The Womens Place in Medieval Society - 505 Words

Life in the medieval society was one of the most painful for women. It was evident by the high level of exploitation and oppression of women. At a time when wealthy men enjoyed stylish life, women had very hard times. Comfort was not a privilege but a luxury that only few women could afford. Men completely dominated the society and any concrete decision to be made was their preserve (Spielvogel 179). Women were not consulted even in matters that directly affected their lives; they had little or no say in the decision making process. A Woman’s role was dictated by men. For instance, village women were expected to cook for the family and take good care of their husbands. A woman’s place was the kitchen and nothing more. Oppression was†¦show more content†¦This was a job that was highly demanding but poorly paid. Men set highly oppressive laws, which greatly restricted freedom of women. For example, no business premise could be owned by a woman without approval by a council of men (Spielvogel 180). Also, a woman could only marry with the consent of her parents and she could not inherit land particularly if they had surviving brothers. Most girls as young as ten years were viewed as adults and they were married off to rich men without their consent. Despite their tender age, they were expected to bear children for the husband. Physiologically and psychologically the young girls were not prepared. This made childbirth a dangerous process. It was estimated that 20% of girls giving birth died during childbirth (Bitel 3). As the medieval period waned in the later fourteenth and fifteenth centuries, the economy entered a cruel loop. Hunger and persistent incapacitating diseases reduced the laborers productivity. So the grain output reduced causing grain prices to increase. This lead to a significant drop in the standards of living; diets grew more limited. In mitigation, Governments of many states started birth control and as a result, women were relieved of unnecessary pregnancy. However, in endeavors of boosting production, the number of women forced to work increased relatively. This period also saw the inception of popular uprising against unpleasantShow MoreRelatedEssay on Jewish Women in Medieval Ashkenaz1547 Words   |  7 Pages Medieval Jewish society, like all traditional Jewish culture, was run by patriarchal hierarchy â€Å"Philosophical, medical, and religious views of the time all supported the view that men were superior to women both in nature and in deed† . Women’s position in society was secondary in comparison to that of men. They were characterized as lightheaded, weak, easily seduced, and linked to sorcery. 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8 Key Element for a Business Model Free Essays

E-commerce: business. technology. society. We will write a custom essay sample on 8 Key Element for a Business Model or any similar topic only for you Order Now E-commerce E commerce Business. Technology. Society gy y Kenneth  C. Laudon Copyright  © 2011 Pearson Education, Ltd. Chapter 5 Business  Models  for  E? commerce Copyright  © 2007Pearson Education, Ltd. 2011 Pearson Education, Inc. Slide 1-2 E-commerce Business Models Business  model d l Set  of  planned  activities  designed  to  result  in  a   Set of planned activities designed to result in a profit  in  a  marketplace Business  plan Describes  a  firm s  business  model Describes a firm’s business model E commerce  business  model E? commerce business model Uses/leverages  unique  qualities  of  Internet  and   Web W b Slide 2-3 8 Key Elements of Business Model 1. 2. 3. 4. 5. 6. 7. 8. Value  proposition Revenue  model Market  opportunity Market opportunity Competitive  environment Competitive  advantage Market  strategy Market strategy Organizational  Development Management  team Slide 2-4 1. Value Proposition Why  should  the  customer  buy  from  you? h h ld h b f ? Successful  e? ommerce  value   S f l l propositions: Personalization/customization Reduction  of  product  search,  price  discovery  costs Facilitation  of  transactions  by  managing  product   delivery Slide 2-5 2. Revenue Model How  will  the  firm  earn  revenue,  generate   p profits,  and  produce  a  superior  return  on   p p invested  capital? Major  types: Advertising  revenue  model g Subscriptionà ‚  revenue  model Transaction  fee  revenue  model Transaction fee revenue model Sales  revenue  model Affiliate  revenue  model Slide 2-6 3. Market Opportunity What  marketspace  do  you  intend  to   h k d d serve  and  what  is  its  size? Marketspace:  Area  of  actual  or  potential  commercial  value   in  which  company  intends  to  operate in which company intends to operate Realistic  market  opportunity:  Defined  by  revenue   potential  in  each  market  niche  in  which  company  hopes  to   potential in each market niche in which company hopes to compete Market  opportunity  typically  divided  into   M k t t it t i ll di id d i t smaller  niches Slide 2-7 4. Competitive Environment Who  else  occupies  your  intended   h l d d marketspace? p Other  companies  selling  similar  products  in  the  same   marketspace Includes  both  direct  and  indirect  competitors Influenced  by: Influenced by: Number  and  size  of  active  competitors Each  competitor s  market  share Each competitor’s market share Competitors’  profitability Competitors pricing Competitors’  pricing Slide 2-8 5. Competitive Advantage Achieved  when  firm: h d h f Produces  superior  product  Ã‚  or Produces superior product or Can  bring  product  to  market  at  lower  price   than  competitors th tit Important  concepts: p p Asymmetries First? mover  advantage Fi t d t Unfair  competitive  advantage Leverage Slide 2-9 6. Market Strategy How  do  you  plan  to  promote  your   products  or  services  to  attract  your   products or services to attract your target  audience? Details  how  a  company  intends  to  enter  market and  attract  customers Best  business  concepts  will  fail  if  not  properly   marketed  to  potential  customers k d i l Slide 2-10 7. Organizational Development What  types  of  organizational  structures   within  the  firm  are  necessary  to  carry  out   within the firm are necessary to carry out the  business  plan? Describes  how  firm  will  organize  work Typically  divided  into  functional  departments As  company  grows,  hiring  moves  from  generalists  to   As company grows hiring moves from generalists to specialists Slide 2-11 8. Management Team What  kinds  of  experiences  and   background  are  important  for  the   background are important for the company’s  leaders  to  have? Employees  are  responsible  for  making  the  business  model   work Strong  management  team  gives  instant  credibility  to   outside  investors Strong  management  team  may  not  be  able  to  salvage  a   weak  business  model,  but  should  be  able  to  change  the   model  and  redefine  the  business  as  it  becomes  necessary Slide 2-12 Insight on Business Online Grocers: Finding and Executing the Right Model g g Class Discussion Slide 2-13 Categorizing E-commerce Business Models No  one  correct  way We  categorize  business  models  according  to: We categorize business models according to: E? commerce  sector  (B2C,  B2B,  C2C) Type  of  e? commerce  technology;  i. e. m? commerce Type of e commerce technology; i e m commerce Similar  business  models  appear  in  more  than   one  sector Some  companies  use  multiple  business   Some companies use multiple business models;  e. g. eBay Slide 2-14 B2C Business Models: Portal Search  plus  an  integrated  package  of  content   and  services Revenue  models:   d l Advertising,  referral  fees,  transaction  fees,  subscriptions g p Variations: Horizontal  /  General Vertical  /  Specialized  (Vortal) Vertical / Specialized (Vortal) Pure  Search Slide 2-15 Insight on Technology Can Bing Bong Google? Class Discussion Slide 2-16 B2C Models: E-tailer Online  version  of  traditional  retailer Revenue  model:  Sales Variations: Virtual  merchant Virtual merchant Bricks? and? clicks Catalog  merchant C t l h t Manufacturer? direct Low  barriers  to  entry Slide 2-17 B2C Models: Content Provider Digital  content  on  the  Web News,  music,  video Revenue  models:   Revenue models: Subscription;  pay  per  download  (micropayment);   advertising;  affiliate  referral  fees Variations: Content  owners Syndication S di i Web  aggregators Slide 2-18 B2C Models: Transaction Broker Process  online  transactions  for  consumers Primary  value  proposition—saving  time  and  money Revenue  model:   R d l Transaction  fees Industries  using  this  model: Financial  services Travel  services Job  placement  services Slide 2-19 B2C Models: Market Creator Create  digital  environment  where  buyers   and  sellers  can  meet  and  transact Examples:   Priceline eBay y Revenue  model:  Transaction  fees Revenue model: Transaction fees Slide 2-20 B2C Models: Service Provider Online  services e. g. Google:  Google  Maps,  Gmail,  etc. Value  proposition   Value proposition Valuable,  convenient,  time? saving,  low? cost  alternatives  to   traditional  service  providers t diti l i id Revenue  models: Revenue models: Sales  of  services,  subscription  fees,  advertising,  sales  of   marketing  data marketing data Slide 2-21 B2C Models: Community Provider Provide  online  environment  (social   network)  where  people  with  similar   interests  can  transact,  share  content,  and   , , communicate   E. g. Facebook,  MySpace,  LinkedIn,  Twitter Revenue  models: R d l Typically  hybrid,  combining  advertising, subscriptions,  sales,  transaction  fees,  affiliate  fees Slide 2-22 B2B Business Models Net  marketplaces E? istributor E procurement E? procurement Exchange Industry  consortium Industry consortium Private  industrial  network Private industrial network Single  firm Industry? wide Industry wide Slide 2-23 B2B Models: E-distributor Version   of  retail  and  wholesale  store,   , MRO  goods  and  indirect  goods Owned  by  one  company  seeking  to  serve   many  customers Revenue  model:  Sales  of  goods Example:  Grainger. com Slide 2-24 B2B Models: E-procurement Creates  digital  markets  where   participants  transact  for  indirect  goods B2B  service  providers,  application  service  providers  (ASPs) B2B service providers application service providers (ASPs) Revenue  model: Service  fees,  supply? chain  management,  fulfillment   services Example:  Ariba Slide 2-25 B2B Models: Exchanges Independently  owned  vertical  digital   p y g marketplace  for  direct  inputs Revenue  model:  Transaction,  commission  fees Revenue model Transaction commission fees C eate po e u co pet t o bet ee Create  powerful  competition  between   suppliers Tend  to  force  suppliers  into  powerful  price   T d f li i f l i competition;  number  of  exchanges  has   dropped  dramatically d dd ll Slide 2-26 B2B Models: Industry Consortia Industry? wned  vertical  digital  marketplace   open  to  select  suppliers More  successful  than  exchanges More successful than exchanges Sponsored  by  powerful  industry  players Strengthen  traditional  purchasing  behavior Revenue  model:  Transaction,  commission  fees R d l T ti i i f Example:  Exostar Example: Exostar Slide 2-27 Private Industrial Networks Designed  to  coordinate  flow  of  communication   among  firms  engaged  in  business  together fi di b i h Electronic  data  interchange  (EDI) Single  firm  networks Most  common  form   M t f Example:  Wal? Mart’s  network  for  suppliers Industry? wide  networks Often  evolve  out  of  industry  associations   Often evolve out of industry associations Example:  Agentrics Slide 2-28 Other E-commerce Business Models Consumer? to? consumer  (C2C) eBay,  Craigslist Peer? to? peer  (P2P) Peer to peer (P2P) The  Pirate  Bay,  Cloudmark M? commerce: Technology  platform  continues  to  evolve Technology platform continues to evolve iPhone,  smartphones  energizing  interest  in  m? commerce   pp apps Slide 2-29 Insight on Society Where R U? Not Here! Class Discussion Slide 2-30 E-commerce Enablers: Gold Rush Model E? commerce  infrastructure  companies   p have  profited  the  most: Hardware,  software,  networking,  security E? commerce  software  systems,  payment  systems Media  solutions,  performance  enhancement CRM  software CRM software Databases Hosting  services,  etc. Slide 2-31 How Internet Web Change Business E? commerce  changes  industry  structure   g y by  changing: Basis  of  competition  among  rivals Barriers  to  entry y Threat  of  new  substitute  products Strength  of  suppliers Bargaining  power  of  buyers Bargaining power of buyers Slide 2-32 Industry Value Chains Set  of  activities  performed  by  suppliers,   manufacturers,  transporters,  distributors,  and   f di ib d retailers  that  transform  raw  inputs  into  final   products  and  services   Internet  reduces  cost  of  information  and   Internet reduces cost of information and other  transactional  costs Leads  to  greater  operational  efficiencies,   lowering  cost,  prices,  adding  value  for   lowering cost prices adding value for customers Slide 2-33 E-commerce Industry Value Chains Figure  5. 4 Slide 2-34 Firm Value Chains Activities  that  a  firm  engages  in  to  create inal  products  from  raw  inputs Each  step  adds  value Effect  of  Internet: Eff fI Increases  operational  efficiency p y Enables  product  differentiation Enables  precise  coordination  of  steps  in  chain E bl i di ti f t i h i Slide 2-35 E-commerce Firm Value Chain s Figure  5. 5 Slide 2-36 Firm Value Webs Networked  business  ecosystem   Uses  Internet  technology  to  coordinate  the   value  chains  of  business  partners l h i fb i Coordinates  a  firm’s  suppliers  with  its  own   C di t fi ’ li ith it production  needs  using  an  Internet? based   supply  chain  management  system Slide 2-37 Internet-Enabled Value Web bl d l b Figure  5. 6 Slide 2-38 Business Strategy Plan  for  achieving  superior  long? term   returns  on  the  capital  invested  in  a   business  firm   business firm Four  Generic  Strategies 1. Differentiation   2. Cost 3. Scope 4. 4 Focus Slide 2-39 Chapter 6 E-commerce Marketing Copyright  © 2010 Pearson Education, Ltd. 2011 Pearson Education, Inc. Slide 6-40 Netflix N fli Strengthens and Defends Its Brand Class Discussion Slide 6-41 Consumers Online: Internet Audience Consumer Behavior Around  70%  (82  million)  U. S. ouseholds  have   Around 70% (82 million) U S households have Internet  access  in  2010 Growth  rate  has  slowed Intensity  and  scope  of  use  both  increasing d f b h Some  demographic  groups  have  much  higher   Some demographic groups have much higher percentages  of  online  usage  than  others   Gender,  age,  ethnicity,  community  type,  income,  education Slide 6-42 Consumers Online: Internet Audience Consumer Behavior Broadband  audience  vs. dial? up  audience Purchasing  behavior  affected  by   neighborhood Lifestyle  and  sociological  impacts Use  of  Internet  by  children,  teens Use  of  Internet  as  substitute  for  other  social  activities Media  choices Traditional  media  competes  with  Internet  for  attention Traditional media competes with Internet for attention Slide 6-43 Consumer Behavior Models Study  of  consumer  behavior Social  science   Attempts  to  explain  what  consumers  purchase   Attempts to explain what consumers purchase and  where,  when,  how  much  and  why  they  buy Consumer  behavior  models Predict  wide  range  of  consumer  decisions Predict wide range of consumer decisions Based  on  background  demographic  factors  and   other  intervening,  more  immediate  variables   h i i i di i bl Slide 6-44 General Model of Consumer Behavior Figure  6. Slide 6-45 Background Demographic Factors Culture:  Broadest  impact Subculture  (ethnicity,  age,  lifestyle,  geography) S b lt ( th i it lif t l h ) Social Reference  groups Direct  Ã‚  reference  groups g p Indirect  reference  group s Opinion  leaders  (viral  influencers) Lifestyle  groups   f l Psychological Psychological  profiles Slide 6-46 Online Purchasing Decision Psychographic  research Combines  demographic  and  psychological  data Combines demographic and psychological data Divides  market  into  groups  based  on  social  class,  lifestyle,   and/or  personality  characteristics and/or personality characteristics Five  stages  in  the  consumer  decision  process: 1. 2. 3. 4. 5. Awareness  of  need Search  for  more  information Evaluation  of  alternatives Actual  purchase  decision Actual purchase decision Post? purchase  contact  with  firm Slide 6-47 Consumer D i i C Decision Process P Supporting Communications Figure  6. 3 Slide 6-48 Model of Online Consumer Behavior Decision  process  similar  for  online  and  offline   behavior General  online  behavior  model Consumer  skills Product  characteristics Attitudes  toward  online  purchasing Perceptions  about  control  over  Web  environment p Web  site  features Clickstream  behavior:  Transaction  log  for   Clickstream behavior: Transaction log for consumer  from  search  engine  to  purchase Slide 6-49 Model of Online Consumer Behavior Figure  6. 4 Slide 6-50 Model of Online Consumer Behavior Clickstream  factors  include: Number  of  days  since  last  visit Number of days since last visit Speed  of  clickstream  behavior Number  of  products  viewed  during  last  visit b f d i dd i l ii Number  of  pages  viewed Supplying  personal  information Number  of  days  since  last  purchase Number  of  past  purchases Clickstream  marketing Clickstream marketing Slide 6-51 Shoppers: Browsers Buyers Shoppers:  87%  of  Internet  users 72%  buyers 72% buyers 16%  browsers  (purchase  offline) One? third  offline  retail  purchases  influenced  by   O thi d ffli t il h i fl db online  activities Online  traffic  also  influenced  by  offline  brands  and   shopping pp g E? commerce  and  traditional  commerce  are  coupled: part  of  a  continuum  of  consuming  behavior part of a continuum of consuming behavior Slide 6-52 Online Shoppers Buyers Figure  6. 5 Slide 6-53 What Consumers Shop Buy Online Big  ticket  items  ($500  plus) Travel,  computer  hardware,  consumer  electronics Expanding   Consumers  more  confident  in  purchasing  costlier  items Small  ticket  items  ($100  or  less) ($ ) Apparel,  books,  office  supplies,  software,  etc. Sold  by  first  movers  on  Web Sold by first movers on Web Physically  small  items High  margin  items   Broad  selection  of  products  available Slide 6-54 What Consumers Buy Online Figure  6. 6 Slide 6-55 Intentional Acts: How Shoppers Find Vendors Online pp Search  engines  (59%) S h i (59%) Coupon  Web  sites  (29%) Coupon Web sites (29%) Comparison  shopping  sites  (27%) E? ail  newsletters  (25%) Online  shoppers  are  highly  intentional,   looking  for  specific  products,  companies,   services Slide 6-56 Table  6. 6 Slide 6-57 Trust, Utility, Opportunism in Online Mark ets Two  most  important  factors  shaping  decision   Two most important factors shaping decision to  purchase  online: Utility:   U ili Better  prices,  convenience,  speed Trust: Asymmetry  of  information  can  lead  to  opportunistic   behavior  by  sellers Sellers  can  develop  trust  by  building  strong  reputations   for  honesty,  fairness,  delivery   Slide 6-58 Basic Marketing Concepts Marketing Strategies  and  actions  to  establish  relationship   Strategies and actions to establish relationship with  consumer  and  encourage  purchases  of   p products  and  services Addresses  competitive  situation  of  industries  and   firms Seeks  to  create  unique,  highly  differentiated   products  or  services  that  are  produced  or  supplied   by  one  trusted  firm Unmatchable  feature  set Avoidance  of  becoming  commodity Slide 6-59 Feature Sets Three  levels  of  product  or  service 1. Core  product e. g. cell  phone g p 2. Actual  product Characteristics  that  deliver  core  benefits Ch t i ti th t d li b fit e. g. wide  screen  that  connects  to  Internet 3. Augmented  product Additional  benefits Basis  for  building  the  product’s  brand e. g. product  warranty Slide 6-60 Feature Set Figure  6. 7 Slide 6-61 Products, Brands Branding Process Brand: Expectations  consumers  have  when  consuming,  or   thinking  about  consuming,  a  specific  product Most  important  expectations:  Quality,  reliability,   Most important expectations: Quality reliability consistency,  trust,  affection,  loyalty,  reputation Branding:  Process  of  brand  creation Branding: Process of brand creation Closed  loop  marketing Brand  strategy Brand  equity Brand eq it Slide 6-62 Marketing A ti iti M k ti Activities: From Products to Brands Figure  6. 8 Slide 6-63 STP: Segmenting, Targeting, Positioning Major  ways  used  to  segment,  target  customers 1. 2. 3. 4. 5. 6. Behavioral B h i l Demographic Psychographic h hi Technical Contextual Search Within  segment,  product  is  positioned and  branded  as   a  unique,  high? value  product,  especially  suited  to   q g p p y needs  of  segment  customers Slide 6-64 Are Brands Rational? For  consumers,  a  qualified  yes: Brands  introduce  market  efficiency  by  reducing  search  and   decision? making  costs For  business  firms,  a  definite  yes: A  major  source  of  revenue Lower  customer  acquisition  cost Increased  customer  retention Successful  brand  constitutes  a  long? asting  (though  not   necessarily  permanent)  unfair  competitive  advantage Slide 6-65 Can Brands Survive Internet? Brands Price Dispersion p Early  postulation:   Law  o f  One  Price ;  end  of  brands Early postulation: â€Å"Law of One Price†; end of brands Instead: Consumers  still  pay  premium  prices  for  differentiated   products E? commerce  firms  rely  heavily  on  brands  to  attract   customers  and  charge  premium  prices Substantial  price  dispersion Large  differences  in  price  sensitivity  for  same  product Large differences in price sensitivity for same product â€Å"Library  effect† Slide 6-66 Revolution in Internet Marketing Technology Three  broad  impacts: Scope  of  marketing  communications  broadened   Richness  of  marketing  communications  increased g Information  intensity  of  marketplace  expanded Internet  marketing  technologies: Internet marketing technologies: Web  transaction  logs Cookies  and  Web  bugs Cookies and Web bugs Databases,  data  warehouses,  data  mining Advertising  networks Customer  relationship  management  systems Slide 6-67 Web Transaction Logs Built  into  Web  server  software Record  user  activity  at  Web  site y Webtrends:  Leading  log  analysis  tool Provides  much  marketing  data,  especially  Ã‚   Provides much marketing data especially combined  with: Registration  forms R i i f Shopping  cart  database Answers  questions  such  as: What  are  major  patterns  of  interest  and  purchase? After  home  page,  where  do  users  go  first? Second? Slide 6-68 Cookies Web Bugs Cookies: Small  text  file  Web  sites  place  on  visitor’s  PC  every  time   they  visit,  as  specific  pages  are  accessed Provide  Web  marketers  with  very  quick  means  of   identifying  customer  and  understanding  prior  behavior Flash  cookies Web  bugs: Tiny  (1  pixel)  graphics  embedded  in  e mail  and  Web  sites Tiny (1 pixel) graphics embedded in e? mail and Web sites Used  to  automatically  transmit  information  about  user  and   page being viewed to monitoring server page  being  viewed  to  monitoring  server Slide 6-69 Insight on Society g y Every Move You Make, Every Click You Make, We’ll Be Tracking You , g Class Discussion Slide 6-70 Databases Database:  Ã‚  Stores  records  and  attributes Database  management  system  (DBMS):   Software  used  to  create,  maintain,  and  access  databases SQL  (Structured  Query  Language): Industry? standard  database  query  and  manipulation  language  used  in   y q y p g g a  relational  database Relational  database: Represents  data  as  two? dimensional  tables  with  records  organized  in   rows  and  attributes  in  columns;  data  within  different  tables  can  be   flexibly  related  as  long  as  the  tables  share  a  common  data  element flexibly related as long as the tables share a common data element Slide 6-71 Relational Database View of E-commerce Customers Figure  6. 12 Slide 6-72 Data Warehouses Data Mining Data  warehouse: Collects  firm s  transactional  and  customer  data  in  single   Collects firm’s transactional and customer data in single location  for  offline  analysis  by  marketers  and  site   managers Data  mining: Analytical  techniques  to  find  patterns  in  data,  model   Analytical techniques to find patterns in data model behavior  of  customers,  develop  customer  profiles Query? driven  data  mining Query driven data mining Model? driven  data  mining Rule? based  data  mining l b dd Collaborative  filtering Slide 6-73 Data Mining Personalization Figure  6. 13 Slide 6-74 Insight on Technology The Long T il Big Hits and Big Misses Th L Tail: Bi Hi d Bi Mi Class Discussion Slide 6-75 Customer Relationship Management ( (CRM) Systems ) y Record  all  contact  that  customer  has  with  firm Generates  customer  profile  available  to  everyone  in firm  with  need  to  Ã¢â‚¬Å"know  the  customer† fi ith d t â€Å"k th t † Customer profiles can contain: ustomer  profiles  can  contain: Map  of  the  customer’s  relationship  with  the  firm Product  and  usage  summary  data Demographic  and  psychographic  data Profitability  measures Contact  history   Contact history Marketing  and  sales  information Slide 6-76 Customer Relationship Management System Figure  6. 14 Slide 6-77 Market Entry Strategies Figure  6. 15 Slide 6-78 Establishing Customer Relationship Advertising  Networks Banner  advertisements Ad  server  selects  appropriate  banner  ad  based  on   Ad server selects appropriate banner ad based on cookies,  Web  bugs,  backend  user  profile   databases Permission  marketing Permission marketing Affiliate  marketing g Slide 6-79 How Advertising Network Works e. g. , DoubleClick Figure  6. 16 Slide 6-80 Establishing Customer Relationship (cont’d) Viral  marketing Getting  customers  to  pass  along  company’s  marketing   message  to  friends,  family,  and  colleagues Blog  marketing Using  blogs  to  market  goods  through  commentary  and   U i bl k d h h d advertising Social  network  marketing,  social  shopping   Mobile  marketing Mobile marketing Slide 6-81 Insight on Business Social Network Marketing: Let’s Buy Together Class Discussion Slide 6-82 Establishing Customer Relationship (cont’d) Wisdom  of  crowds  (Surowiecki,  2004) ( , ) Large  aggregates  produce  better  estimates  and  judgments Examples:   E l Prediction  markets Folksonomies Social  tagging Social tagging Brand  leveraging Slide 6-83 Customer Retention: Strengthening Customer Relationship p Mass  marketing Mass marketing Direct  marketing Micromarketing   Micromarketing Personalized,  one? to? one  marketing  Ã‚   Segmenting  market  on  precise  and  timely  understanding  of   Segmenting market on precise and timely understanding of individual’s  needs Targeting  specific  marketing  messages  to  these  individuals Positioning  product  vis? a? vis  competitors  to  be  truly  unique Personalization Can  increase  consumers  sense  of  control,  freedom Can  also  result  in  unwanted  offers  or  reduced  anonymity Slide 6-84 Mass Market-Personalization Continuum Figure  6. 17 Slide 6-85 Other Customer Retention Marketing Technics Customization Customer  co? production Transactive  content:   Combine  traditional  content  with  dynamic  information   tailored  to  each  user’s  profile Customer  service FAQs Q Real? time  customer  service  chat  systems Automated  response  systems Automated response systems Slide 6-86 Net Pricing Strategies Pricing Integral  part  of  marketing  strategy I t l t f k ti t t Traditionally  based  on:   Fixed  cost   Variable  costs   Demand  curve Price  discrimination Price discrimination Selling  products  to  different  people  and  groups   based  on  willingness  to  pay Slide 6-87 Net Pricing Strategies (cont’d) Free  and  freemium Can  be  used  to  build  market  awareness Versioning Creating  multiple  versions  of  product  and  selling   essentially  same  product  to  different  market  segments   at  different  prices at different prices Bundling Offers  consumers  two  or  more  goods  for  one  price Off t d f i Dynamic  pricing: Auctions Yield  management Slide 6-88 Channel Management Strategies Channels: Different  methods  by  which  goods  can  be  distributed  and   sold Channel  conflict: When  new  venue  for  selling  products  or  services  threatens   gp or  destroys  existing  sales  venues E. g. online  airline/travel  services  and  Ã‚  traditional  offline   travel  agencies Some  manufacturers  are  using  partnership   gp p model  to  avoid  channel  conflict   Slide 6-89 Chapter 7: E-commerce Marketing Communications Chapter 7 E-commerce Advertising Copyright  © 2010 Pearson Education, Ltd. 2011 Pearson Education, Inc. Slide 7-90 Video Ads: Shoot, Click, Buy Class Discussion Slide 7-91 Marketing Communications Two  main  purposes: Sales  Ã¢â‚¬â€œ promotional  sales  communications   Branding  Ã¢â‚¬â€œ b di B di branding  communications i i Online  marketing  communications Online marketing communications Takes  many  forms Online  ads,  e? mail,  public  relations,  Web   sites Slide 7-92 Online Advertising li d i i $25  billion,  15%  of  all  advertising Advantages: Internet  is  where  audience  is  moving g Ad  targeting Greater  opportunities  for  interactivity Greater opportunities for interactivity Disadvantages: Cost  versus  benefit How  to  adequately  measure  results Supply  of  good  venues  to  display  ads Slide 7-93 Online Advertising from 2002-2014 Figure  7. Slide 7-94 Forms of Online Advertisements Display  ads Rich  media Video  ads Search  engine  advertising Social  network,  blog,  and  game  advertising Social network blog and game advertising Sponsorships Referrals  (affiliate  relationship  marketing) E? mail  marketing g Online  catalogs Slide 7-95 Display Ads Banner  ads Rectangular  box  linking  to  advertiser’s  Web  site IAB  guidelines e. g. Full  banner  is  468  x  60  pixels,  13K e g Full banner is 468 x 60 pixels 13K Pop? up  ads Appear  without  user  calling  for  them Provoke  negative  consumer  sentiment g Twice  as  effective  as  normal  banner  ads Pop? nder  ads:  Open  beneath  browser  window Pop under ads: Open beneath browser window Slide 7-96 Rich Media Ads Use  Flash,  DHTML,  Java,  JavaScript About  7%  of  all  online  advertising  expenditures Tend  to  be  more  about  branding d b b b di Boost  brand  awareness  by  10% Boost brand awareness by 10% IAB  standards  limit  length Interstitials Superstitials Slide 7-97 Video Ads Fastest  growing  form  of  online  advertisement IAB  stan dards Linear  video  ad Non? linear  video  ad In? banner  video  ad In? text  video  ad Ad placement Advertising  networks Advertising  exchanges Banner  swapping Slide 7-98 Search Engine Advertising h i d i i Almost  50%  of  online  ad  spending  in  2010 Types: Paid  inclusion  or  rank Paid inclusion or rank Inclusion  in  search  results Sponsored  link  areas p Keyword  advertising e. g. Google  AdWords e g Google AdWords Network  keyword  advertising  (context   advertising) d ii ) e. g. Google  AdSense Slide 7-99 Search Engine Advertising (cont’d) Nearly  ideal  targeted  marketing Nearly ideal targeted marketing Issues:   Disclosure  of  paid  inclusion  and  placement   practices Click  fraud   Ad  nonsense   Slide 7-100 Mobile Advertising Half  of  U. S. Internet  users  access  Internet   Half of U. S. Internet users access Internet with  mobile  devices Currently  small  market,  but  fastest   growing  platform  (35%) growing platform (35%) Google  and  Apple  in  race  to  develop   Google and Apple in race to develop mobile  advertising  platform AdMob,  iAd Slide 7-101 Sponsorships Referrals Sponsorships Paid  effort  to  tie  advertiser s  name  to   Paid effort to tie advertiser’s name to particular  information,  event,  venue  in  a  way   that  reinforces  brand  in  positive  yet  not  overtly   that reinforces brand in positive yet not overtly commercial  manner Referrals Affiliate  relationship  marketing p g Permits  firm  to  put  logo  or  banner  ad  on   another  firm’s  Web  site  from  which  users  of   th fi ’ W b it f hi h f that  site  can  click  through  to  affiliate’s  site Slide 7-102 E-mail Marketing Spam Explosion Direct  e? mail  marketing   Low  cost,  primary  cost  is  purchasing  addresses Spam:  Unsolicited  commercial  e? mail Spam: Unsolicited commercial e mail Approx. 90%  of  all  e? mail Efforts  to  control  spam: Technology  (filtering  software)   Government  regulation  (CAN? SPAM  and  state  laws) Voluntary  self? regulation  by  industries  (DMA  ) y g y Volunteer  efforts Slide 7-103 Percentage of E-mail That Is Spam Figure 7. 6 Slide 7-104 Online Catalogs Equivalent  of  paper? based  catalogs Graphics? intense;  use  increasing  with  increase   in  broadband  use in broadband use Two  types: 1. 2. 2 Full? page  spreads,  e. g. Landsend. com Grid  displays,  e. g. Amazon Grid displays e g Amazon In  general,  online  and  offline  catalogs   complement  each  other Slide 7-105 Social Marketing â€Å"Many? to? many†Ã‚  model Uses  digitally  enabled  networks  to  spread  ads Blog  advertising   Blog advertising Online  ads  related  to  content  of  blogs Social  network  advertising:   Social network advertising: Ads  on  MySpace,  Facebook,  YouTube,  etc. Game  advertising:   G d ti i Downloadable  Ã¢â‚¬Å"advergames† Placing  brand? name  products  within  games Slide 7-106 Insight on Society g y Marketing to Children of the Web in the Age of Social Networks g Class Discussion Slide 7-107 Behavioral Targeting Interest? based  advertising Data  aggregators  develop  profiles Data aggregators develop profiles Search  engine  queries Online  browsing  history O li b i hi Offline  data  (income,  education,  etc. ) d Information  sold  to  3rd party  advertisers,  who  deliver   ads  based  on  profile Ad  exchanges Privacy  concerns acy co ce s Consumer  resistance Slide 7-108 Mixing Off-line Online Marketing Communications g Most  successful  marketing  campaigns   M t f l k ti i incorporate  both  online  and  offline  tactics Offline  marketing Drive  traffic  to  Web  sites Drive traffic to Web sites Increase  awareness  and  build  brand  equity Consumer  behavior  increasingly  multi? channel 60%  consumers  research  online  before  buying  offline % y g Slide 7-109 Insight on Business g Are the Very Rich Different From You and Me? Class Discussion Slide 7-110 Online Marketing Metrics: Lexicon Measuring  audience  size  or  market  share Impressions I i Click? through  rate  (CTR) View? hrough  rate  (VTR) Vi th h t (VTR) Hits Page  views P i Stickiness  (duration) Unique  visitors Loyalty Reach Recency Slide 7-111 Online Marketing Metrics (cont’d) Conversion  of  visitor   Conversion of visitor to  customer Acquisition  rate q Conversion  rate Browse ? to? buy? ratio View? to? cart  ratio Vi t t ti Cart  conversion  rate Checkout  conversion  rate   Checkout conversion rate Abandonment  rate Retention  rate Attrition  rate E mail  metrics E? mail metrics Open  rate Delivery  rate Delivery rate Click? through  rate   (e mail) (e? mail) Bounce? back  rate Slide 7-112 Online Consumer Purchasing Model Figure  7. 8 Slide 7-113 How Well Does Online Adv. Work? Ultimately  measured  by  ROI  on  ad  campaign Highest  click? through  rates:  Search  engine  ads,   Permission  e mail  campaigns Permission e? mail campaigns Rich  media,  video  interaction  rates  high Online  channels  compare  favorably  with  traditional Most  powerful  marketing  campaigns  use  multiple   Most powerful marketing campaigns use multiple channels,  including  online,  catalog,  TV,  radio,   newspapers,  stores newspapers, stores Slide 7-114 Comparative Returns on Investment Figure  7. 9 Slide 7-115 Costs of Online Advertising Pricing  models Barter Cost  per  thousand  (CPM) Cost  per  click  (CPC)   Cost  per  action  (CPA)   Cost per action (CPA) Online  revenues  only Sales  can  be  directly  correlated Sales can be directly correlated Both  Ã‚  online/offline  revenues Offline  purchases  cannot  always  be  directly  related  to  online   Offli h t l b di tl l t dt li campaign In  general,  online  marketing  more  expensive  on  CPM   In general online marketing more expensive on CPM basis,  but  more  effective Slide 7-116 Web Site Activity Analysis b i i i l i Figure  7. 10 Slide 7-117 Insight on Technology It’s 10 P. M. Do You Know Who Is On Your Web Site? Class Discussion Slide 7-118 Web Site †¦ as Marketing Communications Tool g Web  site  as  extended  online  advertisement W b i d d li d i Domain  name:  An  important  role   Domain name: An important role Search  engine  optimization:   Search engine optimization: Search  engines  registration Keywords  in  Web  site  description K d i W b it d i ti Metatag  and  page  title  keywords Links  to  other  sites k h Slide 7-119 Web Site Functionality b i i li Main  factors  in  effectiveness  of  interface Utility Ease  of  use Top  factors  in  credibility  of  Web  sites: Top factors in credibility of Web sites: Design  look Information  design/structure g / Information  focus Organization  is  important  for  first time  users,  but   Organization is important for first? time users but declines  in  importance Information content becomes major factor attracting Information  content  becomes  major  factor  attracting   further  visits Slide 7-120 Factors in Credibility of Web Sites Figure  7. 11 Slide 7-121 Table  7. 9 Slide 7-122 Chapter 8: Ethical, Social, and Political Issues in E-commerce E commerce Chapter 8 Ethics, Law, E-commerce Copyright  © 2010 Pearson Education, Ltd. 2011 Pearson Education, Inc. Slide 8-123 Ethical, Social, Political Issues in E-commerce Internet,  like  other  technologies,  can: Internet like other technologies can: Enable  new  crimes Affect  environment Threaten  social  values Costs  and  benefits  must  be  carefully   considered,  especially  when  there  are  no   id d i ll h h g g clear? cut  legal  or  cultural  guidelines Slide 8-124 Model for Organizing Issues Issues  raised  by  Internet  and  e? commerce  can  be  viewed  at  individual,   social,  and  political  levels social and political levels Four  major  categories  of  issues: Four major categories of issues: Information  rights Property  rights Property rights Governance Public  safety  and  welfare Slide 8-125 Moral Dimensions of Internet Society M l Di i f I S i Figure  8. 1 Slide 8-126 Basic Ethical Concepts i hi l Ethics Study  of  principles  used  to  determine  right  and  wrong  courses  of   action Responsibility p y Accountability Liability Laws  permitting  individuals  to  recover  damages Due  process Laws  are  known,  understood Laws are known understood Ability  to  appeal  to  higher  authorities  to  ensure  laws  applied  correctly Slide 8-127 Analyzing Ethical Dilemmas l i hi l il Process  for  analyzing  ethical  dilemmas: 1. 2. 3. 3 4. 5. Identify  and  clearly  describe  the  facts Define  the  conflict  or  dilemma  and  identify  the   y higher? rder  values  involved Identify  the  stakeholders Identify the stakeholders Identify  the  options  that  you  can  reasonably   take t k Identify  the  potential  consequences  of  your   option s Slide 8-128 Candidate Ethical Principles Golden  Rule Universalism Slippery  Slope Collective  Utilitarian  Principle Risk  Aversion Ri k A i No  Free  Lunch The  New  York  Times  Test The  Social  Contract  Rule Slide 8-129 Privacy Information Rights Privacy: Moral  right  of  individuals  to  be  left  alone,  free   from  surveillance  or  interference  from  other   individuals  or  organizations Information  privacy p y Subset  of  privacy Includes: The  claim  that  certain  information  should  not  be   collected  at  all The  claim  of  individuals  to  control  the  use  of  whatever   h l i f i di id l l h f h information  is  collected  about  them Slide 8-130 Privacy Information Rights (cont. ) Major  ethical  issue  related  to  e? commerce   and  privacy:   d i Under  what  conditions  should  we  invade  the   privacy  of  others? Major  social  issue:   j Development  of  Ã¢â‚¬Å"expectations  of  privacy†Ã‚  and   privacy  norms privacy norms Major  political  issue: Development  of  statutes  that  govern  relations   D l t f t t t th t l ti between  recordkeepers  and  individuals Slide 8-131 Information Collected at E-commerce Sites Data  collected  includes Personally  identifiable  information  (PII) Anonymous  information Anonymous information Types  of  data  collected yp Name,  address,  phone,  e? mail,  social  security Bank  and  credit  accounts,  gender,  age,  occupation,   B k d di d i education Preference  data,  transaction  data,  clickstream  data,   browser  type Slide 8-132 Social Networks Privacy Social  networks Encourage  sharing  personal  details Pose  unique  challenge  to  maintaining   privacy Facebook s  Beacon  program Facebook’s Beacon program Facebook s  Terms  of  Service  change Facebook’s Terms of Service change Slide 8-133 Profiling Behavioral Targeting Profiling Creation  of  digital  images  that  characterize  online  individual  and   group  behavior Anonymous  profiles A fil Personal  profiles Personal profiles Advertising  networks Track  consumer  and  browsing  behavior  on  Web T k db i b h i W b Dynamically  adjust  what  user  sees  on  screen Build  and  refresh  profiles  of  consumers Google’s AdWords program Slide 8-134 Profiling Behavioral Targeting (cont’d) Deep  packet  inspection Business  perspective: Web  profiling  serves  consumers  and  businesses Increases  effectiveness  of  advertising,  subsidizing  free   content Enables  sensing  of  demand  for  new  products  and  services Critics  perspective: Undermines  expectation  of  anonymity  and  privacy Consumers  show  significant  opposition  to  unregulated   collection  of  personal  information Enables  weblining Slide 8-135 Internet Government Invasions of Privacy Various  laws  strengthen  ability  of  law  enforcement   agencies  to  monitor  Internet  users  without   i i I ih knowledge  and  sometimes  without  judicial  oversight CALEA,  PATRIOT  Act,  Cyber  Security  Enhancement  Act,   Homeland  Security  Act Government  agencies  are  largest  users  of  private   sector  commercial  data  brokers sector commercial data brokers Retention  by  ISPs  of  user  data  a  concern Slide 8-136 Legal Protections In  U. S. ,  privacy  rights  explicitly  granted  or   derived  from Constitution   Constitution First  Amendment  Ã‚  Ã¢â‚¬â€œ freedom  of  speech  and  association Fourth  Amendment  Ã‚  Ã¢â‚¬â€œ unreasonable  search  and  seizure F th A d t bl h d i Fourteenth  Amendment  Ã‚  Ã¢â‚¬â€œ due  process Specific  statutes  and  regulations  (federal  and   Specific statutes and regulations (federal and state) Common  law Slide 8-137 Informed Consent U. S. firms  can  gather  and  redistribute   transaction  information  without  individual’s   i i f i ih i di id l’ informed  consent Illegal  in  Europe Informed  consent: Opt? in   Opt out Opt? out Many  U. S. ? commerce  firms  merely  publish  information   p practices  as  part  of  privacy  policy  without  providing  for   p p yp y p g any  form  of  informed  consent Slide 8- 138 FTC’s Fair Information Practices Principles Federal  Trade  Commission: Federal Trade Commission: Conducts  research  and  recommends  legislation  to  Congress Fair  Information  Practice  Principles  (1998): Fair Information Practice Principles (1998): Notice/Awareness  (Core) Choice/Consent  (Core) Choice/Consent (Core) Access/Participation Security Enforcement Guidelines,  not  laws Guidelines not laws Slide 8-139 FTC’s Fair Information Practice Principles Notice/Awareness i / Sites  must  disclose  information  practices  before  collecting  data. Includes Sit t di l i f ti ti b f ll ti d t I l d identification  of  collector,  uses  of  data,  other  recipients  of  data,  nature  of   collection  (active/inactive),  voluntary  or  required,  consequences  of  refusal,  and   steps  taken  to  protect  confidentiality,  integrity,  and  quality  of  the  data Choice/Consent There  must  be  a  choice  regime  in  place  allowing  consumers  to  choose  how   their  information  will  be  used  for  secondary  purposes  other  than  supporting   the  transaction,  including  internal  use  and  transfer  to  third  parties. Opt? in/Opt? out  must  be  available. Consumers  should  be  able  to  review  and  contest  the  accuracy  and   completeness  of  data  collected  about  them  in  a  timely,  inexpensive  process. Access/Participation ccess/ a c pa o Security y Enforcement Data  collectors  must  take  reasonable  steps  to  assure  that  consumer   information  is  accurate  and  secure  from  unauthorized  use. There  must  be  in  place  a  mechanism  to  enforce  FIP principles. This  can  involve  self? regulation,  legislation  giving  consumers  legal   remedies  for  violations,  or  federal  statutes  and  regulation. di f i l ti f d l t t t d l ti Slide 8-140 FTC Recommendations: Online Profiling Principle p Notice Recommendation Complete  transparency  to  user  by  providing  disclosure  and  choice  options   on  the  host  Web  site. â€Å"Robust†Ã‚  notice  for  PII  (time/place  of  collection;   before  collection  begins). Clear  and  conspicuous  notice  for  non PII. before  collection  begins). Clear  and  conspicuous  notice  for  non? PII. Opt? in  for  PII,  opt? out  for  non? PII. No  conversion  of  non? PII  to  PII  without   consent. Opt? out  from  any  or  all  network  advertisers  from  a  single  page   consent Opt out from any or all network advertisers from a single page provided  by  the  host  Web  site. Reasonable  provisions  to  allow  inspection  and  correction. Reasonable  efforts  to  secure  information  from  loss,  misuse,  or  improper   access. Done  by  independent  third  parties,  such  as  seal  programs  and  accounting   Done by independent third parties such as seal programs and accounting firms. medical  topics,  sexual  behavior  or  sexual  orientation,  or  use  Social  Security   medical topics sexual behavior or sexual orientation or use Social Security numbers  for  profiling. Slide 8-141 Choice Access Security Enforcement Restricted  Collection Advertising  networks  will  not  collect  information  about  sensitive  financial  or European Data Protection Directive Privacy  protection  much  stronger  in  Europe  than  U. S. European  approach:   Comprehensive  and  regulatory  in  nature p g y European  Commission’s  Directive  on  Data  Protection   (1998):   (1998): Standardizes  and  broadens  privacy  protection  in  European  Union   countries Department  of  Commerce  safe  harbor  program: For  U. S. firms  that  wish  to  comply  with  Directive Slide 8-142 Private Industry Self-Regulation Safe  harbor  programs: Private  policy  mechanism  to  meet  objectives  of   Pi t li h i t t bj ti f government  regulations  without  government  involvement e. g. Privacy  seal  programs e g Privacy seal programs Industry  associations  include: Online  Privacy  Alliance  (OPA) Network  Advertising  Initiative  (NAI) CLEAR  Ad  Notice  Technical  Specifications Privacy  advocacy  groups Emerging  privacy  protection  business Slide 8-143 Insight on Business Chief Privacy Officers hi f i ffi Class Discussion Slide 8-144 Technological Solutions Spyware,  pop? p  blockers Cookie  managers k Anonymous  remailers,  surfing Anonymous remailers surfing Platform  for  Privacy  Preferences  (P3P):   Comprehensive  technological  privacy  protection  standard Works  through  user s  Web  browser Works through user’s Web browser Communicates  a  Web  site’s  privacy  p olicy Compares  site  policy  to  user’s  preferences  or  to  other  standards   such  as  FTC’s  FIP  guidelines  or  EU’s  Data  Protection  Directive Slide 8-145 How P3P Works k Figure  8. 2(A) Slide 8-146 Insight on Technology The Privacy T Th P i Tug of War: fW Advertisers Vs. Consumers Class Discussion Slide 8-147 Intellectual Property Rights Intellectual  property: Encompasses  all  tangible  and  intangible  products  of  human  mind Major  ethical  issue: j How  should  we  treat  property  that  belongs  to  others? Major  social  issue: Major social issue: Is  there  continued  value  in  protecting  intellectual  property  in  the   Internet  age? Major  political  issue: How  can  Internet  and  e? commerce  be  regulated  or  governed  to   g g protect  intellectual  property? Slide 8-148 Intellectual Property Protection Three  main  types  of  protection: Copyright Patent Trademark  law Trademark law Goal  of  intellectual  property  law: Balance  two  competing  interests  Ã¢â‚¬â€ public  and   B l t ti i t t bli d private Maintaining  this  balance  of  interests  is  always   M i t i i thi b l fi t t i l challenged  by  the  invention  of  new   technologies Slide 8-149 Copyright Protects  original  forms  of  expression  (but  not   ideas)  from  being  copied  by  others  for  a  Ã‚   ideas) from being copied by others for a period  of  time Look  and  feel  copyright  infringement  lawsuits Fair  use  doctrine Fair use doctrine Digital  Millennium  Copyright  Act,  1998 First  major  effort  to  adjust  copyright  laws  to  Internet  age Implements  WIPO  treaty  that  makes  it  illegal  to  make,   distribute,  or  use  devices  that  circumvent  technology? ased  protections  of  copyrighted  materials Slide 8-150 Patents Grant  owner  20? year  monopoly  on  ideas  behind  an   invention Machines Man? made  products p Compositions  of   matter Processing  methods Invention  must  be  new,  non? obvious,  novel Encourages  inventors g Promotes  dissemination  of  new  techniques  through   licensing Stifles  competition  by  raising  barriers  to  entry Slide 8-151 E-commerce Patents 1998  State  Street  Bank  Ã‚  Trust  v. Signature  Financial   Group Business  method  patents Led  to  explosion  in  application  for  e? commerce  Ã¢â‚¬Å"business   L dt l i i li ti f â€Å"b i methods†Ã‚  patents Most  European  patent  laws  do  not  recognize   M tE t tl d t i business  methods  unless  based  on  technology Examples Amazon’s  One? click  purchasing DoubleClick’s  dynamic  delivery  of  online  advertising Slide 8-152 Trademarks d k Identify,  distinguish  goods  and  indicate  their   source Purpose p Ensure  Ã‚  consumer  gets  what  is  paid  for/expected  to  receive Protect  owner  against  piracy  and  misappropriation Infringement Market  confusion Bad  faith Dilution Behavior  that  weakens  connection  between  trademark   and  product Slide 8-153 Trademarks Internet Cybersquatting Anticybersquatting  Consumer  Protection  Act  (ACPA) Cyberpiracy Typosquatting Metatagging M i Keywording y g Deep  linking Framing Slide 8-154 Governance Primary  questions Who  will  control  Internet  and  e? commerce? What  elements  will  be  controlled  and  how? What elements will be controlled and how? Stages  of  governance  and  e? commerce g g Government  Control  Period  (1970–1994) Privatization  (1995–1998) Privatization (1995 1998) Self? Regulation  (1995–present) Government  Regulation  (1998–present) Slide 8-155 Who Governs E-commerce Internet? Mixed  mode  environment Self? regulation,  through  variety  of  Internet  policy   and  technical  bodies,  co exists  with  limited   and technical bodies co? exists with limited government  regulation ICANN  :  Domain  Name  System Internet  could  be  easily  controlled,   I t t ld b il t ll d monitored,  and  regulated  from  a  central   location Slide 8-156 Taxation E? commerce  taxation  illustrates  complexity  of   governance  and  jurisdiction  issues governance and jurisdiction issues U. S. sales  taxed  by  states  and  local  government MOTO  retailing E? commerce  benefits  from  tax  Ã¢â‚¬Å"subsidy† y October  2007:  Congress  extends  tax  moratorium  for   an  additional  seven  years an additional seven years Unlikely  that  comprehensive,  integrated  rational   approach  to  taxation  issue  will  be  determined  for   approach to taxation issue will be determined for some  time  to  come Slide 8-157 Net Neutrality Currently,  all  Internet  traffic  treated  equally  Ã¢â‚¬â€œ all  activities  charged  the  same  rate,  no   ll i i i h d h preferential  assignment  of  bandwidth Backbone  providers  would  like  to  charge   differentiated  prices  and  ration  bandwidth 2010,  U. S. ppeals  court  ruled  that  FCC  had  no   authority  to  regulate  Internet  providers Slide 8-158 Public Safety Welfare Protection  of  children  and  strong   g sentiments  against  pornography Passing  legislation  that  will  survive  courtà ‚   P i l i l ti th t ill i t challenges  has  proved  difficult Efforts  to  control  gambling  and  restrict   sales  of  drugs  and  cigarettes sales of drugs and cigarettes Currently  mostly  regulated  by  state  law Unlawful  Internet  Gambling  Enforcement  Act Slide 8-159 Insight on Society Internet Drug Bazaar Class Discussion Slide 8-160 How to cite 8 Key Element for a Business Model, Papers

Introduction to Management Values of Enterprise

Question: Discuss about the Introduction to Management for Values of Enterprise. Answer: Introduction National Australia Bank is an Australian company and is serving people around the world for more than 150 years. Nab helps large, medium, and small banks to start up and grow. The company also funds essential infrastructures like hospitals, roads, and schools. The Board of Directors includes Ken Henry AC, Andrew G Thorburn among others. Daniel T Gilbert AM, Over the past few years, NAB has released some campaigns and adopted some strategies to promote its business. In the last five months, NAB has tried to improve itself by launching various campaigns and adopting numerous strategies. The company mostly focuses on home loans, business loans, and credit cards. However, the company faced some controversies and received some strategic criticisms by stakeholders, media, journalists, academic professionals, employees, and customers in the past few years. The report would provide a General Environments or PESTEL analysis, Specific Environment Analysis, Internal Environment Analysis, and SW OT analysis of the company and describe the core values of the enterprise. It will talk about a few CEOs who influenced the company's culture and strategies and inspired the employees (Nab.com.au.2016). 1. Vision and Mission of NAB The vision of NAB is that it believes in success. The bank has the mission to provide solutions for future and current requirements of its customers. It strives to establish permanent relationship with its customers through its philosophy and service quality. Moreover, the company aims to make a major contribution in the development of natural environment and society. Moreover, the NAB has created a working environment based on positivity and confidence. Strategies applied by NAB in the past NAB considers its responsibility and commitment towards people, economy, and communities an integral part of its strategy. In the year 2009, the company instituted a bank-wide strategy. It offered its customers advantage by giving a fairer proposition. The company created NAB Care. It is a program that provides an option to repay loans for customers who are struggling. The strategy was different from other CSR education programs. NAB Care operated integrally with the collections department. The bank also introduced a new approach for NAB Care employees. NAB engaged in a nonprofit, mental health strategy called the Life Line. The Life Line gave training to its employees to manage the financial hardship of its customers. To manage customer financial health proactively, the bank changed the evaluation process of its employees. The bank introduced incentives and rewards for employees who would perform well. NAB Care was a very effective strategy on the part of the bank for it had reduced 20% loan defaults by 2013. Moreover, the bank cleared 40% hardship cases within six months. The success rate is so high that almost 40% of clients seek advice voluntarily before a collection event. This saves a cost of $7.2 million. The NAB Care was a strategy based on shared value (Nab.com.au.2016). In the past few years, the Bank has taken several initiatives to implement its CRM philosophy. In the year 1988, the NAB created a universal system for Relationship Banking. This formal system formed NABs core strategy. In 1989, the bank developed a profitability and relationship management system to link banking products and its customers. In 1990, NAB created a platform for business and relationship banking system. In 1994, to cover its investment in products, the bank extended its profitability system, extended, and improved its relationship management. In 1998, again, the bank implemented a new relationship system for banking and created a platform for premium customers. In 1999, NAB linked all its customers information like channel usage, profitability, and products in New Zealand, Australia, and the U.S. Again, in the year 2000, the bank implemented the CRM solution of Siebel (Nab.com.au.2016). The company has been investing continually in technologies that foster relationship between the bank and its customers. The Relationship Optimizer solution provided by NCR had quite a severe impact on the CRM initiatives taken by the National Australia Bank. Current strategies Currently, NAB has revamped and renovated its digital marketing strategy. It has implemented some new strategies and decided to shift to a new management platform. The company has decided to be more responsive to its customers and provide them with better business tools. The company has chosen Adobe Experience Manager as a part of the Marketing Cloud suite solutions. Moreover, the bank would replace its entire core banking platforms. 2. Criticisms and Controversies The National Australia Bank has implemented many of its strategies effectively in the recent years. Along with success, it has also faced some criticisms for the policies it adopted in the past four years. The criticisms aroused mostly because the core banking strategy appeared confusing on the surface level. However, if one delves deeper into the strategy, it would be clear. In August 2008, the bank made an announcement to modernize its core IT systems. After the Commonwealth Bank of Australia, it was the second bank that adopted such a project. While the Commonwealth Bank of Australia dove into the SAP-based revamp, NAB chose Oracle for its project initially. NAB said that the Oracle-based core banking system was an overhaul strategy. NAB had invested an amount of $30 million in Oracle to deploy its technology to its ING Direct style online banking. The deployment was a test in the NAB that was a new brand at that time. However, four years later, in August 2012, NAB announced that it had migrated its online brand, UBank only for that time. This was an issue in the technology sector in Australia. It turned many heads for this was what NAB had done four years ago (Nab.com.au.2016). A data of the year 2013 revealed that NAB is facing problem in its financial advisor, NAB Wealth. NAB Wealth is a massive division that incorporates MLC. NAB Wealth includes the banks superannuation business, stockbrokers, planning firms, financial planning network, and life insurance. NAB is constantly in a problematic position as it is plagued by time and cost overrun on some projects. The bank is facing internal breaches and risks. The CBA and financial planning of the bank are in an utmost need of scrutiny. Despite the issues like forgery, sacking, and poor compliance, the bank appeared quite reassuring. Though NAB Wealth faces some systematic issues, the company denies such reports. Instead, the group executive of NAB Wealth says that there are a few individual issues (Nab.com.au.2016). 3. PESTEL Analysis Political The NAB is protected by the government rules and regulations in the nations it operates. The recent government of Australia held the companys financial advice changes. Clive Palmers PUP senators rose anxiety for the instability of government policies and cost worries. Economic The NAB has a successful and secure economic strength. Despite the dangers that the bank faces in other parts of the world, the management system of NAB is such that it was able to cope up with the economic crunch of 2007-8 and shield its employees from the economic impact. Social The NAB tries to make it sure that people from each section of the society are able to tak the benefits of the policies that the organization gives. The company has a good name in the society and ensures that everything is under control (Anton 2015). Technological The development of internet and technology has helped NAB to work efficiently and reach its customers in case of help. The company has adopted different technological systems to reach its customers quickly. Moreover, improvement in technology has elevated the production rate of the bank. Ecological Since NAB is a company from the banking sector, it does not have any adverse impact on the environment directly. However, NAB Assist provides right assistance to the people in case anyone needs an emergency claim during a crisis due to environmental disaster. Legal The Banking Act 1959 of Australia allows fluidity in the banking system. The banking system is competitive, fluid, and well developed. The NAB is part of the one of the four pillars policy (Anton 2015). Specific Environments analysis Customers NAB serves almost 15 million customers across the earth. Since NAB provides loan, insurance and helps to set up small businesses, it has a wide range of customers. Partners The media partners of NAB include Advanced Television, American Cinematographer, Animation Magazine, and Antenna Systems and Technology among others. VeriFone is NABs strategic partner and provides access to the latest technology. Industry NAB is a part of the Big Four Australian banks. The NAB plays a vital role in lending, trading in financial markets, insurance, stockbroking, and managing funds. Unions The unions are the key stakeholders and gives the right to its employees to engage in bargaining. The people are represented by three unions namely, Australia-Finance Sector Union, New Zealand- First Union, and the United Kingdom- Unite. Competitors Westpac Banking Corporation, Australia and New Zealand Banking Group Limited ans Commonwealth Bank of Australia are the top competitors of the National Australia Bank. Supplier NAB has its Australian Supplier Diversity Program that promotes diversity. Beginning in 2012, the program is building support communities and sustainable enterprises. Recently, the bank has facilitated Yaru Water to its catering supplier (Hasan 2013). Internal Environments analysis Process NAB has processes like the Internet Banking process to access ones payroll. The NAB hires its employees through a seven step process which consists of the application, phone interview, formal interview, assessment, work reference checks, probity checking, and finally the offer. System NAB has a number of banking systems like the core banking system and the online banking system to reach its customers. Employees The bank provides a number of special schemes to its employees that are otherwise unavailable to the general public. The bank has several employee benefits programs like the WorkLife NAB that offers discounted and preferential services to its employees. Management NAB has the capability to manage risk that helps it to develop a sustainable business. The bank effective manages the Environmental, Social, and Governance Risks through its risk management framework (French 2013). SWOT Analysis Helpful Harmful Internal Strengths NAB is one of the four top banking organizations of Australia. The National Australia Bank has some strengths like a sound financial position, a strong brand name, high revenue and high income of interest. It has a diverse range of products and is an active and potential player. The Bank provides business and personal services. The most important aspect of NAB is that it has a significant number of assets. Weaknesses The weaknesses of NAB comprise a decline in revenue that affects the growth and development of the company. Also, the bank does not have a global acclaim. External Opportunities The Bank has an excellent opportunity to expand in other countries. It can asset the management sector. Moreover, it needs to diversify its portfolio to increase customers Threats The bank gets affected due to a recession, financial crisis, and ever-changing government rules and regulations. These are a severe threat to the business banking company. Moreover, it has to compete with banks like Citigroup, BNP Paribas, Bank of America, HSBC, Royal Bank of Scotland, and the China Construction Bank Corporation (Anton 2015). Task 4 Organizational Culture and Leadership style The company holds a leadership program called the Broadcast Leadership Training program at the NAB headquarters. The leadership program focuses on the process of purchasing, operating, owning, and assessing television and radio stations. It furnishes blueprint for businessmen ao that they can increase the diversity and become a larger part of the organization and the industry as a whole. Faculty from banks addresses individual topics and discuss legal and regulatory issues. The bank puts a great emphasis on financing arrangements (Erkutlu 2012). Presently, the new chief executive of NAB, Andrew Thorburn, and CIO David Boyle, are working on building the bank's IT technology. The priority is to replace NAB's technological legacy by core banking system. The IT team is at present developing the NextGen core banking system. From this new system and strategy, new customers would benefit immediately. On the year 2015, the focus was to build new organizations for NABs personal banking customers (Nab.com.au.2016). Conclusion The study thus shows the strategies that a bank must adopt to work efficiently. A PESTEL, SWOT, accurate, and internal analysis of NAB show the working environment, its approach, its strengths, and weaknesses. The paper revealed the measures and strategies adopted by the CEOs of the National Australia Bank. The bank is one of the four top banks of Australia. Despite being one of the best banks, the NAB has faced several criticisms and controversies in the past years. The business bank has improved its performance by adopting various technologies and working in its weak areas. To work efficiently, it is crucial to give benefits to the bank's employees. The company must look at its weak areas and strive to work with them. References Anton, R., 2015. An Integrated Strategy Framework (ISF) for Combining Porter's 5-Forces, Diamond, PESTEL, and SWOT Analysis. Erkutlu, H., 2012. The impact of organizational culture on the relationship between shared leadership and team proactivity.Team Performance Management: An International Journal,18(1/2), pp.102-119. French, D., 2013.British economic and strategic planning: 1905-1915(Vol. 59). Routledge. Froehlich, D., Segers, M. and Van den Bossche, P., 2014. Informal workplace learning in Austrian banks: The influence of learning approach, leadership style, and organizational learning culture on managers' learning outcomes.Human resource development quarterly,25(1), pp.29-57. Grant, A.M. and Hartley, M., 2013. Developing the leader as coach: insights, strategies and tips for embedding coaching skills in the workplace.Coaching: An International Journal of Theory, Research and Practice,6(2), pp.102-115. Haines, S., 2016.The systems thinking approach to strategic planning and management. CRC Press. Haiss, P., 2013.Cultural influences on strategic planning: empirical findings in the banking industry. Springer Science Business Media. Hasan, M.R., 2013.Apple Inc.-An Analysis: PESTEL analysis, Porters 5 Forces analysis, SWOT analysis, Comprehensive analysis of financial ratios, and Comprehensive analysis of share performance of Apple Inc. GRIN Verlag. Hollensen, S., 2015.Marketing management: A relationship approach. Pearson Education. Kajanus, M., Leskinen, P., Kurttila, M. and Kangas, J., 2012. Making use of MCDS methods in SWOT analysisLessons learnt in strategic natural resources management.Forest Policy and Economics,20, pp.1-9. Khan, M.J., Aslam, N. and Riaz, M.N., 2012. Leadership styles as predictors of innovative work behavior.Pakistan Journal of Social and Clinical Psychology,9(2), pp.17-22. Mols, N.P., 2013. The Internet and the banks strategic distribution channel decisions.International Journal of Bank Marketing. Mols, N.P., 2013. The Internet and the banks strategic distribution channel decisions.International Journal of Bank Marketing. Nab.com.au.2016.Personal. [online] Available at: https://www.nab.com.au/ [Accessed 2 Sep. 2016]. Popli, S. and Rizvi, I.A., 2015. Exploring the relationship between service orientation, employee engagement and perceived leadership style: a study of managers in the private service sector organizations in India.Journal of Services Marketing,29(1), pp.59-70. Wall, L., 2014. Business plan: It's business time!.AJP: The Australian Journal of Pharmacy,95(1131), p.50.

Role of prejudice in wars in Iraq

Abstract The essay covers the role of prejudice in wars in Iraq. It defines prejudice and explains its role and effects. Other forms or factors of prejudice such as racism and discrimination are explained. The main causes of prejudice are explained and how they can be used to resolve and be used for the benefit of fighting discrimination and stereotyping. Ways in which citizens can assist to promote peace and helping the eradication of prejudice are suggested.Advertising We will write a custom term paper sample on Role of prejudice in wars in Iraq specifically for you for only $16.05 $11/page Learn More Role of prejudice in wars in Iraq Prejudice is negative attitude and feelings towards a certain group, which include discrimination of people due to their race, actions, beliefs and/or feelings. Prejudice is commonly used with discrimination and stereotyping since they have the same meaning, and go hand in hand. Prejudice in psychology is the science that affects the social mind. They are used to disintegrate people instead of bringing them together as one. It breaks relationships which may exists between individuals or groups even if the relationship is negative like in the cases of military patriotism (Plous, 2003). War has been commonly used to dehumanize groups of people with the intention of killing or casualties. The Iraq war is the most popular in describing prejudice. The U.S invaded Iraq because it is claimed that Muslims from Iraq, who are popularly known to carry out terrorism (jihad) bombed the Twin Towers on the 911 incident. The terrorists retaliated by bombing U.S, thus the cycle of war continues. This creates a gap between the two as the Muslims see themselves different from us and we also see ourselves different from them, thus creating a gap between the humans. Prejudice has played many roles, the main one being loss of human life, which is generated via war. Those participating in these wars are encouraged by bei ng honored and valued, this being the reason as to why war and prejudice never end. Many lie about what war is and its’ consequences by sugar coating it and in some instances, lie of their involvement. Those responsible end up being awarded medals or excuses are given, which leave them free without trial or punishment. It clearly portrays racism, sexism, heterosexism and exploitation of indigenous people, animals and the environment at large as some of the major effects that bring about human conflict and enmity. Racism has led to increased prejudice, which is the main cause of ethnic conflicts and wars in the Middle East and Africa whereas in other states, it has led to debates and controversies on race, racism, nationalism and multiculturalism. Advertising Looking for term paper on psychology? Let's see if we can help you! Get your first paper with 15% OFF Learn More A good example is the genocides which took place in the 1990’s with Rwanda (Africa) b eing the worst affected leaving millions wounded, homeless and many dead. Other genocides have occurred in Bosnia and Kosovo. These events have led to researches on the issues of prejudice and racism. Theories have emerged especially on psychological theories which adversely contribute to our knowledge on this disturbing social issue, and offer assistance on how the acquired knowledge maybe put into practice in understanding and resolving intergroup oppression and conflicts. Social researches have been brought forward arguing that prejudice and racism manifest themselves at different levels which include institutional, individual’s, intergroup or even interpersonal (Plous, 2003). To understand prejudice in relation to psychology, it may be related to discrimination or one having negative attitudes towards someone else basically because he or she belongs to a certain group. With Iraq, U.S discriminated it since it belonged to the Al Qaeda group, which was a terrorist group an d was attacking it and killing many innocent Americans. In the U.S – Iraq war, American soldiers were seen on the media and internet laughing and torturing Iraqi prisoners, while another terrorist group, still in Iraq, showed the video of an Iraqi slaughtering an American civilian. Others had photos showing an Iraq mob killing four American military then hanging them on March 31st. These murders and tortures clearly show a sign of hatred, enmity and inhumanity among the humans. If mobs and groups of terrorists can carry out the same, one is left to wonder what effect or impact trained military personnel could have like that of the U.S especially on their mortal enemy. This becomes really hard for the human activists such as the Red Cross, United Nations and Africa Union to promote peace and eliminate prejudice. Reason for this is that many leaders such as the religious, military and political leaders tolerate this kind of behaviors without bring the culprits into justice. The U.S being the leading in music and film making exercise prejudice by discriminating the Muslim race, in that, they feed civilians with discrimination information in form of movies and music. We expect the military to behave in an extra ordinary manner forgetting that they are also humans who are subject to hatred and discrimination waves against the Iraqis and the Muslim in general as the public is. Advertising We will write a custom term paper sample on Role of prejudice in wars in Iraq specifically for you for only $16.05 $11/page Learn More Some military leaders have made anti- Muslim speeches to the public and on live broadcasts while in uniform and no form of confrontation or warning was done. He went ahead and authorized for both sexual and physical abuse of the Iraqi prisoners. Prejudice is mainly promoted by hate speeches from popular leaders, government actions and the media (Clow and Esses, 2007). The three lead to the widespread of preju dice across the world which results into wars and conflicts between countries, groups or even individuals. Government actions such as interrogations, police detention without trials, profiling at subways and airports, police raids among others are some of the effects causing mainly the Muslims and black\brown colored people feeling insecure and discriminated as they are the main suspects in crimes and terrorist actions. The media behaves irresponsible through talks, shows as well as news as the government can control any information that would expose it to the public but any other act related to a black colored or Muslim related story is very quick to publish and expose it. In the previous years Fight against prejudice took another turn when groups and factions forbid any public expression that would lead or encourage prejudice and discrimination of whatsoever manner. For example, some editorialists accompanied by protestors confronted the president of Rutgers University asking h im to step down for discriminating the blacks and calling them â€Å"the disadvantaged and without genetic, hereditary background†¦Ã¢â‚¬  Others like Ralph Reed called for a press conference to urge people to denounce the habit of name calling especially with regards to race and color. Citizens can assist in promoting peace and fight against prejudice in many ways, although eliminating prejudice totally will not be possible since everyone has their own motives and as long as freedom for expression remains, hate speeches and other kinds of prejudice will prevail. Advertising Looking for term paper on psychology? Let's see if we can help you! Get your first paper with 15% OFF Learn More For example, some people believe and will express it out publicly that homosexuality is a disease and disgrace to the society, which is a form of discrimination. This is a form of promoting peace and fighting prejudice as the school policies do not tolerate such speeches (Brochu, and Esses, 2009). An effective way of promoting peace is via the media. Using the internet, radio, television, computers and printing can be very effective to make humans understand the need and importance of peace. Media if not controlled and well monitored may lead to war as was the case with the Iraq war in 1993. This is due to the civilians being misinformed due to the unverified information and misrepresentation of statements. Some withhold or release de-sensationalizing information which does not promote peace especially in times of war or near war, thus, steering up war and conflicts. Education in schools mainly junior, high school and colleges should be used to teach students about peace since they interact mostly with others from different backgrounds and of different races. Dialogue should be used and allowed as everyone has a right to express themselves as long as it does not promote prejudice in any way. The government and leaders should strictly forbid and contain prejudice by laying out strict and just policies, rules and repercussions and making them known to all (Esses., et al, 2008). Symposiums and conferences should be encouraged and all races should be encouraged and everyone’s view should be addressed equally without favoring anyone and discriminating the others. Respect for others’ religion should be addressed and adhered to promptly. Another thing to note is that revenge always accelerates war rather than peace. Dr King advocated for peace and called it â€Å"not the absence of violence, but the presence of justice,† (Zucchino, 2004). On elections day, we should strive to elect leaders who know the meaning of peace and are willing to go a n extra mile to achieve it and ensure that justice is served to those who seek it. Others may perceive peace inform of justice as those who do wrong by encouraging war or murder to be taken for trial and prosecuted. Also to understand the roots of evil like war, terrorism, murder and any other form of inhuman act (Berreby, 2005). The law should be closely followed as it calls on us to follow the procedures laid in order to protect innocent lives, apprehend calmly rather than to use force and destroy property and lives. Citizens can decide to reject the U.S strategies used by the government and advocate for those that respond to terrorism in a positive and polite way by using the necessary resources to prosecute international criminals. During debates the root causes of prejudice and any other source of conflicts that is likely to stir up war or hatred should be addressed and not only the symptoms and effects. Together as one, we should recognize and appreciate the other parties ar e taking. This way United States is able to respond effectively and receive assistance from the international body if we are able to identify our role in promoting peace and fighting terrorism. Challenge the elected leaders to dialogue with Taliban and Al Qaeda leaders in order to formulate solutions and work together to encourage peace and spread it globally. Ask leaders to change from engaging in wars through bombing Iraq to aiding the starving Muslims who majority are homeless and dying. Increasing the amount of multilateral organizations which are not based on the fact that one is with us or against us, but those that serve all equally without discrimination. Finally, activists and unions can foster the understanding of various cultures and advocate for reconciliation and peace among the inter cultural community (Reynolds, 2005). In conclusion, prejudice and discrimination cannot be completely eradicated but can be controlled or used to the advantage of promoting peace and rec onciliation among the human race. The main perpetrators of prejudice are the government actions which can decide whether or not the war will stop or will continue. Media which has the most effect as can be manipulated to steer up war by the government or other popular individuals and hate speeches on live broadcast by prominent leaders such as the military, religious and political leaders. Peace is inevitable since if war erupts only innocent lives are sacrificed and many become displaced but by promoting peace, love and unity irrespective of color or background, a lot can be achieved with the use of those resources being diverted elsewhere like in invention or assisting catastrophic hit areas or even venturing to the out a space. These actions will not be effective in a year or two or even five years time but will be a gradual process which the following generations will benefit from and the world will be a conducive environment to live in without fear. References Berreby, D. (2 005). Us and Them: Understanding your Tribal Mind. New York: Little Brown and Company Brochu, P. Esses, V. (2009). Weight prejudice and medical policy: Support for an ambiguously discriminatory policy is influenced by prejudice-coloured glasses. Analyses of Social Issues and Public Policy, 9, 117-133. Clow, K. Esses, V. (2007). Expectancy effects in social stereotyping: Automatic and controlled processing in the Neely paradigm. Canadian Journal of Behavioural Science, 39, 161-173. Esses, V. Veenvliet, S., Hodson, G., Mihic, L. (2008). Justice, morality, and the dehumanization of refugees. Social Justice Research, 21, 4-25. Plous, S. (2003). Understanding Prejudice and Discrimination. New York: McGraw-Hill. Reynolds, N. (2005). Basrah, Baghdad, and Beyond: U.S. Marine Corps in the Second Iraq War. Naval Institute Press, Maryland. Zucchino, D. (2004). Thunder Run: The Armored Strike to Capture Baghdad. New York: Atlantic Monthly Press. This term paper on Role of prejudice in wars in Iraq was written and submitted by user Jonathan Johnson to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Indus Jute Mills Ltd Essays

Indus Jute Mills Ltd Essays Indus Jute Mills Ltd Essay Indus Jute Mills Ltd Essay Indus Jute Mills Ltd. (IJM) was established in 1968. It is a jute goods manufacturing company, and imports raw jute from Bangladesh and converts it into Jute bags, Hessian cloth, Twine and Yarn for packing and storing wheat, rice, cotton and other agricultural products. IJMs factory is located in the province of Sindh, 40 kms northeast from the city of Karachi, where its head office is located. Pakistans Jute Industry comprises of 11 Mills, of which only 5 have started exporting jute goods directly to Iran in 1999. IJM as been exporting indirectly (grain sacks) to Iran, and has now decided to export Hessian cloth directly. Iran uses this to waterproof the roofs of houses and buildings during construction, as Iran has ample rainfall and snow. IJM has decided to export for a number of reasons. It will be able to operate at full capacity is it does so, and increased sales will help balance out its high raw material and inventory costs. Exporting to Iran is a good decision as not only is Iran next-door to Pakistan geographically, but is also is a huge market for Hessian cloth, importing about 57,000 tonnes a year from Bangladeshi, Indian and Pakistani Mills. Its climate ensures that Iran will always demand material for waterproofing. Iran prefers Hessian to synthetic cloth, as it is environmental friendly. Iran also has a young population, and one that grows at an extremely high rate. It also has a high GDP growth rate, depicting an expanding economy. All this means that Iranians will be demanding housing on a large-scale, thus leading to the indirect demand for Hessian cloth. IJM will have a competitive edge over both Bangladeshi and Indian jute exporters, as well as other Pakistani mills. It plans to enter the market offering superior quality Hessian at a price that is slightly lower than the international market price. It is also located very near Karachi Port (only 40 kms), which means goods can be delivered to Iran faster and cheaper. It also can use land routes to deliver its goods, providing it with a further advantage. IJM plans to begin exporting to Iran by March 2004, and gain a significant share of the market within the next two years. It also plans to begin exporting Hessian to other countries in Asia and the Middle East within the next five years. It plans to achieve a growth in sales of 10% per annum. To achieve the above objectives, IJM is planning to promote its Hessian by taking part in the International Trade Fair in Tehran, Iran in January 2004. A sales executive will be hired especially to oversee exports, and make appropriate contact with a local Agent in Iran. Advertisements will also be placed in the Iranian Weekly and Yearly Industry Bulletins. Indus Jute Mills Limited (IJM) is a public limited company incorporated under the Companies Act in 1968, and is also listed on the Karachi Stock Exchange. It is a jute goods manufacturing company, and imports raw jute from Bangladesh and converts it into Jute bags, Hessian cloth, Twine and Yarn for packing and storing wheat, rice, cotton and other agricultural products. Jute goods are not only environment friendly, but also non-toxic, reusable and a 100% biodegradable. Jute packaging ensures safety in handling, transportation, and long-term storage of grain. IJMs factory is located in the province of Sindh in the Dhabeji District of Thatta, 40 kms northeast from the city of Karachi, where its head office is located. It presently employees 1800 people, including both the factory workers and the management staff. At present, Pakistans jute industry consists of 11 mills that supply jute bags and Hessian cloth to the Pakistani government and also cater to the private sector. These are Crescent Jute Products Ltd., Thal Jute Mills Ltd., Indus Jute Mills Ltd., Sargodha Jute Mills Ltd., Sohail Jute Mills Ltd., Habib Jute Mills Ltd., United Jute Mills Ltd., Pioneer Jute Mills Ltd., Madina Jute Mills Ltd., Amin Fabrics Ltd. and White Pearl Jute Mills Ltd. Of these, Crescent, Thal, Sargodha, Habib and Amin Jute Mills Ltd. started exporting Jute products directly to Iran in 1999, and are currently doing so. IJM has now decided to enter the international market due to a number of reasons. Firstly, it is not currently operating at full capacity, and if it enters the international market, it will be able to do so. An increase in sales will provide the company with increased finances for operational purposes. IJM requires a great deal of liquid finance as it imports raw jute from Bangladesh and needs to import and store four months stock in advance, as ships take a considerable amount of time to reach Karachi Port from Bangladesh. Thus, both the cost of raw material and raw material inventory costs need to be met. Also, IJM produces 70% of Pakistans sacking bags for packing wheat. Wheat is harvested in March and is packed until the end of June every year. In order to cater for this large demand, IJM produces a certain amount of jute sacks every month all year round and stores them until they are needed in March. Thus, the inventory costs for finished goods are also high. At present, IJMs Hessian cloth accounts for 20% of its total product mix. IJM feels that increasing the production of Hessian cloth to 40% can reduce the high inventory cost for sacking. Of this, 20% could be used to meet local demand, and the remaining 20% could be exported. This will generate greater sales revenue as Hessian cloth is priced at Rs. 40,000 per tonne as compared to sacking, which yields only Rs. 28,000 Rs 30,000 per tonne. IJM was also previously producing Hessian sacks and supplying them to local rice producers for packing rice for export. This means for indirect export was reduced when rice producers began to switch to the cheaper polypropylene. IJM thus has surplus Hessian cloth, and the most logical step would be to export this to Iran, as it is a huge market for Hessian cloth, importing about 57,000 tonnes a year (2001) altogether from Bangladesh, India and Pakistan. Hessian cloth is coated with tar on both sides and then spread on the roofs of houses and buildings during construction. This ensures that the construction sites stay waterproof, as Iran is a county with ample rainfall, snowfall and hail. In addition, Iran is in close proximity to Pakistan and shares a common border with it. Thus, it is possible to easily transport goods by both land and sea routes. As a result, distribution costs will be lower and delivery time will be shorter, giving IJM a competitive edge over Bangladesh and India. The Islamic Republic of Iran (IRI or Jomhuriy-e Islamiy-e Iran) is a vast country, comprising a total land area of more than 1.6 million square kilometres. It is bordered by the following: Armenia, Azerbaijan, Caspian Sea and Turkmenistan from the North, Afghanistan and Pakistan from the East, Turkey and Iraq from the West, and the Persian Gulf and the Oman Sea from the South. The climatic variation is great. The maximum temperature is more than 53 C in the Golf region and down to 40 C in the Northwest. Annual precipitation varies from 2400 mm per annum in the Caspian Region to no rain for successive years in central sand dune areas. This climate with ample snow and rainfall ensures that there will be a constant demand for material needed to waterproof buildings during construction. The public census is conducted in Iran every five to ten years and the latest one was carried out in 1996. The Central Bank of Iran predicted Irans population to be 64.9 million by March 21, 2002 of which 41.9 million reside in cities and 29 million in villages. Thus, since most of the population resides in cities, the construction industry is large and will continue to grow. The following diagram shows the rapid growth rate of Irans population. In a span of 6 years, from 1996-2002, Irans population experienced a 7.5% growth rate. This makes Iran an ideal place for IJM to export Hessian to, as a growing population means a greater need for housing, which means an increase in local construction, and an increased demand for Hessian cloth. This pyramid shows the division of the Iranian population by both age and gender. It is interesting to note that the majority of Irans population is young, and lies within the 5-9, 10-14, and 15-19 age brackets. This means that there will be a great demand for housing within the next few years, and indirectly, a need for Hessian Cloth. Iranians enjoy a decent standard of living as compared with Pakistanis. The per capita income is about 8,953,000 Rials / US$ 1119 (March 2002-March 2003), whereas Pakistans is about US$ 450. The average GDP growth rate is 6.5 percent (Mar. 2002-Mar. 2003), depicting an expanding economy. Gross National Savings / GNP is 22.1 percent (1998), showing that savings that can be diverted towards construction. According to the existing statistics, while the countrys population has increased by about 70% from 1979 to present day, the number of university students has risen by more than 1000% over this period! An educated population will lead to a larger and more skilled workforce with higher income levels in the future. This would have a favorable impact on the demand for housing, and indirectly for Hessian. Iran has been plagued by an extremely high inflation rate over the last decade (15.7% in Mar. 2002 Mar. 2003). However, this is gradually decreasing, allowing Iranians to increase their levels of savings and standard of living.