Brand/Product Extension Marketing Plan

Questions: Describe the segment(s) of the market you will compete in and what your target(s) are. What geographical region(s) will you compete in (e.g. local area, state, national, regional or global)? What demographic profile(s) will your target customers have (e.g. age, gender, family size, income, occupation, education)? What psychographic profiles will your target customers have (e.g. beliefs, attitudes, cultural backgrounds)? Are there any behavioural traits for the target market (e.g. habitual buyers in this category, light-users, once-a- year buyers, impulse)? Is it a business-to business target market? Why? Classify the business in terms of geographical area; what derived demand will drive the market; nature of the buying transaction (tender); and quantity types (one or many). Explain the rationale behind why these are the optimal target market segments, for example: growing segment/new segment just emerging large segment will it provide large return on investment/large sales revenue? competitive gap in this area changing consumer habits have opened up new market. Explain what market targeting strategy you will use, and why? Undifferentiated/differentiated or concentrated/niche? What are your overall objectives? Explain your core marketing strategy to achieve these objectives. Developing strong brands Building on from the work you completed in previous weeks, this session looks at the developing strong brands. With reference to Appendix 1 in Kotler et al. (2013, p. 627) and the contents of a marketing plan (Kotler et al. 2013, p. 79), consider the following areas in relation to your product. The product Describe your product/service including its key features and benefits. Describe your augmented product/service. Identify the classification of your product/service. Work through and explain any relevant product attributes. Discuss your product branding. Explain packaging/labelling decisions. The brand Describe your branding strategy including: brand positioning brand name licensing (if required) brand repositioning (if required). Justify any market research you will undertake. Describe how you will test market your product. Explain any legal aspects that you must consider with your product (e.g. labelling, packaging, health issues). Answers: Introduction Market planning is a blueprint of market strategies that are used typically for enhancing the sales and revenues of the organization. It also focuses on the optimal utilization of the resources in the most beneficial way for getting the maximum output (Kotler et al. 2013). This report will be focusing on the market planning of Extra in creating a new flavor and development of strong brands through the product. Marketing Plan Geographical regions Since, Extra will be launching the new flavor of coca cola; it will be competing in the national market of United States. This is because, the coca cola flavor is a very common and in demand flavor of US (Itobe et al. 2012). Demographic regions Generally, the target customers will be belonging to children, teenagers and young people of both the genders. This is because; this brand of chewing gum is the first sugar free chewing gum with a long lasting flavor (Kotler et al. 2013). Since, the prices are very low and are easily available at all places, customers of any family size, income, education as well as occupation can have it. The new flavor of coca-cola it will simply attract the customers to have it (Lafon and Lawson, 2012). Psychographic profiles It was a myth among the people that chewing gums causes oral problems which is broken by Extra chewing gum. It is clinically proven that it gives a positive impact on the oral health by restoring the pH balance, cleans away the lodged food and remineralises the teeth attacked by food acids (Johnson and Miles, 2008). The attitude towards having chewing gum at early age will cause the decay of teeth had been broken with the launch of Extra chewing gum. So having new flavor of it along with refreshment will attract the potential as well as existing customers. Behavioral traits for the target market Generally, having chewing gum becomes a habit of the people. People generally have chewing gum for reducing bad breathe, after food as refreshment and as a relaxant for reducing tensions (Smith, 2012). But in contrast people think having too much chewing gum causes oral problem. This coca cola flavored chewing gum is devoid of such kind of oral causing problems and can be taken any time. Having new flavor of it will attract the habituated customers as well as new customers to try it. Business to business target market The creation and launching of coca cola flavored chewing gum is a business to business target market. This is due to the demand of chewing gums in US is comparatively high so launching of new flavor will help in attracting new customers as well as hold back the old and loyal customers (Martnez-Pabon et al. 2013). Customers generally buy this chewing gum in medium quantities for the daily purpose use. Rationale behind the optimal target markets The market of chewing gum in todays world is rising in a considerable rate since the old myth of tooth decay caused by chewing gums has been broken. It gives a huge return to the company and has high sales revenue (Rickman et al. 2012). The main aim of the company is to provide the Customers with new flavors to hold back the growing market. Market targeting strategy The marketing strategy that will be used is undifferentiated marketing since the launch of single product will be targeting the whole market. The benefit of this strategy is that the products are produced in a huge mass and can be sold to the customers at low prices (Swoboda and Temple, 2013). Since, the sales volume will be high; the profit margins will also be high. Overall objectives The objective of the company is to gain profit and have huge sales of the new product. Moreover, it also aims satisfying the customers with the new flavor that will help in attracting the customers and increasing the customer database (Abrishami and Kolahi, 2013). Core marketing strategies For achieving these objectives, the core marketing objectives are the growth strategies and innovation strategies (Kresge and Melanson, 2014). The market will be captured and therefore the customer database will also be increased through innovation of new flavors. Developing strong brands Key features and benefits of the product The product that Extra is planning to create is the coca cola flavored and sugar free chewing gum (Smith, 2012). This product is very good for oral health as it neutralizes the plaque acids keeping the teeth stay protected from decay. Augmented product Apart from having coca cola flavor, this product will be made sugar free and will be gum based for preserving the flavor for a long time. Natural color will be used and the ingredients will be all natural and will be totally a vegetarian gum (Lafon et al. 2012). It will be a coca cola bottle shaped product that will help customers to know about the flavor beforehand. Classification of product Since, the product aims for all the customers irrespective of age, sex, occupation and education, so products are classified under the healthy oral habits of having chewing gum. Product attribute This chewing gum is easily digestible if swallowed and will not cause any future health problem. Moreover if it sticks to the clothes also, it can be easily removed without staining the clothes (Martnez-Pabon et al. 2013). These added attributes will easily attract the customers who fear of having chewing gum due to swallowing it accidentally. Product branding The product will be branded under the habits of having healthy chewing gum for the sake of oral health along with refreshment (Rickman et al. 2012). This will obviously help in increasing the sales revenue as the customers will find the twin in one benefit within a single product. Packaging and labeling decisions The packaging and labeling is done in such a way that it doesnt add any toxic materials to the environment. The products are wrapped within the paper wrappers that can be recycled for future use and do not add toxic wastes to the environment (Abrishami and Kolahi, 2013). This will help in attracting the customers to a huge extent since with the increase in health consciousness; customers have also become environmental friendly. Branding strategy Extra chewing gum already exists in the market so the new chewing gum will be repositioning in the existing market through its new flavor and oral care benefits (Kresge and Melanson, 2014). The brand name will be same only with an addition of approval given by the Dental health association for the health conscious people. Market Research Market research will be essential to see the level of acceptability and enthusiasm of the people regarding the product (Kotler et al. 2013). A quantitative market research will be done to the customers for seeing their reaction regarding the new product. Test marketing the product For test marketing the product, the company will be providing free samples of the chewing gum to the people as a complimentary to the customers buying products in the supermarket and malls (Swoboda and Temple, 2013). Seeing their reaction and satisfaction on having the product will help in understanding the market. Legal aspects The customers are now days becoming very much health conscious including oral health. So, the products are so made to keep up to level of maintenance of oral health. The legal aspects like labeling and packaging the products will be done in such a way that it will not hurt the sentiments of the customers (Johnson and Miles, 2008). Moreover, the health issues also need to remembered and the company should keep the promise of maintaining oral health of the customers as promised. Conclusion The report has discussed vividly regarding the market plans of the new product for capturing the new customers and repositioning itself among the old customers. Moreover, the benefits, characteristics and attributes of the product are also discussed along with the packaging and branding of the new products. Reference List Books Kotler, Burton, Deans, Brown, and Armstrong, (2013)Marketing, 9th ed. Pearson education Journals Abrishami, M. and Kolahi, J. (2013) Mutanase-containing chewing gum: A new potential approach for prevention of dental caries,Dental Hypotheses, 4(2), pp.53- 55 Itobe, T., Kumazawa, K., Inagaki, S. And Nishimura, O. (2012) A New Approach to Estimate the Elution Characteristics of Odorants in Chewing Gum during Chewing,Food Science and Technology Research, 18(2), pp.295-302 Johnson, A. and Miles, C. (2008) Chewing gum and context dependent memory: The independent roles of chewing gum and mint flavor,Appetite, 50(2-3), pp.561-566 Kresge, D. and Melanson, K. (2014) Chewing gum increases energy expenditure before and after controlled breakfasts, Appl. Physiol. Nutr. Metab, pp. 45-78 Lafon, C. and Lawson, L. (2012) Gum chewing as a strategy to reduce the duration of postoperative ileus,Gastrointestinal Nurs, 10(3), pp.17-22 Martnez-Pabn, M., Duque-Agudelo, L., Daz-Gil, J., Isaza-Guzmn, D. and Tobn-Arroyave, S. (2013) Comparison of the effect of two sugar-substituted chewing gums on different caries- and gingivitis-related variables: a double-blind, randomized, controlled clinical trial,Clinical Oral Invest, 18(2), pp.589-598 Rickman, S., Johnson, A. and Miles, C. (2012) The impact of chewing gum resistance on immediate free recall,British Journal of Psychology, 104(3), pp.339-346 Smith, B. (2012) Excellence in market access strategy: A research-based definition and diagnostic tool,Journal of Medical Marketing: Device, Diagnostic and Pharmaceutical Marketing, 12(4), pp.259-266 Swoboda, C. and Temple, J. (2013) Acute and chronic effects of gum chewing on food reinforcement and energy intake,Eating Behaviors, 14(2), pp.149-156.

Ufos (1530 words) Essay Example For Students

Ufos (1530 words) Essay UfosWe once believed that Earth is the only planet in the Universe that supports life. Today there is overwhelming evidence that not only suggests, but supports the very real possibility that we may share the Universe with other intelligent beings. I. Things in the Sky A. The First Documented Sighting B. The Fever Spreads 1. Pilot Encounters 2. The Lights in the Sky II. Dents in the Earth III. Unexplained Phenomenon A. The Writing on the Wall B. Geodes IV. What About Religion? A. The Christian Bible B. The Ancient Greeks C. The American Indian V. Conclusion We are not Alone. On June 24th, 1947 while searching for the remains of a downed Marine C-46 transport, lost somewhere in the Mount Ranier area, a young Idahoan businessman named Kenneth Arnold spotted something that would change his life forever. Just north of his position flying at an altitude of 9,500 feet and an unprecedented airspeed of 1,700 mph he spotted nine circular aircraft flying in formation. According to his estimate the aircraft were approximately the size of a DC-4 airliner ( Jackson 4). This account was the first sighting to ever receive a great deal of media attention. This sighting gave birth to the phrase flying Saucer coined by a reporter named Bill Begrette. Although not the first UFO sighting in history, Kenneth Arnolds account is considered to be the first documented UFO sighting. The following day Mr. Arnold discovered that in addition to his sighting there were several others in the Mount Ranier area that same day (Jackson 6). When most of think of UFO sightings we picture an unemployed, half- crazed, alcoholic hick living in a trailer park in the middle small town USA. Often times this description, although a little exaggerated, seems to fit fairly well. In the past when the average person spotted a UFO they were quickly discounted as a kook or con-artist in search of either attention or monetary reward. It wasnt until more reputable figures in our society began to come forward tha t we that we started looking at this issue a little more seriously. An article written 1957, entitled Strange lights over Grenada written by Aime Michel describes just such an account: At 10:35 p.m. on September the 4th, 1957 Cpt Ferreira ordered his wing to abandon a planned exercise and execute a 50 degree turn to port. Ferreira was attempting to get a closer look at what he described as brilliant, pulsating light hanging low over the horizon. When the turn was completed he noticed that the object had turned too. It was still directly over his left. There was absolutely no doubt that the orange light was shadowing the F-84s. For another 10 minutes, it followed the jets without changing direction or appearance. The pilots watched as four small yellow discs broke away from the large red object and took up a formation on either side of it. All at once the large luminous disc shot vertically upward while the smaller discs shot straight towards the F-84s. In an instant the flat disc sp ed overhead in a hazy blur and vanished. When Cpt Ferriera was questioned by Portuguese Air Force Investigators he was quoted as sayingPlease dont come out with the old explanation that we were being chased by the planet Venus, weather balloons, or freak atmospheric conditions. What we saw up there was real and intelligently controlled. And it scared the hell out of us. (32) This is only one of literally hundreds of pilot accounts that have been documented and cross verified by other sources. To date the Portuguese Government has taken no official position as to what the luminous discs were. The United States has had more than its fair share of unexplained aerial objects. In February of 1960 the N.A.A.D.S. (North American Air Defense System) spotted a satellite of unknown origin orbiting the Earth. They knew that it snt a Soviet satellite because it was orbiting perpendicular to trajectory produced by a Soviet launch. It also had a mass estimated at 15 metric tons, no evidence of bo oster rockets and traveled at speed three times faster than any known satellite. The satellite orbited for two weeks and disappeared without a trace. Before its disappearance, the object which appeared to give off a red glow, was photographed over New York several times (Jackson 19). Lights in the sky arent the only evidence that suggests we may have cosmic company. In the book A History of UFO Crashes, the author Kevin D. Randal gives detailed accounts of numerous UFO crashes in history. Perhaps the most famous of these crashes occurred on July 4th, 1947 in Roswell New Mexico. The crash at Roswell was witnessed from afar by over a hundred people. Until just recently, no one who was involved in the recovery operation was talking, but thanks to continued pressure from UFO enthusiast our government has begun to declassify much of its UFO related material. Perhaps more startling are than the government documents are the accounts given by local police and members of the recovery team. A ccording to one unnamed witness, a member of the Roswell recovery team: The crash site was littered with pieces of aircraft. Something about the size of a fighter plane had crashed, the metal was unlike anything Id ever seen before. I picked up a piece the size of a car fender with one hand, it couldnt have more than a quarter of a pound and no matter how hard I tried I couldnt even get it to bend. (10) In my opinion the most fascinating piece of evidence to come out of the Roswell crash is the alien autopsy film. Apparently there was more than bits and pieces of spaceship recovered at Roswell. There is an Air Force video account of an autopsy being performed on a life form that doesnt share the common characteristics of organ development found in life forms on this planet. The film is silent and labeled Autopsy, Roswell, July 1947 (Randal 17). As difficult as the Roswell evidence is to explain or discount it pales in comparison to the physical evidence left by our ancestors. An Ill ustration taken from a Nuremburg Broadsheet Tells how men and women saw a very frightful spectacle. At sunrise April 14th, 1561 globes, crosses and tubes began to fight one another, the event continued for about an hour. Afterward they fell to ground in flames, minutes later a black, spear like object appeared. In a Basal Broadsheet dated August 7th, 1566 large black and white globes are seen over Dasel, Switzerland. Both events occurred in a time period when there should have nothing more than birds and bees filling our skies. They each considered to be Divine warnings at the time (Gould 95-96). Ancient physical evidence isnt limited to newspaper illustration and sketches on cave wall. Perhaps the most stounding and unexplainable pieces of physical evidence are a pair of geodes. Both are believed to be approximately 1,800 years old and when carefully examined were identified as electrical cells. One of the cells which was discovered in Iraq was tested and produced 2 volts of electr icity. The other, which was discovered by a pair of Arizona rock hounds, was damaged when the sedimentary encrustation was being removed and therefore couldnt be tested Montgomery 221). Since the dawn of time man has told stories of heavenly and demonic beings coming to rule, teach, torment, seduce and provide salvation. Every culture has myths of ancient gods who strode through the heavens. The American Indians had the cachinas who taught them to farm and saved them from numerous cataclysms. Greece had Zeus who threw lightning bolts from his finger tips and Apollo crossed the sky in his golden chariot. The Christians have Ecclesiastes who encountered the ant people and rode through the skies with them from Babylon to Israel. Across the entire globe we find drawings on cave walls that resemble men in space suits and objects that greatly resemble flying saucers. The sacred artwork of the Hopi Indian when is without a doubt a representation of the waves produced by modern day oscillos copes (Montgomery 225-237). The Hopis are also native to the area where one of the electrical cells were found. It could be that these things are no more than mere coincidence, but I doubt it. Man in his arrogance is reluctant to believe that we may share Gods vast, glorious universe with other beings of intelligence. We sometimes fail to realize that if the Earth were a day old, the race of man would only have been here for 13 minutes. If you couple that with the fact that there are Black Holes and White Dwarfs millions of years older than our sun, it increases the improbability that we are the only ones out here. In the preceding text I have produced a limited sampling of the volumes of evidence available. I will close this paper on a quote from Ecclesiastes I:9 there is no new thing under the sun, and that includes intelligent life. Science Essays .uea5e55a782c825f6119a73e9b7b8aafe , .uea5e55a782c825f6119a73e9b7b8aafe .postImageUrl , .uea5e55a782c825f6119a73e9b7b8aafe .centered-text-area { min-height: 80px; position: relative; } .uea5e55a782c825f6119a73e9b7b8aafe , .uea5e55a782c825f6119a73e9b7b8aafe:hover , .uea5e55a782c825f6119a73e9b7b8aafe:visited , .uea5e55a782c825f6119a73e9b7b8aafe:active { border:0!important; } .uea5e55a782c825f6119a73e9b7b8aafe .clearfix:after { content: ""; display: table; clear: both; } .uea5e55a782c825f6119a73e9b7b8aafe { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uea5e55a782c825f6119a73e9b7b8aafe:active , .uea5e55a782c825f6119a73e9b7b8aafe:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uea5e55a782c825f6119a73e9b7b8aafe .centered-text-area { width: 100%; position: relative ; } .uea5e55a782c825f6119a73e9b7b8aafe .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uea5e55a782c825f6119a73e9b7b8aafe .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uea5e55a782c825f6119a73e9b7b8aafe .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uea5e55a782c825f6119a73e9b7b8aafe:hover .ctaButton { background-color: #34495E!important; } .uea5e55a782c825f6119a73e9b7b8aafe .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uea5e55a782c825f6119a73e9b7b8aafe .uea5e55a782c825f6119a73e9b7b8aafe-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uea5e55a782c825f6119a73e9b7b8aafe:after { content: ""; display: block; clear: both; } READ: An overview of breastfeeding Essay

Ch 3 The Mechanics of Change Essay Example

Ch 3: The Mechanics of Change Paper 3.8 The mechanics of change So far in this review, change has been discussed without explicitly providing a definition or nomenclature for what exactly is meant by the term. For example, within the neoclassical theory of production and consumption, economic change is something that is mostly thought of happening in a marginal fashion ‘little-bit by little-bit’ an idea reinforced at a more formalised level by the common analytical use of differential calculus. In this type of analysis, change occurs up and down demand and supply curves, expanding and contract output, adjusting to more efficient technologies and processes, with prices going up and down, as the system self-adjusts towards equilibrium. The main source where flexibility is limited is the case of fixed costs and plant size when moving between the short and long-run. At the macroeconomic level, change can be seen as movements along, or shifts in the production function, and expressed through aggregate measures such as the level and grow th rate of GDP, giving rise to notions such as the ‘steady-state’ growth rate with its accompanying policy recommendations. An alternative view of change is presented by the theory of path dependency, where a decision made today may preclude, or make it difficult, certain decisions tomorrow once a specific technological path has been established. For example witness the difficulty some countries, such as Germany, in moving away from nuclear power despite strong policy statements to do so. In this case change often takes on a qualitative dimension and is conceptualised as involving very non-marginal shifts in economic resources. As we move towards evolutionary theory, the definitions around change and its components become more refined. For example, while essentially meaning â€Å"change† McKelvey and Holmà ©n (2006:2-3) use the term economic transformation to mean: a non-reversible process, encompassing quantitative and qualitative changes in components and connections, driven by opportunities and innovations. Such economic transformation may well be driven by processes of complexity and self-organisation as well as processes of actors acting, adapting to contexts. Moreover, the concept of transformation, as used here, may result from very different processes, including ones driven by very large and discontinuous changes as well as ones driven by very small changes, which follow upon an existing trajectory. We will write a custom essay sample on Ch 3: The Mechanics of Change specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Ch 3: The Mechanics of Change specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Ch 3: The Mechanics of Change specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Less all-encompassing, Geels and Kemp (2006) in the same volume provide greater clarity still by distinguishing three different types of change according to its scope and underlying mechanisms: Reproduction is seen to be a type of incremental change occurring along existing trajectories. Reproduction only involves change at the regime level (Figure 3.7), not at the landscape or niche levels. The existing sociotechical system forms a stable context for the interaction of social groups. Existing rules are reproduced by incumbent actors and elements of the system are refined. The orientation of dominant actors, key technology and knowledge base do not change fundamentally. This situation at the regime level is stabilised by the high sunk cost of existing investments, role expectations in networks, regulations and standards, contracts and cognitive routines (rules of thumb). Despite changes being small, incremental innovations do occur and can result in major productivity improvements over time. Rosenberg (1982:62) describes a similar process: A large portion of the total growth in productivity takes the form of a slow and often invisible accretion of invisible small improvements in innovations () such modifications are achieved by unspectacular designs and engineering activities, but they constitute the substance of much productivity improvement and increased consumer wellbeing in industrial economies. The second category of change is transformation. This is change in the direction of trajectories involving action at the regime and landscape level, but with little influence from niches. Change in this area can be driven by exogenous landscape 164 changes which create pressure on the existing regime leading to a reorientation of innovative activities; or by endogenous changes in regime rules. For example, shifts may occur in technical problem agendas and visions underpinning goals and guiding principles of engineers and scientists; relative costs and incentive structures may be altered through regulations and policies, shifting the perceptions of where opportunities lie. This reorientation is not likely to occur in a mechanical way but be subject to negotiations, power struggles, and shifting coalitions of actors. In the face of growing pressure for change, incumbent actors are likely to downplay the need for transformation, which changes in social networks often vital to start the transformation process. New actors may help particularly to challenge existing assumptions and place issues on the problem agenda (Van de Peol, 2000) and by expressing concerns over negative externalities of the existing system, precipitate a response from within the regime (Van de Poel, 2003). However, these new players (or outsiders) do not develop competing technologies to replace the existing system, so the survival of the incumbent regime is not threatened, and it is they who enact the change in trajectory. Over time, a new system may grow out of the old one through cumulative adjustments. The third type of change is termed transition, and is a change describing the shift from one socio-technical system to another. This is seen to be a discontinuous shift to a new technological trajectory and encompasses interactions between niches, the regime and the landscape, to which incumbents are unable to adjust. For example, a change in the economic landscape may create major problems for incumbents in the existing regime. Unable to adapt through transformation, a window of opportunity opens for new innovations, which have developed in market niches to be carried forward by new social groups. The transition invokes shifts in the knowledge base, technologies, infrastructure, regulatory framework, consumer behaviour and social groups. If the new innovation breaks though and replaces the existing system, this will be accompanied by creative destruction and the downfall of some incumbent actors. Once the transition has taken place, a new period of dynamic stability and reproduction sets in. While it would be wrong to suggest that these meanings are universally attached to these words in the evolutionary literature (for example, â€Å"transition†, has been used to describe movement between two states of the same system); for the purposes of clarity, this review will follow the definitions set out by Geels and Kemp (2006). 3.9 The contribution of network or systems theory â€Å"System† is another word we have assigned implicit meanings to throughout this review without formally providing a definition. For example, we have used the neoclassical micro-economic utility and profit maximising market system of the individual or firm bounded by price and quantity; there is the macro-economic system inherent in the models of growth theory; and there are the sociotechnological systems conceptualised in the evolutionary, institutional approach of path dependency theory. While the â€Å"market-system† is often the core conceptual construct in which the action of economic life tends to take place, it is very often assumed to be simply â€Å"out there† and is very loosely defined, if at all in standard analysis. In the neoclassical model, markets are usually portrayed as the context within which the acts of buying and selling take place. In this market consumers and producers ‘optimise’ to make decisions taking as cues cost and price information which drives the economy to a unique equilibrium (Figure 2.1). Alternatively, if we view the economy as an â€Å"evolutionary system† where firms compete in struggle for profits or survival, then we need to specify the processes for variation, selection and replication. As pointed out by Coyle (2006:188) the adoption of such an evolutionary system as an analytical construct for the economy raises a number of questions, not least: what are the sources of change? What are the criteria for a variation to succeed in a given environment – how is â€Å"fitness† specified and what are the mechanisms for selection? How are â€Å"successes† passed onto other business units? What â€Å"units† should we be analysing – the firm? the manager? the market penetration of a product? How does the economic environment which shapes and constrains these actions evolve and how do the units interact with one another? To begin to address these questions, we will turn now to network or systems theory which has recently become a focus for economic research in this area (e.g. Beinhocker, 2007). This builds on a long tradition in physics, computer science, biology and sociology, and is underpinned by the work of the Hungarian mathematicians Paul Erdà ¶s and Alfrà ©d Rà ©nyi in the 1950s and 60s (for a review see Watts, 1999). The basic framework can be set out as follows: Consider the following object: Figure 3.4 A node Nodes are fundamental units of graph theory, which, in the abstract, can be treated as featureless and indivisible objects. Alternatively, they can also be assigned qualitative structure depending on the application they are being used for. For the purposes of this example, consider the node above as representing either an individual, social group, or firm: an economic agent. Put two nodes together and we have a basic system. Now, depending on the nature of the relationship between these nodes we can describe either a hierarchical network, or an interconnected network (Beinhocker, 2007: 155). Figure 3.5 Nodal relationships In the hierarchical system, a command node issues instructions to a subordinate node. Information regarding the outcome of these instructions will flow back to the command node through the subordinate node, but the instructions flow only one way. In an interconnected system, directions and response information can flow A node Hierarchical system Interconnected system 168 back and forth from either node. These basic systems can be built into something more complex: Figure 3.6 Two basic systems: hierarchy versus interconnectivity Within the hierarchical system, layers of command form from the top down, nodes further down the hierarchy receive commands from above, and then send response information back up the hierarchy to await further instruction. An advantage of a hierarchical system is that the density of connections are limited, thereby increasing the predictability of decision-making and enabling system-wide directional changes to be made more easily by the highest level command node. Consider a simple example: let us imagine each node represents an individual in an organisation, which has recently decided to implement a new strategic decision, say to adopt energy efficiency measures. If we take the figure above with 40 nodes, this means that in the extreme case of no hierarchy and a completely interconnected network, 1600 meetings would have to take place and everyone agree to the course of action with everyone else. Alternatively, in a hierarchical structure, a command is issued from the CEO which gets passed down through each layer of management which meets with their subordinates, agrees, then passes the information on to the Hierarchical system/network Densely interconnected system/network â€Å"edges† next layer and so on. In the case of the figure above we have one meeting between the CEO and his top lieutenants; then three meetings between these lieutenants and the lowest level of management who have nine meetings with their staff. All up 13 meetings are required to coordinate the entire system. On the other hand, the disadvantages of hierarchy are that information may degrade as it moves up and down the levels (think of a game of ‘Chinese whispers’), the highest command node may become out of touch with reality at the lowest levels, and a poor performer at the top can do a lot of damage to the system. Within a socio-economic context, examples of such structures might exist at the household level, in large corporations or government bureaucracies; or even extend to the entire economy, as in the case of the planned economy of the former Union of Soviet Socialist Republics. In an interconnected network, there are no control nodes, instead each node communicates to the other nodes it is connected to which may or may not respond depending on their own characteristics. Information is decentralised and dispersed around the system travelling between nodes that are linked. A common way to explore such systems is by assigning nodes a value of 0 or 1 (no or yes, for example) dependent on a set of rules. Such Boolean networks, have been a focus for research, particularly the work of Stuart Kauffman and the Santa Fe Institute (Kauffman, 1993). In the social sciences, such interconnected networks have been used as a metaphor for the market economy, where individuals trade with one another as rational utility or profit maximising agents. The nature of network interactions is voluntary and reciprocal, decentralised and complex, so that it is impossible for any one agent to understand it in its entirety. An important corollary of this type of system is the 170 principle of subsidiary: that decisions should be made by the node which is affected by the outcome of that decision. This idea has been used to support the notion of free markets as the antithesis to a hierarchical command and control system defined by rules from above. For example, Hayek (1974) argues that the market system coordinates: †¦a sum of facts which in their totality cannot be known to the scientific observer, or to any other single brain. It is indeed the source of the superiority of the market order, and the reason why, when it is not suppressed by the powers of government, it regularly displaces other types of order, that in the resulting allocation of resources more of the knowledge of particular facts will be utilized which exists only dispersed among uncounted persons, than any one person can possess. Another important corollary of this type of analysis is as a way of quantifying network effects. In the neoclassical analysis these were modelled as network externalities: when the increased use of a good, increases the value of further usage. Classic examples include, establishing a telephone or fax machine network, or the QWERTY keyboard. Here the benefit to each successive customer of choosing one technological variant over another is greater the larger the number of users of that technology. Stuart Kauffman (1993) has used this logic to derive a theory which seeks to explain tipping or turning points. He argues that a transition phase is initiated in networks when the ratio of the number of edges or connecting relationships with the number of nodes is equal to one. At this point a network goes from being sparsely connected to densely connected. This type of analysis can then be used to model economic change not as a smooth linear process, as in the neoclassical model (based on calculus), but as a non-linear process. It has been used to explain why, for example, social networks on the internet suddenly take off and others do not; why the stock market is so volatile; why fashions emerge; and why political movements can swing from obscurity to popularity in a short space of time (e.g. Farrell, 1998). A related advantage of this logic is that it can also help explain the observation of path dependency. As discussed above, new technologies, especially in energy markets, often require a vast amount of complementary infrastructure, products and other services in the supply chain. Thus decisions to support a particular technological pathway can induce similar supportive decisions in other related networks. For example, the shift from the internal combustion engine vehicle to electric vehicles may be particularly costly and difficult due to the threat this posses to the established related industries of manufacturers, mechanics, engineers and labour unions. Within the evolutionary economic model the â€Å"selection environment† is taken as the market within which economic agents operate (Metcalfe, 1998). Much more than the neoclassical place of exchange and interaction between consumers and producers, in the evolutionary model this also includes everything else which goes into the formation of market institutions: governments, regulators, lobbyists from rival firms, environmental pressure groups, universities, international trade agreements, law courts, corporate governance, federal-state relations and the impact of politics and events such as natural disasters and wars – most of which the neoclassical model leaves as exogenous despite their profound impact on economic life. Here there is an important point of differentiation between economic evolution and the notion of evolution as applied to biology. In biology evolution is perceived as being a blind process driven forward by random variety upon which the selection environment acts upon – a process of â€Å"design without the designer† an emergent, self organising order with no role for a central organising intelligence (such as a God). However, with respects to social systems Beinhocker (2006:249) points out: there is nothing fundamental in the nature of the evolutionary algorithm that says intentionality and rationality cannot play a role, nor does anything say that the process must be completely random. At its core, evolution is an iterative process of experimentation, selection, and then amplification of things that work. What Beinhocker argues is that in human society evolution is a goal-oriented purposive process where we consciously try to effect evolutionary outcomes: whether this is to gain market share, win an election – or at the biological level simply to reproduce and pass on our genes. In the economy, this means consumers, producers, technologies and the market institutions of their selection environment all are seen to co-evolve. This means that in addition to the principles of variation, selection and replication, we need to add interaction in a self-adaptive system. People, firms and other institutions become caught up in a self-conscious and mutually reinforcing system as they seek to mould their selection environment. These notions have given rise to the concept of the techno-economic paradigm (Freeman and Louca, 2001), and reviewed by Coyle (2006:195): The firms in an industry shape their own environment through trade associations, lobbying, standard setting, links with universities, law suits and so on. Political action and the legal framework are vital to the environment. The law of tort and the limited liability company played a vital role in nineteenth century industrialisation, for instance. Cars and airplanes needed governments to build roads and airports, to set the rules of the road and run air traffic control. The shaping of the competitive environment is also cumulative the invention of computers gave birth to computer science, and computer scientists develop the new innovations in the computer industry. However, what was once a source to promote system change, as new technoparadigms spread into the economy, can also become a source of stability as these new agents start to put more effort into tailoring their environment, such as lobbying for protection from overseas competition, or tax concessions, rather than investing in new research and development. The inherent difficulty of change – be it at the individual or firm level – is what is behind Schumpeter’s notion of creative destruction – that the inbuilt resistance to change builds up until firms are no longer to control the environment around them and the system suddenly reaches a turning or tipping point which brings in a new competing system of economic actors (see Gladwell, 2000). From this discussion on systems, we have begun to draw together several strains of research which seek to understand the mechanics of economic change. While it is clear that there is not, as yet, any universal synthesis for this body of work as there is in the neoclassical model presented earlier –with different authors emphasising different faces of the same evolutionary processes using a variety of terminology we will now move onto a body of literature that does offer a framework for synthesising many of these concepts: Strategic Niche Management and its related Multi-Level Perspective. Next Page   Ch 3: Strategic Niche Management Previous Page   Ch 3: Why is Economics not an Evolutionary Science?

Tips For Using An APA Format To Prepare For Your Exam

Tips For Using An APA Format To Prepare For Your ExamAre you one of those many students who need a good explanation of a particular subject that you are studying? If so, you should consider using an APA format to help you prepare for your future exam. This format can help you make your exam more interesting and productive. There are several advantages to using this format, and we will look at them here.An APA essay has no inherent rules, which makes it easy to write. The format gives you the freedom to use your own style as you wish. Writing from experience can be more effective than trying to make your words follow a formal grammar. There is no right or wrong way to do it, and it is up to you to decide how to present your ideas in a clear manner. It allows you to focus on your particular topic rather than trying to add too much knowledge in a matter of time.This is a popular format that many students use because it is easier than writing an essay about something that you have experi enced personally. This can also work to your advantage if you need to teach someone about a certain subject, since you can write a less formal and informal essay. When writing this format, there is a sense of humor that is not available in formal academic writing. Many people find it easy to enjoy the experience of learning. This can be a great way to retain the information you learn. Just think about what would happen if you did not write an essay about something you have actually experienced?You can also find some methods to make the content more interesting by making your sample expository essay into a book. You can do this by using the format in a variety of ways and adding pages and page numbers. You could also include a guide to the specific topics that you will be covering in your essay. This will help your reader remember the subject well. This is a wonderful format to use for a book or any other publication that will be published by you.You may also want to use the sample e xpository essay as part of a sample exam. This format can be useful if you are teaching a particular course. You can use the format to give a quick explanation of the content you will be discussing. The format is also great for teaching new students because it gives them a quick and easy way to understand the material they are learning. Most students will need to look up certain terms and make use of some of the terminology they learn.Some students find that when they take a quick look at the sample expository essay, they realize that they can remember a lot more about the topic they are studying than they originally thought. You might find that some of the concepts are even used in real life. The possibilities are endless. One great thing about using this format is that there is no limit on the number of topics you can write about. You can change the format to fit whatever you need to teach.For students looking for some tips on how to write an APA format sample essay, there are a f ew places to start. They include searching on the internet, and talking to a guidance counselor.

New Galaxy essays

New Galaxy essays By utilizing various stylistic elements that evoke feelings in people, Alma Thomas creates an aesthetic painting that is not only pleasing to the eye, but also to the soul. The painting, cleverly named, New Galaxy, was done in 1970 with acrylic paint. Thomas painted New Galaxy on a 54 x 54 inch canvas. Through the use of a monochromatic blue color scheme, vertical lines, and impressionistic brush strokes, Alma Thomas conveys feelings of calmness, strength and renewal in her painting New Galaxy. The first element that caught my eye when I came across the painting was the mostly monochromatic color of the painting. Although a very small portion of the left side of the painting is painted with light pinks and whites, the vast majority of New Galaxy is painted in about three different blues. After contemplating the title of the painting, I figured that the artist used the small light pink and white part of the painting to represent the old part of an ancient galaxy. The bright blue portion of the painting represents calmness and confidence in the New Galaxy. The artist juxtaposed the small portion of light pink and white and the much larger portion of blues to emphasize the change from feelings of confusion to feelings of tranquility. The color blue resembles water. Water is usually calm and the sound of water flowing is very soothing to the ear. The calm and soothing characteristics of water are clearly presented with Thomas use of a monochromatic blue color scheme i n her painting. The painting itself is expressed in a number of tiny vertical lines. The lines are carefully placed very close together, both side-by-side and on top of one another. Not only does the use of vertical lines provoke feelings of strength, they also convey feelings of stability. When I looked at New Galaxy, the plethora of vertical lines overwhelmed me with feelings that the fresh galaxy was going to outlast the old one, surpa ...

True Sale in Securitization Essay Example | Topics and Well Written Essays - 1000 words - 1

True Sale in Securitization - Essay Example The power to sell the receivables by the creditor stems from the concept of securitization, which is a â€Å"contractual right of a creditor to sell the goods of the debtor and apply the proceeds thereof in or towards the satisfaction of the debt.†1 There are three types of securitization currently used in the market. First, it could be treated as a â€Å"true sale† which is characterized by a transfer of all rights over the receivables to the SPV by the originator. Second is the synthetic securitization where the originator does not sell the accounts receivables but enters into a derivative transaction. Third, are the whole business securitizations, which a form of secured financing, and not a sale of the accounts receivables from the originator to the SPV. Of the three types of treatment, the rue sale may prove to be the safer ground for the seller. There are two points of view in true sale transactions namely the originator’s perspective and that of the SPV. Since Bank A falls under the category of an originator, we will then the originator’s perspectives. As earlier discussed, securitization is aimed at raising funds. For the originator, it is also a method of extracting profit. However, extraction of profit must be done with caution as it has the tendency to run foul with regulations and accounting principles. Under the rules and guidelines of the Securitisation and Asset Transfers (SE) as embodied in the FSA’s Interim Prudential Sourcebook for Banks, extraction of profits may be effected in the following manners, namely (a) as administration fees.

Give comments to personal statements Essay Example | Topics and Well Written Essays - 250 words

Give comments to personal statements - Essay Example The fascination is the basis of his personal and career goals to major in Software Engineering. He envisions building his game development company. Collins believes his determination will be crucial in pursuing Ph.D. in either Robotics, Intelligence or Theoretical Physics (Lam, 2015). Collin’s good background education on computers will see him through his computer career. In fact, he has already been successful in developing games in high school and the recent Edrenium with positive feedbacks. Willis Hougland’s love for Lego toys is the basis of his career given the mental development and dexterity of hands that comes with the childhood toys as evident with development of remote cars and full size cars in high school. At the University of Colorado, he majors in component design develops, and a drill powered vehicle and knowledge in software design, as well as skills on metalworking and welding, helps him in developing a contestable bike. His leadership skills are put to test when acting as Head of Manufacturing Engineering where he diagnoses problems especially poor designs (Johansen, & Johansen, 2011). Education and personal skills will undoubtedly make his goals achievable. Kirsten Chun’s love for medicine as a career begins with early childhood experience as she watches successful x-rays by the father. Cancer experience with her mother and at the women healthcare center is also the reasons for her fascination with physiology and medicine. Therefore, she would like to contribute to the expansion of medicine knowledge. Working with women helped her develop excellent patient care skills and stresses the need for compassion (Cipolle, Strand, & Morley, 2012). She plans to get back to Hawaii and attend A. Burns Medical School and believes her diligence and affectionate personality will add to the diversity of the university