Macroeconomics Essay Example | Topics and Well Written Essays - 1000 words - 1

Macroeconomics - Essay Example Industry A Industry A has 20 firms and a (CR) of 20%. The Concentration Ratio is centered around how much of the market is controlled by the firms involved, in this case with 20 firms and a (CR) of 20% the controlled value is low. (Concentration Ratio, 2011 p 1) This implies that the industry is either highly competitive industry. This means that every involved organization in this particular industry is able to enter and exit the market with low barriers. This industry type could be termed a â€Å"perfect competition† however, because it has a (CR) of 20% it is also close to an oligopoly. To be a â€Å"perfect competition† the characteristics would need to include, all firms selling the same products, all firms involved being price takers, all firms having a relatively small market share, buyer knowing what is being sold and for how much and the ability to enter and exit the market. (Perfect Competition, 2011 p 1) In this environment the ability to enter the market wit h low to no barriers will allow for more competition to be available. The long term adjustments would need to be expecting lower prices and normal profits. The (CR) will remain low in this industry model due to greater competition. Industry B Industry B has 20 firms and a (CR) of 85% which places it in the oligopoly to monopoly range in business types. An oligopoly is characterized by a few dominant firms and many small ones, standardized and differentiated product depending on the industry, power of dominant firms over pricing, barriers to becoming a dominant firm and the use of non-price competition due to fear of price wars. (Petroff, 2002 para. 2) A monopoly however, is a situation where a single company or group owns the entire market, or close to it. Because this tends to mean it is a business that has a single firm it would not necessarily apply in this case. (Monopoly, 2011 p 1) To figure out the proper concentration ratio it is necessary to use the Herfindahl-Hirschman Inde x, â€Å"a commonly accepted measure of market concentration. It is calculated by squaring the market share of each firm competing in the market and then summing the resulting numbers.† (Herfindahl-Hirschman Index, ND) Conclusion Industry A would be appropriate for a small business given the ability to enter and exit with relative ease. This however, should not discount the possibility of Industry B’s ability to control a market and pricing as well. The entry barriers may be insurmountable in this industry type though the rewards could be significantly greater. Given the available information Industry A seems to be the best approach for a small business venture. Reference page Concentration Ratio,. (2011). Concentration ratio, investopedia.com. Retrieved from http://www.investopedia.com/terms/c/concentrationratio.asp Herfindahl-Hirschman Index, . (ND). The herfindahl-hirschman index, justice.gov. Retrieved from http://www.justice.gov/atr/public/testimony/hhi.htm Monopo ly,. (2011). Monopoly definition, investopedia.com. Retrieved from http://www.investopedia.com/terms/m/monopoly.asp Perfect Competition,. (2011). Perfect competition, investopedia.com. Retrieved from http://www.investopedia.com/terms/p/perfectcompetition.asp Petroff, J. (2002). Oligopoly characteristics. Professional Educational Organization International Retrieved from http://www.peoi.org/Courses/mic/mic7.html Memo follows- TO: Managing director FROM: (insert your name) DATE:

Strategic Marketing Plan Essay Example for Free

Strategic Marketing Plan Essay This growth will be the direct result of a new toothpaste product launch. The following plan draws on related Industry, Competitive, and Consumer analyses to justify the production of a â€Å"mouth pod† and the market for such a future-oriented design. The plan also provides an implementation plan for the launch of this product, as well as a recovery plan. Overall, this â€Å"outside-the-box† thinking will set Crest apart from its competitors. Unfortunately, given the current state of the economy, there are insufficient resources to support a national or even a regional launch of the new product. Thus, the product will initially launch in only one New York County. Rochester, in Monroe County was chosen on the basis that it holds the highest potential for the product’s success. Syracuse in Onondaga County and Binghamton in Broome County were not chosen. This choice is supported with data from a comparative analysis that demonstrates how and why it is believed to be the best potential geographical market. The recommended geographic area is premised on a detailed and careful assessment of the geographic market(s) and how the chosen county best suits this proposed strategy. This will serve as a trial; if the product performs well in Monroe County, it will later be rolled-out to more areas. This subsequent roll-out will determine whether the product is given a national launch. SITUATIONAL ANALYSIS: SWOT STRENGTHS * Inventive design, unlike any other toothpaste product on the market. * TWBA Chiat Day will significantly assist Crest in leveraging the So Mod Mouth Podsâ„ ¢. * Consumers are seeking coupons due to the current state of the economy. WEAKNESSES * Most of Crest’s products are either mature or declining within the product life cycle. As a result, new products are continuously introduced. * Competitors are able to quickly release comparable products, intensifying competition. * Toothpaste promotions often use sales to drive new purchases based on price. OPPORTUNITIES * Product differentiation- with the amount of rivalry, there is plenty of reason to invent and innovate. * Essential to western hygiene- there is no one who would argue that brushing one’s teeth with toothpaste is not a hygienic staple in western culture. * Emerging markets- as is true with a large variety of industries, the developing world poses a huge opportunity for growth. THREATS * Everyone is essentially selling the same thing- The Company is no longer selling toothpaste, but more the brand or the features of the toothpaste. * Low switching costs- At one point, toothpaste purchases were mainly driven by individual habits, inclination towards particular flavor and familiarity with the product However, consumers are much more price-sensitive after the recession, even in the recovery stage. They do not always stick to brands they desire, they are now shopping for the best value. * Competitors, namely Colgate, infringing on prized shelf space. ISSUES ANALYSIS amp;OBJECTIVES Issue #1: Product differentiation The toothpaste product market is heavily saturated with products (and product lines) that are very similar to each other. They all cover the range of benefits that toothpaste consumers seek, from whitening to tartar control. Consumers are fatigued by the vast array and similarity of toothpaste products available on store and virtual shelves. Fatigue in relation to innovation exists as well, because toothpaste brands have pushed innovation to its limit. Even the newest toothpaste products like Colgate â€Å"New? Optic White Toothpaste and Crest â€Å"New? 3D White Toothpaste do not have much of an edge. Six months after launch, the perception of innovation and relevance fades away. Whitening was once an innovative feature, but is now expected. For a new toothpaste product to be successful, it will need to break free of this mold. Objective: To achieve sales of 50,000 packs of day and night â€Å"mouth pods† by the second quarter. Strategy: Crest will follow a strategy based on innovation and disruption. The launch of this new product will break through the clutter comprised of existing toothpaste products. It will feature the Crest logo, thereby boosting brand awareness and sales of other Crest products. Ultimately, a new product category may arise out of a successful campaign for this launch. The new product will be available in two versions: one made specifically for brushing in the morning, and a companion product made specifically for brushing at night. The daytime use product would have light-colored packaging, and the nighttime use product would have dark-colored packaging. If the product is very successful, it could set other brands into their own category of being â€Å"anytime† toothpaste products. Crest’s new brand will gain market share from being in its own niche. A companion product for nighttime use will push more people to brush their teeth before going to sleep. This will not only improve the top line growth of Crest’s new brand, but it will also cause consumers to develop the good habit of brushing two or more times a day; this may also increase the frequency in which a consumer must purchase toothpaste. Tactics: The new product will have a slightly higher price point than that of Crest’s current â€Å"New? products and those of competitors. Since toothpaste is a low involvement purchase, tactics will focus on drawing consumers? attention. Display stands and posters will accomplish this by brining consumers? attention to the product’s placement on retail shelves. The package design will stand out amongst other toothpaste products on the shelves. Online promotions will include banner ads on retail websites and social media profiles, including Facebook and Twitter. Special offers for the product will be made both online and in stores. Issue #2: Growth Stagnant growth in the U. S. market has plagued the toothpaste industry. As mentioned in the Industry Analysis, 98% of Americans are users of toothpaste, which does not allow for much growth. The population it is not increasing at a rate high enough to sustain our goals of driving up sales in this country. Objective: To move Crest to the position of market leader by at least 5% points by the end of the fourth quarter. In current terms, Crest would need to gain another 6% of the market to ultimately have 41% and a five point advantage over Colgate. Strategy: Jump start the competition against Colgate by targeting a niche segment of the U. S. population who already enjoy luxury grooming products and are willing to try wild and new products. The primary target would be adults, ages 18-45 who consider themselves to be upper-middle class. The secondary target includes 18-30 year-olds who are still experimenting with new products and have not settled into a rut of brand loyalty. Our new product delivers the burst of innovation that has been so severely lacking in the toothpaste industry. We are offering a brand new delivery system and a feature that has yet to be mass-produced. Tactics: Strategic product releases that start in higher end supermarkets and drugstores. Releases will then move down the scale towards large discounters and superstores such as Wal-Mart. Although the new product will be priced only slightly higher than the average toothpaste, the goal is to position it as a more luxurious and fun way to brush one’s teeth. The roll-out for the test market will begin in January of 2013 and continue being released, hitting discount stores in July. The time sensitivity of this product release is almost irrelevant because there is no season of increased sales. Starting early in the year is just a ploy to have a fresh and energizing start to 2013. Placement on shelf will be further taken into consideration once packaging is completely finalized. Issue#3: Existing Brand Loyalty Consumers are more likely to continue purchasing toothpaste brands that they have used since an early age. Therefore, in order to gain a leading market share within the toothpaste segment of the oral care industry, it will be essential to break current purchasing behaviors of our targeted consumers. Objective: Our objective is to increase our brand equity by 25% within the first year of our pilot phase, specifically from repeat purchases by conquest buyers, who initially try Crest „New? So Mod Mouth Podsâ„ ¢ after being exposed to our integrated advertising campaign. Strategy: To spend $3M on advertising and promotion through an integrated advertising campaign that will highlight the benefits exclusively offered by our brand. Crest „New? So Mod Mouth Podsâ„ ¢ will reinvent the functionality of toothpaste and will bring a refreshing change to consumer perceptions of the category. Pamp;G and its competitors provide toothpaste products that meet current consumer expectations: whitening, plaque and tartar control, fluoride treatment, sensitivity, cavity and gingivitis prevention, and fresh breath. However, Pamp;G understands that consumers more strongly demand value, quality, and convenience. Overall, Pamp;G acknowledges the current, stagnant, state of the oral care industry and projects that the â€Å"pod† design will be a profitable opportunity to capitalize upon. Crest „New? So Mod Mouth Podsâ„ ¢ will fuse the benefits of current products with such a futuristic product design, that in effect it will weaken the bonds of loyalty non-Crest users have. The awareness of this fusion will be accomplished through targeted advertisements. Tactics: Advertising amp; Promotion Ad Agency Service Pamp;G will assign TBWA Chiat Day responsibilities for the launch campaign of Crest â€Å"New? So Mod Mouth Podsâ„ ¢, aligning our vision of Crest â€Å"New? So Mod Mouth Podsâ„ ¢ with the culture of this agency that values the concept of disruption as the underlying basis of its campaigns. Trial offer Pamp;G will send out to a sample of consumers $1. 50 off any purchase of our Crest â€Å"New? So Mod Mouth Podsâ„ ¢. This will be for a limited time of one month, before coupon discounts decline in value. Social Media Facebook â€Å"Likes† amp; Free Samples: Pamp;G will offer a 2-flavor sample pack to the first 1000 consumers, who â€Å"like† the Crest â€Å"New? So Mod Mouth Podsâ„ ¢ Facebook Page on the day of our launch. MARKETING MIX Product: Crest „New? So Mod Mouth Podsâ„ ¢ A pack will contain 60 pods; consumers could use one to brush in the morning and one at night. One product would be expected to last for one month before replacement. Crest aims to provide a whole-mouth cleaning experience that is convenient and intuitive. The product is sleek and modern in both look and feel. Our New Product’s Features The new product will have a mix of innovative and expected features. Innovative features include the products formulation; it is a fusion of toothpaste, gel and mouthwash in a round capsule. Within each capsule there will be invisible pockets of pressurized air. Like foaming toothpastes, this product will begin to foam soon after popping in a user? s mouth. The foam will get in-between teeth to fight cavities and kill germs that cause bad breath. The volume of one capsule is smaller than the amount of toothpaste generally applied by consumers to a toothbrush. The mouth pods are safer than toothpaste in cases of accidental ingestion. Active Ingredients Sodium Fluoride (0. 243%). Energy blend: panax ginseng root extract, acai fruit extract, yerba mate leaf extract, guarana seed extract. Inactive Ingredients: Glycerin Hydrated Silica, Water, Sorbitol, Sodium Hexametaphosphate, Propylene Glycol, Flavor, Peg-12, Cocamidopropyl Betaine, Sodium Lauryl Sulfate, Carbomer 956, Sodium Saccharin, Poloxamer 407, Polyethylene Oxide, Xanthan Gum, Sodium Hydroxide, Cellulose Gum, Titanium Dioxide. A blend of panax ginseng root extract, acai fruit extract, yerba mate leaf extract and guarana seed extract will serve as a very slight stimulant. While these substances won’t provide the kind of instant jolt expected from caffeine, they will deliver a healthier feeling of energy and alertness. The product for use in mornings would promote this feature as a burst of energy, a perfect way to start the day. Silica is similar to what dentists use to create a professional clean feeling. Expected Features Initially in relation to the research found about our target market, there will be a variety of basic flavors like Mint and Bubblegum. One of the product’s ingredients are a patented flavor booster to keep breathe ultra fresh. The product uses a fluoride mineral formulation to strengthen weakened tooth enamel. It reinforces enamel layers by rebuilding the weak spots on teeth. A sensitive element in the formulation protects against painful oral sensation. The product provides twelve hour protection from gingivitis, plaque, tender gums, bad breath, cavities and tartar. It promotes healthy gums and safely lifts off yellowing surface stains to restore natural whiteness to teeth. Packaging Design: The packaging will divide its capacity amongst a place for the day pods and the night pods. It will be clearly labeled. An advantage of this is that two different flavors can be included in one package, which gives the consumer the ability to have choice. This is innovative because usually a consumer is confined to one flavor, until they purchase a new tube of paste. Price With an analysis of current products and our assumptions of the cost of goods sold, we believe Crest „New? So Mod Mouth Podsâ„ ¢ must initially be priced at $5. 25 unit cost (without sales tax or shipping cost). Promotion An integrated marketing communications campaign will leverage the strengths of outdoor, print and television advertisements to create positive brand impressions. Online promotions will also be used: the design of Crest? website is modern and easily navigable, with links to social media extensions. A Facebook page will be created to focus solely on the new product, while Crest? s main Twitter account will promote the new product. Word of mouth buzz will be generated as the product becomes more popular. It will stem from creative in-store displays and social media communications. Place amp; Distribution Channels Crest â€Å"New? So Mod Mouth Pods will be available in the oral health care aisle of many stores in Monroe County, including CVS Pharmacy, Wegmans, Target, Walgreens, Wal-Mart, K-Mart, Sam? Club, and Costco. It will further be available for purchase online at the following websites: CVS. com, Target. com, Costco. com, Drugstore. com, Walgreens. com, Amazon. com, and Soap. com. Target Market Overall, the current target consumers for Crest „New? Toothpaste Podsâ„ ¢ are adults, ages 18-45 who consider themselves to be upper-middle class. The secondary target includes 18-30 year-olds who are still experimenting with new products and have not settled into a rut of brand loyalty. The basis for this decision is supported by the overall situational analysis, and pecifically the Consumer Analysis, which demonstrates that young adults are the largest demographic segment that adopts new product innovations. In effect, introducing a higher priced innovative product will be perceived as attractive to yo unger men and women, who are financially able and willing to try a new product. Given the research completed within the Consumer Analysis the county that best fulfills our target market is Monroe County. This county contains the highest population size of all three counties with a population of 735,343 people (Census, 2010). As shown in figure 1, Rochester (the largest metropolis area in Monroe County) has one the largest percentage of individuals between the ages of 15-49. Figure 1 also indicates that Rochester contains the highest percentage of the population with households containing individuals less than 18 years of age. By capturing this segment of the market, Crest can capitalize on repeat purchasing of these individuals, who will eventually be purchasing their own products. The Rochester area contains the highest population of African Americans of the three major cities with 41. 7% (Census 2010). This is a concern when marketing a new toothpaste product because as mentioned in the Consumer Analysis, African Americans are the most prone out of any demographic to purchase store brands over national brand toothpastes. However, when looking at the snap shot of the three counties provided in the Consumer Analysis African American’s only represent 15. 2% out of 735,343. This makes the finding insignificant and should not hinder the success of our new product when looking at the total population of the county. Figure 1: Overview of the three most populous areas in each of the counties | Monroe | Broome | Onondaga | Households with individuals under 18 years | 30. 40% | 23. 40% | 29% | 15-49 | 54% | 44. 60% | 54. 70% | 0-49,999 | 70. 30% | 67. 60% | 70. 00% | $50,000 to $200,000+ | 29. 70% | 32. 40% | 30% | Per capita money income in past 12 months (2010 dollars) 2006-2010 | $17,865 | $21,455 | $17,866 | Median household income 2006-2010 | $30,138 | $30,702 | $30,891 | Persons below poverty level, percent, 2006-2010 | 30. 40% | 27. 80% | 31. 10% | Since we are marketing a new innovative toothpaste product, promotion is another primary aspect in reaching our target market. The advertisements that accompany the launch of the â€Å"New? So Mod Mouth Podsâ„ ¢ should focus on the point of differentiation that this product will provide, such as convenience and multi-functionality. This will propel the product into a more diverse demographic segment as well. The income of the consumer is another factor driving the sales of this product. The Claritas? profiles that were identified in the Rochester Area were as follows: Suburban Sprawl, Young Influential, Domestic Duos, Home Sweet Home, New Empty Nests, and Country Casuals. These profiles were seen to be the most apt to be innovators or at the very least have the capital to try a new product. As outlined in the Consumer Analysis, these profiles have the income as well as the innovator psyche. When analyzing the areas surrounding Rochester, Esri data shows that the population contains affluent Prosperous Empty Nesters, College Towns, Sophisticated Squires, Connoisseurs, and Aspiring Young Families. The profiles of the surrounding areas of Rochester are ideal consumers for our new product because they indicate savvy consumers, who have the appropriate discretionary income to spend on new innovations and are motivated to do so. The Rochester area contains a number of colleges and universities, which will further fuel the sales of this new product, with convenience as the primary selling point. The benefits analysis section within the Consumer Analysis outlines what the consumer needs are. Consumers desire a product that makes clear points of difference, making the selection process less cumbersome. Since So Mod Mouth Podsâ„ ¢ are so unique from the other typical toothpaste products available, it will be easy for the consumer to perceive the added benefits of this product. So Mod Mouth Podsâ„ ¢ provide the consumer with all the mainstream benefits, while reinventing the toothpaste industry. RESEARCH amp; EVALUATION 1. Objective: To achieve sales of 50,000 packs of day and night mouth pods by the second quarter. Evaluation Mechanisms: Sales will be monitored by retail databases as they occur, and reported back to Crest immediately. 2. Objective: To move Crest to the position of market leader by at least five (5) percentage points by the end of the fourth quarter. In current terms, Crest would need to gain another 6% of the market to ultimately have 41% and a five point Advantage over Colgate. Evaluation Mechanisms: Market-share charts the issue of stagnant growth, will need a constant eye on the whole industry. Specifically, the amount of sales each company is acquiring. A market-share chart will become the most important tool in keeping the goal of becoming the industry leader on track. Sales will be monitored by retail databases as they occur, and reported back to Crest immediately. Other research will come from reevaluating the most desirable shelf space in stores. To negotiate the best spot in the aisle, the most looked-at spot needs to be known. Its common knowledge that eye level is preferable, but reaffirming research wouldn’t hurt. The research on market share will begin immediately and continue throughout 2013. The ideal shelf space research will finish 3 months prior to the launch to allow time for negotiation with retailers. Evaluation of the tactics will come via tracking sales figures, units sold, and the market share throughout 2013. 3. Objective: Our objective is to increase our brand equity by 25% within the first year of our pilot phase, specifically from repeat purchases by conquest buyers, who initially try Crest „New? So Mod Mouth Podsâ„ ¢ after being exposed to our integrated advertising campaign. Evaluation Mechanisms: Management Dashboard Through the use of our Active Data Warehouse we will be able to track all of our marketing campaigns and how closely they are aligning with our strategies stated above. We will initially be offering $1. 50 coupons, and will be actively measuring the impact of this on our weekly sales and revenue. Furthermore, TWBA Chiat Day will gather extensive consumer data based upon the advertising and promotion campaigns that the agency puts forth to implement within the next year.

Alternatives to Human-embryo Stem-cell Research Essay -- Argumentative

Alternatives to Human-embryo Stem-cell Research      Ã‚   This essay counters the media and many scientists' claims that there are no viable alternatives to human-embryo stem-cell research (ESCR).    The media restate the claim (made repeatedly in NIH documents) that adult stem cells do not have the same potential as embryonic stem cells, which in theory can form any tissue. But studies done with adult stem cells (studies which mirror the ones done with embryonic stem cells) show that adult stem cells do have the capacity to form essentially any tissue.    The most misleading term which continues to be used is "pluripotent." Literally, this means able to form most (but not all) tissues. This term continues to be used incorrectly, primarily to imply that human embryonic stem cells can form all human tissues except "trophoblast" tissue - this is an essential outer layer of cells in the early embryo which allows it to implant into the uterine wall and nourishes early development. The trophoblast is also the part of the embryo removed in its destruction to harvest the inner embryonic stem cells. The phrase "human pluripotent stem cells" has been used to counter the question of whether human embryonic stem cells in culture could actually reform a human embryo, implying that this is not possible. Yet in testimony before the Senate, then-Director of the NIH, Harold Varmus, said that this possibility was uncertain, and that in fact it would be unethical to attempt such an experiment to determine whether this was possible (Varmus). Enter the te rm pluripotent - if the embryonic stem cells cannot form trophoblast, they cannot form an embryo. Mouse embryonic stem cells cannot form trophoblast tissue. BUT, as stated in Thomson... ... disputing that we are a human being even at the one-cell stage. It has never been acceptable to sacrifice one set of human lives for the potential benefit of others (and they are only potential benefits at this point.) Human embryonic stem cell research assigns different values to different human beings, designating some as people and some as property.    It is totally UNNECESSARY. Ethical alternatives exist such as adult stem cells which have already shown much more promise than embryonic cells, these results for adult stem cells are fully detailed in the scientific literature, and that adult stem cells are already being used clinically, making good on the potential that embryonic stem cells only promise.    WORKS CITED: Varmus, Harold. http://www.nih.gov/news/stemcell/statement.htm Thomson, Professor. http://www.erp.wisc.edu/faculty/thomson/

Greek audience Essay

The minds of modern theatre goers are somewhat lazy compared to their Greek counterparts, hundreds of years ago. Today we go to a play and at best mope and follow the story, we remain silent throughout and maybe the most analytical and critical of us will have some thoughts on the screenplay. The Greeks however had a rapport with the play, they watched every move, and got behind every line especially in tragedy. The reasons why this occurred are as follows: Modern plays fall into the category of illusion dramas. The Audience are invisible spectators of others lives. The characters are made to look and act convincing, so a king will be dressed ornately, a girl will actually be small girl, and a cowboy will sport a Stetson and colt 45. The audience have everything made up for them and so they find it easy to fall into the illusion and just watch. Greek Theatre is conventional drama, the characters are often not in costume and symbols merely indicate who was who in the play. For example a king may wear a simple crown on his head. In Greek drama all the actors wore masks. All these factors made it very demanding on a Greek audience to follow the play before them. In effect they are forced to watch very carefully and a rapport is developed between the audience and the play. This audience got very vocal during a performance, which is all part of the rapport. Today we go to a theatre and maybe watch a play, which we have never seen, Greek plays were all well known stories, and the themes and issues were well known to the audience. The lack of a surprise element means the audience watches the play with a critical eye seeing how well the play was done, and also whether dramatist has inserted a moral or political issue. This is illustrated in The Aeneid, Virgil makes Aeneas a ancestor to the Roman race. Iulus who was his descendant was directly linked to Julius Caesar the dictator of the time. By doing this he legitimises the history of the peoples past, and they look upon the story in a new light. The Aeneid would be politically interesting to the average Greek due to the Carthaginian wars. Even the mention of Carthage would have alerted the audience and they would be pleased to see that the city was â€Å"raised to the ground† The issue of morality, as I said is often explored, and personified in a character, Was Oedipus immoral? The Greek audience would have to think hard over this tragic question. On the one hand he wasn’t because he didn’t know what he was doing, but yet he was cursed and destroyed like an immoral person. This is where the tragic element lies, the audience would feel for him and pray that they themselves don’t suffer a similar fate. On the other hand he was impious, which was highly immoral in Greek times, and this is an issue I will cover later in my essay. Greek theatre however is full of tense and surprising moments. During Oedipus the king, Jocasta was aware that Oedipus was going to find out his fate. The scenes here were very tense. The audience would get behind it and voice their excitement. The best dramatists when they put on the play will include dramatic irony in the play. The whole Oedipus the king is based around this. The audience aware of his fate watch him squirm to his doom, because they know and cannot stop it happening makes it even more tragic. When Tiresias the prophet enters, Virgil creates many references to blindness and confusion, all reflect Oedipus’ state, as he doesn’t know the truth, but is highly ironic because the blind priest is the only one aware of the imminent danger. As I have illustrated the last thing a Greek audience is going to do is to sit silently through the play. They would murmur to each other, gasp, sometimes-even cheer at the action unfolding before them. The whole experience would be more than just a trip; it is more a moral lesson, and a place full of high emotion reminiscent of a modern church. The Greek audience would be very religious people; the whole theatre experience was infact an act of worship, and it was regarded the right and duty of every citizen to attend. In the theatre a statue of Dionysus was present adding to the religious undertone. Having establishes the religious importance of the theatre; it is understandable how the audience have issues of morality and respect to the Gods on their minds. When Oedipus is impious, this is considered highly immoral as he had full control over his actions unlike his other actions. Everyone was expected to attend the theatre, and even those who couldn’t afford it were paid for by the state. One can only imagine but the atmosphere was full of people from all walks of life. It is said there were around 14000 people in the oval shaped arena sat all round, this is almost like a modern day football match. The huge social importance of the theatre can be seen and understood from this, people went there to share ideas with friends, see friends, and meet people. I can imagine that because of all these factors and variety of people, the theatre was a very interesting place. People would obviously have different motives for going but it is established that it was more than just ente rtainment.

Nike Wacc Case Study

Financial Management Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regarding an investment in Nike? 2 Case Overview Nike, Inc. NorthPoint Group Investment Decision Current share price of USD 42. 09 ? Declining market share for the period 1997-2000 ? Strategy for revitalizing the company under consideration ? Plan to boost revenue and optimize costs ? Highly experienced management team ? Mutual fund management firm ? Emphasis on large-cap value stocks ? Has been outperforming the market for the past 18 months ? Kimi Ford – portfolio manager seeking to identify undervalued stocks, consistent with the fund’s investment strategy ? Stock valuation based on forecasting future cash flows over a ten year period ? Discounting the UFCFF using a predetermined WACC value ? Calculating the discount factor based on the CAPM approach ? Considering sensitivity analysis 3 Understanding the WACC ? The Weighted Average Cost of Capital is the interest rate (minimal return) at which investor-supplied capital (equity and interest bearing loans) has been provided. Therefore, it is the weighted average minimum expectation, which shareholders and creditors require for their respective investments made with the company under consideration. The WACC reflects both, the cost of equity and the cost of debt. Different sources of funds have different costs and therefore, depending on the capital structure of the organization, the weightings of debt and equity are calculated and assigned. ? The WACC is calculated using the following equation: WACC = [E/(D+E)] x Ke + [D/(D+E)] x Kd (1-t) ? The minimum required return on shareholders’ investment. ? CAPM method has been widely used in calculating the cost of equi ty. ? Ke = Rf + b. (Rm – Rf) ? Risk level and volatility are calculated based on historical data. Cost of Equity Cost of Debt ? The interest rate at which a company can acquire new debt. ? Any fixed rates on outstanding debt are not relevant, since the investors are concerned with what it will cost the company to generate cash from any future investments, which would occur at market rates rather than historical ones. ? After tax cost of debt = (1-t)Kd, since interest is tax deductible. 4 Critique of Joanna’s Calculations Calculating Ke Since Joanna’s FCF forecast reflects a ten year period, it could be argued that, for the sake of consistency, the yield of a risk free ten year security should be used instead. ? An arithmetic mean estimation of the risk premium is generally accepted as an appropriate approach by the investment community. * ? Since Nike is a multinational company, its revenue stream bears additional risk based on the specific allocations to various countries. This should reflect additi onal risk premium such as exchange rate risk, political risk etc. Such calculation goes beyond the scope of this case but it should not be ignored. Beta has been calculated as a historic average but the included value YTD 06/30/01 should be excluded not only since it is not consistent in terms of period length, but the apparels business is seasonal with great portion of the revenues coming during the months of Dec. and Nov. Historic betas prior to 1996 should not be excluded. Calculating Kd ? Cost of debt is not properly calculated since potential shareholders and creditors are not concerned with interest on outstanding debt, but rather the current market rate at which the company could borrow to finance its operations and potential expansion. The technique used by Joanna is useful only to get some rough insight on what Nike is paying on its existing debt. ? Joanna has undertaken an appropriate approach in calculating the after tax cost of debt, since debt is tax deductible. ? Joann a is right to consider debt denominated in foreign currency, however her approach is flawed since she is once again looking at outstanding debt, which arrangements that occurred some time in the past might significantly differ from the current market reality. ? Since existing Nike bonds are trading at discount, we already know that the market yield exceeds the coupon rate. 5 Strong arguments exist for using the geometric mean under certain circumstances. This point will be further elaborated Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regardin g an investment in Nike? Calculating Cost of Equity ? Rf = 5. 39% based on the current 10 year yield for the sake of consistency with the forecasted 10 year FCFF. ? Calculating risk premium based on arithmetic average vs geometric mean: ? Arithmetic average assumes no serial correlation and thus could be overstating the premium. ? Arithmetic average ignores estimation error and available data is limited. ? Arithmetic average works best for forecasting short term periods where long term periods seem to be better captured by the geometric mean. Cost of Equity Yield on 10-year Treasuries Risk premium – developed market (geo. Risk premium – developed market (arit. ) 5. 39% 5. 90% 7. 50% Average risk premium Risk premium – country specific Levered ? Unlevered Cost of Equity 6. 70% 0. 00% 0. 82 0. 77 10. 91% ? Both methods are acceptable and even though the arithmetic mean is widely accepted as the proper method, we are using an average of both since we are dealing wi th a long term period and the geometric mean could be potentially more representative. ? No additional country risk premium is assumed due to lack of data. ? Unlevered beta has been calculated in order to reflect only the amount of business risk. For any future beta projections it will be more appropriate to calculate relevered beta based on the targeted capital structure. Beta 1996 1997 1998 0. 98 0. 84 0. 84 1999 2000 Average 0. 63 0. 83 0. 82 7 Sources: Ibbotson Associates, Aswath Damodaran Calculating Cost of Debt ? To calculate the appropriate yield to maturity we need to take into account that the settlement date (05/07/2011) falls between coupon payments, meaning that the first period will be shorter than the remaining 40 (20 years of semiannual payments). ? We calculate a transaction price (dirty price) of USD 98. 9 using a YTM of approximately 7. 17%. After adjusting for the accrued interest we get the quoted price of USD 95. 60. ? We are not considering the effective YTM for the cost of debt since it is not clear whether the returns could be reinvested at the same rate due to the following reasons (list not exhaustive): ? The yield curve is usually not horizontal. ? The shape of the curve is dynamic and changes over time. ? Some premium should be considered on debt issued in foreign currency, but this goes beyond the scope of this assignment and no debt breakdown has been provided for that matter. Cost of Debt Coupon Years to maturity Periods within one year Total periods Face value of c-bond Market price of c-bond YTM* Effective YTM 6. 75% 20. 03 2 40. 05 100. 00 95. 60 7. 17% 7. 30% Yield to Maturity Days from last coupon date Days to next coupon date Days between coupon dates Transaction price Accrued interest adjustment Quoted price Yield to maturity 171 10 181 98. 79 3. 19 95. 60 7. 17% 8 * Calculations have been made based on a 360 day year Calculating WACC 10. 26% WACC †¢ Calculations of the weightings †¢ We use book value of debt since not Weightings Ke / Kd onsider the market value of equity based on the current price per share and the diluted shares outstanding. 89. 87%* 10. 13%** all interest bearing debt is in the form of bonds maturing on 07/15/21 with a current YTD of 7. 17%. However, since the company has low leverage and is not under financial distress, there should not be a significant difference between the current market and book value of the outst anding debt. Cost of Equity After Tax Cost of Debt 10. 91% †¢ Calculations are based on revised 4. 44% †¢ Before tax cost of debt has been assumptions previously described. †¢ Cost of equity is not to be adjusted reviously calculated at 7. 17%. †¢ After applying tax rate of 38% the for taxes. after tax cost of debt amounts to 4. 44%. 9 * Market capitalization as of 05/07/2001 is USD 11. 5 bn. ** Total interest bearing debt (current + non-current) as of 31/05/2001 is USD 11. 3 bn. Figures as of 05/07/2001 are not provided for a better estimate. Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regarding an investment in Nike? 10 Other Methods for Calculating Cost of Equity ? Po = Do(1+g)/(r-g) ? Could be used for mature companies, which pay dividends on a constant basis, and it is reasonable to expect that they will also do so in the foreseeable future. ? The DDM model is overly sensitive over the value of assumed growth (g), however it is a very simple and straight forward method of calculating the fair value of a mature company. Since Nike is expected to undergo cost optimization over the next years, as well as shift in sales strategy, we should consider a high growth period of the expected dividends, after which constant growth could be assumed. ? For the purpose of this case, however, we are given than dividends increase by 5. 50% on an annual basis, even though Joanne predicts a CAGR of NOPAT for the period 2002-2011 equal to approximately 10. 4%. Dividend Discount Model Earnings Cap. Ratio ? Po = EPSo(1+g)(1-b)/(r-g), where b is the retention ratio. ? EPS is an accounting figure. The ratio depends on dividend policy. ? Useful and simple approach for mature firms with easily predictable future EPS and constant growth rate and retention ratio. ? For simplicity, we are assuming g = 5. 50%, just like in the DDM method. 11 DDM and Earnings Capitalization Ratio Calculations ? D1 has been calculated as of 30/06/2002, assuming 5. 5% increase in annual dividends paid in both 2001 and 2002. Do captures the period 30/06/2000-30/06/2001. ? Based on the DDM and Earnings Capitalization Ratio, we obtain a cost of equity of approximately 6. 7%-6. 8%. Both estimates seem unreasonably low. ? This is significantly lower than the calculated cost of equity using the CAPM model. Due to the flaws of both the DDM and Earnings Capitalization Ratio methods described above, we should hold the CAPM approach as most reliable in calculating the cost of equity. ? The calculation of the cost of equity using both the DDM and and Earnings Capitalization Ratio methods has been based on assumed constant growth in perpetuity, which will most likely not be the case, especially considering Nike’s new sales strategy and cost optimization over the next few years. Therefore, we are more likely going to observe a higher growth period followed by a stable growth period. Dividend Discount Model g Po 5. 50% 42. 09 Do D1 r 0. 48 0. 53 6. 77% Earnings Cap. Ratio g Po b (retention ratio) EPSo EPS1 r 5. 50% 42. 09 77. 75% 2. 16 2. 28 6. 70% 12 Agenda 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and justify your assumptions. 3. Calculate the costs of equity using CAPM, the dividend discount model, and the earnings capitalization ratio. What are the advantages and disadvantages of each method? 4. What should Kimi Ford recommend regarding an investment in Nike? 13 Investment Decision Based on the calculated WACC value, using the CAPM approach, and the predicted UFCFF for the period 2002-2011, Nike’s stock appears undervalued Since the purpose of the assignment was to calculate the WACC value only, we have taken all predicted UFCFF levels as given, even though certain adjustments could be appropriate to better reflect the expected boost in sales resulting from the new sales strategy, and the expected cost optimizations. Based on the predicted NPV of UFCFF, we are given that the current price of USD 42. 09 suggests a 11. 17% discount rate. Since our calculations reveal that the actual discount rate ought to be 10. 26%, Nike’s share price is trading under its intrinsic value. Therefore, Kimi Ford should recommend a buy on the stock. 14

Extra Sensory Perception essays

Extra Sensory Perception essays Have you ever had the feeling that youve been in an establishment before youve actually gone inside? Did you ever feel like youve known that something was about to happen before there were any signs that it was about to occur? If youre not a skeptic about the powers of the mind, then there might just be an explanation for your seemingly coincidental premonitions. Its a phenomenon called extra sensory perception, better known as ESP. The textbook definition of this classification of parapsychology is "sensing" anything beyond the normal.(www.paranormalatoz.com) Most scientists do not believe that this phenomenon exists. Nevertheless, controversial evidence can be used to sway the incredulous. By viewing and researching evidence of ESP and/or having a personal experience, the truth lies within the eye of the beholder. The man who said it best was C.G. Jung during a lecture given to the Society for Psychical Research in 1919. He quotes, "I shall not commit the fashionable stupidity of regarding everything I cannot explain as a fraud." (http://moebius.psy) ESP includes telepathy, precognition or premonition, and clairvoyance or "remote viewing".(www.paranormalatoz.com) Telepathy is the direct response to another individuals thoughts.(Schmeidler,805) Premonition is a direct response to a future event.(Schmeidler,805) Clairvoyance is the direct response to a future event.(Schmeidler,805) These types of ESP and other forms of parapsychology were not even studied until 1882.(Schmeidler,806) In 1882, the Society for Psychical Research was established in London , England by a extraordinary group of Cambridge scholars. Its purpose was to examine allegedly paranormal phenomena in a scientific and unbiased way. It was the first society of its kind in the world. (http://moebius.psy) This society is still in full operation today, 117 years later. The actual term extra sensory per...

What Should High School Students Do After School

What Should High School Students Do After School SAT / ACT Prep Online Guides and Tips High school studentshave a lot of options for what they can do once the school day ends: they can study, do homework, participate in a sport, watch TV, work at a job, play video games, attend a club meeting and more.Some of these activities are more useful and productive than others, and spending your time after school wisely can help you become better prepared for college and the rest of your future. Whether you're a student or a parent, read on to learn about the benefits afterschool activities can have and which are the best ones for high schools students to participate in. Benefits of Afterschool Activities Afterschool activities refer to any organized program that students participate in once the school day has finished. While after school activities vary widely, they can have many similar benefits. Below are some of the most common. Become a Better Student Students who participate in after school activities often perform better in class compared to those who don’t participate in them.A study conducted in 2011 showed that high school students who attend after school programs are less likely to drop out, have better attendance records, and have a more positive attitude towards school. They also often had an increase in their GPA and standardized test scores, so participating in an afterschool program can raise your grades! Improvements in grades were seen regardless of what type of afterschool program the student participated in, so you don't necessarily have to be in an academic afterschool activity to get this benefit, sports and clubs work just as well. Afterschool activities can also increase your chances of being accepted to college because you can include your participation in these activities on your college applications. Colleges love to see students who were involved in high school, and participating in an afterschool activity is a great way to show your interests and academic motivation. Learn New Skills Afterschool activities can also teach you new skills and hobbies or allow you to continue current activities you enjoy.These can be hobbies you do for your own personal interest, or you can also choose to participate in afterschool activities that give you skills that will be useful for college and future careers. For example, if you are interested in being a doctor, you can be a part of your school’s Science Olympiad team or volunteer at a hospital.Because there are so many afterschool activities available, there’s a good chance you can find one that matches your interests. Meet New People One of the most popular reasons to participate in after school activities is that they give you an opportunity to spend time with your friends as well as make new ones.Participating in the same activity as someone else often means you have a shared interest, such as volunteering or playing a sport, and that can make it easier to become friends because you already know you have something in common. Safety Afterschool activities can also increase student safety by giving you a supervised environment to be in after school. If your parents are worried about you being on your own before they come home from work, an afterschool activity can put their mind at ease while allowing you to participate in something you enjoy. Much like this crossing guard, afterschool activities can help keep students safe. Read on to learn about different types of afterschool activities you can participate in. Types of Afterschool Activities Below are five of the most common and productive ways for high school students to spend their time after school. I've includeda short description for each one, along with any particular benefits it offers and some common examples. Traditional Afterschool Programs Afterschool programs were originally designed as a way for younger students to be supervised while their parents were at work, but with the benefits of these programs becoming more apparent, they have expanded to cover high school students and include a variety of activities. Today, roughly 2 million high school students participate in afterschool programs in the US. Some of these programs are less structured and simply offer a place for you to study or receive homework help, while others offer activities and sports you can participate in, similar to a school club or sports team.There are also many special interest afterschool programs available now, focusing on topics as varied as preparing for college, doing volunteer work, or learning a new language. Because these programs are so varied, they can have numerous benefits. Many provide tutoring and homework help that you can use if you are struggling in school or just need some help in a certain subject. These programs are often designed to encourage teamwork and group activities, so they can also be a great place to make friends.They also often have mentors who can teach you new things and give you advice when your parents are not around. Examples: Your high school may offer its own afterschool programs, or it may be affiliated with one or more national programs, such as those listed below: Boys and Girls Clubs of America Scouting (such as Girl Scouts and Boy Scouts) After-School All-Stars Future Business Leaders of America Sports Sports are a common afterschool activity for high school studentsto participate in. Many students enjoy being part of a team, feeling a sense of competition, and being active.These can be sports teams through your school, such as the school football or soccer team, or they can be club sports or community teams. Examples: Common high school sports include football, basketball, soccer, baseball, softball, hockey, swimming, cross country, and tennis. Less common sports include karate, fencing, skiing, and horseback riding. Clubs Joining a club is a great way to gain a new interest or continue to pursue an interest or activity you already enjoy. There is a huge variety of clubs available, and your high school likely offers a large number of clubs to choose from.Besides giving you the opportunity to spend more time on a particular interest or hobby, joining a club can also give you leadership experience if you choose to organize a new event or become a club officer. Examples: There are clubs that cover nearly every interest, from writing club, to math team, to a painting group. Your school’s website or student handbook will likely have a list of all the available clubs; if not, ask your academic adviser about club offerings. If your school doesn't offer a club you're interested in, you can also start your own. Check out our guide to starting your own high school club! Job/Internship If you are looking for a way to earn money or gain experience to include on your resume and college applications, getting a job or an internship can be a great way to spend your time after school.Getting a part-time job as a high school student can help you gain new skills and become more responsible, as well as earn some spending money. Internships can be a great way to get experience more directly related to a future career you’d like to have, but be aware that it can be difficult for high school students to get an internship, and many of them are unpaid. Examples: Common jobs for high school studentsinclude babysitting, working at a grocery store, being a waiter/waitress, tutoring, and working as a sales associate. Many places now offer internships, from a large business to your local museum. To learn more, check out our guides on the 8best jobs for high school students and how to get an internship as a high school student. Volunteer Work If there is an issue that you care about or a group of people you’d like to help, then volunteering can be an excellent after school activity.Volunteering is a great way to spend time helping others or working on a cause you’re passionate about. Many organizations accept volunteers, so you are likely to find a volunteer opportunity that interests you. You can also use your volunteer work as experience on your resume and college applications, and it can be a good (albeit non-payed) alternative if you can’t find a job or internship that you find interesting. Examples: There are a wide variety of places where you can perform volunteer work or community service. Check out our guide on the 9 best places to do community service as well as 129 great community service project ideas. How to Get Involved Now that you know some of the best ways to spend your time after school, you can begin thinking about what activities you’d like to get involved in. Follow the steps below to help choose the best activities for you. 1. Think About Your Interests Afterschool activities are much more enjoyable when they’re focused on something you care about, so start by making a list of your interests. This can include your favorite classes, hobbies you enjoy, sports you’ve wanted to try, or what you plan on studying in college. If you need more ideas, check out our guide to the complete list of extracurricular activities, which includes hundreds of examples for you to look through. What do I like to do? 2.See What Your School Offers The next step is to see if your school offers any afterschool activities that align with your interests. Check your student handbook or the school’s website to see if they list the clubs, sports, and other activities they offer. If you need more help, ask your guidance counselor. You can also ask your friends if they are a part of any afterschool programs that they enjoy and would recommend. 3. Look for Other Activities in Your Community While participating in afterschool activities through your school is often easier because you don’t have to travel to get there and you likely know some people already, your community may also have great opportunities for you to spend your time after school, such as part-time jobs or volunteer work. Your adviser or your school’s career services may be able to help you find opportunities, but you can also ask around your community.Check job boards or your town hall, or you can also contact places where you’d like to work or volunteer directly. 4. Consider Logistics Before you join any afterschool activities, you should think about how much time you’ll be able to devote to them.Afterschool activities can be a great way to have fun and strengthen your college application, but they shouldn’t come at the expense of your academics. Think about how much time your afterschool activities will require and how much time you’ll have to devote to them. If you’re unsure about the time commitment for a certain activity, ask the coach or supervisor for an estimate.Don’t sign up for more activities than you have time forbecause doing sowill only cause you to feel stressed out and couldcause your grades to suffer as well. If you have trouble motivating yourself to study or complete your schoolwork, you may want to consider participating in an afterschool program that offers tutoring and academic guidance. Popular programs include the Boys and Girls Clubs of America and After-School All-Stars, or your school may offer its own program.These programs are great for anyone looking to improve their academics, and they can be particularly helpful for freshman who are just getting used to high school workloads. Bottom Line As a high school student, there are many ways you can spend your time after school, but some activities are more productive and beneficial than others. Look for activities that you will enjoy and that will give youuseful skills and experience in order to best prepare yourself for college and the future. What's Next? Interested in learning more about community service? Check out our guide on what community service is and how it can benefit you. Trying to decide if you should get a job? Read our guide to the pros and cons of getting a job as a teen. Want to find the perfect extracurricular for you?Check out our list of hundreds of extracurricular activities for high school students. Want to improve your SAT score by 160 points or your ACT score by 4 points?We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

Content Marketing Editorial Calendar How to Get Organized (Template)

Content Marketing Editorial Calendar How to Get Organized (Template) Using a content marketing editorial calendar sounds like a great idea, but do they really help? When it comes to content marketing, many companies that struggle with consistency have found an editorial calendar to be the perfect solution. Even those that dont  have that problem have been using a content marketing editorial calendar for years. So, what about your organization? Could you benefit from adding an editorial calendar to your content marketing plan? Most of us know that the answer to that question is yes. We know that the  number one way to get traffic is through  the very habits that an editorial calendar will help us develop- organization  and consistency. However, a lot of marketers  still struggle with knowing exactly how to set up and use a calendar to achieve their goals. If that sounds like you, its time to learn what journalists have known for decades: editorial calendars are essential for maintaining busy, successful publishing schedules. The Best Way to Get Organized With a Content Marketing Editorial Calendar via @ Table of Contents: Free Editorial Calendar Template What Do You Need to Build an Editorial Calendar? What Is Content Marketing? What is a Content Marketing Editorial Calendar? Why Should Content Marketers Use an Editorial Calendar? Two Types of Editorial Calendars: Spreadsheets vs. Software Getting Started With Your Editorial Calendar Strategy Outline a Basic Publishing Schedule Building Calendar-Based Workflows Managing Your Calendar First, Get Your Free Editorial Calendar Template Failing to plan is planning to fail. Youve probably heard that quote before. Theres good reason for that. It holds true. Especially for content marketers. Without proper planning, content is liable to fall flat. Or not get done on time. Or at all. Speaking from experience, creating better content more consistently starts with strategic use an editorial calendar. If you dont have one yet, though, youre in the right place. You can build one fast with this free Excel-based template below. Then when youre ready to upgrade, consider an alternative like . Now, theres no excuse not to get organized.What You Need To Start A Content Marketing Editorial Calendar There is no shortage of free templates available for creating your editorial calendar. Some are digital, and some are even written out on paper, but none are more prepared for the modern age than the fully digital options. The best part about using a  paper editorial calendar is that it can help you start the habit of using one to plan your content marketing. Eventually, you'll need bigger and better tools, but this is a great way to start out without making a major financial investment. No More Spreadsheets: The Digital  Content Marketing Editorial Calendar When you're ready to upgrade, a tool like   can provide a fully digital solution, connecting  your content calendar directly to your WordPress blog and social media networks. This powerful tool combines social media and content marketing scheduling with a robust productivity tool that will allow you to share tasks with your team and leave comments or critiques on their work. You can also schedule your blog posts with a drag-and-drop ease. Start a free 14-day trial or schedule a demo now. What makes @the best marketing calendar platform available right now? What Is Content Marketing? Before we get too much farther into the importance of editorial calendars themselves, it's essential that both you and your team fully understand what content marketing really is. We often  hear buzz words like "content marketing" and "editorial calendar" without fully understanding their implications. According to Wikipedia, content marketing is: "Any marketing  format that involves the creation and sharing of  media and publishing content  in order to acquire customers. This information can be presented in a variety of formats, including news, video,  white papers,  e-books,  infographics, case studies, how-to guides, question and answer articles, photos, etc." In short, it's marketing that doesn't suck. It's  marketing that's actually helpful to its audience. But, what does strong content marketing actually look like? Let me share a simple example. Weber Nation Popular grill manufacturer Weber knows how to do content marketing. A few years ago they launched a new site called "Weber Nation" that is  100% committed to helping its audience. It  provides tips on grilling the best steaks, caring for your grill, and how to use a great grill to entertain your guests. While the advice works  great for customers of actual Weber grills, owners of any grill brand can benefit from their information. Their efforts paid off so well, they doubled down with an iOS app. What does that tell you? Content marketing is worth the investment, and it's not just for startups. Does this mean that everyone who visits  their site will purchase a Weber grill?  Probably not, but it's likely that Weber has gained millions of new fans that could all be potential customers. It's not about a quick sale. It's about building an audience that trusts you long-term. That is the ultimate goal of content marketing. Recommended Reading: The Most Complete Content Marketing Process You Need to Get Organized What Is A  Content Marketing Editorial Calendar? Most of us are familiar with the idea of a traditional editorial calendar that helps us visualize our content publishing on a calendar-like interface, but how does that differ from a content marketing editorial calendar? Content  marketing is highly strategic. That means you need to understand your audience, what motivates them, and what they need to hear from you in order to make a connection to your brand. A content marketing editorial calendar is essentially a planning document that gives your team a plan of attack. Like a traditional editorial calendar, it gives you a bird's-eye view of what is going on. However, it should be expanded to fit all the different channels a marketing team specifically would care about. Overall, it should accomplish the following: Provide a place to generate post ideas and key topics. Assign writing and other editorial tasks to key members of your team. Create a publishing schedule that helps you maintain a consistent presence. Allow you to make in-process adjustments with drag-and-drop ease. Visualize your marketing strategy in a way that everyone can understand. Act as a communication point to team members. A content marketing editorial calendar gives you and your team a framework for being deliberate and intentional about how you are reaching and building trust with your audience. In part, it is a strategic marketing tool. In another way, it is a place to keep your team organized and on top of things. Both of these things are going to be very important as you move ahead. Recommended Reading: 81 Most Essential Content Marketing Tools and Software You Need to Be Successful Why Should Content Marketers Use An Editorial Calendar? Journalists and news publishers understand the value of editorial calendars. They’re essential tools for planning ahead and sticking to deadlines. Without them, it’s extremely difficult to plan content around centralized themes (think how magazines target themes each issue), or to even know who’s doing what, and when. In other words, creating content consistently without a calendar is like driving a car without a steering wheel. It doesn’t work. Smart content marketers understand this, too. However, even if you know why you need editorial calendar software, it’s possible your boss is tougher to convince. This may be especially true if the person holding the credit card isn’t actually a marketer. If this situation sounds familiar, stick with us through this post. We’re going to show exactly what you can accomplish with editorial calendar software. If you want to create great content consistently, it pays to know what you’re going to do before you do it. As we like to say at , â€Å"plan your work, then work your plan.† When it comes to planning, too many content marketers just wing it. â€Å"Winging it† isn’t a real editorial strategy, though. It leads to creating directionless content that doesn’t produce results. Deadlines get missed, projects get planned haphazardly, and teams waste time spinning their wheels. Winging it is not a real editorial strategy.An editorial calendar helps create order out of chaos. It provides a simple planning tool for laying out: What content you’ll create. Why you’re creating that content. Who will create each piece of content. When that content will be due. That sums up the basic functionality of a content calendar. Take things a step further with editorial calendar software like , and you can also achieve the following: Successfully plan out coordinated content campaigns and themes. Lay out your content publishing schedule alongside your social media promotion. Manage your team member’s workflow. And that’s just scratching the surface. Let’s dig deeper and see what an editorial calendar app can do for you. What can an editorial calendar app do for you?Keep All Your Content Ideas and Projects Organized Having a great idea, only to forget it later, is frustrating. Having a great idea and simply not executing on it may be even worse. At , when we have a great content idea, it goes straight on our editorial calendar. That way, nothing gets forgotten, and those ideas get turned directly into actionable content that helps our audience and makes us more successful. Stop Missing Deadlines and Get More Stuff Done According to Parkinson’s Law, â€Å"work expands to fill the time available for its completion.† Without constraints, people take as much time as they have to get their work done. This isn’t necessarily because they’re lazily, but because it’s built into the way humans operate. This is why we also often feel like we get more done under pressure. When deadlines are fast approaching, we’re more motivated to get the work done. With a clear content calendar to keep track of your deadlines, it’s a lot harder to forget when things are due. Clear deadlines, combined with a tool for ensuring they’re enforced, results in more content getting created. It’s as simple as that. When deadlines are clear, more content gets created. Two Types of Editorial Calendars: Spreadsheets vs. Software Spreadsheets are a common editorial calendar solution. They're free and flexible. If you're just getting started, they're better than using nothing. But, they do have some downsides: Lack of automation. There's no way to automate publishing or content promotion via spreadsheet. Disconnected workflows. The calendar is separate from social networks and email platforms used to promote content. Communication is missing. Without commenting functionality, teams must rely on outside communication tools. Fortunately, there's a solution. Why Use Editorial Calendar Software? Technically, you can use spreadsheets to build editorial calendars. They work well enough and they’re cost-effective. However, their functionality is fairly limited, they can be time-consuming to maintain, and ultimately, they aren’t a ton of fun to use. Using an app instead can turn your content calendar from something you have to use, to something you actually want to use. See Everything In One Place The value of seeing your entire editorial strategy in one place can’t be overstated. With , you can see all your content in one place. This includes blog posts, social media messages (which can be toggled on or off), and anything else you're working on. You can also connect your Google Calendar so events and meeting times can be synced on your calendar: See your entire editorial strategy in one place with @Drag-and-Drop Convenience If you want to move something on a spreadsheet, you have to copy and paste it. When you have a lot of stuff on your content calendar, this can be a pain. With , you can drag-and-drop content anywhere you want on the calendar. This makes adjusting your calendar to reflect shifting priorities easy. Collaborate In One Place With spreadsheets, your calendar and communication tools are separate. As a result, discussion around projects can easily get lost. That’s why collaboration features are built directly into . Integrate With All Your Other Tools connects with other tools you’re likely using to help you get more organized and save more time. Here are some  examples: Transfer content from Google Docs or Evernote directly into WordPress. Or, use 's built-in text editor: Connect your WordPress blog to schedule posts to publish automatically. Then, use either our WordPress plugin or web app to manage your calendar. Hook up all your social networks to schedule all your social media promotion in advance: Plus, with advanced features like Best Time Scheduling and ReQueue, keeping your calendar full of social media posts takes minimal effort. Automatically add UTM tags to every URL on every piece of content published through . This helps improve tracking in Google Analytics. Convenient Color-Coding It seems like a small detail. However, if you’re used to planning content in spreadsheets, you probably have elaborate color-coding schemes set up to make them easier to understand. You don’t have to lose this when moving up to . Every item you place on your calendar can easily be color-coded for quick recognition. Store Drafts for Later (and Never Lose an Idea Again) Have an idea for a post you don't want to lose? Or, do you have something in progress you won't be able to finish until a later date? No problem. Just click an item on the calendar drag it into your Drafts bin: Getting Started With Your Editorial Calendar Strategy If you're going to try and implement an editorial calendar with your team, you will need to be able to make the case as to how it will help you grow your traffic and improve your business. This will take you right back to some of the things we discussed earlier in the guide about the business value of content marketing as a whole. Here are some key benefits to communicate: Better visibility across projects and campaigns. Everyone knows when each piece is publishing, and who is responsible for it. Ability to finally get organized. Disorganization leads to frustration and lack of productivity. Reducing the number of missed deadlines. No one likes missing deadlines. But, without a calendar to track them, it happens. Spending less time planning and more time executing. Spending time planning and getting organized saves more time later on. Those are some strong benefits that most any marketing team will get behind. Understand Who You're Talking To With Personas It's cliche to say that you need to understand who your audience is, but it couldn't be more true. Not only do you need to make sure that you understand your audience, but your entire team will need to know who they are as well. A good place to get started would be with some basic customer profiles  or audience personas. Take An Inventory Of Your Team Who's on your team, and how will each of them be contributing to the end product? This may sound simple, but it is an important question. If there is only one of you on your team, this step may be better spent writing down some of the tasks that will need to be completed and the order in which you will do them. Here are some roles that'll likely be working off your calendar: Writers. Designers. Project Managers. Social Media Managers. SEO Specialists. Content Strategists. If they're on your marketing team, they can get value from your editorial calendar. Develop a Basic Channel Strategy Not all content is equal, so you should decide what yours will look like. The basic starting point is usually a WordPress blog, but you might have other channels, too. Those include: Social media (broken down by network). Email marketing. Video platforms. Landing pages. Webinars. Courses. The world of content marketing is vast. And all of it can be planned on your calendar. Find Your Content Core The content core is the intersection between your brand's purpose and your customer's interests. Understanding this will help you plan content that's both: Relevant to your audience. What do they want from you? Delivers results for your business. How will it attract the right audience to your company? How Will You Plan? Most teams that use content marketing editorial calendars like to have regularly scheduled meetings to plan out their content. Decide if you'll do one of the following: Run group brainstorming meetings. Great ideas can come from anywhere. Leave content planning to an editor or strategist. These folks are closest to the data that will guide you to success. A mix of both. This way, you can take advantage of the pros for each approach above. Recommended Reading: How to Overcome Makeshift Marketing: The Buyer's Guide Outline a Basic Publishing Schedule Determining how often you will publish new content will also determine how far ahead you plan your content. This is a very subjective question. Now, your publishing frequencies may vary depending on each channel. Here are some starting points if you're fresh to the content game. Your Company's Blog Your Brand's Social Media Presence Your Organization's Email Marketing Schedule You're most likely sending marketing emails either daily or weekly per list segment. So, here are the best times to send those emails (according to 10 studies): Videos, Landing Pages, White Papers, eBooks and More If it's content, it can go on your editorial calendar. Not everything necessarily needs to be on a fixed schedule. For example, landing pages and white papers might be things you create on an as-needed basis, rather than making up your bread-and-butter content. But, the best way to keep it all organized is to plan everything on your editorial calendar. That's the key takeaway here. Building Calendar-Based Workflows Calendars can support your entire content marketing workflow. Here's how. Brainstorm Topics and Campaigns Before you can use your calendar, it needs content. One simple process that's worked well at is to run a 30-minute content planning session. Here's how the process works: Spend ten minutes writing down ideas. Have each team member jot down ideas on Post-It notes (one idea per note). Spend ten minutes scoring those ideas. Put those ideas up on a board. Read each one out loud. Then, have each team member score them on a three-point scale (3 = Awesome, 2 = Meh, 1 = Dud). You'll end up with ideas that fall into all three categories, and that's okay. This isn't about shaming anyone. Spend ten minutes selecting the very best topics. Take all your ideas that scored mostly 3's, and decide which are the very best. These will go on your calendar. This video offers a more detailed breakdown on how this process works:Map Content to Marketing Funnel Stages Next, map each topic to a marketing funnel stage. You'll need content that fits each of the following stages: Top of funnel. This is content that broadly interests your audience, but is only loosely connected to your brand. People looking for this content are likely not aware of your company or product yet. Middle of the funnel. This is content that speaks to potential customers who are considering buying the type of product or service you offer. Bottom of the funnel. This is content that converts shoppers into customers. Here's what a basic marketing funnel looks like: The majority of your content will likely be top of the funnel, since these topics typically generate the most interest. However, content increases in value, even as it decreases in volume, the further down the funnel you go. Establish Clear Workflows Figure out which steps are required to create a single piece of content. Then, determine how long each step should take. You can do this easily by first figuring out what needs to be done. Create a list: Generate an idea. Determine deadline. Do keyword research. Write an outline. Write content. Handoff for graphic design. Review and content. Ensure content is optimized. Write social media posts to promote content. Draft email copy to promote content to your list. Schedule publish date and time. That's a hypothetical checklist for a single piece. Next, figure out who is responsible for each step. Now, this list might look like this: Ideation (team/strategist). Determine deadline (editor/manager). Keyword research (strategist/SEO specialist). Write outline (content writer). Write content (content writer). Design graphics (graphic designer). Review content (content writer/editor/manager). Ensure content is optimized (editor/SEO specialist). Write social media posts (content writer/social media manager). Draft email copy (content writer). Schedule publish date and time (editor/manager). These don't necessarily need to be assigned to specific job titles; just tasks or roles different team members may fill, depending on your team size and structure. Now, figure out how long each step should take. Having your team use a time tracking app like Toggl can help you estimate this more accurately. To get started, determine how long each task usually takes right now, per step. At this point, the list might look like this: Ideation (team/strategist - 30 minutes). Determine deadline (editor/manager - 5 minutes). Keyword research (strategist/SEO specialist - 2 hours). Write outline (content writer - 2 hours). Write content (content writer - 8 hours). Design graphics (designer - 4 hours). Review content (writer/editor/manager - 1 hour). Write social media posts (writer/social manager - 1 hour). Draft email copy (content writer - 1 hour). Schedule publish date and time (editor/manager - 5 minutes). These times are completely hypothetical for example purposes only. Next, determine how many work days this entire workflow will fill. Then, add two weeks. That's how far out in advance your content should be placed on your calendar. Finally, map this all out to a checklist your team can use. If you're a customer, this can be done with Task Templates. These are reusable checklist templates that can be added to each piece of content on the calendar. Select a piece of content on the calendar and click the Template icon: Next, click Add Template: Then, enter steps to complete each task. You can also assign team members and due dates to each step: These can easily be re-ordered any way you'd like: When you click each task, it'll show the whole team that step is complete. This will be reflected by the completion percentage on the calendar: Each time a team member checks off a completed task, it'll be reflected on the Team Performance Report, which tracks everyone's overall productivity:Add Content to Your Calendar Now you're ready to add content on the calendar. As a reminder, take the estimated amount of time each piece, and add two weeks. This will give your team enough time to get each piece created, without constantly pushing up against deadlines. If you're using the template in this post, complete each field in the spreadsheet per piece of content: For customers, select a day on your calendar. Then, add the Content Type: Give your content a headline (plus add a description and any tags you'd like to use for organization): Assign an owner, color-coded label, and set the publish date and time: Hit Create Blog Post (this button text will change according to the content you're creating). Next, you'll be able to add tasks or a task template: The content will now appear on your calendar: Communicate and Collaborate on Content As you're creating your content, you'll need to communicate with everyone on your team. You've got two options here: Use a chat app. Slack and HipChat are popular options. Use calendar software with built-in chat. incorporates Discussion Threads for this purpose. If you're using , click the Contributors icon on the right, and make sure all required team members are assigned to your piece of content: Now, you can pass comments and trade files back and forth: This ensures no notes get lost  and helps manage version control. Publish! If you're using with the WordPress integration, your post will automatically publish at your specified date and time. If you have social media campaigns and email newsletters promoting your content, you can create and manage those in , too. For those using spreadsheets, you'll need to make sure everything is lined up in your Excel or Google Sheets calendar, your social scheduling tool, and email platform. Recommended Reading: Marketing Workflow Management: How to Prevent Last-Minute Emergencies Managing Your Content Marketing Editorial Calendar So, you've decided to take the plunge and start using an editorial calendar for your content marketing. You've made the right call. Not only will you find yourself producing better content, but you'll also become more consistent with your publishing. In turn, it should lead to a steady increase in traffic. As you go, there are seven things that you are going to need to keep an eye on at all times. 1. What's Happening This Week? What's Happening Next Week? If you are doing it right, you should have an answer to these questions at all times. How does your calendar make this easier? 2. Does Your Team Know What To Do? Tools like allow you to assign tasks to each member on your team, making communication easier than ever. Everyone should know what they are supposed to do, and when they are supposed to do it. 3. Is There Healthy Communication? Discussion about a new piece of content and how to make it better should be a normal part of the process. You should have something in place that allows you to have discussions, and share thoughts with your team. 4. What About The Assets? Images and graphics can be important elements for great content marketing. Who will be responsible for them, and how will they be assigned? Again, makes this pretty easy with simple tasks that can be assigned to each team member. 5. Implementing Editorial Review At our office, we use a peer review process to improve the quality of our work. Gathering feedback from our peers is a low-cost way to constantly improve the content that we create. Your calendar and editorial plan should accommodate for a step like this. 6. Reschedule As Needed One tip for users of a paper editorial calendar is to use colored sticky-notes rather that just writing on the paper calendar itself. This gives you the same drag-and-drop flexibility that you will find in a tool like . Keep Your Social Media In Check Too While it is often missed, promoting your content on social channels is also very important. It is really the best way to spread your content online. makes this easy, allowing you to schedule your blog posts and your social media messages on the same calendar interface. No matter what tool you choose, you need to select something that will set you up for success. I often find that those who take the time to plan, edit, and execute their editorial calendar are far more likely to succeed, and build the traffic that they need for the long run. Recommended Reading: The Social Media Schedule That Will Boost Your Traffic By 192% Start Creating More Consistent Content Now Content marketing editorial calendars aren't necessarily new, but you might be surprised at how many people choose to not use them. That's their loss  and your advantage. The content marketers that dedicate themselves to great planning and content creation  will always come out ahead. Good luck! Ready to manage your marketing with ?  Start a free 14-day trial or schedule a demo now.

Strategy to foster the sustainable growth in Hong Kongs retail trade Assignment

Strategy to foster the sustainable growth in Hong Kongs retail trade industry under the situation of soaring shop rents - Assignment Example was the leading causes while strategies like promotion of commercial spaces on vested lands and ceiling on rent prices can be the alternative measures. Retail trade has contributed towards employment and economic growth in Hong Kong. This study will be focused towards identifying various strategies to achieve sustainable growth in retail industry of Hong Kong during soaring shop rent situation. In this particular research paper, different factors will be outlined which has caused turmoil in Hong Kong’s retail sector. The value of retail sales has drastically decreased in recent years, approximately by 6.9% over previous year. It has been observed that sales value of certain products such as jewelry, clocks and valuable gifts, photographic equipment and electrical goods, and consumer durables has decreased by 28.2%, 15.3% and 23.9% respectively. Retail business operators in Hong Kong market are facing major challenges in present scenario in terms of retaining their market share and gaining high revenue margins. This problem has mainly occurred due to decrease in purchasing power of China’s mainland tourists and increas ed total costs in form of wages and shop rents. It is clearly evident that minimum wage legislation of Hong Kong Government and anti-corruption policies of Chinese government are policy variables. These external factors are not under control of retail operators. However these operators can adopt the best strategy for reducing shop rents so as to achieve sustainable growth in Hong Kong market. The retail trade sector is a vital component of utilities, transportation and trade supersector. This sector encompasses establishments in terms of engaging into retailing merchandise and rendering services in context of merchandise sale. Retailing process can be stated as final step in merchandise distribution. Retailers are generally organized to sell specific merchandise to general public in small quantities. There are two main categories of retailers

Care for patients with Sickle Cell Disease Essay

Care for patients with Sickle Cell Disease - Essay Example Helen Erickson, Evelyn Tomlin, and Mary Ann Swain developed the modeling and role-modeling (MRM) theory. This grand theory of nursing provides holistic care to clients by understanding their needs and providing client-centered interventions to meet the needs. It identifies the nurse as a â€Å"facilitator† who uses the modeling and role-modeling processes to help individuals â€Å"achieve a perceived optimal state of health and well-being†. Nurses use the process of modeling to develop an â€Å"understanding of the client’s world as the client perceives it† by accepting the individual’s belief. While the planning and implementation of client-specific nursing interventions are ongoing, the role-modeling process follows. This theory uses five aims of intervention as a standard in providing individualized care.The MRM theory also integrates Maslow’s theory, Piaget’s theory, and the concept of object attachment. The theory describes many c oncepts and their relationships in nursing and individuals since its original intentions were to guide the nurse-patient relationship. The nursing concepts include facilitation, nurturance, and unconditional acceptance, while concepts in individuals include similarities and differences in people. The commonness among human beings includes basic needs, holism, lifetime development, and affiliated individuation, while differences include inherent endowment, adaptation to stressors, mind-body relationships, and self-care.... The commonness among human beings include basic needs, holism, lifetime development, and affiliated individuation, while differences include inherent endowment, adaptation to stressors, mind-body relationships, and self-care (Erickson, 2010). There is an interrelationship of these differences and similarities. Following its publishing in 1983, there has been extensive research, examination, and adaptation of the MRM theory in diverse settings. It further guides undergraduate nursing curriculum, weight reduction programs, chronic illness management, and practice in hospitals (Frisch & Bowman, 2011). Strength and Limitations Some general strengths of the MRM theory include clarity, simplicity, and generality (Erickson, 2010). Theorists Erickson, Tomlin, and Swain clearly explained the theory while providing examples of their experiences to give a holistic understanding. The theory has a simple structure since it focuses on two steps of modeling and role-modeling. However, the interacti ons of its major concepts with the role of nursing add depth and complexity to the theory (Erickson, 2010). Nevertheless, its standard form allows its applicability in many nursing and patient situations by researchers and clinicians. However, its major limitation is that inexperienced nurses find it difficult to apply (Frisch & Bowman, 2011). While clinicians learn to perceive the client’s world by â€Å"unconditional acceptance† of the client as a unique individual easily, the theory requires experience and understanding of nursing in order to avoid confusing the role of a â€Å"caring professional† with that of a â€Å"caring friend† (Frisch & Bowman, 2011, p. 536). The MRM theory’s focus on client-centered care is

Exhibition Paper; Essay Example | Topics and Well Written Essays - 1000 words

Exhibition Paper; - Essay Example The most renowned statues from the era include the Donatello and Nanni sculptures (Burgio, Clark, & Hark, 2010). Both masterpieces are held at the Museo dell’Opera de Muomo exhibition. The study seeks to implement the visual description of the sculptures as seen in the exhibition with a contextual inclusion of sculptural production in the Florentine Age of the 15th century. The renowned sculpture of Donatello remains an uncontested artifact of the period because of its unique inclusion of proportion in a rather hard to shape material. The 1418 sculpture depicts a biblical version of the events surrounding Isaac’s sacrifice. The sculptor engaged in the use of marble, and it is apparent that his knowledge in the field compelled his conclusion that he would deliver an exemplary artwork in the end. Arguably, the sculptor developed a theological concept prior to the beginning of the work; hence, the evidence shown in the sculptures facial expressions depicts the application of â€Å"scientific naturalism† (Long, 2013). The prevailing evidence from the visual surveillance inclines knowledge to a contemporary viewer that the use of grey almost brown colors emerges from the philosophical freedom held by the sculptor during the Florentine culture. While at the exhibition, a viewer could define the emotional expressions shown in the sculpture of Donatello on Isaac’s sacrifice. Such credentials declare the fury that Abraham felt once ordered by God to honor him through sacrificing his only child. In the contemporary culture, a viewer would agree with the sculptor’s perspective in developing the 191-centimeters’ tall sculpture. The taller figure of the sculpture seems to dominate the smaller one who is in a kneeling position (Burgio, Clark, & Hark, 2010). The rust-brown sculpture depicts a Biblical expression that the sacrifice was to accord God’s will as the taller figure looks upwards while holding a knife on the smaller

Global Issues Assignment Example | Topics and Well Written Essays - 250 words

Global Issues - Assignment Example ent is not solely responsible for all the decisions made regarding foreign policies even though he is the primary architect and his participation is very important. The following groups also help in shaping the foreign policies; the senate, congress, intelligence agencies, departments of the cabinet, and the military (Ramachandran, Sita.  40). President Obama’s approach employs targeted force in a way that is of a responsible fashion. He is caring, respectful, confident and respectful. His leadership style is one that is mindful in decision making. He was a senator before his election to presidency. He was give birth in 1961 .He is a Harvard Law School and Columbia university graduate. He was a community organizer prior to graduating. Worked as for civil rights and taught constitution law. Former president George Bush used pragmatic and conservative approach in foreign policies. He was hard working, unpretentious, practical, ambitious, determined and forceful. He was born in 1946, a politician and a business

Report Research Paper Example | Topics and Well Written Essays - 2500 words

Report - Research Paper Example In discrete market segments the consumers have relatively little power and in a less discrete environment, the relationship leads to less consumer loyalty and greater consumer choice on account of greater mobility enjoyed by the consumers. Background The technological developments in telecommunications and media in the recent past have opened up new avenues for marketing of the products. The developments have also enhanced the awareness among the consumers about their rights, quality of the products, pricing pattern of the similar products, track record, servicing in respect of the products and host of other factors related to marketing. Therefore the changing business environment has necessitated revisiting of the strategies hitherto adopted by the companies in marketing of the products and services and streamlining their strategies in line with the developments in the industry for their survival. Upgrading of the products and processes is a continuous process keeping in tune with t he changes in technology and tastes and fashions of the consumers. Objectives This paper discusses consumer behavior with reference to an ongoing concern. An ongoing concern has to approach the issue from two angles, one in connection with the existing consumers and the other with the prospective consumers. Though there may be an element of overlapping, strategies vary for collection of information. The paper seeks to analyze the issues with regard to the existing and potential consumers. In the case of existing consumers, the information about them is already available with the company. The techniques such as Customer Relationship Management (CRM) would be useful for the management of these customers as well as the potential consumers. In the case of prospective customers, the information from the industry, community and other external sources will be required and the techniques such as market research would be useful for collecting information. In this connection a clear perspecti ve formed by the management with regard to Consumer psychology and Consumer behavior is essential. Consumer psychology Consumer  psychology  deals with the study of issues most relevant to the decisions taken by the people in purchasing a particular item, determining the value of a service and the influence of advertisements in the media in their decisions, especially when they are confronted with the new products or services, consequently interrelated to the consumer behavior. The entire gamut of consumer psychology encompasses marketing, advertising and social psychology apart from economics and cultural diversity or differences and extends to several other related areas such as product packaging as well. For example, Choi, Kwon & Lee (2007, p. 10) state that â€Å"mortality salience has an impact on materialistic consumption. People with a greater fear of becoming a terrorism victim showed a greater tendency for brand name consumption and compulsive consumption†. This is an extension of the application of Terror Management Theory to consumer behavior. Likewise, the opportunities afforded are endless and includes new uses for the existing products which may give rise to new ideas in marketing a product. The economic and social background of the consumers and the psychological interplay in this backdrop is very crucial in the product placement and positioning, considering the target consumers,