Capital Asset Pricing Model Essay

The capital asset pricing model (CAPM) is an important model in finance theory. CAPM is a theory or model use to calculate the risk and expected return rate of an investment portfolio (normally refer to stocks or shares). All stocks have 2 risks: Systematic Risk (also called Market Risk which affect every stocks) and Unsystematic Risk (also called Specific or Unique Risk that only affects individual stocks). To diversify unsystematic risk, we selected and combined different stocks, which are negatively correlated with one another into one portfolio. In this way risk are eliminated greatly. See diagram below. CAPM Equation The general formula used for Capital Asset Pricing Model is: re = rf + [ ß (rm – rf) ] where the components are as follows: re = Expected return rate of the investment portfolio rf = Risk free rate of return ß = Beta (correlation between the shares and the market) rm = Expected market return which also means: rm – rf = Market risk (systematic risk) ß (rm – rf) = Risk premium *Beta is overall risk value for investing in the stock market. The higher the beta, the more the risk. CAPM Example Assume there is two Investment portfolio (stocks) or project – A & B. With the information given below, we can use CAPM to help us decide which to invest on. risk free rate beta expected market return A 3% 2.5 10% B 3% 1.2 10% From the beta value above, we know A is a more risky portfolio. A is 2.5 times more risky than the overall market and B is 1.5 times less risky. †¢ Expected return produce by A re = rf + [ ß (rm – rf) ] re = 3 + [ 2.5 (10 – 3) ] = 20.5 % †¢ Expected return produce by B re = rf + [ ß (rm – rf) ] = 3 + [ 1.2 (10 – 3) ] = 11.4 % Using CAPM formula, we calculated A produce a 20.5% expected return rate. It is higher than the overall market expected return, which is 10%. Whereas for B, the expected return rate are only 11.2% compare to market return of 10%. Base on result, A is definitely a better but if you don’t feel conformable with A’s risk or think it might not able to produce the expected return rate, then you would probably can choose investing in B. Criticisms of CAPM Although CAPM seems to be one of the most widely used methods to determine the expected return of a investment portfolio, It still have its limitation. Many had criticized on its unrealistic assumptions. †¢ Required a well-diversified portfolio Firstly CAPM works really well with a well-diversified portfolio as it accounted for systematic risk (market risk) but as seen on the graph on page 1, systematic risk is still undiversified. Therefore unsystematic risk is ignore in CAPM calculation. †¢ Beta as it main calculation components As Beta value are computed base on past one year figures so in this case CAPM assume that the future won’t change. Also beta may not really reflect the actual performance of different stocks. This was question by professors Eugene Fama and Kenneth French where they looked at share returns on the New York Stock Exchange, the American Stock Exchange and Nasdaq between 1963 and 1990, they found that differences in betas over that lengthy period did not explain the performance of different stocks. The linear relationship between beta and individual stock returns also breaks down over shorter periods of time. These findings seem to suggest that CAPM may be wrong. †¢ Risk free rate of return CAPM assumes there is a risk free rate where investors can borrow or lend at this rate but it is not true in the real world. †¢ Perfect capital market exists There is no transaction cost for trading in the market and profit is non-taxable. †¢ All investor are the same CAPM assume all investors have the same expectations on the risk and expected return.

Chapter #9 Summary: New Directions in Planning Theory Essay

Chapter #9 Summary: New Directions in Planning Theory Susan S. Fainstein Susan S. is professor of urban planning and acting program director in Columbia University. In this article she discusses and critiques contemporary planning theory in terms of its usefulness in addressing what I believe to be its defining question: what is the possibility of consciously achieving widespread improvement in the quality of human life within the context of a global capitalist political economy. She examines the three approaches referred to above under the rubrics of: -(1) the communicative model; sometimes called the collaborative model, emphasizes the planner’s role in mediating among â€Å"stakeholders† within the planning situation -(2) the new urbanism; frequently labeled neo-traditionalism, paints a physical picture of a desirable city to be obtained through planning; -(3) and the just city, which derives from the political economy tradition, while also outcome oriented, is more abstract than the new urbanism, presenting a model of spatial relations based on equity. The Communicative Model The communicative model draws on two philosophical approaches— American pragmatism as developed in the thought of John Dewey and Richard Rorty and the theory of communicative rationality as worked out by Jurgen Habermas.5 The two strands differ somewhat in their methodologies. Neo-pragmatism tends toward empiricism. Theoretical and Practical Deficiencies In its effort to save planning from elitist tendencies, communicative planning theory runs into difficulties. The communicative model should not be faulted for its ideals of openness and diversity. Its vulnerability rather lies in a tendency to substitute moral exhortation for analysis. Although their roots, via Habermas, are in critical theory, once the communicative theorists move away from critique and present a manual for action, their thought loses its edge. THE NEW URBANISM â€Å"The new urbanism† refers to a design-oriented approach to planned urban development. Developed primarily by architects and journalists, it is  perhaps more ideology than theory, and its message is carried not just by academics but by planning practitioners and a popular movement. New urbanists have received considerable attention in the United States and, to a lesser extent, in Great Britain.Their orientation resembles that of the early planning theorists–Ebenezer Howard, Frederic Law Olmsted, Patrick Geddes–in their aim of using spatial relations to create a close-knit social community that allows diverse elements to interact. The new urbanists call for an urban design that includes a variety of building types, mixed uses, intermingling of housing for different income groups, and a strong privileging of the â€Å"public realm† Critique The new urbanism is vulnerable to the accusation that its proponents oversell their product, promoting an unrealistic environmental determinism that has threaded its way throughout the history of physical planning THE JUST CITY In Socialism: Utopian and Scientific Friedrich Engels (1935, p. 54) presents the Marxian critique of utopianism: The final causes of all social changes and political revolutions are to be sought, not in men’s brains, not in man’s better insight into eternal truth and justice, but in changes in the modes of production and exchange. . . . For Marx and Engels, social transformation could occur only when the times were ripe, when circumstances enabled the forces for social amelioration to attain their objectives. In their view utopian thinkers like Robert Owen and Fourier could not succeed because they developed a social ideal that did not coincide with a material reality still dominated by capitalist interests. Only smashing the structure of class domination could create the conditions for achieving a just society. CONCLUSION In Her conclusion she defends the continued use of the just city mode and a modified form of the political-economy mode of analysis that underlies it, described below The three types of planning theory described in this essay all embrace a social reformist outlook. They represent a move from the purely critical perspective that characterized much theory in the seventies and eighties to one that once again offers a promise of a better life. Whereas reaction to technocracy and positivism shaped planning theory of that period, more recent planning thought has responded to the challenge of post-modernism.

PERSONAL STATMENT (short) Essay Example | Topics and Well Written Essays - 500 words

PERSONAL STATMENT (short) - Essay Example At this young age I saw what a difference a nurse can make. Nana, during this time, became ill and had to have both legs amputated. We got through it together. Those years were not all easy, but I gained much from them. I learnt lessons that have followed me throughout my life: perseverance, empathy, team work, and compassion. Sadly, Mum passed away, after a long battle with cancer, five years ago. With her last two years on earth, I was her primary caregiver. Although a sad time in life, I was blessed to be able to care for her during her final years. I am a mother now of two beautiful children, ages 15 and 17. Watching them grow up and seeing how they have matured has brought me great joy. To experience the wonder of new discoveries through their eyes and assisting them to grow and mature into the young adults they have become is an experience I will always treasure. Having my own children has taught me that I have a natural talent in working with children. As my own children got older, I realized I missed the daily interactions with younger children and that was enough to ascertain my career working with children. Initially, I became a Nursery Assistant working mostly as a caregiver. Although, neither glamorous nor high paying job, it was immensely rewarding.

Those who would give up freedoms for temporary security deserve Thesis

Those who would give up freedoms for temporary security deserve neither, civil right violations - Thesis Example After the civil rights movement people in America became more aware of their rights than ever and more willing to battle the government to protect these rights. Despite the advances made the 1960’s America currently faces many threats to the civil rights of its citizens in areas such as freedom of speech, illegal search and seizure and the rights to bear arms. Freedom of speech is sacred privileged given to every US citizens by the forefathers of this nation when they wrote the constitution of the United States of America. The first amendment of the constitution which is part of the bill of rights states â€Å"Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof, or abridging the freedom of speech or the press; or the right of the people to assemble and to petition the government for a redness of grievances† (Usconstitution, 2009). Despite the existence of such a powerful abiding law concerning freedom of speech violations to this constitutional right have occurred many times throughout America’s history. Music is a form of expression that allows artists to express their thought and feelings their loyal fans. Music unites people and provides musicians with the ability to send social messages that can change their environmental surroundings. In the 1990’s a new genre of music was born called Gangster Rap. This new form of rap utilized violent lyrics and sexually explicit material which many segments of our society did not like. In 1990 Missouri introduced a bill that forbids the sale of records containing lyrics that are violent, sexually explicit, or perverse (Nuxum, 2003). Some of the first artists that were affected by this complete violation of the freedom of speech privileges Americans enjoy were Two Live Crew, Dr. Dre, Snoop Dogg, and Ice Cube. Sometimes violations to the freedom of speech privileges occur in the most unlikely

The Roles of Nelson Mandela and Martin Luther King Assignment

The Roles of Nelson Mandela and Martin Luther King - Assignment Example His readiness to suffer and be imprisoned for the sake of his people demonstrated to many Africans the need for standing firm in the struggle for self-rule. Even after being released from prison and elected as the first black president of the country, he only ruled for one term after which he retired to allow for other black leaders to lead the country (Crompton, 2007). This has been used as a role model of sacrificial leadership by politicians across the world. It has also been used as a reference to conflict resolution in countries where the political leaders are unwilling to exit power. The icon is also remembered for the significant role he played leading to the end of apartheid and the rise of African democracy. He led demonstrations across the country that made him imprisoned as he fought for the rights of his people. Martin Luther King, on the other hand, struggled to ensure that people of all races are treated equally and with decorum. He participated in numerous campaigns in the United States whose goal were to bring an end to racial discrimination. His fight for equality in the American social environment saw the minorities in the country being respected and elected to leadership positions (Darby, 2005). Luther’s vision was to ensure that the minorities have a voice in the social and political outlook of the United States. This, he facilitated through a chain of Civil Rights Movements starting from the early 1950s to the late 1960s.

Unit 4 Assignment Example | Topics and Well Written Essays - 250 words

Unit 4 - Assignment Example It is not appropriate to use the personality tests as a main factor of job consideration, since many errors accompany the personality tests. Response distortion among the applicants is common as they align themselves with the best descriptive words that will win the hearts of the employer. The respondent can also be at a state of low mood at examination time hence the bias. It is worth noting that many people are dynamic and hence express different facets of personality. In addition to that, it is not appropriate to use these tests for the disabled people. Some occupations also do not require personality screening. The Americans with Disability Act outlines that people known to have psychiatric conditions should be exempted for the people with mental illnesses. The examinations should have a relation with the job opportunity at stake (Morgeson et al.). It is justifiable to use clinical personality tests for highly sensitive occupations such as cabin crews and police officers. The tests are likely to cause generally negative public relations feelings. The tools are excellent as they allow one to excavate deeply into a person’s perception about a specific job. However, the tests they should not receive excess overreliance from the employee as they only reflect a tip of iceberg regarding the personality. Taylor, Shannon G., and Donald H. Kluemper. â€Å"Linking Perceptions of Role Stress and Incivility to Workplace Aggression: The Moderating Role of Personality.† Journal of Occupational Health Psychology 2012 :

Drug and crime Essay Example | Topics and Well Written Essays - 1500 words

Drug and crime - Essay Example These individuals consider as normal vices what their counterparts in the normal society consider as abomination. After locating them and doing the study, it is impossible for a researcher to know if the data from the sample is representative of all the parameters of the population. This is because the official numbers of the people in the drug related issues is unknown (Tanneeru 2011). There are various methods of collecting data related to drug manufacture, distribution, usage and abuse activity as explained by Coomber (1997). First, the researcher may collect data from official records e.g. police reports and treatment records. However, these data sources have their limitations, mostly due to the tendency of the hidden population to keep matters to themselves. For instance, they do not report criminal activity or conflicts among members and, therefore, data collected from police reports do not reflect the real situation, only accounting for few of the cases of drug use and drug related crimes. One outstanding characteristic of the data from police and that collected from treatment records is that the information only covers drug use cases that cause disruption of normal social function and not mild or non-chronic drug users. In addition, collecting treatment data may compromise the profession and ethical codes that ensure patient-doctor confidentiality. Another source of data on drug use is surveys and questionnaires, where researchers find the sample of interest and administer questionnaires among other primary data collection measures. This method has the advantage of the possibility of many people participating in the study, though it is also tedious and time-consuming. Since most drug users keep a low profile and hardly participate in public life, it is difficult to identify and impossible to know the total number of drug users. Therefore, data collected this way may not be representative of the drug-using population since researchers

Current Environmental Problem Research Paper Example | Topics and Well Written Essays - 1500 words

Current Environmental Problem - Research Paper Example Global warming is a naturally occurring phenomenon and has, thus many advantages to offer. Had there been no such phenomenon, the Earth would have lost all heat, thus getting frozen. However, the global warming also exposes life on the Earth to innumerable threats. The constantly accumulating heat is sufficient to make the Earth unusually warm so that life on Earth would extinguish. First the immense heat would directly cause death of animals and plants. Secondly, deaths would occur because of lack of food. Ultimately, global warming when increased to dangerous extent, would cause death of all living beings. Humans are considered as the cardinal source of global warming, because their activities result into increase in the extent of greenhouse gases in the atmosphere. Scientific evidence of global warming: There is sufficient amount of scientific evidence to show that humans have played a big role in aggravating the global warming. According to the report about the change in climate generated by the Intergovernmental Panel (Liloia), human activities are the biggest contributors towards global warming. Many people tend to reject this truth thinking it is nothing more than a fake scientific theory. This, however, is a very wrong interpretation and usage of the term â€Å"theory† because science does provide objective evidence to render it much more than just a theory. One of the most important discoveries of science that speak of humans as the main contributors towards global warming is that there has been a rise in global temperatures along with the increase in CO2 rate in the atmosphere. There has been a tremendous increase in the level of water in rivers, seas and oceans since the past few decades. Glaciers have started to melt away as a result of increased global temperatures. This has resulted into frequent floods, cyclones and tsunamis. According to (Eilperin), 72 per cent Americans believe that global warming is truly happening. Applicability of eco logical knowledge to the problem of global warming: Various types of ecological factors are applicable to this problem. Why the ecological factors are applicable in the discussion of global warming can be explained with the help of a case study. There has been a significant change of climate in the Nilgiri hills of Southern India. Nilgiris and the areas near it make part of the peninsular India’s continental block. This block consists mainly of metamorphic rocks like charnockites, gneisses and schists (Chhabra). â€Å"The characteristic ecological features of the upper Nilgiri plateau at above 1200m are the shola-grassland ecosystem† (Chhabra). It is referred to as the climax ecotype. It has essentially resulted from the balance caused by three main reasons: 1. Firing done by inhabitants of the region. 2. Tough climatic controls in the region. 3. Climatic alterations happened in the Pleistocene era (Chhabra). Each of these three factors played its part in the developme nt of shoal-grassland climax ecosystem in Nilgiri. These factors are explained below: Firing done by inhabitants of the region: Todas, who are the indigenous people of Nilgiri set the area on fire immediately after the frost season starts, and migrate to the western side of plateau. When it is monsoon, they get back to the burnt area because it has by then, sprouted fresh grass. Tough

A critical assessment of a marketing execution Essay - 2

A critical assessment of a marketing execution - Essay Example Hofstede makes it easy for people studying in the area of global marketing especially executing efficient strategies to understand concepts in the same area. The Hofstede model emerges on top of other models developed over the past fifteen years because of its application in advertising as well as global marketing. Different global institutions continue to apply the model by Geert Hofstede of national culture during the whole marketing and global branding exercise. Hofstede’s dimensional framework contributes to the development of theories relating to the behaviour depicted by consumers. Other scholars further develop the theory by explaining it in terms of differences that exist in the concepts of personality, self, and identity (Lee, 1966, 112). The elements, then help in explaining differences in the strategy of communication and branding. They also cover processing of information among them variations in categorisation and perception with impact on both mass communication and interpersonal communication aspects. The way marketing works also fall in this category. This paper takes a critical evaluation of the application of Hofstede’s cultural dimensional model in Italy and Canada. At the end, the author of the paper gives his views on the implications of the model when Canadian marketers present their views on the marketing environment in Italy. Cultural elements in Italy and Canada are several and include among others materi al culture, aesthetics, language, religion, education, social organisation as well as values and attitudes. A reflection of values of the society and nature takes place through the language. Canadians speak English while Italians speak Latin. Both Canada and Italy boarder countries some of which speak different languages from what the natives in the two countries speak. The influence of Espanyol in Canada as well as the influence of English and French in Italy leads to the development of sub-cultural languages in form

Identify the main changes from one period to the other using Essay

Identify the main changes from one period to the other using analytical techniques, having calculated the ratios - Essay Example The Return on capital employed (ROCE) has also fallen from 35% to 5.9% in March 2012 which is also mainly due to deceased profits for the year. Since profitability ratios are all based on profits for the year the underlying problem is the drastic fall in profit as compared to last year which is concerning. The operating profit margin has fallen by 9% from 10.8% to only 1.8% this year. Despite of increase in sales revenue an immense increase was seen in the cost of sales and the operating expenses which both increased by 30% and 43.6% respectively, while the sales is merely increased by 19.6%. Another factor further contributing to the decrease in profit is high interest cost incurred this year which has increased from $ 18m to $ 32m this year making an increase of 77.7%. On the efficiency side the ratios seems pretty constant this year form inventories turnover days remaining at 56.7 days which was 56.6 days last year, the debtors days at 37.2 days which has an decrease of 2 days whi ch was 39.1 days last year. The sales to capital employed ratio have also been increased a little which is 3.36 times this year. Since there was an increase recorded in sales the sales per employee shows an inverse effect which has decreased by 11.1% this year. The liquidity ratios seem decreasing too due to increasing liabilities this year accompanied by decrease in profits and cash flow position. The current ratio of the company decreased by 0.3 times and is at 1.6:1 times which is isolation is a good ratio above 1 but comparatively has fallen from last year. Similarly acid test ratio has also fallen from 0.8:1 times to 0.6:1 times where a slight fall was seen. However the cash from obligation has fallen from 0.9 times to 0.1 times, which can be quite alarming for the company, the reason causing such a change is the decreasing cash flow and increasing liabilities of the company. The gearing of the company has also increased from last year from 26.2% to 36% this year. On the other hand the interest cover ratio of the company has drastically fallen due to increased interest payment and decreasing profit this year which has fallen from 13.5 times to only 1.5 times this year. The investment ratios however seemed to increase for the period and weren’t as bad as other ratios. The dividend paid for the period was constant from last year at $ 40m despite of low profits this year. This situation made the dividend payout ratio increase from 24.2% to 363.3% and the dividend yield ratio was increased from 3% to 4.9%. The EPS of the company also decreased drastically because of low reported profits this year from 27.5c from last year to 1.8c this year. The price earning ratio of the company has dramatically increased from 9.1 times to 83.3 times. 2. Give possible reasons for variances, making whatever assumptions you feel may be appropriate, whilst stating the assumptions made. The ratios analysis shows few concerning areas in the company which have occurred this year. The company’s overall performance has deteriorated this year with decreasing ratios mainly seen in the profitability and liquidity areas. Other then that too the company has shown a low performance. The first and the foremost is the profitability

Police Corruption Essay Example for Free

Police Corruption Essay This paper intends to reintroduce â€Å"police corruption† by defining it, briefly mentioning real-life examples, discussing its types and levels, stating that there is also ‘right corruption’, restating its causes and effects, as well as, how this dilemma may be addressed. Police Corruption Defined â€Å"Acts involving the misuse of authority by a police officer in a manner designed to produce personal gain for himself or others† is the technical definition of â€Å"police corruption† (Dempsey et. al., 2005, p. 296). In addition to that it is said that the act of â€Å"police corruption occurs when a police officer accepts money, goods, or services for actions they are sworn to do anyway or when they accept anything for ignoring actions they are sworn to invoke legal procedures against† (Ivkovic, 2005, pp. 15 32). Real-Life Examples of Police Corruption There are several true-to-life incidents with regards to â€Å"police corruption†; take for instance the following: During the 80s there were seventy five police officers in Miami who were charged for â€Å"police corruption† (Dempsey et. al., 2005, p. 297). There were some who were arrested because of â€Å"drug dealing† (Dempsey et. al., 2005, p. 297). In New York City, almost the same incident occurred in 1992 since there were six police officers who bought drugs in their â€Å"inner city precincts and selling it in the suburban communities† where they dwell in (Dempsey et. al., 2005, p. 297). During the same year, a police chief was convicted of illegally taking $2,600,000.00 from their department (Dempsey et. al., 2005, p. 298). Then in 1996, there were three police officers in Detroit who were involved in a â€Å"Texas-to-Michigan cocaine smuggling ring† (Dempsey et. al., 2005, p. 297). During the same year, there were six police officers in Illinois accepted money in exchange of allowing twenty drug dealers do business in their area (Dempsey et. al., 2005, p. 297). In addition to that, a police director was sent to prison for â€Å"malfeasance, mail wire fraud, tax fraud, accepting gifts, making false statements, and forging documents† (Dempsey et. al., 2005, p. 298). Corruption Types There are several types of â€Å"police corruption† and these are the following: First is technically referred to as â€Å"taking gratuities† which is defined as accepting tips in petty amounts or price cut on products bought (Dempsey et. al., 2005, p. 298). Accepting tips is not usually illegal, however, if the police officer accepts such and will grant the request of a person that he carries out something negative then the police officer should be charged for it (Dempsey et. al., 2005, p. 298). Second is known as â€Å"taking bribes† which is defined technically as accepting money with the purpose of undermining the objectives of the â€Å"criminal justice system† (Dempsey et. al., 2005, p. 298). Third is â€Å"theft/burglary† or stealing of money or property while carrying out their responsibilities (Dempsey et. al., 2005, p. 298). â€Å"Theft/burglary† is considered another type of â€Å"police corruption† because there are many ways of doing so (Dempsey et. al., 2005, p. 298). For instance, since police can have access to â€Å"warehouses and store†, they can easily rob these themselves if they are tempted to (Dempsey et. al., 2005, p. 298). The last is known as â€Å"internal corruption† (Dempsey et. al., 2005, p. 298). It is defined as â€Å"paying colleagues or other people in the police department in exchange for special assignments or promotions† (Dempsey et. al., 2005, p. 299). There are other uncategorized types of â€Å"police corruption† including the following: 1) accepting free meals; 2) accepting discounted products/services; 3) taking advantage of other people who are weak/helpless; 4) taking from establishments which are not highly protected; 5) asking for money in exchange for protecting activities which are illegal; 6) taking money in exchange of fixing cases; as well as, 7) planning to steal or rob an institution like a bank or a convenience store   (Dempsey et. al., 2005, p. 299). Levels of Corruption Interestingly, there are â€Å"levels of corruption† as well and these are the following: It begins with the first level which is known as â€Å"rotten apples and rotten pockets† (Dempsey et. al., 2005, p. 299). Here, only one police officer is involved in an act of corruption (Dempsey et. al., 2005, p. 299). The next level of corruption is called â€Å"pervasive and unorganized corruption† (Dempsey et. al., 2005, p. 299). Here, several police officers are involved but they do not have plans on how exactly they are to carry out such a corrupt act (Dempsey et. al., 2005, p. 299). The third and final level is an invasive and well thought-out corruption (Dempsey et. al., 2005, p. 299). Here, almost everybody is involved; at least within the precinct or the department the policemen belong to (Dempsey et. al., 2005, p. 299). The police officer usually begins by considering taking gratuities like meals/products/services for free which may result from peer pressure (Dempsey et. al., 2005, p. 300). Next to this stage, a police officer may consider accepting money to neglect regulatory wrongdoings (Dempsey et. al., 2005, p. 300). Unfortunately, a police officer may ‘develop’ into the final stage of corruption which involves accepting ‘gifts’, as well as, asking for it; he or she may now be on the lookout for a ‘kickback’ (Dempsey et. al., 2005, p. 300). Right Corruption Fascinatingly, not everything about â€Å"police corruption† is negative (Dempsey et. al., 2005, p. 300). There are instances wherein an act of corruption may be carried out to achieve a greater cause (Dempsey et. al., 2005, p. 300). Effects of Police Corruption However, it cannot be denied that there are countless negative effects of â€Å"police corruption† (Dempsey et. al., 2005, p. 300). Unfortunately, it weakens law implementation which leads to prevalent delinquent acts (Dempsey et. al., 2005, p. 300). It also eliminates self-respect not only for the police officer but for the entire department itself making it more impossible for discipline to be established within the organization (Dempsey et. al., 2005, p. 300). Furthermore, the society loses their hope that they may be protected against delinquent people and other threats which leads to non-belief in the whole criminal justice system itself (Dempsey et. al., 2005, p. 300). Causes of Police Corruption â€Å"Police corruption† exists because of the following: 1) It occurs because it is observable and thus can be learned/imitated; 2) It happens because the nature of their work allows them to carry out a ‘corrupt’ act they are sometimes tempted to do so because they have the power to do so and because they can earn a lot by doing so; 3) Police officers are not very well motivated by their work due to the following: inadequate pay, no room for growth, no extensive training, etcetera and so they tend to engage in â€Å"police corruption† (Ivkovic, 2005, pp. 63 -96). Addressing Police Corruption Fortunately, there are steps we can do to address this problem (Dempsey et. al., 2005, p. 300). Experts say that it is important to acknowledge first that â€Å"police corruption† is being experienced (Ivkovic, 2005, pp. 97 134). Second is to institute â€Å"internal affairs divisions† to watch and regulate police officers (Dempsey et. al., 2005, p. 300). Third is to motivate the police force so that they will love their jobs and would not engage in â€Å"police corruption†, for instance, they should be trained, rewarded/praised, provided with a good salary, as well as, promoted when necessary (Ivkovic, 2005, pp. 97 134).

Personality and sociocultural development during early childhood

Personality and sociocultural development during early childhood This chapter looks at the major perspectives that form the basis for personality and sociocultural development during early childhood. Topics covered include coping patterns, aggression, prosocial behavior, the effects of peer interactions, and continuing development of self. Children learn to manage a wide range of feelings and emotions. The important to emotional development is the childs ability to cope with fear and anxiety. Fear is a response to a specific situation and anxiety is a generalized emotional state. A child may experience regular and continuous feelings of unease, often without knowing why. Children can be help cope with fear and anxiety by parents reducing unnecessary stress, being a role model, seeking professional help. Children can also cope with fear and anxiety using defense mechanism such as identification, projection, denial, reaction formation, displacement, regression, rationalization, repression, and withdrawal. Children are expected to inhibit the display of some emotions such as anger, distress, affection, joy, sensuality and sexual curiosity. Children experience developmental conflicts their needs to depend on their parents and their desire of independence dealing with compliance, mastery and competence which Erikson identified as autonomy verse shame and initiative verse guilt. According to Erikson, children either become more independent and autonomous if their parents encourage exploration and freedom or they experience shame and self-doubt if they are restricted and overprotected. In addition, children view of themselves undergoes major change as they face conflicts between the desire to act independently of their parents and the guilt that comes from the unintended consequences of their actions. Parents who react positively can help their children avoid experiencing guilt. As children develop, their play becomes more social and engage in social pretend play involving the use of imagination, sharing of fantasies, and the inclusion of agreed upon rules. This help children deal with fears, provide companionship during periods of loneliness, and provide reassurance. Research indicates that 65% of young children have imaginary companions. Imaginary companions help children social skills and practice conversations. Children who are adept at imagination may be better at mastering symbolic representation in the real world. Children who are rejected by their peers in early childhood are likely to be rejected in middle childhood as well. They are also more likely to have adjusting problems in adolescence and adulthood. Rejected children may be aggressive or withdrawn and may be out of sync with their peers activities and social interaction. Children learn to incorporate the values and morals of their society into their understanding of themselves through internalization. Children develop a self-concept, their identity, or their set of beliefs. Young children tend to describe themselves in terms of their physical characteristics, possessions, or activities. The tendency to describe themselves in terms of social connections increases. Children tend to imitate their parents. Children self esteem enhance by parent praising their children, encouraging and giving them responsibilities, allowing them to explore their potential freely, and showing them unconditional love. The sense of being a male or female is well established by the time children reach the preschool years. Children learn gender-related behavior and expectations from their observation of others behavior as well as from books, media, and TV. Parents play an especially important role in the development of young children, particularly with respect to how parents e xert control and express warmth. Authoritarian parents tend to produce children who are withdrawn, fearful, dependent, moody, unassertive and irritable. Permissive parents tend to produce children who are rebellious, aggressive, self-indulgent, socially inept, creative and outgoing. Authoritative parents tend to produce children who are self-reliant, self-controlled, socially competent with high self-esteem and do better in school. Indifferent parents tend to produce children who are free to give in to the most destructive impulses. How parents manage discipline is an important aspect of the effect that parents have on their childrens development. The aim of discipline is not only to control children behavior but also to help them develop emotional self control. CHAPTER 8 Middle childhood is the span of years from age 6 to 12. At age 9, growth spurt for girls and 11 year olds for boys. Growth is influenced by activity level, exercise, nutrition, gender, and genetic factors. Gross motor skills such as running, jumping, and hopping and fine motor skills continue to develop and improve. Children begin to develop interest in sports. During middle childhood, children in developed world receive good nutrition so most height and weight differences among children are due to genetically determined factors. Children in developing world grow smaller than their counter parts in affluent advance world. Obesity is defined as body weight that is more than 20% above the average for a person of a given height and weight. In United States, about 17% of children are obese. Most of children who are obese continue to be seriously overweight as adults. Obesity leads to high blood pressure, diabetes, and other medical problems. The cause of obesity can be a genetic factor, environmental factors, television viewing, lack of exercise and parental encouragement. The leading cause of death in middle childhood is accidents and associated injuries. Psychological disorders and mental illness can begin in middle childhood, raising concerns about accurate diagnosis and treatment such as autism and attention deficit and hyperactivity disorder. Piaget referred to middle childhood as a period of concrete operations and encourages the use of concrete objects for teaching such as blocks, rods and seeds. Piaget stress that teaching should be through showing rather than telling because children learn by doing and they are active learners who construct their own theories about how the world operates. During middle childhood, short-term memory capacity improves significantly and understandings about the processes that underlie memory emerge and improve during middle childhood. Childrens memory strategies and techniques enhance with age and develop the process of monitoring their own thinking. When children attend school, school teach facts or concepts, give directions for a particular lesson, state general rules of behavior, correct, disci pline and praise children and introduce children in other miscellaneous activities. Children learn more in classes in which time on task is maximized, in which the teacher spends at least half the time on actual teaching and less on such concerns as maintaining order. The main emphasis on school are teaching learning and thinking skills, tailoring instruction to the childs individual learning style and developmental level, and fostering independent, self-regulated, self paced learning, learning in small groups and cooperative rather than competitive learning. School success is influenced by many factors including achievement motivation which is an acquired culturally based drive, gender, and parents of successful children who have realistic beliefs about their children, have high expectations, are authoritative parents and talk to, listen to, and read to their children. Developmental and intellectual disabilities such as mental Retardation, depression, attention deficit disorder, and learning disabilities children and other special needs children all have afforded educational opportunities in least restrictive environment. CHAPTER 9 During middle childhood, according to Erikson, the central task focuses on industry versus inferiority. Children at this stage are characterized by a focus on efforts to attain competence in meeting the challenges related to parents, peers, school and other complexities of the modern world. Children self concept and self esteem continue to develop. The development of self esteem is a reciprocal process. Parents can positively influence their childrens self esteem by offering realistic praise and by encouraging them toward activities in which they can be successful. Children use social comparison to themselves to abilities, expertise, and opinions of others. When objective measures are absent children rely on social reality such as how others act, think, feel, and view the world. In middle childhood, most friends are of the same gender, and friendships during middle childhood serve many functions. Peer relationships provide emotional support and help kids to handle stress, teach child ren how to manage and control their emotions, teach about communication with others, foster intellectual growth and allow children to practice relationship skills. According to Selman, friendships develop through four stages: as playmates, then awareness of anothers feelings emerges, then trust develops and finally children can look at relationship from anothers perspective. Prejudice is a negative attitude formed without adequate reason which is directed at a defined group of people. As children grow older, they become capable of thinking with greater complexity and prejudice can be reduce by enhancing through cooperative activities that are important to children and promoting equality and disconfirm negative stereotypes. Popular children are helpful and cooperative, have a good sense of humor and emotional understanding, ask for help when necessary, not overly reliant on others, adaptive to social situations, and social problem solving skill competence. Unpopular children lack social competence, are immature, are overly aggressive and overbearing, withdrawn or shy, and are unattractive, handicapped, obese, or slow academically. Several progra ms teach children set of social skills that underlie general social competence. Although peers become very important in to children in middle childhood, the family continues to be children most important socializing force. Effective parenting in middle childhood can involve in increasing childrens social competence through encouraging social interaction, teaching listening skills to children, making children aware that people display emotions and moods nonverbally, teaching conversational skills, including the importance of asking questions and self-disclosure and not asking children to choose teams or groups publicly. In addition to other changes, children experience in early relationships between siblings can shape how children relate to others and choices made in later life. Also, in most cases, children fare quite well when parents are loving, are sensitive to their childrens needs, provide appropriate substitute care, and are good adjustment of their children. When parent divorce, children are most likely to exhibit behavioral difficulties, anxiety, depression, and low self esteem and they often have more problems with school. School-age children tend to blame themselves for the breakup. Twice as many children of divorced parents require psychological counseling as do children from intact families. For some children, living in a home with unhappy marriage and which is high in conflict has stronger negative consequences than divorce. Blended families include remarried couple that has at least one stepchild living with them. Living in blended family involves role ambiguity, in which roles and ex pectations are unclear. CHAPTER 10 Adolescence is a remarkable time of growth and development; in just a few years, children transition dramatically towards adulthood across multiple domains. Adolescence is physically the healthiest period of the lifespan. There is a dramatic body parts grow at different rates due to higher levels of testosterone boys experience greater increases in muscle growth; girls experience an increase in body fat. Body shape differentiates as boys develop wider shoulders and girls develop wider hips. These biological, as well as cultural, factors can cause depression and anxiety in females at this age; an emphasis on exercise may help to keep females active and combat negative self-images. Primary sex characteristics include sex organs in males and females grow significantly to allow room for sperm and egg production. Secondary Sex Characteristic for both male and female includes growth of pubic hair, underarm hair, facial hair, and arm and leg hair. Skin becomes rougher and oilier, bones beco me harder, the voice becomes lower, and the chin, nose, and ears become more pronounced. Hormones have a powerful effect on the brain, influencing its development. However, the emotionally often seen in teenagers results not only because a hormone action but also because of complex sociocultural and environmental factors. Adolescents have the ability to begin moving from childhood toward adulthood due to their cognitive development. This is the ability of the brain to begin processing more abstract thoughts. Some of these thoughts, indeed many of these thoughts, are focused on themselves. By being able to think abstractly, which is a new developmental ability. Now, as adolescents, the journey toward self-reflection and self-identity, may begin. By asking clear self-identity questions, they may find answers that will be enlightening, even insightful and complex. They will strive to learn to make good choices and decisions toward their future as a responsible citizen. This process is often difficult for adolescents. They may change periodically in terms of their self-conce pt. According to Piaget, adolescent gain the ability to think about intangible objects and methods and have the ability to see multiple aspects of one idea. As adolescents enhance their understanding of themselves, they actually become more aware of their own emotions and feelings and how these feelings affect their daily lives. By gaining some emotional understanding of themselves, they are able to change their self-identity. This is how they perceive their characteristics and abilities fit with the opportunities that are available to them. These changes are now known to continue in our American society well into emerging adulthood. But many of the identity issues that begin during adolescence determine the paths an adolescent may take including future college, vocational or career choices, as well as other aspects of their lives. Adolescent constantly views themselves as the center of attention and certainty of an individuals distinct personal experience and fate. Adolescence also belief that unfortunate occurrences only happen to other people which encourages risky behavior. Adolescence today continue to be highly sexually active and about 20% of sexually active teenagers have sexually transmitted disease. Teenage mothers and fathers are associated with difficult economic circumstances and personal challenges. Marriage under such circumstances generally does not produce positive outcomes in part because early marriage often leads to dropping out of school. Chapter 11 During adolescence, young people reach physical maturity, develop a more sophisticated understanding of roles and relationships, and acquire and refine skills needed for successfully performing adult work and family roles. The developmental tasks of this periodcoping with physical changes and emerging sexuality, developing interpersonal skills for opposite-sex relationships, acquiring education and training for adult work roles, becoming emotionally and behaviorally autonomous, resolving identity issues, and acquiring a set of values are all tied to successful functioning in adulthood in one way or another. The movement toward adulthood colors our expectations of adolescents, and hence our treatment of them. One expect adolescents to move away from the adult-directed activities of childhood toward the autonomy, responsibility, self-direction and independence from their parents and forming an identity. Consistent with these expectations, adolescents are granted increased freedom of choice to varying degrees, adolescents select their academic courses, choose their friends and activities, and make plans concerning post high school education, employment, and family life. Many of these decisions have important implications for young peoples subsequent life course. Educational decisions, such as whether to attend college or not, affect future career opportunities and vocational development. Similarly, becoming an adolescent parent often limits educational attainment and employment opportunities. Erikson viewed the critical developmental task of adolescence as identity verses identity confusion which requires the teen to sort through various choices in order to answer to questions who am I? Adolescents who go out with friends rather than study for an important test, who engage in unprotected intercourse or experiment with a new drug, or who ride home with an intoxicated driver may unknowingly affect the direction of their future lives. Moreover, short-term choices may evolve into regular patterns of behavior or lifestyles, which, in turn, influence future development. Thus, the choices that adolescents make and the developmental course they define can profoundly shape their later lives. Therefore, the adolescents movement toward autonomy entails both growth and risk. On the one hand, adolescents need to experience greater freedom of choice so they can begin to exercise self-direction. Successful parents must provide support to teenage children. Maintaining communication helps reduce serious conflict. Parental monitoring is based on open communication and adolescent willingness to disclose the details of the adolescents life. The most importance of peers increases enormously during adolescence. Through social comparisons, teens compare themselves to their peers as a means of defining themselves. Early on, dating serves to give young adolescents experience without deep emotional involvement. Later, adolescents who date may develop emotional closeness and serious romantic relationship. Adolescence and emerging adulthood is often characterized by risk taking behavior. Because the brain region related to judgment and emotional control are still developing, adolescent may take risks without fully appreciating the consequences. Suicide is the third leading cause of death during adolescence, and the rate of suicide in this age group is rising. To support positive adolesce nt development, we should support and strengthen families, provide then with activities in which they can be successful Chapter 12 The young adult stage is full of major changes in both physical and cognitive attributes. The body has finished fully developing and the thinking process is carried out in a more complex manner. It is during this development stage that the young adult can contemplate the views of others and put themselves in their place to gain a better understanding. Many key events in adulthood occur at relatively predictable times for most people in an age cohort. An age clock represents our internal sense of time for when major life events should occur. Physically, it is a time when one is at his or her healthiest. The brain is still increasing in size, although new neurons are no longer forming. One sense is also the keenest during this time of life. Full maturation has been reached, as well as full height. This is also the time when this age group learns to live comfortably in their own. The young adult years are often referred to as the peak years. Young adults experience excellent health, vigor, and physical functioning. Young adults have not yet been subjected to age-related physical deterioration, such as wrinkles, weakened body systems, and reduced lung and heart capacities. Their strength, coordination, reaction time, sensation, fine motor skills, and sexual response are at a maximum. Additionally, both young men and women enjoy the benefits of societys emphasis on youthfulness. They typically look and feel attractive and sexually appealing. Young men may have healthy skin, all or most of their hair, and well-defined muscles. Young women may have soft and supple skin, a small waistline, and toned legs, thighs, and buttocks. Early in adulthood, neither gender has truly suffered from any double standard of aging, mainly, the misconception that aging men are distinguished, but aging women are over the hill. With good looks, great health, and plenty of energy, youn g adults dream and plan. Adults in their 20s and 30s set many goals that they intend to accomplish, from finishing graduate school, to getting married and raising children and to becoming a millionaire. Young adulthood is a time when nothing seems impossible; with the right attitude and enough persistence and energy, anything can be achieved. Some individuals begins habits that likely will produce health problems later in life such as overeating, overuse of alcohol, drugs and lack of exercise. Physical change may come in the form of weight gain for this age group. This is the time of settling into careers which can be sedentary, compared to the activities that are done in college and high school. For many, this is the first time in taking sole responsibility for providing nourishment. Many young adults move away from home. Food intake may now consist of fast food and frozen dinners, which can really rack up the pounds. Early adulthood is often the time during which people are most s exually active, and many plan to have children. Sexually transmitted diseases affect most of the young adults such as Chlamydia, gonorrhea, and syphilis. Aids may be least partly responsible for a shift to more caution sexual behavior. Many young adults have developed the skill to reason logically and solve abstract problems. This is also the age when they are able to solve theoretical problems. This age group scores higher than any other on the fluid intelligence section of an IQ test. Fluid intelligence is not only the ability to think abstractly, but to deal with novel situations. This is the age that awareness of consequences develops. Piaget argued that cognitive development reaches its highest level, their thinking becomes more complex.

Case Study On Strategic Analysis Management Essay

Case Study On Strategic Analysis Management Essay This will be done through analysing the variety stores industry in which Woolworth operates, the companys past, present and future growth strategies and its current performance. Using recognised strategic tools, the various options available to the company will be recommended and evaluated. METHODOLOGY: The Methodology that will be used to compile this dissertation will mainly be in the form of secondary research. This is largely because the nature of the project requires the co-operation of managers at very strategic level of the company. The Managers understand and have sufficient information on the strategic direction of the organisation. The writer was unable to arrange interviews with the management in the company, as information they have cannot be made public for confidential reasons. As a result it is deemed that the information gathering from other sources within the company would not be as reliable as desired for this topic. Informal primary research interviews will be arranged to gain general information on Woolworths PLCs policies and operations with members of Woolworths store staff. Secondary information will also be used to compile this dissertation due to the availability of reliable and valid information on Woolworths PLC and the variety retail industry. Secondary research will be conducted through examination of annual reports and accounts of the company and its main competitors. To evaluate these, sources such as Mintel Marketing Intelligence Reports and Marketing and Business trade journals will be used. Published academic books on Strategic Management will also be used to assist with the theoretical elements of this dissertation. HISTORY Woolworths is generally described as a variety store. These are organisations that concentrate their efforts on the retailing of a range of products in the lower and more popular price ranges. They provide a walk in, shop and carry facility as the major route of purchasing (home delivery and pre ordering being rare), with open display and self-service merchandising. They are unlikely to be departmentalised. Other related categories include department stores, discounters and specialist shops (also known as category killers) (Oxford English Dictionary 2001). Woolworths was first established by Frank Winfield Woolworth in 1879 with the concept of selling products costing no more than 5 cents. This proved a popular idea with the consumers and the turnover continued to grow. The concept was of no frills shopping, with a range of low priced, non-perishable items. When F.W. Woolworth died in 1919, he had built an empire of 1,081 stores with sales in excess of $118 million per year (Faulkner et al 2003). The company continued to grow and developed internal competencies in areas such as marketing, finance and estates management (Faulkner et al 2003). Faulkner et al also comment that this period of Woolworths history was characterised by the focus of its strategy: it was able to deepen its existing competencies and incrementally expand both its competency base and it knowledge of different market environments (such as suburban retailing) (Faulkner et al pp. 279 2003). However, this was to prove insufficient when discounters and category killers became more prevalent in the market. Wal-Mart had begun trading in general merchandise at low prices and specialist retailers, such a Toys- R- Us provided a destination shopping location for those consumers seeking a particular product, a wider range of products or specialist knowledge about the products. Woolworths began a decline in sales in real terms due to its lack of insight of how to capitalise on the prevalent retail preferences. They failed to take the move to expand their business either into a wider focus or a narrower one, strategies which would have given them a platform from which to take on their competitors. It wasnt until the late 1980s that Woolworths changed their strategy in the United States with their diversification into specialist areas, such as Kids Mart and Little Folks, as well as entering the discount retail business with the Woolco concept. However, they lacked the competencies and capabilities to make up for the time they had lost which had allowed their competitors to establish a strong market lead and in 1995, Kids Mart and Little Folks both closed down. This was on top of the closure of 400 stores in the USA and the sale of 122 Canadian Woolco stores to Wal-Mart (Faulkner et al 2003). One of the specialist areas they had entered into, footwear, did prove to be a success and led Woolworths in the USA to open over 7, 000 athletic footwear stores covering a range of gender and age segments by 1998. The company decided at this stage to change its operating name in the USA to the Venator Group (Faulkner et al 2003) and to reposition itself as a specialist sports footwear reta iler. The groups business in the UK moved in a different direction and kept the original company name. At present, in the UK, Woolworth currently owns around 900 stores selling toys, confectionary, house wares, seasonal products and electronic entertainment. The UK business has also moved into specialist areas with the introduction of MVC home entertainment and electronics which currently has 85 shops, E.UK, which is the largest distributor of home entertainment products in the UK, and the music and video publishing arm VCI (Cornell date unknown). Having become a public company in 1931, Woolworths was briefly taken over in 1982 by Kingfisher, but returned to public ownership again in mid-2001. Woolworths stated aim is to be at the heart of the community and the best loved retailer for kids, home and family leisure (www.woolworthsgroupplc.com). As will be seen Woolworths performance has been variable over recent years and in January 2005, they received a takeover bid from the private equity group, Apax. Although the Woolworths board rejected that offer, a higher one was received four weeks later and is currently under consideration. This means that the future for Woolworths is an uncertain one, with the possibility of a substantial cash injection, but diminished control for the current management team. Should the Apax offer be rejected again, Woolworths is likely to receive offers from its major competitors. PORTERS FIVE FORCE ANALYSIS. Threat of new entrants Despite the high number of retailers dealing with general merchandise, two areas are seen as being particularly relevant. Currently, there are only two catalogue based shopping concepts in the UK, Argos and Next. This market remains highly under-represented considering the success particularly of Argos and it could be expected that the concept will be taken up by more companies in future. These businesses offer the full range of house wares, electrical goods, toys and gifts as available from Woolworth, and have a distinct competitive advantage in their practice of minimal stock holdings in store allowing extra selling space to be released. They may face difficulties in finding the number and size of locations they would need to become a major player in this market, but this could be overcome through the acquisition of an existing retailer. Further new entrants may be seen as foreign companies try to increase their market share. These have already been seen in two main forms. Firstly the specialist retailers who started from nothing in the UK and have achieved good organic growth. Examples include Toys-R-Us, Ikea, Gap, HM, Beneton and Poundstretcher. The second group are those who gain a foothold in the UK market through acquisition. These include Wal-Mart, Brantano and Claires Stores. There is no reason to expect the level of foreign retail interest in the UK to decrease. Bargaining power of suppliers The bargaining power of suppliers has been much diminished with the development of e-commerce. Because of the vast increase in access to information between potential suppliers and buyers, the suppliers pricing strategy may be the only way to secure business. This is likely to increase as more use is made of the Internet. One recent development has been the practice of reverse auctions where a retailer specifies what they want and competing suppliers out bid each other, via a web site, by lowering the price rather than by raising it as in the traditional auction (www.gusplc.com). Once suppliers have been agreed, the large size of this retail sector also ensures buyers can act from a strong negotiating base, as they have significant control over the future health of dedicated suppliers. Recently there has been publicity around the practice of large retailers setting what are seen as unfair terms with suppliers and of insisting on price reductions even though the supplier then operates at a loss (Telegraph 2005). However, it is not expected that any legislation will bring about changes in this situation in the foreseeable future. On the negative side, specialist suppliers such as those supplying mobile phones and computer games, have an increasing amount of power due to the demand for their products. A retailer would need to ensure they have sufficient quantities of a product such as the latest Playstation, for the Christmas market, but are frequently left in the hands of suppliers who can give preferential service to other customers. Threat of substitutes Product substitutions can be used in two different ways. Firstly, as is the strategy of many of the main supermarkets, own brand labels are seen as acceptable substitutions for everyday grocery items. The cost of substitution is low to the customer i.e. they feel that there is little risk because of the loyalty they have to the store. The other type is through introducing higher priced, luxury type items. This strategy can be seen in the Marks and Spencer food sector where they market the products as being superior to other brands.For the variety retailers, the concept of substitution does not seem to have been fully exploited and it is a possible strategy for securing market share in the future. Bargaining power of customers The high level of competition amongst retailers has led to a position of power for the consumer. Having moved from seasonally driven sales events to permanent deals, the aggressiveness of these approaches has also increased. Customers now expect to be able to get three for two offers throughout the year. This puts the retailer at a disadvantage, as they will lose the potential benefits of targeting marketing promotions and means they are continually forced to take the path of competitive pricing. This can lead companies to over rely on the profits made from a limited range of products whereas the rest of the ranges operate at unsustainably low profit margins as loss leaders. Competitive rivalry within the industry The variety stores sector is highly competitive and there is no reason why this should not continue to be the case. It is suggested by retail analysts, Peters, Elworthy and Moore, that the variety store business in the UK has become saturated and that the larger stores are likely to take over or merge with the independents (cited in Potts 1996). Competition from superstores and supermarkets is expected to increase as they add to their ranges of non-food items in a bid to gain a higher share of the overall consumer market (Potts 1996). It is also expected that the differentiation between department stores, variety stores, home shopping and supermarkets will become less sharp as retailers look to alternate channels and increasing product ranges to maximise their turnover (Potts 1996). This will make it difficult for new entrants to enter the market unless they benefit from a unique selling point such as discounting, as has been seen with companies such as Wilkinsons. PEST ANALYSIS: Political Ecological/environmental issues- corporate social responsibility (csr)- The main belief around csr thinking is that the practice of businesses within the capitalist economy to concentrate their efforts on providing wealth for its shareholders, is unacceptable and that companies should take the responsibility of considering the well being of society as a whole (The Economist, January 22nd 2005). It has been countered by Lynch that failure to make a specific statement on ethical issues, does not mean that a company is not fundamentally ethical in the way that it does its business (Lynch 2003). Retailers generally are coming under increasing pressure to ensure they cannot be charged with poor practices with regard to the developing world or the environment. The activities of and publicity around the anti-globalisation movement, may dissuade organisations from expanding their markets abroad, although many see these as a small minority and it is questionable as to whether their activities would cause a company to alter their strategy. It is more likely that they will take the issues into account in terms of having a robust csr policy and when reporting to the media. Woolworths made the following statement on csr in their latest financial statement: During 2003/4, through the CSR Committee, Woolworths Group has continued to work to understand the impacts, both positive and negative, of our business. A proper understanding of the risks we must manage and the opportunities we have to be a catalyst for improvement is a fundamental part of how we do business (www.woolworthsgroupplc.com). Woolworth has specific policies on the areas of timber and chemical usage, a strict code of ethical trading and has set up its own charity (Woolworth Kids First) to provide the opportunity for their employees to help children on a local basis (www.woolworthsgroupplc.com). Whilst Woolworths are outwardly taking their csr seriously, it is an area that has come from nowhere to heavily impact organisations in the past and Woolworth would do well to bear in mind the impacts on Nestle of the baby milk episode and on Marks and Spencer of the sweat shop issues.   Legislation- a new White Paper has been announced that will give retailers the ability to offer legal advice through their own law companies. Dubbed Tesco Law, it provides a further service to encourage the one stop shop approach of the large supermarket chains (BBC D). Supermarket chains, which are one of Woolworths main sources of competition, have had a strategy of offering a one-stop shop opportunity to their customers with the introduction of such facilities as pharmacies, banking facilities and insurance. It is not yet known whether Woolworths is planning to introduce such offerings in its store. Government policies- in the recent budget, Gordon Brown announced a doubling of the threshold for stamp duty on house purchases to  £120,000. This was done to assist particularly first time buyers. Encouraging the housing market will have a beneficial effect on Woolworths house wares, furnishings and DIY ranges, but this will obviously extend to their competitors as well. Government term and change- whilst a General Election is due in the UK, the writer believes that there would be no significant impact, either positive or negative, were the political party currently in power were to remain or change. Economic Home economy situation- the current economic situation in the UK can be seen as a positive factor for Woolworths with low interest rates (2.7%) and high property values leading to record levels of borrowing. However, there are concerns over the level of borrowing as debt levels for have reached more than  £1 trillion (BBC E). It should also be noted that low interest rates would dissuade people who are living off investments from spending, although these tend to be those in retirement who are not considered to be Woolworths target consumer. They have identified that their typical customers are mothers with dependent children living at home(www.woolworthsgroupplc.com). Home economy trends. The Government states that Council tax will rise by an average of 4.1% in the next financial year, the lowest increase in more than ten years (BBC B). In the housing market, figures for changes in house prices vary by source with the Halifax quoting a 0.5% rise and the Nationwide a 0.5% fall (BBC A 2005). There is currently no solid evidence of a crash in the housing market. Should this occur, the impact on the whole retail industry would be immense. Overseas economies and trends- oil prices had risen to a high of $56.15 per barrel in mid March (BBC F). Although they are currently falling, they remain 25% higher for the year (BBC F). Long term, the situation is likely to worsen as demand for oil increases from growing economies such as China, where the economy is growing at 9% and a 10% increase in oil use is predicted for 2005 (BBC F 2005). High oil prices will affect both production and distribution costs for all retailers and will have to be passed onto the consumer through increased prices if alternative savings cannot be made in the value chain. Market and trade cycles- despite good economic factors such as low interest rates, the UK retail economy seems to be slowing down. In March Morrison, Boots and Jessops put out profit warnings and it was reported that data suggests generally poor retail sales and weak spending for the period since Christmas (Verdin 2005). The figures point to a growth in consumer spending of only 0.2% for the last quarter of 2004 the weakest figure for almost two years (Duncan 2005).No specific cause for this downturn has been identified; although the writer would suggest that the publicity around levels of personal debt and the worsening pension crisis may have some influence. Social Consumer attitudes and opinions- Mintels annual lifestyle report has found that consumers are shunning the larger supermarkets and chain stores which they find impersonal, and are much more likely to frequent local, independent shops (cited in BBC C). The implications of this for Woolworth could be positive or negative. To many people, they may be classed as a multi-site retailer and therefore avoided by the consumer. However, the history of the company, its generally high street locations and the nature of the products it sells may lead some to choose it as a shopping venue over large supermarkets. In this area, the history and reputation of Woolworths can only be beneficial. Fashion and role models- the value of celebrity endorsement is well understood by the retail industry and icons such as Jamie Oliver, Delia Smith and David Beckham have all become associated with particular brands. Woolworth identified this pattern and adopted the puppet characters, Woolly and Worth, for their 2004 Christmas campaign. Its success has encouraged them to continue the use of these characters for future advertising campaigns (www.woolworthsgrouppls.com). Technology- the rate of increase in use of cutting edge technology based items has given retailers a highly lucrative new product range. For example, mobile phone technology only became widely available in the early 1980s, but today, approximately one in six of the worlds population owns one and in most of the developed countries, market penetration exceeds 70% (The Economist 2005). As well as the phones themselves, the associated hardware and software are highly popular and unexpected markets have developed, for example, ring tones. There are no indications that these products will do anything other than maintain their growth and the continual developments in technology help to keep the market buoyant. Consumer buying mechanisms/technology- the growth of e-commerce has provided two new strategic directions for retailers. Firstly, there is the opportunity of selling the technology itself- mobile phones, personal computers, software, downloads, games- and secondly, it provides a further channel through which to sell goods. All the major retailers have web sites on which customers can research products, compare prices, order and pay for goods and, as such, there is reasonable competition to encourage consumers to visit particular web sites. An extra dimension is the number of companies who sell only through the Internet. This provides them with a competitive advantage of having lower overheads as premises and shop floor staff are not required. A good example of this is the book retailer Amazon.com who have diversified into clothing, apparel, DVDs and compact discs following their success with books. Further channels have yet to be fully utilised including ordering goods through mobile phone technology and digital television shopping channels. Whilst building their e-commerce business, Woolworths need to ensure it is based on a stable and secure foundation. Although not alone in the experience, they had to close their www.woolies.co.uk site for two months in 2000, when a customer reported that they could view other peoples credit card details on the site (Azeez 2002). Maturity of technology- Radio Frequency Identity Tagging (RFID) is seen as the way forward by many retailers who are undertaking trials of the technology. The most well known is probably Tescos who have been testing it on their high relative value, easily portable items such as razors. Woolworth had been trialing systems but has announced this year that there is no longer funding for the project (www.woolworthsgroupplc.com). They are allowing the technology to reach maturity and should then be able to capitalise on the research done by others. There are some risks with this strategy as it gives the competitors the opportunity to realise the benefits of such technology at an earlier stage. However, it also protects Woolworths from the high level of risk associated with this technology and dealing with issues raised by the Data Protection Act. STRATEGIC GROUP ANALYSIS. The competitors of Woolworth are deemed as being: Discounters those stores which offer stock at particularly low prices and have this as a unique selling point. These would include: Wilkinsons, Asda-WalMart and Poundstretcher Supermarkets stores that historically sold predominantly food items, but have now generally expanded their range to include substantial non-food categories. Examples are: Tesco, Sainsbury, Asda-WalMart and Waitrose Department stores a store which sells a range of items, usually non-food, that divides its goods into distinct areas of the store. In the UK this category includes: MS, Debenhams, House of Fraser, British Home Stores (BHS), and John Lewis Catalogue stores the retailer has a large proportion of the store space dedicated to storage rather than selling space. Few, if any goods are on display and customers select from a catalogue, usually without viewing the product first. Argos and Next are the most well known in the UK. Special ist stores those who concentrate on selling a particular product, which corresponds to part of the Woolworth range. For example, Mothercare and the Early Learning Centre for childrens clothes, BQ, Homebase and Focus DIY for DIY products. Competition is high for all segments of the retail industry which has lead to a blurring of the differences between the categories. Many companies are diversifying into new sectors or aiming for higher market penetration in their existing products. A good example are the supermarkets which have had many years of fierce competition with the main three, Tesco, Sainsbury and Asda, regularly changing places in the retailer league. Their strategy involves adopting a hybrid approach. Cost leadership to some degree by ensuring they maintained competitive pricing for generic products and then offering their own brands at a significantly lower price and differentiation in terms of the range of products they offer by branching out into greater ranges of non-food items. New entrants to the market had to have a unique selling point to appeal to the consumer and found it in terms of outperforming the established market in cost leadership. Aldi, Netto and Lidl have achieved some success in this, p roviding generally unfamiliar brand named, everyday products at a significantly lower price than the main supermarkets. The supermarkets also attempted to increase their market share through increasing their ranges of products and increasing the size of their stores to include superstores and hypermarkets. Other tactics include offering an appearance of being more exclusive (such as Waitrose and Marks and Spencer), positioning as a leader in corporate social responsibility (as in the Co-Operative stores and their Fair-trade products) and seeking new selling opportunities (for example, Marks and Spencers food outlets in service stations). The amalgamation of Asda and WalMart and Morrisons and Safeway showed that some of these strategies left companies with no clear customer focus, trying to be all things to all people, and, with decreasing sales and market share, they became attractive propositions to companies wishing to achieve a foothold in a new geographical location (the south of England in the case of Morrisons and the whole of the UK in the case of WalMart). The biggest threat to Woolworths from these stores has been through product diversification. Initially seeking to offer a one stop shop experience, with selling general merchandise, they then took on specialist stores such as Lloyds pharmacies, and non-retailers with the offerings of financial services. The specialist stores have had to recognise that as well as competing between themselves where products overlap, they are now also having to take on the supermarkets. Music retailers, such as HMV and Virgin, are experiencing pressure from supermarkets, who area able to take them on in terms of cost leadership due to economies of scale and value chain efficiencies, leaving the music stores with the only option of maximising their niche qualities. However, the increasing popularity of e-commerce, both in terms of new retailers and innovative product formats (such as downloads), has put this strategy at risk as their niche status is coming under attack. The implications for Woolworths high street stores are that they are having to rely on appealing to customers who are not seeking a specific item when they enter a store, as they cannot compete on grounds of price or specialism. Their appeal is to the impulse purchaser or those who are buying for someone else and are unsure of what they want. This merges well with the Woolworth strategy of concentrating on Kids and Celebrations. However, if they are positioning themselves as a one stop shop provider for celebration events, they are still in competition with the supermarkets who are able to provide the same items and the opportunity to purchase them whilst doing the regular grocery shopping. In areas where Woolworth has traditionally been seen as a key provider, childrens clothes, again, the supermarkets are offering a cost leader alternative with a strong fashion selling point, by employing well-known designers to support their products (such as George at Asda). Tesco recently showed their power by offering Levis jeans at a price point lower than the manufacturer. Coupled with this is the strategy of other companies to move into this line as a new product or to increase their market share. Key players are Mothercare and The Early Learning Centre. Seen as specialists for the child market, their threat to Woolworth is significant as is that of clothing retailers identifying the market for childrens clothes and exploiting it using their strength in reputation to appeal to the consumer (Gap Kids for example). Whilst all these forms of retail outlet vie for the consumers business, there is an inherent risk for all of them in terms of being able to convert their sales into profit. With competition being so fierce and coming for several different directions, most retailers have to ensure that whilst they are not necessarily the cheapest, they are competitive. The exceptions to this are those that promote themselves as exclusive, such as Waitrose. All these retailers are seeking to reduce their costs through driving savings with the value chain. This has wide reaching implications. As pressure increases to produce the goods at a lower cost, the source of production moves to countries with lower wages and poorer working conditions. As well as affecting the UK economy through increased unemployment, there have been cases where the apparent violation of human rights has produced poor publicity for the retailer. An example of this is the situation Marks and Spencer encountered in the late 1990s. On the one hand they were being accused of being too expensive, so they moved production of their clothes to developing countries. This led to an outcry in the media when companies in the UK who had been supplying them for years, could no longer operate and had to close down. Another strategy to reduce production costs is to use cheaper raw materials, but again, the negative aspects of this receive attention, with the current example being the questions raised over the nutritional value of cheap food products. Within the organisations themselves, streamlining head office personnel in terms of numbers and outsourcing support functions such as recruitment, have shown to be effective in the short term, but the long-term effects of cutting costs in areas such as research and development and training has yet to be seen. SWOT ANALYSIS. Strengths Many of Woolworths strengths come from its long history. They have a recognised internal competence in supply chain management and are able to use this both to reduce their costs and to enter into agreements with organisations that would traditionally be classed as their competitors, such as Tesco. They are using their expertise to provide additional turnover. Their contracts with other companies that utilise their strengths also allow them to minimise the risks to themselves. Having been long established, Woolworth has a good reputation in the UK and is a recognised name on the high street. They have a strong presence in toys, house wares, confectionary and seasonal products markets and due to their size can boast a dominant position over the majority of their suppliers. The perception of consumers is of a high level of corporate social responsibility, having not been subjected to significant poor publicity in any areas. The general economic conditions in the UK are promising although the recently reported slow down in consumer spending must be regarded as a risk. The locations and number of stores operated by Woolworths can be seen as a further strength, especially as consumer preference moves away from out of town shopping. They have made a good move in the adoption of advertising icons, which are considered to be a key element of their marketing campaign. Recent improvements in their stock management systems involving the introduction of an integrated replenishment system and the Kingstore till systems, gives them the ability to manage their stock levels more efficiently, thereby reducing both costs and instances of stock outages. They have undergone a recent review of how they can improve their operational efficiency and this shows a proactive strategy to take on their competition. They have a high level of understanding of customer base which they have developed through their long history in the retail market. This enables them to predict changes in consumer requirements and gives them the potential to maintain a competitive edge. Their decision to increase their use of their own brand products gives them the opportunity to heighten their market penetration in these areas, whilst their expansion of electronic entertainment offerings shows a desire to widen their range within a specific sector. These strategies seem to be successful at present.

Julius Caesar Essay -- essays research papers

Julius Caesar In William Shakespeare’s play Julius Caesar, the literary element of the tragic hero is evident. In general, a tragic hero must meet several important qualifications. He must come from a good background and have high social status, he must have a tragic flaw that leads to his downfall, and this flaw must be punished either by death or banishment. In this portrayal of the history of the Roman Empire, Shakespeare explores the lives of Julius Caesar and his acquaintances. Though all of the characters are very important to the plot of the play, none of them obtain the characteristics of a tragic hero as Caesar does.   Ã‚  Ã‚  Ã‚  Ã‚  A major characteristic of a tragic hero is that he must come from a good background and obtain high social status. Julius Caesar fits both of these qualities. Not only is he the supreme ruler of Rome, but he is also a very wealthy and well-respected man as well. The people of Rome respect Caesar for several reasons. They admire him because he cares for Rome, he governs Rome, and he has made it a great empire. Caesar is sometimes referred to as a dictator for life by the Roman people. His army is also an awesome military force and is very capable of defending Rome as it displayed Pompey early in the play. The people’s love and respect for Caesar is evident when Caesar asks Mark Antony to touch Calphurnia to rid her of her barren curse. Antony responds to Caesar’s request by saying, â€Å"I shall remember. / When Caesar says ‘do ...

Capital Punishment is State Sanctioned Murder Essay example -- Argumen

Capital Punishment is State Sanctioned Murder Capital punishment is state sanctioned, premeditated murder. It is morally, ethically, and socially wrong. Murder is the intentional killing of one person by another. Capital punishment does just that. It takes the life of one person and uses another, "the executioner," to do it. In the state of Indiana, the warden of the state prison acts as "the executioner." The killing takes place before the hour of sunrise on a fixed day. The warden, "executioner," flips a switch that sends electrical current into the body of the convicted prisoner, thus ending the prisoner's life. What happens during the execution is one person's life is intentionally ended by the act of another. The difference, however, is that capital punishment is condoned by the state. The state's Supreme Court, Appeals Court, Superior courts, and prosecutors all play an important role in condoning the use of capital punishment. Many precautions are taken to ensure that all due process rights are given to the offender. I wonder how many times we have executed an innocent man or woman? Last month, in the state of Virginia, a man was executed for the brutal rape and murder of his sister-in-law. Throughout his 11 year stay on death row, he claimed he was not guilty of this crime. We may never know the truth, yet his life was ended. If his innocence could be proven today, there would be no way to reverse the punishment. There is no doubt that we have executed innocent people in this country. Throughout our lives we are taught that it is wrong to take the life of ... ...ustice that is being served? In my involvement with offenders on death row, I see the pain of their families as they go through the appeals process hoping and praying that their loved one's sentence be overturned. The use of the death penalty shows us that revenge is honored in our society. The cost of incarcerating an offender for their lifetime is much less than the cost of executing that same offender. In spite of the lower cost to imprison, we continue to execute offenders. To me, this mindset shows a system that considers the death of another to be a victory. Murder and capital punishment are synonymous. Both consist of the intentional killing of a human being. Both are morally, ethically, and socially wrong. The only difference is one form of killing is considered to be lawful.

Christian Gospel Essay

What are some ways the Christian gospel is perceived in our Culture The Gospel of Christian is alleged in our traditions in many customs. Most people have the perception that if you are a Christian you feel you are holier than a non-believer. What they do not understand is that, when anyone makes the choice to become a Christian, they make life-long changes in their lives. On several occasions, friends and sometimes family become offended with the choices you make in becoming a Christian. In my life, my wife and I made the decision to become a Christians, we changed everything in our life, including the way we think. What are some specific moral, emotional, and intellectual reasons people may reject the Christian Gospel The main reasons individuals refuse the gospel is mainly due to their morals. Usually it is beliefs, marital status or political. Christianity weights a devotion to positive ethical regulations that several individuals think is old-fashioned, or prejudiced. People view Christians as being hypercritical and unenthusiastic to earn the right to be heard because of their attitudes. People who live a diverse lifestyle other than the Christian Gospel, we are not willing to dialog with someone. Christian Gospel is viewed as conflicting to intellectual learning. The majority of the bible is viewed as a leprechaun or myths, and several human beings are reluctant to obtain a firm glance at the worldly, for Christ’s life, fatality and renaissance. The Christian Gospel can be tough to grab a hold of, particularly for non-believers who really do not understand God’s love for his children. The fact that human beings do not understand that there is somebody that loves them unconditionally. Nevertheless, when people begin to understand and have a relationship with God, they start to give him their all and just dive in. What can Christians do to address these objections and better communicate the Christian gospel? To be honest, Christians should reserve themselves from the noisily hypercritical, the fakes. Our actions should always speak louder than words. People should see in Christians, the Jesus in them. By caring for those individuals who are still living in sin, like Jesus did, we get the right to heard. Just accusing people, and performing or behaving ungodly, in which you are acting no different from the non-believers, will not conquer the objections of the humankind.

Advertising encourages a desire for products which people do not actually need

They are everywhere. Banners, billboards, Internet Websites, newspapers, radio spots, television commercials, magazines, logos on clothing, cars and even cutlery. Advertising has so permeated everyday life that at last count, individuals can expect to be bombarded by approximately 1200 messages everyday, telling them what to eat, wear, do and believe in. The ubiquity of advertising is a phenomenon of our modern world akin to and sometimes elevated to an art form, a consequence of the much touted ethos of free trade and capitalistic consumerism. But not all are lured by the siren song of the commercial jingle.Cynics lambast advertisers for convincing people to spend money they do not have, for something that they do not need. Malcolm Muggeridge, prominent British journalist and thinker direfully prophesied that history will remember advertising as â€Å"one of the evils of our time†, wrongfully stimulating people to â€Å"constantly want things, want this, want that†. Cr itics like John Arbuthnot Fischer see the corrupt connection between society’s deteriorating values and the hidden agenda that advertising subtly (or not so subtly) champions: that youth equals popularity, popularity equals success, success equals happiness.How does advertising weave such a hypnotic influence? The ultimate objective of advertising is to sell products, services and ideas persuasively and creatively. To that end, advertisers and copy writers resort to all manner of strategy to arrest the attention of consumers long enough to create awareness and perhaps, even desire for the product, service or idea. The variety of methods to entice both existing and potential clientele range from the obvious to the subtle, from the staid to the subliminal (incidentally outlawed in many countries).Whatever the methods used, professional advertisers all agree that good advertising is not just about circulating information; it is about penetrating the public mind with desires and belief. In fact, advertising guru Leo Burnett once said that the secret of effective and original commercials is not the creation of new and tricky words and pictures, but one of putting familiar words and pictures into new relationships. Such perception altering strategies are what may induce consumers to desire and eventually buy the superfluous and the frivolous.Consider for instance De Beers diamonds. Before its advertisements for diamonds were launched, the gemstone was merely another sparkling jewel, fit for royalty, not so much for the commoners. By equating diamonds with love, De Beers successfully created a hitherto non-existent appetite for the stones (albeit really lovely ones). If a girl does not get a diamond engagement ring, the husband-to-be had better be prepared for trouble. Take a closer look also at the latest range of Louis Vuitton advertisements which capitalize on big-name appeal.The very public figures of Mikhail Gorbachev (former premier of the Russia, no les s), Sean Connery (of James Bond 007 fame), even queen of pop and controversy Madonna, who have fronted these advertisements convey more than just a sense of the luxury that the brand is famous for. These iconic figures, exuding power, history and a touch of legend, are whom a successful generation has grown up with and therefore feel a connection. You may not need a Louis Vuitton bag, but being able to buy one becomes a subtle statement that you have arrived, putting you in the same league as the celebrities who endorse the brand.Yet, while it is true that advertising can generate awareness of people’s desire of things that they now know to exist, it is equally true that advertising cannot create a need that did not previously exist. Jeff I Richards points out that advertising will only die when â€Å"people everywhere are satisfied with their weight, their hair, their skin, their wardrobes and their aroma†. Certainly, advertising brings to the fore feelings of inadequ acy, lack and perhaps deep underlying insecurities that may be alleviated to some extent via purchasing a product or service.Scarcity is the fear that you may miss an opportunity to purchase a product. Thus â€Å"one day sales† and phrases such as, â€Å"for a limited time only† or â€Å"limited supply† are commonly employed to increase sales and promote the idea that you can supply a lack. Advertisements about health often capitalise on fear to get the audiences’ attention. Once this is accomplished they hope to â€Å"scare† the audience enough to produce an attitude change, be it buying their product or changing your lifestyle.Alcohol and cigarette advertisements appeal to peoples’ desires for pleasure Models and actors are portrayed as having a good time, leading to the belief that if you purchase these products you too will have a good time. Of course, many advertisements employ more than one technique in attempting to persuade the audie nce. Plastic surgery ads, for instance, work well by appealing to people's love of beauty via exposing their fear of aging as well as their vanity and egotism.Fear, love, pleasure, and vanity are thus powerful motivators of behaviour that can supposedly be eradicated or fulfilled through some product, service or action, at least in the mind of the consumer. Without them, advertising messages are simply messages. Moreover, while it is true that some deep-seated desires rule human nature and behaviour, almost everyone exercises a choice as to when and how such desires are met. To some extent, the consciousness-raising power of advertisements puts the onus of action on the consumer and provides some options for exercising that initiative.Yet, advertisements cannot make one do anything that one is not willing or able to undertake in the first place. Campaigns and posters (a type of advertising) warning against the evils of smoking are visibly mounted, but have not really produced a sign ificant reduction in the numbers of smokers in Singapore despite the fact that cigarette advertising is banned here! Health promotion advisories across the world promote healthy eating plans and options, but that does not stop one from chomping on that artery-clogging hamburger or carcinogenic char kway teow.In fact, not all advertising is focused on inducing consumers to purchase the unnecessary. To believe that would be to limit the many useful functions it fulfils. There are genuine needs that require the consciousness-raising and educational function of advertising to fulfil. Look at the countless advertisements for domestic, office and personal needs. Consider also the innovations that advertising brings to one’s awareness. Take into account that advertisements can serve as reminders to consumers, particularly when a consumer has a specific need or desire that can be associated with a product or service.At the end of the day, what must be remembered is that in a free-mar ket society where a plethora of goods and services is available, consumers ultimately exercise the responsibility that accompanies the freedom of choice. Advertisers will continue to market their wares strategically, but consumers are not helpless victims held enthralled in a life-or-death struggle. If they were, advertisers would not have to wrack their brains to conjure up creative ways to entice customers. To think otherwise is to sorely underestimate the strength of the human mind and spirit.