, diseases, and family problems. Alcohol can end your life in a matter of a second. According to,  ¡Ã‚ ° Alcoholism: New Insights on Old Problem, ¡Ã‚ ± more than 100,000 Americans die from alcohol related causes (1). In fact, alcohol related deaths are five times greater than the number killed by all illicit drugs combined. When a person imbibe an alcohol, he or she becomes disoriented. When people drive under this condition, they expose themselves to a great danger. In addition, women become more easily intoxicated from alcohol than men more (2). In result, women get themselves killed from an alcohol than males. Alcohol can also cause many diseases. When you drink too much of an alcohol, you get hallucinations and memory losses. Alcohol specifically affects the control centers of the brain (Valiant 337). If people do not get help for alcoholism, the condition could be debilitated. It could eventually lead to Korsakoff ¡Ã‚ ¯s syndrome of which symptoms would be mental confusion, hallucinations, and paralysis of hands and feet (Blum 337). This disease can get worse than they already have. Finally, alcohol can lead to poor family relationship.  ¡Ã‚ °Alcohol and Family ¡Ã‚ ± states that American research found that 49% of child abusers were drinking of the time of the offense and 34% were heavy drinkers (1). Alcoholics tend to abuse children just to make themselves feel better. In 1997, Institute of Alcohol Studies estimated that there are likely to be one million children in Britain living with a parent whose drinking has reached harmful levels (2). These innocent children get beaten everyday without knowing what is going on. There are many other things that have not been mentioned. There are more diseases caused by the alcohol which we still do not know today. The death rate on an alcohol is climbing every day.

Jymique Easter

Easter is celebrated the world over to mark the resurrection of Jesus Christ†. Also Easter is observed any. Veer between March 22 and April 25 of every year. Also a good question is what does the word Easter even mean, Who started this tradition, and where did it come from, and why was it made Foster 2 Television Networks tells all about Easter and why we celebrate it. It tells that celebrate Easter because of Jesus Christ resurrection. In this website it tells about how Easter is called a movable feast because it does not fall on a set date every year.I can SE this source very effectively in my paper because it tells about the origins of Easter. â€Å"Easter. † History. Com. Television Networks, n. D 28 Septet. 2014. In History. Com. A&E In this website it tells about the dates of Easter, and this is helpful information considering that Easter does not fall on the same date every year. In fact this source does not just help me, and it helps all the people out there who want to know what day Easter falls on. In this source it also talks about how Easter is a â€Å"blessed time for the faithful to celebrate life, death and resurrection for the savior. † â€Å"Easter 2014 Dates.Easter Dates for 2014 and Information. N. P. , n. D. Web 28 Septet. 2014. An this website it talks about the origins, the meanings, and practices of Easter, and it says that â€Å"Both Christian and Pagans have celebrated death and resurrection themes Foster 3 following the Spring Equinox for millennia. † can use this source as a very powerful tool in my research paper since it goes deep down into the practices of Easter. â€Å"Origins, Meaning and practices of Easter. â€Å"Easter. N. P. , n. D. Web 28 septet. 2014. While researching the holiday Easter, I have found some very helpful information for me and everybody else to understand Easter a little bit more.I have learned a lot of interesting things about Easter such as when it started, why it started, and why it is so important. â€Å"Easter is a day that is honored by nearly all contemporary Christianity and is used to celebrate the resurrection of Jesus Christ†. Easter usually involves a family gathering followed by a big feast with a Easter ham for everybody to enjoy. Also some family go to church for early service to start off their Easter Sunday. Last but not least, just about every family has a Easter Egg hunt to finish off there Easter Sunday.A Easter egg hunt is when the a family boils eggs, then decorates the eggs with fancy designs. After that they hide the eggs around their neighborhoods, yards, parks, or where ever the family thinks is a good place to hide the Easter Eggs. That is Foster 4 when all the children go scavenging for the decorative Easter Eggs. Most people do not know why they color or hide Easter eggs. The egg was a sacred symbol among the Babylonians. The Babylonians believed that a large egg fell from the Euphrates River, an that the Goddess Stare wa s hatched. So the after that the egg came to be symbolized as the Goddess â€Å"Easter'.The name Easter has its roots in polytheistic religions, most people prefer to say Resurrection Day rather than Easter. As you know Easter falls on different dates every year in the months of March or April. The chosen date comes from a formula established by the Roman Emperor Sophistication The Great an the Council of Niece in A. D. 325. You can use this formula to find Out the date that Easter fall on every year. â€Å"According to this rule the latest possible date for Resurrection Sunday is April 25, next occurring in 2038. The earliest is March 22, in 2285. So you see there is a lot of history to Easter.

Black Plague essays

Black Plague essays In 1348, in the major Trade City of Florence, a ship from China docked on the port carrying the rat that would lead Europe through one of the greatest epidemics ever known to man, the Black Death. The virulent plague quickly claimed the lives of a third of the population. There was no escape, as a third of the population quickly perished the social impacts were tremendous. Society had three main options, to run away from the pestilence as many did, having a profound socioeconomic effect in the cities and causing a further spread of the plague. While others instead devoted themselves to God and the faith in hope that Gods wrath would spare their lives. Yet others did the complete opposite, knowing that life was uncertain and that not even those of the faith were being spared they opted to celebrate the joys of life. Instead they focused on the importance of the individuals wants and needs, as seen in the beliefs and ideals that governed the Renaissance movement. Under the stra in of social pressures caused by the Black Death the medieval Catholic Church went through a profound change, in its place a new morally corrupt church emerged encompassing the social ideologies and beliefs of the Renaissance, which had resulted as a consequence to the plague. The plague in Europe devastated the population; many of those most closely effected were members of the church. Their position as social caretakers of society placed them within close proximity of the people they were serving. As a result they were more often exposed to the plague. In The Decameron, Giovanni Boccaccio, a Florentine writer states, Even the reverend authority of the divine and human law had almost crumpled and fallen into decay for its ministers and executors, like other men had either died or sickened. In many instances the clergy was even greater effected by the plague than the common people. In The Black Death, Philip Ziegler states that n...

Costal Sage Ecosystem essays

Costal Sage Ecosystem essays The coastal sage scrub ecosystem that we researched in is a community of soft chaparral plants, which evolved either from trees or herbs in dry climates most similar to that of a Mediterranean shrub land. The climate has hot, dry summers with at least one month of protracted drought and cool, moist winters. The moisture is kept deep in the soil where the shrub obtain its most of its nutrients from compared to the shoot. Vegetation in this area gives its adaptation s to fire and to low about of nutrients in the soil. This system consists of plants mostly deciduous and rarely evergreen plants with multiply woody stems that measure at a height from 4.5 to 8 m high and the diversity of organisms are quite low. The shrubs in this type of environment has many advantages and its success is dependent on their ability to compete for nutrients, energy, and space. They have structural modifications to improve light interception, heat dissipation, and evaporation. They also have features th at gives them a competitive advantage over trees and grasses because shrubs are perennial plants, which needs fewer nutrients aboveground and more through their roots. Population of shrubs is greater than that of herbs because herbs in the coastal sage evolved to let their seeds lie dormant in the soil until they are released by means of fire. This area is highly flammable with many ground litter and are heavy seeder in which many species require the heat and scarring action of fire to induce germination. After the fire, the dormant seeds are germinated and grow into an aboveground plant as a source of food for grazers. The diversity of organisms in the soil plays an important role in the soil. Soil microbes perform biochemical activities crucial to the quality of the soil and to the organisms living in the area. These microbes are involved in nitrogen fixation, denitrification, nitrification, and decomposition. In the dec ...

The Co-operative Bank Brand positioning Project Essay

The Co-operative Bank Brand positioning Project - Essay Example Brand positioning of an organization involves the following steps: 1. Identification of the direct competition of the business (including players offering products or services amongst bigger portfolio of solutions) 2. Understanding of the brand positioning of the competitors in the market. 3. Documentation of the own positioning of the company. 4. Comparison of company’s positioning with its competitors in order to identify the possible areas of differentiation. 5. Development of distinctive differentiated and value based brand positioning concept. 6. Creation of a positioning statement with customer value propositions and messages used for the purpose of communication development throughout the target audience. In order to develop a distinctive place in the operational market, an organization should choose a target market followed by the creation of a differential advantage in their mind. Thus, brand positioning is the medium by means of which the company can convey to its cu stomers that what it desires to achieve for them. It can be said to be an activity of creation of the brand offer in such way that it will occupy a separate value and place in the mind of the target customers. It includes identification and determination of the similarity as well as difference for ascertainment of the correct brand identity and creation of proper brand image. An effective brand positioning helps in directing the marketing strategy by explanation of brand details, distinctiveness of the brand, its similarity and dissimilarity with competitive brands and specific reason for using the brand. It is the base of development or increase of required knowledge or perception of its customers. It is the only feature which distinguishes the products or services of a company from its competitors. Financial condition of Cooperative banks in Europe The financial crisis situation of the countries and financial institutions are not over. The financial condition is far away from its stability and the confidence of the public in the financial institutions is very weak (Groeneveld, 2011). The Cooperative Banking Group has weathered/battered present and previous periods of the financial distress situation relatively well (Acadia, et al., 2010; EACB, 2010; Wyman, 2008). The cooperative banking group has recovered from the financial crisis situation of the period of 2007-2008 in a better pace as compared other shareholders value or the listed banks. The financial crisis leaded to the critical assessment of the business principles, models and rules in the banks. The top priority is given to safeguard of the stability in the global financial system. A major effort was given on the restoration of confidence of the customers on the financial sector. The Basel Committee on Banking Supervision has announced high capital and liquidity requirements for the financial systems and banks as the preventive measures for reducing the financial crises to some extent (Basel Committe e on Banking Supervision, 2010). This regulatory reform will result in the shift of the funding structure from the short term and volatile sources to long term and stable sources like capital and other deposits (Kodres and Narain, 2010). This financial crises situation has resulted in the increased awareness of the investors related to the capital endowments of the banks. Thus, it is likely that the market participants will request for additional buffers above

Marketing plan Assignment Example | Topics and Well Written Essays - 250 words - 1

Marketing plan - Assignment Example The objective of increasing sales at Bergs Ski and Snowboard shop will be measured by the rate at which sales will have grown by review moment with increased sale annual sales at the minimum rate specified in the objectives showing success of the marketing plan. The other control measure for ensuring success of marketing is the enrolment rate at which ski and snowboarding classes attended by customers are increasing and the success rate of those attending the classes. If the class enrolment rates are high, the marketing plan will have been a success within a year. The contingency plans available for the advertising through social media include printing brochures and posts and placing them at strategic location in the Eugene area containing the details of the business as well as contacts and social media pages (Fifield, 253). This plan will ensure those who had not been reached online will have received information on Bergs Ski and Snowboard shop. If the classes do not stimulate sales and an increased interaction between the business and the community, the contingency measure will be organizing Snowboarding and skiing events in the area with the winners given prices in terms of cash and products from Bergs. Search engine optimization is the other contingency measure when the marketing plans do not meet the desired marketing