Optional subject Research Proposal Example | Topics and Well Written Essays - 500 words

Optional subject - Research Proposal Example Because of the broad execution of KM approach in several organizations, I became really interested in knowing about the impact of KM over the business environment on the whole (Rasula, Vuksic and Stembersger, â€Å"The Impact of Knowledge Management on Organizational Performance†). From the previous researches relating to the execution of KM in the business organizations, I have become even more intrigued about learning the impact of this particular approach. Likewise, I acquired a comprehensive knowledge from the previous researches that there lies considerable impact of KM in providing benefits to a particular business organization. The notion of KM is fundamentally described as a procedure which comprises of a broad assortment of effective business strategies as well as practices that helps the modern day organizations to accomplish their expected business objectives and most significantly, to enhance their organizational performances in the long-term scenario. It can be stated in this regard that there lies immense impact of KM over the business operations in the contemporary era, as most of the organizations have employed it with the motive of attaining significant benefits. In this similar context, one of the chief benefits of generating the practice of KM within the business organizations is that the practice imposes a positive impact upon their organizational performances. Moreover, according to previous studies, the practice of KM also affects the organizational results with regard to company innovation and employee along with product improvement (Rasheed, â€Å"The Impact of Knowledge Management on SME’s†). My major interest about formulating the topic is that the phenomenon emphasizes upon the impact of KM which supports the business organizations to attain significant benefits as well as desired business

Rationalism and Empiricism and Kants assessment of the problem of Essay

Rationalism and Empiricism and Kants assessment of the problem of knowledge - Essay Example ment, as an opinion is regarded to be analytic if the subject is influenced by the predicate and is synthetic if it is not shaped or linked with the predicate (15-17). An analytic opinion is not significant to the predicate in that it â€Å"leaves† the notion of the subject in its original status but simply divides it into those philosophical components that have inherently existed in it, although unclearly: conversely, the predicate that is linked to syntheticity is â€Å"irretrievable† from the theme by any evaluation of the form. This strategy of containment is heavily based on Kants philosophy, which depends on an array of guidelines (Kant 15-21). These are argued jointly. Conceptual containment stems from a situation in which a predicate relates to a â€Å"mark.† This implies it is the integrated network of concepts that impacts the connections vital for analytic opinions. In certain instances, the analytic nature of a judgment manifests clearly when it is analyzed through these criteria. Additionally, Kant argues that representations and philosophies either fall under a priori (pure) or posteriori (empirical) categories. A priori philosophy, which surpasses the likelihood of experience, according to Kant, is a â€Å"concept.† On the one hand, a concept of a priori judgment exceeds any empirical purpose (Kant 15-22). In light of this, a philosophy based on pure judgment may also be regarded as transcendational. According to Kant, all the aspects of a priori cognitions often witness the injection of objective realism, thanks to their exposure. On the other hand, all cognitions based on a posteriori judgments are treated with utmost objective realism regarding the issues related to experience. On the one hand, rationalists have suggested that the very basic beginning of knowledge is not the individual senses but rationale. Rationalism is based on the fact that without earlier classes, and principles reinforced by reason forms the basis of the organization and

How Does Culture Affect Media?

How Does Culture Affect Media? Assignment question: How culture affect media, and media affect culture? Discuss. Introduction How culture affect media and media affect culture? Today in the twenty-first century, there is no doubt that with the social development media and culture have an intimate relationship, which can interactive affect each other. Media culture is the dominant form of culture which socializes us and provides materials for identity in terms of both social reproduction and change. Media can be any means of communication to influence the public broadly, such as television,newspaper,magazines, internet and other communications ways. Media is becoming to an essential part of our social life today. In my opinion, culture is more difficult to define. I found a definition, which is more accurate, is that â€Å"Culture is symbolic communication. Some of its symbols include a groups skills, knowledge, attitudes, beliefs,values, hierarchies and motives. The meanings of the symbols are learned and deliberately perpetuated in a society through its institutions.† In the definition of media and culture both mentioned about communication that can be the most important element for media and culture. It is undeniable that media and culture have an interactive impact for each other. In this subject I am willing to introduce how culture affect the media in the first part, I will describe culture affect media through two aspects which are technological development and different country culture. Then the second part I want to argue how media affect culture through some positive factors and negative factors that media not only bring cultural communication to people, but also may bring some destructive influences on culture. Culture affect media Culture has a huge impact on media communication ways and adoption. I have a point of view that media rapid development and the rise of new media are the result of the cultural needs of people. Science and technology culture Science and technology culture is a significant factor to promote media development. Media technology which enables communication has evolved with time because of the ever-accelerated updating of science and technology. 1. Newspaper Newspaper can be the main communication way in the recent period. Because written communication flourishes of ongoing technology, for instance, the invention of paper and the printing press. Also with the massive use of paper, newspaper as a carrier became the earliest mass media in the world. That read the news on newspaper was nearly the only way for people who want to take the latest information before the invention of television. 2. Television The invention of television was no single event or series of events. It depends on a complex of inventions of development in electricity, telegraphy, photography and motion pictures and radios. It can say to a big step of technology progressive advance. The first TV’s came back In the 1920’s accredited to Scotsman John Baird, then later on in the 1960’s color TV took off, a way of enhancing the viewing experience bringing the viewer closer to the real thing. Television directly leaded to a global media revolution when television started popularized to the average people around the world. Television use electric to transmit active visual image that can let more carrier such as television news, drama and even advertisements can spread information to more people. 3. Internet The advent of the Internet created a new media age after the traditional media. Media communication ways not only be limited to four traditional media of newspaper, magazine, television and radio. The beginnings of computer networks with the Advanced Research Projects Agency (ARPAnet) project in 1969 created by the United States Department of Defense. But the Internet actually began to rapid development and commercialization in 1990’s. For example, many valuable and well-known websites such as Google, eBay and Amazon established in 1990’s. After that, the world entered into the network age in the twenty-first century. New media gradually replace the power of traditional media due to the grow up in the cyberculture, also the impact of traditional media is diminishing slowly now. The ever-accelerated updating of science and technology brings a new media heyday for people. In addition, the rise of social media is fast and prosperous on the Internet and smart phone. Social media can be any website, technology or apps to allow people to write, share, discuss and communication. And social media is a platform or tool that people share ideas, experiences and perspectives with each other. And the Apps on the smart phone provided more opportunities to develop social media. I think that the smart phone is a great contribution of science and technological culture, which can changes people ‘s lifestyle and makes the mode of transmission more convenient. The invention of smart phone also accelerates the development of new media. Media structure is constantly changing, we never know how the media will change in the future with the technological progress. Science and technology culture is just one reason affect media. Cultural differences People have different behaviors, beliefs, attitudes, values, hierarchy and religions by cultural differences. I will focus on how different country culture and religious culture affect media next. 1. Different country culture At first, different country cultures always affect media. It is common that people usually have the similar way of thinking in the same country. Nevertheless, different counties must their own culture and lifestyles. So for media, the attitude of government can influence how people to think about media. The media control of government is a very important reason that impact the development of the media in some ways. We can through compare the Chinese media and western media to show the differentiation of media culture between different countries. Western media have the free press that they can report the news more objectives and rational. Government can allow media provide various views to them due to the capitalist system. Media can make a comment on their state leaders or an act of government to their options. In America, media sometimes will make some fun of their president Obama even they will criticize him some conduct if they think it is improper or incorrect. Western media be relaxed and have uncontrolled freedom of speech in the overall environment. But it is rarely possible to happen in China. China is one of only a few remaining socialist countries in the world. That is a unique existence when the world almost combines into a globalization capitalist system. It is exactly because of this socialist culture that Chinese media have been in a very embarrassing situation. The Chinese government has long kept tight reins on both traditional and new media to avoid potential subversion of its authority. Its tactics often entail strict media controls using monitoring systems and firewalls, shuttering publications or website. Chinese media still do not have freedom of speech even they have already improved this situation a lot due to social progress and the development of new media now. Chinese media always report the positive coverage for the reports which involved government. And the attitude of Chinese media is never can say the bad words against the Communist party and government. Especially the traditional media is fully controlled by the government. But the rapid development of the Internet helps people to get more information sources from new media. As a whole, because China is a single-party system country, government will still strictly control the media speech and I think it will be difficult to loosen the control in the future. Socialist culture can be the most important reason to affect the media in China. 2. Religious culture Secondly, religious culture also will affect people have different attitudes for media. The power of religious culture is formidable and unexpected for believers. The core values of religion are beliefs which can affect people’s ideology. But the news generally will involve religious issues sometimes. Inevitably, Media and religions usually have conflicts because some radical words will burn some believers which is religious extremist force up. Some media will yield to the pressures of religions and avoid to mention the sensitive topic of religious culture. Nevertheless, some media not afraid of religious forces. They believe no one can kill their ideas. I want to give an example that everyone must be heard the Charlie Hebdo shooting accident. It is appalling that three heavily armed masked gunmen opened fire in the Paris office of French satirical magazine Charlie Hebdo on Jan 7th, 2015. It resulted in the death of 12 people, including four cartoonists. Gunmen reportedly shou ted We have avenged the Prophet! When they stormed the office. Charlie Hebdo was found in 1970. It uses satire to target politicians, police, bankers and religion with its inflammatory headlines and garish cartoons. This magazine has repeatedly caricatured Muslims and their beliefs finally cause this appalling accident. But many people around the world support Charlie Hebdo to resist this attack and they think Charlie Hebdo can be a symbol of the freedom of speech. People have different beliefs make religious culture sometimes are controversial. Some media ignore to report the religious issues just because they are afraid of the religious extremist force pay attention to them. Media must be more careful to report the topic of religious culture. Media affect culture Nowadays, the rapid development of the media has a huge impact on the communication of cultural exchange in the whole world. For mass media, the paper media started an extensive cultural impact from the beginning, then the digital media significantly affect the cultural communication in the twenty-first century. Although the traditional media have some limitation and unidirectional in some ways to transmit information. But new media have brought a digital communication age for the world, which can eliminate the obstacle of time and space via the media. I willing to focus on how new media affect culture in the following paragraphs. Online culture Online culture has formed from the development of the Internet and new media. An increasingly wide range of information, ways of business, services and entertainment are now commonly make available and accessed online or through digital media. The Internet is regarded as being unique and offering something they cannot get elsewhere. Online culture is an information culture based on the Internet without national boundaries and region. People enjoy the equality, freedom and virtual of the online information. As far as I concerned, media not only has many positive influences on online culture, but also has some negative impacts on it. 1. Communication and exchange Firstly, online culture brings the convenient and efficient communication and exchange for people through constantly the development of the Internet media. In the past, people maybe need to spend a lot of time searching the information before the rise of new media. But now people can find everything they want on the Google. Google is a carrier that has indexed billions of pages and makes it easy for you to find a website or page in an instant. It is no exaggeration to say that Google almost contain the culture of the whole world. Then Wikipedia provide an enormous knowledge network for people as the largest single source of free information in the world. I believe that Google and Wikipedia are irreplaceable media for the developmental progress of online culture. For instance, if we want to learn some information about America history, we will just have to open the Google website and enter the search keywords, then we can find the information in the Wikipedia website that we no longe r need to take some times to find and read books. Personally, all online media fully embody how online culture produce convenience and efficiency to people. Nevertheless, online culture is a double-edged sword. The past fifteen years weve made significant advances in technology. The internet became more popular and then we use many social media to online chat. Now we live in a digital age where almost every people use laptops, smart phone and iPad. Do you feel close to people or further away when we cannot separated from the social media? I dont know how many times Ive sat down in a room full of people and have seen nobody talking to one another. Ill see several people sitting there on their phone or other type of mobile distraction. People are increasingly lack of face to face communication, even always playing smart phone while friends meeting. Stop your smart phone addiction, we should look up at the real world what you are missing around you. Maybe we cannot deny new media bring too many contributions and conveniences for our life and culture, but I hope people can also find some good things around us in the real world instead of alw ays use smart phone and indulge in online culture. 2. The decline of traditional culture Secondly, the rapid development of new media actually impacts some existence of the traditional culture. Online culture is gradually becoming dominant culture while the communication media are continually going through significant transformations in the age of the Internet. However, facing the online culture rising, traditional culture is slowly declining is a crisis that new media bring to us. Because along with the e-book and various apps popularized, which people can finish those all thing just on their phones or computers, there are fewer and fewer people willing to use dictionaries, read newspapers or go to bookstores. I can understand the media development can be a mirror of social progress, but I am not willing to see the decline of reading from paper even many bookstores face collapse. In my hometown, my favorite bookstore has moved to a place where more faraway but have cheaper rent. They cannot pay the expensive rent due to the decline of customers and profits. Although we cannot stop the ever-accelerated development of society, but I hope more people can realize that we need to protect and retain our culture. Children This chapter describes the negative and positive effects of media on children. Computer and other media use can influence children’ s neurological development, cognitive development, sexual behavior, attitudes, knowledge and perceptions of self as well as involving the use of substances such as drugs and alcohol. The positive impact is media produce many learning opportunities to study all aspects of knowledge, and also media enrich the space time of children’ s life. However, negative media effects for children cannot be ignored. For example, children who view a large amount of violent programming, can become desensitized to the violence and become more aggressive in their own play and other behavior. Furthermore, media have negative effects on the health of the children. Children spend too much time listening MP3 will impact their hearing and use phone or computer for a long time will give children decreased vision. In my opinion, parents should encourage children rea d more books and do some outdoors sports. Economic effects New media have already formed industrial clusters to produce the huge effects of social economy and culture. Under the information-based society and market economies conditions, new media became the most important way for the modern economy to keep information communication with the social environment and the target public. In an era of information surplus, If the companies want to survive and development, they will be able to convey the product message to target audience effectively. Today because people devote a significant amount of their daily time to digital channels, the Internet has become a highly precise, interactive mass medium. New media can produce the best possible result for economic effects in public information communications. Business advertising on various digital media, such as search engines, email, social media and Apps. Advertisements make a contribution to business economics and bring great benefits to media at the same time. In addition, the advent of new media also brings the new culture of economic industry, which represented by internet industry, mobile communication industry and digital media industry. Especially, the continuous expansion of the scale of the new media drives the development of other relevant industries, such as website construction, website maintenance, content provide, technical service and other industry developments. New media give a new pattern for economic culture. Cultural globalization Media cross the distance between the people around the world to bring a globalized world for us. Cultural globalization is the inevitable result of social progress. But It is undeniable that the new media is an important role to promote the culture becomes more globalization and cultural fusion. In my opinion, culture has become more globalization with a variety of ways since World War two. Media make the range of cultural communication more broadly. Whatever the traditional media or new media, they both bring culture to people around the world. Social media is one of them have great impact for the communication of culture. The advent of social media makes information sources this proper noun becomes popular. Social media provide an equal and public platform for all people, including government, media, companies, personal and so on that everyone can release the information and see the information on the social media platform. If this platform becomes globalization, it will make people to share the various information and culture more convenient around the world. We are increasingly both bound together and separated by the globalized networks of information communication technology. Regardless of what kind of social media, such as Facebook, YouTube, Google and Twitter, they all play an increasing role in cultural integration and this influence of globalization. Facebook can be a good example to show how social media affects culture. Facebook is the biggest social media website in the world. This social media website has gradually changed people’s life since it founding in 2004. Facebook be successfully developed to have global users, then it resulted in the globalization of information and more cultural exchange. Different cultures are connecting and integrating while people from different places are communicating with each other on Facebook.

Analysis of Trifles by Susan Glaspell Essay -- Susan Glaspell

"Trifles" is a play with a unified plot. Although there are verbal flashbacks to the events of the day of the murder of John Wright, the play's entire plot begins and ends in a span of one day. The author also extends the unified plot to create a single setting (the farmhouse kitchen). The plot centers on John Wright's murder. Mrs. Wright is the main suspect; an investigation is taking place as to the motive or reason for the crime. The Sheriff, Mr. Hale and the County Attorney are introduced first to the audience. They are investigating the crime scene. The women, Mrs. Hale and Mrs. Peters, accompany the men to gather whatever of Mrs. Wright's belongings that she needs in jail. This exposition turns ironic when the women end up "investigating" and actually come up with evidence, while the professional men leave without an answer to their quest to find a motive for the murder of Mrs. Wright's husband. Mr. Hale gives an account of what he came upon the day of the murder. He found Mrs. Wright in a state of shock and nervousness. Mr. Hale states that Mr. Wright didn't care much for talking to people; all he wanted was peace and quiet. This foreshadowing will be used by the women, mainly Mrs. Hale, to connect the motive to the dead bird that they find later on in the play. Additional foreshadowing facts are the broken jelly jar and the "very cold" kitchen atmosphere. Again, the women feel that this coldness was what drove Mrs.' Wright to murder. Mrs. Hale informs the County Attorney that Mr. Wright was not a very cheerful man, which may be why the farmhouse does not look or feel cheery. The audience learns that Mr. Wright was a cold, uncommunicative, selfish man. The theme of men versus women come into view... ...ver, Mrs. Peters undergoes character development from believing that it should be up to the law to decide what should happen to Mrs. Wright to being convinced that women ought to stand together against the stereotypical views of women that the men have. This change occurs when Mrs. Peters recalls a childhood event that involved her cat and a mean, dreadful little boy. The play's rising action occurs at the point when the men could not connect the why and the how of John Wright's murder. The women, as they meddle with their "trifles", uncovers the knowledge and objects that the masculine detectives were seeking. In the end, the men come up empty and the women leave the farmhouse with concealed evidence in hand - the dead bird. The audience is left thinking that Mrs. Wright will be a free woman. As to what the actual verdict will be, no one knows.

Protecting the Environment Essay

Every company should invest in our environment. We live in a time when the environment is in danger, so it is important to protect it. We need a healthy environment in order to survive, so we must protect it. We need to protect the environment now to help prevent health problems, to maintain the ecosystem, and to preserve the Earth for our children. Pollution from factories and cars can cause damage to the environment. It makes the air dirty. Breathing this dirty air causes health problems, particularly for children and the elderly. Pollution not only increases spending on health care, but also decreases working ability. We need to control the amounts of pollution we produce in order to prevent health problems. We also need to pay attention to the ecosystem. Plant life, animal life, and people all depend on each other. An unhealthy environment disturbs this ecosystem. For example, changes in the environments might cause a certain kind of plant to die. If that plant is food for a certain kind of animal, the animal will die too. If people use that animal as food source, there could be big problem. To avoid the big problems, factories should pollute as little as possible and use natural resources rationally. If we do not protect our environment it will continue to get worse and our children will suffer the consequences. The air and water will be dirtier, natural resources will become scarcer, and more plants and animals will die. Our children won’t have as much natural beauty to admire. Even worse, their well-being will be threatened. Without clean air to breathe, a healthy ecosystem, and a future for our children, the human race will not survive. That is why protecting our environment is important. If we have a healthy environment not only the company is going to make a profit but also workers, customers and community.

All Consuming Images

What is Ewen trying to understand in regards to the ‘politics’ of style and what are his research questions? Which methods does he use to conduct this analysis? Ewen in his study of style is trying to understand how this came to be of â€Å"utmost† importance in our society. Obviously, considering himself a scholar and trying to make an impact on his students, Ewen is perplexed, when after reviewing the impact of the mass media on our society, the most important question a student can ask him, is â€Å"Where did you get your shoes? † Why does it matter? This is what Ewen wants to understand. When did style become representative of all that we are?And how did become tied to social power. Ewen, although able to recognize the symbols of style in our society, through images on magazines, fashion, interior design, found it difficult to define what style is, and the â€Å"universal preoccupation† with style in this society. Ewen believed that understanding this preoccupation, would ultimately provide an understanding of this contemporary culture. Ewen was curious of this notion, that made such an impact on our society, yet lacked concrete understanding. Style is elusive, yet craved by everyone. â€Å"This conception of style is both perceptive and confounding. The idea that styleis a way that the human values, structures, and assumptions in a given society are aesthetically expressed and received is a powerful insight. † Ewen found that the concept of style was often determined by current fads or modes of behavior. Style can be defined by its currency, and also defined by its consumption. â€Å"One of the main points of a style is that it will not remain current. † Ewen asked his students to write an essay entitled â€Å"What Style Means to Me. † He established the ground rules: †¢ No dictionary definitions †¢ No academic or research papers †¢ Draw on your own experiences and feelings about styleEw en believed that each of their essays would reveal how their definition of style was essentially part of their history and experience. â€Å"Every story could be pursued to reveal many things about the particular individuals and groups that are spoken for: the way people express themselves, the way they conform, the way they rebel. † Ewen found through their essays that their were similarities in that at some point, most of them equated style with consumption and the power of the mass media to define and influence popular notions of style. Ewen wants to determine the meaning of the prominence, significance andconsumption of style, and how it has come to be a contemporary phenomenon. Ewen is concerned about the ability of the mass media to define style and its ability to create a way of life. â€Å"The people we view apparently inhabit a universe of bounty. They wear dresses costing thousands. They live in castles. Their encounters with interior designers lead to unrestrained flights of fancy. Their desires, their fantasies, their whims are painlessly translated into objective forms. There are no conflicts. In the name of â€Å"good taste,† there is no mention of cost. There is no anxiety about affordability. †Style, in contemporary culture, appears to offer the opportunity to have all that one desires, without ever even questioning if it what should be desired. Question 2 Using THREE EXAMPLES from the book, explain at least two ways that personal experience (and/or identity) is related to the politics of style. According to Ewen, the power of style has become an increasingly feature in the lives of individuals. â€Å"Style is a visible reference point by which we have come to understand life in progress. † Take for example the invitation that an individual may receive from American Express, to receive their new Gold Card.â€Å"Only a select group will ever carry the Gold Card. So it instantly identifies you as someone specialâ€⠀œone who expects an added measure of courtesy and personal attention. . . . The Gold Card says more about you than anything you can buy with it. We think it's time you joined the select group who carry it. It is a gesture that speaks volumes. It says you are someone special–whose style of living requires very special privileges. Someone whose financial credentials rank among the nation's highest. Someone who appreciates–indeed, has come to expect–an extra measure of courtesy and personal attention. In fact, the Gold Card in your namesays more about you than almost anything you can buy with it. † This is a promise of â€Å"unspoken prestige. † You will be seen. You will be noticed. The symbols you display, your most valuable possessions, will permit you to stand apart from the crowd. You will be noteworthy and honored. You will be someone. You will have â€Å"joined the select group. † Only the faint remnant of perforations–at the top and bottom edges of the personalized letter–suggests that this promise of individual identity is being made, simultaneously, to a mass of others. This is a typical manner in which the mass media and consumerism do define style, asidentified by Ewen. It speaks to the quality of life that will be held by the person who has the â€Å"Gold Card,† as though being identified as royalty. This person not only has style and power, but already has the American Dream. â€Å"When a rising middle class of merchants began to appropriate the marks of style from the late Middle Ages on, it was a tangible expression of their increasing power, both locally and globally. When they took on the vestments, titles, and properties previously monopolized by the aristocracy, it was because they had assumed a central, increasingly decisive position in the world.While political structures took time to acknowledge their franchise, these merchant capitalists were becoming men of power. † Acc ording to Ewen, this middle class claiming of power, was a mask, to let them feel as powerful as the elite that claimed social power. â€Å"Its symbolic identification with power, this â€Å"middle class† performed, and continues to perform, a political function; it effects divisions among people who otherwise might identify with one another. † Ewen cites the impact of the mass media and its ability to convince the American public of their personal worth as evidenced by their style. â€Å"By the late 1950s, Fortunemagazine asserted, nearly all Americans had the option of â€Å"choosing a whole style of life†: A skilled mechanic who earns $7,500 after taxes may choose to continue living in â€Å"working class† style, meanwhile saving sizable sums for his children's college education; or he may choose to live like a junior executive in his own $17,000 suburban house; or he may choose to live in a city apartment house otherwise occupied by business and prof essional men. When the American â€Å"masses† have options of this breadth, . . . it is scarcely an exaggeration to suggest that we have arrived at a landmark in all the history of human freedoms.(1) people constantly express their personalities not so much in words as in symbols (ie: mannerisms, dress, ornaments, possessions); (2)most people are increasingly concerned about what other people think of them, and hence about their social status. Thus the taste of many Americans is expressed in symbols of various social positions. . . . people tend to buy things that symbolize their aspirations. Our social status and hence our social power are identified by our belongings and those personal possessions that we choose. Question 3 In the closing chapter, Ewen begins by suggesting that â€Å"In American Society today‘image management’ has become both a lucrative business†¦Ã¢â‚¬  and a necessity. He concludes that â€Å"in countless aspects of life the powers of appearance have come to overshadow, or to shape, the way we comprehend matters of substance. † What are his conclusions regarding this form of social control? What do you think of his argument? What began for Ewen as a quest to understand why one student found more importance in his shoes than his message, Ewen uncovered what is perhaps our failing in contemporary society. Image management in contemporary society is a billion dollarbusiness, with people being willing to do whatever it takes, to achieve the perfect status and the perfect image. The perfect image sells! Image is created by an individuals style. For most individuals, style is created by what is identified in the mass media as valuable, status enhancing, and important. Our priorities are in great part determined by what the mass media determines as important. This is a belief that is upheld by not only the commercial industry but our main sources of news: â€Å"If the news helps to promulgate an ongoing cognitiv e confusion, closely related are the dominant channels of political influence.As far back as the presidency of Andrew Jackson, when the vote was extended beyond the propertied classes, political style makers have negotiated between the objective power and interests of ruling elites on the one hand, and rising popular democratic aspirations on the other. Social inequalities of wealth and opportunity were transformed, by the hoodoo of political promotion, into a consensual notion of â€Å"common interest. † I absolutely agree that the perception or attitude represents â€Å"the ascendancy of politics as pure public relations. † If we continue to reduce all social issues to simply matters ofperception, that is the only place where we will see change. If that is how we address social needs, we will only see an image change, rather than real change that is needed. â€Å"The impulse to dissociate images from social experience, or to present images as a surrogate for experie nce, is reiterated throughout our culture. The perpetual repetition of this dynamic–affecting our sense. † Ewen represents a compelling study of the effect of image and style on contemporary society. The value of individuals in this society is determined by their image and their ability to project that image to others.

Microsoft Marketing Management

Microsoft Marketing Management Introduction: Microsoft Corporation Microsoft Corporation is based in the US and deals with manufacturing and development of software products applied in computers. The company develops variety of software which include; operating systems, server applications, business solution applications, information worker applications, high-performance computing applications, software development tools as well as MSN network which is an internet provider.Advertising We will write a custom assessment sample on Microsoft Marketing Management specifically for you for only $16.05 $11/page Learn More Microsoft’s operating system which has unique qualities in the market forms the major strength of the Company. The system provides dependable link between the computer and the user. In addition the Company also ventures into manufacturing application software as well multimedia market (Aaarkstores, 2010). Microsoft Corporation is known to be technologically oriented compa ny with most of its core processes operated electronically through avenues such as e-shops. The company heavily utilizes the use of online services and web-based information systems. Such services as e-marketing provides the company with integrated means of reaching consumers hence allowing possible means of projecting current and future customer requirements within the market (Johnson et al, 2008, 51-59). Figure 1: Microsoft and its competitors Description of Customer Perceived value for the CompanyAdvertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Consumers are believed to always engage in internal and external processes of information search before attaching value to product or company. Internal information search involves the process through which consumer identifies all alternatives to the product/company from memory. Such actions require companies to engage in aggressive programs which enable their various brands to become memorable to consumers and are mostly applicable to low involvement products or companies (Payne and Holt, 2001). While external search is applicable to high involving firms such as Microsoft as well as Apple amongst others. In such a case organizations are advised to make available their product information through web sites. Consumers at the same time could use compensatory decisions which requires the consumers to critically analyze all the attributes of a company before pledging loyalty to them (Eggert and Ulaga, 2002). Value should be examined from the customer point of view since expressions towards a product vary depending on the customer segment served. Within the various market segments, some customers tend to value more, certain product attributes compared to others. High prices of products might represent high value to particular customer segment since the benefits are considered higher than money value attached to the product. In this case Microsoft’s operating system provides the customers with more useful ways of operating their computers (Barnes et al, 2009). There is realization of increased productivity owing to easy communication through the integrated system which enables instant sharing of information. There is faster and instant means of information sharing through the use of desktop applications as well as line of business which eliminates the essence of spending a lot of time in locating and communicating with partners. There is also sufficient access for customers whether travelling or at home and at the same time enables remote users to access directly security-enhanced presence without the use of Virtual Private Networking (VPN).Advertising We will write a custom assessment sample on Microsoft Marketing Management specifically for you for only $16.05 $11/page Learn More The operating system together with other Microsoft services enables business col laborations between organizations easier with a guarantee of protecting sensitive business information. Microsoft services provide organization with connections through public IM data centres and Live Communications Server Internal users which enables effective connection between information workers and public IM services (Holbrook, 2003, pp 45-61). Microsoft ensures the possibility of customers extending their current infrastructure investments by incorporating new technologies into the existing computing environments. For instance, the provision of Live Communications Server 2005 which forms part of Microsoft Windows server system which improves the functions of the collaboration infrastructure. The software enables customers to share Ms Office and other applications from working station with other collaborative sessions such as encrypted IM. Microsoft Office System integration grants customers uninterrupted workflow system and at the same time enable Real-time communication with familiar Ms Office programs (Ahmed and Rafiq, 2002). Consumers value Microsoft’s ability to eliminate communication delays within the business cycles with business partners through their advanced technology in Live Communications Server 2005. There is provision of instant access to business partners across organizational and geographical boundaries. This has accelerated improvement in business efficiency through familiar security enhancement. Increased manageability, scalability and security are possible through development of Enterprise-Grade Real-time communications. Customers are as well provided with NT LAN Manager Capabilities which increases the control as well as the security of the supposed network through consolidating the necessary resources with Microsoft Windows Active Directory. Companies benefit from real-time collaboration solutions enabling growth through easy scaling-up opportunities. This means that the up-time for enterprise communications is upgraded and a t the same time the Microsoft SQL servers enables data recovery preventing further time and data loss.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The use of SQL-based Logging in Microsoft’s communication server makes it possible for internal auditing of the available IM transactions (Dubois, 2007). Organizations at the same time are capable of enhancing the efficiency of their internal operations through application of various Microsoft services for the right duties. These include working together across departments with experts through contact centres. The process presence is enhanced through leveraging of knowledge and ideas hence enabling healthy advancement within entire enterprises. At the same time there is the provision of building stronger customer relationships owing to the development in the unified customer touch points which reinforces relationships. The possibility of connecting to customers using appropriate tools is made possible through servers live communication links which has also made it possible what is referred to as agent-initiated cross-selling (Holbrook, 2003, pp 45-61). The provision of famili ar and modern Windows-Based management tools has assisted in simplifying the management and administrative tasks. Organizations are able to operate within timely schedules through new deployment tools. The other value added to organizations apart from time management is that they can now save on training expenses through the use of soft wares such as Windows graphical user interface, which enables easy management of users, servers as well as global settings. When integrated together with Live Communications Server 2005, windows-based management tools reduce server management and training costs (Woodruff, 1997). Microsoft’s idea of rolling out new technologies within the market has met mixed reactions from the consumers. The company’s venture in developing Internet Explorer with Windows 98 and other integrated products has been at the centre of the antitrust suits. This is seen as a direct assault on the company’s strategy on software development which is known t o be innovatively involved in unveiling more features, technology and other products into their key components such as Windows NT, SQL server database, and E-mail Server Exchange. The strategies on all these innovations focuses on promoting functions and at the same time reduce prices. The consumer reaction is generally mixed concerning the various practices involved since some view the advantages of the software bundles in terms of pricing as well as product integration while others view the processes as short-term applications (Holbrook, 1999). The company is also prepared to roll out its man flagship development tools as well as emerging middleware. Microsoft at the same time plans to integrate developer’s toolkit systems which comprise AS/400, Oracle, DB2 and VSAM; in addition there is also bundling of Microsoft’s SNA Server. These soft wares would enable easy operations by large scale developers. Microsoft’s automated and well organized system gives custome rs easy time when transacting their businesses and activities through the computers. Their operating system has enabled easy access to required websites enabling consumers to indicate every detail they require through websites hence making majority of work to be efficiently done. The use of electronic sites provides the various steps necessary for completion of any business transactions between suppliers and consumers. The company also offer customers free trial version of their software’s on sale hence enabling buyer confidence after buying the product. The company at the same time grants protection to its customers from fraudulent activities which may occur in the process business transactions. It operating system and software program enables application of all these activities (Ulaga and Eggert, 2005). Microsoft Corporation designs programs which enable consumers to browse through products as fast as possible. The firm utilizes its strong brand for the purposes of driving sales of their software programs and other related services. The brand name at the same time is used for attraction purposes within the new market segments. This is also utilized for the purposes of enhancing partnership between related companies operating within the same industry. The partnerships prove healthy towards market competition since they enable the process of co-branding of the new sites hence granting Microsoft a good market base for sale of its related products and services. There is easier incorporation of activities and use of network systems such as MSN provided by Microsoft Corporation. Partnership with service providers enables the offer of enough space capable of handling new inventions for both small and established businesses (Piercy, 2009). Evaluation of Existing Value Proposition Clear definition of Company’s value proposition gives the required customer base. The value proposition helps in identifying the customers within the chosen market segments wh ere the value seems most attractive. Microsoft has been able to face market competition owing to their simplicity of Integration between vendors and their systems. Such a strategy has not yet been adopted by other competitors such as Apple or Linux. Microsoft servers are capable of running on Windows Platform making it easier for use by consumers. This has granted the Microsoft an advantage over their prime competitors since each contributor has to understand operations of Linux for easy working within the environment. Microsoft’s business model is different from other competitors within the market despite derivation of revenue as well as profit from the sales from the PC’s. The difference comes from the selling of applications and also upgrades software’s to the base of PC’s. The company focuses on investing in new generation operating system and upgraded application software prices. The growth of the already installed base makes it impossible for compet itors to match Microsoft’s current level of operation. The company has got incentives for setting low prices to deal with the growth in the installed base. And at the same time set high prices for the productivity applications enabling the creation of stable financial base from the PC’s installed. The operation of Microsoft’s business models affects such elements as pricing, investment and time of release of new operating systems (Aaarkstores, 2010). Good brand image forms a good basis for company’s future development and progress within the market. This has contributed to Microsoft being one of the sole leaders in computer software manufacturing. The Company utilizes the use of modern and upgraded technology in providing consumers with fine software and services associated with the preferred system. Microsoft makes use of the available resources to provide and win considerable customer base hence an outstanding brand name. The company has supplied the ma rket with high quality software products besides their operating system. At the same time their work environment contributes to the good image since they accord their staff considerable benefits and at the same time everybody treated as equal partners. Strengthening its coverage requires the company to consider reinforcing its relationship with consumers and other potential partners within the marketplace. Microsoft’s level of creativity and innovative ability has been outstanding granting them competitive advantage over other players within the industry. This acts as a source of motivation to various companies willing to emulate their marketing strategies (Johnson et al, 2008, 51-59). There is focus in providing efficiency through Microsoft’s products and services with the aim of capturing organizations. Generally Microsoft has upgraded most of their equipments from computers, websites, operating system and their software programs. The appearing of their brand name on their products provides customers with the assurance of the products and services they are supplied with making the company enjoy global support from loyal clients. Their software engineers are professionally trained hence understands better market needs from professional point of view. This makes it difficult for pirates who are always in the process of selling counterfeit products (Aaarkstores, 2010). Microsoft Corporation’s attribute of participating in corporate social responsibilities such as offering donations to institutions as well as not-for-profit organizations reinforces its good image. The company is greatly involved in organizing seminars within various regions of the world and at the same time indulge in infrastructural development. Their services involve thorough training programs to customers through the company’s website and at the same time provide consumers with enough warrant time regarding some of their highly prized software (Aaarkstores, 2010). Microsoft promotes its image in such manner as being actively involved in environmental issues. Research reveals that majority of consumers in America and other parts of the world are very conscious in buying products from companies which are environmentally conscious. Microsoft participates in community clean-ups besides donating their computers to schools and other institutions. This has helped in improving and developing the image of the company amongst potential clients. Their interest in the well being of the community they serve earns the company greater value and favour amongst the population. They also advance as far as partnering with the various environmental organizations in creating environmental awareness through their websites advising on the importance of conserving available natural resources (Johnson et al, 2008, 51-59). Company’s business model is always dependant on array of players such as; competitors, substitutes, complementary organization, customers as well as suppliers. Microsoft for example complemented so well with Intel to provide the market with valuable products. However, much focus has been given to interdependences between competitors and at the same time between buyers and sellers. Business models have the capability of either reinforcing each other or detracting through competition. Microsoft is currently present in various business sectors such as videogame systems as well as operating systems for the PDAs (Personal Digital Assistance) (Johnson et al, 2008, 51-59). Microsoft Server has the capability of delivering instant messages providing scalable enterprise-grade solution. The system offers enhanced security, seamless integration alongside other Microsoft products and services. The company also offers necessary extensions in their industry-standard development platform. Such upgraded services have enabled organizations to save on costs as well as gaining ground on improved business efficiencies, increased productivi ty, and improved security on Intellectual property through provision of easily managed and available solutions (Aaarkstores, 2010). Microsoft bases their services in the presence of devices which enables instant messaging and at the same time revealing other devices readiness for communication. The devices provide complete picture concerning the user’s status and the nature of their alleged environment made possible through the use of Microsoft CRM. Customers are capable of predicting before time if their devices are ready and available for use. The presence of groups enable point-and-click access initiating instant sharing hence decisions becomes easy to create through Microsoft office programs enabling easy team-centric communications (Aaarkstores, 2010). The company has organized plans based on the available resources such as capital. Microsoft has stable capital base generated from great deal of cash on hand enabling them to capture available opportunities within the mark et. This gives them considerable advantage over small software firms having limited capital from cash on hand, hence forces the small firms to forego great investment opportunities. Microsoft tends to make its strategic plans from corporate level concerning issues on providing high quality software and services to customers. Such plans always involve heavy and aggressive capital investment. At the same time the company makes plans at business unit level making it possible for the business to include additional services besides operating systems and applications software. Such services include provision of internet services as well as video games. This means that the management team gets involved at different capacities making all decisions central to the assigned areas which make accountability easier (Zeithaml, 1988). Microsoft at the same time makes plans at the functional level allowing the specialization and accountability easier. Such strategy is applicable especially in market ing where prices of Microsoft software requires adjustment based on the increasing demand. The company’s scope needs reasonable definition for the purposes of capturing the existing market opportunities. Therefore, Microsoft needs not to identify itself only as Computer Company since such definition may limit the nature of services provided. The mission of the company incorporates in broad terms the different groups of consumer segments served with appropriate technology involved (Frow and Payne, 2008). Figure 2: Diagram showing the processes for on-line sale of an Item Compare and contrast the value proposition with that of the leading competitor in your sector Both Microsoft and Apple Inc aim at satisfying the needs of their respective customers. This is since potential customers differ in their satisfaction levels and at the same time not all customers have the same needs. Different kinds of customers have got different types of preferences and needs more than that which organizations can handle. Different segments carry varied weights based on the kind of needs demanded hence require change in marketing mix used. However, both companies apply the use of differentiation methods for the purposes of reaching their targeted customers. They all fine-tune the elements of their respective marketing mix for the sale of computer products and services. The volume of sales made on the PC’s at particular times depends on the nature of customer value attached to the microprocessor as well as the operating system. The other low values are captured through OS pricing which also determines the coordination between microprocessor and operating system. Previously Apple’s iPod dominated the market as it was seen to be portable as well as its capability to handle digital player segment. The device made Apple Inc to hold over 75% of the US market share since the year 2001. However, the device got a big challenge when Microsoft launched similar device refe rred to as Zune in the iPod segment. Zune attracted more interest and attention compared to Apple’s ipod in terms of features and pricing forcing Apple to reduce its prices by $ 50 in the year 2006. At the same time Microsoft launched a competitive browser to match Mozilla’s Firefox, the browser referred to as Internet Explorer 7 assisted the company in recovering the market segment lost since the year 2004. The software incorporated various features adopted from Mozilla such as integrated search window, tab browsing as well as pop-up window blocker. Such development was countered by Mozilla through release of Firefox 2 which was much up-graded. The strategy sparkled war between the two entities since they each wanted to dominate the market (Fifield, 2007). In conclusion, Microsoft Corporation stands as one of the most successful firms having great deal of technology alongside experienced staff capable of designing software. Their image value wins them considerable mar ket share and respected brand name. However, some units of Microsoft records losses making MSN incapable of achieving desired targets within the market. Besides, the company is faced by various threats which include rapid development from other sectors owing to high economic growth and economic downturn which has affected normal operations owing to high energy costs. Despite all these, Microsoft always takes the opportunity of having strong brand name within the market, hence enabling them to venture into the hardware market. Strong brand name has enabled the company to become trusted source of consumer services in spite of the low sales recorded during recession. Few weaknesses experienced within the company calls for wise decisions in the area of resource allocations. Microsoft is capable of promoting this by pumping enough resources into MSN owing to their good financial base (Andreson et al, 2006). Implementation of new value proposition that will match the value criteria of cus tomers The firm should fulfil its social responsibilities by participating in environmental programs. This has so far enabled Microsoft to win consumer loyalty and at the same time improve its public policies. At the same time the company’s public relations helps in the process of reinforcing their marketing techniques through the internet search engines. The process assist in improvement of sales owing to the fact majority of the customers are capable of applying the use of internet technology. Integration of marketing communication software within Microsoft business system prove vital to the organization since it assists in coordination of strategic transactions within the firm. Public relations have since helped the firm in effective communication since they are able to link directly to customers giving right information about their various products and services. This provides uniqueness of products within the market giving the company ability to attract consumers through their captivating information displays. At the same time it is possible for the firm to earn political goodwill through its social and charitable actions. Microsoft is also capable of foregoing temporary profits through temporal reduction in prices for the purposes of attracting attention hence increasing the demand. Specific actions such as increasing the market share through gaining more distribution stores are of concern to Microsoft. Appropriateness as one of the attributes of Microsoft’s resources should be considered, since it determines the level of financial performance which ultimately leads to attraction of investors. The attribute ensures full utilization of research and development which assist the firm in financing of innovative activities and production of new devices. The nature of financial base also largely determines the various profitable activities guaranteeing the company’s sales. In the same line sustainability also represents one of the most cruc ial attribute of the business models. This is since the uniqueness of the product determines the duration of sustained earnings from the sales of the product (Kotler et al, 2009). Major achievement is enablement of First-Contact resolution where presence of employees is determined through real-time. This reinforces communication since availability of clients is easily detected through available media. There are always frustrations on the side of consumers especially when they are unable to reach their correspondents with right information at the right time (Ulaga and Chacour, 2001). Products and services provided by the company are currently selling hence having value for the market. This should make the Company to involve provision of other related services enabling the sale of computers hence acting as rich sources of the company’s revenue. Microsoft Company should at the same time cooperate with vendors within the supply chain to enable extension of their additional servic es for the convenience of their clients. At the same time the firm offers training facilities to clients hence helping them improve on their online application skills. Microsoft has also created several sites which assists in the sale of consumer based goods like used cars providing their price information and quality details (Lindgreen and Finn, 2005). Internal and external Plan for Microsoft Corporation Microsoft’s goals focus on different aspects of the organization’s management. Their planning basically focuses on impacting the four functions of management. The internal planning incorporates directions in the product processing, human resource management as well as efficient utilization of assets. These include good financial management, creation of conducive working environment to all employees. On the other hand their external plan incorporates such issues as partnerships with other potential companies, political and legislative influences, technological innovati ons as well as environmental concerns. Partnerships and collaborations incorporate demographical changes within the workforce. The company plans to be accountable towards laws and at the same time offer equal opportunities to all its employees. The Company tend to improve on the nature of their service delivery mechanisms and information set-up through new inventions. This would require radical change in the management team for the purposes of matching external competition on quality workforce. Making the environment safe for habitation forms one of the top priorities for the company since they consider following strict legislative rules in the process of product and service distribution. Conclusion Microsoft utilizes public relations effectively since they use all the media channels including websites to provide necessary information to customers. The services are also provided locally through linkages with their main servers at cheaper and affordable prices. The use of company loc al sites in marketing has enabled consumers to quickly locate their various much needed products saving on time and money. The company has expanded its services equally throughout the world within every region some of which include; North and South America, European Countries, Africa as well as Far East countries connected through internet. Microsoft Corporation offers customers products within wholesale markets, there is also services available at retail options and structural efficiencies. The Company offers clients free listing services as well as intensive sales promotion services. Reference List Aaarkstores.2010.Microsoft Corporation; Aaarkstore enterprise market research  Report. Web. Ahmed, K. P. Rafiq, M. 2002. Internal Marketing tools and concepts for customer  Focused management. Oxford: Butterworth Heinemann Elsevier Andreson, J.C., Narus, A.J. van Rossum, W., 2006. Customer Value Propositions In Business Markets. Harvard Business Review, (March), pp.91-99. Barnes, C., Blake, H. Pinder, D. 2009. Creating Delivering your Value  Proposition. London: Kogan Page Dubois, P., Jolibert, A., Muhlbacher, H. 2007. Marketing Management a Value  Creation Process. Palgrave; Macmillan Basingstoke Eggert, A. Ulaga, W. 2002. Customer-perceived value: a substitute for satisfaction In business markets? Journal of Business Industrial Marketing, 3 (17), pp. 107-125 Fifield. P., 2007. Marketing Strategy: The Difference between Marketing and  Markets. (3rd Ed). Oxford: Elsevier Butterworth Heinemann Flint, D. J., Woodruff, R.B. Fisher G. S. 2002. Exploring the phenomenon of Customers’ desired value change in a business-to-business context. Journal of Marketing, 4 (66), pp 102-17 Frow, P. Payne, A. 2008. The Value Proposition Concept: Evolution, Development  And Application in Marketing Academy of Marketing conference Reflective Marketing in a Material World. Academy of Marketing; Helensborough Holbrook, M., B. 1999. Consumer Value a framework f or analysis and research. Abingdon: Routledge Holbrook M., B. 2003. Customer value and auto-ethnography: subjective personal Introspection and the meanings of a photograph collection. Journal of Business Research, (58), pp 45 – 61 Johnson, M.W., Christensen, C.M. Kagermann, H., 2008. Reinventing your Business Model. Harvard Business Review, (December), pp.51-59. Kotler, P., Keller, K. L., Brady, M., Goodman. M., Hansen, T. 2009. Marketing  Management. 1st European edition Harlow: Prentice Hall Lindgreen, A. Finn, W., 2005. Value in business markets: What do we know? Where are we going? Industrial Marketing Management. (34), pp.732- 748. Payne, A. Holt, S., 2001. Diagnosing Customer Value: Integrating the Value Process and Relationship Marketing. British Journal of Management. 2 (12), pp 159 182. Piercy, N. F. 2009. Market-Led Strategic Change. (4th Ed.) Oxford: Butterworth Heinemann Ulaga, W. Chacour, S. 2001. Measuring customer-perceived value in business Markets: a p rerequisite for marketing strategy development and implementation. Industrial Marketing Management, 6 (30), pp. 525 – 540 Ulaga, W. Eggert, A. 2005. Relationship value in business markets: the construct And its dimensions. Journal of Business-to-Business Marketing, 1 (12), pp. 73-99. Woodruff, R.B., 1997. Customer Value: The Next Source for Competitive Advantage.  Journal of the Academy of Marketing Sciences. 2(25), pp.139-154. 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Show How Transactions in Derivatives Can Be Used to Either Hedge Risk or to Open Speculative Positions. Essays

Show How Transactions in Derivatives Can Be Used to Either Hedge Risk or to Open Speculative Positions. Essays Show How Transactions in Derivatives Can Be Used to Either Hedge Risk or to Open Speculative Positions. Essay Show How Transactions in Derivatives Can Be Used to Either Hedge Risk or to Open Speculative Positions. Essay Economics of the Financial System Show how transactions in derivatives can be used to either hedge risk or to open speculative positions. Derivatives have become popular in response to the increasing volatility and complexity of financial markets. A diverse range of new financial products have been created to enable market participants to handle the risks arising from trade in securities and to speculate on future expected movements in securities prices, without direct trade in the assets themselves. Derivative contract creates a promise to deliver or trade an underlying product at some time in the future. The contract gives one party a claim on an underlying asset or cash value of the asset, at a fixed date in the future. The other party is contractually bound to meet the corresponding liabilities. Financial derivatives are traded on organized market such as LIFFE (London International Financial Futures Exchange) and through the intermediation of the clearing house system, there is more flexibility of exchange, and the risk of credit default is reduced. The two parties need not know each other they only have to satisfy the exchange that they are creditworthy to transact. The initial purpose of derivative contracts was to allow traders to hedge risk which they faced in the cash market. Two of the most popular derivative instruments are financial futures and options. Financial futures commit the parties to buy or sell underlying assets at set prices on an agreed future date. The benefit of financial futures in its most basic form can be exemplified by a poultry farmer who is worried about the risk of price fluctuations in eggs for instance. He knows in 8 months he will sell a certain quantity of eggs. He can hedge against this risk by selling (going short) an eight month â€Å"future† in eggs. The â€Å"future† will consist of a standard amount of chicken to be exchanged in eight months, at an agreed fixed price on the day the â€Å"future† is sold. The agent buying the eggs goes long, and is bound by contract to purchase the eggs in 8 months. A premium reflecting the risk of price fluctuation would be charged by the agent. If all goes well, the rate of profit on future contract can be very high but not without considerable risk. Investing in securities expose investors to many risks, the most important is the risk of an unexpected fall in the value of an investment. Likewise, not investing also exposes them to opportunity risk; the risk that future prices of portfolio of asset would rise thereby making it more expensive to acquire. Derivatives market offer investors an efficient way of managing some of the risks incurred in investment by purchasing derivative instruments. This allows them to attain desired adjustment to risk without having to trade in the underlying securities and sometimes gaining a profit. Hedging has become increasing popular as it helps investors to protect against the future value of their portfolio. An investor with a portfolio of cash, bonds and shares can take out a hedge to protect the future sale price of her portfolio by selling a corresponding amount of the appropriate futures contract. Risk could be hedged through options or future contracts. Hedging through future contracts involves taking a position in financial futures contract that will incur a gain to offset a loss in their existing investment portfolio. For example, Amana Mutual Fund manages a large portfolio of stocks. The portfolio manager speculates the prices of stock will fall over the coming month but will increase again after that time. They would like to hedge their portfolio against a loss over that period. A stock index futures contract with a month to settlement date is offered on the Dow Jones Industrial Average stock index at an index level of 20,000. Amana chooses to sell a futures contract on this index because it reckons that this index is strongly correlated with its existing stock portfolio. In a month, at the stipulated settlement date, Stanford will purchase the same contract. If stock prices plunge over this period, the index will fall as well, and so will the futures contract on the index in response. Amana will profit on its future position, because the future price paid at which the index is sold will be less than price paid for the index at settlement date. After a month, the stock market falls as anticipated, and the futures price of the DJIA is at an index level of 19,000. DJIA futures contract are rated at ? 10 the DJIA index, so Amana stands to gain. Sold DJIA futures for 20,000; receives 20,000 times ? 10 =? 00,000 Purchased DJIA futures for 19,000; owes 19,000 times ? 10 =? 190,000 Gain is ? 200,000 ? 190,000 = ? 10,000 This shows that Amana benefits from selling a DJIA futures contract. Amana has gained from a market decline, which can partially counterbalance the loss on its existing stock portfolio. However, to hedge a huge stock of portfolio, Amana would have to take a short position that had a value equal to the size of its entire stock po rtfolio. Options give one party the right, but not the obligation, to buy (or sell) at a set price on an agreed future date. Future Contracts are a means of avoiding risk but at the cost of eliminating opportunity. A trader may prefer to hedge risks through options so he can take advantage of an unexpected upswing. If hedgers of an equity portfolio sell futures contracts against their position to protect their portfolio and see the stock market go up rather than down as they presumed, they would not be able to take advantage of the upswing. It is therefore advisable to use future contracts when the investor is certain of future outcome as the contract fixes the value of an asset. However, hedging via options is more expensive as it protects from downside loss while leaving upside potentials open with the right but no obligation to purchase asset at a fixed price. Derivatives allow firms to hedge against security prices and interest rate movements, the latter being the most actively traded future contract used by banks and treasury managers. A pension fund manager holds an equity portfolio which closely resembles the US stock market in its compositions. If he thinks the US market is going to fall and wishes to turn his portfolio into cash. He has two choices, he could either sell shares which would not be as profitable because share prices might be depressed if it is a large portfolio plus it is time consuming. Or she could simply sell stock index futures against her portfolio. If accurate, the loss incurred on her equity portfolio will be counterbalanced by a profit on her financial futures position. Derivatives reduce the cost of protection through sophisticated risk management. Firms that are adversely affected by interest rate movements can take particular position in derivative securities to offset the effect of interest rate movement thereby reducing risk. By coming into a ‘forward rate agreement’ a company treasurer can fix the cost of borrowing which will be required on some future date, thus avoiding the risk of fluctuating interest rates in the prevailing period. Interest rate future contracts can be used to match the interest rate characteristics of the bank’s asset and liabilities portfolios. Market makers can hedge the risk resulting from significant positions in equities or bonds by buying offsetting contracts in equity or interest rate futures. Interest rate futures specify the amount of the notional bond and its interest- rate coupon, for instance a ? 50,000 nominal 15-year treasury bond with a 10 per cent coupon. Traders using futures to hedge against risk to which they are exposed in the cash market are seeking to lock into existing exchange or interest rates on future transactions. Once a firm has traded out of its open position in the cash market it no longer needs the hedge in the futures market. Howe ver, the use of futures to hedge to hedge against interest rates for instance can give rise to basis risk. Basis risk is the risk that fluctuations in future prices will differ from movement in the price of risk being hedged. Firms are also faced with exchange rate risks, in the absence of fixed exchange rates or monetary unions, firms must take action to protect themselves against these risks by taking out contracts which carry the opposite risk to that which they face in the underlying market. Another advantage of financial futures contract is that they offer both traders and investors the ability to take a short position in the underlying security; sell something they do not have. Traders may think a financial market is falling, by selling future contracts and buying them back later after the price has fallen they would be able to gain profit in a bear market. Derivatives help to combat adverse effects of volatile commodity prices on the economy as forward prices tend to be less volatile than spot prices. Since the spot price of a security can be offset by the sale of future contracts, the risk of holding securities is neutralized. Hedging is the basic motivation for a lot of businesses trading in financial derivatives market. Nonetheless, speculation is just as popular as derivatives allow firms and investors to take positions in the securities on the basis of their expectations of movements in the underlying financial asset. In other words, derivatives are instruments that allow market agents seeking profit gain to gamble on movements in the prices of other instruments without being required to trade in them. Furthermore, speculation provides liquidity in the markets and enables it to operate efficiently. Speculative positions are required to offset any imbalance which may arise from hedging transactions, and active speculation in response to small price movements ensures that any temporary imbalance would not lead to a drastic price change thereby reducing volatility. Derivative markets respond to information quicker than cash market. Therefore it allows speculators to predict with accuracy cash market prices and return of their investment. For example, a speculator who presumed that interest rate was likely to rise or a currency’s value decline would go short in the particular asset by selling a future contract. Derivatives permit traders to build an open position with speed, traders usually close this position when they have achieved profit objective. If anticipated profits are unlikely, they cut losses before delivery date. Investors could either purchase call or put options for speculative purposes. Call options are bought by investors who speculate a rise in price of underlying stock. An investor pays the option premium and becomes the owner of a call option he is entitled to the right to purchase stock at the exercise price up to the time of expiration date. The advantage of this is that investors have secured a price to be paid for stocks and therefore gain a profit in secondary market of stock prices rise. Tayo purchased a call option on British Telecoms (BT) Plc. for $3 per share, with an exercise price of $75 per share. She decides to exercise her option at the expiration date if the market stock price is above $75 at the time. Tayo wants to find out what her possible profit outcomes are per share under the different prices of Boots plc. stock. Possible Outcomes for Investment in a Call Option Possible price of boots plc stock at expiration($)| Premium paid($)| Amount Received from Exercising Option($)| Profit share from investment($)| 71| 3| Option not exercised| -4| 76| 3| 1| -2| 78| 3| 3| 0| 82| 3| 7 | 4| 85| 3| 10| 7| At any price above $75 but below $78, Tayo will exercise the call option but make a loss. For instance, at the price of $76, she can exercise the option by buying the stock at $75 and selling them for $76. However, with a premium of $3 to be paid, she incurs a loss of $2 on her investment. At the price of $78, tayo breaks even and at any price beyond that she makes a profit from this call option. On the other hand, put options are purchased by investors who expect a fall in price of assets. The contract is set at a predetermined rate lower than the current market price, so if prices do plunge further investors earn a profit from put option. This leverage allows speculative investments to be used to take advantage of specific profit opportunities or to insure a portfolio against risk. For an options contract, there has to be a corresponding seller (or writer) to the purchaser of an option, who is prepared to accept the increased risk exposure and the premium has to be large enough to compensate risk. The buyer of a call option acquires the right to buy specified instrument. For example, an investor who speculates that euro will rise against the US dollar could buy a euro surplus giving the right to buy euro at a specified price, say $0. 60 =? 1. If the spot exchange rate were to rise to $0. 68 =? 1, the option holder could acquire euro at $ 0. 60 under the terms of the option and sell them in the spot market at $0. 68. As the price of the underlying product rises, so too will the profit that can be made from exercising the option. The buyer of a call option thus assumes a long position in the underlying product. Swaps are a huge market. The first major example of a derivative trade occurred between the World Bank and IBM in 1983. The World Bank was lending in Swiss Francs and wanted to borrow in Swiss Francs, but it had depleted all its borrowing options, hence it faced rising costs. On the other hand, IBM was a dollar borrower but had never borrowed in Swiss Francs as it had no use for the currency. Nonetheless, Salomon Brothers, the investment bank set up a deal with IBM because IBM could borrow Swiss Francs at a cheaper rate than the World Bank could, so both institutions borrowed currencies they did not need. IBM in Swiss Francs and World Bank in dollars, this was done simultaneously and they converted proceeds into currencies they did need. Salomon Brothers was the ‘writer’ of the debt obligation and because of their dealings with each other; both institutions faced a lower interest rate. All of the above gives evidence that derivatives are a powerful instrument in combating risks and making profits from speculation amongst other. However, Warren Buffet warns that derivatives are not without its curses. He likens derivatives to â€Å"hell†¦. easy to enter and almost impossible to leave† and states that increasing trade in it pose a mega-catastrophic risk for the economy as it pushes companies onto a ‘spiral that can lead to a corporate meltdown’. For example, derivatives trading were held partially responsible for the collapse of the stock market in 1987. The story being that stock market trader anticipated a decline in the price of stocks that weekend. Immense orders to sell were made at brokerage houses and many traders automatically sold futures in shares of major corporations. This panic and wrong speculation destabilised stock markets and contributed to the volatility of the cash market. An example closer to home is the losses of ? 91 million made by traders at NatWest Capital Markets (the investment banking arm of the National Westminster Bank in London) in 1995 and 1996 on deutschmark and sterling options. In Conclusion, financial derivatives , although not without faults, has become a major global growth industry as financial agents have become increasingly assertive and innovative in their use of futures, options and swaps to hedge risks and take speculative positions. References 1) http://news. bbc. co. uk/1/hi/2817995. stm Accessed on the 20th April 2010 2) globalresearch. ca/index. php? context=vaaid=8634 Accessed on the 28th April 2010 3) Howells P Bain K (2007) Financial Markets and Institutions, London: Prentice Hall 4) Mervyn K. Lewis (1999) The Globalization of Financial Services, Cheltenham: Elgar Reference Collection 5) Rutterford J Davison M (2007) An Introduction to Stock Exchange Investment, New York: Palgrave Macmillan 6) Howells P Bain K (2002) The Economics of Money, Banking and Finance, Essex: Pearson Education 7) Henderson R (1993) European Finance, Berkshire: McGraw Hill Book Company 8) Gitman L Madura J (2001) Introduction to Finance, Boston: Addison Wesley 9) Heffernan Shelagh (1996) Modern Banking in Theory and Practice, Chichester: Wiley 10) A. D Bain( 1992) The Economics of the Financial System, Oxford: Blackwell

African American Essay Example for Free

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