Sunday, August 23, 2020
In the course of the most recent couple of decades, the issue of the legitimate proprietor of the three islands in the Gulf locale has been a profoundly challenged issue among Iran and the United Arab Emirates. The three islands : Greater Tunbs, Abu Musa, and Lesser Tunbs sums to lesser than 26 KM2 of clean and sand. Be that as it may, the islandsÃ¢â¬â¢ closeness to key focuses in the Persian Gulf has consistently agreed them a major conservative significance.Advertising We will compose a custom paper test on The UAE Islands explicitly for you for just $16.05 $11/page Learn More It ought to be seen here that this incredible significance legitimately connected with the area of the islands doesn't just reach out to Iran and the Emirates, who are supposed to be the biggest claimers of the land, however a long ways past. The proprietorship arguments about the islands goes back more than one hundred years prior, and this has reliably drawn the consideration and worry of the worldwide ne tworks onto the issue. The three islands having a place with the UAE were taken years back by the Iranian government and the contention started to rise again because of Iranian weights. This huge worry about the islands was to a greater degree a territorial issue than all else, and all things considered, there were fruitless intercessions by the British powers in the late 1960s, to guarantee that both Iran and the UAE had equivalent authority more than one of the islands that was of extraordinary practical significance. This update of comprehension allowed the two states equivalent offer on the financial results of Abu Musa Island. Be that as it may, none of the two nations could revoke full cases on the islandÃ¢â¬â¢s sway. These new advancements had happened because of BritainÃ¢â¬â¢s declaration in the late 1960s that it proposed to abandon the district before the year's over 1971. The Iranian government had profoundly questioned this choice asserting their own notable rights o n the good countries, and this would in the end observe their soldiers coercively oversee the islands towards the finish of 1971 (Mobley, 2003). In any case, Iran was obliged to desert this misinformed guarantee following a submission that was directed on Bahrain under the management of the United Nations, however this didn't prevent them from having full control and authority over the islands.Advertising Looking for exposition on government? How about we check whether we can support you! Get your first paper with 15% OFF Learn More According to the cases that were at first introduced by Tehran, the three islands were for some time oversaw by Iran, before they were later seized by the British government inside the Gulf in the nineteenth century (Salman Al-Saud, 2004). The Emirates, in any case, thought of cases that Arab chiefs had administered the islands for more than 200 years. Iran had attempted to raise a proprietorship guarantee to the three islands in the mid 1920s, yet this move was immediately contradicted by the British, who had an alternate point of view on the issue. This would guarantee that the control of the three islands was held by Sharjah. The most recent strains on the issue raised in the mid 1990s, when the Emirates blamed the Iranians for abusing the understanding that gave them an equivalent authority over the Abu Musa Island. These cases were exposed in the year 2008 when it was accounted for that Iranians had set up oceanic workplaces in the island, in this manner inciting genuine fights from the EmirateÃ¢â¬â¢s side. This expanded mastery of the island by the Iranians seemed to offer capacity to the other side, while misusing the other, instead of the prerequisites of the notice of understanding which had been marked by the two states in 1971, with respect to the control of the Abu Musa. As it would be watched, this drawn out debate among Iran and the UAE concerning the genuine responsibility for three islands has as of late required various occasions and episodes. For example, the disputable and provocative issue has encouraged an astute activity by the UAE in the ongoing years, to determine the issue through arrangements came to upon Iran and themselves, the International Court of Justice or whatever other appropriate discussion that includes the universal consideration. UAEÃ¢â¬â¢s government has continually reaffirmed their case to responsibility for islands, denouncing IranÃ¢â¬â¢s military occupation and control on the issue (Kozhanov, 2011). In this unique circumstance, the UAE has proceeded to offer various recommendations on the most proper choices that ought to be followed in tending to the matter.Advertising We will compose a custom article test on The UAE Islands explicitly for you for just $16.05 $11/page Learn More The principal choice would be commitment in direct respective talks between the two significant adversaries on the issue; Iran and the UAE. This methodology will address the subject of power of the three Islands, among other key issues encompassing the Iranian occupation and control of the islands. There are no any preconditions that have been set by the UAE against the Iranian government, most definitely. The other choice that had been proposed by the UAE towards a perpetual goals on the issue was to look for the guidance and judgment of global gatherings, for example, the International Court of Justice in The Hague. Despite the fact that the UAE had communicated their readiness to acknowledge any decision that may be reached upon by the ICJ in regards to the power of the islands, Iranians have totally dismissed anything to do with any of these two choices. The above explicit marvel had activated new doubts from the Iranian government who considered this to be an arrangement to deny them of their power over the contested islands (Anthony, 2010). In such manner, Iranians would later on acknowledge to connect with into respective chats on the issue, however on var ious conditions. The authorities speaking to Iran on the issue had unmistakably communicated their total reluctance to handle the subject of the three islandsÃ¢â¬â¢ power. As indicated by the authorities, their primary worry on the discussions would be planned for settling the false impressions among them and the UAE on this dynamic issue. Despite the fact that the International law has been sure about its authorizations that power can't be accomplished through the method of pressure or military attack, the nearness of Iranians on the three islands keeps on bringing up numerous issues. This, be that as it may, discloses the explanation with regards to why the Iranians have been reluctant to permit the inclusion of the ICJ in this issue. This is just in light of the fact that the worldwide court is probably going to decide for the Emirates as far this issue is concerned, inferable from the shortcoming stand of the Iranians regarding the universal law on this particular issue. In an y case, Iran has throughout the years utilized this as their vantage point from which they can have full command over the issue, since the universal court can just exercise their purview power on the issue where the included gatherings have surrendered to referral of a debate, and that is something which they have denied completely.Advertising Searching for paper on government? How about we check whether we can support you! Get your first paper with 15% OFF Find out More The above methodology by the UAE was expected to viably improve the tangled connection among Iran and the UAE, yet it has just prevailing at raising unexpected pressures on whether there could ever be a changeless goals on this issue, which has taken steps to tear the interests of the two nations separated. This is contained in light of a legitimate concern for every one of the two opponents to have a sovereign force and authority over the three islands, which are sure to produce noteworthy prudent advantages, among other appealing other options. Besides, the results of this move by the UAE would be much to a greater extent a genuine clash between the two countries, than an endeavor to unite them through a perpetual goals, as it was recently expected. UAEÃ¢â¬â¢s endeavors to recapture control of the islands from the Iranians through whichever means has hence been viewed as a move which is probably going to serious more the political ties between this two enemies and other inlet sta tes (Nuruzzaman, 2012). This may likewise result to viciousness and assaults, considering the much-spread word that Iran has built up a solid military nearness on the contested islands as a method of making sure about them from the Emirates. This security detail, as it will be watched, establishes of both enemy of boat and against airplane rockets to guarantee greatest wellbeing proportions of the islands from any purpose of assault. This misrepresented security concern is an unmistakable sign that the Iranian government isn't prepared to give up the power of the islands to some other state, and that they are eager to act in any conceivable way against any designs to diminish them of this huge right. A portion of the significant results that are probably going to grow from this marvel would incorporate poor social textures and deterioration of the nearby and multifaceted exchange connections that have existed among Iran and the UAE. As it would be watched, Iran-UAE financial ties ha ve risen consistently in the course of recent years. This in any case, would be normal, considering the way that the Emirates have developed as IranÃ¢â¬â¢s key association and access to worldwide economy in the ongoing past, as exchange sanctions against Iran keep on producing genuine results on their economy (Ulrichsen, 2009). No big surprise, major worldwide merchants, for example, China and Japan have begun leading reciprocal financial exercises with Iran, through the UAE. The thriving Iran-UAE efficient connections, in any case, might be brief after IranÃ¢â¬â¢s inability to respect the UAEÃ¢â¬â¢S choice on the islandsÃ¢â¬â¢ issue. In the occasions emerging from this marvel, there have been reliable worries that the Iranian government represents the greatest danger to EmirateÃ¢â¬â¢s political, conservative, and even na
Friday, August 21, 2020
Favorable circumstances and Disadvantages of Contracting Out In The Public Sector Presentation Numerous open offices as of late have followed the pattern of privatization, or contracting-out. Exercises and capacities that were once performed, or benefits that were once given, by open representatives are currently being performed by private area workers (Lyons). Vehicle towing, wellbeing administrations, police insurance, and strong waste assortment are among the numerous administrations and capacities that legislature has contracted out. A review in 1995 that was sent to chairmen or city supervisors of America's biggest urban communities (in view of populace) uncovered that lone three of the 66 urban communities that reacted to the overview had not privatized any city administrations. http://fpac.fsu.edu/parbaby/pdf/1997/janfeb/dilger.pdf This pattern means a managerial worries as well as a staffing concern looked by numerous supervisors. Privatization As A Staffing Concern Substitution Of Civil Servants By Contract Employees Privatization of legislative capacities has an immediate relationship with the quantity of agreement representatives in government and a reverse relationship with the quantity of government workers. As privatization has gotten increasingly adequate, contract representatives are being recruited to carry out the responsibilities, along these lines, supplanting government employees. As demonstrated by Gregg Lodan, Assistant Administrative Analyst for the City of Long Beach Community Development Department, around 20% of the departmentÃ¢â¬â¢s representatives are contract workers, instead of roughly 5% three years prior. He expressed that different divisions and different urban areas may have considerably higher rates since elements of entire offices or individual capacities are presently being considered for privatization (Lodan). In India... ...3. Worldwide City Management Association. Administration Delivery during the 90's: Alternative Approaches for Local Governments: Washington D.C.: International City Management Association, 1989. Lodan, Gregg and Jesus Gomez. Individual meeting. November 18, 1998. Lyons, James. Contracting Out for Public School Support Services. Education Urban Society, Feb. 1, 1995: 154 Pinchot, Gifford, and Elizabeth Pinchot. The End of Bureaucracy and the Rise of the Intelligent Organization. San Francisco: Berrett, 1993: 180. Rehfuss, John A. Contracting Out in Government. San Francisco: Jossey, 1989 Wolfe, Michael N. That is Not an Employee, That's an Independent Contractor. Remuneration and Benefits Review, July-August, 1996: 60-64. Nigro, Lloyd G., and Felix A. Nigro. The New Public Personnel Administration. Itasca, Illinois: F.E. Peacock Publishers, Inc., 1994.
Tuesday, July 7, 2020
Furthermore, Each of these frameworks approaches corporate governance in a slightly different way, using different terminology, and views corporate governance from a different perspective, arising from a different discipline for example the agency theory paradigm arise form the finance and economics whereas transaction cost theory arises from economics and organizational theory. Other frameworks, such as stakeholders theory, arises form a more social-oriented perspective on corporate governanceÃ Ã . However, economist were the first people to offer earliest CG definition as Noble laureate Milton Friedman defined CG the conduct of business in accordance with the shareholders desire therefore maximization of profits for shareholders. Although this definition is outdated now as the stakeholders theory is preoccupation in general CG context. However CG is a set of business techniques, processes, customs, polices, laws and institutions affecting the way an organization runs, directs and administers its business. Therefore CG ensures systems of check and balance to minimize the possible abuse of entrusted powers of members of an organizations along-with the compelling need of openness, integrity and accountability in all decision making process of the said organization.Ã Ã Additionally, Boyle BirdsÃ Ã regard 1992 UK Cadbury Committee ReportÃ Ã ( In its Report on the Financial Aspects of CG, the Committee concentrated on the tripartite relationship between the board, auditing and the shareholders and was based on the principles of openness, integrity and accountability) as the most authoritative definition of CG that Corporate governance is the system by which business corporations are directe d and controlled. Thus it provides the structure, strategy and effective mechanism through which the company objectives are set, and the means of attaining those objectives and monitoring performance.Ã Ã Furthermore, among others, a more wide and compact definition of corporate governance has been put forward by Parkinson (1994). According to him, Corporate Governance is the process of supervision and control intended to ensure that the companys management acts in accordance with the interests of shareholders. This definition has been largely accepted and strongly agreedÃ Ã . Dignam et al argued that CG is a multi-faceted subjectÃ Ã therefore the most important theme of the CG, in my view, is to successfully meet the fundamental goals of an organization by fairly maintaining the relationship among organizations stakeholders. Majority of the codes relates CG to control as stemmed by the Cadbury Report however on the other hand the other theme can be stemmed is supervision of the organization or of management. Furthermore, many definitions relate CG to a legal framework, rules and procedures and private sector conduct. Whereas, on international sphere or codes define CG and encompasses relationships between shareholders, boards and managers. 2.2 The Theories of CG: Economical and Financial Foundations 2.2.1 Historical Perspective According to the Farrer, there are two rival schools of thoughts with respect to the use of history so as to explain the present by reference to the past. One, the traditional view of common lawyers, is to emphasis and perhaps to overemphasize the lessons we can learn from the past. The other, is the radical view of Jeremy Bentham in the early nineteenth century is that it is from the folly not the wisdom of our ancestors that we have so much to learnÃ Ã . Hence I am with Jeremy Bentham. However, it became clear centuries ago that, individual entrepreneurs and their families could not provide the finance necessary to undertake developments required to fuel economic and industrial growth. Thus, the sale of company shares in order to raise the necessary capital was an innovation that has proved a cornerstone in the development of economies worldwideÃ Ã . Listed companies in their present form originated from the earliest form of corporate entity, namely the sole trader . From the middle Ages, such traders were regaled by merchants guilds, which oversaw a diversity of tradersÃ Ã . Further, the internationalization of trade, with traders venturing overseas, led gradually to regulate companies arising form the mediaeval guild system. Therefore the members of these early companies could trade their own shares in the company, which led ultimately to the formation of joint stock companies. Therefore, the fist company to combine incorporation, overseas trade and join stock was the East India Company, which was granted a Royal Charter in 1600, for Merchants of London trading into East Indies. The early governance structures of this company were reminiscent of corporate governance structures and mechanisms in todays companies.Ã  The growth of Corporate Governance is, indeed, dependent with the economic development of industrial capitalism as different governance structures evolved with different corporate forms which are designed to pursue new economic opportunities or to resolve new economic problemsÃ Ã . Consequently the evolutionary expansion of the markets in the nineteenth century along-with technological advances increased the scale and complexity of the business organizations. As a result, the organizations grew in size and shareholders appointed directors or professional managers to succeed and make the business grow, as result, greater productivity, lower cost and higher profits. Consequently, directors or managers controlled the business irrespective of the ownership of the shareholders. Hence, in making decision and running affairs of the organization, the career managers preferred polices that favored the long-term stability and growth of their enterprises rather than those that maximized current profits. 2.2.2 Corporate Ownership Structure Corporate ownership structure has been considered as having the strongest influence on systems of CG although, according to Solomon, many others factors affects CG including legal systems, cultural and religious traditions, political stability and economic events. As all business enterprises need funding in order to grow, and it is the ways in which organizations are financed which determine their ownership structure. 2.2.3 Separation between Ownership and Control The early years of the 20th century saw another significant development when Ownership and Management of the big business organization was separated as result of taking over or replacement of multi-unit-business organizations over the traditional organizations. Shareholders were becoming more numerous and geographically diverse. Their links with the management of their companies were becoming more remote. Therefore using data from companies in the United States, Berle and Means offered the then more influential analysis of the development of corporate governance in the twentieth centuryÃ Ã . They contend that growing concentration of economic power and an increased dispersion of the stock ownership make the corporation in which the separation of ownership and control had taken place central to economic activity in the US. In the preface to the 1932 edition of the work, Berle wrote: The translation of perhaps two-thirds of the industrial wealth from individual ownership t o ownership by large and the divorce of ownership from control and consequent on that process almost necessarily involves a new form of economic organization of society that vitally changes the lives of the property owners, the loves of workers and the methods of property tenureÃ Ã . Berle and Means continued in their insistence of the revolutionary impact of the modern organizations upon economics, but through their work was instrumental in the practical policy achievement of Roosevelts New Deal in 1933-1940Ã Ã . Whilst Berle and Means go beyond traditional legal and economic theory, to offer a new concept of the modern organizations that might have served as a foundation for a new theory of Corporate Governance. Therefore, among these new economics theory of the firm, agency theory became the dominant force in the theoretical understanding of corporate governance in the last decades of the twentieth century.Ã  2.2.4 Nexus of contracts theory As Jensen and Mckling in their chapter 4 argued that agency theory mainly rests upon this contractual view of the firmÃ Ã . Fama further argued that the firm is just the set of contracts covering the way receipts form outputs are shared among inputs. Therefore in this nexus of contracts perspective, ownership of the firm is an irrelevant concept.Ã Ã Similarly some neo-classic economic theorists argued that the organization is not a real thingÃ Ã therefore assert that corporations are nothing more than a collection of contracts between different parties primarily shareholders, directors, employees, suppliers, and customers. Proponents of this theory contend that all disputes about the obligations of a particular corporation should be settled by resort to the methods used to interpret contracts, and that courts should not imply the existence of fiduciary duties on behalf of corporate officers and directors.Ã  They further say that the only real actor s are the shareholders, employees, suppliers and so on who cooperate in the organization productive process. The business corporation or the firm is made up of the contracts with these groups. The company or corporation or firm is just an imaginary counterparty to the contracts with each of these groups. The aim of company law and corporate governance is just to minimize the cost of these contracts. Company law and corporate governance are just a type of contract. The question is whether the relationship with the shareholders, employees, suppliers or other contributors to the firms production should be governed by a standard contract or whether it should be regulated through corporate governance mechanisms. Getting the choice right will reduce the firms contracting costs and so make it more profitable. Economic and financial theory further suggests that it is usually appropriate for corporate governance to be used exclusively to govern the relationship with shareholders. The inte rests of the other groups (employees, suppliers etc) can be fully (and more cheaply) be dealt with through express contracts (and possibly by areas of law other than company law). Corporate governance would then concentrate on meeting the needs of shareholders. In particular, it will concentrate on overcoming the agency problem. 2.2.5 Agency Theory of Corporate Governance Separation between ownership and control indeed brought managerial revolution as result of which agency theory emerged from the seminal papers of Alchian and DemsetzÃ Ã in 1972 and then later on Jensen and Meckling in 1976Ã Ã . Alchina and Demsetz explained the organization as nexus of contracts among individual factors of productionÃ Ã . Indeed, an organization is a legal fiction which serves as a nexus of contracting relationshipsÃ Ã but I agree with Alchain and Demsetz who argued that these organizational contracting encompasses not only businesses but entire framework of existence.Ã Ã On the other hand CoaseÃ Ã characterized organization as an authority and further argued that it is not about behaviors or objectives of the firm it is like the behaviors of the market and the outcome of a complex equilibrium process of conflicting objectives of individualsÃ Ã . Similarly, Agency theory argued that economics was able to analy sis the workings of the organization by explaining it as a constantly re-negotiated contract, contrived by an aggregation of individual each with the aim of maximizing their own utilityÃ Ã Shareholders investment is sunk This theory is based on the following observations: Directors are expected to act as agents for owners (shareholders); If they can, have incentives to cheat shareholders The separation of ownership and control common in UK listed companies makes it possible for directors to promote their own interests rather than the interests of shareholders. They need to give assurances to shareholders in advance The more reliable the assurances, the cheaper and easier it will be to finance the company Company law / corporate governance can provide these assurances Many aspects of UK corporate governance can be seen as being, at least in large measure, a response to the agency problem. Some theorists, however now argue that basing corporate governan ce and management exclusively on agency theory is positively harmfulÃ Ã . 2.2.6 Agency Relationship From this we can infer that there exists and agency relationship between shareholders (principal) and managers (agents)Ã Ã . For instance, contract for performance of services on behalf of the principal Involving delegation of decision-making authority in pursuant of which agent should be bound by principals best interest. Therefore agency theory suggests that shareholders are the principal in whose interest the corporation should be run even though they rely on others for the actual running of the organizationÃ Ã . 2.2.7 Agency Problem Jensen and Mekcling suggest the essence of the agency problem is the separation of management and finance. For instance, mangers raise funds from investors to put them to productive use or to cash out their holdings in the organization. Whereas, investors need the mangers to generate returns on their funds. Furthermore, divergence of interest is also inevitable as agents interest primarily self-serving and opportunistic while Shareholder interest Self-serving and profit motive. As a result aggravated by asymmetry of information and uncertainty about the agent the day-to-day business. Additionally, moral hazard is bound to occur as agent has an incentive to act inappropriately from the view of the principal because the latter cannot costlessly monitor. Similarly, agent has incentives to consume private perquisites rather than invest in present positive value of the firm as a result shirking of responsibilities lack of effort and earnings retention. Therefore the growth of the or ganization and its prestige effects badly. Further, agents/managers favor short-term strategy and decision as an employee and pursue high accounting projects instead of long term projects, such as RD expenditure near CEOs retirement. More importantly, managers and shareholders attitudes to risk is also different, for instance managers are more risk thus try to minimize risky investment decisions. But on the other hand Fama and Jensen contends that separation of decision making and risk bearing functions survives in these organizations in part but an effective common approach to controlling the agency problems caused by separation of decision-making and risk bearing functions.Ã Ã Because as a residual claimants shareholders bear the risk of the organization, making profit or loss and also have better interest in the allocation of corporate resources to make the largest residual possible. 2.2.8 Agency Cost problem monitoring costs Monitoring cost is the cost paid by the principal to measure, observe and control an agent. Such as cost of audit, of writing remuneration contracts and most importantly cost of firing. As if manager is fired it is shareholder who hast to suffer a lot according to path dependant theory. Furthermore, in case of breach of agency contract the cost of the of fully enforced agency contracts would be too high while the full contracting regarding managerial action is also not possible. 2.2.9 Solution; Implication for Corporate Governance Culpan and Trussle suggest that Corporate Governance is a set of mechanisms to resolve agency problems For instance finding the best monitor writing better contracts providing incentive mechanisms to align interests, risk-sharing devices to reduce monitoring costs as a result reduction in asymmetry of informationÃ Ã Furthermore, for agency theorist such as Jensen argued the effect markets are the solutionÃ Ã . Their main focus of the corporate governance is the elaboration and facilitation of market mechanisms that can mitigate agency problem, for instance, market for corporate,, management labor executive compensation like stoke option and corporate informationÃ Ã . 2.2.10 Tackling the agency problem Thus, company law in the form of directors duties, especially the duty of good faith and reporting and auditing requirements. Corporate governance, for instance the appointment of non-executive directors and fostering participation by institutional shareholders and market-based mechanisms such as the market for corporate control and the inclusion of performance-related elements in directors pay packages are all inspired by the need to create a system of sanctions and incentives that align directors interests with those of shareholders. Hence, the problem can be tackled in this way. 2.2.11 Critique of agency theory O Sullivan and Ghoshal and Moran criticize the agency theory on the following points: Reductionist understanding of human behaviour Reductionist understanding of the nature of a business enterprise Consequence is use of high-powered incentives that harm the businessÃ  2.3 Different Models of Corporate Governance its Debate. 2.3.1 Shareholder exclusive Protection Model of Corporate Governance (Anglo-American Model) Shareholder value is the concept that company law and corporate governance is to be seen as involving (in the last analysis) exclusively the interests of shareholders. According to this theory shareholders are the principal (agency theory) of the managers or directors therefore argue shareholders as the object of CG as shareholder input as capital providers therefore organization must to be run in their interest. Furthermore the main objective of CG should be to protect shareholders interest and primarily emphasis on directors/managers discipline. Moreover, shareholders as the best placed monitor and similarly hopes and expects for shareholder activism. Hence, organizations main founder are its shareholder who provide finance and capital to run the affairs of an organizationÃ Ã . In essence, this view suggests that the shareholders should be the exclusive beneficiaries of the governance protection. Directors who serve for the shareholders for their interests are regarded as the agent of shareholdersÃ  Williamson also suggests that it is only shareholders who need corporate governance as the contractual mechanism to protect their investment therefore ccorporate governance (and company law) exist to protect the interests of shareholderÃ Ã . This view suggests that there is no such thing as the firm: nexus of contracts. Hence the purpose of corporate governance is to reduce the costs associated with being and the shareholder and the separation of ownership and control is the main source of these costs. In this respect the purpose of corporate law is to anticipate what shareholders would have asked for in private bargaining. Therefore the only purpose of the firm is to make a profit as there is no mandatory terms in company law therefore no place for stakeholders in company law / corporate governance because in essence corporate governance (and company law) exist to protect the interests of shareholders However in the UK, the duty of g ood faith is understood to be a duty to run the company in the medium and long-run interests of shareholders. It can be contrasted with stakeholder theory which argues that other stakeholders (employees, suppliers, the community, the environment etc) are just as interested in the companys success and just as entitled to be looked after by its governance mechanisms. In the run-up to the Companies Act 2006, the Steering Group that advised the Government rejected a move to stakeholder theory. Instead, they adopted a pluralist or enlightened shareholder value approach. That is, the duty of good faith is still understood in shareholder value terms. Directors are reminded, however, that directors need to look after stakeholders responsibly if they are to promote shareholder value in a sustainable way. 2.3.2 The Stakeholder Protection Model of Corporate Governance Model (European Model) The broad view encompasses the stakeholder theory are argues that the organization exists in a network of relationships therefore argues that there are many inputs to the business which are also equally important. Additionally this view suggests that the purpose of business is more than shareholder profit and emphasized that the CG is a mechanism to balance all interests and thus eensure healthy business and a healthy contribution to society. Stakeholder theory was not adopted by the UK although the new Companies Act as well as the Combined Code acknowledge that directors have to cultivate good relationships with relevant stakeholders. One of the reasons for the rejection of an outright move to stakeholder theory is that it would make the agency problems worse. Directors would be able to use their powers to further their own interests but hide behind stakeholder theory (arguing that although they are not acting in the best interests of shareholders they are promoting the good of other stakeholders), Some would reply that directors have been able to use agency theory and shareholder value to promote their own interests (especially in the area of executive pay). 2.3.3 State Oriented Model of Corporate Governance The main trait of this corporate governance system model is a important role of a small number of founding families and the persistent character of the state on the other. The founding families and their allies usually exercise control over an extensive network of listed and non-listed companies. They are often shielded from risk by directly holding only a limited number of shares. Most of the rest is held by other corporations in the group or other friendly agents. Often, a minority is floated on the local exchange. The families that control the Korean chaebols own an average of less than 15% in group companies, the rest of the controlling blocks being held by other affiliates in a complex web of cross shareholdings. A common characteristic of such systems is that the concept of limited liability, i.e. the separation between the shareholders and the corporation (which has its own decision-making mechanism and assets/liabilities), is weak. In Greece, it was standard practice for the banks to ask for guarantees by the individual family shareholders for the granting of loans. In Korea, one of the most important hidden liabilities within chaebols was the cross-guarantees for bank loans between chaebol affiliates. All decisions related to the strategy of different affiliates within the group, including the ones that are publicly quoted, are taken by a small group of family-related individuals in an informal way i.e. outside the governing instances of the corporations (board and general meetings). Sweden is an example of a traditionally family-dominated ownership system USA 2.3.4 Anglo-American Modal Vs. European Modal 1. Management dominated Controlling shareholder dominated 2. Shareholder focused Stakeholder focused 3. Wide public share ownership less wide public share ownership 4. Strong shareholder rights less strong shareholder rights 5. Unitary board structure Two-level board structure 6. Single powerful leader consensus or divided leadership 7. Shareholder litigation culture Less strong litigationÃ  Chapter 3: Corporate Governance is todays issue; Its Debate and Implication. Lipton and Rosenblum argued that Corporate Governance is a means, not an end. Before we can speak intelligently about corporate governance, we must define its goals.Ã Ã Drawing the control separate form the ownership is inevitable for the 21th centurys organizations to survive or to foster. Although there arises potential opportunities for the managers to utilized the owner assets to chase their own benefits and it is where the agency cost or agency problem occurred. Therefore, to discipline the directors or managers activities and to reduce the agency cost ensuring managers accountability to the shareholders and the protection form hostile takeover are crucial functions for the CG. Lipton and Rosenblum hold it as Managerial discipline ModelÃ Ã although they disagree with this purpose of CG but rather argue that the ultimate goal of corporate governance is the creation of a healthy economy through the development of business operations that operate for the long t erm and compete successfully in the world economy. They further suggest that corporate governance is a means of ordering the relationships and interests of the corporations constituents: stock- holders, management, employees, customers, suppliers, other stakeholders and the public. However, I agree with the Lipton and Rosenblum to the effect that what is needed is system that will lead managers and stockholders to work cooperatively towards the corporations long- term business success.Ã  CG debate is a reaction of the corporate scandals so as to search a good corporate governance system as investor presumes and relates profit is imperative if the good CG is in place. Additionally, it is a strong perception of correlation between good corporate governance and overall economic success. Stephen Griffin says that these debates, discussion and government intervention into issues of corporate governance are the natural consequence of the economic and social impact which organizat ions affect in the generation and maintenance of personal and national wealth and prosperity.Ã Ã Furthermore, this interference is driven by both an economic and political desire to rid the corporate infrastructure of systems and practices which may give rise to potentials for like or future failures and scandals. More importantly, in seeking to clear up a corporate mess a governments objective will be to calm and reassure investors, corporate players and markets, thereby protecting economics stability and the general public interest. 3.1 Mutually Agreed Principals of CG Honesty, trust and integrity, openness, performance orientation, responsibility and accountability, mutual respect, and commitment to the organization are the general key principals of the CG. However commonly accepted principle CG are as under Respect the Rights of the shareholder and coordination with respect to exercise of those rights and equitable treatment of shareholders Recognition of the Interests of other stakeholders Fulfillment of the responsibilities of the board: Integrity and ethical behavior: Disclosure and transparencyÃ Ã : 3.2 Issues involving corporate governance principles include: internal controls and internal auditors the independence of the entitys external auditors and the quality of their audits oversight and management of risk oversight of the preparation of the entitys financial statements
Tuesday, May 19, 2020
Sample details Pages: 7 Words: 2042 Downloads: 7 Date added: 2017/06/26 Category Marketing Essay Type Argumentative essay Did you like this example? The Joy of Giving mainly emphasizes a number of ways to reward the employees on a small scale, which has proven to be more effective than large bonuses for many companies. In companies, when the need to make every employee feel an important part of the organization becomes a priority, such gestures which are on an individual or group level play a vital role in fulfilling the need. This are also known as Motivators as they help in boosting the morale of employees and keeps them motivated and driven to fulfill the organizations goals , along with their own personal goals. Motivation is the result of the internal and external factors that stimulate desire and energy in people to be interested in and committed to a job, role, or subject and to exert persistent effort in attaining a goal. It results from factors like the intensity of desire or need, the incentive or reward value of the goal and the expectations of the individual. There are many motivation theorie s which support the gift giving behavior in the Joy of Giving, however, the study conducted in this paper will be of three of the renowned studies, and discuss them in detail while critically analyzing the methods used in the case study. Frederick Herzbergs Two Factor theory (Kalleberg, A., 1977, pp. 124-143) about the motivation of the employees relates to that certain factors in the work place, which according to him lead to the presence of Job Satisfaction in employees in an organization. The specific factors might vary for every individual; the presence of these will motivate employees and the absence of these would lead to de-motivation among the employees. They will not add much value when they are present, but will cause a lot of damage psychologically to the employees which can result in lower productivity and level of output for the employees. However, they can be distinguished into two major categories, which include: Motivators These include the factors which lea d to positive satisfaction. The main motivators for most people would be challenging work which requires effort and the successful completion of the tasks would lead to a sense of achievement. This sense of achievement is important according to Maslows Hierarchy of Needs. Also, recognition of work well done would also be a motivating factor, as the employees get acknowledged for the work they do. This gives them the confidence that the work they do is being noticed and is given importance by the organization. Hygiene Factors The other type of factor is the hygiene factor which includes elements like salary, job security, status and fringe benefits. These are the factors, when missing from the organization give immense dissatisfaction to the employees. This Motivator-Hygiene Theory supports the gift giving behavior in the companies mentioned in the Joy of Living. The employees of Brassiere retailer, Bravissimo, have to deal with customers on a regular basis, and in the servi ce industry, the higher the level of service, the higher the customer loyalty, the better the sales. Therefore, it is even more important in the service industry that the employees understand and implement the vision and the mission of the company policy. There is a difference in fulfilling the job description and taking ownership of the job and going beyond by doing what is best for the organization. The extra mile is taken by the employees when they know they will be rewarded and recognized for it. For this, the company needs to keep the employees satisfied and motivated. One way of doing this, according to the Herzbergs Two Factor Theory is by providing them with motivators, like the little gifts that Bravissimo is already giving to its employees. Bravissimo does not randomly hand out gifts, its a part of the well thought out strategy. They give gifts when at the times when the employee needs to be made felt special. Holiday times, birthdays always have the soft corner in ever yones lives, and when noticed and celebrated by small, thoughtful gestures like a bottle of champagne, chocolate snowmen at Christmas, etc., by the company leads to a strong goodwill, and a loyalty, which is rarely replaceable by generic bonuses to all. The additional factor that Bravissimo takes into account is the factor that it takes feedback from the employees to keep its gift giving up to date, and in tune with the needs of the employees, and corrects its policy wherever its employees feel it is lacking. Another theory that supports the acts of companies like Peppermint PR, which is a communications firm and gives out special rewards to an employee working harder than usual, or going beyond their job description, is the positive reinforcement theory which is a part of the Operant Conditioning. Operant Conditioning is when the environment is operated upon, and the consequences are then maintained. In simpler words, a few factors in the environment are changed, which the n leads to the required behavior. The four contexts of the Operant conditioning are listed and discussed below in an organizational setting. Positive Reinforcement This is a form of reinforcement which is used to encourage certain wanted behavior of the employees. For example, the employer would want the employees to go the extra mile to provide better services to their customers, achieve the necessary goal in the time allocated, etc. Such behavior is encouraged by the organization, when it is followed by a stimulus that is rewarding to the employees, which then leads to a repetition in that behavior. For example, a difficult task when achieved within the deadline by an employee can be awarded with an additional bonus, or the effort can be acknowledged at the Reward and Recognition Night of the Company. Negative Reinforcement Such reinforcement is to again encourage certain behavior, but instead of rewarding, it continuously gives a negative stimulus, which is only remov ed when the certain required behavior is achieved. For example, in the case of an employee, s/he will have a portion of his salary removed till s/he is able to achieve the task at hand within the time allocated to the employee and with the resources allocated. Positive Punishment Positive Punishment is used to discourage an action, this occurs when an action is followed by an unwanted reaction. For example, if an employee falls short on the job, the supervisor can then have a meeting with him/her to give him/her a warning. This will ensure that the employee does not slack off on the job again. Negative Punishment This is to discourage an action by taking away a wanted stimulus. For example, a portion of the salary will be deducted from the employees paycheck, followed by an unwanted behavior. Keeping in accordance with the Positive Reinforcement theory from Operant Conditioning, the Peppermint PR gives out thoughtful gifts to appreciate some work, or extra help that a n employee provided to the organization, or to another employee, as stated by Carolyn Axtell To be singled outÃÆ'Ã ¢Ã ¢Ã¢â¬Å¡Ã ¬ÃâÃ ¦.more likely to motivate someone to repeat same positive actions. The factor that Peppermint PR keeps as most important is that individuals should be highlighted, and the gifts should be given soon after the positive behavior demonstrated. According to the Alderfers ERG theory (Boshoff, C. Arnold, C., 2002, pg. 677- 719) there are three types of needs, existence, relatedness needs and growth needs. Existence refers to basic needs that are required for an employee to keep working. Relatedness need refers to the social environment that an employee craves for. Growth refers to the desire for the personal achievement that an employees from a job. A basic salary covers the basic needs, a thriving office environment and culture covers the relatedness needs, whereas, the reward and recognition which leads to the sense of achievement is the highes t stage of the three needs. Growth need is very important, and small token of appreciation, such as the gift giving in the companies, can also be used to create that necessary sense of achievement which motivates the employees and drives them to further achieve goals and tasks allocated to them. The gift giving behavior of the companies mentioned, is supported by all three theories. Every theory accepts the need of the basic factor which makes employees join the labor force and an organization, however, more than that is required to keep the employee satisfied, motivated and productive. The pushing factor may vary for different employees in different organizations, however, the gift giving behavior is enjoyed and appreciated by the employees of the above mentioned companies. 2) Reward defined in simple terms is the return for service, or merit. The reward in order to be effective, and noticed, needs to be tangible enough to be seen as recognition of the service or merit. One of the myths from Pffeffer (1998 b, pp. 9-13), is that people work for money. This myth has been believed by people for centuries now. That has been the reason why to reward employees; the employers give the employees the bonuses or raises in the salaries. However, according to the Alderfers ERG theory (2002, pp.677-719), after the existence needs have been fulfilled, other needs like relatedness and growth need to be fulfilled, otherwise, there is no satisfaction in the job. The basic salary is the existence need, but other needs also need to be catered to, to keep the employee motivated. For loyalty, and for rewarding employees, companies like Madgex appreciate the work of the employees with cakes. Such gestures are said to cater to the other needs of the employees, which a basic salary does not fulfill. Hawthorne Studies (Frank Kaul, 1978, pp. 623-643), provides a theory quite contrary to the one which has been implemented by Madgex. Hawthorne Studies cut out the breaks of the employees, and brought the women back to longer working hours. This, contrary to popular belief, instead of reducing productivity, it gradually increased it. When studied in detail, it was concluded that the social environment also helps in the productivity of the employees, where they can create the atmosphere of their own choice, where they can socialize, talk, and enjoy the atmosphere they work in. The raised self-esteem of the employees was the reason why the productivity increased. The conclusion of the Hawthorne Studies, (Frank Kaul, 1978) proves that monetary benefits, or material gifts are not always the ones that will lead to an increase in motivation and productivity, a factor like the work environment can also prove to be of great significance. In some cases, to make the employees work harder, factors other than material benefits might need to altered, and in such scenarios, no number of gifts would increase productivity or motivation. The method of giving g ifts, may not be the most appropriate to increase the self esteem of the employees. If the employees perceive the gifts to be of little value, cheap or meaningless, they will not add value to the employees self esteem, and might even prove to be unfavorable. For example, Recruitment manager at Metaswitch believes that generic gifts should be given to the employees as they would have broader appeal. This would have little value for the employees if the gift is as generic as a bonus, and is not even that value adding. If the employees start perceiving that the gifts are being given to the favorites of the employers, then instead of seeming as a reward, they will start resenting it. If given to too many employees, then the employees who will not receive it will be de-motivated and it might raise a level of frustration. A similar policy is followed at Bravissimo where little-and-often approach is followed while giving out gifts. When these rewards come too often, they become expected and lose their value, and the reason for the gift giving gets nullified. This, instead of increasing motivation will decrease the morale of the employees. There are advantages of giving gifts to employees, but there are also cons if the gift giving strategy is not thoroughly thought out and major factors like the time interval and the number of recipients is not considered. If handled well, the gifts can lift morale, if not, and then it can lead to adverse consequences for the organization and the self esteem of the employees. DonÃ¢â¬â¢t waste time! Our writers will create an original "The joy of giving in a firm" essay for you Create order
Wednesday, May 6, 2020
The Harlem Renaissance was a time of great commotion spanning the 1920s, also known as the Ã¢â¬Å"New Negro Movement.Ã¢â¬ One of the more well-known movers and shakers of the Harlem Renaissance is Langston Hughes. He amongst other artist brought new forms of black cultural expressions into urban areas that had been affected by The Great Migration. Harlem was the largest area affected by said Great Migration. Though the Harlem Renaissance was centered in Harlem the power and strength contained in the words of artist such as Langston Hughes reached Paris and even the Caribbean. Langston Hughes was a key figure in the Harlem Renaissance movement. His vast amounts of work are what brought attention to the struggles and realities of the timeÃ¢â¬ ¦show more contentÃ¢â¬ ¦In addition words as strong as these written by Langston Hughes bring attention to the struggles and the harsh reality black people were made to face. One of the more pressing issues that can still be seen to this da y is racial passing. Racial passing is a struggle not only seen in Hughes poems and during the Harlem Renaissance but, in present day Black America. Passing makes reference to a person who is classified as a certain race or belonging to one racial group whom is also accepted as a apart of another racial group. Passing was especially used to describe someone of a mixed background in America who assimilated to the white majority. The concept of passing is something that tears the black community apart; Langston Hughes not only saw, but experienced passing. Hughes writes about passing in some of his works. In one of his works entitled Ã¢â¬Å"PassingÃ¢â¬ certain lines really stand out and directly speak about passing, not in the literal sense, but passing in a world that puts the fairer skinned above those who are of a darker skin tone. In Ã¢â¬Å"PassingÃ¢â¬ Hughes talks about it being funny that white people donÃ¢â¬â¢t like those that are colored and goes on to say that if thy did he wouldnÃ¢â¬â¢t have to be Ã¢â¬Å"passingÃ¢â¬ to keep his good job. Hughes goes on to say that he doesnÃ¢â¬â¢t mind being Ã¢â¬Å"whiteÃ¢â¬ and generously thanks his motherShow MoreRelatedHarlem And The Harlem Renaissance Essay2269 Words Ã |Ã 10 Pagessouthern African Americans migrated to a city called Harlem in New York. They relocated due to dogmatism and intolerance of melanin diverging out the of pores of many white southerners. The African Americans who migrated found new opportunities both economic and artistic that resulted to the creation of a stable middle class Black Ã¢â¬âAmericans (Dover, 2006). This was the Harlem Renaissance a cultural, social, and artistic explosion. The core of Harlem expressed by Alain Locke is that through art, Ã¢â¬Å"negroRead MoreHarlem And The Harlem Renaissance1430 Words Ã |Ã 6 Pagesmoved in to urban cities such as Chicago, Detroit, and Harlem. Out of these northern metropolises, the most popular was Harlem; Ã¢â¬Å"here in Manhattan (Harlem) is not merely the largest Negro community in the world, but the first concentration in history of so many diverse element of Negro lifeÃ¢â¬ (1050). Harlem became the mecca of black people, and between the years of 1920 and the late 1930s it was known as the Harlem Renaissance. The Harlem Renaissance, brought artiest, poets, writers, musicians, and intelligentRead MoreThe Harlem Renaissance850 Words Ã |Ã 4 Pages Giselle Villanueva History IB Mr. Flores February 7, 2016 Period 4 Word Count: 693 Harlem Renaissance The Harlem Renaissance was the first period in the history of the United States in which a group of black poets, authors, and essayist seized the opportunity to express themselves. The Great Migration was the movement of six million African Americans from the rural South to the cities of the North during 1916 to 1970. Driven from their homes by unsatisfactory economic opportunities and harsh segregationistRead MoreThe Harlem Renaissance1154 Words Ã |Ã 5 PagesIV AP 16 November 2015 The Harlem Renaissance The early 1900s was a time marked with tragedy in America. Started and ended with the Great Depression in between, it was not America s finest moment. Prohibition was in place, the Klu Klux Klan was still marching, and the Lost Generation was leaving for Paris. But despite the troubling times, people still found beauty and meaning in the world around them. They still created art and celebrated life. The Harlem Renaissance was an artistic and literaryRead MoreThe Harlem Renaissance941 Words Ã |Ã 4 PagesThe Harlem Renaissance was a cultural movement, in the early 1920Ã¢â¬â¢s, that involved vibrancies of new life, ideas, and perceptions. The large migration of African Americans northward, after World War I, allowed people of color the opportunity to collaborate in the New York City neighborhood, known as Harlem. This renaissance allowed the city to thrive on a refined understanding and appreciation of the arts. Many individuals were involved in this movement including doctors, s tudents, shopkeepers,Read MoreThe Harlem Renaissance1317 Words Ã |Ã 6 Pagesday is the Harlem Renaissance. The Harlem Renaissance is the cultural movement of the 1920Ã¢â¬â¢s. The movement essentially kindled a new black cultural identity through art, literature and intellect. The Harlem Renaissance started during the Roaring Twenties. It took place in Harlem, New York. It became most prominent in the mid to late 1920Ã¢â¬â¢s and it diminished toward the early 1930Ã¢â¬â¢s (Henderson). The Harlem Renaissance was initially called the New Negro Movement or the New Negro Renaissance. It was theRead More The Harlem Renaissance Essay1513 Words Ã |Ã 7 PagesThe Harlem Renaissance Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Chapter 1 Introduction Ã Ã Ã Ã Ã Harlem Renaissance, an African American cultural movement of the 1920s and early 1930s that was centered in the Harlem neighborhood of New York City. According to Wintz: The Harlem Renaissance was Ã¢â¬Å"variously known as the New Negro movement, the New Negro Renaissance, and the Negro Renaissance, the movement emerged toward the end of World War I in 1918, blossomed in the mid- to late 1920s, and then withered in the mid-1930sRead MoreHarlem Renaissance Essay1069 Words Ã |Ã 5 PagesHARLEM RENAISSANCE Throughout the history of African Americans, there have been important historical figures as well as times. Revered and inspirational leaders and eras like, Martin Luther King and the Civil Rights Movement, Nat Turner and the slave revolt, or Huey Newton and the Black Panther Party. One such period that will always remain a significant part of black art and culture is the Harlem Renaissance. It changed the meaning of art and poetry, as it was known then. Furthermore, theRead More The Harlem Renaissance Essay1031 Words Ã |Ã 5 PagesHARLEM RENAISSANCE Throughout the history of African Americans, there have been important historical figures as well as times. Revered and inspirational leaders and eras like, Martin Luther King and the Civil Rights Movement, Nat Turner and the slave revolt, or Huey Newton and the Black Panther Party. One such period that will always remain a significant part of black art and culture is the Harlem Renaissance. It changed the meaning of art and poetry, as it was known then. Furthermore, theRead More The Harlem Renaissance Essay524 Words Ã |Ã 3 Pages Harlem Renaissance nbsp;nbsp;nbsp;nbsp;nbsp;The Harlem Renaissance was a time of racism, injustice, and importance. Somewhere in between the 1920s and 1930s an African American movement occurred in Harlem, New York City. The Harlem Renaissance exalted the unique culture of African-Americans and redefined African-American expression. It was the result of Blacks migrating in the North, mostly Chicago and New York. There were many significant figures, both male and female, that had taken part
Question: Describe about the Buyer Behavior for Demographic Variables. Answer: Introduction Consumer buying behavior is related to mixture of preferences, attitude and decision making process when consumers take an initiation of purchasing a particular product (Chatterjee 2013). Various external and internal factors influence the buying behavior of the customers. The study is chosen car product in which consumer buying behavior will be explained. This analysis will be based on reality and household customers having sustainable job is chosen on which the research will be made. In this study, different internal factors will be discussed that influence the purchasing decision of customers in case of car product. On the other hand, the study will also analyze some external factors, whConsumer buying behavior is related to mixture of preferences, attitude and decision making process when consumers take an initiation of purchasing a particular product (Chatterjee 2013). Various external and internal factors influence the buying behavior of the customers. The study is chosen car p roduct in which consumer buying behavior will be explained.ich have major impact on the car purchase decision making of the customers. Internal Influences Various types of internal factors may affect buying behavior of consumers. Internal factors of consumer behavior are something that drives mind of consumers internally through their own thinking and experiences (Shekhar and Raveendran 2013). Car is one of the most important major purchases made by the household consumers. Various types of internal factors influences the buying behavior of household who want to purchase car and these factors are explained below: Perception Perception is the way the consumers understand, regard and interpret something to be purchased. Perception is related to prejudging the attributes of the products to be purchased by the consumers. Through the process of pre-judging, the consumers categorize the car product based on information gathered about the products. Selective attention of perception defines that consumers will be more like to attend to those stimuli that are related to their needs. In case of car purchase, the household customers will pay attention to car manufacturing advertisement (Hasan and Nasreen 2012). In case of car product, two different people may not interpret the same stimulus in same way. Every individual have different perception based on their attitude, belief, state of mind and experience. It is called perception distortion in which consumers of car product usually tend to select branded cars. According to Sakkthivel and Porkodi (2013), consumers do not hold all the information in their mind they have been exposed to by the organizations. Selective retention in car perspective, means that consumer tend to keep only those information in mind that meets their needs. On the other hand, Holland and Mandry (2013) opined that in order to rationalize the concept of brand retention, the car organizations usually use repetitive advertisement by exploring the benefits of the cars. Perception of car consumers is also affected by the previous experiences of the consumers in using the cars that is in terms price and comfortableness. Learning According to Prakash and Pathak (2014), learning in consumer buying behavior is related to the changes in the mind of consumers that is arose from the experience of the product. On the other hand, Malik et al. (2013) opined that learning process in car product purchase is related to acquiring new knowledge and modifying the existing knowledge through synthesizing various type of information in terms of experiences. According to Wu, Liao and Chatwuthikrai (2014), operant theory of learning describes that the customers buying behavior of the customers purchase is depended on positive and negative reinforcement of the products. In case of car purchasing, the household customers become interested in buying car repeatedly, if they have positive reinforcement with car experience. On the other hand, the customers will not be interested in repeating their car buying, if they feel uncomfortable like in term of sitting arrangement and the mileage that the car provide. Increasing demand and goo d image of car products are always related to positive reinforcement of the customers. Motivation According to Modi and Jhulka (2012), motivation is one of the important internal influences that drive the mind of the customer in purchasing something. On the other hand, Menon (2012) opined that a need tend to become a motive of the customers when it reaches to a certain level of intensity. In case of purchasing a car, the motivation of the household customers is related to creation of such kinds of needs by the organizations that drive them towards purchasing car. In order to buy a car the psychological needs of the customer has to be fulfilled properly. These psychological needs are related to core wants and secondary wants of the customers to be fulfilled. When these household customers see that a particular car would meet these two kinds of needs, then they would be motivated for buying that car. Therefore, many car manufacturer organizations tend to incorporate protection in car and less fuel consumption technology for saving the income of the household customers (Spurling et al. 2013). These features of cars meets the core needs of the customers from car manufacturer organizations, which drive the customers take buying decision. On the other hand, as secondary needs of the customers, the car manufacturer organizations usually incorporate the features like elegance in style and standard in looking. Personality and Attitude According to Chavan and Changan (2016), personality and attitude are the specific characteristic and behavior within each people that make them different from others. On the other hand, Rezvani et al. (2012) opined that personality and attitude of people are the mix of physiological and psychological characteristics that results in constant behavior of the individuals. Personality and attitude changes from individual to individual, place to place and time to time, which is dependent on self-confidence, aggressiveness and dominance of individuals. According to Prakash and Pathak (2014), in case of car purchasing, the personality of customers may be different form one customer to another in terms of having low price, empathy, great value and indulgences. In order to meet the demand of getting low priced car, many organizations launched low priced car through compromising some other features of cars. On the other hand, there are many customers in car industry, who believe in standardiza tion of life and getting innovative quality feature from cars. Therefore, the car manufacturing organization like Honda and BMW series have started to incorporate some unique features in their cars that are in terms of improved audio systems within car, push-button starting and keyless entry. External Influences External factors in consumer purchasing decision making is related to the factors that influence the buying decision of consumers externally. Some of external factors that influence the buying decision of customers in case of car purchasing are explained below: Group Influence The act of taking decision in purchasing of something is not only related to psychological factors and life style of the customers, but also it is influenced by people around the customer to which they interacts in daily basis and the people in which the customers belongs to. According to Modi and Jhulka (2012), the reference group is that group with which the customers interact in daily basis. The power of reference group in on the purchasing decision of customers is extremely powerful. In case of car purchasing, primary reference group of the customers are related to family members, office colleges and neighbors of the customers. When a person want to take a decision of purchasing a car, then the opinion of these primary reference groups become very important through showing their preferences over the features of the car. On the other hand, people may sometimes take the decision of purchasing a car using secondary reference group. These groups are the people, to which the people in teracts occasionally but their opinion is very important in buying decision (Chavan and Changan 2016). In case of car purchasing, sometimes customers want to buy car by seeing the example of celebrities, who is a role model to the customers. Culture According to Menon (2012), cultural factors are the comprised set of ideologies and values of a particular group of community. Culture of individual decides the ways in which a particular person behaves. On the other hand, Hasan and Nasreen (2012) opined that individual learn from his/her parent and community from the childhood that become the culture of the person ultimately. Therefore, the purchasing decision of the customers is also affected by the particular culture in which they belong to. In case of car, purchasing cultural factors has also a crucial affect in terms of buying various sizes and standard car. Economic development leads to various cultures in the countries. In this culture, traditional people will like to buy traditional cars and modern people will love to adopt new types of car with innovative quality. Apart from that, the purchasing decision of customers is also affected by the size of the families. In case of eastern culture, the household customers are tending to buy big sized car, as they have a tendency of joint family (Shekhar and Raveendran 2013). On the other hand, in western culture, due to single-family trend, household customers are tending to buy small and modern looking cars. Conclusion While concluding the study, it can be said that various external and internal factors affects the purchasing behavior of the customers. In case of car purchasing, the customers are highly affected by the perception they made from their previous experience in case of comfortableness. On the other hand, the features like price and fuel efficiencies of cars motivate the customers in purchasing a particular car. Personality and attitude of the customers highly effects the purchasing decision of cars. The people having standard personality tend to buy quality and standard car even if it is expensive. Among the external influences of purchasing decision, referent groups are highly influential to the customers in purchasing a car, where a customer buys his or her car through seeing a role model. Reference List Chatterjee, S., 2013. A Study of Demographic Variables Affecting Consumer Buying Behaviour with Reference to Synthetic Detergents.Indian Journal of Marketing,43(5), pp.58-63. Chavan, R.R. and Changan, A., 2016. Buying Behaviour of Students in Two Wheelers.A Journal of research articles in management science and allied areas (refereed),9(1), pp.12-23. Hasan, U. and Nasreen, R., 2012. Cognitive dissonance and its impact on consumer buying behaviour.IOSR Journal of Business and Management,1(4), pp.07-12. Holland, C.P. and Mandry, G.D., 2013, January. Online search and buying behaviour in consumer markets. InSystem Sciences (HICSS), 2013 46th Hawaii International Conference on(pp. 2918-2927). IEEE. Malik, M.E., Ghafoor, M.M., Iqbal, H.K., Ali, Q., Hunbal, H., Noman, M. and Ahmad, B., 2013. Impact of brand image and advertisement on consumer buying behavior.World Applied Sciences Journal,23(1), pp.117-122. Menon, B., 2012. Parameters and framework development to study consumer behaviour patterns of passenger cars.Drishtikon: A Management Journal,3(1), p.26. Modi, S. and Jhulka, T., 2012. Consumer buying behaviour: Changing shopping patterns.Int. J. Bus. Manag. Eco. Res,3(3), pp.527-530. Prakash, G. and Pathak, P., 2014. Understanding Rural Buying Behaviour: A Study with Special Reference to FMCG Products.Indian Journal of Marketing,44(8), pp.43-55. Rezvani, S., Dehkordi, G.J., Rahman, M.S., Fouladivanda, F., Habibi, M. and Eghtebasi, S., 2012. A conceptual study on the country of origin effect on consumer purchase intention.Asian Social Science,8(12), p.205. Sakkthivel, A.M. and Porkodi, S., 2013. What influence consumer buying behaviour towards organised retailing in a growing competitive marketing environment? An exploratory study on the impacting variables of Indian consumers.International Journal of Electronic Finance,7(3-4), pp.281-298. Shekhar, S.K. and Raveendran, P.T., 2013. Role of packaging cues on consumer buying behaviour.International Journal of Engineering and Management Sciences,4(1), pp.61-69. Spurling, N., McMeekin, A., Shove, E., Southerton, D. and Welch, D., 2013. Interventions in practice: re-framing policy approaches to consumer behaviour.Manchester: Sustainable Practices Research Group. Wu, W.Y., Liao, Y.K. and Chatwuthikrai, A., 2014. Applying conjoint analysis to evaluate consumer preferences toward subcompact cars.Expert Systems with Applications,41(6), pp.2782-2792.
Wednesday, April 22, 2020
What the woods or jungle symbolize Essay Life, most importantly, the risks involved in it are symbolized by the jungle or woods in the story. The character who does not hesitate to take risks in his life is Ben. Literally, he entered the jungle with the intention of realizing his dreams. In this way, he gained control of his own life. On the other hand, the protagonist is afraid and is actually losing his grip onto his life. When he lost his job, Willy told his sons that the woods are on fire (2. 2). Moreover, Ben tells Willy that even while the jungle is dark, he must nonetheless enter into it (2. 8). What the Garden symbolizes The protagonists desire to afford for his family a good life is symbolized by the garden in the story. Prior to the building of the apartment blocks, the produce from Willys garden grow in abundance. However the physical development in their neighborhood altered the case of his garden. The protagonist is attempting to cultivate something for his family. For instance, he wanted to become successful so that he can very well provide for them. Willy was almost a success in doing this. However, he eventually failed to transform is dream into reality. Toward the end of the story, one of the last things he did prior to his demise is to plant seeds in his garden. It is indeed, a futile attempt. Success, for Willy is something he most desperately craves but never possessed. What the Brand Names and the Car symbolize The use of brand names in the story, such as Studebaker, Hastings, Simonize, and Chevrolet aids in heightening the realism of the story (1. 3). These brands regarded as status symbols also signify the material success that the protagonist craves for and how it eventually proves to be hollow. We will write a custom essay sample on What the woods or jungle symbolize specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on What the woods or jungle symbolize specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on What the woods or jungle symbolize specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Willy is deceived into believing that the possession of these things is tantamount to success. Perhaps the most suggestive symbol presented in the story is that of the car. Community and family pride are symbolized in the weekend excursions and polishing. Still, the car also signifies the instrument by which the protagonist earns a living. Just like the car, Willy also comes to the point when he wears out (Otten 54). What the Rubber Hose symbolizes The appearance of the rubber hose calls to mind the desperate attempt of the protagonist to take his own life. He tried to commit suicide by inhaling gas (2. 8). Ironically, gas represents one of the most important elements needed to produce heat which is something essential for the comfort and health of his family. Death, in the literal sense achieved by means of inhaling gas is comparable to the metaphorical death that the protagonist feels in his efforts to provide a basic necessity for his family. The theme of death is directly related to the symbolism represented by the rubber hose in the story. Willys attempt to inhale gas to kill him self denotes his intention of escaping the realities of his existence. He tries to escape the difficulties of losing his job and his failure to realize success. Deception and grief is also signified by the rubber hose. Willys wife is bewildered over the supposed purpose of the rubber hose when she found it inside their house (2. 1). The deceiving nature of the rubber hose is manifested the moment Biff asked his father about it and the latter denies its existence (2. 1). What the tape recorder symbolizes The change in the protagonists life by means of the advancement in technology is symbolized by the tape recorder. Likewise, it symbolizes the end of his career as a salesman. The moment Howard, his boss presented the tape recorder to him, it seems that Howard is more interested in the technology and sound of the equipment than on his employee who is trying to stay on the job (2. 2). Unfortunately, the services that Willy can offer is not longer needed on the job. He is then fired by his boss. Nonetheless, Willy also had his faults. He does not welcome change and would rather dwell on the past. The scene where the protagonist is left alone with the equipment and unable to turn it off foretells his reluctance to change (2. 2). He still believes and would not want to change his old formula for success. However, in his job, what matters is whom you know and not what you know. He is not up-to-date with the latest in technology or even in business. Nonetheless, he never lost hope. He wanted to leave something behind for his family when his time comes. This intention is signified by his act of planting seeds in the garden. What the downward movements imply The words down, falling, and fall as well as the movement they suggest repeatedly appears in the story. They stress the downfall of the protagonist and his family. The term Ã¢â¬Å"beaten downÃ¢â¬ is used to describe the protagonist (1. 6). Willy is also described to fall down in the bed with his mistress at one point in the story. He fell on his knees when his eldest son discovered his affair with another woman. Biff, his eldest son ran down eleven flights of stairs after stealing a pen from the office of Oliver. Ultimately, his wife dropped flowers down his grave as he was finally laid to rest (2. 9). He wanted to leave something behind to his eldest son. In his fantasy, he wanted his eldest son to be a successful man. Willys act of planting seeds in the garden symbolizes his dream for Biff. However, Willy is destined to fail despite his actions. He began to plant seeds in the garden in the evening, the time of day where there is no light from the sun (Griffin 54). Obviously, the planted seeds need sunlight in order to grow. Furthermore, large apartment buildings started to rise around their home suggesting a sense of confinement (Bigsby 117). As stressed earlier, Willys planting of the seeds is a futile act. Nonetheless, the protagonist is persistent on his efforts to seek pardon and reconciliation. The aforementioned symbols represent the protagonists failed dreams as well as his reluctance to change, thus his inability to live his life in the now. The story is filled with symbols which when carefully scrutinized allows the audience to decipher the messages that the author seeks to convey. The symbols also help the audience to better understand the characters portrayed. The story repeatedly stresses the failure of the man who is not exactly as successful as he claims to be. Willy misspends his meager salary by purchasing a new pair of stockings for his mistress. Such action develops into further disappointments including his inability to support his family. The protagonist attempts to raise his eldest son in resemblance of him. He wanted Biff to be hard working and ambitious like him. However, when his eldest son grew to become otherwise, Willy takes on the blame. After interpreting the hidden meanings behind identified symbols in the story, the audience can find it easer to understand the personality of the characters portrayed. The protagonist, Willy Loman, is an ambitious man. However, he is a failure in two of his most important roles in life Ã¢â¬â that of a husband to Linda and a father to Biff and Happy. The symbolism throughout the story is presented on contrasts (Murphy 7). It is built on the everyday and the ordinary contrasted against the distant and the impossible. It is likewise built on the blissful camaraderie of the days gone by with the lonely, disturbing present. Similarly, the symbolism in the story is built on fantasy with reality as well as on the selfish law of the jungle with love. Recollections of the Loman residence prior to the development in their neighborhood are that of a happy past. At present, with apartment buildings closing in, it is not possible to plant anything in the yard. Nonetheless, the protagonist still attempts to do so on his last day. The image of Willy carrying a flashlight in the evening, planting lettuce, beet, and carrot seeds in the barren land, encapsulates the senselessness of the life he lived as well as the heritage he leaves behind as his Ã¢â¬Å"seed. Ã¢â¬ The jungle, diamonds, timberlands, and frontiers represent the things beyond your reach. On the other hand, the refrigerator and the car among other things signify WillyÃ¢â¬â¢s daily struggles and frustrations in life. The picture of the life-giving water in the tank is placed in contrast to the symbol of suicide which his wife discovers, the black rubber pipe with an attachment that fits the gas pipe of the heater. The characters in the story act and sound like normal people, dealing with common domestic as well as social concerns. Still, the flashback dream sequences of the protagonist as well as the ever more apparent symbolism in the storyÃ¢â¬â¢s clever objection to accepted social expectations also meet the requirements of an expressionistic work, which does not portray real life so much as subjective representation of life. The story presents a portrait of a man who managed to strike an emotional chord which continues to resound. Willy Loman is a man of his time. However, to a certain extent, he is also timeless. He has fascinated audiences the world over and continues to fascinate them until now. Works Cited Abbotson, Susan C. W. Student Companion to Arthur Miller. Santa Barbara, California: Greenwood Publishing Group, 2000. Bigsby, C. W. E. Arthur Miller: A Critical Study. New York: Cambridge University Press, 2005.