Global finance

It is common knowledge that the interconnectedness of global financial system carries immense systematic risk that can hinder economic and financial welfare of a global citizen, regardless of its demographic location. Since banks ‘†¦ Provide the oil that lubricates the wheels of commerce†¦ ‘, it is imperative that they have sufficient resources to withstand economic downturns (All 2009, p. 3). This may be the underlying reason why the Basel Committee on Banking Supervision regulates commercial banks of the world and treat them on consolidated basis (Vine and Phillips 2012).Additionally, the committee has proposed new capital adequacy tankard, namely Basel Ill, to compensate for the shortcomings of Basel II. The following are the two interrelated factors that may have led the committee to consider a move from Basel II to Basel Ill. It can be argued that the global financial crisis (SGF) shook the foundation that the global economy was built upon. PAR (2012, p. 3) indicated that the primary reason behind the cause of SGF was disproportionate amount of leverage and ‘†¦ Gradual erosion of level and quality of capital base†¦ ‘ that the banking sectors had accumulated.During the onset of SGF, the holdings of the banks were insufficient to over their losses leaving some of them insolvent. Despite the popular belief, PAR (2012) explicitly claims that ‘Australia was not immune from these impacts'. It is in fact true that Australian banks didn't take on the similar banking activities on a big scale that the US banks undertook, the point still remains that the global economy is interconnected and the lack of consistency, resilience and transparency in international banking system can cause more cataclysmic crisis' (Deed 2011).This may be why the PAR, in compliance with Basel Committee on Banking Supervision has insider a move to Basel Ill with an attempt to minimize or eliminate the impact financial crisis' having on banks . Despite its full introduction in 2008, Basel II has been guiding investment decisions amongst international banks since its publication in 2004 (All 2009). All (2009) claims that regulatory framework of Basel II was the core cause of SGF and thus, Basel II was the catalyst that allowed the banks to take on excessive leverage.According to All (2009, p. 7), the quantitative Impact research (CIA) conducted by the Basel Committee shows that big financial organizations were bled to increase their capital for profitable use as they experienced capital reduction by using the ‘Advanced internal rating-based approach' and their smaller competitors experienced an increase in capital requirements by using standardized approach to calculating capital adequacy.The Committee on Global Financial System (2012) have supported All's claim as they are currently working towards improvement of measures used to provide a fair and equitable approach to capital adequacy measurements. Therefore, ind icating that the impacts of SGF on the global economy s the only factor that led to move from Basel II to Basel Ill does not paint the whole picture as the shortcomings of Basel II has led the unsustainable economic behavior of international commercial banks that gives light to the question – why the SGF happened to begin with. . 2. Basel Ill (650 words) Follow this margin and Justify paragraph 2. 3. Implications of Basel Ill (rewords) Please send me the links/PDF file of all sources used for reference list. Make sure to cite tables used Examples of cross referencing The prudent banking system in Australia was previously noted (Section 2. 1 . 1).

Evaluate the Relevance and Adequacy of the Balanced Score Card Essay

The Balanced Scorecard is a strategic performance management framework that has been designed to help an organisation monitor its performance and manage the execution of its strategy. Kaplan and Norton (1996a, 1996b) pointed out that the implementation of the Balance Score Card is to attain the following goals clarify and translate vision and strategy, communicate and link objectives and measures, plan, set targets, and align strategic initiatives; and enhance strategic feedback and learning. A growing number of firms are replacing their financially-based performance measurement and compensation systems with a â€Å"balanced scorecard† incorporating multiple financial and nonfinancial indicators. Proponents of the balanced scorecard concept contend that this approach provides a powerful means for translating a firm’s vision and strategy into a tool that effectively communicates strategic intent and motivates performance against established strategic goals (Kaplan and Norton, 1996). Kaplan and Norton (1992, 1996) developed the balanced scorecard concept to address the perceived shortcomings in financially-oriented performance measurement systems. The balanced Score card approach supplements traditional financial measures with non-financial measures focused on at least three other perspectives–customers, internal business processes, and learning and growth. According to the Financial Gazette dates 24 July 2009, it pointed out that more and more organisations today are resorting to the balanced scorecard as a performance management system. This method of performance management allows performance to be measured across four different perspectives, where traditionally it was based on financial indicators alone. The four balanced scorecard perspectives are financial, customer, internal business processes and learning and growth. Through the use of the various perspectives, the Balance Score Card captures both leading and lagging performance measures, thereby providing a more â€Å"balanced† view of company performance. Leading indicators include measures, such as customer satisfaction, new product development, on-time delivery and employee competency development. Traditional lagging indicators include financial measures, such as revenue growth and profitability. The Balance Score Card performance management systems have been widely adopted globally, in part, because this approach enables organizations to align all levels of staff around a single strategy so that it can be executed more successfully. The balanced scorecard’s relevance also lies as it lets executives see whether they have improved in one area at the expense of another .Essentially the balanced scorecard is a framework of the four most important aspects of an organization (financial, customer, learning and growth and internal business process) that enable predictions to be made about performance on a number of levels and this is shown below Financial Perspective The balance Score Card is relevant to the organization in the sense that it gives the organization the ability to provide financial profitability and stability (private) or cost-efficiency/effectiveness (public).Also it is fully adequate in most organization and is adequately distributed. The companies are able to succeed financially and the share holders will be happy because of the cash flow within the organization. Managers are able to track financial success and shareholder value. Customer perspective Furthermore the balance score card enables the organization to have the ability to provide quality goods and services, delivery effectiveness, and customer satisfaction by offering after sales service, visiting customers to verify whether the product they sold are of good quality and they are not problematic to the customer. Again The Balance score card enables the organization to be performing well in a business scenario by practicing customer ranking survey, customer satisfaction index and even market share.( Robert Kaplan and Dr. David Norton 1992).With The Balance score card managers the organization is able to cover customer objectives such as customer satisfaction, market share goals as well as product and service attributes. Internal Business Processes Internal processes that lead to high financial goals for example quality and product reliability, speed in fulfilling customer needs and also speed in response to customer complaints and these elements will have an impact on the service to customers. According to Arifinfo June 2, 2011, the internal processes include improving the quality and reliability products lowering the number of products that fail, increase speed of service developing innovation process and develop production capacity hence performance management is enhanced. Again organizations can cover internal operational goals and outlines the key processes necessary to deliver the customer objectives. Learning and Growth The Balance Scorecard is relevant and its adequacy lies on that it gives the organization the ability of employees, technology tools and effects of change to support organizational goals. A learning-and-growth metric (or employee metric) is a framework for quantitatively assessing employee satisfaction, productivity, and retention in the framework of the balanced scorecard (BSC).A metric that is not just behavioral and statistical but â€Å"developmental,† in the sense of development of adult mental growth over the life span (Laske, 1999a/b, 2000), adds to learning-and-growth enablers a second â€Å"tier† that refines the metricization of a company’s strategic human resources. The Learning & Growth Perspective focuses on the intangible assets of an organization, mainly on the internal skills and capabilities of the employees that are required to support the value-creating internal processes. The Learning & Growth Perspective focuses on human capital jobs and people issues, information capital systems and technology issues and organization capital that is organizational climate and quality of work-life. According to Van Eerde and Thierry (1996, he advocated that this approach allows companies to build consensus around the organization’s vision and strategy, effectively communicate strategic objectives, and motivate performance against established strategic goals. Although the balanced scorecard literature acknowledges that linkages to reward systems ultimately are required for the scorecard to create cultural change and improve economic performance, the specific form of these linkages remains an open issue. Balance Score card’s relevance and adequacy lies in that organizations enjoyed the following advantages Better Strategic Planning The Balanced Scorecard provides a powerful framework for building and communicating strategy. The business model is visualized in a strategy map which forces managers to think about cause and effect relationships. The process of creating a Strategy Map ensures that consensus is reached over a set of interrelated strategic objectives. Improved Strategy Communication & Execution The fact that the strategy with all its interrelated objectives is mapped on one piece of paper allows companies to easily communicate strategy internally and externally. Better Management Information The Balanced Scorecard approach forces organizations to design key performance indicators for their various strategic objectives. This ensures that companies are measuring what actually matters. Research shows that companies with a BSC approach tend to report higher quality management information and gain increasing benefits from the way this information is used to guide management and decision making. Improved Performance Reporting Companies using a Balanced Scorecard approach tend to produce better performance reports than organizations without such a structured approach to performance management. Increasing needs and requirements for transparency can be met if companies create meaningful management reports and dashboards to communicate performance both internally and externally. Better Strategic Alignment Organizations with a Balanced Scorecard are able to better align their organization with the strategic objectives. In order to execute a plan well, organizations need to ensure that all business and support units are working towards the same goals. Cascading the Balanced Scorecard into those units will help to achieve that and link strategy to operations. Better Organizational Alignment Well implemented Balanced Scorecards also help to align organizational processes such as budgeting, risk management and analytics with the strategic priorities. This will help to create a truly strategy focused organization. However, with the extra time and expense required to implement and operate the balanced scorecard and it is said by advocates that of about forty four percent encountered problems developing the extensive information systems needed to support the scorecard approach. The use of a large number of performance measures may also cause managers to spread their efforts over too many objectives, reducing the effectiveness of the incentive plan hence the relevance of the balance scorecard will be to a lesser extent. However, beside Balance Score Card there is also the Competitive Assessment Model where it assumes that organizations improve through a process of â€Å"rigid individualism† in which employees are ranked and rated against each other, driving performance on a comparative basis. This model sound to be more relevant to companies today in the sense that it enables companies to enhance competitiveness and aids managers in determining the key activities to address in order to improve corporate efficiency and effectiveness based on satisfying stakeholders.( Paul Watson, Dmitry Maslow and Nicholas Chileshe).This proves the point that the models from the West are relevant in the industry today.

Refining the Hr Policy Framework to Support the Vision

[pic] Growing Esteem: Refining the HR Policy Framework to Support the Vision December 2010 Table of Contents 1Introduction3 2Background3 2. 1The environment we will be working in3 2. 1. 1External factors3 2. 1. 2Internal decisions and factors4 2. 1. 3The HR policy imperatives5 2. 2Where we are now5 2. 2. 1Our current staffing profile5 2. 2. 2Current performance7 2. 3The future8 2. 3. 1The goals of Growing Esteem 20108 2. 3. 2Supporting this vision through a refined HR Strategy9 3The refined HR policy framework9 3. 1Consultation and Feedback10 Priority areas for reform10 4. 1Improvement of the performance development framework11 4. 2Clarifying performance expectations12 4. 3Align work activity to ‘work focus categories’ and link these to performance expectations13 4. 4Supporting early career staff15 4. 5Classification issues – broad banding of professional staff classifications16 5Other policy issues17 5. 1Building flexibility – Classification issues17 5. 2A ttracting and retaining highest quality staff17 5. 3Aligning performance – Probation and confirmation17 5. Investing in staff – Leadership and management development18 6Next Steps18 6. 1Governance of the implementation project18 6. 2Plan for areas of further work19 Appendix 1: Schematic diagram of the refined strategic HR Policy Framework20 Introduction We are all part of an institution with a proud record of scholarship and achievement. The University of Melbourne has a well deserved international reputation for research excellence and quality of student outcomes and we have demonstrated our capacity to innovate and lead higher education nationally.Melbourne’s international standing and research prominence has enabled us to attract fine students and staff. We seek to lead through research, to educate for excellence and to connect and contribute through engagement. Substantial progress has been made towards achievement of our vision to be one of the worldâ€℠¢s finest universities and we will need to continue to adapt and improve in pursuit of this vision.The University’s strategy document Growing Esteem 2010, states: â€Å"For the University to realise the ambitions of a refined Growing Esteem strategy it needs people who share the vision and can achieve the actions required. â€Å" Over the coming years we need to ensure that our research and teaching reputation remain among the best in the world in the face of increasing competition; to adapt our approach, to both teaching and our general interactions with students to support a greater proportion of graduate students; and to diversify our sources of revenue to support our endeavour.It is in this context that we seek to articulate our HR strategies and refine our HR Policy Framework so that we can support and develop our staff to achieve the excellence in performance that provides individual satisfaction and collectively will maintain and grow Melbourne’s standing. Thi s paper identifies the major strategic and policy issues which need to be addressed to position us for the future through a refinement of the current HR management framework over the next three years. This paper provides a blueprint for action to guide HR policy development over the next three years.From this framework, detailed policies and procedures will be specified, and there will be opportunity for staff and other stakeholders to provide further input to these as they are progressively developed. These policies will be implemented at the local level within the University and therefore the support that will be provided to our supervisors and managers who are responsible for the day to day interactions with our staff will be vital to their success in bringing about the required changes. Background 1 The environment we will be working inThe environment we will operate in over the next 5-10 years will change significantly and both external factors and the internal decisions made i n our plans will impact on the staff profile we will need to prosper in the new environment and the HR policies and procedures that we need to support our staff. 1 External factors Changes in the external environment provide us with challenges and opportunities. Increased globalisation of the higher education sector will lead to stronger competition for the best students and staff.This competition for staff will include professional staff, particularly specialists, who will also be sought after in the wider economy. Strategies will need to be implemented to attract, develop and retain the best academic and professional staff who can plan, deliver and support an excellent learning experience for students, and also demonstrate innovation and a capacity to thrive in a changing environment. Technological change will also open new avenues for both education and research and the way in which work is performed in general and aids networking.The increasing pace of knowledge acquisition will require review of the range of information taught in courses and in the way it is delivered. On the research side, funding models and the interest of governments in finding solutions to major societal problems drives greater collaboration – both in the development of cross functional teams within the University and also in increased engagement with other universities, other research bodies and industry.The national higher education policy environment is placing more emphasis on nation-building through growth in graduate outputs, job readiness of graduates, social inclusion, funding for performance, and international standardisation of award nomenclature and content. There is also greater emphasis on engagement of universities with their broader communities. All of these factors and the funding regimes which support the national policy decisions are focussed on growth, which is at odds with our chosen direction to limit growth in student numbers.The local policy framework is also influenced by continuing fluctuation in the global financial environment. The international education company IDP Education is now predicting a considerable decline in international student numbers coming to Australia in the medium term which will impact on the University’s capacity to replace lost local revenue from this source. The ageing academic and professional staff profile across the sector and within the University more specifically means that we will have to attract, develop and retain high quality staff to replace staff lost through natural attrition. Internal decisions and factors Melbourne has taken the decision to limit growth and to eventually reduce student numbers to a more stable and manageable size in order to provide the highest quality education to our students. Consequently we will need to build other revenue streams and to find ways of doing things more efficiently. We will need to be both flexible and entrepreneurial and be able to engage well with the external community. Over this time we will also significantly change our student profile, from the current ratio of 70:30 undergraduate to postgraduate students to achieve a 50:50 balance.It will be challenging to attract high quality postgraduate students in these numbers. This more mature student population will be more demanding and will have high expectations of teaching and support and of their interactions with our administrative staff. Their assessment of the quality of the teaching they receive, their overall satisfaction with their experience and their capacity to get good jobs will impact on our rankings both nationally and internationally against our competitors. The HR policy imperatives This likely future environment highlights the need to consider how together we can increase the focus on performance and productivity and ensure that each staff member achieves their goals and contributes to the University in the way best suited to their strengths and expertise. Thi s will require a strong alignment between individual goals and performance and the University’s objectives and a different approach to developing and managing performance.These changes must be introduced in ways which protect and preserve the fundamental values of the institution, such as meritocracy, collegiality and academic freedom. 2 Where we are now 1 Our current staffing profile Melbourne’s permanent staff number in excess of seven thousand, divided almost evenly between academic and professional staff and is supported by over two and a half thousand additional casual staff. Our academic and professional staff include many talented, committed and long-serving people.It is our staff, their interactions with each other, with students and with local, national and international communities that establish and define our reputation and position in the global higher education sector. Staff are employed in positions classified according to the current academic and profes sional staff classification structures, specified in the University’s Collective Agreement. In addition to our paid staff, a large number of honorary and visiting academic staff contribute to the life and scholarship of the University.Our current staffing profile has the following characteristics: †¢ We have a large number of early career academics, with approximately 60% of the University’s academic staff employed at Levels A and B; †¢ These early career academics are predominantly employed on fixed term contracts. This position changes with seniority, with the majority of academic staff at Level C and above employed on a continuing basis; †¢ In contrast, most professional staff are employed on a continuing basis, with 55% of professional staff employed at HEW Levels 5 to 7;Figure 1 : Current distribution of Academic Staff by Classification (headcount, excluding casuals) |[pic] |% Staff Fixed term | | | | | | | |Figure 2 : Distribution of Fixed term and Continuing Professional Staff by |Level A. | |Classification (headcount) |96. | |[pic] | | | |Level B. | | |71. 8 | | | | | |Level C. | | |42. | | | | | |Level D. | | |25. 3 | | | | | |Level E. | |27. 9 | | | | | | | †¢ The growth in the University’s staff numbers from 2005 to 2008 has largely been the result of an increase in casual staff numbers. †¢ Over 10 % of the University’s academic work was performed by casual staff in 2009.Casual tutors are responsible for a significant portion of teaching into new generation degrees. †¢ The ratio of professional to academic staff has remained relatively steady since 2007 and is below the average for Australian universities and the Group of Eight. This is largely because of the way the University classifies Level A and B research support staff as academic rather than professional staff unlike many other universities. †¢ Approximately a third of both professional staff and academic staff are over 50 years of age; Figure 3: Age distribution of academic and professional staff pic] Academic Staff by level [pic] Professional Staff by level †¢ Approximately 55% of Melbourne academics are male; †¢ Women make up the majority of academic staff at Level A, but by senior levels the position is reversed. Although Melbourne performs better than the sector average in terms of the percentage of women at Levels D and E and at HEW10, women remain underrepresented at PVC and DVC levels as well as amongst membership of the Senior Executive more generally.The appropriate consideration of â€Å"performance relative to opportunity† for staff with significant external responsibilities, non-traditional career paths, or less than full-time working hours remains an ongoing challenge; †¢ A higher proportion of our female staff is employed on a part-time basis than the sector average; †¢ In 2008 and 2009 over half of all professional staff positions have also been filled internally w hile 56% of self-initiated departures from the University in 2009 from this group were from staff with less than 3 years service.The corresponding percentage for academic staff for self-initiated early departure is 51%. This suggests a turnover of newer staff to the University and is a concern if these staff are of high quality and being attracted by better offers from other employers. Level A academic staff and professional staff at HEW levels 3-5 are over-represented in these departure statistics suggesting a need to provide better opportunities and support for good early career academics and professional staff; and †¢ Staffing costs per FTE are increasing at a faster rate than student load.Until recently this has been compensated for by revenue growth but as the environmental scan above shows, this may not be possible in the future. 2 Current performance Melbourne is well ranked in international rankings and we improved our position in the most recent round of the Shanghai J iao Tong and Times Higher Education Rankings. In the Jiao Tong rankings Melbourne was ranked 62nd in the world, the second Australian institution after ANU at 59th. This ranking system uses weighted scores associated with alumni, awards, citations, and publications.Melbourne scores better than ANU in the alumni and awards categories but has lower scores in each of the research categories. In the Times Higher Education rankings Melbourne is ranked first of the Australian institutions, at 36th in the world listing. A new methodology was used in 2010 for this ranking based on teaching (the learning environment), international mix (staff and student ratios), industry income, research volume, income and reputation, and citation impact. The quality of teaching within the University is vital to our students’ educational outcomes.While the Times Higher Education teaching scores for Melbourne are higher than our national competitors we have some way to go to reach the level of our int ernational benchmarking partners. The CEQ good teaching scale also indicates room for improvement. While these rankings vary and are not absolute indicators of teaching performance, it is clear that teaching performance has a significant impact on the level of satisfaction of our students. Improvement in our overall teaching performance will contribute to a more positive learning environment for our students.Nationally in 2008 and 2009 Melbourne was ranked first in the country for research income and publications however, if these measures were viewed per capita (across the total number of research and teaching and research staff), then our leading position would not be maintained. We also performed well in nearly all discipline categories in the first trial ERA outcomes gaining scores of 4 or 5 in nearly all discipline categories. Our research performance has a significant impact on our rankings and on our ability to attract research income and quality staff and students.While we s hould be justifiably proud of that performance it will be more difficult to maintain this position in the future due to likely improvements in the performance of our competitors. We could raise our position in the international rankings and maintain our premier position nationally if there was improved average performance in winning grants and publishing across a broader spectrum of the academic staff complement. 3 The future 1 The goals of Growing Esteem 2010Melbourne has articulated the outcomes we wish to achieve by 2015 in Growing Esteem 2010, including that: †¢ Melbourne will have an academic workforce sustainable in number and quality and outstanding in its achievement; †¢ Melbourne will be top ranked in all key national indicators of research excellence and impact; †¢ Melbourne will be top ranked in relation to research higher degree recruitment and outcomes; †¢ Through key partnerships we will have maximised the global impact of our research; †¢ Melb ourne will be ranked in the top five against all national learning and teaching and student satisfaction indicators; †¢ Melbourne will be providing the best graduate experience in the country according to appropriate national indicators; †¢ Staff will feel able to contribute broadly to our vision of interaction with wider society through knowledge partnership, advancement and international activities; and †¢ Melbourne will have talented, diverse staff who share a common vision and whose skills and knowledge equip them to achieve the University’s goal of being one of the best international universities in the world.As has been shown Melbourne is currently well placed in relation to some of these measures of performance, but given the increasingly competitive and global higher education environment, to maintain or improve this position will require improvements in leadership and management and to performance management and development, recognition of the diversit y of professional and academic roles, greater recognition of the efforts of our staff and innovative approaches to retaining, and nurturing the best teachers and researchers and flexible and innovative professional staff. Specifically, amongst other things, we need to: †¢ Emphasise research excellence not just research activity and improve he overall consistency of research performance and the number of high citation researchers who count among the world’s top 250 in their fields; †¢ Understand, reward and promote research excellence and creativity, provide career development opportunities and mentoring and develop a research recruitment and retention strategy; †¢ Improve the consistency of the quality of teaching and the student experience across the University while allowing for increased specialisation of academic staff in this area; and, †¢ Promote engagement activities as an equal partner to research and learning and teaching. 2 Supporting this vision through a refined HR Strategy To flourish in this environment and achieve these ambitious outcomes we will need to more actively manage our staff profile over the next five years through a refined HR Strategy. Our HR strategy must enable us to achieve the level of performance necessary if we are to be one of the world’s finest universities. We will need to: †¢ Develop our existing staff; †¢ Commit resources to attract and retain staff of the highest quality; †¢ Put in place appropriate succession planning; Provide classification structures which recognise diverse career paths and allow specialisation by both academic and professional staff; †¢ Nurture early career academic and professional staff and provide them with clear career paths in the university; †¢ Address the issues relating to the casualisation of our staff complement and the increasing proportion of fixed term staff, while retaining flexible working arrangements; †¢ Recognise and dev elop the partnership between academic and professional staff and build the ability of staff to work seamlessly with colleagues from other disciplines and institutions; †¢ Develop and recruit change-adept and flexible academic and professional staff; †¢ Enhance the support provided for the core activities of the University by improving performance of the central enabling divisions through professional development and performance review; †¢ Develop and improve systems which reward and recognise excellent performance in learning and teaching, research, engagement and leadership and in professionals disciplines; and †¢Continue to encourage diversity and address issues relating to the participation of women, particularly at higher levels of the University. These actions will need to occur in the context of managing staffing and non-salary costs. The current HR Policy Framework needs to be refined to align with this revised HR Strategy to allow greater flexibility in t he way work is organised and to support the development and performance of high achieving staff. The refined HR policy framework The refined HR Policy Framework which addresses this strategy links the following components (and is shown schematically in Appendix 1): †¢ The strategy presented in section 2. 3. 2; The necessary organisational and individual capabilities to underpin the achievement of this strategy –a commitment to excellence; flexibility and a willingness to collaborate and cooperate with internal and external partners (these capabilities were well supported by staff during consultation) ; †¢ Broad HR focus areas– these are the areas where our HR actions will be focussed to assist in building performance and include building flexibility; attracting and retaining the highest quality staff; aligning performance with the University’s objectives; and investing in staff; †¢ The specific high priority HR practices which will have most impac t on the achievement of the University’s strategy and the development of the people required for the future; and †¢ Enablers that will support reform. The enablers to support reform include improved HR support, including the provision of accurate, timely and high level advice for our managers and supervisors, to assist them in working with our staff to continue to build capability and best direct efforts towards our goal of being one of the world’s finest universities. 1 Consultation and Feedback A range of stakeholders were consulted about the refinement of the current HR Policy Framework through a number of forums, including: †¢ the 2010 Heads and Deans Conference; †¢ Senior Executive; individual and group consultations with Deans, Deputy Vice-Chancellors, Pro Vice-Chancellors, senior administrative staff and members of the HR Professional Practice Area; †¢ Academic Board; †¢ the 2010 Planning and Budget Conference (PBC); †¢ facilitated focus groups of staff randomly selected from across the University; and, †¢ a four week consultation period during which staff and unions could review the proposed Framework and provide anonymous feedback. Approximately 200 staff provided feedback via an online survey, which included the capacity to make free text comment. Approximately 60% of responses received were from Professional staff.Respondents represented all levels of the University, all budget divisions and included continuing, fixed term and casual staff. Staff were generally supportive of the HR framework. While there were some differences of opinion expressed, on the whole there was sound endorsement of the priorities that are set out in the following section. Priority areas for reform A number of priority areas for reform are outlined in the following sections. Although they form an integrated set of actions, the first are those considered by stakeholders to be of highest initial priority in contributing to indiv idual and collective performance. The immediate focus of reform will be: 1. improvement of the performance development framework; 2. larification of performance expectations; 3. alignment of academic work activity to ‘work focus categories’ and linking these to performance expectations; 4. support for early career staff; and, 5. professional staff classification structures. As these areas are the highest initial priorities for reform, this paper canvasses them in more detail. Other policy issues, including leadership and management strategy, which will also be integral to the refined HR Policy Framework are identified later in this paper. As specific policies are developed relating to each of these proposals there will be additional opportunity for consultation with staff.This consultation will be undertaken in accordance with: †¢ standard processes for consulting with staff and unions over changes to HR policy; and/or, †¢ the specific requirements of Schedule 6 of the Agreement which contemplates reviews of the i. Performance Development Framework; and, ii. the academic and professional staff classification structures. The consultation required under Schedule 6 of the Agreement will be conducted by a Working Group comprised of four representatives of each of the University and the NTEU in accordance with agreed processes for consultation and negotiation. The review process and outcomes will be implemented no later than 30 June 2011.The priority areas that received most support from staff during consultation were: †¢ support for early career staff †¢ leadership and management development †¢ clarifying individual performance expectations, and †¢ improved HR support. Unless otherwise identified, the proposals discussed are relevant to both professional and academic staff members, though some have specific relevance to one or other category of staff. 1 Improvement of the performance development framework The current PDF system is similar to those used in many other universities. Its application across the University is widespread and the incidence of participation is monitored.Effective performance management of staff allows the University to set clear objectives against which to develop and reward good performers and to identify, support and manage under-performing staff. Sound performance management of both academic and professional staff is central to the University being able to achieve the objectives and the ranking targets it has set in Growing Esteem 2010 as documented in section 2. 3. 1. Sound performance management has particular benefit for staff where it enables development needs to be clearly identified and addressed. Key policy issues relating to staff performance management in the University include: †¢ the nature of the performance management system; and, †¢ its effective application and use as a development tool. To improve the performance development framework we will: al ign performance, confirmation and promotion outcomes for academic staff so that they represent stages in a performance continuum rather than isolated events; †¢ align position descriptions, probationary criteria and objectives specified through the PDF for professional staff; †¢ develop a streamlined and simpler performance management system; †¢ set performance objectives and requirements which are tailored to the work required of the staff member and include consideration of performance relative to opportunity issues; †¢ rate performance against the different aspects of a staff member’s job rather than just one general rating; †¢ replace current performance assessment rating descriptors to reflect the relative achievement of performance expectations (e. g. he â€Å"satisfactory† rating would become â€Å"has met performance objectives†); †¢ better align the PDF with business plans and with departmental and University goals; †¢ develop more objective performance measures and greater capacity to distinguish between levels of performance; †¢ provide a higher level of HR support to provide managers and supervisors with the skills to develop staff and address performance issues; †¢ ensure that we take a fair, firm, timely and more consistent approach to treatment of underperformance; †¢ consider requiring Budget Divisions to establish a panel to benchmark and moderate for consistency and fairness of performance management across the Division[1]; and, †¢ provide a framework in which faculties and other budget divisions can develop performance management schemes specific to their area. Additionally, for academic staff we will: recognise individual strengths of academic staff in the core areas of teaching, research and engagement and rewarding staff for excellence in those areas; †¢ introduce appropriate descriptors for academic staff work functions or focus areas; and †¢ align staf f actual effort with these work functions. Aspects of this reform will be undertaken in accordance with the review process outlined at Schedule 6 of the University of Melbourne Collective Agreement 2010. Other aspects will be subject to the standard processes for consulting with staff and unions over changes to HR policy. 2 Clarifying performance expectations Clear performance expectations are essential to guide staff effort and allow staff to understand how their work contributes to the strategies and goals of the University.They also support the quality, consistency and improvement of performance and allow for self-monitoring which contributes to job satisfaction. To clarify performance expectations we will: †¢ Develop general performance expectations for academic and professional staff (e. g. The Melbourne Academic, The Melbourne Professional). These statements will specify in general terms the University’s expectations of each group and its staff as a whole (includin g broad behavioural expectations); †¢ Remove the University-wide definition of research activity and replacing this with faculty or discipline specific definitions; †¢ Set clear and measurable performance standards for teaching, research, ngagement and leadership on a Faculty basis to guide performance against which individuals can be assessed; †¢ Over time establish common performance standards for professional job families (eg finance, IT, marketing, HR, administration etc) and †¢ Align individual objectives with specific goals for the relevant budget division. This reform will be undertaken in accordance with the standard processes for consulting with staff and unions over changes to HR policy. 3 Align work activity to ‘work focus categories’ and link these to performance expectations Academic work at the University is varied, has diversified and will continue to do so. While the majority of staff combine teaching with research and an engagement c omponent, there are staff who focus solely on research and others who predominantly teach.The academic staff complement includes clinicians and specialist curriculum developers, others who focus on engagement with the wider community or on the provision of specialist services and others who have management roles. Despite the general expectation for Melbourne academics, some of these roles may not have a requirement or an expectation for a research component. There is recognition of the diverse nature of academic work in both our promotion criteria and the Minimum Standards for Academic Levels (MSALs)[2] which provide for academics to contribute to research and/or scholarship and/or teaching (that is to focus on one or more aspects of an academic career). Nonetheless, our research focus, although central to the University, may not allow sufficient recognition of academics with strengths outside this area.An alternative approach is to recognise that not all academics for various reaso ns are equally involved with teaching and research or are required to produce similar research outputs and that it can be difficult for academics to manage the competing priorities of teaching, research, community engagement and administrative duties. While recognising that most will continue to combine teaching with research and will meet expectations in both areas, within a single academic classification, staff with a primary focus on teaching or -activities other than research should be appropriately recognised in terms of this primary focus and associated outputs. The University has recognised in its objectives and targets that the quality of teaching is vital to our aspiration to offer an outstanding educational experience.This can partly be achieved by providing a strong career path for those staff who have an excellent record in teaching, or who have demonstrated the capacity to develop this and who are less focused on a research career. Teaching specialist roles have already been created at a number of leading Australian universities to recognise excellence in teaching. The teaching specialist roles require the staff members appointed to them to make a substantial contribution to learning and teaching, educational design and delivery, and educational leadership. Such roles reflect high performance in teaching and are not created to support and manage staff who are not performing at an appropriate level.During consultation, it was proposed that academic staff within the University should have the capacity to be appointed to positions with a focus on teaching or academic support/leadership based on the excellence of their performance in these areas. This proposition received broad support. Staff who are, or who have demonstrated the capacity to become excellent teachers and who have made a practice of innovation and scholarship in teaching in their discipline could accept an offer to take up a teaching-focused role. Other staff who have academic roles, w ith no specific requirement for research, could accept an offer to take up an ‘other specialist’ role.For example, staff who undertake management roles outside a particular faculty and who are employed to pursue a particular mission for the University (such as the DVC and PVC positions) would be considered part of this focus area. Academic staff within the University will therefore be identified as belonging to one of the following work focus categories based on the requirements of their role and subject to meeting any relevant requirements for the focus category: †¢ Research-focussed †¢ Teaching and Research †¢ Teaching specialist †¢ Other specialist. Appropriately for a research led institution such as Melbourne, the majority of academic staff would remain within their current teaching and research or research focused categories, with performance expectations appropriate to the relevant category and faculty or discipline.Such reform allows for the retention of a single academic classification structure, along with its ranks, levels and salaries, but provides greater recognition of the diversity of work undertaken by individuals within that classification structure. The capacity to move between work focus categories over the course of an academic career is provided for, to allow for broad and flexible careers. Movement between the groups will take into account individual performance and development needs as determined through the performance development system. Teaching and other specialist roles may be offered after joint consideration of the interests, qualifications and capacity of the staff member and the specific needs of the Department, School or Faculty.At present the University has a number of staff classified as Level A and B academic staff who are categorised as Research Only staff but who are supporting the research endeavour rather than undertaking original research. In most other universities this group is general ly classified as professional staff rather than academic. A change in classification for a number of these staff will ensure more consistent reporting between the University of Melbourne and its competitors. As previously discussed, work will also be considered at a later date around further development of the job family categories for professional staff, with appropriate expectations being developed by level and job family. To better recognise the diversity of academic work we will: introduce a new academic work focus category of Teaching Specialist to complement the existing categories of Teaching & Research, Research Focussed and Other specialists; †¢ identify academic staff within the University by work focus category; †¢ develop and apply performance expectations appropriate to the relevant category and faculty and discipline; We will also: †¢ further develop the job family categories for professional staff. This reform will be subject to the standard processes f or consulting with staff and unions over changes to HR policy. 4 Supporting early career staff We need to support the development of our early career professional and academic staff, to provide a positive employment experience and assist them in becoming productive members of staff. Graduate entry level for professional staff is most commonly at HEW5 level, and mentoring and other professional development is important at this stage. We need to be able to provide career paths for the development of specialist expertise.This emphasises the need for a sound performance development program which clarifies objectives and identifies career needs. While, when taken together, growth in fixed term and continuing academic and professional staff in recent years has been relatively modest, the percentage growth in casual staff from 2007 to 2009 is more than double this figure. The key issues for casual early career academic staff are the difficulty in establishing an academic career when there is limited certainty of employment and the concentration of casual staff at lower levels of the academic classification structures and into particular areas, notably teaching into New Generation Degrees.The New Generation Degrees will account for approximately half our coursework student load and their success will be critically important to the future success of the Growing Esteem strategy. The quality of the teaching of undergraduate students is important to, student engagement and outcomes. Improved certainty of employment for excellent staff teaching into the New Generation Degrees should be considered. Pathways for research higher degree students into an academic career also need to be improved, particularly given the need for renewal of the academic workforce. We need to recognise that casual and sessional staff, as well as research students, make a significant contribution to University teaching effort and that early career academics in general require support. To better supp ort early career staff we will: address the barriers to employing early career staff on more secure forms of employment; †¢ improve access to and quality of professional development and mentoring programs for early career staff, particularly in relation to supporting early career staff develop capabilities in relation to teaching (where relevant); †¢ employ research students as a preference for casual and sessional roles; †¢ seek agreement to create a new form of employment which provides greater employment security for early career staff; and, †¢ support budget divisions to increase the number of Early Career Development Fellowships. [3] The introduction of the proposed academic work focus categories will also provide clearer career paths for early career academics. A teaching-specialist academic category would better facilitate the appointment of teaching-specialists as course coordinators (on other than on a casual basis) to support the teaching of large New G eneration Degree subjects. This reform will be subject to the standard processes for consulting with staff and unions over changes to HR policy. Classification issues – broad banding of professional staff classifications Broad banding professional staff classification categories will improve career pathways, provide greater flexibility in staffing and aid retention of good staff. There are currently 10 classification levels for professional staff. Staff can progress to a higher classification by applying for another job which is graded at the higher level or by applying for reclassification where higher level duties are required by the work area. These options may not be available within all work areas and so high performing professional staff may seek employment elsewhere, including outside the University.In order to rationalise the large number of classification categories for professional staff and to provide better career pathways it is proposed that a new professional st aff classification structure be introduced consisting of four broad bands reflecting the level of responsibility and specialisation of professional positions in the University. |New Broad Band |Former Classification |Number of Pay Points within the band | |4 |HEW Level 10 A – 10E |3 | |3 |HEW Level 8 – Level 10 Base |9 | |2 |HEW Level 5 – 7 |9 | |1 |HEW Level 1 – 4 |9 |In order to improve the classification structure for professional staff we will: †¢ reform the structure to provide for a number of broad bands within which movement would be based on performance; †¢ reduce the number of pay points within each band in most cases with the effect of increasing the salary differential between each pay point and make movement between pay points more meaningful; †¢ develop clear performance standards for each broad band; †¢ align position descriptions with each level of the system; †¢ require movement between bands to be based on assessm ent of an application for a position in the higher band; and †¢ introduce soft barriers within the bands that staff would have to satisfy in order to progress.This reform will be undertaken in accordance with the review process outlined at Schedule 6 of the University of Melbourne Collective Agreement 2010. Other policy issues There are also other policy issues which will be included in the revised HR Policy Framework and are important to assist our current staff to achieve their potential and to help the University remain attractive to prospective staff. They will be the subject of further consultation and development through appropriate working groups. The issues identified below are grouped into the key focus areas of the Policy Framework shown in Appendix 1. 1 Building flexibility – Classification issues Policy action |Timing | |Introduce additional performance based salary points at the top of current academic and professional classification levels|2011 | |Aid attr action and retention and strengthen the link between reward and performance for level E staff, possibly by |2011 | |providing additional salary steps at this level | | |Explore introduction of a single salary spine for academic and professional staff |2012 | |Revise academic nomenclature |2012 | 2 Attracting and retaining highest quality staff Policy action |Timing | |Review and determine new reward and recognition policies , including implementing a reward for performance structure to |2011 | |recognise, reward and retain high performing staff | | |Review and revise the staff equity and diversity strategies and action plans |2011 | |Improve Workforce Planning and develop succession plans |2011 | |Review and determine new recruitment procedures to attract good staff |2011 | |Talent management program |2011 | 3 Aligning performance – Probation and confirmation |Policy action |Timing | |Improve linkages between promotion, confirmation/probation and the PDF process |2011 | 4 Investing in staff – Leadership and management development Effective leadership has a strong impact on staff satisfaction and is vitally important to the achievement of our goals.To ensure that we have effective leadership and management from our senior staff, we need to: †¢ clarify expectations of our leaders and managers; †¢ develop a broader skill set amongst staff to manage complex people matters; †¢ provide a business skills set to our managers including business planning and budgeting; †¢ incorporate greater levels of mentoring and coaching by peers; †¢ foster an open culture that embraces and supports change and diversity; †¢ provide more specialised development for professional roles; and †¢ deliver development programs differently so that skills more easily translate into the workplace. Future policy issues for consideration are listed below. Policy action |Timing | |Develop a Leadership and Management Development Strategy |2 011 | |Involving: | | |A clear statement of the nature of leadership and management capabilities; | | |Formal coaching and mentoring; | | |Processes for identification of high potential talent and accelerated development plans for high performers; | | |Quality standards for development program design and delivery; and, | | |Dedicated resourcing and funding to address any identified skills gap. | |Develop and gain agreement to a behavioural competency statement |2011 | Next Steps 1 Governance of the implementation project The further refinement of the revised HR Policy Framework will be overseen by a Steering Committee jointly chaired by the Provost and the Senior Vice-Principal. There will also be a number of related work streams each led by a project owner within HR Chancellery and coordinated by a project director, reporting to the Executive Director, HR. These work streams will draw on expertise across the University from faculties and professional practice areas. Specific refe rence groups mentioned above have also been established to rovide a forum for the further development and testing of policy and procedural initiatives and implementation plans. The Academic Reference group will specifically inform work around the introduction of academic work focus categories within the academic classification system, associated changes to the Performance Development Framework and measures to support early career academics. A Professional Staff Reference Group will similarly inform work on broad-banding the professional staff classification structure as well as the associated changes to the Performance Development Framework and other key matters for professional staff. 2 Plan for areas of further work The following is a broad action plan for the refined HR Policy Framework. Timing |Policy initiatives to be completed | |By June 2011 |Leadership and Management strategy and revised program development | | |Negotiation completed with NTEU and staff about proposed chan ges to PDF and classification structures | | |canvassed above | | |Additional support in place for managers in managing performance | |By Dec 2011 |Establishment of links between promotion, confirmation/probation and the PDF process | | |Leadership and Management strategy and programs finalised | | |Behavioural competency statement developed (with initial emphasis on Leadership and Management | | |competencies) | | |Broad banding of professional staff classification structure (subject to negotiation with NTEU) | | |Improved Workforce Planning and succession plans in place | |Career paths: | | |Program for support of early career academics (including casuals) developed | | |Review of transfer and secondment policies | | |Career paths identified within professional staff job families | | |Review of reward and recognition policies complete | | |Talent management program developed | |2012 |Review of recruitment practices complete | | |Competencies incorporated into HR processes such as performance management, recruitment and selection and | | |learning pathways | | |Consultation on possible changes to academic classification structure (for example, varying number of | | |increment points; overlapping bands) prior to negotiation of the next Collective Agreement | | |Consultation on possible revision of academic nomenclature | | |Employer brand developed to promote employment with the University | | |Revision of Staff Equity and Diversity strategy completed | Appendix 1: Schematic diagram of the refined strategic HR Policy Framework [pic] ———————– [1] The supervisor is responsible for performance management practices, however, it is envisaged that the panel is responsible for the higher level consistent implementation of performance management. Some faculties have moved to implement such practices already. [2] MSALs form part of theUniversity’s Collective Agreement [3] Early Career Development Fello wships are a new category of fixed-term employment introduced through the new Collective Agreement. The University must advertise at least 28 such Fellowships before 30 June 2012. Early Career Development Fellowships were designed to provide a more secure form of employment for Level A and B staff who are predominantly employed on a casual or fixed-term basis. These Fellowships will include a structured development program providing training, supervision and appropriate career and professional development opportunities to enable early career academics to establish an academic career.

Analzye a Scene Assignment Essay Example | Topics and Well Written Essays - 250 words

Analzye a Scene Assignment - Essay Example s highly qualified and honored general, and nevertheless he is moor, the Duke of Venice names him â€Å"the valiant Moor†, â€Å"valiant Othello† and shows him great respect. And when Brabantio brings charges upon Othello, Duke doubts about Othello’s guilt and gives him an opportunity to clear his name. Here comes Desdemona, introducing herself. From her and Othello reader figures out about their love story. To my mind, it’s also important how Desdemona’s character opens Othello’s one. We see love between these two and how close they are. Also how they care about each other. When Othello hears that he must leave Desdemona because of his general’s duty, he says: In this scene other characters continue to open too. We see that Iago isn’t only double-faced, but also mercenary. He considers Roderigo (who’s unluckily in love with Desdemona) as a purse, packed with money. Iago selfishly plays on Roderigo’s misery. And we see Brabantio – an old-fashion, conservative father, a racist, who is full of prejudices. I’ve also noticed that with this scene begins a historical background of the play. Sailor and messenger appear with controversial information, during senators and duke’s consultation and suddenly there is need of action – all that brings war’s dynamic, a particular kind of pressure on characters and gives audience an understanding how Othello’s natural environment feels

Religion and Education Essay Example | Topics and Well Written Essays - 500 words

Religion and Education - Essay Example There have been many forms of educational training programs since the colonization era and from that time many changes have been witnessed. It was like in early 16th century when the need to adapt religious learning was felt the most and it was Thomas Jefferson who latter realized that religious education was an important aspect of daily life. At the beginning of the 16th century like in 1647, the Satan Act was passed which was a tax supported structure for educating/ funding the schools. This scheme made the young people read and understand bible. This was done in the colonial America which had other important types of education systems. These were the apprenticeships, dame schools, Latin grammar schools and higher colleges. The old deluder act stated that for towns which had around 50 families had to have a teacher who would make them learn to read and write and for towns which had 100 families had to establish a grammar school for the learners. There were foundations of Latin gram mar schools as well which had teachers that were near to the minister level and these schools practiced strict discipline. Further the point was that rote memorization was a fundamental there which in today’s world is by no chance a factor that can lead to excellence as today the world is more applicative and young people are made to formulate their own themes from the past experiences (Reed, James , and Prevost, 1993).

Elements influencing Robustness of the research Essay - 3

Elements influencing Robustness of the research - Essay Example The discussion section also relates the study to back to the literature review and places the study in context. For instance, it has been identified in the literature review that the duration of showering that is considered therapeutic for laboring women is approximately 30 minutes. According to the literature and discussion of the article, prolonged showering to more than 30 minutes may put the women at risk for dehydration and hypotension; thus, enough hydration, drinking of cold water, and securing availability of an adult after showering is recommended. Meanwhile, the hypothesis was identified and supported in the discussion section. The hypothesis that women would benefit from showering within 30 minutes of showering was indeed supported as findings of the study found out that the intervention being tested would not likely to cause hyperthermia or fluid shifts. The strengths, limitations, and generalizability of the study were also discussed. Strengths include careful monitoring of the pilot study, values within the normal range, and safety of the intervention. Limitations include small sample size and failure of the participants to follow the instructions in adjusting water temperature and flow. The researchers stated that even of the study has small sample size and is underpowered, the result of the study among non-pregnant women could also be applied to the general population of pregnant women. All references are accurately cited and referenced in APA format. Olson, Wahab, Thompson & Durrant (2011) presented appropriately the findings that drives Hispanics, Native Americans, and Anglos to complete a suicide using their suicide notes (1491). The report of suicide among these races addressed what is already known about the motivation one has regarding completion of suicide. In the study, authors stated that suicide involves diverse motives

The writer can write any suitable topic relating to what he's Essay

Client Relationship Management - Essay Example It will encompass the details of the topic of discussion on how it has been leveraged by the companies to gain the competitive advantage over the others. It will also contain important industrial examples to justify the statements. The client relationship management (CRM) of an organization involves the interaction of company with its customers and other external business partners. The interactions with the clients are mostly conducted in such a manner that it leads to a long-term working relationship with them. CRM has come to the vanguard of organizational practices only since the last ten years (Ed, 2008). The terminology of CRM may be relatively new, but the underlying concept is being used for a relatively long period of time. The business houses have tried out different forms of customer retention techniques to ensure a steady cash flow and gain a strong position in the industry. However, the CRM that is commonly used today is quite different from that of the past practices. Previously, the employees used to keep track of the loyal customers by memorizing their identities and keeping track of their preferences. This process may be effective in maintaining a good relationship with the customers, leading to customers’ retention by increasing the likelihood of the customers’ return. Over time the business market scenario has changed. This is mostly because of the increased competition from newly developed firms and changing demand of customers. Customer or Client Relationship Management becomes quite difficult when the business of the company starts to grow with the increased customer base and increased product portfolio (Buttle, 2008). It then becomes almost impossible for the employees to memorize the identity and preferences of all the customers. Modern client relationship management is mostly technology driven. There are several CRM softwares available for the firms which can be utilized to track the consumers’ behavior and their purchase pattern (Fjermestad, 2006).

World Class Operation Essay Example | Topics and Well Written Essays - 1000 words

World Class Operation - Essay Example According to the report findings the main role of benchmarking is to provide the management with the necessary information and knowledge of what composes the best performance in a certain field. Superior performance is mainly connected to output, efficiency, quality and other parameters that are related to performing a certain job. Therefore, benchmark not only investigates the best practices to improve the performance in the organization but the ways to achieve this performance. As a result, benchmarking is not a process of understanding the measurements but understanding the conditions necessary to achieve the desired results, the necessary results, and competency required in order to achieve top performance in the organization. As the research declares benchmarking has an important role of enhancing transparency in the organization. This is through enabling the organization to scrap off different aspects that hinder the flow of information from one department to the other. Through information sharing, the organization is able to understand the best practices to put in place in order to improve service delivery to the customers. The level of transparency and accountability within the organization is enhanced tremendously. The purpose of benchmarking is to enable the organization to develop realistic goals and strategies that will improve the performance of the organization. Benchmarking has an important purpose of providing the organization with a sense of urgency for improvement.

Triangle Solutions Essay Example | Topics and Well Written Essays - 500 words

Triangle Solutions - Essay Example (Brain, 2011) Triangle Solutions would design this park as such that it would be entertaining for both, the adults and children. The amusement park would be designed on the concept of â€Å"Lord of the Rings†. As amusement parks already exist on the concept of Disney and Harry Potter, other successful stories like â€Å"Lord of the Rings†, should also be given due attention, in the form of an amusement park. â€Å"Lord of the Rings† being a successful story and a trilogy of movies is very well-known by all and it has fans amounting to that of Star Wars and Harry Potter. The plan of the park would be based on the map of places mentioned in Lord of the Rings. The Amusement Park would welcome its customers with the â€Å"Shire†, the luscious green mountains and valleys where the main character Frodo Baggins lived. This place would include going through Frodo’s house, and the small pubs and houses present in the valley. Here, the journey of the Shire would end. Not to mention, that characters like Frodo Baggins, Bilbo Baggins, Gandalf the Grey, Peregrin Took, and Meriadoc Brandybuck would be present too, to give a feel of the Shire. Next would be the Elven forest of Lothlà ³rien, where the Lady Galadriel who took care of Frodo and bestowed him with gifts would be present to welcome the customers. The Fangorn Forest, where Frodo meets the giant talking trees the Ents, would be the next stop to give the park a more adventurous feel, with characters dressed up as these trees. Then the customers would move on to Helm’s Deep, the dark place underground where Sauron’s Orcs would surprise the customers as they surprised the character Frodo Then the city of Minas Tirith would loom in front of the people, the city which was situated on mountainous terraces, and was attacked by Sauron’s forces. Its majestic white towers would be there to welcome the customers as

New London Airport Research Proposal Example | Topics and Well Written Essays - 2000 words

New London Airport - Research Proposal Example In UK the latest government forecasts predict a 239% change on 1995 by 2015 of the terminal passenger numbers. I t shows a requirement equivalent of an extra 3 -4 airports the size of Heathrow. The country needs to follow the sustainable development policy of its own and of EU. The required framework of aviation should reduce impact, increase growth and protect environment. (DETR 1997 as cited inWhitelegg 2000). A few recommendation suggested are: putting an environment charge based on emissions, ending of all subsidies and tax exemptions and more stringent noise and emission standards.(Whitelegg 2000) Environmental data and criteria: The London mayor is particularly optimistic about environmental safety by moving airport into the Thames estuary. It would cut noise since planes could approach the airport over the North Sea. Moreover, the Heathrow expansion would put pressure on the dense west London while there is alternative to the east. The noise has been the complaint of many residents and the levels of global warming emission gases have gone beyond EU and Environmental Agency norms (Katz 2008). Ben Stewart of Greenpeace argues that increase in number of flights from a four runway would negate the environmental benefits. He feels that new runways are new runways and we should rather think about bringing emission down by funding for railways and other low carbon emission transports. (Murray 2008). Unite, Britain's biggest union feels that Thames is not the best place due to tidal and storm surges, which can increase sea level by several metres. The noise would not be solved when airport is moved, it will only shift to another area. The resort towns of North Kent and South Essex would suffer the noise pollution instead of the population of west London. The area is also a bird sanctuary raising the worries of bird strikes causing aircraft engines and windscreens to fail (PR News, 2008).The environmental data must clearly indicate levels of CO, SO2, NOX, O3, Particulate Matter and Lead generated and their effects on coastal resources, fish and wild life, wading birds. The scientific study must also provide data on light emission and visual impacts on people around airport (Halcrow group 2003). In the light of these suggestions and protests the data needed by the minister for environment are : NOISE: The noise damages health and quality of life. It can cause sleep disturbances, psychological and mental disturbances, annoyance and can make one hearing impaired ( WHO 1993 as cited in Whitelegg 2000). The idea of new airport into Thames estuary is attractive to some planners because planes could fly over the North Sea, alleviating concerns about noise pollution and allowing it to operate 24 hours a day (Katz 2008). How many are already living in the 57Decibel or higher (for a restful life it is upto 55dB) contour of noise and how many more would be added in coming years. This aspect seems in favour of Thames estuary airport as zero population would be added by 2015. While expansion of Heathrow may add another 107000, Stansted 3000 and at Gatwick a further addition of 9000, who would be living in this noise contour if further expansion of the later three airports is allowed . Expansion of Heathr

Financial Performance Research Paper Example | Topics and Well Written Essays - 500 words

Financial Performance - Research Paper Example In this concern, the most common source of information comes from the Financial Statements of the company. Reviewing financial information helps an investor and creditor to recognize company’s strengths and weaknesses that leads to good investment strategies and financial planning. The information found on the financial statements is important to company’s managers, stock and bonds analysts, bank loan officers and to competitors. This study will use ratio analysis as a means to gain insight into the strengths and weakness of Walgreens Company. Three types of ratios will be used by this study to get into the desired information. Data will come from the published financial report of Walgreens and its competitors. First is the trend or time series analysis ratio to evaluate Walgreens performance over time. A cross-section analysis ratios will be done to establish comparison with different companies at same point in time. Last is the industry comparative analysis ratio to c onfirm the company’s ratio against the industry where Walgreens is competing in. 1. Fig. 1.

Martin Luther King Jr Essay Example for Free

Martin Luther King Jr Essay Many find it interesting to glimpse inside the lives of famous thinkers in an effort to understand where such thought and intelligence is rooted. Famous thinkers have little in common with what makes them reach their level of achievement (Goodman Fritchie, 2011). In that tone, here is a peek into the routines and rituals of Martin Luther King Jr. and Cornel West that writers, philosophers, and statesmen have depended on to keep their work on track and their thoughts flowing. Whether you need inspiration to make it through the next college semester of your bachelor’s degree, finishing up your master’s degree program, or are working on a future best-selling novel, explore the contributions to society these men have created, how their personal, social, and political environments helped with their creativity, how they solve their ideas and problems, how their ideas were implemented, as well as what they could have done differently along with comparing their creative process. Martin Luther King made many contributions to society at the most difficult time. He helped African American’s gain civil rights and equality in America. He completed these contributions through actions like the bus boycott that he led in Montgomery, Alabama. The boycott fought against city buses that refused to allow African Americans to sit in the front seats of the buses. This boycott led to a citywide boycott of the bus system until the rules were changed. He also led the march from Selma to Montgomery along with other protestors as they voiced their right to vote. Dr. King not only led marches but he also gave what is now famous speeches like â€Å"Give Us a Ballot† â€Å"I Have a Dream† â€Å"I’ve Been to the Mountaintop† that also helped with his movement. Through the speeches Dr. King had the ability to reach many in delivering his thoughts and creativity toward his movement. Dr. King also published many books like Stride Toward Freedom: The Montgomery Story, Strength to Love, Why We Can’t Wait, and Where Do We Go From Here? These books also helped with Dr. King’s movement to reach people all over the United States to see his vision. Dr. Cornel West has a passion to communicate to a vast variety of publics in order to keep alive the legacy of Dr. Martin Luther King Jr.; telling the truth and bearing witness to love and justice. Dr. West stated, â€Å"You can’t lead the people if you don’t love the people. You can’t save the people if you don’t serve the people.† Cornel West contributions to society has been monumental, he is a motivational speaker in politics, education, talk radio and even major motion pictures.

Negative Effects of Fast Food

Negative Effects of Fast Food Fast Food – The Recipe for Death What if I told you that these French fries that you are happily devouring will lead you to your death in 10 years? You will for sure consider me insane. Here are some real statistics to prove my point: according to The Telegraph, the National Institute for Health and Clinical Excellence says that each year, 40,000 deaths occur in Britain alone as a result of eating junk food and high levels of fat and salt contained in it (Smith). In 1976, an extremely satirical pop number written by a singer named Larry Groce hit the music industry. What was unique about this song was that it was not about a long lost love, romance, marriage, personal freedom or something like that. The interesting thing about this song was that it talked about the double life that many people were leading then and we are still leading today (Orel). These double lives revolve around eating healthy food some days and sneaking in junk food whenever we can and this is what is leading us fast to our early deaths. It is time for us to stop consuming junk food and start saving our lives. There are an infinite number of reasons for why junk food is dangerous for human health and should not be consumed. However, I shall focus on only the top three basic ones here. So, why should we not be eating fast food? The answer is that it contains sodium and trans fats, it causes great problems in digestion and it is a leading cause for various life-threatening diseases such as heart disease, kidney disease, liver damage, type 2 diabetes and even cancer. Although there are a number of unhealthy substances and ingredients that are used in fast foods, but the primary harmful, unsavory components that they contain are trans fats and sodium. These two compounds have the ability to wreak complete havoc in our bodies and cause a great amount of damage. Let us first see what sodium does to our body. An average adult has a minimal need of 500 mg of sodium per day (Coila). However, fast foods are â€Å"very high in sodium† (Sodium†). Our kidneys are responsible for expelling extra amount of salts from our bodies. Due to this high quantity of salt, our kidneys have to overwork for eliminating this extra salt. This in turn puts too much pressure on kidneys, increasing the possibility of kidney disease (Pendick; Stiavetti). Moreover, consuming too much salt (sodium) causes the compound to accumulate in our bloodstreams. As a result, our heart is forced to work much harder than what it actually is meant to do. This extra work by our heart causes heart disease and high blood pressure (Stiavetti). Trans fats are some other deadly substances which are created by adding hydrogen to liquid oils. The fat that is produced as a result is termed as the deadliest fat substance by American Heart Association as it can lead to strokes, heart attacks and diabetes (Stiavetti). Fast foods are known for their bad reputation for various reasons. Another reason why fast food is damaging to your health is because it is ruining your digestive system. The more you consume it, the faster it will impair your digestion. Research shows that people who eat a diet loaded with junk food are highly likely to experience digestive problems and frequent stomach upsets. Irritable bowel syndrome and GERD are the conditions that primarily develop as a result of consistently consuming fast foods (Stiavetti). Proponents of fast foods claim that fast food, if taken in moderation is not detrimental to physical health (â€Å"Healthy†). However, this concept is far from truth. Fast foods are mostly deep fried. The oil contained in them deposits in the stomach and causes acidity. They are also very spicy and cause excessive irritation of the stomach lining. Furthermore, they also do not have appropriate amounts of fiber which is important for proper digestion (Rupavate). Finally, the one main reason why we should say outright no to junk foods is that they have the power to cause our death way earlier than it is meant to happen. The intensity of the risk that it puts our bodies to is difficult to put into words. First of all, it causes severe fluctuations in the body’s level of blood sugar, thereby putting our metabolism to excessive stress. Moreover, the increased amounts of sugar require pancreas to produce greater amounts of insulin to protect the body from experiencing a sudden spike in blood sugar levels (Rupavate). Junk foods do not only have an adverse impact on our digestive systems. It also badly affects our brain functions. According to a study published in ‘Brain, Behavior, and Immunity,’ eating fast foods for one week is more than enough to cause impairment in rats’ memories. Similar studies conducted on animals prove that junk foods contain fats that can hamper the ability to acquire new skills. Similarly, junk foods also lead to serious life threatening diseases such as kidney and liver damage, Type 2 diabetes and in severe cases, even cancer. Something worth mentioning here is the reason for why it is difficult for us to say no to fries and other junk foods. As these foods are high in processed salts, it increases the amount of enzymes being secreted and also increases salivation. This can also affect the kidney function adversely (Rupavate). Cancer is also propagated by over consumption of junk foods. According to a research published in European Journal of Cancer Prevention, people who consume a lot of junk foods high in fat and sugar are at risk for developing colorectal cancer. A similar study conducted at the Fred Hutchinson Cancer Research Center revealed that prostate cancer was common among men who indulged in fried foods more than two times in a single month (Rupavate). Then, we shouldn’t forget obesity which is the mother of many illnesses like high blood pressure, stroke, Type 2 diabetes, coronary heart disease, reproductive disorders, sleep apnea, osteoarthritis, gallstones and cancer (â€Å"Health Risks of Overweight and Obesity†). It is a known fact that consuming fast food contributes to weight gain. One fast food meal can have 1,500 calories alone, while we need 1500-1800 calories in a day (Muntel). Though, all of these realizations are shocking, but not to those who have actually experienced the side-effects of fast food. After coming to America and being away from home, I got hooked on fast food. I started gaining weight and felt lethargic all the time. Movement became difficult; I felt out of breath after little exertion. So, it started affecting the quality of my life. Luckily, I recovered in time; started cooking at home and saved myself. Thus, these shocking realizations call for some serious changes in government policies and food production, so that healthy lifestyle changes could be encouraged, and the horrendous amount of saturated fat and salts that the world consumes could be significantly reduced. These steps would lose weight if taken only on governmental level. It is useless to hope that anything would change unless we as individuals understand the severity of the situation. It is time for us to take control of our lives and start today. It is we who choose how we are going to fuel our bodies. It is our responsibility to protect our lives and those of our loved ones and junk foods are not giving us life, but leading us to our untimely deaths.

The Nature Of Reference Group Influence Marketing Essay

The Nature Of Reference Group Influence Marketing Essay Referent power plays a very important role in marketing communication, following report look in to different influences groups and referent power. How referent power affect one. How affective a referent power is? How a marketer can use it to his advantage. What are the factors which make referent power effective? Different theories have been discussed. This report will be looking critically on evaluating the role of referent power in marketing, evaluate the role it will play in future, and provide a future marketing plan. This report of Referent power and why it can be a potent force for marketing appeals was written as a final assignment for the Consumer Behavior module. Humans are social animals and they always looks to other for appreciation, they want acceptance in the social circle. They identify themselves with some groups and consciously or subconsciously they imitate members of the group to fit in. They try to imitate those qualities by copying the referents behavior. What we think of ourselves is influenced in our social interaction by the reaction of others whose values we share or judgment we respect. Our attire, vehicles we use and career make statements about us, and our behaviors and lifestyles are the presentation of ourselves to our influence groups. By wearing a particular brand T shirt bring us closure to our group. Advertisers have different task while creating a promo or advertising depending on what are their target segment. Marketers use all three major influencing groups before launching a campaign. There are three form of reference group; Informational, normative and identification When an individual is not sure he uses the behavior and opinion of reference group members as potentially useful bits of information and try to copy it. In this case individual may have similarity with the other members of the group or expertise of the member group. So a person sees members of group using the same brand of tea he may decide to try same for Himself because he has evidence that it may be a good brand. Ads which wants to use informational power will quote something like they used it will you? Intelligent people like only one thingà ¢Ã¢â€š ¬Ã‚ ¦ REFERRENT power is the power of prominent people to affect others consumption behaviors by virtue of product endorsement ( 50 cents for Reebok)(Pic 1.1), distinctive fashion statements On the cover of US Magazine today. Celebrity Baby Jessica Albas little princess, Honor Marie Wearing Ooh La La Mamas FLY SPIRIT onesie). or championing of causes. Campaign began with identifying three major sports figures who had a connection to lung cancer (Troy Aikman, Joe Buck, and Cal Ripken, Jr ( Pic 1.2) To understand this mechanism an example is helpful. Suppose there are two restaurants and a group of people on the street outside deciding which one to eat at. The most well-informed individuals (those with higher precision in making these types of decisions) will decide first and everyone will see some people start to line up outside of one restaurant. If the others know this person is of higher precision (and even if they dont) a few people will follow their lead and join the line. Each new person who lines up outside of the restaurant sends a signal to the rest of the group (and in particular their friends and family) that this is the restaurant to pick. The more people who follow the signal, the stronger it gets and you have an Informational Cascade. Pic 1.2 The idea is presented in rigorous detail in a paper called Theory of fads, Fashion, Custom and Cultural Change as Informational cascades written by Sushil Bikhchandani, David Hirshleifer and Ivo Welch and published in 1992. To paraphrase: An informational cascade occurs when it is optimal for an individual, having observed the actions of those ahead of him to follow the behavior of the preceding individual without regard to his own informationà ¢Ã¢â€š ¬Ã‚ ¦ The prediction that a low-precision individual imitates a higher-precision predecessor is consistent with the evidence of numerous psychological experiments demonstrating that a subjects previous failure in a task raises the probability that in further trials he will imitate a model performing the task (see Thelen, Dollinger, and Kirkland 1979, p. 146)à ¢Ã¢â€š ¬Ã‚ ¦ Reference group doesnt have equal power for all types of products and consumption activities. Question is does consumers search rationally or it depends on NEED It has been seen that search is more in consumers who are moderately knowledgeable, when the product is low in perceived risk. There are two dimension that influence the degree to which referent power can work they are whether the purchase is to be consumed publicly or privately and whether its luxury or a necessity. Referent has more power over purchase which re for luxury rather than necessity and second important place where we can see the referent power is when the purchase is socially visible to other(William.,O, et al,1982) Referent power is inferred to the influencer by their subordinates. Project team members who have a great deal of respect and high regard for their project managers willingly go along with decisions made by the project manager because of referent power. If one admires the quality of a person or a group will try to imitate by copying referent behavior Prominent people celebrities can affect peoples consumption behavior by virtue of product endorsement, fashion statements or championing cause . referent power is important to many marketing strategies because consumers voluntarily change to please or identify with a referent 3.2. Normative influence Also known as utilitarian influence, occurs when an individual follows group expectation to gain a direct reward or to avoid a sanction ( Fischer et al, 1998). You may purchase one brand of beer to win acceptance by a friend or wont wear one particular brand for of teasing by friend. This influence is directly related with the bond of a person with its group Strongest the bond strong will be the influence. Mostly younger consumer are powered by this influence. A teenager starts smoking under this influence. 3.3. Identification Influence Also known as value-expressive influence, occur when consumer has adopted all values and attitude of group and identify himself with the. Here to influence advertiser will show the brand being used by socially active group It has been seen that teenagers and young one get influenced by this groups as they live under peer pressure(Auty,s.2001) You will hear in super market a child convincing his mother to buy a particular brand of cereals cause His friends use it , or a particular brand of shoes because his friends told him they are the best. It is these influence which leads them to cigarettes alcohol consumption influence as well. These influences can be used directly or indirectly by the marketer. Many researcher have researchers have come to conclusion lineage is also a very important factor where mother daughter and sisters will use the same brand and will have same shopping pattern (Miller, 1975; Moore-Shay and Lutz, 1988). .4. Celebrity as a referent power in advertising Celebrities like movie stars, sports person, Television stars help grab attention and communicate easily with consumers who admire them or wants to be like them. Its also known as ubiquitous feature of modern Marketing ( Mc Cracken, 1989), and approximately 20 percent of all promotions and advertisement uses use some type of celebrity endorsement (Bradley, 1996) . Marketers spends huge amount of money on celebrity contract on the belief that celebrity are effective spokesperson for their product or brand. Its very common that one celebrity becomes identity of one particular brand or product but in some cases more than one celebrity are being used. Like Pepsi uses superstar Shahrukh khan for his brand promo. Selection of a celebrity is very important characteristics of celebrity should match up with the brand to communicate effectiveness.( Kahle, Homer, 1985),Some companies used multiple celebrities to communicate. In the context of celebrity endorsement advertisement consumer may ask whether endorsers are promoting the product because she really believe in it? Or just because she has been paid to promote it. Its the attributes of celebrity which should match with perception of consumer. Thus sometime using multiple celebrities to endorse the product may help the product to reach the consumer (Mowen and Brown, 1981). Market also assumes that to reach target audience the celebrity should be like the consumer. Celebrity should have credibility attractiveness, Integrity and the main thing Plausibility he/ she behaves as referent influence, if referent Is not plausible it will not be effective . Here referent will be effective and will hold power by their influence as they are aspiration ass ociate group. Celebrities with a bigger Halo will have bigger effect. Despite more and more celebrity are pitched in, many commercials using celebrity endorsers do not live up to the expectations (Miciak and Shanklin, 1994). However, if used appropriately, celebrity endorsers can play a very important role in developing brand equity and enhancing a brands competitive position. Like Andre Agassi fits well with, and enhances, the image of Canons Rebel line of cameras. And Nike and Michael Jordon are synonymous when one thinks of Jordon they think of Nike, they have become part of each other. Before endorsing a product with particular celebrity marketer should do research that how well the celebrity and the brand belong together and how celebrity represent the product.. If there is great ease and relation of brand an d celebrity they get more quickly develop an association. 5. Degree of Reference Group Influence If one sees critically around us we can clearly sees that consumer does not decide abruptly. Referent power of any kind is always playing at the back of his mind. It suggest that rational persuasion, inspirational appeals are effective in influencing final decision(Farrell and Schroder(1996).while the influence of personal appeals, coalition or any kind of pressure were ineffective in any decision outcome( Case etal., 1988). So one can say that things which does not personally appeal or internalize favorable attitude one are not effective or will not have a very strong motivation in buying behavior. As it is well said Power is the ability to effect change (Kohli and Zaltman, 1988.,Ghoneim, 1987) These influencing power can be used by marketer A number of authors have well said that power is the ability to effect changes. Conversely, power bases depends on the characteristics of an individual that afford Referent power will have different impact on different people in different situation, or may be the category of the product used, or the brand used As the purchase is done to influence the group, the product or brand should be visible, for example product like watch, shoes, here product category ( watch), and brand (Swatch) are all visible. The consumption of some tonic is private .Referent power is quite visible when the product is visible to the group and he get accepted or appreciated in the group for his buy. High involvement Low involvement Significant Differences between brands Complex buying behavior Variety- seeking buying behavior Few Differens between brands Dissonance-reducing Buying behavior Habitual buying behavior (Table 5.1) If the need is high there is less power of referent for example when one want to buy a microwave. Reference group influence will be higher if one wants to buy things which is less necessary e.g. in buying clothes or in simple words on can say that decision to buy toothpaste tennis racket, a personal computer, a refrigetor are all very different. Expensive and complex purchase or things which involve more knowledge involve more participant and more suggestion from peer are taken.( Table 5.1)( Henry 1987) Relationship, bondage of of an individual with the group is another very important criteria which can affect on purchasing decision. More one feels committed to the group more he get influence by the referent power . One will be more careful when in dressing up when joining a group whom he wants to influence than when he wants to go for dinner with group he doesnt feel related or committed. It also depends on activity in which individual is involve with a group , How relevant is the activity for example going for office dinner is more important than going out with your friend for a match. There is clear evidence that individual differ in tendency in getting powered by influence (keillor et al,1996)Reference influence is also related to a reward or punishments, reward may be in the form of acceptance in the group, promotion gain trust with your peer and punishments may be in the form of rejection or hatred. In preteen group it may be severe and of social consequences. So to it can be said that referent power should have authority to implement both. We can still argue that referent power should not misuse legal power or illegally pressurize as he might use credibility Refrent power is someone which is look upon by individual and if it loses credibility and trust power will be gone. So we can say that the greater the referent power, the lower the use of legitimate pressure (Farell et al.,1999). In this context its interesting to know about the balance theory (Heider, 1946) Every individual have some preconceived ideas and perception which remain at his subconscious level. And while purchasing it plays a very important role. The greatest power one has over other is when one is sufficiently intimate to permit other to facilitate, because the relation between influencer and consumer is cohesive. Referent power involvement Lets take an example I want to purchase a very expensive notebook I have seen advertisement of Dell, hp and Acer now I m confuse I want to buy something g which is very important but I dont have much knowledge what will I do I will not just go an d purchase it from the counter I will go to one of my friend or family member who has knowledge about it I will involve his opinion. But if at the same time I m hungry and I want to buy a packet of biscuit I will just go to the supermarket and choose any packet or may be the one I have been using from the shelf I would not involve others and take opinion from others for purchasing a pack of biscuit. So opinion leader are needed where there is high purchase involve with no knowledge of product while when low purchase involvement is there I wont take any opinion even if I have less knowledge( Table 1.1) PRODUCT/ PURCHASE INVOLVEMENT Product knowledge High Product knowledge Low HIGH Moderate High Low Low Moderate (Table 6.1) Consumers, especially gen X, tend to follow their peer what they feel trendy and worn by the `in crowd (Agins 1999; Spiegler 1996). Here we can see their deep-seated willingness and thirst to belong, often becoming image- and brand-conscious consumers. Now `what is trendy is what they drive from word-of-mouth communications. Retail Entrepreneur of the Year, Anne Yuri Namba, has found to be quoted as that her home business was initiated and stimulated entirely by word of mouth. As her fame spread, so did the demand for her unusual, highly distinctive fashions (Chain Store Age 2000). Marcus (1999) reported that word of mouth plays an very important role along with demographic information when decisions are made in the fashion industry. One can say, fashion demand may be generated by the simultaneous presence of local externalities and word-of-mouth communication (Corneo and Olivier 1999).Individual sharing information about with other highly target consumer plays a very critical role o n consumer decision and market success. Our friends and relatives are the main source of information, when we are in group we observe their styles, what product they use or by directly asking the opinion. One research shown that half of American agrees that that they often seeks advice of others before making any purchase and 40% feel that people come to them for advice. (Walkes, p 40). The internet has changed the term a little now it can be called Word Of Internet. Where one seek advice from a complete stranger. There are some individual who actively filter, interpret, or provide brand or product information to their family and friends, They are called opinion Leaders they play very strong referent power influence over other WE just cant credit only referent power involved in purchasing decision of an individual we cant pass anything to them making it look like their group or brand image Research have shown that decision to purchase particular product is also influenced by the image and credibility of the companies that market and manufacture consumer products (Lafferty and Goldsmith 1999). If the company is positively portrayed, and has a good image consumers generally maintain a positive disposition toward the company and its products. However, if the company has some rumor some ethical or cultural issues in the backyard , less favorable feelings may subsequently influence whether consumers decide to purchase the companys products (Lee and Bernstein 2000; Ligos 1999). How Much Does It affect During 1996 one rumored was spread about Tommy Hilfiger, stating that company had made some bad remarks African-Americans and Asian which were their core clients. The rumor was mostly on internet. Hilfiger websites denied the rumor completely and there was call to was call to boycott Tommy Hilfiger clothing, especially in the African-American. T The strength and persistence of the strength of rumor suggested that it will affect the sale of brand in African-American market African-American magazine telling them not to buy who doesnt respect ( Graves 1998) here the referent power was internet, mouth to mouth and magazine community, the whole impact was studied and recorded( kImberly 2001) One implication of these recordings was that the staying power of the rumors had eventually harm sales of the Tommy Hilfiger brand in a core target market. Wall street Journal article reported a 28 per cent decrease in sales for the Tommy Hilfiger company (Agins 2001). Company denied the rumored took African-American model and try to recapture the market and used integrated marketing scheme strategically. In retail market consumer is very important and referent power play a very important role Thus retail clothing market should take careful measurements to track their image all designers, regardless of popularity, must follow up their image a nd communications with their consumers. In one of the similar case Reebok has been forced to clarify itself for more than a decade against a rumor that company produce its products in South Africa and supported apartheid ( Turnet 1992). Initially company didnt take much notice and didnt think much of it but later company suffered protests and boycotts and then company has to come out its forceful campaign `Reebok is NOT in South Africa (Kazi-Ferrouillet 1990). And till now company addressed the issue on its website (Reebok.com) Referent influence has been examined in the context of consumer vulnerability to interpersonal influence (Bearden et al., 1989) where influence is the extent to which an individuals consumer choices are influenced by other people. In impulse buying its the cognitive behavior which is seen where a consumer cannot get the information from any one so He doesnt come under informational power but high level of normative influence comes in existence and affect the purchase decision, thus we can say that normative consumer susceptibility to interpersonal influence is positively related to the affective component of impulse buying. When will it effect We have to understand stages in purchasing decision of a buyers Information search Refrent group Internet search promo Check option Pricing Brand image Purchase decisions He decide to purchase Need Awareness May be prompted by marketing Post buying behavior, Reinforcement from media friends (Diagram 8.1) Stages of Consumer Buying Behavior 1. Need Awareness: A need may arise or been establish by promotion of a companys marketing. Refrent power here may or may not be very influential 2. Information Search: Buyers search and ask Internet has made research easier for buyers. He may read on websites of different company .Here referent power play a very important role. As he is seeking the information company may use its influence with promos, handout an updated websites or trial samples distribution 3. Check Options: Once information is collected customer will evaluate all option he will search for price and company credibility.. 4. Purchase Decision: The last step just sell and close the deals at this moment any influencing may harm. If he is still hesitant u can still recommend and help your buyers for the best deal .5. Post Buying Behavior: Todays marketer knows very well that to keep loyalty of a customer is very important as now he himself will be a referent power over the other potential buyers. Even at this stage any negative reinforcement will bring remorse and he may not recommend it to others. Influence of referent power also depends on at what stage is a brand once a brand mature its brand image itself is good referent power but at introduction stage a company needs good referent power. 9. Conclusion Referent power is very effective in certain cases and marketer should use that power but at the same time they should keep in mind that for that power to be influential they have to keep certain points in mind Referent power to be effective should bring a connection with the consumer, or he should look up to it or relate to him Message used by referent power should be used as simple as possible it should not be complex or confusing Celebrity power will be more effective if used repeatedly as it strengthen the relationship of brand with that celebrity and so it brings trust in the target audience When choosing a celebrity marketer should be careful that he is already not strongly associated to some other brand or services, but nothing comes without a drawback. If celebrity or your referent power get into negative publicity it brings down with him the product. A wrong selection will tarnish the whole image Referent power is effective if your target audience is young and not much knowledgeable about the brand or product. Its more affective on one who does not have much knowledge and have low self image It so one can say its most effective with children. Referent power does not only influence at the time of purchasing but also post purchasing as after purchasing a product Consumer look at his influence group for appreciation and even any negative comment at that stage will disheartened him and He may not buy the product again A company should not try to play its own trumpet but can bring trust and credibility through awards, media or testimonials of other customers Make a purchase an happy ending for him offer him warranty period or an extended trial period will help in Him becoming a potential referent power over other buyers