Electronic Self-checkout System Essay -- Technology, Cashier Checkout

Various exact investigations have presumed that a customer’s attribution of the reason for a postponement fundamentally influences its passionate outcomes (see Taylor, 1994; Tom and Lucey, 1995). As indicated by these examinations, clients are more unsatisfied with longer than anticipated holds up brought about by challenges that the store could have helped (for example wasteful checkout work force, understaffing, inability to give express checkouts) than with delays because of outer factors, for example, irregular varieties in store swarming, till breakdowns, the hour of day (a few periods are definitely busier than others) or the nearness of clients with a lot of shopping. This was particularly evident if little exertion with respect to the specialist organization was expected to improve the circumstance or potentially the issue making the postpone was a customary event. It showed up, subsequently, that the explanations behind a long line were significant determinants of con sumer loyalty or disappointment, not simply the delay’s term. The Psychology of Combining Queues Joining lines have demonstrated not to be a decent procedure for overseeing lines in markets and grocery stores. Studies have demonstrated that despite the fact that consolidating lines have been fruitful in some help associations, these strategies have demonstrated to have negative outcomes in markets. Among the components that cause postponements of clients who are in line at the checkout counter in supermarkets is management’s endeavor to consolidate lines. In opposition to normal estimations, there are explanations behind accepting that joining lines, particularly lines of clients in checkout lines in supermarkets, may now and again be counterproductive. Rothkopf and Rech (1987) in their class had one member refering to the act of combini... ...e administration increasingly significant and were happy to pay substantially more for it when they discovered there were more individuals behind the places that were held for them. There exists an all inclusive human inclination to find out around ones self through examination with others (Gilbert, Price and Allan, 1995). Clients in checkout lines will in general contrast their situation in line and those of different clients. Be that as it may, seeing individuals behind is to some degree comfort since ―there are individuals more terrible off than meâ€â€", in this way making the experience less difficult. The examination laid out three arrangements of variables (line factors, individual elements, and situational factors) that may shape the degree of social correlations, every one of which is tried. Hkust and Hkust (2002) communicated that constrained research contemplates have been directed to decide how administration holds up can be controlled. To control the time customers’ hold up in line,

Lord Of The Flies Essays (1067 words) - English-language Films

Ruler of the Flies A running topic in Lord of the Flies is that man is savage on the most fundamental level, in every case at last returning to an insidious and crude nature. The pattern of man's ascent to power, or exemplary nature, and his unavoidable go wrong is a significant point that book demonstrates over and over, frequently contrasting man and characters from the Bible to give a progressively clear image of his plunge. Ruler Of The Flies represents this fall in various habits, extending from the outline of the mindset of genuine crude man to the impressions of a degenerate sailor in limbo. The tale is the account of a gathering of young men of various foundations who are marooned on an obscure island when their plane crashes. As the young men attempt to compose and define an arrangement to get saved, they start to isolate and because of the dispute a band of savage ancestral trackers is framed. In the long run the abandoned young men in Lord of the Flies for the most part shake off cultivated conduct: (Riley 1: 119). At the point when the disarray at long last prompts a manhunt [for Ralph], the peruser understands that in spite of the solid sense of British character and politeness that has been imparted in the young for the duration of their lives, the young men have retreated and indicated the fundamental savage side existent in all people. Golding detects that organizations and request forced from without are brief, yet man's silliness and inclination for obliteration are suffering (Riley 1: 119). The tale shows the peruser that it is so natural to return to the malice nature inborn in man. On the off chance that a gathering of very much molded school young men can eventually end up submitting different outrageous tragedies, one can envision what grown-ups, pioneers of society, can do under the weights of attempting to keep up world relations. Ruler of the Flies' worry of wickedness is with the end goal that it contacts the nerve of contemporary repulsiveness as no English epic of its time has done; it takes us, through imagery, into a universe of dynamic, multiplying underhanded which is seen, one feels, as the regular condition of man and which will undoubtedly help the peruser to remember the most abominable signs of Nazi relapse (Riley 1: 120). In the novel, Simon is a quiet fellow who attempts to show the young men that there is no beast on the island aside from the feelings of trepidation that the young men have. Simon attempts to express reality: there is a monster, yet 'it's just us' (Baker 11). At the point when he makes this disclosure, he is disparaged. This is an uncanny corresponding to the misconception that Christ needed to manage for an amazing duration. Later in the story, the savage trackers are pursuing a pig. When they murder the pig, they put its head on a stick and Simon encounters a revelation where he sees the lasting fall which is the focal truth of our history: the destruction of reason and the arrival of... franticness in spirits injured by dread (Baker 12). As Simon races to the open air fire to tell the young men of his disclosure, he is hit in the side with a lance, his prediction dismissed and the word he wished to spread disregarded. Simon tumbles to the ground dead and is portrayed as lovely and unadulterated. The portrayal of his demise, the way where he passed on, and the reason for which he kicked the bucket are surprisingly like an incredible conditions and extreme end. The significant distinction is that Christ passed on the cross, while Simon was skewered. In any case, a peruser acquainted with the Book of scriptures reviews that Christ was wounded in the side with an a lance prior to his execution. William Golding talks about man's ability for dread and weakness. In the novel, the young men on the island first experience a normal dread of being abandoned on an unknown island without the direction of grown-ups. When the young men start to compose and start to feel progressively grown-up such as themselves, the dread of beasts dominates. It is reasonable that young men extending in ages from babies to youthful adolescents would have fears of beasts, particularly when it is taken into thought that the youngsters are abandoned on the island. The creator wishes to appear, in any case, that

Build Your Brand Through Social Media Strategy

Build Your Brand Through Social Media Strategy If there is something that is cited as most important for both business-to-business (B2B) and business-to-consumer (B2C) fields, it is creating brand awareness. In fact, the more structured and defined the presentation of the brand, the more it subsequently draws attention to itself, thus creating a network of loyal customers.The more structured and defined the presentation of the brand, the more it subsequently draws attention to itself, thus creating a network of loyal customers. Photo by Patrick Tomasso on Unsplash.Social media are at the center of our personal and professional everyday life; it has been proved that nearly 2.1 billion people have social media accounts and are active in them. Targeting this huge market is a crucial step for businesses that want to build brand awareness and expand sales. And while most marketers agree its an almost necessary step to create a social media strategy, brand consistency across all marketing touchpoints remains tough, let alone elaboratin g it for each social media channel. Still, its a challenge taken and the results can be highly successful for every brand. Many recent researches like the one by Riswan Tarigan published in ResearchGate showcase that marketing via social media can give impact to a companys revenue; the effect of social media toward a companys brand awareness is crucial.Building brand awareness through social media starts by defining what is, in fact, a brand in total and how this can be effectively communicated online in a strong and consistent way. Those brand qualities are then distilled into strategy tips that best work together and can really shape the audiences perception of a brand as say, cool or with traditional values. Here, we offer a number of steps to follow to ensure your brand is instantly recognizable online in a consistent way and one that reflects its core values and aesthetics to the fullest.Be consistent through all social media platformsIn social media brand building, consistency is key. Try to use the social media channels that actually can help your brand and design a consistent logo, color palette, bio, and handle for all. Your content may vary from LinkedIn to Twitter according to each mediums special characteristics but the logo, colors and company details should match to avoid confusion. Nike is a good example of brand consistency: While their content varies from each social media channel, their colors, handle and bio are identical and recognizable at first glance.Deliver brand tone of voiceCreating a brand tone of voice is one most the most challenging facts and social media branding requires an approach similar to all advertising channels. The idea is to consider your social media accounts like parts of the same advertising tool kit; this way you will keep the tone of voice uniform across all platforms. Dont be afraid to be picky though; in a recent Forbes article, New York-based interior design firm Tilton Fenwick founders offer advice for choosing the right platforms. Not all social media platforms are created equal. Twitter is more of a conversation, best for sharing industry news or topics related to your brand. Facebook is similar to Twitter but with a much older audience. they note.Design a logo that expresses the brands core values, aesthetics and philosophyA logo is the first thing most social media users will note and connect with your brand so invest in one that expresses the brands core values and philosophy. Try to use a visual style guide and match the social profiles colors to those of your logoâ€"and again, keep this color palette across all platforms. Your logo and company colors should ideally express emotions and make a strong statement about your brand.Keep content relevant and up to dateSocial media is all about change and the content that you create must follow this rule. Make a list with content that drew the most response from your followers and then replicate it with similar up-to-date posts. Your brand identity is reflected in the content you post so make it relevant and as unique as possible. The key here is to choose your topic of expertise and become a leader in it; be it sneakers or travel experiences, your followers will love to know the latest in the field from you first.Invest in strong visualsSocial media is all about great images and the more you create visually oriented content, the more you will set your brand apart. Choose great images that work effectively with each social media channel and edit them to suit each channels requirements. Photo editing apps like Snapped can help you create a feed that looks highly professional and polished.Engage in conversationYou have created great company pages in most social media channels and produce great content dailyâ€"now its time to interact with your followers. Creating brand consistency has a lot to do with the online relationships you build with your followers, so try to engage in conversation, offer tips or create content to keep them coming back. The more human-oriented your brand feels, the more followersâ€"and thus, potential customersâ€"it can draw to your benefit.Post frequentlyCreating great content that reflects your brands values is a necessary step but you must be committed to posting it frequently. The frequency varies from each social media channel to another but twice a week is a very good starting point, especially for Instagram. Frequent posts create engagement and promote the very special characteristics or expertise of your brand online in a constant way. As Michael Noice, founder of Entrepreneur Coach, explains, A once-weekly Twitter post or monthly Instagram photo are not going to accomplish much, if anything. For this reason, its best to focus on two or three carefully chosen social networks and try to be active on them, rather than posting sporadically to a half-dozen.Connect with influencersConnecting with influencers is a great way to establish collaborations and get ambassadors that will promote brand awareness for a wide audience. You will need to create a strategy that involves developing relationships with the influencers of your choice and making them see you as an expert in your field. If they feel they can relate to your brand values and identity, they will be more eager to work with you, thus promoting your brand further. Start by specifying all the influencers in your industry and then follow them. Dont be afraid to engage with them by liking, commenting or even reposting their content with tagsâ€"this is a great way of making them notice you the first time. DMs should come lastâ€"be super careful with what you write and never force things.Dont be afraid to engage with influencers by liking, commenting or even reposting their content with tags. Photo by George Pagan III on Unsplash.Create a special hashtagAnother great idea to expressing your brand identity online is creating a unique hashtag for your brand. This way, you will become instantly rec ognizable and will encourage others to use that unique hashtag and involve your content. Sprout Social writer Jenn Chen uses the case of Serena and Lily as an example: their branded hash tag #serenaandlily is used in every post the brand puts on Instagram and even works as a community hashtag, adding up to over 14k tagged posts.Above allâ€"evolveCreating brand awareness on social media is a never-ending processâ€"your brand identity should evolve with time and take note of all current developments in the field. Update your content to keep your audience coming back for more and try to be super aware of new developments in social media. Changes are fast and sometimes happen overnight. Telling your brands story is a process that needs to be redefined often and new social media strategies applied along with the old ones. Instagram has made a few changes in 2019 that change the way content is posted, including experimenting with nothing less than Augmented Reality, as seen in this AdEspe sso by Hootsuite article. Make sure you are informed of all changes in social media and use them to your brands benefit.

Dbq Colonial New England and Chesapeake Regions - 891 Words

DBQ: Colonial New England and Chesapeake Regions The Chesapeake and New England regions were settled by people of English descent, but by 1700, they had become two distinctly different societies. They had evolved so differently, mainly because of the way that the settlers followed their religion, their way of conducting politics and demographics in the colonies. Even though the settlers came from the same homeland: England, each group had its own reasons for coming to the New World and different ideas planned for the colonies. On his way to the New World, aboard the Arabella in 1630, John Winthrop, Puritan leader of the Massachusetts Bay Colony, spoke of the plan that he had in store for the colony. He preached that there would be†¦show more content†¦In the Chesapeake region, the settlers came for entirely different reasons; they didnt come to form a community in the New World, they came looking for gold. Everything in VirginiaÂâ€"the colonist, the politics, and the societyÂâ€"was based on profit, unlike in the New Eng land region, it was an every-man-for-himself society instead of a brotherly community. In History of Virginia, Capitan John Smith wrote that the colonist main reason for coming to the New World was to Â… dig gold, wash gold, refine gold, load goldÂ… Another reason the Chesapeake region was so different from the New England region was because the basis of the settlement was to find gold and ship it back to Mother England, some of the colonist did not plan to stay in the New World either; they were only attracted by the economic benefits. In the Ship List of Emigrants Bound for Virginia, it is reported that the settlers that are coming into the New World are still in allegiance with the Anglican Church and the King. This shows that the colonists are not seeking religious freedom or striving to become a city upon a hill, but rather seeking economic opportunities. Another significant point that arises in the document is that the population of men is about six times that of women; not to mention that the women are listed separate from the men. TheShow MoreRelatedAp Exam Essays1660 Words   |  7 PagesAP Exam Essays 2001-2010 2010 AP Exam Essays 1. In what ways did ideas and values held by Puritans influence the political, economic, and social development of the New England colonies from 1630 through the 1660s? 2. Analyze the political, diplomatic, and military reasons for the United States victory in the Revolutionary War. Confine your answer to the period 1775–1783. 3. Analyze the ways in which controversy over the extension of slavery into western territories contributed to the comingRead MoreDbq Although New England and the Chesapeake Region Were Both Settled Largely by of English Origin, by 1700 the Region Had Evolved Into Two Different Societies. Why Did This Difference in Development Occur?1229 Words   |  5 PagesSeptember 24, 2012 DBQ ESSAY Question: Although New England and the Chesapeake region were both settled largely by of English origin, by 1700 the region had evolved into two different societies. Why did this difference in development occur? Thesis Statement: When talking about New England and the Chesapeake region, you have to consider the differences in motives and geography. Consider economic situations (reasons for settling where they did, reasons why they came to New England in the first place)Read MoreApush Dbqs Essay2248 Words   |  9 Pages2011 DBQ: (Form A) 1. Analyze the international and domestic challenges the United States faced between 1968 and 1974, and evaluate how President Richard Nixon’s administration responded to them. (Form B) 1. Explain the ways that participation in political campaigns and elections in the United States changed between 1815 and 1840, and analyze forces and events that led to these changes. 2010 DBQ: (Form A) 1. In what ways did ideas and values held by Puritans influence the politicalRead MoreBoyer Dbq Teacher Guide10764 Words   |  44 PagesUsing the DBQ Practice Questions from The Enduring Vision, Sixth Edition A Teachers’ Guide Ray Soderholm Minnetonka High School Minnetonka, Minnesota Using the DBQ Practice Questions from The Enduring Vision, 6th Edition A Teachers’ Guide This guide is intended to suggest some possible ways that students may organize essays related to the document-based questions in the Advanced Placement version of The Enduring Vision, 6th Edition, and to provide teachers with some information on each included

Kurt Vonneguts Opinions Expressed in Player Piano, Cats...

Kurt Vonnegut’s Opinions Expressed in Player Piano, Cat’s Cradle, and Slaughterhouse-Five Every so often, a person comes along and encompasses the meaning of a generation. This person will capture everything people want to say, and then word it so well that his or her name becomes legendary. The sixties was an era with many of these people, each with his or her own means of reaching the people. Kurt Vonnegut, Jr., armed with a typewriter and a motive, was amongst those that defined the sixties. Like other notable figures of the sixties, his strong opinions moved the people. Vonnegut’s opinions cover a wide range of topics and address almost all aspects of society. He represented the flower children of the sixties, as he†¦show more content†¦He attended Cornell University from1940 to 1942, and the Carnegie Institute of Technology in 1943. From 1942 to 1945, he served in the United States infantry in Europe during World War II (Ethridge 1-4: 970-971). According to Stanley Schalt’s book Kurt Vonnegut, Jr., Vonnegut was captured at the Battle of the Bulge and then sent to Dresden to work in a factory producing vitamin supplements for pregnant women (n. pag.). He was awarded the Purple Heart for his efforts. Vonnegut then came home, where he continued his college education by attending the University of Chicago from 1945 to 1947. He married Jane Cox in 1945 and eventually fathered three children, their names being Mark, Edith, and Nanette. After the war, he was a Chicago City News Bureau Police Reporter in 1947. Before he became a writer, he also worked with Public Relations for General Electric in Schenectady, New York from 1947 to 1950 (Ethridge 1-4: 970). In 1950, Vonnegut decided to become a writer, with his first novel, Player Piano, being published in 1951. He would later go on to write works such as Canary in a Cat House (1959), Mother Night (1961), Cat’s Cradle (1963), God Bless You, Mr. Rosewater (1965), Slaughterhouse-Five (1969), and Breakfast of Champions (1973). His most renowned work, Slaughterhouse-Five, is as close to an autobiography as he comes. In Slaughterhouse-Five, Vonnegut writes a novel based his experience as a prisoner of war

Microeconomics Chapter 21 Free Essays

Microeconomics Chapter 21 Free Essays Microeconomics Chapter 21: The theory of consumer choice After developing the basic theory of consumer choice, we apply it to three questions about households decisions 1)Do all demand curves slope downward? 2)How do wages affect labour supply? 3)How do interest rates affect households saving? The budget constraint: What the consumer can afford -People consume less than they desire because their spending is constrained or limited by their income Budget constraint: the limit on the consumption bundles that a consumer can afford -The slope of the budget constraint measures the rate at which the consumer can trade one good for the other Preferences: What the consumer wants -The budget constraint is one piece of the analysis: it shows what combination of goods the consumer can afford given his income and the prices of the goods -The consumers’ choice, however, depend not only on his budget constraint but also on his preferences regarding the two goods -The consumer’s preferences are the next piece of our analysis Representing Preferences with Indifference Curves Indifference curve: a curve that shows consumption bundles that give the consumer the same level of satisfaction -The slope at any point on an indifference curve equals the rate at which the consumer is willing to substitute one good for the other Marginal rate of substitution: the rate at which a consumer is willing to trade one good for another Because the indifference curve are not straight lines, the marginal rate of substitution is not the same at all points on a given indifference curve -The rate at which a consumer is willing to trade one good for the other depends on the amounts of the goods he is already consuming -The consumer is equally happy at all points on any given indifference curve, but he prefers some indifference curve to others -A consumer’s set of indifference curves gives a complete ranking of the consumer’s preferences -We can use the indifference curve to rank any two bundles of goods Four propert ies of Indifference curves Property 1: Higher indifference curves are preferred to lower ones. People usually prefer more of something to less of it. This preference of greater quantities is reflected in the indifference curves Property 2: Indifference curves are downward sloping. We will write a custom essay sample on Microeconomics Chapter 21 or any similar topic only for you Order Now The slope of an indifference curve reflects the rate at which the consumer is willing to substitute one good for the other, In most cases, the consumer like both goods. Therefore, if the quantity of one good is reduced, the quantity of the other good must increase in order for the consumer to be happy Property 3: Indifference curves do not cross. Contradicts our assumption that the consumer always prefers more of both goods to less. Thus, indifference curves cannot cross. (Refer to example) Property 4: Indifference curves are bowed inward. The slope of an indifference curve is marginal rate of substitution-the rate at which the consumer is willing to tradeoff one good for the other. The MRS usually depends on the amount of each good the consumer is currently consuming. People are more willing to trade away goods that they have in abundance and less willing to trade away goods of which they have little, the indifference curves are bowed inward Two Extreme Examples of Indifference Curves -The shape of an indifference curve tells us about the consumer’s willingness to trade one good for the other -When the goods are easy to sub. For each other, the indifference curve are less bowed; when the goods are hard to sub, the indifference curves are very bowed Perfect Substitute -Because the marginal rate of substitution is constant, the indifference curves are straight lines – In this extreme case of straight indifference curve, we say that they two goods are perfect subs. Perfect Complements The indifference curve, therefore are right angles -In this extreme case of right-angle indifference curves, we say that the two goods are perfect complements -Real world- most goods are neither perfect substitutes nor perfect complements but typically, the indifference curves are bowed inward, but not so bowed as to become right angles Optimization: What the consumer chooses -Two necessary pieces for this analysis: the consumerà ¢â‚¬â„¢s budget constraint and the consumer’s preferences- put it together and choose what the consumer should buy The consumer’s optimal choices The consumer must also end up on or below his budget constraint, which measures the total resources available to him -The highest indifference curve that the consumer can reac is the one that just barely touches the budget constraint -The point at which this indifference curve and the budget constraint touch is called the optimum -At the optimum, the slope of the indifference curve equals the slope of the budget constraint – the indifference curve is tangent to the budget constraint -the consumer chooses consumption of the two goods so that the marginal rate of substitution equals to the relative price – the consumer takes as given the relative price of the two goods and then chooses an optimum at which his marginal rate of substitution equals to the relative price -The relative price is the rate at which the ma rket is willing to trade one good for the other, whereas the marginal rate of substitution is the rate at which the consumer is willing to trade one good for the other How changes in Income Affect the consumer’s choices Normal good: a good for which, other things equal, an increase in income leads to an increase in demands Inferior good: A good for which, other things equal, an increase in income leads to a decrease in demand -Although most goods are normal goods, there are some inferior goods in the world How changes in prices affect the consumer’s choice A fall in the price of any good shifts the budget constraint outward Income and substitution effects Income effect: the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve Substitution effect: The change in consumption that results when a price change moves the consumer along a given indifference curve to a point with a new marginal rate of substitution -T he income effect is the change in consumption that results from the movement to a higher indifference curve -The substitution effect is the change in consumption that results from being at a point on an indifference curve with a different marginal rate of substitution Deriving the Demand Curve The demand curve for any good reflects those consumption decisions -A demand curve shows the quantity demanded of a good for any given price -The theory of consumer choice provides the theoretical foundation for the consumer’s demand curve -The theory of consumer choice is, however, very useful in studying various decisions that people make as they go about their lives Three Applications Do All Demand Curves Slope Downward? -Demand curves can sometimes slope upward -Consumers can sometimes violate the law of demand and buy more of a good when the price rises Giffen good: A good for which an increase in the price raises the quantity demanded -Giffen goods are inferior goods for which the income effect dominates the substitution effect- therefore- the demand curve has a slope upwards How do wages affect labour supply? The substitution effect induces Sally to work harder in response to higher wages, which tends to make the labour supply curve slope upwards -The income effect induces her to work less, which tends to make the labour supply curve slope backwards -Economic theory does not give a clear prediction about whether an increase in the wage induces Sally to work more or less -If the sub. effect is greater than the income effect for Sally, she works more -If the income effect is greater than the substitution effect, she works less -The labour supply curve, therefore, could be either upward or backward sloping How do interest rates affect household saving? Substitution effect: when the interest rate rises, consumption when old becomes less costly relative to consumption when young-therefore- consume more wen old and less when young Income effect: when the interest rate rises, he moves to a higher indifference curve. As long as consumption in both periods consists of normal goods, he tends to want to use this increase in well-being to enjoy higher consumption in both periods- income effect induces him to save less -The theory of consumer choice says that an increase in the interest rate could either encourage or discourage savings Conclusion: Do people really think this way? -The theory of consumer choice does not try to present a literal account of how people make decisions -The theory of consumer choice tries to describe this implicit, psychological process in a way that permits explicit, economic analysis -Test of theory is in the application How to cite Microeconomics Chapter 21, Essay examples

Microeconomics Chapter 21 Free Essays

Microeconomics Chapter 21 Free Essays Microeconomics Chapter 21: The theory of consumer choice After developing the basic theory of consumer choice, we apply it to three questions about households decisions 1)Do all demand curves slope downward? 2)How do wages affect labour supply? 3)How do interest rates affect households saving? The budget constraint: What the consumer can afford -People consume less than they desire because their spending is constrained or limited by their income Budget constraint: the limit on the consumption bundles that a consumer can afford -The slope of the budget constraint measures the rate at which the consumer can trade one good for the other Preferences: What the consumer wants -The budget constraint is one piece of the analysis: it shows what combination of goods the consumer can afford given his income and the prices of the goods -The consumers’ choice, however, depend not only on his budget constraint but also on his preferences regarding the two goods -The consumer’s preferences are the next piece of our analysis Representing Preferences with Indifference Curves Indifference curve: a curve that shows consumption bundles that give the consumer the same level of satisfaction -The slope at any point on an indifference curve equals the rate at which the consumer is willing to substitute one good for the other Marginal rate of substitution: the rate at which a consumer is willing to trade one good for another Because the indifference curve are not straight lines, the marginal rate of substitution is not the same at all points on a given indifference curve -The rate at which a consumer is willing to trade one good for the other depends on the amounts of the goods he is already consuming -The consumer is equally happy at all points on any given indifference curve, but he prefers some indifference curve to others -A consumer’s set of indifference curves gives a complete ranking of the consumer’s preferences -We can use the indifference curve to rank any two bundles of goods Four propert ies of Indifference curves Property 1: Higher indifference curves are preferred to lower ones. People usually prefer more of something to less of it. This preference of greater quantities is reflected in the indifference curves Property 2: Indifference curves are downward sloping. We will write a custom essay sample on Microeconomics Chapter 21 or any similar topic only for you Order Now The slope of an indifference curve reflects the rate at which the consumer is willing to substitute one good for the other, In most cases, the consumer like both goods. Therefore, if the quantity of one good is reduced, the quantity of the other good must increase in order for the consumer to be happy Property 3: Indifference curves do not cross. Contradicts our assumption that the consumer always prefers more of both goods to less. Thus, indifference curves cannot cross. (Refer to example) Property 4: Indifference curves are bowed inward. The slope of an indifference curve is marginal rate of substitution-the rate at which the consumer is willing to tradeoff one good for the other. The MRS usually depends on the amount of each good the consumer is currently consuming. People are more willing to trade away goods that they have in abundance and less willing to trade away goods of which they have little, the indifference curves are bowed inward Two Extreme Examples of Indifference Curves -The shape of an indifference curve tells us about the consumer’s willingness to trade one good for the other -When the goods are easy to sub. For each other, the indifference curve are less bowed; when the goods are hard to sub, the indifference curves are very bowed Perfect Substitute -Because the marginal rate of substitution is constant, the indifference curves are straight lines – In this extreme case of straight indifference curve, we say that they two goods are perfect subs. Perfect Complements The indifference curve, therefore are right angles -In this extreme case of right-angle indifference curves, we say that the two goods are perfect complements -Real world- most goods are neither perfect substitutes nor perfect complements but typically, the indifference curves are bowed inward, but not so bowed as to become right angles Optimization: What the consumer chooses -Two necessary pieces for this analysis: the consumerà ¢â‚¬â„¢s budget constraint and the consumer’s preferences- put it together and choose what the consumer should buy The consumer’s optimal choices The consumer must also end up on or below his budget constraint, which measures the total resources available to him -The highest indifference curve that the consumer can reac is the one that just barely touches the budget constraint -The point at which this indifference curve and the budget constraint touch is called the optimum -At the optimum, the slope of the indifference curve equals the slope of the budget constraint – the indifference curve is tangent to the budget constraint -the consumer chooses consumption of the two goods so that the marginal rate of substitution equals to the relative price – the consumer takes as given the relative price of the two goods and then chooses an optimum at which his marginal rate of substitution equals to the relative price -The relative price is the rate at which the ma rket is willing to trade one good for the other, whereas the marginal rate of substitution is the rate at which the consumer is willing to trade one good for the other How changes in Income Affect the consumer’s choices Normal good: a good for which, other things equal, an increase in income leads to an increase in demands Inferior good: A good for which, other things equal, an increase in income leads to a decrease in demand -Although most goods are normal goods, there are some inferior goods in the world How changes in prices affect the consumer’s choice A fall in the price of any good shifts the budget constraint outward Income and substitution effects Income effect: the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve Substitution effect: The change in consumption that results when a price change moves the consumer along a given indifference curve to a point with a new marginal rate of substitution -T he income effect is the change in consumption that results from the movement to a higher indifference curve -The substitution effect is the change in consumption that results from being at a point on an indifference curve with a different marginal rate of substitution Deriving the Demand Curve The demand curve for any good reflects those consumption decisions -A demand curve shows the quantity demanded of a good for any given price -The theory of consumer choice provides the theoretical foundation for the consumer’s demand curve -The theory of consumer choice is, however, very useful in studying various decisions that people make as they go about their lives Three Applications Do All Demand Curves Slope Downward? -Demand curves can sometimes slope upward -Consumers can sometimes violate the law of demand and buy more of a good when the price rises Giffen good: A good for which an increase in the price raises the quantity demanded -Giffen goods are inferior goods for which the income effect dominates the substitution effect- therefore- the demand curve has a slope upwards How do wages affect labour supply? The substitution effect induces Sally to work harder in response to higher wages, which tends to make the labour supply curve slope upwards -The income effect induces her to work less, which tends to make the labour supply curve slope backwards -Economic theory does not give a clear prediction about whether an increase in the wage induces Sally to work more or less -If the sub. effect is greater than the income effect for Sally, she works more -If the income effect is greater than the substitution effect, she works less -The labour supply curve, therefore, could be either upward or backward sloping How do interest rates affect household saving? Substitution effect: when the interest rate rises, consumption when old becomes less costly relative to consumption when young-therefore- consume more wen old and less when young Income effect: when the interest rate rises, he moves to a higher indifference curve. As long as consumption in both periods consists of normal goods, he tends to want to use this increase in well-being to enjoy higher consumption in both periods- income effect induces him to save less -The theory of consumer choice says that an increase in the interest rate could either encourage or discourage savings Conclusion: Do people really think this way? -The theory of consumer choice does not try to present a literal account of how people make decisions -The theory of consumer choice tries to describe this implicit, psychological process in a way that permits explicit, economic analysis -Test of theory is in the application How to cite Microeconomics Chapter 21, Essay examples

9/11 Terrorist Attacks Essay Example

9/11 Terrorist Attacks Essay An Analysis of the 9/11 Terrorist Attack On September 11, 2001, 19 Al Qaeda terrorists hijacked four United States commercial airliners travelling from the east coast to California. The hijackers forcibly took control of four planes. Two planes were purposefully crashed into the World Trade Center (WTC) in New York City. The third aircraft was flown into the Pentagon building in Washington DC. The fourth plane landed in a Pennsylvania field. All of the people on board the aircrafts were killed. There were 2996 people killed including the hijackers and the airline passengers and the victims on the ground in New York and Washington DC. A total of 836 first responders also died as the result of their efforts to rescue people in the WTC before it collapsed (The National Commission on Terrorist Attacks, 2004). According to the US government, 9/11 was an act of war. The United States government, state and local agencies mobilized during the disaster. Victims in New York and Washington DC were taken to area hospitals for medical treatment. As the result of the terrorist attack, the government instituted a series of measures that changed the United States policy towards terrorism and homeland security. The aftermath of the World Trade Center and Pentagon attacks left the country in a state of shock. The report on 9/11 details the steps taken by the government during the attack on the WTC and the Pentagon. The attacks caused wide-spread confusion among air traffic controllers and news organizations. During 9/11, the government used radio and television to communicate with people and inform them of the situation. Grisly scenes of the wreckage were replayed in the media. Government and state agencies communicated with each other via radio and walkie talkie. We will write a custom essay sample on 9/11 Terrorist Attacks specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on 9/11 Terrorist Attacks specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on 9/11 Terrorist Attacks specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Cell phone and telephone services were impossible; because, the volume of calls disabled communications networks. Because of the possibility of more 9/11 style attacks, the government immediately invoked SCATANA, Security Control of Air Traffic and Navigation Aids. United States (US) airspace was closed to all aircraft except for military aircraft, and the US border was closed to international travel. Planes that were in flight were ordered to land immediately. International planes that were travelling to the United States were forced to land in Mexico or Canada. Because the 9/11 terrorists targeted the White House and the Pentagon, the federal government created a contingency plan for the continuity of government in cases of emergency. In addition, a plan for the evacuation of the top American political leaders was developed and implemented in case of future terrorist attacks (The National Commission on Terrorist Attacks, 2004). On September 11, 2011, the government declared a state of emergency. The United States military and the National Guard were mobilized. The states of CT, NJ, NY, and VA also mobilized resources. The government passed the USA Patriot Act which allowed law enforcement officials to invade the privacy of citizens suspected of terrorism. The National Security Agency also employed listening devices to eavesdrop on the telephone and email communications of people in the USA and other countries without a warrant. In addition, The Homeland Security Act was passed in 2002 to protect the United States from terrorism and natural disasters. Because of the Patriot Act, several of the masterminds of the 9/11 terrorist attacks were captured, like Khalid Sheikh Mohammed (The National Commission on Terrorist Attacks, 2004). After the first attack in New York, the New York Police Department (NYPD), Port Authority Police Department (PAPD), and Emergency Medical Service (EMS) were mobilized to care for the wounded, conduct search and rescue operations. In New York City, the subway was closed and main roadways were cleared for emergency use. In Washington DC, similar actions were taken to secure the city and the surrounding area. In New York, the Fire Department of New York (FDNY) also began search and rescue and firefighting efforts. After the 2nd plane crashed, 2000 NYPD officers rushed to the World Trade Center. In addition, there were numerous port authority officers coordinating efforts with the NYPD and FDNY. In New York City, the Office of Emergency Management (OEM) was located at the WTC. Difficulties occurred in New York because the OEM office was destroyed after the second airplane crash and had to relocate. In addition, many people were trapped in the WTC because rooftop rescues were not possible, and airspace was closed. The authorities and people trapped in the WTC were unprepared for the mass evacuation which occurred. Inadequate communications also created problems in the aftermath of 9/11. Government and local agencies communicated with one another by radio or walkie talkie, as cell phone communications were impossible. Problems occurred with the state and local response in New York because the number of 911 calls disabled the emergency channels. In addition, messages to first responders were given inaccurately which caused problems with search and rescue operations. First responders in New York failed to get relevant radio messages which resulted in the deaths of firefighters and civilians (The National Commission on Terrorist Attacks, 2004). A triage station was established, at the WTC, to treat victims with injuries and transport them to area hospitals. Problems occurred because of lack of communication among the EMS staff and area hospitals. In addition, there was no helicopter transport for the most critically injured patients. Some reports suggested that many of the physicians who became first responders were not adequately trained in emergency medical procedures (Simon Teperman, 2001). In Washington DC, local, regional, state, federal, police, fire, and military agencies responded to the Pentagon attack. In addition, FEMA, the Bureau of Alcohol Tobacco and Firearms, Red Cross, Department of Defense, Ronald Reagan National Airport Fire Department, and the VA Department of Emergency Management assisted. Prior to the Pentagon attack, the government received advanced warning of the hijacking and began evacuating all personnel. Because of the swift evacuation of the Pentagon and skillful mobilization of the state government and local agencies, there were fewer casualties than in New York. Communication in Washington DC was conducted by pagers and walkie talkies, as radio and cell phones did not operate. In the aftermath of the attack, Operation Solace and the Dilorenzo Clinic were established to provide families and victims of the attack with mental health care and therapy. Pentagon workers were desensitized and returned to work as quickly as possible. Operation Solace and the Dilorenzo Clinic were highly successful. People were able to return to work within several days of the attack, and there were no long-term mental health consequences. The Pentagon Family Assistance Center was created to assist people who lost a family member and were homeless because of the attack. Homeless families were housed in the Sheraton hotel for a month and provided with housing assistance. The government also assisted families with financial assistance and memorial services (Ritchie, n. d. ). The 9/11 terrorist attacks were the first large scale attacks in America since Pearl Harbor. The government should be given credit for mobilizing quickly, and speedily establishing services to care for the wounded. Because the government took immediate action, closed airspace and warned the pentagon of the impending attack, lives were saved. Problems with the 9/11 response occurred in the areas of communication and lack of training in some first responders. In future disasters, communication should be conducted by walkie talkie or text message instead of radio and cell phone. Studies have also suggested that first responders need better training to handle large scale emergency events. In the 9/11 disaster, over 3000 people lost their lives. However, because of the courageous actions of the American people and government and local agencies, many people survived the tragedy. The lesson of 9/11 continues to affect American policy on terrorism and disaster planning, at the state and federal level (The National Commission on Terrorist Attacks, 2004). References (National Commision On Terrorist Attacks 2004 9/11 commission report)The National Commission on Terrorist Attacks (2004). The 9/11 commission report (). Retrieved May 10, 2011, from The National Commission on Terrorist Attacks website: http://www. 9-11commission. gov/report/911Report. pdf (Ritchie E 2011510 9/11 response to the pentagon)Ritchie, E. (n. d. ). The 9/11 response to the pentagon. Retrieved May 10, 2011, from http://www. newpaltz. edu/idmh/keynote3ritchie. pdf (Simon R Teperman S 2001 World Trade Center attack: Lessons for disaster management)Simon, R. , Teperman, S. (2001). The World Trade Center attack: Lessons for disaster management. Critical Care, 5(6), 318-320. (United States Government 20010911 George W. Bush 9/11 address to the nation)United States Government. (2001, September 11). George W. Bush 9/11 address to the nation. Retrieved May 10, 2011, from http://www. americanrhetoric. com/speeches/gwbush911addresstothenation. htm

Fiber Optic History essays

Fiber Optic History essays Our current age of technology is the result of many brilliant inventions and discovers, but it is our ability to transmit information and the media we use to do it, it that is perhaps most responsible for its evolution. Progressing from the copper wire of a century ago to todays fiber optic cable, our increasing ability to transmit more quickly and over longer distances has expanded the boundaries of our technological development in all areas. Toadys low-loss glass fiber optic cables offer almost unlimited bandwidth and unique advantages over all previous developed transmission media. The basic point-to-point fiber optic transmission system consists of three basic elements: the fiber optic cable and the optical receiver and the fiber optic cable. Optical communications date back two centuries to the opical telegraph that French engineer Claude Chappe invented the 1790s. His system was a series of semaphores mounted on towers, where humans operators relay messages from one tower to the other. It beat hand carried messages hands down, but by the mid-19th century was replaced by the electric telegraph, leaving a scattering of Telegraph Hills as it almost visible legacy. In the intervening years a new technology slowly took root that would untimely solve the problem of optical transmission, although it was a long time before it was adapted for communications. It depended on the phenomenon of total internal reflections, which can confine light in material surrounding by other materials with lower refractive index, such as glass in the air. In the mid 1840s, Swiss physicist Daniel Collodon and French physicist Jacques Babinet showed that light could be guided along jet of water for fountain display. British physicist John Tyndall popularized light guiding in a demonstration he first used in 1854, guiding light in a jet of water flowing from a tank. By the turn of the century, inventors realized that bent...

Emigrants vs. Immigrants vs. Migrants

Emigrants vs. Immigrants vs. Migrants Emigrants vs. Immigrants vs. Migrants Emigrants vs. Immigrants vs. Migrants By Mark Nichol What’s the difference between an emigrant and an immigrant, and where do migrants fit in? The answer, for both questions, is that it’s a matter of direction. Emigrant, immigrant, and migrant all stem from the Latin verb migrare, which means â€Å"to move from one direction to another.† The distinction between the nearly identical-sounding first two terms is that emigrant describes a person from the perspective of coming from somewhere else, and immigrant refers to someone in the context of arrival at his or her destination. Simply said, emigrants come from somewhere, and immigrants go to somewhere. (To help you remember which is which, think of emigrants as emerging from and immigrants as being immersed into.) Other terms for this phenomenon that include the root word migrant include in-migrant and out-migrant. Another synonym for emigrant, à ©migrà ©, usually refers specifically to someone forced for political reasons to leave a country; the word is derived from the Latin verb emigrare by way of French. There is no equivalent term synonymous with immigrant, however. A migrant, meanwhile, is a person or an animal who travels to and from two locations, as in the case of an economic migrant who leaves home to earn money in another country and returns periodically before going back to the other country again. (Migrator is an alternative.) Less often, migrant is used to refer to an animal that travels from one region to another depending on the seasons, as when geese in the Northern Hemisphere fly south for the winter as their habitat grows too cold and then return when the weather becomes milder again in the spring. Nouns referring to movement to and from a place, respectively, are immigration and emigration; the verb forms are immigrate and emigrate. Migration describes the process of repeated movement from one place to another and back again (migrancy is a less common variant), and the verb form is migrate; migrant and migratory serve as adjectives, the former usually referring to humans and the latter to animals, and migrational might also modify a noun to refer to back-and-forth movements of humans or animals. Check out our latest YouTube video: Wether, Whether, Weather Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Misused Words category, check our popular posts, or choose a related post below:How to Format a US Business LetterSelect vs. SelectedHow to Address Your Elders, Your Doctor, Young Children... and Your CEO

Collapse of the Traditional Family Essay Example | Topics and Well Written Essays - 1750 words

Collapse of the Traditional Family - Essay Example The first thing that immediately occurs to mind, the number one culprit, is of course the exploding divroce rates, in the Western societies as well as in many developing nations. Divorce rates have been on the rise for decades now, but they seem to be shoooting up to epidemic proportions with each passing day. The very institution of marriage which lies at the root of family and home is under assault. Out-of-wedlock births too are drastically rising. Unmarried cohabitation is becoming an increasingly common phenomenon in contemoporary society. The sporadic spread of same-gender marriages are another aspect of the problem. So, one way or other, it is the fact that more and more people are losing their faith in the sanctity of marriage between man and woman which is ultimately threatening the very viability of our society. In a more immediate sense, though, this is adversely affecting the lives of millions of innocent children, causing grave irreparable damage to their delicate sensibi lities at a very tender age. No wonder then that so many of our national leaders are seriously concerned about the need for fortifying the edifice of family, in their bid to build a more coherent and sensible society. A resurgence of early and almost universal marriage, as it happened in the postwar periods of 1950s and 1960s, is bound to revitalize our society. But what is so different between our own times and just a couple of decades ago Why cannot such a thing cannot happen today One most conspicuous difference is the tremendously greater proportion of full-time working women in today's world as compared to the 50's. This is of coure a very positive change. But could not the absence of the mother from the household for the better part of the day be taking its toll on the upbringing and well-being of the children Not necessarily, since it has its own advantages. A confident and independent mother can serve as a better role model for children of both sexes, and not just the girls. Obviously, with both dad and mom working, there would be two incomes instead of one, and this translates to better financial security for children. Also, in a way, with relatively less time available to spend with children, the parents would tend to treasure this time even more than if time weren't such a constraint. It is a universal truth in any relationship, whether between lovers or between parents and children, that distance brings people closer, making them grow fonder of each other. But only to a certain extent though, a little more distance and it can alienate people, to which point we will come shortly. Now though there may be several practical advantages to argue in favor of working women, in relation to their families, the cohesive presence of a full-time mother acting as the central force in holding together the home, with her love and mystique - is simply irreplaceable. It is becoming an increasingly rare sight these days, and evokes a kind of idyllic nostalgia in many of us. But still, if certain things have to be gained, certain other things have to be

IT Industry Essay Example | Topics and Well Written Essays - 1750 words

IT Industry - Essay Example In business context, Information Technology Association of America (ITAA) has referred to IT as that industry that deals with the software application and their use in enabling the consumers’ needs be satisfied in what would be otherwise tedious through management of information systems (Crookes, 2012). This informs that IT is a very essential option for businesses today where technology has taken over in almost every operation. IT industry is thus involved in a number of activities which includes, software development and installation, network administration, planning and management of the life cycle of organization’s technology as well as maintaining, upgrading, and replacing the IT system of the organization where applicable. Transformation in the IT sector mobile computing, the cloud, and consumerism Because of the increasing demand on the service of IT, IT experts have responded by researching and coming up with those options that will satisfy the interest of those in need of the IT services. It is surprising that at times the pace at which IT is changing is faster the even the IT managers of business organizations have been left with no option but to discard their current options to embrace the new technology even if they have not fully exploited their previous option. In this reference, IT gurus have been advised to make consideration to standardized systems that will be embraced by all finally (Renkema, 2000). In this agitation, the IT experts have been advised to look into four cardinal areas when building a system standardization, simplification, integration, and modularity. Some of the changes that have been realized in IT includes, mobile computing, the cloud, and consumerism. Mobile computing Mobile computing has made it possible to use the small portable computing devises to connect to network systems, in some case, the wireless option enables these devices to access network and do all what they want be done through the internet, thi s is the consumerism trend that has been established of late (Kamal, 2007). The devices used in this case includes, laptops, notebook, palmtop, and tablet PCs Cloud computing Cloud computing involves the use of computing resources such as the hardware and the software in the delivery of services through a network system. Software as a Service and Software Oriented Architecture are option that are considered by cloud computing, they have become alternative option for the Enterprise Resource Planning which are all systems that are used by firms. Because of the complex system in the ERP, SaaS and SOA from cloud computing have brought a simpler system that is easier to maintain, cheaper and do not require much training to operate (Crookes, 2012). Cloud computing unlike the ERP can be customized as per the customers need without extra licensing fee and maintenance cost. This is because all applications in are supported by a single server operated by the designer. Cloud computing has then made it possible for SME (Small and Medium-Sized Enterprises) to adopt such IT systems because they are cheaper to operate and maintain (Crookes, 2012). Consumerism Is a transformation in IT industry that allows employees to use their personal devises to connecting with the corporate networks, in this sense, the employees use their smart phones and tablets to connect with the corporate system. This is contrary to the traditional system where the company

A Nineteenth Century Ghost Story in The Turn of The Screw by Henry Jame

A Nineteenth Century Ghost Story in The Turn of The Screw by Henry James The Turn of The Screw is a classic Gothic ghost novella with a wicket twist set in a grand old house at Bly. The story is ambiguous; we never fully know whether the apparitions exist or not and we are left with many more questions than answers. The Governess is left in charge of two young children, Miles and Flora, of whom she later becomes obsessed with, describing them as 'angelic'. She has no contact with her employer from London, the children's enigmatic uncle once there, sparking suspicions of the children being unwanted. The anonymous Governess' obsessive nature is taken to another level, with the darker side of Bly appearing. Her sanity is called into question with her continued revelations of apparitions around the family's country residence. The story itself could not have had a bigger twist in it, from being overwhelmed by the beauty and innocence of the two orphans under he care to being convinced that ghosts of her predecessor and the master's former valet, Miss Jessel and Peter Quint, both who die in mysterious circumstances, have come to possess the souls of her charges. The Governess begins to take ever more desperate measures to protect them, but is it enough? A typical Gothic story in many respects, The Turn of the Screw conforms to our expectations by sharing many key features, style and themes typical to nineteenth century horror fiction. A gothic story is a type of romantic fiction that predominated in English Literature in the last third of the 18th century and the first two decades of the 19th century. The setting for this type of st... ...riously wrong with her. Taking all of these points into account all of these points, I am sure that you now agree that The Turn of the Screw is a typical 19th century gothic ghost story. The story itself has many characteristics typical of a gothic story and it is based around two apparitions, which is a necessity in any ghost story. Gothic stories were very popular during this period due to Darwin's book, 'The Origin of Species' which hugely questioned Christian beliefs. People were no longer sure of religion, and became very superstitious, with Ghost stories becoming very popular. They had always thought god came first; now science was starting to take over. In the 19th century people were unsure about what was real in the world. The Victorians did not know what to believe about in their world and spirituality.

Indian Luxury Consumer Essay

The Indian Luxury Consumer: Rapidly maturing and looking for more Any study of the luxury market needs to conclusively address core questions around the luxury customer – Who, What and Where. To fully understand answers to these questions, we interviewed existing and prospective customers across various locations, income and age groups. We also interviewed industry leaders across all luxury categories on the Indian consumer and the changes that they have observed over the last few years. In this section, we shall provide answers to three basic questions: 1. What constitutes luxury in India? 2. Who is the luxury consumer? What has changed in the last 2-3 years? 3. How is the behavior of the luxury consumer changing? 4. What are their specific tastes and preferences? 5. Where do they make their purchase? Luxury in India – more aspirational luxury than ultimate luxury Industry leaders across categories believe that luxury is not only determined by price. Exclusivity is a far more important parameter for a product or service to be called luxury. As such customization, uniqueness, and even understatement is important. Design, use of exquisite materials, presentation and personalized service all contribute to luxury. Consumers also talk about exclusivity, uniqueness and appeal to personal taste. This is not as yet corroborated by increased sales of â€Å"ultimate and subtle† luxury products. The majority of the market is still far away from this definition and brand/logo/badge value drive luxury purchases very clearly. Size, flashiness, clearly visible logos, well known brand are the key considerations in the purchase. That said, traditional attributes such as high quality, heritage, longevity, the â€Å"stories† associated with brands are beginning to emerge as drivers of purchase. Bulk of the Indian market is still dominated by the more accessible and aspirational luxury products. Status – announcing your arrival into the elite segment of the society – is the biggest motivation still. The mindset is still that of an â€Å"aspirer† not that of a â€Å"connoisseur†. The Indian luxury consumer – new insights The Indian luxury consumer has been studied a few times now. Various segments have been identiofied by earlier studies. The old money/new money/gold cuffs/.. (Luxury Brands) and Industrialist/Corporate/Professional/ (Economic Times – A. T. Kearney India Luxury Review 2007). The focus of our consumer research was to find out how the consumer has evolved in the last 3-4 years. The accepted wisdom is that industrialists and traditionally wealthy families is the largest segment, senior corporate executives are a smaller but emerging segment and young professionals are entering the market. Our research has shown that by and large the consumer segments that constitute the bulk of the market have not changed significantly, although finer sub-segments are now more apparent: Medium size enterprise owners: This is the largest segment in terms of number – these are typically the medium enterprise owners – industrialists and traders who run businesses with revenues upwards of 50 cr. The source of their spending is the surpluses generated by the business. Many of these have grown as the economy grew rapidly in the last twenty years. Their wealth is their passport to the elite segment of the society and conspicuous consumption is their way of announcing it to the society. The children who tend to be second or third generation are the bigger spenders, having been educated abroad and hence familiar with brands and the luxury way of living. They are now educating and enticing their more conservative elder generation into spending. Interviews also reveal that those who generate cash need to necessarily spend it and luxury goods are a good avenue for spending. These are very frequent luxury consumers and consume the entire gamut of products and services and some assets like cars and real estate. These consumers shop around for deals and bargains, including international travel. Traditionally wealthy families / large industrialists: This group comprises two sub-segments – the first is the traditionally wealthy families – who have been consuming luxury for several decades and go for the finer things in life. The largest business houses in the country and historically wealthy Marwari, Gujarati, Parsi, Punjabi families epitomize this class. The other sub segment comprises the promoters of some very large businesses which have come up in the last two decades and have created disproportionate wealth very quickly. Builders, miners, diamond merchants, stock brokers, new age enterprise owners fall in this category. Many of them have migrated to the highest ladder of luxury consumption very quickly by acquiring yachts, jets, houses and really expensive cars. Corporate executives: Senior executives of corporate India who are paid in excess of Rs. 1 crore and bankers who earn big bonuses epitomize this category. These executives are well traveled and are aware of brands. Most of these are in their mid-late forties and represent some of the brightest minds in the country. Many of them though have come from middle class backgrounds and hence have a conservative approach on conspicuous spending. While they can well afford to spend, their propensity to spend is low. A gradual change is being seen as they see more and more of their compatriots spend. These consumers spend on some luxury products such as watches, accessories, select apparel, fine dining, international and domestic travel and high end cars. They also tend to shop on their frequent international trips to get the best deals. Self employed professionals: These comprise of professionals such as lawyers, doctors and architects: A small but niche segment, comprising the top stars in their profession, who have made it big. While many of these come from middle class backgrounds, they use their new found wealth to live a good life. They shop for the entire range of products and services although are found less often at the absolute top end of the ladder. Young professionals: Working in service industries – these earn the least compared to the others, but since they don’t have family responsibilities, the disposable part of the income is high. They are in tune with the latest fashion trends, travel abroad once in a while and believe in spending on what they fancy. They tend to consume entry level products and are infrequent consumers. Other segments: Expatriates: Expatriates in the country are growing and they are staying for longer periods: These are on expatriate packages and are accustomed to luxury consumption in other parts of the world. However most of these fly back very frequently and stack up on their luxury products need on these trips. Luxury services and assets (mostly cars) are influenced in a small way by this segment. The segment is definitely driving the increasing awareness and need for luxury products Politicians and bureaucrats: Interviews reveal that politicians and bureaucrats are a large segment for all luxury products, but have a much more pronounced preference for jewellery, watches, cars and real estate. Contrary to the popular perception that is generated by the flashy lifestyles of film and television actors, they are not large spenders by themselves and collectively it is still not a large segment. Luxury consumption of film and TV stars is paid for by the producers. They alsoi shop abroad a lot. Many celebrities belong to rich business families and owe their luxury consumption to their family wealth or get a lot of luxury products as gifts. Citywise sub-segments: There are sub-segments in each city that drive most of the purchases: * Mumbai – stock brokers, diamond merchants/exporters * Delhi – industrialists, traditionally wealthy, politicians, bureaucrats * Chennai – traditionally rich, industrialists * Bangalore – builders, IT top brass * Kolkata – traditionally wealthy Marwari businessmen, traders Age profile. The average consumer is still young – between 30-45. This is in line with the overall demographics and is expected to stay that way for some time. It is thus a young luxury market in contrast with some of the mature markets like Europe and the USA where the average consumer is much older (need some data here). Consumer Behavior We found that while the average Indian luxury customer values High Quality, Exclusivity and Social Appeal as key drivers of luxury purchase, they are also very Price Conscious and often straddled with a â€Å"middle-class mindset†. Corporate Professionals in particular tend to be more price sensitive than the Traditionally Wealthy and Business Owners. This is also due to the fact that the average â€Å"fashion consciousness† of Indian consumers is still quite low – most consumers prefer â€Å"well known† brands and make luxury purchases for â€Å"brand value† and not â€Å"fashion value†. The table below summarises the typical behavior patterns of the consumers in each of the segments | Medium Size Enterprise Owners| Traditionally Wealthy Families & Large Industrialists| Corporate Executives| Self Employed Professionals| Young Professionals| Average Age| | | | | |. Awareness| Low| High| High| Medium| High| Fashion consciousness ( apparel and accessories)| Low| High| Low| Low| High| Price Consciousness| High| Low| High| Very High| Very High| Badge Consciousness| High| Medium-Low| High| High| Very High| Propensity to buy overseas| High| High| High| High| High| Greater awareness – rapidly increasing and the entry of brands, development of malls and magazines has helped. Compared to three-four years ago, the number of people who can correctly pronounce Chanel and Gucci correctly has increased dramatically, although there is still a long way to go. What is interesting to note is that the Indian luxury customer is maturing rapidly and brand awareness has increased significantly over the past 3-5 years. Brands are beginning to see loyal customers who have their preferred set of brands. Among brands, the pedigree of a brand is very important. There is a heritage value with luxury brands – customer typically put more value on brands that have been around for many years. When it came to Indian brands, there is clearly a mixed perception. While most customers were willing to purchase luxury services from Indian players, the luxury products market still has a long way to go. Specifically in services, Indian service quality is considered to be at par with the best in the world. Within products, the categories that customer preferred have a high class value attached to it. Hence very select categories like jewellery and Indian designer apparel products are considered ‘luxury’. Fashion consciousness – changing very fast, dressing for a look increasing in the metros – still a long way to go – in the words of one of the luxury fashion CEOs – Indians are â€Å"sartorially challenged†. The younger members of the rich families and the young professionals are leading are leading the pack. Badge consciousness – continuing, no doubt. A logo is probably the most important thing about a product. It is easier to sell a pair of sunglasses or a polo shirt where the logo is clearly visible than a shirt where it is not so obvious. Price consciousness – here to stay. The entire industry acknowledges this and both the principals and the Indian parties strive hard to match prices to make it price neutral for the Indian consumer who would not mind taking a flight to Singapore or Dubai or ask someone to get it, if the difference is more than 3-5%. The economics is simple – its costs 15-20,000 for a return trip (economy of course! ) to Dubai or Singapore. On a product costing upwards of Rs. 200,000, this is less than 10% of the product price. That puts a limit on the amount of premium that anyone will be willing to pay for products that can be easily purchased overseas and carried back. The grey market will willingly carry products for a fraction of the cost of a return trip. The only exception is cars – where it is not possible to bring it in – either legitimately or smuggled. Propensity to buy overseas – reducing but still very significant. One interesting observation is that Indian luxury customers are not averse to buying from India, just that they feel there are better avenues abroad. One of the key challenges is to provide luxury shopping destinations that offer a variety of brands under one roof. While most of them purchased from boutiques in New York or Malls in Dubai, in India there are not many avenues for luxury purchase. While most consumers also make luxury purchases in India, shopping abroad is still by far the preferred option. Consumers have certain perceptions about luxury shopping in India, that have held them back making large scale and frequent purchases in the local market. Interviews with industry leaders reveals that the consumer wants the same package here – merchandise (range, freshness), convenience (location), price and experience (ambience, service) – with an extra expectation of service, given that this is India, where labor is cheap. The development of the Indian duty free has meant that Indians have an option of buying duty free products in India when they arrive rather than carting it all the way from popular shopping destinations overseas. Consumers still believe that the widest, most recent range is not available here and that prices are more expensive here, though at least two of these clearly are myths that need to be broken. In fashion, collections are designed for the whole world once, no one creates separate collections for India and old collections are not available. Width of range is a trade-off that has to be made depending on the depth of the market, so that is a possibility. Converting the overseas market is a big challenge for retailers. Propensity to buy from the grey market – by all accounts, this is reducing in established brands. Concerted efforts by players to bring in the latest merchandise, efforts by brands to supply products at lower prices to India and Indian retailers willing to work on thin margins has meant that the consumer now gets a good bargain. New brands which consumers want and are not available find their way through this channel. Driver of Luxury consumption: Number of HNIs, HNI Wealth or Household Income? It is generally accepted that luxury market size is positively correlated to household income (GDP/capita), the number of high networth individuals and/or their wealth. Discussions on luxury are never complete without a reference to these parameters. A correlation between the size of the luxury market, the GDP/capita, number of HNIs and HNI wealth over the years 2004-2009 shows that in terms of importance the number of high networth individuals is the most important driver, followed closely by GDP/capita and HNI wealth. Interviews with leading luxury brands in India points to the fact that family wealth is a very strong determinant of spending than household income. Consumer interviews with traditionally wealthy families indicates a very interesting pattern – they are habitual consumers of luxury and less price conscious. Some of the segments mentioned above would fall in the HNI category. However luxury consumption in India is not limited to only the HNIs. The masstige phenomenon can be observed very clearly in India. Luxury products in India are appealing to, and purchased by, middle-class consumers that do not fit the typical profile of an elite consumer segment. For these shoppers, luxury represents status and prestige, a place in society that they fit into as a result of their purchase of high-end products. This phenomenon is observed even in the large mature markets such as UK, where a large number of individual consumers buy very small volumes. Luxury goods companies develop products that re-enforce the â€Å"masstige† and drive volumes. As such it is very important to look at the other indicator of the market – the GDP/capita. In India given the fact that wealth is being created due to the rapid growth, growing household incomes are converting the middle class into emerging luxury consumers. As such there is a large segment (below the 1 cr income category) where while the wealth might be low, it is the incomes that are driving the consumption. Measured in PPP terms, 25 -100 lakhs in India is equal to $ XX-YY,000 of income in the US or EUR AA-BB,000 in Europe, which is definitely a luxury consumer. The above two factors combine to make the consumer spectrum in India very broad. Our research shows that sporadic/ infrequent luxury consumption for products and services begins when annual household income goes upwards of Rs. 20 lakhs, becomes frequent when annual household income crosses the Rs. 1 crore mark and becomes habitual when the wealth crosses the HNI milestone ($1 mn in liquid assets). For luxury assets, the markers are understandably much higher and even within assets, the ladder become quite steep as one goes higher. For example, consumer for private jets would be the top 200-400 richest families in the country – the billionaires, super rich families (the HNIs) – anywhere around 200-400 families – such as the private jets, yachts and the largest houses – earning anywhere upwards of 50 cr per annum or with family wealth in excess of 100 cr. The spectrum thus begins at rupee millionaires and goes all the way to real billionaires. While the small traditionally super wealthy families who know what absolute or real exclusive luxury means, and can be called connoisseurs, bulk of the incremental wealth generation in India has been the the handiwork of new age businessmen/industrialists – who were not so wealthy a couple of generations ago. As the â€Å"new money† matures, one can expect that the tastes and preferences will also evolve. | | Rupee Millionaires| Near Millionaires| Real Millionaires| Category| Household Income| 10-25 lakhs| 25 lakhs – 1 cr| 1-5 cr| 5 cr+| | Networth/Wealth| | | | |. Estimated number of households| 2,373,000| 1,292,000| 141,000| Typical Occupations| Service Industry professionals| Corporate Executives, Self Employed Professionals| Medium Enterprise OwnersTraditionally wealthyCompany CEOs, top bankers| Large IndustrialistsTraditionally wealthy| Luxury products| Low ticket value items such as leather accessories ties, cuff-links,Wines and spirits, personal care| Watches, some apparel, accessories| All| All| Luxury Services| Spas, Infrequent fine dining| Travel, frequent fine dining, hotels, spas| All| Luxury Assets| | | Cars, YachtsReal estate, Paintings| Private jets|. Geographical distribution of consumers Luxury consumption in the country has so far been concentrated in Delhi and Mumbai with Bangalore being a distant third. Brands have been thinking of expanding their footprint beyond these cities and have been wondering about where their next store should be opened. We now believe that the distribution of the rupee millionaires is a good indicator of the luxury consumer distribution in the country. We also believe that for luxury consumption to take off a minimum critical mass is needed in a city. While Delhi and Mumbai continue to be the mainstay markets for luxury consumption, there are several other cities with a large base of potential luxury consumers. A look at the figure below suggests that while Mumbai, Delhi and Bangalore are the top three cities, other cities also have significant potential for luxury consumption. Show a chart between the number of families (X-axis) and the growth 2006-2009 (Y-axis) and number of such households as the bubble size. Use the data below. Year| 2006-07| 2009-10| | Income Category| Annual income >Rs. 10,00,000/-| CAGR| Top 20 Cities ranked on the basis of Annual Market Size| Number of Households| Number of Households| | Delhi| 132,258 | 348,000| 38%| Mumbai| 98,164 | 347,000| 52%| Bangalore| 101,550 | 126,000| 7%| Thane| 69,658 | 137,000| 25%| Pune| 57,130 | 106,000| 23%| Chennai| 28,025 | 109,000| 57%| Ahmadabad| 45,224 | 91,000| 26%| Hyderabad| 26,670 | 69,000| 37%| Surat| 34,457 | 60,000| 20%| Coimbatore| 18,076 | 37,000| 27%| Salt Lake (Urban Areas in â€Å"North 24 Parganas† district)| 14,373 | 65,000| 65%| Kolkata| 15,790 | 94,000| 81%| Thiruvallur| 17,837 | 22,000| 7%| Lucknow| 20,654 | 29,000| 12%|. Jaipur| 27,011 | 21,000| -8%| Vadodara| 22,911 | 53,000| 32%| Nagpur| 23,637 | 46,000| 25%| Kancheepuram| 13,920 | 24,000| 20%| | 767,345 | 1,784,000 | 32%| Source: Indicus Analytics| | | | Extrapolating the growth rates seen in these cities, over the next 3 years implies that several new cities will become potential centres of luxury consumption. Kolkata, Chennai, Hyderabad, Pune, Vadodara are high potential destinations to watch out for. A quick comparison with China shows that there are atleast 20 cities/towns where luxury brands are present. Comparison between luxury stores in India and China. | LV| Burberry| Chanel| Hugo Boss| Beijing| 3| 2| 2| 9| Shanghai| 3| 2| 5| 5| Other Tier I| 6| 6| 0| 8| Tier II| 12| 10| 1| 22| Others| 11| 13| 0| 43| | LV| Burberry| Chanel| Hugo Boss| Mumbai| 2| 1| -| 1| Delhi| 2| 1| 1| 1| Bangalore| 1| 1| -| 1| Others| -| 1| -| -| We believe in the next 5-7 years, atleast 5-7 new towns will get added on the luxury map of India. We also believe that the potential in Delhi and Mumbai has not been fully exploited and that there exist a few more micro markets within these cities that need to be tapped. Pockets of wealth and good infrastructure could be the next big destinations. In Mumbai, South Mumbai, Central Mumbai, Bandra/Juhu, Powai and Thane are micro markets which are far enough from each other, have concentration of wealthy families and decent infrastructure. In Delhi, similar micro markets could be South Delhi, Gurgaon, Saket, †¦.. In summary, while the Indian luxury market is evolving, so is the luxury customer. Understanding the nuances of the customer is extremely critical to succeed in this dynamic industry.

Essay about William Shakespeares A Midsummer Nights Dream

William Shakespeares A Midsummer Nights Dream Shakespeare, in his A Midsummer Night’s Dream, uses his characters to cast a sense of derision over the use of the imagination. â€Å"The lunatic, the lover and the poet† are thrown together all on one line, and it is implied that the latter two are as crazy as the first. (Midsummer Night’s Dream, V.1.7) Despite this seeming scorn for plays and their ilk, Shakespeare is implementing a strong irony. Characters who scorn the imagination are no more than imaginings themselves – and, by this, Shakespeare is actually reinforcing a positive image of plays of the imagination. Theseus’s denial of imagination’s worth reads more as apophasis than as any true refutation. Even as he scorns the†¦show more content†¦Theseus, as an added level of irony, spends a fair amount of time voicing his disdain for the imagination, and for plays – and then, just after that, he chooses a play for the night’s entertainment. He disregards â€Å"some satire, keen and critical† in favor of Pyramus and Thisbe, in fact. (V.1.58) One would think that, as the representative of cool reason, Theseus would opt to listen to something less fanciful, but he belies his own position against the imagination and chooses an â€Å"airy nothing† instead. (V.1.17) It is in this direct contradiction that Shakespeare cinches the irony of Theseus. Even so, once he has chosen Pyramus and Thisbe, Theseus maintains his stand: â€Å"the best in this kind [plays] are but shadows.† (V.1.224) If this were true, and he believed it, why would he then choose a ‘shadow’ for entertainment? Why not choose something more ‘real,’ something that has more of an effect on the world? The simple answer is that plays themselves do affect the world. For even this ‘shadow,’ Pyramus and Thisbe, does in the end draw some emotion from its watchers – Theseus says â€Å"this passion, and the death of a dear friend, would go near to make a man look sad.† (V.1.303) Hippolyta furthers his sentiment, adding â€Å"Beshrew my heart but I pity the man.† (V.1.305) If the worst of plays can draw such emotion, then plays hold power indeed. In yet a further interpretation, Theseus may act as a sort of metaphor for theShow MoreRelatedWilliam Shakespeares A Midsummer Night’s Dream1973 Words   |  8 PagesWilliam Shakespeares A Midsummer Night’s Dream The focus of this discussion will be upon the language and performance possibilities of this extract from the Dream[1], following brief consideration of the manner in which the extract relates to the rest of the play in terms of plot development and the reflection of certain of the play’s themes. 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Four such words are â€Å"moon,† â€Å"moonlight,† â€Å"moonshine,† and â€Å"lunatic.† Each comes from a feminine root that serves to identify the women in the play asRead MoreEssay on Women in William Shakespeares A Midsummer Nights Dream780 Words   |  4 PagesWomen in William Shakespeares A Midsummer Nights Dream A Midsummer Night’s Dream, by William Shakespeare, is a play that illustrates a good picture of woman’s lack of freedom. It is a story of several couples, among which there is a fairy king, Oberon, who proves his sovereignty over the queen of the fairies, Titania. The two have an ongoing conflict about who should keep the Indian boy, whose mother had recently died. 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