Commercial banks Essay Example for Free

Commercial banks Essay ABSTRACT This report is based on corporate social responsibility. This project report contains the meaning of CSR which includes the advantage of CSR towards bank, society, responsibility of corporate houses, objective of CSR, motive of CSR, responsibility towards customer. This document is all about multidimensional growth of customers for which the bank liable for their service selling. This process leads to upliftment of people life. The banks are not bind to do so but the do these kind of activities for creating a goodwill sense among their customer which leads to growth in lifestyle of the overall society. This gives better environment to the society in which the bank is working. Hence, the present study titled â€Å"A STUDY ON EFFECTIVENESS OF CORPORATE SOCIAL RESPONSIBILITY TOWARDS CUSTOMERS OF COMMERCIAL BANKS IN MADURAI†, has assumed greater significance. INTRODUCTION Corporate social responsibility ( CSR, also called corporate conscience, corporate citizenship, social performance, or sustainable responsible business/Responsible Business) is a form of corporate self-regulation integrated into a business model. CSR policy functions as a built-in, self-regulation mechanism whereby a business monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms. CSR is a process with aim to embrace responsibility for the banks actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere who may also be considered as stakeholders. STATEMENT OF THE PROBLEM Banks play an active role for the economic development of any country. In a present competitive environment bank needs to retain its customer for effective development in any sector. Hence there arises need for corporate social responsibility then only it will leads to development of society as well as growth in bank sector. The present study aims to know the effectiveness of CSR in commercial banks with special reference to Madurai. In this context following questions arises. To measure the level of social obligation To measure the level of effectiveness of corporate social responsibility towards customers of commercial banks. OBJECTIVES OF THE STUDY: To study the effectiveness of corporate social responsibility towards customers of commercial banks. METHODOLOGY The present study is an empirical one based on the survey method. First hand data was collected from the field through interview schedule. Data relating to various customers of commercial banks in Madurai was gathered through interview schedule. The schedule structured was extensively pretested. The survey envisaged the application of convenience sampling. Thus a sample of 300 respondents was decided upon nature of the commercial banks in Madurai. The survey was conducted during 2012-2013 in commercial banks from state Bank of India, Indian bank, Canara Bank, Karurvysya bank, HDFC bank, Axis bank, ICICI bank in Madurai. ANALYSIS INTERPRETATION GARRET RANKING Garret Ranking is used to find out the ranking for respondents opinion towards the enhancing customer value for public sector, private sector, and New generation banks. Step I:  Ranking given by respondents opinion on enhancing customer value TABLE 1 RANKING OF RESPONDENTS opinion towards enhancing customer value. S.No.AttributesRankTotal 12345 1.Sharing bank details1866231129300 2.Comfortable0120524880300 3.Time management00018282300 4.Man management1515765270300 5.Filling forms22120539213300 Source: Primary Data Step II : The assigned ranks by the respondents were converted into percent position value by the formula given below. For each percent position, Using Garrett’s table, corresponding Garrett’s table value is obtained. Formula Per cent Position = 100 (Rij – 0.5) / Nj Rij = Rank given for the ith variable by the jth respondent Nj = Number of variables ranked by the jth respondent. GARRETT’S TABLE VALUE RanksCalculationPercentageGarrett’s Table Value I Rank=100*(1-0.5)/5= 10= 75 II Rank=100*(2-0.5)/5= 30= 60 III Rank=100*(3-0.5)/5= 50= 50 IV Rank=100*(4-0.5)/5= 70= 40 V Rank=100*(5-0.5)/5= 90= 25 Source: Computed data. Step III: Scores are obtained with reference to Garrett’s Table value, and each percentage position value is converted into scores. Here each aggregated ranks are multiplied with corresponding the Garrett’s value obtained in the table. AGGREGATED RANKS Sl. No.AttributesRank 12345 1.Sharing bank details1395037201550840225 2.Comfortable07200260033602000 3.Time management00012607050 4.Man management113253420325018900 5.Filling forms1650720026506440325 Source: Computed data. Step IV: Summation of the scores is worked out for each rank column and means scores calculated by dividing the total score by the number of respondents. Finally, overall ranking is obtained by assigning ranks 1, 2, 3 †¦ in the descending order of mean score. OVERALL RANKING for respondents opinion on enhancing customer value S. No.ReasonTotal ScoreAverageRank 1.Sharing bank details2028567.6I 2.Comfortable1526050.53IV 3.Time management831027.7V 4.Man management1988566.28II 5.Filling forms1826560.89III INFERENCE It is observed from the table Sharing bank details† has been ranked as the first for the Man management has been ranked second, Filling forms third position, followed by Comfortable in fourth rank with Time management ranked as the fifth that influences the respondents opinion on enhancing customer value the in bank’s CONCLUSION Although creating customer satisfaction is not a prime motivation for instituting corporate social Responsibility programs , research linking CSR strategies with positive customer outcomes, such as loyalty, has led to the expectation that these strategies generally have positive flow-on effects for customers. Banking industry surveys have led to the identification of a mismatch between consumer satisfaction levels and massive spending on CSR programs. Further research is warranted. In view of research suggesting that retail banking customers prefer initiatives that create direct customer benefits compared to those that have broader social impacts. To conclude the CSR activities in all the three study banks are not effective. It is proper time on their to promote CSR related activities.

Commercial banks Essay Example for Free

Commercial banks Essay ABSTRACT This report is based on corporate social responsibility. This project report contains the meaning of CSR which includes the advantage of CSR towards bank, society, responsibility of corporate houses, objective of CSR, motive of CSR, responsibility towards customer. This document is all about multidimensional growth of customers for which the bank liable for their service selling. This process leads to upliftment of people life. The banks are not bind to do so but the do these kind of activities for creating a goodwill sense among their customer which leads to growth in lifestyle of the overall society. This gives better environment to the society in which the bank is working. Hence, the present study titled â€Å"A STUDY ON EFFECTIVENESS OF CORPORATE SOCIAL RESPONSIBILITY TOWARDS CUSTOMERS OF COMMERCIAL BANKS IN MADURAI†, has assumed greater significance. INTRODUCTION Corporate social responsibility ( CSR, also called corporate conscience, corporate citizenship, social performance, or sustainable responsible business/Responsible Business) is a form of corporate self-regulation integrated into a business model. CSR policy functions as a built-in, self-regulation mechanism whereby a business monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms. CSR is a process with aim to embrace responsibility for the banks actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere who may also be considered as stakeholders. STATEMENT OF THE PROBLEM Banks play an active role for the economic development of any country. In a present competitive environment bank needs to retain its customer for effective development in any sector. Hence there arises need for corporate social responsibility then only it will leads to development of society as well as growth in bank sector. The present study aims to know the effectiveness of CSR in commercial banks with special reference to Madurai. In this context following questions arises. To measure the level of social obligation To measure the level of effectiveness of corporate social responsibility towards customers of commercial banks. OBJECTIVES OF THE STUDY: To study the effectiveness of corporate social responsibility towards customers of commercial banks. METHODOLOGY The present study is an empirical one based on the survey method. First hand data was collected from the field through interview schedule. Data relating to various customers of commercial banks in Madurai was gathered through interview schedule. The schedule structured was extensively pretested. The survey envisaged the application of convenience sampling. Thus a sample of 300 respondents was decided upon nature of the commercial banks in Madurai. The survey was conducted during 2012-2013 in commercial banks from state Bank of India, Indian bank, Canara Bank, Karurvysya bank, HDFC bank, Axis bank, ICICI bank in Madurai. ANALYSIS INTERPRETATION GARRET RANKING Garret Ranking is used to find out the ranking for respondents opinion towards the enhancing customer value for public sector, private sector, and New generation banks. Step I:  Ranking given by respondents opinion on enhancing customer value TABLE 1 RANKING OF RESPONDENTS opinion towards enhancing customer value. S.No.AttributesRankTotal 12345 1.Sharing bank details1866231129300 2.Comfortable0120524880300 3.Time management00018282300 4.Man management1515765270300 5.Filling forms22120539213300 Source: Primary Data Step II : The assigned ranks by the respondents were converted into percent position value by the formula given below. For each percent position, Using Garrett’s table, corresponding Garrett’s table value is obtained. Formula Per cent Position = 100 (Rij – 0.5) / Nj Rij = Rank given for the ith variable by the jth respondent Nj = Number of variables ranked by the jth respondent. GARRETT’S TABLE VALUE RanksCalculationPercentageGarrett’s Table Value I Rank=100*(1-0.5)/5= 10= 75 II Rank=100*(2-0.5)/5= 30= 60 III Rank=100*(3-0.5)/5= 50= 50 IV Rank=100*(4-0.5)/5= 70= 40 V Rank=100*(5-0.5)/5= 90= 25 Source: Computed data. Step III: Scores are obtained with reference to Garrett’s Table value, and each percentage position value is converted into scores. Here each aggregated ranks are multiplied with corresponding the Garrett’s value obtained in the table. AGGREGATED RANKS Sl. No.AttributesRank 12345 1.Sharing bank details1395037201550840225 2.Comfortable07200260033602000 3.Time management00012607050 4.Man management113253420325018900 5.Filling forms1650720026506440325 Source: Computed data. Step IV: Summation of the scores is worked out for each rank column and means scores calculated by dividing the total score by the number of respondents. Finally, overall ranking is obtained by assigning ranks 1, 2, 3 †¦ in the descending order of mean score. OVERALL RANKING for respondents opinion on enhancing customer value S. No.ReasonTotal ScoreAverageRank 1.Sharing bank details2028567.6I 2.Comfortable1526050.53IV 3.Time management831027.7V 4.Man management1988566.28II 5.Filling forms1826560.89III INFERENCE It is observed from the table Sharing bank details† has been ranked as the first for the Man management has been ranked second, Filling forms third position, followed by Comfortable in fourth rank with Time management ranked as the fifth that influences the respondents opinion on enhancing customer value the in bank’s CONCLUSION Although creating customer satisfaction is not a prime motivation for instituting corporate social Responsibility programs , research linking CSR strategies with positive customer outcomes, such as loyalty, has led to the expectation that these strategies generally have positive flow-on effects for customers. Banking industry surveys have led to the identification of a mismatch between consumer satisfaction levels and massive spending on CSR programs. Further research is warranted. In view of research suggesting that retail banking customers prefer initiatives that create direct customer benefits compared to those that have broader social impacts. To conclude the CSR activities in all the three study banks are not effective. It is proper time on their to promote CSR related activities.

The survival of LEGO in changing environment

The survival of LEGO in changing environment This essay aims to provide an insight into LEGOs performance in the UK market and the strategies adopted by LEGO to be acclaimed today as UKs 3rd largest toy seller. Accordingly, a better understanding will be attained from a consumers perspective in the Toys industry. LEGO a brand which was in shambles in late 2006 stepped up to perform tremendously well during recession How did LEGO manage to reach where they are today? In the following chapters, a detailed description will be provided on how LEGO set an example for many global brands to follow in a touch economic situation. 2.0 Company Overview It all started with one mans vision. A man who believed that good play enriches a childs development Ole Kirk Christiansen, a carpenter from Billund. He shifted his production from making wooden furniture for local farmers to childrens toys, owing to the great depression in the 1930s. LEGO originated from the Danish words leg and godt, which means play well. (Tidd and Bessant, 2009). defines LEGO as The core product is a rectangular plastic brick, hollow on the inside except for one or more tubes, with rows of studs on the top emblazoned with the tiny LEGO LEGO. (Wiencekk, 1987) LEGO has a very powerful vision statement of Inventing the future of play. This vision indicates that LEGO is finding new ways of developing games and moving from being just a simple block of brick. They are aware of the changing requirements and attitudes of consumers in a globalised sense. As it claims It is not just about products, it is about realising the human possibility. (LEGO Group, 2010) Over the years, the LEGO Group has developed several products under its umbrella extending its products to the digital world as well. LEGO has always known that the Toys and Childrens entertainment industry is a difficult business to sustain oneself in as it is constantly faced with new innovations, technological advancements and market entrants. To face this constantly evolving industry, LEGO has invested much of its understanding their consumers needs and desires. They have studied playing habits, family patters and housing conditions to gain a deeper knowledge of this market. Another differentiating factor is the belief that has been passed on by generations that have embraced LEGO. The belief that LEGO will remain relevant to children of all ages and all generations. The belief to create a world where children have the freedom to build anything that can never be replaced with cyber experiences. (LEGO Group, 2009) By the late 90s, LEGOs sales began decreasing. They were challenged by low cost good enough competitors like Megablok, a Canadian Company. Other reason was their prime target audience were shifting to computer games. LEGO was also operating in a high cost economic environment Denmark- where the supply chains were expensive. Another problem LEGO faced was increasing complex product development with so many product ranges and different permutations and combinations; manufacturing economically became nearly impossible. All these reasons, led to LEGO running into a $ 240 million loss. In order to revive LEGO from this situation, the LEGO family invested $ 178 million and appointed of a new CEO, Jorgen Vig Knudstorp. Under Knudstorps leadership, LEGO saw a successful transition. In order to correct the situation, LEGO improved their supply chain, factory locations and enhanced their overall product development strategy. (Tidd and Bessant, 2009) 2.1 LEGO Financial Overview Since its foundation in 1932, The Danish Company has great achievements added to its name. However, in 2006, rumours had it that toy industry giant Mattel were going to buy LEGO since it had faced huge losses. But restructuring in management and change in strategy helped LEGO pick up their sales in spite of the recession. In August 2008, LEGOs international sales were reportedly up by 20% in comparison to the year before. In the UK alone, 2007 witnessed at 24% rise in sales as compared to 2006. (MINTEL. 2008) The latest report that appeared on November 2010 in The Times London edition states that LEGOs sales have picked up by 50 per cent this Christmas season keeping both parents and children happy.(Vine, 2010) According to the Guardian, in 2009 the total sales at the UK division based primarily in Slough, Berkshire, leapt 35% a performance that took LEGO to a record UK market share of 4.1%, up from 3.2% a year ago. (Wood, 2009) The pre-tax profits rose 68%, which is approximately up by  £171.97 million in the first half of 2010. LEGO posts strong sales (The Times, 2010) LEGOs financial performance during recession was commendable while other Toy industry competitors like Mattel, that reportedly faced a 19% fall in second-quarter sales in spite of housing big brand names like Barbie. (Wood, 2009) 3.0 Consumer Behaviour theories applied to LEGO From the above, it is clear that LEGO has had a successful track record during recession. In this section, a deeper understanding will be attained on how LEGO was immune to the recession by placing their consumers in the heart of their business and understanding their requirements. To achieve this, three theories have been shortlisted they are namely Buying Decision Making Process Attitude Formation and Change Consumer Identity and Reference Groups 3.1 Buying Decision Making Process In order to understand, how LEGO survived through the economic downturn, it is important to interpret the buying behaviour of consumers in the Toys industry. By understanding the dynamics of buying behaviour, successful insights can be drawn to help identify the gap between the consumer and company. In complex decision making process where one is faced with other competitors, there are 6 stages to the decision making process. The 6 stages are namely: 3.1.1 Problem Recognition (awareness of need) Problem Recognition is the difference between the actual state of mind and the desired state of mind (Solomon, 2009). In other words, it is the process of recognising the need or desire to own a particular product. Given below are some reasons why consumers felt the need for LEGO over other products. Need for learning though play Parents being one of the prime target audiences in this industry also play a major role in the buying behavior process. LEGO appeals to this market as it has the element of creative play and parents are assured that it is not a waste of time as compared to watching television or spending time on Facebook. Parents therefore would choose to buy LEGO as they want their children to learn while they play. Something that most other toys or video games have failed to achieve (MINTEL, 2008). Need for retro products during recession Another interesting point to note is how consumers chose retro products during times of crisis due to its established legacy. During recession, parents actually found the need to invest in products that are of high quality and are long lasting in nature as opposed to just purchasing a cheap toy. Gerrick Johnson, toy-industry analyst at BMO Capital Markets made a comment stating that In tough economic times, youll often see retro products come back. Parents spend money on stuff they know works. Rather than going to Disney World or on a trip, you get a $30 LEGO set. (Faris, 2010) Need for up-to date toys and gadgets During a time when their prime target audience were more inclined towards computer games, LEGO constantly kept innovating and updating their offerings to suit the needs of this market that is faced by such rapid growth and evolution. The company steadily launched new products which resulted in three-quarters of its yearly sales. In 2000, the British Association of Toy Retailers along with Fortune magazine voted LEGO as the toy of the century. (Oliver et al., 2007) Recognizing the need to enter the video game market, LEGO created its own software group providing children the opportunity to create their own animation for PC and gaming consoles (R. Duane Ireland, 2009). Therefore people chose LEGO as it had extended its offerings to a medium where most of its consumers lived the virtual world. 3.1.2 Information search When it comes to seeking information on which toys you would prefer your children to play with, there are several factors that play a role. From an internal search perspective, memory and nostalgia could be key determinants whereas word of mouth, friends, relatives etc. could be external search factors that dominate your purchase decision (Soloman, 2009) The market for childrens toys and games is a substantial one -A  £2.1 billion market for childrens toys and games, this is a lucrative industry with several competitors. In such a case, information search becomes even more complex (MINTEL, 2008). What adds on to the complexity is the ranging age groups and diversity in toys from simple board games to more sophisticated toys for older kids up to adulthood. LEGO belongs to the range of Activity Toys which incorporates certain level of creativity and makes playing an enriching experience. Other toys in this range are Meccano and magnetic building kits as well as arts and crafts products (MINTEL, 2008). 3.1.3. Evaluation of Alternatives At this stage, consumers evaluate the alternatives that have been shortlisted after their information search. Rankings, personal preferences, listings, word of mouth to name a few, are determinants while evaluating alternatives. Today LEGO is the fourth-largest toy manufacturer after Mattel, Bandai-Namco, Hasbro and the fifth position held by TOMY-Takara (LEGO Group, 2009). In the case of activity toys like LEGO, consumers would potentially ask these questions. Does the product benefit my child learning ability? Is the product safe and of supreme quality? Mc Donaldss once used LEGO in the USA as a part of one their sales promotion campaign. 37 billion bricks were distributed over four weeks out of which only a dozen complaints were received (Harris and McDonald, 2004). These sorts of cases help a consumer who is looking for top quality decide that he/she wants to purchase LEGO over other toys. 3.1.4 Purchase decision In order to achieve competitive advantage and take the final purchase decision, LEGO pays a lot of attention to their product, packaging, online store etc. In a Danish newspaper Jyllands- Posten, an article was published on the safety of LEGO. Each individual block has a hole to ensure that if a child swallows a brick, the child would not choke as air could still pass though (Harris and McDonald, 2004). Therefore a consumer, who has safety as criteria, would decide to buy LEGO as the makers have taken care of this aspect. 3.1.5 Purchase This decision is based upon the time lapse and product availability. In 2004, LEGO sales began dropping massively. Poor customer service and unavailability of products were additions to their dilemma. During this time, customers were faced with many other alternatives. LEGO could not afford to lose out on customers in the big-box world. LEGO then improved on their supply-chain management and aimed to align its innovation capability. It also started online sales where customised products could be designed and purchased too (Oliver et al., 2007). 3.1.6 Post-Purchase Evaluation: When LEGO was voted as Marketer of the Year in 2009, one of the comments by a user from Dallas commented I have to vote LEGO-for continuing to provide a top-quality product in line with their brand, staying relevant and using new technologies to create new customer experiences in a kids toy market thats moving away from brands with a low-tech heritage. This is a company that inspires others to a higher standard. Who can vote for a company that continues to drive quality down to get to a cheaper price? (Creamer, 2009). These testimonials prove that consumers overall have been happy after purchasing the product. 3.2 Attitude formation and change One of the aspects involved in the psychological factor of the decision making process, is attitudes. These attitudes are either formed on experience or interaction with other people. An attitude of a consumer towards a firm and its products tends to have a great influence in the firms marketing strategy (Soloman, 2009). 3.2.1 Efforts made my LEGO to track attitudes For strategic decision making that is driven by insights, it is essential to track attitudes. It could be tracking changes in different age groups, scenarios about future, identify emerging trends etc (Soloman, 2009). LEGO has realised the importance of tracking changing attitudes and the following findings can be drawn in this regard: Scenarios about future One of the most significant changes that LEGO has taken up this decade is that it has begun listening to its consumers and their changing attitudes. In todays social networking era, it is highly essential to monitor behaviour and attitudes. It was through the efforts made by LEGO on social media, that they realised their fan base was not just limited to children but adults too. Courtesy the AFOLcommunity Adult Fans of LEGO LEGO now has some specialist ambassadors who communicate with them and provide feedback. LEGO also involves these ambassadors in their product development. They began monitoring blogs and got a deeper understanding on culture, desires of both potential and existing consumers and changed their strategy accordingly. It was through this initiative that LEGO decided to make sets based on movies like Star Wars or Indiana Jones and now these deals make up more than half of their sales (Advertising Age, 2009). By doing so LEGO gets inputs from probably the most loyal customer base and thus adress unhappy customers or fill any gaps in the market place. These insights drove their strategy and helped them survive in an atmosphere where the only words heard off were lay-offs and losses. LEGO is one such example of a brand that has benefitted by working in partnership with their consumers and predicting the future (Garfield, 2007). Changes in different age groups LEGO has a very ambitious mission statement of each and every child in the world to own one cubic metre of LEGO bricks. (Harris and McDonald, 2004) Children globally are treated the same by marketers no matter which culture they belong to. However, even if they are treated the same their attitudes may differ due to their upbringing and external environment. Though most of the concept and product development occurs in the Billund headquarters, LEGO has trends watching department in their offices in Munich, Los Angeles and Tokyo. Infact, to ensure that LEGO is an international product that suits ever child needs, the creative team is composed of 120 designers 15 different nationalities (LEGO Group, 2009). 3.2.3 Star Power: Celebrities as Communications Sources The source of the message the celebrity in this case can have a huge impact on the image of a brand and its sales. Messages tend to have a greater effect when there is a relation between the celebrity and product. Human beings tend to pay more attention when they see familiar faces as opposed to ordinary faces, thereby interpreting and processing the information more effectively (Soloman, 2009). People tend to associate characteristics of a persons personality, social status, and gender, to that of the brand. When David Beckham confessed in an interview that if he wasnt a footballer his dream pastime would be building with LEGO blocks, it set the LEGO sales roaring. In just one day of business, the father of three inspired the sales of 5,922- Taj Mahal set (The Sun, 2010). Parents formulate the core buyers of this segment six in ten have bought from five or more of the listed categories of toys or games in the past 12 months (MINTEL, 2008). After all, if a star figure like Beckham has spoken, why wouldnt parents try mantling Taj Mahal together. 3. 3 Consumer Identity and Reference Groups Any individual or group that acts a point of comparison of values, opinions, attitude or behaviour towards a product is a reference group (Soloman, 2009). In case of LEGO, there are several reference groups. LEGO has a combination of logic and creativity that enhances a childs learning and ability to solve problems. Owing to this factor, LEGO has been popularly used as creative play tool in institutions and schools i.e; formal reference groups (LEGO Group, 2009). 3.3.1 Effect of Gender on Consumer Behaviour Gender is a crucial element in consumer behaviour. A boy may perceive different things from a girl. This can be proven with an example of how LEGO researched playing habits amongst boys and. The findings were that girls were more likely to build living areas while boys built cars. LEGO introduced a new version of its product for girls called Paradise which emphasized around socially oriented structures such as homes, pools etc (Soloman, 2009). 3.3.2 Baby Boomers and the role of nostalgia in buying decision making process Baby Boomers are those who are above the age of 29 and have a significant influence on demands for housing, child care etc (Soloman, 2010). LEGO has evolved from a box of bricks that baby boomers grew up to a more diverse product. However, the positive feeling attached with having played with LEGO has passed on through at least three generations. (Oliver et al., 2007) Therefore, one may ask how much role does nostalgia play in triggering what baby boomers and generation X buy as toys for their children? Retro favourites are gaining popularity owing to the fact that they have provided real quality and value over time, and one of the reasons all these new fans have emerged is through nostalgia. According to the (Telegraph, 2010), LEGO has performed well in recession as parents due to nostalgia have shifted to trusted brands. Parents dont intend to buy toys that their children would throw aside in months, instead they would rather invest in toys that children of all generations would go back to. 3.3.3 Children Pester power v/s parent power Pester Power is a term used to define a childs influence over the parent in the buying process (Turner et al, 2006). According to Turner, children can be easily influenced by advertising and marketers use this as a medium to entice children to nag and purchase the product of their desire. The key factors that influences a childs pestering behaviour is the family type, family communication pattern, the person accompanying the child to shopping, intent of going for shopping and advertising. (Venkatesh and Ghai, 2010). According to the report by Mintel, 2008, Although adults are the primary purchasers, kids are the ultimate arbiters of success and failure across much of the market nearly four in ten parents cannot say no to their kids. LEGO partnered with Kelloggs in 2007 to create LEGO brick shaped candy called Fun Snacks. This created hype amongst parents as they had spent valuable amount of their time telling their children not to swallow LEGO bricks. LEGO went on to the extent of advertising in between childrens TV shows, placing the product at the bottom of the shelf spaces in order to make it accessible for children; thereby making children nag for Fun Snacks (Franziska_NDT, 2010) 4.0 Conclusion On the whole, LEGO has adopted the right measures to immune itself to the market, no matter how the economic situation is. Given below are few recommendations and discussions with regards to LEGO. Discussion/ Recommendations: 1. With LEGO factory LEGOs online design portal- is a gateway to 300,000 designers worldwide. By doing so, LEGO can get critical reviews on their products and help improve their offerings (Tidd and Bessant, 2009). LEGO could conduct an annual conference or workshop, whereby all these designers meet up and brain storm with key designers and managers on how to improve LEGO and keep up with changing trends. 2. Christmas accounts for around half of the years sales for LEGO. Keeping this in mind, LEGO should launch their new products or special Christmas edition toys as nearly seven in ten consumers buy toys and games for Christmas. (MINTEL. 2008) And after all, who would refuse the latest Christmas edition of LEGO? 3. An emerging trend is gifting new born toys up from 13% in 2003 to 26% now. Considering this trend, LEGO could launch its own collection of teether toys meant for new born. This could range from a simple brick soft chewy toy to its very own Harry potter collection for newborns. 4. Phone applications seem to be the next big trend that is picking up. LEGO already has its own Star Wars LEGO I phone game version. LEGO must continue entering markets where gaming is a hype. 5. LEGO should push the product more using the scientific connection. According to (Turkle and Smith, 2009) playing with LEGO helps children enhance their problem solving and discovery skills. This makes a child think in a scientific, problem recognition and solving approach that most engineers, scientist and designers use. Turkle claims that the toys that children play with have a great impact on their future careers. Some children may try and create unrealistic structures, while some may follow instructions, some keep their constructed sets as awards while some just break them; different children behave differently with LEGO. However, each role play is good to identify traits about your children and which direction they are progressing towards. 6 Most of LEGO consumers are not price sensitive. They buy LEGO because of the brand and the quality. As a consumer, you can either buy the simple bricks or a special version of LEGO to add it to your collection. Therefore, LEGO can afford to release a premium end version of the toys that are suitable to kids that belong to rich households. 8. LEGO for grey market- Research has shown that playing with LEGO for an hour or two can help old people fight memory loss and problems that occur due to degeneration like dementia and Alzheimers disease. It makes your mind active, while your fingers are still moving. 9. The idea of having Brand Ambassadors who use their network pool to get insights and inputs from consumers is one of LEGOs strongest strategies. LEGO fans discuss, review and suggest new ideas for LEGO on the AFOL community which helps LEGO look into the future and improve their capabilities. LEGO has managed to create a consumer experience that combines technology, mass customization and community to enhance and build relevance for its classic toy offering. (Tidd and Bessant, 2009). Indeed, LEGO has managed to keep up its legacy and set a great example for many international and global companies.

Free Speech on the Internet :: Web Laws Politics Rights Essays

Free Speech on the Internet Freedom of speech has been a big issue on the Internet lately. But I'd like to suggest that, properly viewed, "policy markets" are a much bigger free speech issue than the recent ban on "indecent" internet posts. First, let's start with the puzzle "why free speech?". What is the fundamental difference between a legislature forbidding some people from making "indecent" speech at the request of others who fear being offended by such speech, and a legislature taxing some people to pay for other people's education or recreation? In each case interests are opposed, there are political winners and losers, and a majority may trample on some "rights" of a minority. Why should one case be forbidden and the other allowed? The strongest widely-accepted argument for having courts strike down laws which limit "free speech" is to protect communications intended to influence the political process. You see, even if a large majority preferred to ban indecent speech, or to fund education with taxes, they might never find out that they all preferred this outcome if they were prevented from publicly discussing the issue. Instead, a government might lock in its current advantage and preferences by forbidding any questioning of its current laws. Without free political speech, a minority might much more easily trample on a majority (a worse fate than a majority trampling a minority). Thus political speech deserves extra protection. Note, however, that this argument for political "speech" applies to any action whose main consequence is to communicate information to influence the political process (and whose other consequences are not overly burdensome to others). So not only should it apply to newspapers, TV, the internet, T-shirts, bumper-stickers, and window signs, but it should also apply to political demonstrations and other expensive political "signals". You see, the main information communicated by a political demonstration is not the words chanted or held high on posters, but that fact that these people care enough to spend their time demonstrating for this cause. (Thus it is important to demonstrate in clear public view, and to not look like you're having too much fun.) Expensive signals like demonstrations can communicate what mere words cannot - strength of feeling and opinion. (Sure you can say you really care, but everyone says that.) Unfortunately, many expensive political signals, such as campaign contributions and political advertizing, are widely limited by law. Perhaps such limits can be justified by arguing that these actions can also do much harm, in addition to communicating information to politicians and voters.

The Life of William Carlos Williams Essay -- English Literature Essays

The Life of William Carlos Williams â€Å"Nothing whips my blood like verse.† These are the famous words of the great poet, William Carlos Williams. Williams was born on September 17, 1883 in Rutherford, New Jersey. He spent most of his life in Rutherford, so today he is a local hero. Williams’ mother was Puerto Rican and almost had pure Spanish blood. His father was American. As a child, Williams’ dad was a salesman and was often away from home. Thus, they didn’t see each other very much. When Williams was four, he attended school in Switzerland and France for three years. Then his family moved back to Rutherford. Williams started writing poetry at Horace Mann High School, in New York City. His parents loved literature and the visual arts, so Williams had a large vocabulary and a gift for writing poetry. Even though Williams’ parents were all for literature, they wanted him to become a doctor. So in high school, Williams decided he would go to medical school but continue to write poe try. Williams soon was accepted into the University of Pennsylvania Medical School and went off to college. At the University of Pennsylvania, he stuck to his word, practicing medicine and writing poetry. His parents really influenced him to study to become a doctor so Williams worked extremely hard. In college, Williams was befriended by poet Ezra Pound. He was the main person who encouraged him to continue writing poetry. Williams would come to his dormitory every night and Ezra would help him. Slowly, Ezra developed him into a great poet. After Williams completed his studies, he had his heart set on both writing poetry and a medical career. Three years later (in 1909) Williams’ first poems were published. A year after that Williams began a private medical practice in Rutherford, something which lasted for over 40 years. Every day he’d practice medicine, and then come home around one o’clock in the morning and write poetry. By 1912, his medical practice had given Williams the financial freedom to write what he wished. Williams started writing poetry all day. Many of these poems got published, and during the 1920’s-1950’s, he was venerated by other poets because he rejected formalism. Over this period of time Williams received many awards and published many other poems. Williams also married Florence Herman in 1912. Sadly, Williams Carlos Williams died on March 4, 1963. He may... ...or answer. Even though back when Williams’ published his first poems they seemed different and strange, they caught on and were loved. Today, many poets use Williams’ techniques. There were dozens of poets to choose from for the ORP, but out of all of them I chose William Carlos Williams. The main reason I chose Williams as my poet was because he’s my dad’s all-time favorite poet. He had many of his poetry books and information about him, so if I had any questions my dad knew all the answers. When I first started reading Williams’ poems, I thought they were rather strange. But as my dad explained how he wrote and what some of the poems meant, I started really understanding his poetry and now he is my favorite poet. From reading Williams’ poetry, I have learned one extremely special and important thing about writing poetry. That you don’t always have to write about things that have a message to have a great poem, you can write about random objects and still have a wonderful poem. I would recommend Williams to more advanced readers who really understand poetry and already know a little bit about his past, because knowing Willi ams’ background really helped me understand his poetry. The Life of William Carlos Williams Essay -- English Literature Essays The Life of William Carlos Williams â€Å"Nothing whips my blood like verse.† These are the famous words of the great poet, William Carlos Williams. Williams was born on September 17, 1883 in Rutherford, New Jersey. He spent most of his life in Rutherford, so today he is a local hero. Williams’ mother was Puerto Rican and almost had pure Spanish blood. His father was American. As a child, Williams’ dad was a salesman and was often away from home. Thus, they didn’t see each other very much. When Williams was four, he attended school in Switzerland and France for three years. Then his family moved back to Rutherford. Williams started writing poetry at Horace Mann High School, in New York City. His parents loved literature and the visual arts, so Williams had a large vocabulary and a gift for writing poetry. Even though Williams’ parents were all for literature, they wanted him to become a doctor. So in high school, Williams decided he would go to medical school but continue to write poe try. Williams soon was accepted into the University of Pennsylvania Medical School and went off to college. At the University of Pennsylvania, he stuck to his word, practicing medicine and writing poetry. His parents really influenced him to study to become a doctor so Williams worked extremely hard. In college, Williams was befriended by poet Ezra Pound. He was the main person who encouraged him to continue writing poetry. Williams would come to his dormitory every night and Ezra would help him. Slowly, Ezra developed him into a great poet. After Williams completed his studies, he had his heart set on both writing poetry and a medical career. Three years later (in 1909) Williams’ first poems were published. A year after that Williams began a private medical practice in Rutherford, something which lasted for over 40 years. Every day he’d practice medicine, and then come home around one o’clock in the morning and write poetry. By 1912, his medical practice had given Williams the financial freedom to write what he wished. Williams started writing poetry all day. Many of these poems got published, and during the 1920’s-1950’s, he was venerated by other poets because he rejected formalism. Over this period of time Williams received many awards and published many other poems. Williams also married Florence Herman in 1912. Sadly, Williams Carlos Williams died on March 4, 1963. He may... ...or answer. Even though back when Williams’ published his first poems they seemed different and strange, they caught on and were loved. Today, many poets use Williams’ techniques. There were dozens of poets to choose from for the ORP, but out of all of them I chose William Carlos Williams. The main reason I chose Williams as my poet was because he’s my dad’s all-time favorite poet. He had many of his poetry books and information about him, so if I had any questions my dad knew all the answers. When I first started reading Williams’ poems, I thought they were rather strange. But as my dad explained how he wrote and what some of the poems meant, I started really understanding his poetry and now he is my favorite poet. From reading Williams’ poetry, I have learned one extremely special and important thing about writing poetry. That you don’t always have to write about things that have a message to have a great poem, you can write about random objects and still have a wonderful poem. I would recommend Williams to more advanced readers who really understand poetry and already know a little bit about his past, because knowing Willi ams’ background really helped me understand his poetry.

The Hound of the Baskervilles by Sir Arthur Conan Doyle :: English Literature

The Hound of the Baskervilles by Sir Arthur Conan Doyle Examine how Conan Doyle establishes the setting for the novel in the opening four chapters. How effective do you consider this to be? â€Å"The Hound of the Baskervilles† was written in 1902 when the detective genre had been established in England for around 50 years, by authors such as Wilkie Collins and James Anderson who published â€Å"Murder She Wrote†. Arthur Conan Doyle contributed to the development of this genre by creating Sherlock Holmes & Dr.Watson in a range of popular short stories released in magazines. He was one of the most significant, influential authors to this genre as he created the most famous detective, in fiction, in Sherlock Holmes. Sherlock Holmes was first introduced in â€Å"A Study in Scarlet† which was published in 1887; this won a lot of success and meant that Holmes featured as a main character in future stories and novels written by Doyle. Doyle, born in Edinburgh, Scotland began practicing medicine in 1882; his knowledge from his education comes through in his writing and there are many references to scientific sources. This gave his writing a new dimension and was new for readers at the time which perhaps even contributing to the popularity of his writing. In â€Å"The Hound of the Baskervilles† Doyle establishes the setting through five main aspects. These are a sense of time, places, genre, the plot and characters. An important aspect of the setting is how Doyle presents the main characters, their relationships and personalities. Doyle introduces 4 of the main characters in the opening chapters and begins to establish their relationships most noticeably between Holmes and Watson. The main characters are Holmes, Watson, Dr. Mortimer, the Baskerville family and of course the hound itself. These different characters are introduced in different chapters through different methods. This is for a number of reasons; to differentiate them, to let each of them have a different impact in the novel and because of the tradition from previous stories containing some of the characters. Holmes and Watson are not described in great detail but introduced in the opening chapters through their dialogue. Doyle did this as he didn’t need to introduce them in more depth as they had already been well established to the readers through other short stories in which they appeared before â€Å"The Hound of the Baskervilles†. Readers at the time already had a sense of their personalities and physical features through their earlier introductions. Holmes and Watson have a strong relationship in the novel which is shown by the way they talk to each other, their actions and the way they both try to solve the crime.

China: Overpopulation

The Country of China accumulates over 1/5 the population of the world with a massive total of over 1. 3 billion people. Having an Immense population not only creates problems within the country, but also triggers some of the largest Issues our world has faced today. Although China has released a One-Child policy to slightly limit the population rate, problems are continuing to grow at a constant rate. The most powerful institution in the nation of China is the Communist Party of China, otherwise known as the CPA.They set goals and policy that the government hen sets in motion (Dreamer). The Chinese government is generally thought to be repressive, while freedoms of speech, assembly, religion, and press are not well respected (â€Å"China†). In 1979, the Chinese Communist leader Issued the One-Child Policy to limit the nation's population (Hardwood). There are also exceptions to China's One-Child Policy. For instance, the policy applies only to the Han, who make up about 92% of China's population. The Han are descendants of China's first great dynasty.However, rural couples are allowed to have a second child if the first one was a female (Dreamer). Many believe that this form of policy Is unfair and can disturb the cultures of Chinese families. Years ago, China was once concerned for having had too many people to support. As of today, the One-Child Policy causes the country to have too few children to support a rapidly aging country (Hardwood). Also, because males are more valuable than females traditionally, the female population declines. If the ratio of men increases over women, then the population will also decline too fast (Hardwood).Based on the July 2013 census, the population of China stands at about 1,349,585,838 and continues to grow (â€Å"One-Child Policy'). With several people living In urban areas. It is quite difficult for China's government to force its population controlling policies (Hardwood). Those who don't follow the policy are pena lized with heavy fines, destruction of home or possessions, political/physical harassment, and even loss of employment (â€Å"One-Child Policy†). Even with the policy, China's population still continues to grow at a rapid pace.Some estimates show that nearly 1 million more births occur than deaths every 5 weeks (â€Å"One-Child Policy'). These problems will only continue to expedite adversely If a resolution does not develop soon. There are several causes for the rapidly increasing population, but only a few present itself as the primary source. One of the main factors is the fact that China has a high birth rate and a low death rate. This is due to a lack of family planning, a high level of Infant mortality and increased sanitation.Some cultures also believe that It Is unacceptable to use contraception's (â€Å"China†). Other than the logical causes, there was also said to be an â€Å"Economic Project† which had Increased the population to spark China's econom y. According to sources, â€Å"in 1 978, China embarked on an economic project that liberated foreign trade and investment; encouraging the formation of rural and private businesses as an attempt to raise China's economy (Hardwood). This project ultimately led to people having more children as it was conducive to the economy.The problem of overpopulation and the One-Child Policy affect China In several unemployment are serious problems which continue to rise in China (â€Å"China†). The Chinese government neglected to protect its water, air, and land against pollution. Because of this, China is the world's second largest producer of the dangerous greenhouse gases (Dreamer). For the impacts from the policy, â€Å"Officials of China suggested that the immediate consequences of the policy shift would be relatively minor, although the government's own demographic estimates showed that upwards of 10 million couples will be affected† (â€Å"One-Child Policy').The average h ousehold size in China was also down to 3. 1 people, from 3. 44 in 2000. From an international standpoint, the One-Child Policy impacts the entire world by helping reduce the population. Although people around the world complained that the rule was extreme and unfair, the policy has, in some ways, been effective (Dreamer). With China having a mass number of people living in such packed places, several people tend to immigrate to other countries, which can likely cause other problems within those countries as well (Dreamer).Because China is the most populous country, China attracts several other multi-national companies to set up their businesses in areas holding the largest people. Examples of these companies include Coca Cola, Motorola and Volkswagen (Hardwood). Because several companies set up their businesses in a variety of locations, China is ranked number one for having the fasted growing economy (â€Å"Dreamer†). Solutions to improving the policy are slowly going into effect.After the policy, a system of benefits and penalties went into effect. Couples who signed the policy pledge were sometimes granted rewards including regular payments, easy access to healthcare, education, and even desired Job categories for both the parents and the child (â€Å"One-Child Policy'). In the past year, China's governing Communist Party released a document presenting policy changes in allowing couples to have an additional child if the mother or father was an only child (â€Å"One-Child Policy').Because f the fact that the policy changes suit most people throughout the nation, the country of China may be able to become stable in the future without disturbing too much of the culture (Hardwood). Although China has released a One-Child policy to slightly reduce the population, the changes they have made will allow the country to become stronger and more stabilized. Although the country of China still contains problems due to an immense population. The Communist Par ty of China is still in search for a greater solution to make their nation a better place for both China and the World.