`` Death Of Discourse `` By Ronald K. L. Collins And David...

Two law professors, Ronald K. L. Collins and David M. Skover, in their novel, Death of Discourse illustrate the near tyrannical pleasure that Americans live under and the effects of this bliss in dulling the intellectual values of communication. Collins and Skover’s purpose is to enlighten the audience of how America’s glorified first amendment is warped into a means of blinding the public of society’s malfeasance. The two take on an edifying and forthright tone in order to allow the readers to gain clarity on how the media is warping american society; to show americans just exactly how the first amendment is misused. Collins and Skover starts the piece by defining discourse and relating it back to the works of Aristotle, a greater allusion to the systems of communications in the past, as well as they describe America’s current interpretation of discourse through it’s personal interpretation of free speech. The authors state, â€Å"To communicate with uninhibited liberty, to talk in the vernacular of the popular culture, to express that culture’s tastes, is the way of free speech in America.†(1) In painting this picture of a typical american’s use of free speech, the authors go against their previous depiction of Aristotle’s beliefs, which were the use of expression for some greater means or establishment of character. Having these two contrasting ideals defined supports their ideal of america’s misuse of their First Amendment. Effectively, by providing the allusion to Greek

Asian vs the Middle East English Language Skill and Confidence Term Paper

Essays on Asian vs the Middle East English Language Skill and Confidence Term Paper The paper â€Å"Asian vs the Middle East English Language Skill and Confidence" is a motivating example of a term paper on English. Language is the medium of communication between two parties. For any message to pass through the two parties must have similar communication skills. Globalization has triggered the need to have a common language for people to communicate effectively. Language has therefore crossed borders and most people have studied foreign languages (Dash, Jung, 2005). The English language can be said to be one language that has been widely spread throughout the world and is spoken en-mass. This has included trade and regional groupings.For a rich language the practice makes perfect and though one is taught then practicing the use of the language will help the individual in mastering it. In order to bridge the gap in communication one language has to be taught to the populations for effective communication. Learning a second language makes a person more confident and proud thus it is important. In these two regions, English has continually been used as a second language since most of the other languages never apply beyond borders (Widdowson, 2003).Whichever dialect of English that one speaks it must make him/her communicate effectively in skill and be confident while using it (Wakelin, 2008). The history of English may be long and complicated since it was believed to be spoken in west-Germany from the dialect of Anglo-Frisian and Old Saxon but was later brought to Britain. English since then has been portrayed to be from the British (Wakelin, 2008).The use of English in other parts may have been spread since the colonial period with most colonies of English speaking nations picking on the language as the dominant official language. Some of these countries are India, Ireland, Singapore, Canada, New Zealand, Philippines, among others.The English language in Asia has been spoken in several dialects which include Burmese, Hong Kong, Pakistan, India n, Malaysian, Philippine, Singapore, and Sri Lankan English. In the Middle East, most of the English is Arabic English (Arabish), Japanese (Japlish), South Korean (Konglish), and Russian (Runglish) which are mainly a mixture of other local dialects and English (Louise, 2005). The English language is a lingua franca of Asia and the Middle East and its use by a majority of the population needs to be effective so as to be confident and skillful in aspects of politics, ideologies, intellect, social, cultural, and religion (Robertson, 2005).This research focuses on the English language in the Asian and Middle East regions and how it has been furthered and its impact on the people’s confidence. It aims at identifying differences in culture regarding English language skills and confidence in that skill. This project will test the hypothesis: â€Å"that university students of Middle Eastern cultural background have higher confidence in English skill than Asian background university students and that Middle Eastern university students have poorer English grammar skills than Asian university students†. The project will ask the students how they feel about their English skills and then test them to test this hypothesis.Literature ReviewEnglish has proven to be indispensable as a language for international and international communication throughout the globe. According to Acar (2005) in Asia English remains used without other compromises, for example, in Southeast Asia, the language is the lingua franca for the region of ten states of ASEAN (Association of Southeast Asian Nations). Due to this and other uses of English the English language teaching community globally has tremendously increased programs to sponsor English training.

The Humanity Of Inhumanity In Grendel, By John Gardner

The inhumanity of humanity is an intriguing paradox explored by John Gardner in his 1971 work, Grendel. Little is definitively known about the physique of the novel’s eponym, Grendel, but he is portrayed as decidedly inhuman; Grendel dwells on the skirts of humanity, in both a literal and figurative sense. While not human himself, Grendel experiences an incessant urge to explore humanity and the communities that compose it, including the Spear-Danes tribe. Through Grendel’s observations of human culture, he develops an understanding of his own monstrous stereotype. In Chapter 6, Grendel finally succumbs to the expectations put forth by human society, which closely parallels the approach taken by Unferth, a celebrated Danish warrior.†¦show more content†¦Gardner emphasizes Unferth’s preference to end his life rather than fall short of his tribe’s heroic standards for him, to convey the inarguably harmful, and potentially fatal, effects of striving to exemplify society’s expectations. Gardner has Unferth immediately promote his epic persona, when meeting Grendel: â€Å"tell them in Hell that Unferth, son of Ecglaf sent you, known far and wide in these Scanian lands as a hero among the Scyldyings† (82). Unferth’s command to â€Å"tell them in Hell† reveals his primary motivation: to spread his heroism, both in the â€Å"Scanian lands† and the underworld. Gardner strategically places Unferth’s self-assured declaration at the beginning of his encounter with Grendel, to efficiently express his core rationale. Gardner contrasts the bravado of Unferth’s initial assertion with the cowardice of his subsequent appeal to be killed by Grendel: â€Å"‘I’ll kill myself,’ [Unferth] whispered. He shook violently now. ‘Up to you,’ [Grendel] answered reasonably, ‘but you’ll admit it may seem at least a trifle cowardly to some’† (90). Un ferth’s threat evidences his inclination to commit suicide, in order to avoid returning to his tribe defeated. Additionally, it indicates that Unferth, the â€Å"hero among the Scyldyings,† cannot bear to be labeled a failure, as one loss might overwrite the legacy that he has constructed. In failing to battle Grendel, Unferth would fail to preserve his persona—heShow MoreRelatedAnalysis Of Grendel By John Gardner926 Words   |  4 Pagesshows that all assumptions are put to questioning. In the novel â€Å"Grendel† , written John Gardner, We really start to look into the personal thoughts of what most of us would consider a monster. It shows the constant battle of thoughts and feeling going on in his head and hows those thought ties to how he observes the â€Å"wasteful, greedy, and brutal creatures† of which we would know as mankind. In looking at the bigger picture, Grendel is more human like than monster because of how he thinks, sees, observes

Developing Marketing Strategy For Starbucks

Question: Discuss about the Developing Marketing Strategy for Starbucks. Answer: Introduction The report would discuss the marketing strategy of Starbucks through the analysis of 5Cs of the company. The 5Cs would comprise of Company, Customer, Competitor, Collaborator and Customer Requirements. The report would further discuss how Starbucks has maintained its brand image in the changing business environment through its adaptability and innovation. The report would develop a marketing strategy to enter a new potential market with its new product, value proposition and a brand positioning statement. Finally, the report would develop marketing tactics for Starbucks through 7Ps of marketing mix. Starbucks Company Profile Starbucks is a premier coffee company with its coffeehouse chain all over the world. It is a US based company with its operating stores located in US, China, Canada, Japan, South Korea, UK, Australia, India etc. Starbucks has been able attract its customers through its premium quality coffee, affordable and luxurious infrastructure, customer engagement and innovation and adaptability (Starbucks, 2016). Starbucks mission is to inspire and nurture the human spirit one person, one cup and one neighborhood at a time. (Starbucks, 2016). With its every cup of coffee, it thrives to bring an exceptional experience to life (Starbucks Australia, 2016). The company assures that it delivers the best quality of coffee by maintaining the sourcing of coffee beans. The mission clearly signifies that the company believes in creating a great experience through its premium quality services and luxurious ambience (Reinhard, 2016). Starbucks effectively uses relationship marketing through social media and Starbucks idea website. It employs 5R marketing strategy approach through social media marketing for continuous customer engagement. Recognize, Relevant Offer, Reveal, Redeem and Reward is the 5R strategy approach which helps in attracting its customer through exciting and amazing offers (Simon, 2009). Starbucks provides a unique Starbucks Customer Experience through its great execution of services and luxurious infrastructure (Starbucks, 2016). Since its inception, it has been evolving its marketing strategies to develop a personal relationship with its customers through its rich caf experience (Yeshin, 2012). Initially, Starbucks started its business operations through selling coffee beans and equipments which was evolved with the idea to sell coffee and espresso drinks. The products of Starbucks include different flavors of coffee and tea such as brewed coffee, caffe latte, cappuccino, caffe misto, chai tea, tea latte, English breakfast tea etc. Its iced beverages menu includes iced Americano, iced caff mocha etc. Apart from beverages it also serves fresh food such as cakes and pastries, sandwiches etc (Schultz, 2011). Coffee industry is one of the growing industries in Australia and has grown over the past five years. There are many players in the industry such as Dunkin Donuts, Seattles Best, Folgers etc. Starbucks has shown its authority over the other players through its premium pricing policy (Schultz, 2012). Analysis of 5Cs of Starbucks Strength of Starbucks The strength of Starbucks is that it has built its strong brand name over the years and has been able to maintain its loyal customers through that. The company has created its extensive global supply chain all over the world though its increasing loyal customers. In spite of companys increasing prices, it has been able to attract customers from all over the world. Apart from that it is also able to maintain its business through diversification and acquiring subsidiaries. Its innovative and adaptive marketing strategy allows it to engage its customers (Yeshin, 2012). The key resources of Starbucks are manpower and retail store. Manpower: Starbucks has very well employed its manpower by accumulating well trained employees in the company. Every single employee from the level of front staff service to the manager level staff is trained (Schultz, 2012). Retail Store: Starbucks has its retail stores operating all over the world. The strategic location for a retail store is an asset for the company which has allowed to company to dominate over the coffee industry (Percy, 2008). Apart from the above resources, companys brand name adds to its value in the market and has allowed building a sustainable business model. Its unique Starbucks experience concept combined with its innovative marketing strategies such as Starbucks idea has maintained its brand equity through continuous customer engagement (Percy, 2008). Weakness Starbucks employs premium pricing policy which only attracts high class consumers and the remaining low class consumers which comprises of a large population is left out. The products of Starbucks are generalized which does not allow market penetration. It does not use the concept of the country or the city to attract the customer rather employs a generalized corporate concept which can be easily copied by other organizations (Simon, 2009). Opportunities Starbucks has its coffee chain across the globe but still it has scope for further expansion in Asia, Africa and the Middle East. Through product diversification and adapting the cultural values of the respective region, it can expand itself in the location of Asia which has great future prospect in terms of companys growth. This would give company a competitive edge over its competitors. Further, it has scope for partnering with other firms or making joint alliances is also a considerable option (Simon, 2009). Threats Starbucks premium policy allow to serve only high class consumers, the remaining low class are served by its competitors such as Dunkin Donuts, McDonald etc. Starbucks faces tough competition from its competitors and finds it extremely challenging to attract low class consumers (Simon, 2009). Customer Analysis Starbucks key customers are high class consumers who are not price sensitive and are not affected by the price hikes of the Starbucks. During a recession or severe crises, they do not bother to pay high price for a coffee. They rather find it very affordable due to its luxurious environment and infrastructure (Conlon, 2015). Though, Starbucks has also started serving low class consumers through its low priced products. Collaborators Starbucks sources its raw material from suppliers and farmers who grow and produce these products. This is the best method of sourcing because it maintains the quality of the product and maintain long term sustainability of the premium products that Starbucks offers. The Arabica coffee, cocoa, tea or other manufactured goods are all sourced from these suppliers (Starbucks Australia, 2016). Starbucks has designed its multiple distribution networks very strategically in order to reach a wider market. Starbucks has its own retail stores all across the globe through which the company imports and processes coffee and sells it under its own brand name. Starbucks also supplies its product to supermarket and groceries. Apart from that its products are supplied to hotels, airlines and coffee suppliers (Conlon, 2015). Competitors Its competitors are Dunkin Donuts, McDonalds, Costa Express. Starbucks faces tough competition from them because of their low prices. They are able to attract low class consumer which comprises of a large population. The coffee industry has low market entry barriers and thus, there is always a threat of new entrants to the industry. Though the probability of new entrants is high, Starbucks would not be affected by them because of its strong brand name in the coffee industry (Groth Lubin, 2011). PEST Analysis Political Factors The political factors include adhering to the laws and regulations of the country in terms of sourcing raw materials so as to not violate any social or environmental norm. The other political factors can involve tax policy and employment laws of the country (Schultz, 2012). Economical Factors The great recession is the key economic factor and has declined the sales of Starbucks because of the customers switching to other less expensive options. Apart from that the labor and operational costs are also rising continuously. Other economic factors could be taxation, exchange rates of local currency and the environment of the country (Groth Lubin, 2011). Socio-Cultural Factors The socio-cultural factors refer to the changing lifestyles of the people and their changing buying behavior. Starbucks would have to degrade its quality in order offer less expensive products to the customers. Then there are green and ethical chic customers and Starbucks would have to make sure that its products align with the customer requirement (Sokolowski, 2013). Technological Factors Starbucks adaptability approach has allowed it to enjoy the benefits of emerging technologies such as social media, smart phones, iphones etc. It internet facilities in the retail stores gives it an edge over the competitors. The other technological factors are emerging innovative technology, agricultural development and developments in the biotechnological fields (Schultz, 2012). Legal Factors The legal factors could regulations for product safety and employment regulations. Product safety regulations by the government are beneficial for Starbucks as it would help it to maintain its product quality. On the other hand employment regulations could pose some restrictions on Starbucks access to labor market. Environmental Factors Environmental factors are maintaining a sustainable framework, taking responsibility for sourcing of the material and promoting products which are eco friendly. All of them are beneficial for Starbucks and would help to achieve its goals and objectives Customers Requirement Analysis Starbucks collects the information regarding the customer requirement from various sources and Starbucks idea is one such source. Starbucks idea is a website which allows to chat the customer with company employees. It is an open platform where a customer can share what changes or improvement could be carried out in the company to ensure customer delight (Sokolowski, 2013). Apart from this, it also actively uses social media network to stay connected to its customer through facebook, google plus, twitter etc. Apart from that a customer can also leave a note in the retail store of Starbucks to share his personal experience with the Starbucks. This way Starbucks extensively uses market research to ensure that customer requirement are fulfilled (Sokolowski, 2013). Competitors Analysis The key competitors of Starbucks are Dunkin Donuts and McDonalds who are posing threat to the company. The company has a specific department for gathering the market data of its competitors. The company collects data through its customers and distributors who gives an idea about the performance of other players in the industry, published annual reports, industry reports etc (Groth Lubin, 2011). Analyzing the Changing Business Context Starbucks has been very responsive to the changing business environment through its adaptability and innovative approach. The company makes extensive use of social media network, dedicated website and customer feedback to stay updated with the current business trends and requirements of the customers. Its presence on Facebook, Twitter and other social media network has allowed interaction with the customers and receive a feedback directly from the customer. Its dedicated Starbucks idea website ensures that it meets the needs and requirement of the customer through feedback and suggestions from their end (Reid Plank, 2004). Since its inception it has evolved with its innovative marketing strategies such as the concept of 5Rs which excites customer through attractive offers by directly reaching their email boxes (Reid Plank, 2004). Collaborators Role Starbucks uses ethical sourcing to obtain its raw materials such as tea, coffee and employs responsible farmer purchasing practices. This allows it to maintain its premium quality of its products and build a long term supply of the premium products. The company critically evaluates the quality of the material through its third party verification organizations. The company continuously engages with its stakeholders, suppliers and farmers to maintain the premium quality of the product and improve its practices. The company continuously seeks feedback and responses from its suppliers and distributors for the market research (Floor, 2006). The retail stores of Starbucks are one of the key sources of distribution and take feedback from the customers regarding their experience with the Starbucks. The company also gathers information regarding the same from the hotels and airlines where it supplies it products. Developing Marketing Strategy Starbucks has its operational stores across the globe but still has a scope for expansion in the Asian market. The Asian market has a growing economy which would help the company to maximize its profits. India is the potential market in Asia with its huge population size and great demand for the product. Though there are few retail stores in India as well but they all are franchise stores. Indias socio cultural factors would greatly support for a complete set up of the company. Low labor cost and availability of resources are the great benefits of the market. Starbucks can target the higher middle class segment which comprises of the major population in India. Starbucks would have to launch a new product with low price in order to compete with other brands such as Dunkin Donuts, CCD, Costa, Barista etc. The target market would comprise of working class corporate who are looking for a great coffee along with luxurious and affordable infrastructure. The corporate professionals staying away from their families look for a place to hang out with their friends and colleagues and even families sometimes (McDonald, 2007). This new product would be especially designed to meet the requirements of the customers. Low prices would act as a value proposition for the customers because they would get a unique Starbucks experience for affordable prices. Target Market: Corporate executives who work in multinational companies and are currently the customers of Dunkin Donuts and Costa and Barista. They look for affordable and well maintained cafes and restaurants to have a quality time with their friends and colleagues. This way they can have their business meetings at Starbucks at very affordable prices (McDonald, 2007). Value Proposition: Offering Starbucks premium quality at affordable prices. Positioning Statement: Corporate executives can now enjoy a cup of Starbucks coffee everyday with their friends and colleagues at affordable prices. Come at Starbucks to spend a valuable time with your friends and colleagues (Floor, 2006). Developing Marketing Tactics through Marketing Mix Product: An affordable Starbucks coffee would attract huge number of customer executives. They would prefer Starbucks for business meetings above any other brand because of its strong brand name and affordable prices would be a value proposition for them. Place: Starbucks can open its stores near the offices of multinational companies where the corporate executives find it easy to reach (Kubicki, 2015). Price: The prices of Starbucks would be brought down so as to compete with its competitors and provide an affordable coffee to its target market of corporate executives. Promotion: Starbucks can promote through Social Media and Email Marketing which are strong tools of marketing. It can send an email to all the executives to give them great deals and offers for their business meetings at Starbucks. Using 5Rs strategy, it can promote its product through email marketing (Blakeman, 2014). People: Starbucks can easily hire front office staff and employees but would have to maintain its brand image through the right people because the front office staff would be responsible for carrying out great services. The staff should be well mannered and trained so as to attend the customers tactfully (Ang, 2014). Processes: Starbucks would have to ensure its great service execution that it has been maintaining over a period of time. It would have to deliver great services so as to maintain its unique Starbucks experience (Kubicki, 2015). Physical Evidence: Starbucks would have to ensure its great infrastructure so as to cater the corporate executives. Well maintained infrastructure would attract the executives for their business meetings and quality time with friends (Blakeman, 2014). Conclusion The report has thus, discussed and analyzed the marketing strategy of Starbucks and how it has positioned itself over the years. The report has thoroughly discussed and analyzed the 5Cs of the company and identified the strengths, weaknesses, threats and opportunities of the company. PEST analysis helps to evaluate the external factors impacting the company. The report then develops a marketing strategy for Starbucks through analyzing India as its potential target market because of its huge population and growing economy. The discussion further extends to value proposition of an affordable priced product of the Starbucks with corporate executives as it target. It further discusses the 7Ps of marketing mix to develop marketing tactics for the proposed target market. Starbucks can attract its target audience by opening its stores nearby the corporate offices so as to attract the target audience for business meetings and quality time with friends. References Ang, L. (2014). Integrated Marketing Communications:A focus on new technologies and advanced theories. Melbourne: Cambridge University Press. Blakeman, R. (2014). Integrated Marketing Communication:Creative Strategy from Idea to Implementation. US: Rowman Littlefield. Clifton, R. (2009). Brands and Branding. UK: Profile Books Ltd. Conlon, J. (2015). 5 Things I Learned Building The Starbucks Brand. Branding Strategy Insider. Available at: https://www.brandingstrategyinsider.com/2015/10/5-things-i-learned-building-the-starbucks-brand.html#.WFikwVV97IU [Accessed 19 December 2016] East, R., Singh, J., Wright, M., Vanhuele, M. (2016). Consumer Behaviour:Applications in Marketing. California: SAGE. Floor, K. (2006). Branding a Store:How to Build Successful Retail Brands in a Changing Marketplace. London: Kogan Page Publishers. Groth, A Lubin, G. (2011). 11 Things Starbucks Does Better Than Almost Any Competitor. Business Insider. Available at: https://www.businessinsider.com/starbucks-does-better-2011-7?IR=T [Accessed 19 December 2016] Kubicki, M. (2015). The Marketing Mix:Master the 4 Ps of marketing. US: 50 Minutes. Luther, W.M. (2011). The Marketing Plan:How to Prepare and Implement it. New York: AMACOM Div American Mgmt Assn. McDonald, M. (2007). Marketing Plans:How to Prepare Them, how to Use Them. US: Butterworth-Heinemann. Percy, L. (2008). Strategic Integrated Marketing Communication:Theory and Practice. US: Routledge. Reid, D.A., Plank, R.E. (2004). Fundamentals of Business Marketing Research. New York: Psychology Press. Reinhard, K. (2016). Differentiation as the key to success. A marketing plan for Starbucks. Munich: GRIN Verlag. Schindler, R.M., Schindler, R. (2011). Pricing Strategies:A Marketing Approach. California: SAGE. Schultz, H. (2011). Onward: How Starbucks Fought For Its Life without Losing Its Soul. UK: John Wiley and Sons Ltd Publication. Schultz, H. (2012). Pour Your Heart Into It:How Starbucks Built a Company One Cup at a Time. New York: Hachette Books. Shimp, T.A. (2008). Advertising Promotion and Other Aspects of Integrated Marketing Communications. US: Cengage Learning. Simon, B. (2009). Everything but the Coffee: Learning about America from Starbucks. London: University of California Press Ltd. Sokolowski, O. (2013). Influences and Attitudes Within Consumer Behaviour Process. Germany: GRIN Verlag. Wilson, J.S., Blumenthal, I. (2008). Managing Brand You:7 Steps to Creating Your Most Successful Self. US: AMACOM Div American Mgmt Assn. Yeshin, T. (2012). Integrated Marketing Communications. US: Routledge.

Deficit Financing International Journal of Accounting Research

Question: Describe about the Deficit Financing: International Journal of Accounting Research? Answer: Introduction Exchanged rate is the rate at which one currency is exchanged with some other currency. The value of exchange rate is influenced by various factors such as inflation, balance of trade, public finance, interest rate, etc. Every country tries to keep a control on its home currency so as to prevent its value from depreciating. Gross Domestic Product refers to the monetary value of final good and services produced within the domestic territory of the country. Country Analysis 1. The GDP of India in the year 2013 was 1876.80 billion US dollars. India is the second largest populated country. It accounts for around 17.5 per cent of total worlds population. The population of India was marked to be around 1,276,401,849 in the year 2014.(Patnaik, 2013) The GDP growth rate of India from 1951-2014 is marked to be around 5.83 per cent.(Pandey, 2012) The graph of Balance of trade of India for past 5 years is: The graph of Inflation rate of India for past 5 years is: 2. Lower Inflation rate increases or exerts an upward pressure on the countrys currency value, as the total purchasing power of that country increases. Thus the inflation rate of India is comparatively low in 2014 as compared to last four years which thus increases its currency value. More is the demand for foreign currency lesser is the value of home currency. Deficit Financing decreases the value of home currency. Since the value of balance of trade is deficit, and it keeps on increasing over the last five years, it exerts a downward pressure on the exchange rate of the Indian currency. (A.Sunday, 2013) Exchange Rate Overview 2(a) Graph showing the 5 year historical exchange rate between the US dollar (USD) and Indian currency. 2(b) On Jan 28, 2015, 1 US dollar = 0.01630258 rupee. 2(c ) Let us take the bid/ask price for a particular day i.e. 44.075/44.125 Therefore, spread percentage= {(44.125-44.075)/44.125}*100 = 0.11% 2(d) As per our above findings, we draw this interpretation that the rate of exchange of rupee with US dollar in a decreasing trend. No, it does not match with our initial expectation. We expected our home currency value to be on an increasing trend rather to be on the decreasing trend. (Nagendran, 2008) Country Influence On Exchange Rate 3(a) A country should intervene in its exchange rate mechanism due to the following reasons: To control the depreciating exchange rate: a country may intervene in its exchange rate mechanism to prevent its currency from depreciating. This can be done by buying local currency through using some of the countrys foreign exchange reserve. To control the level of inflation: Higher the level of inflation of a country, lower is the value of currency of that particular country. Thus a country may intervene to control the level of inflation in order to control its currency from depreciating.(JAYACHANDRAN, 2013) To control negative balance of trade: Negative balance of trade increases the demand for foreign currency and reduces the value of the home currency. A country may intervene in its exchange rate mechanism to control the deficit balance of payment and to generate surplus by increasing the level of export and reducing the level of import.(Mirchandani, 2012) 3(b) The primary mechanisms that governments have to undergo in order to influence their currencys exchange rate are as follows: Change in Bank Rate: Government in order to manage the exchange rate mechanism keeps a control on the bank borrowing and lending rate. Government through its apex bank increases the bank rate when the level of inflation is increased in the country. As the higher inflation level puts a downward pressure on the countrys exchange rate. Export Promotion: The value of exchange rate can be increased by increasing the level of export. Government reduces various export duties so as to encourage exports. Government also gives cash assistance and subsidies to exporters to stimulate the level of export. Various facilities like quality control, provision of market information and arranging exhibitions of exportable goods in foreign countries are also given to promote exports.(Pettinger, 2012) Production of import substitutes: Steps are taken up by the government to encourage the production of import substitutes. This will help to save the amount of foreign exchange in the short run by replacing the use of imports by these import substitutes. Fiscal Policy: It aimed at reducing the total government expenditure which helps in the exchange rate mechanism. An increase in direct taxes will reduce the disposable income of the people. This will lead to a reduction of consumption and a decrease of imports. A cut in government expenditure will have the same effect of reducing the demand for imported goods. (Neely, 2004) 3(c ) India intervenes in its exchange rate mechanism. Some of the measures or steps taken to manage the exchange rate are as follows: Since independence central bank of India has been changing its bank rate several times till now. Central bank increases the bank rate when inflation increases in the country. Again when downward tendencies are observed, central bank attempts to bring the economy of our country to stable condition.(Mittal, 2012) Fiscal policy has been introduced by the Indian government to cut the level of government total expenditure and to manage the exchange rate mechanism effectively. Measure such as buying and selling of securities in open market has been adopted by Indian government in order to effectively manage the exchange rate of Indian currency. Indian government is tapping more into foreign market by expanding the level of export and reducing the level of import. It helps to increase the value of Indian currency in foreign market.(Rishipal, 2012) Conclusion Every country should adopt all necessary measures in order to control the deficit financing and an increase in the rate of inflation so as to prevent their value of currency from depreciating. All necessary fiscal and monetary measures should be adopted and new reform measures should be introduced in order to effectively manage the exchange rate mechanism. References A.Sunday, O. (2013). Deficit Financing. International Journal of Accounting Research , 4-10. JAYACHANDRAN. (2013). Impact of exchnage rate on trade and GDP. International Journal of Marketing, Financial Services Management Research , 1-10. Mirchandani, A. (2012). Determinants of Exchange rate. International journal of Economics and financial Issues , 1-5. Mittal, A. K. (2012). FOREIGN EXCHANGE MARKET IN INDIA: . GIAN JYOTI E-JOURNAL , 3-9. Nagendran, R. (2008). Study of foreign exchnage rate volatility in India. Journal of contemprory research management , 1-2. Neely, C. J. (2004). Foreign exchange Intervention. FEDERAL RESERVE BANK OF ST. LOUIS , 1-6. Pandey, A. K. (2012). India's GDP Performance. Free Press Journal , 1-3. Patnaik, A. (2013). Study of Inflation in India. International Research Journal of Social science , 1-5. Pettinger, T. (2012). Government intervenes in exchange management. Economics , 1-1. Rishipal, D. (2012). Foreign Exchange Management during fluctuating exchange rate. International Journal of Innovations in Engineering and Technology , 2-11.

L’oreal’s Way to Success in the European Haircare Products Industry Essay Example

L’oreal’s Way to Success in the European Haircare Products Industry Essay L’oreal’s Way to Success in the European Haircare Products Industry Introduction: L’oreal, the name of the cosmetics giant, appears with high frequency in nearly all world-class newspapers and magazines in recent times. There is a striking headline in the Independent (London, England) on Feb 21, 2004 p54, â€Å"LOreal builds on two decades of growth as profits soar. † The news is â€Å"Loreal has set its sights on notching up two decades of consecutive annual double-digit growth after reporting a 13. 5 per cent rise in profit last year. † Lindsay Owen-Jones, chairman, showed his confidence for the rate of internal sales growth next year. Maybe it is not too difficult for a company to rank first of its annual sales growth. But it seems a mystery for a company to keep its position of market-leader in the world with annual double-digit growth for 19 years and even more enigmatical for a company in the cosmetics industry. How can L’oreal compete against its rivals and gain today’s success? Let’s go back to 1997. At that time, L’oreal was the market leader in France and at the end of June, after considerable coordination between company headquarters and subsidiaries, Lindsay, stated the company’s new mission : Make L’oreal Elseve a leader throughout Europe. We will write a custom essay sample on L’oreal’s Way to Success in the European Haircare Products Industry specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on L’oreal’s Way to Success in the European Haircare Products Industry specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on L’oreal’s Way to Success in the European Haircare Products Industry specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Though shampoo was used by 83. 5% of the population, there was little brand loyalty and it was extremely difficult to create any. A widespread belief in Europe is that changing shampoos frequently was good for the hair because otherwise it would get used to a particular shampoo and the result would not be so satisfactory. The important reason is that shampoo is a product which can help L’oreal penetrate into all households by all kinds of people. Leadership in the shampoo could give L’oreal a considerable boost in its brand recognition and make it accessible to the young customers and males. The ardousness ahead of L’oreal was obvious. This article will base on L’oreal, the pilgrim’s progress, to analyze what critical success factors of L’oreal are to create its competitive advantage and how L’oreal has successfully sustained its advantage with the marketing strategy to underpin its position step by step in the European haircare market. Critical Success Factors of an Organization Critical Success Factors in General Johnson Scholes states (p. 151) that critical success factors (CSFs) are those product features that are particularly valued by a group of customers and, therefore, where the organization must excel outperform competition. † Hooley et al (1998, p. 45) thought that â€Å" The essential factors in choosing how to create the competitive advantage are that it must be on a basis of value to the customer (lower prices, superior quality, better service). ?Core Competences: Hamel and Prahalad (cited Lynch 2003, p. 235) said t hat â€Å"Core competence are a group of production skills and technologies that enable an organization to provide a particular benefit to consumers †¦. hey act as a fundamental resource of the organization. † Johnson Scholes (2002, p. 156) thought that the most important feature of core competence is robust, i. e. being difficult to imitate. The aim can only be obtained through the constant innovation. The following is the analysis of L’oreal’s critical successful factors. ?Resources Creating Competitive Advantage 1. Processes, Products, Services 2. Human Resources 3. Information 4. Financial Resources Porter (1985) suggests that the above four kinds of resources can create a competitive advantage and that cost leadership and differentiation strategies could be adopted. The analysis of L’oreal’s success will be illustrated as follows. L’oreal’s critical successful Factors ?Core competences: Constant research and innovation— the determinant of L’oreal’s competitive position 1. Historical analysis: L’oreal was founded in 1907 by the chemist Eugene Schuller, since then the Group carried on the tradition that put research at the centre of his development strategy. From the review of L’oreal’s history, it is obvious that result of research and innovation is the determinant of its competitive position. . 978: Elseve had a positioning as a shampoo for damaged hair and was seen as too rich, too nourish and too heavy to be used on a daily basis. But at this time, the frequency in the use of shampoos increased dramatically and shampoos which has the hasteristic of being gentle and mild enough to be used every day became more appealing to consumers. Timotei, Ultra Doux and MIxa baby a baby s hampoo became the market leader because it was as so mild that it can be used every day. When planning Elseve’s brand extension, L’oreal decided to offer separate products for frequent and less- frequent shampooing. This gave rise to products such as Elseve Baslsam, Elseve Frewuence, Elseve Volume Nd Elseve for oily hair. But the positioning has not made much improvement. 1987: Following a new product launched by Timoei, the market had its new trend: active ingredients were in fashion and products started to introduce natural ingredients. The Elseve products were renewed and L’oreal decided to target new market segments. The idea was to offer products for all types of hair, enriching the formula with a different active ingredient for each type of hair. 994: L’oreal developed a silicone-based formula which treated each stand of hair individually, leaving it very soft and easy to comb as it was thoroughly detangled. Consumers noticed this immediately and Elseve successfully enter the normal hair segment of the market. Thereafter, L’oreal profited from the advantage of polyesters and silicone. The successful combination of the two ingredients in the shampoo formula gave Lâ€⠄¢oreal a major advantage over its competitors and escalated its competitive position. 1995: The company launched Elseve Multicitamines and added the Technicare line to the Elseve product range. Elseve Multivitamines used a silicone-based formula that tested better than the composition of Procter Gamble’s silicone-based Pantene which at the time was the European market leader. Launching Elseve Multivitamines enabled Elseve to increase its target segments, addressing not only consumers with damaged hair or other hair care problems bur also people with normal hair. The new formula was the milestone of L’oreal’s shampoo battle. The innovation of research brought a series of good results: increase of sales and so did prices. The high revenue made it possible to increase the advertising budget, further increased its market share. Since then, with the leading position of the new skills and constant development as well as successful implementation of marketing strategy, L’oreal went steadily towards its No 1 position. 2. Panorama of Research Development in today’s L’oreal: The continuous innovation has helped L’oreal gain its competitive advantage and kept on escalation of its competitive position, from a French leader to be a European Leader and now the world leader. L’oreal regards research as the heart of the business. The investment in research is much higher than that of its rivals. 1)Delicate combination of Research and Marketing: a)A balance between the creative RD and marketing-led RD has kept L’oreal launching new viable products continuously. i. Advanced research: this is a long-term research with the aim of developing new ingredients, better understanding and improving the effectiveness of new ingredients and products as well as better understanding its toxicological effects. For example, marketers wanted a natural fruit-based shampoo range for the European market. It took 10 years of hard RD to develop the formulae for the Fructis range. L’oreal is reasonable to give scientist freedom to work on their long-term ideas. Ultimately, in July 1996 in France tests showed spectacular results of the Fructis range on the quality of hair. Within the first six months alone, it had sold nearly 5 million units and since then it has helped L’oreal capture 28 percent of the European shampoo market by being rolled out into not only European market but also in Scandinavia, Russia and Chile. On the health front, an International Safety Assessment Department of L’oreal looks in-depth at the toxicological profile of all the ingredients used and assesses the safety and tolerance of all formulations before they are used and put on the market. ii. Applied research: this level takes over ideas from both L’oreal’s own advanced research and from what has been done outside the company to refine new materials and put them into practice. It will take a long time to evaluate its effectiveness, its acceptance in use. For example, Research Institute in Chicago is dedicated to advanced research to improve understanding of the properties and specific requirements of the skin and hair of people of African descent.. 2)During the development work of new product, it is quite important of the researchers not lose sight of industrial reality. There more formal contacts between scientists and marketers which is unusual in other companies. Some formal meeting held usually including the contents such as: one day per month to discuss the progress of current projects; two or three meetings per year for the scientists to reveal their goodies to the marketers. )Renovating faster than competitors: In the hypercompetitive market conditions, it is no longer enough to plan for sustainable positions. In order to gain advantages, firms must be prepared to pre-empt imitation by others. With continuous launch of new products and brands, L’oreal hopes to make a strong and immediate impact on the market. ?Resources Creating Competitive advantages: Companies can add value by creating competitive advantage through the incremental management of the following resources. 1. Processes, Products , Services: )Selecting Raw materials and close relationship with suppliers: L’oreal pay much attention on the selection of the raw materials. With the aim of product safety and effectiveness, all the 2,800 raw materials used are continuously being renewed at a rate of 150 a year. The suppliers all over the world manage L’oreal to obtain the highest natural ingredients. L’oreal set out to promote and develop the use of raw materials from natural, renewable sources. In 2002, 39. 7% of their raw materials in volume terms came from plants. These new raw materials are the product either of LOreal Research or of research carried out by suppliers. A constructive ongoing dialogue with its suppliers plays an important role during the process. Using this diversified approach, progress has already been made in raw material selection. Partnerships allow them to establish a close, long-term relationship with suppliers based on innovation, safety and quality. 2)Reducing operating cost of products: It streamlines packaging, gains economies of scale in the aggressive management of the top performing brands. Elseve (Elvive, ElVital) shampoo bottles have been improved and now require almost 25% less material, which equates to almost 450 tons of polyethylene a year saved. In addition to this reduction, the indirect effects on transport and recycling are also minimized. 3)Address possible segments: L’oreal has made an elaborate and deep study so as to address possible market segments. It has divided up the total European market according to the geographic segmentation, age, gender, typology, nature of hair, washing frequency, and amount used (See Appendices 1 to 4). The aim of L’oreal is to â€Å"seeks to make accessible to women and men all over the world†. L’oreal launched the brand L’oreal’s Studio Line for men and P’tit Dop for children. 4) Market Targeting: L’oreal makes deep and thorough survey about the people’s attractiveness of different European countries. For example, Germany was more price-oriented than other countries, so using the strategy of price reduction can increase Elvital’s market share increased significantly. Another example is that Spain was the European country with the most greasy and least straight hair. The market accepted the introduction of new products that contained technological innovations. Natural ingredients were very well accepted. 5)Umbrella brand strategy: Competing with a number of different L’oreal brands enabled the company to position its products in more market segments and compete for market leadership by adding all together sales for its different brands. At the same time, product cannibalism was avoided by designing different positioning strategies: every single product invested in creating its own personality. )Broadest Distribution channels: L’oreal is able to make its most advanced technologies available to a large number of people. All the Group’s brands, particularly those whose purpose is to provide a wide group of people with the most innovative products at affordable prices, make the latest discoveries more accessible. 7)Communications Srategy: L’oreal’s communications strategy involves signing contracts with major intern ational stars from the world of show business and fashion to make them the spokespersons for specific items. In the UK, Jennifer Anniston, an actress on the leading TV sitcom â€Å"Friends† was chosen as the brand spokeswoman. Jennifer Anniston transmitted a modern, powerful image because she was a famous actress and very popular among generations aged 15 to 35. She was also very admired for her beautiful, stylish hair. The Ceramide R molecule , which was able to â€Å"Wash the strength back into your hair. † , was claimed by its advertising for the entire range in the UK. Delicate design of the advertising helped Elvive capture more than a 6% market share in 1997, and rose to 8% in the following year, making it the second –ranked brand on the market. Another example is about the leading brand Elvive. Elvive tries to capture the essence of pleasure using advertisements that sound tempting: â€Å"Because I’m worth it. †, says L’oreal. (Principle, Kotler, p. 459) 2. Human Resources: 1)Implement the best possible working conditions and try to make employee relations as personal as possible. 2)Recruit talented people from multicultural backgrounds and develop diversity. 3)Offer Sharing achievements: In 2003, LOreal paid a total of â‚ ¬43 million in bonuses under the WPS scheme for the 2002 financial year, equivalent to an average of two weeks salaray. 4)Motivate people, particularly through a highly dynamic approach to remuneration and mobility. )Promote personal and professional development through the training programs offered by the Continuing Education and by comparing experiences. 6)Developing partnerships with Universities: The Groups involvement with universities has been stepped up and it now maintains 120 close partnerships all over the world. These ta ke different forms, including: financial backing for chairs, such as those at Oxford (Business School) 3. Information Resources: Information is one of the most basic ingredients of a successful marketing strategy. (Keegan, p. 189) Another job for applied research mentioned above in L’oreal is to watch the competition. About 20 people in L’oreal do nothing else but surfing the web and getting hold of 1,000 new products of other companies. Between 700 and 800 of them are examined in minute detail. 4. Financial Resources: Strategy is influenced and constrained by the financial resources of a company. John Scholes said (p. 348), â€Å"The advantage of ‘deep pockets’ is that a competitor can withstand an intensive competitive war. The organizer can gain competitive knowledge worldwide and also move resources wherever they are necessary either to preserve their own interests or to tackle competition. L’oreal’s success in the European started after it created its competitive advantage in its financial resource. In 1995, the success of new formula allowed L’oreal to increase the price of Elseve products by 20%. Increased revenue meant that Elseve could spent more on advertising. This enabled Elseve to address more segments with differentiated messages, thereby further increasing its market share. The Marketing Environment Kotler et al (1997, p. 64) stated that â€Å"Managing the marketing functions would be hard enough if the marketer had to deal only with the controllable marketing-mix variables. The company operates in a complex environment (macro- and micro- )which consists of uncontrollable forces and actors which affect the company’s ability to perform well. Successful company is able to analyze its environment and so that it can avoid the threats and take advantage of the opportunities. ?The Macro-Environment This consists of a number of broader f orces that affect the company, which are largely uncontrollable, a new product or marketing program is likely to be more successful if it is in-line with strong macro environmental trends rather than opposing them. 1. Political: Political changes in the 1990s meant that almost all trading nations function with market –based economies and their trade policies have tended to encourage free markets between nations. (Johnson , p. 105) Governments are breaking up monopolies and introducing more pro-consumer legislation concerned with making the customer the ultimate decider on what will and will not to be produced. (Wright, p. 5) 2. Economical: With the adoption of the euro as a standard currency, many political boundaries will fall. By removing currency conversion hurdles, the switch will likely increase cross-border trade. (Kotler, et al , p. 59) 3. Social cultural/Natural: There is an increasing convergence of markets world. In some markets, customer needs and preferences are becoming similar 4. Technological: The fast development of technology is the key characteristic of environmental turbulence. It brings the high innovation turbulence. New technology creates new markets and opportunities and also ma kes markets and companies obsolete. ?The Micro-Environment: It includes the company itself, suppliers, customers, and competitors as well as public. The above analysis of L’oreal’s critical successful sectors has made relevant detailed statement. SWOT Analysis: Understanding the environment, taking good advantage of the opportunities and avoiding the threats are important elements of L’oreal’s success. SWOT analysis is useful for a good understand of L’oreal. Strength: L’oreal’s high speed of renovation (over 3,000 new formulas) and the absolute competitive advantage of technology provide solid barriers for the potential entrants to entry. Its products cover all possible segments. The aim of L’oreal is to â€Å"seeks to make accessible to women and men all over the world†. L’oreal is able to make its most advanced technologies available to a large number of people in all areas of products. All the Group’s brands , particularly those whose purpose is to provide a wider group of people with the most innovative products at affordable prices, make the latest discoveries more accessible. It can be said that L’oreal has managed to satisfy the desire of different segments of buyers. All these strength made it quite difficult to be substituted, at least provide the delay of being substituted. L’oreal is adept at continuously bringing innovation to the marketplace and maximizing the use of established brand names with new products targetd at these subsegments and niches. The advanced research result make many promising question marks become stars. Based on the solid financial resources, the stars will become cash cows as their markers mature. So many stars and cash cows of L’oreal shine actively in the world. Every product’s advantage is temporary, and will be eroded. However, long-term advantage of L’oreal maybe sustained through a series of temporary advantages. Weakness: L’oreal is present in 130 countries, has 290 subsidiaries. Because of social and cultural difference, it is not easy to make the management is efficient in each subsidiary. The large distribution may meet unexpected trade trouble because of political risks, such as loosing all control, ownership of assets and market access. (Bradley, p. 133) Opportunities: In 1995, the French haircare products market was saturated at that time. The success of the new fomula made L’oreal occupy the capability to enter the European market. The opportunities to enter the European market gave L’oreal a shot in the arm. Globalization and deregulation as well as the emerging of European Union speeded up the entry. In haircare industry product, customers’ needs and preferences of different countries are becoming more similar. The trend of healthy and shiny hair has gained popularity. All these opportunities offered L’oreal more space to develop. Threats: Facing powerful threat from world famous brands of Procter Gamble, Unilever etc, L’oreal has had to invest heavily in innovation. The Group has 3 percent of consolidated sales devoted to research, 2823 people engaged in cosmetics and dermatological research, 501 patents registered in 2002. By comparison, Procter Gamble, Unilever, spend only 1. 7 percent and 1. 5 percent respectively of their cosmetics turnover (which is 20 percent lower than that of L’oreal in any case. The threat can be low if L’oreal can keep on developing patents and launching new formulas faster than other Group. (Brassington Pettitt, p. 385) Conclusion: L’oreal’s opportunities outperformed the rivals’ threats and its weakness seemed much less important than its strength. The whole trend of environment is in favor of L’orealâ €™s progress. It can be convincible that L’oreal’s powerful core competence of constant innovation and flexible, efficient marketing strategy has forged and sustained L’oreal’s success and bring it a bright future. References: . Kotler, P. , and Armstrong, G. , 1997. Marketing: an Introduction. 4th ed. Harlow: Prentice Hall. 2. Wright, R. , 1999. Marketing: Origins, concepts, Rnvironment. 1st ed. London: Thomson Learning. 3. Doyle, P. , 2000. Value-based Marketing: Marketing Strategies for Corporate Growth and Shareholder Value. 1st ed. Chichester: John Wiley Sons, Ltd. 4. Keegan, W, J. , 2002. Global Marketing Management. 7th ed. Person Education, Inc. 5. Bradley, F. , 2002. International Marketing Strategy. 4th ed. Harlow: Prentice Hall. 6. Brassington,F. , and Pettitt, S. 2003. Principles of Marketing. 3rd ed. Harlow: Pearson education limited. . 7. Kotler, P. et al . 2001. Principles of Marketing. 3rd European ed. Harlow: Pearson education limite d. . 8. Johnson, G. , and Scholes, k. , 2002. Exploring Corporate Strategy. 6th ed. Harlow: Prentice Hall. 9. Hooley, G. J. , et al. 1998. Marketing Strategy Competitive Positioning. 10. Porter, M. E. , 1985. Competitive Advantage. Free Press. 11. Prahalad, C. K. , and Hamel, G. , The core Competence of the Corporation. Harvard Business Review (May/June 1990), p. 79-91.

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