Financial Risk (Masters Level) Coursework Example | Topics and Well Written Essays - 3000 words

Financial Risk (Masters Level) - Coursework Example It indicates the highest possible loss amount, which some portfolio will likely lose within a given time period at specified confidence level. A good example would be 95% daily VaR for $1 Million, could mean the likely hood for the same portfolio to lose over a million dollars within a worst day happens to be below 5%. In no way does this mean that such portfolio may not lose over a million dollars. The truth is that over one hundred days, the portfolio would be expected to lose over $1 million for five time approximately. In addition, this does not mean that an individual would not collectively loose significantly more along a longer horizon. Banks, mutual funds, hedge funds as well as other financial service companies or even brokers can utilize value at Risk. Most of such firms use VaR in prediction of size of outlying losses of the future, or even gains that their portfolios or those of their clients might experience (Ran & Jin, 2008: p 1). Most firms make use of VaR in the determination of needed collateral from an execution customer for some margin loan utilized in trading financial instruments, for instance. Buy-side entities like hedge funds make use of VaR in determining whether the allocation of a portfolio does exceed investment mandate or a current risk tolerance (BPL, 2015, 2). Despite the fact that VaR was not used broadly before mid-1990s, the measure’s origin date further back in time. Markowitz Harry and others developed the mathematics, which underlie VaR in portfolio theory context (Glyn, 200:p 32). However, their efforts aimed at a different destination (devising equity investors’ optimal portfolios). Specifically market risk focus as well as the co-movements effects in such risks are core to the manner in which VaR is computed (Ronald, Kees, & Rachel, 1999: P 2). The Motivation for VaR measures utilization, though, arose from the crises, which affected financial service firma through time as well as supervisory responses to such

Wal-Mart Strategic Management Essay Example | Topics and Well Written Essays - 2750 words

Wal-Mart Strategic Management - Essay Example But certainly the situation was not the same in the late 1950s or early 1960s, when Wal-Mart began its operations. Porter's five forces analysis proves to be quite useful in finding out the attractiveness of an industry. Porter came out with the five forces analysis, which helps in analyzing the attractiveness of an industry by taking into account different aspects of the business. Porter's Five Forces have become a yardstick for assessing industry profitability. This helps the retailer in consistent performance and planning. The five forces are; Suppliers: In today's context, large supermarkets like Wal-Mart have the overwhelming advantage over the small shopkeepers, as they are in a position to dictate the price they pay to the suppliers. The situation may not be as challenging for suppliers as now, but the lucre of supplying large quantities to reputed companies had always been there, as it helps the suppliers to leverage the economies of scale. Well, the number of stores of Wal-Mart and its presence was not as prevalent as today, but we must also take into account that the population and number of customers too was less. Therefore, even if we go back by about 55-60 years, we could easily figure out that the power of suppliers was not substantial enough to dictate terms to Wal-Mart. This helped the company to further strengthen its discount retail business. Competition: Competition in the retail business is a relatively newer phenomenon. The era of colonialism can very well be said to have given shape to the trend of globalization, but the roots of modern era of globalization came on the horizon in the late 1970s or early 1980s. Policies of liberalization by many countries around the world provided the all important catalyst to the modern era of globalization. There were indeed some reputed companies like K-Mart, Sobeys Inc, Family Thrift Centre etc in the retail business when Wal-Mart came out its concept of discount retail business, which might have given interesting competition to Wal-Mart even during those early days. Potential Entrants: Looking at the number of retailers and timeline of their origin, it becomes quite clear that the retail business seemed to attract quite a few entrepreneurs. Dan's Super Market, Wally's Supermarkets etc. are some of the new entrants during the 1950s, which found the retail business quite attractive. Therefore, while carrying out the discount retail business, the threat of new entrants was quite genuine one for the company even during those days. Buyer/ Customer's Power: If we go by the present circumstances, it is amply clear that today the customer is indeed treated like a king. Today companies believe in trying all out efforts to invite the attention of the customers and provide them with attractive discounts, better quality products and services. But the situation

Edgar Linton has more right Essay Example for Free

Edgar Linton has more right Essay The word hero conjures an image in one’s head of a valiant, courageous, strong individual; one who puts the needs of others before their own, a being who defies evil with their handsome charm and fearless nature. However, this stereotypical image does not accurately depict the full extent to which the term hero covers, as there are many different types of hero including the Byronic Hero, Classic Hero, Medieval Hero, and Romantic Hero. Classic Heroes are those in Greek and Roman literature; they are often of royal birth or even like the Titan Prometheus; half mortal, half god. Although Edgar Linton is not of royal descent, he is from a family of the highest social class throughout the country which allows him to fall loosely into this category of noble birth. Heathcliff on the other hand, is from a discernible background and is brought into the household at Wuthering Heights as a ‘gipsy brat’ after Mr. Earnshaw saw, ‘it starving, and houseless, and as good as dumb in the streets of Liverpool.’ Another characteristic of a Classic Hero is that they perform extraordinary feats. Throughout the novel Edgar Linton displays no obvious signs of having done anything extraordinary; he is a calm, weak natured individual who avoids conflict and allows himself to be easily overpowered both by Heathcliff and his wife allowing the latter to mock him, ‘I wish Heathcliff may flog you sick, for daring to think an evil thought of me!’ In contrast to this, Heathcliff performs many extraordinary deeds however, few of which are in any way admirable and for the benefit of anyone but himself for example, after being degraded for years at the abusive hands of Hindley, Heathcliff disappeared for three years and that space of time turned himself into an outwardly respectable and wealthy man. In addition to the former points, a classical hero must be a perfectly ideal individual but for one fatal flaw. One’s opinion of Edgar Linton can be altered to allow him to fit into this category as he is a well-mannered character who is obviously fully devoted to both his wife and his daughter; Nelly Dean observes, ‘I don’t believe he ever did speak a harsh word to her.’ However, his gentle, spoiled upbringing may be his flaw as it has made him subservient character that lacks the confidence and passion Heathcliff possesses and thus lacks the ability to keep hold of Catherine and make her happy. Heathcliff again, does not fit the mould of the Classic Hero as he fails to meet this criterion; he is an abusive, evil, sadistic individual who shows no hint of remorse or of possessing any admirable qualities. Although neither Edgar nor Heathcliff perfectly fit the mould of a Classic hero, Edgar has more right to be called a Classic Hero than Heathcliff does. However, Heathcliff does fully reserve the right to be classed as the Byronic Hero within the novel as he possesses all the characteristics of one of these heroes while Edgar has none of them. These heroes are manipulative, violent and unrepentant. Heathcliff shows his manipulative nature when he allows Isabella Linton to fall in love with him, he tells Nelly, ‘she abandoned them under a delusion’, showing he was fully aware of her feelings and used them to his advantage, employing them as a tool in which he could gain control and ownership over both properties; Wuthering Heights and Thrushcross Grange. His displays of violence are prominent throughout the novel, beginning as a young boy and developing into adulthood. As a young child he, ‘seized a tureen of apple sauce’ and threw it over Edgar Linton’s face. As an adult his violence worsens as, ‘he snatched a knife from the table and flung it at’ his wife, Isabella’s head. In addition to this, he comes close to murdering Hindley and even with Catherine, his true love he does not possess the capability to be gentle, ‘so inadequate was his stock of gentleness†¦ I saw four distinct impressions left blue in her colourless skin.’ Heathcliff’s unrepentant nature is evident via the lack of regard he holds toward his victims which stems from his arrogant personality. The height of his arrogance is seen when he tells Catherine in front of Edgar, ‘This lamb of yours threatens like a bull! It is in danger of splitting its skull against my knuckles. By God, Mr. Linton, Im’ mortally sorry that you are not worth knocking down.’ Arrogance is also a common trait of Byronic Heroes. Despite the fact that both men can be called heroes in their own right to a certain extent, it is because of his amiability and good nature Edgar Linton has the right to claim the title of the respectable hero within the novel. However, in saying this looking at all the characters within the novel, it may be argued that neither man deserve the title but a woman does as the women in the novel are strong, independent and highly feministic characters.

Importance Of Brand Leadership For A Fmcg Brand Marketing Essay

Importance Of Brand Leadership For A Fmcg Brand Marketing Essay The main objective of this report is to understand the importance of brand leadership for a FMCG brand. The report develops further by analyzing the previous literature on Branding, Brand leadership, and Brand Loyalty which is implied to a FMCG brand. Finally, it underpins the Brand value which enables Irn Bru to create Brand Loyalty. 1.2 Objectives: To identify the Brand Leadership model used by Irn Bru. This is based on Aaker et al. (2000) brand leadership model; an analysis would be carried out in order to compare the model with Irn Bru operations. To identify consumer motives behind purchasing Irn Bru. By the help of a devised survey questionnaire, consumer behaviour toward purchasing of Irn Bru will be analysed To investigate why loyalty develop from consumer perspective in FMCG market. Academic literature and dimension of brand loyalty will be used to investigate this objective. Focus group will be brought under practice to indentify these factors. 1.3 Background: With an increase in the level of competition, and companies offering more than one similar product into the market, it has become necessary to brand the product in order to differentiate it from others. Brands play an important role in modern society, and allow products to be easily identified within the market. The concept of branding is used in many aspects of human life i.e. it could be a product, religion, sports, culture etc. As companies are expanding globally, the concept of branding has been recognised as an utmost important factor. Not only to attract set target markets, but also to attain brand leadership. The main aspects of branding include: building a successful brand, differentiating amongst its competitors, and maintaining the brand image in the market. Due to the intensity of the modern market, there has been increase in the spending on marketing; branding is a major aspect (Aaker, 1991; Simmons, G. 2007). Generally, a brand is considered as a product, service, a pres ence or personality which rides on the mind of consumers. Branding, according to De Chernatony McDonald (1992), has been characterized as the process of creating value by offering convincing and constant customer experience, which in turn satisfy their needs and wants and keep them coming back. Organisations have started referring to themselves as a branding organisation once customers have realized the value of a brand. With diversity in the market, it has become extremely important for companies to create and maintain high brand awareness and identify how it varies from that of the competition. Internet has proved to be a medium that enables consumers to explore the benefits provided. The increasing number of internet users indicates that global brands can be viewed, and interacted from a single point. Also, the increasing number of online purchases reflects the future of brands. Since more than one company manufactures similar products, the question that arises is: which brand is a market leader? Brand leadership has opened a new gateway for the brands who seek to be on the top of the market. Brands can be an important asset for the company, and in the future they will be an increasingly prominent feature of business dealings. AG Barr was founded in 1830 with the foundation of Robert Barrs cork-cutting business in Falkirk. In 1875, his son diversified the company into aerated water production, and in 1887 operations were extended to Glasgow. The Glasgow-based company was re-named AG Barr in 1904. Its core brands included: Irn-Bru, Tizer and Orangina, the latter of which is produced under licence from Pernod Ricard. The company also distributes Lipton on behalf of Unilever Bestfoods in impulse and cash and carry outlets. In 2001, the company established an agreement with Pepsi Bottling Group to distribute Irn-Bru in Russia. The company will continue to focus on its core brands and markets. High brand loyalty for carbonates brand Irn-Bru has seen it maintain sales in a declining market sector The Companys main strength lies in its Irn-Bru brand, which shows no sign of a sales decline and seems unaffected by the general switch to fruit/vegetable juice amongst carbonates consumers. To a certain extent it is po ssible that consumers of Irn-Bru are not much concerned with the health issue; whilst, comparing to other carbonated brands. In order to meet the needs of their potential consumers, Irn-Bru has launched a low-calorie version for the consumers preferring diet carbonated drink. The main strength of Irn-Bru is the inclination of consumers toward Scotlands other national drink. The performance of Irn-Bru in Scotland is astonishing, despite the economic downfall. The catchy advertisements and the tag line Phenomenal has continuously portray the tradition and the uniqueness of the Irn-Bru. AG Barr has also pursued a strategy of diversification through acquisition the company bought Strathmore mineral water in 2006 and acquired both the TAUT sports drink range and the exotic juice drinks manufacturer Group Rubicon in 2008. (GMID, 2009). Rationale for the topic: According to Aaker et al. (2000), the emerging paradigm of strategic brand leadership is replacing the classic, tactically oriented brand management system. Leadership has become an important aspect of the brand, as it leads to innovation. A key element of brand leadership is brand vision. The ability to see the future of the company through the customers eyes is important, as it sets into motion a long-term strategy for the brand. It is vital to discover how consumers perceive the product and what their view points are, as brand value is highly based on it. Measuring loyalty towards a product is equally important as it will enable Irn Bru to reflect on their strategies. Chapter two-Literature Review 2.1 Brand and the concepts: A brand is not a name. A brand is not a positioning statement. It is not a marketing message. It is a promise made by a company to its customers and supported by that company. I may have intelligent agents that can go out and assemble pages of reports on every camcorder on the market, but I dont have time to read them. Ill buy Sony (Sterne, 1999 cited in Rowley, J. 2004). Due to the different characteristics of product, brand enables to distinguish one brand from another ( Riezebos, R. 2003). One of the main concerning areas in the field of marketing is branding. As brands have grown beyond the national boundaries, it has become vital to manage and operate them with a strategic view. This will enable companies to focus on the specific brand, rather than company as a brand. As the level of competition has risen, companies tend to focus on their branding strategies. A well derived strategy will lead a brand to attain high awareness and success in the market niche. As defined by Pickton and Broderick (2001), branding is a strategy that helps the company and their products to leverage in to the market and it also build brand value for the owners of the brand and also the consumers. Whereas, Randall G (2000) has a presented a different approach: Branding comprises of all fundamental strategic process going within the company; it is a part of marketing, but not restricted only to marketing department. Based on the benefits offered by a brand, the consumers form a purchasing decision, and evaluate it depending on their needs and wants. According to Temporal (2001), as the importance of branding is increasing, fast moving consumer goods industry is highly benefited by these strategies. Companies have more than one product in the marketplace, and by viewing the soaring profits in this sector. Companies have tried to differentiate it from their rivals, so that consumers find it easy to purchase. Henceforth, brands provide guarantee package to the consumers in terms of va lue, quality and reliability. Consumers will generate loyalty toward a brand, if the promised quality, value and reliability are full field. As identified by Murphy (1991), Branding adds value to the overall product, and from consumer perspective it provides a self confidence. However, Rowley (2004) has argued by stating that brands not only consist of value, and it also acts an information hub. This enables consumers to eradicate the time spent on searching a specific product offering. 2.2 Brand Equity: The goal of the brand leadership paradigm is to create strong brands. Brand equity is defined as the set of associations and behaviour on the part of a brands customers, channel members and parent corporation that permits the brand to earn greater volume or greater margin than it could without the brand (Wood, 2000). Appendix 1 depicts, according to Aaker (1991) major assets of a company can be brought together into five main types: Brand Loyalty, Brand name awareness, Perceived quality, Brand association, and other proprietary brand assets such as copyrights, patents, trademarks. Appendix 2 shows the brand equity chain, where the description provided on the brand leads to the strengthening the brand and this results in creation or building of brand value. Keller (2003; cited in Atilgan et al. 2005) defined Brand equity from a customer based point of view as Customer based brand equity occurs when the consumer has a high level of awareness and familiarity with the brand and holds som e strong, favourable, and unique brand associations in memory. One of the main reasons for a company to brand their product is to attain organisational goals of attracting and creating amongst their consumers by provision of cost efficient products, as it will aid company to acquire higher margin of profit (De Chernatony McDonald, 1998). Strong brands are the core products of the company and in order to gain a recognition and financial reward, it is important to build a successful brand. Appendix I: Aakers theory on Brand Equity Appendix 2: Brand Equity chain Source: Wood (2000) 2.3 Brand Leadership: Leading brands are perceived to be relevant, unique and compelling. They inspire customer loyalty and enable organizations to charge price premiums. They increase bargaining power with business partners, make it easier to hire and retain talented employees and provide organizations with clear strategic directions and platforms for future growth. Together, these lead to well above average financial performance and a market valuation that far exceeds book value. (Aaker, 2000) Leading brands are organizational assets that must be preserved, enhanced and leveraged for the benefit of their organizations. Aaker Joachimsthaler (2000) developed a Brand Leadership model which will enable companies to build strong brands for the future. It comprises of four challenges which an organisation should consider. 2.3.1 Organisational Challenge: Every organisation should structure and process their functions that will lead them to be a strong brand in the market place. A clear organisational hierarchy should be made so that brands are not at the mercy of ad hoc decisions made by those with no long term interest. When a company increases its portfolio, and extends the production line, every manager from a different production line should provide a common set of inputs, outputs and knowledge that will benefit the organisation. The inter-communication will enable the sharing of insight, experience and brand building initiatives. As companies are going international, there lies a trend which companies struggle to confront with, and organisational challenges are raised. With the increasing competition for talent growing amongst business networks, current economic activities rationalise the challenges which are created within the firm. In order to gain competitive advantage, change in organisational strategy is important as respon se to market need is important. 2.3.1.2 Brand Strategy: Strategies are always used to gain sustainable competitive advantage, which could reflect from any part of the organizations operation. The marketplace is the evaluator of this advantage. Brand strategy is the process whereby the offer is placed to evoke the perception of advantage (Arnold, 1992). Almost all the features of Brand Management are driven by the overall brand strategy; otherwise a company might be leading with a confused perception and image of the brand. Strategy gives focus and direction to brand management and provides the platform that enables brand managers to gain consistency in all their brand related activities (Temporal, 2002). According to Reizebos (2003), a brand strategy is based on two parameters: differentiation and added value. Differentiating refers to the practice of trying to establish the difference between a companys own product and that of the competitor. This signifies that the intention of the brand strategy has a competitive character. By targetin g the differentiation strategy, the firm tends to deliver a brand competitive advantage. The other fundamental trait of a brand strategy is added value, which refers to the fact that a brand has more value for consumers than the bare product. In order to create such an added value, the brand must be meaningful for the consumers (Reizebos, 2003). Appendix 3 shows different branding strategy approaches adapted by brands, and their advantages and disadvantages (Drummond Ensor, 2001). 2.3.2 Brand Architecture: Pertomilli et al. (2002) defines brand architecture from a company perspective as a combination of strategies which include managing, organising and operating in to the market with their brands. 2.3.2.1 Branding in FMCG sector: Branding plays a significant role in FMCG sector, as there are myriad of products in the market. Due to presence of high number of products, it acts a powerful instrument in creation of differentiation and higher store presence. Since the competition is intense in this sector, it is highly important for firms to make their brand identifiable from others. Packaging, graphics and promotional activities such as advertisement is used to attract consumers (Ellwood, 2002). Brands operating in this sector are highly cost efficient and production is carried out in masses. A high capital is required to establish production of FMCG brand, as production cost is high; such firms enjoy the benefits of economies of scale. As identified by Moffett et al. (2002), products are not confined within a region or country. With increase in globalisation, brands can be found in any part of the world. Companies need to consider the global implications of marketing and try to gain brand leadership in the mark etplace. For the FMCG sector, advertising plays a pivotal role and is the best channel to communicate with the targeted audience. Moreover, with the advancement of internet and information provided on it, consumers tend to opt to review product information online before purchasing it. With high competition and many brands offering same product quality, it is very difficult to generate brand loyalty in FMCG sector. 2.3.2.3 Benefits of Branding in FMCG sector: A successful brand is one which evokes the consumers by creating and sustaining a strong, positive and lasting impression. (Fill, 1999). For a FMCG company, it is important to create trust towards its brand in minds of consumers. This trust is being built by providing better quality and satisfaction. Once the trust is created, it subjects to the top most choice of the consumers mind set and leads to re-purchasing actions. The approval of customers signifies that branding, from consumer perspective, is a method which reduces the time taken for decision-making and related perceived risk of the product. This shows that the brand name provides information about the quality, price, and attributes of the product without requiring the consumer to undergo the time consuming process (Fill, 1999). 2.3.2.4 Branding in the soft drink sector: With the fierce competition in the soft drink industry, firms are fighting for market share. Companies should reflect upon their branding strategies, as they are of paramount importance. Companies should extend their brands to various market niches in order to meet the needs of the consumers. The scope and opportunity in this market is high, as products can be differentiated by infusing different flavours. It would be appropriate to emphasize that the value which the brand adds to the product is intangible, however, its presence is undeniable and with immense significance. Considering the characteristics of soft drinks, branding is an ideal marketing tool which allows companies to position and differentiate between the offered product and its incremental value. International product portfolio analysis The Boston Consulting Group (BCG) originated an early version of product portfolio analysis. The BCG version classifies a companys products into four categories: stars, cash cows, problem children, and dogs. The classification is based on market share and market growth rate. The optimum product portfolio for one market is different from that of another. Product A, for example, may be a star in country X, and a dog in country Z. Individualizing the use of portfolio techniques for each country will help define different product portfolios for each foreign market. Although portfolio analysis of products for international sale is relatively new, it can assist the company in determining how to allocate resources among different markets. Positioning a new product/brand depends upon the firms ability to describe product attributes that will generate a flow of benefits to buyers and users. The international marketer planner must put these attributes into bundles so that the benefits created match the special needs of each targeted market segment or subculture. Product positioning then is viewed in a multidimensional space, commonly referred to as theperceptual space or product space (Johanson, 1985). In terms of perceptual space, a particular version of a product is graphically represented as a point specified by its attributes. Competitors (local and international) and other products are similarly located. If points representing other products are close to the point representing the new product, then these are products similar to the new prototype. If the prototype is positioned away from its closest competitors in the world markets and its positioning implies positive features, then it is likely to have a significant competitive advantage. This mapping process is appropriate for each foreign country/market segment contemplated. 2.3.3 Brand identity 2.3.3.1 Competitive Analysis: According to Cohen (1988), competitive analysis permits the understanding of differential competitive advantage, as well as the comparative advantages in relation to competitors. Intense competition requires operations to be carried out with maximum efficiency. The key to this is large-scale production to reduce the value of fixed costs per bottle. With increasingly sophisticated vehicles and rising investment costs, the optimum economic scale increases (Rees, 1999). Industry Analysis Using Porters Five Forces According to Besanko (2007), in order to devise and execute successful strategies, a firm must understand the nature of the markets in which they operate and compete. In 1980, Micheal Porter developed five forces to analyse the extent of competition. Understanding the nature and strength of each of the five forces within an industry assists managers in developing the competitive strategy of their organization. (Campbell D., 2002, p.134) The Five Competitive Forces for Irn Bru: A structural analysis of the UK carbonated soft drinks industry examines the impact the various forces have on this industry. Firms operating in the carbonated soft drink market in the UK, face tough competition from the rivals. Every soft drink organization should review its rivals products, analyse any potential new entrants in the market, understand the demand of substitute products, review the consumption pattern and demand amongst the buyers, and identify appropriate suppliers. Porters five force model is used to analyse the magnitude of competition. The intensity of competition within the industry is quite high, with regular advertising wars taking place; on the other hand, sales are increasing and the products are differentiated. There are high barriers to limit entry such as: the high capital required for production and distribution, increasingly advanced and specialised technology, lack of access to distribution, and strong consumer loyalty to recognised brands. A final, but very critical, point to bear in mind is that the forces themselves change over time. Sometimes in a predictable way, other times not. However, it is usually possible for the firms to have some influence over these changes. If no action is taken to counter the forces, it is extremely likely that the forces will grow stronger over time. Each firm needs to consider the actions that it could take to counter the forces, or position itself in such a way as not to face their full impact. For example, merging with a rival not only eliminates a competitor but also reduces the number of competitors in the market as a whole, something that can benefit all rivals by reducing competitive intensity. Threat of Rivalry: In the UKs soft drink industry, Irn Bru faces the greatest competition from its arch rival Coca-Cola and Britvic soft drinks (Appendix, X). Their presence all round the globe shows their potential strength, and demand in the consumer market. As can be seen from the table, Irn Bru has made constant strides in an upward direction by gaining market share. Manufacturers retail value brand shares in carbonates, 2006-08 2006 2007 2008 (est.) % change  £m %  £m %  £m % 2006-08 Coca-Cola GB, of which: 1,296 65 1,302 65 1,334 66 2.9 Coca-Cola 934 47 942 47 968 48 +3.6 Fanta 127 6 124 6 115 6 -9.4 Schweppes 96 5 102 5 111 6 +15.6 Dr Pepper 61 3 61 3 65 3 +6.6 Sprite 57 3 56 3 60 3 +5.3 Lilt 21 1 17 1 15 1 -28.6 Britvic Soft Drinks, of which: 277 14 280 14 305 15 +10.1 Pepsi 215 11 224 11 252 12 +17.2 7-Up 24 1 28 1 30 1 +25.0 Tango 38 2 28 1 23 1 -39.5 AG Barr Irn-Bru 82 4 86 4 91 5 +11.0 Other 96 5 94 5 88 4 -8.3 Own-label 239 12 235 12 200 10 -16.3 Total 1,990 100 1,997 100 2,018 100 +1.4 Source: Mintel, 2009 Loyalty towards brand names is another factor to measure brands performance. Brand loyalty in the soft drink market is another component which Irn Bru has to deal with from its rivals. Coca Cola and Pepsi are well established brand names all around the globe. Due to high brand awareness and product availability, they attain high market share. The presence of Irn Bru in the international market is very limited. Perhaps, due to its authenticity, it is famous in Scotland, and has struggled in other international markets (e.g. Russia, South Africa, Australia, America and Canada). The soft drink industry is mature, with nominal current growth and limited ability of firms to increase revenues at the pace they may have become accustomed to in the past. Of course, new markets, such as in Middle East or Southern Asia, may result in major new growth opportunities. The current makeup of the industry line-up leads to higher levels of competition. On one hand, key rivals offer different products, but similar in size, which increases competition. Differences in companies philosophies, cultures, and histories result in varied strengths and weaknesses, and lead to different strategies in pursuit of competitive advantage; the overall predictability of the industry development decreases and industry volatility increases. Irn Bru has a strong presence in the Scotland, due to the fact that it is the country of origin and a strong culture is associated with it. Threat of new entrant: Entry to the market, on a large scale, is difficult. The risk of new entrant in the soft drink industry is low. The presence of renowned brands like Coca-Cola and Pepsi, and their strong distribution channels in major grocers, public houses, and fast food outlets dominate the industry. Moreover, as the market is saturated, growth tends to be minimised. Such situations prevent new entrants from entering the market, and competing against strong brands. With high fixed cost attached i.e. labour, warehouse, logistics and economies of scale, it is difficult for new entrants to compete with established brands. Market saturation and high fixed costs, the levels of barriers are increased, and henceforth, entering into the UK soft drink market is difficult. Furthermore, because the products are have already acquired the impression of good experience, and reputation matters, very heavy advertising would be a necessity to gain a foothold as a brand producer. Entry as an own label producer might be possible, but it would demand a large scale operation to keep costs down and be as competitive as the existing large own-label producers. Even with the removal of trade barriers and generally greater harmonization within the European Union, major continental firms have appeared to be reluctant to plan a takeover on the UK market. There are at least several strong brands for every consumer segment currently in the carbonated soft drink industry. Consumers do have a choice, and many have developed brand loyalty. It would be difficult for new entrants to sufficiently differentiate their products and to build brand identity and loyalty. Threat of Substitute: There are number of substitute for carbonated soft drinks e.g. mineral water, fruit juice, energy drinks, tea, coffee etc. Water and sport drinks provide more variety that appeals to the consumers who seek the healthier options. However, carbonated soft drinks have gradually been gaining market share at their expense and this trend does not appear set to reverse. In addition, carbonated soft drinks have a particularly strong appeal to the youth market (10-25years), which is where most of the sales can be traced to. Overall, the threat appears relatively weak, especially to the core youth market. Power of suppliers: Soft drink industry suppliers do not hold a strong competitive pressure. There are usually several suppliers to choose from for any of the soft drink components; therefore, the rivalry between suppliers is high, and companies have many options, including manufacturing components themselves, which some of them still do. Again, relatively weak pressure exists, with the exception of sugar producers and plastic suppliers. The work force is not highly organised, nor is it militant. Power of Buyers: The large numbers of consumers willing to purchase a bottle of carbonated soft drink mean that the actions of a single consumer will not have a notable effect on a companys performance. At the same time, however, these consumers face low switching costs and have varied degrees of brand loyalty, which requires companies to spend significant resources on capturing and retaining that individual consumer. Over 65% of sales are sold through multiple grocers. The top five grocery chains account for nearly 70% of all grocery sales and are thus in a strong bargaining position. Some 8% of sales are through fast food restaurants, and 6% sales are through public houses. (Mintel, 2009) The remainder of sales are relatively weak buyers, including off-licences, confectionaries, newsagents and restaurants. Soft drink manufacturing companies distribute the products to these stores so that they can be sold to the consumers. The top grocers buy soft drinks in bulk, as it allows them to purchase goods at a cheaper price. The strongest pressures come from the power of buyers and the fairly intense non-price competition within the industry. Nevertheless, overall the industry seems to be in a fairly healthy position: the leading firms are very profitable and industry growth is expected to be steady around 8% over the period 2007-9. Cola, as a product, appears to be reaching maturity, but other segments offer prospects of development and growth. This plays to an advantage in the hand of Irn Bru, as the product offered is completely contrary to the Colas. At the same time, the firms are actively competing on quality and bringing new products to market, as well as being innovative in terms of reducing costs by investing in new technology and machinery, developing new forms of packaging and offering better distribution services. The danger is that the firms may not be able to sustain the route to growth and instead may seek growth through techniques such as undercutting rivals prices in a market share game. In this situation, profits are likely to deteriorate rapidly if destructive head-to-head price competition becomes the main competitive instrument. 2.3.3.2 The Brand Positioning Concept: According to Kotler (1997), Positioning is the act of designing the companys offering and image so that they occupy a meaningful and distinct competitive position in the target customers minds. The positioning of a brand is not about the quality which products provide, but it is what consumer thinks about the brand. For positioning, it is important how a consumer perceives the product rather than its physical nature. According to King (1991; cited in Fill 1999), advancements in technological fields have allowed products to offer similar functional and physical appearance, where consumers choices and decision will be based on the brand name. Henceforth, positioning origination as a brand will evoke actual and potential customers. According to McCormack (1984, cited in Olsson 2004), positioning is a factor which determines what consumers are actually purchasing while buying any product or service; and subsequently communicating related imitations and inspirations to the buyer. An organ ization should primarily evaluate and identify where they stand in the market spectrum and then position it accordingly. 2.3.3.3 Branding from Consumers Perspective: A brand provides not only a source of information, but also performs certain other functions which justify its attractiveness and its monetary return, when they are valued by buyers. According to (Kapferer, 2008), there are eight main functions (Appendix 4), Identification and practicality are mechanical and concern the essence of the brand i.e. to function as a rec

The Iliad of Homer Essay -- essays research papers

When analyzing the Greek work the Iliad, Homer procures an idealistic hero with an internal conflict, which questions the values of his society and the Greek Heroic Code. The Greek Heroic Code includes respect, honor, and requirements to procure an exorbitant image. To be considered a Greek hero you must meet the perquisites and fulfill all of the aspects of the code. Achilleus was deemed a hero, he was the strongest and swiftest of the Achieans. Achilleus lived up to all of these aspects until his internal conflict began in the Iliad. Homers purpose in the ending of book XXIV is to restore Achilleus after his reconciliation with the Greek Heroic Code.   Ã‚  Ã‚  Ã‚  Ã‚  Achilleus was the most honorable Greek warrior of his time. No one questions Achilleus, nor challenged him, because if they do they would be smite. Achilleus is honorable, he pays respect that is due, and gratefully thanks those who respect him. Up until his outrage in Book XXII all of Achilleus rituals have been consistent. When his temper overcame his natural inveterate intuition Achilleus immediately invoked all ordain and involvement in the Greek Heroic Code. One of Achilleus' major omissions can be found where he defies the corpse of Hektor. This motion surprised and befuddled the Greek Gods, and had them viewing a plan on a sleuth method of manipulation of the body of Hektor. This probationary period of time that the Gods created gave Achilleus enough time to debate and redirect his ritual...

Amish Clash of Cultures Essay

The Amish in America – Clash of cultures Amish look like they stepped out of the rural 19th Century. Some 200,000 Amish people live in above 20 US states and in the Canadian region of Ontario and also in different parts of the world like Australia. The Amish are the most traditional and religious Old Order groups, people ride horses and buggies rather than cars and have no telephones or electricity in their homes. Amish believe that the community is at the heart of their life and faith, and that the way to salvation is to live as a loving community apart from the world. Witness is a 1985 American thriller film directed by Peter Weir and starring Harrison Ford and Kelly McGillis. The screenplay by William Kelley, Pamela Wallace, and Earl W. Wallace focuses on a detective protecting a young Amish boy who becomes the target of a ruthless killer after he witnesses a murder in Philadelphia. The film is mainly about clashing of two ideologies. These ideologies are those of the Amish, and of the modern English as the Amish ideals are in direct contrast to the American consumerist ideas. The two worlds come together when Book drives Rachel to her father in Eli’s house. There are many scenes that highlight the clash of cultures starting with the first scene in which Samuel and Rachel are in their stock black Amish clothes, at the train station. They stand out since they aren’t wearing bright clothing like everyone else. Costume is an important film technique, as it shows the contrast between Amish and the English. The costume is also clear in the scene in where Book is wearing Amish clothes, which are Rachel’s dead husbands clothes, and Book says, â€Å"How do I look? † and Rachel responds by saying â€Å"You look plain†. This is seen as a compliment, and her accepting him, also him accepting the way of the Amish. A key scene where book gives back the gun to Rachel after taking it from her shows the clash of the cultures and book trying to fit in with the Amish. This scene is important since book is trying to accept the Amish culture. It is further shown in the diner scene, where Samuel and Rachel are wearing their plain clothes, and doing grace in the city. Sam and Rachel stare at book as he eats his food without saying grace furthermore he is the man so he should say it. Book is not used to these morals so this shows the culture clash between them. The scene ends by Rachel saying grace then eating their food. Another key scene is the scene in which Eli, Rachel, Samuel and also Book are sitting on the dinner table in Amish land, Book picks up his cup of coffee takes a sip and says â€Å"honey that’s great coffee† they all gaze at him and he then says â€Å"it’s a joke.. on television†. He realizes that they don’t watch TV and there you can see the culture clash. The scenes where the car is in the farm shows the culture clash between the English and the Amish since they don’t use cars or any technology. Also the part when Rachel is dancing with Book in the barn since she is not allowed to dance with strangers or use the technology. A major scene is the tourist scene in this Book witness’s one of the Amish people getting picked on by the tourists in which he gets ice-cream put all over his face. Eli who is sitting beside Book in a different buggy then the other Amish says â€Å"this is not our way† Book replies â€Å"but it is my way†. Book gets out and beats up the tourist. This scene demonstrates the clash of cultures. The biggest issue that highlights the clash of cultures is the relationship between Rachel Lapp and John Book. They are very different people. Rachel refuses to accept the violence that now surrounds her because of the murder and Book, and she blames Book, saying â€Å"I just don’t like my son spending all this time with a man who carries a gun and goes around whacking people†. Their relationship develops through the movie, and she is torn between her feelings for Book, who is dangerous, and different to what she is used to, and her responsibility to the Amish rules, her family and the church.

Heuristics or “rule of the thumb”

This paper is about heuristics or â€Å"rule of the thumb†. In this paper, the researcher conducted a study to find out what are the results of the test from three different respondents. It also aims to know the reactions of the respondents and lastly to know if heuristics can be applied to all. The hypothesis of this study is all of the three respondents including the researcher will have the same answer and the same reaction. The word heuristics came from a Greek letter â€Å"Heurisko† meaning, â€Å"I find†. Applying heuristics to Psychology, it is a process which is considered simple, efficient rules, and hard-coded. This used for explaining how people make decisions, making judgments, and solving a certain problem. This is helpful when one person has encountered a problem which is complex or information that lacks the full information. This rule believed to work most of the time under different circumstances but there are cases this may result to a systematic cognitive bias. Cognitive bias is the effects of the observer which drastically alter the proof of a certain thing or information. There are types of cognitive bias, and these are: hindsight bias which is tagged as â€Å"I-knew-it-all-along† effect; fundamental attribution error which is a tendency wherein what matters is only the explanations coming from one’s own self; confirmation bias is a tendency wherein there is the search and/or interpretation of an information based on what has been perceived, and lastly; self-serving bias which is the tendency wherein there is a minimal attention to the failure thus taking the responsibility to those which have succeed. Heuristic is all about the perception of the people under study, they base their answer on what they know and the tendency to neglect the factuality of the information. This also says that people made decisions based on the frequency of the answer they have given, which is the one that occurred most often and the first one which occurred. Heuristics is also for practicality use, because people are particular with what they think is practical, they avoid complexity of things and it is innate to people that they go away with things easily. In this manner, people mostly rely in their common sense. Method The sample of this study was garnered through purposive sampling, meaning that the I choose the samples based on their availability and my access with them in the time that I have done this. The samples were my friends whom I always spend time with. They are three girls which I hide in the name of Nicole, Richelle, and Mary. Their age is 23, 25, and 24 years old respectively. The procedure went on like this; I asked them if they can drop by my place to do a little favor for me which I will need in class. They were curious so they have asked a lot of questions. They even joked that I will get them into trouble. There has been a lot of persuading coming from me just to make them agree to be my respondents. I just told them that what they going to do is simple and will just take them 5 minutes of their precious time. Yes, I had to say that because my friends love to be praised or given any compliment. Later on, they agreed and dropped by my place. I brought the three of them to the kitchen and offered some snack because in doing so I can make the study easier because there will be a room for value-free or bias-free answers. I also told them that whoever go fist, she should keep the whole process in confidence, they agreed. I also instructed them that they should use their better judgment and they should not fabricate their answers for it will make the study unsuccessful. I also instructed them that they will know the answer after they have finished the process. To better secure the confidentiality of the process, I told them to stay at the other room, without saying a word or showing any expression. My parting words were, â€Å"Use your common sense, if you have one†¦ Enjoy! † They laughed. Results The result of my study is not surprising at all because I tried the test not only once and not even thrice. I got the same results which amazed me in so many ways because for one I do not like mathematics that much. Case 1 is Nicole, she chose the number 4, Case 2 is Richelle, she chose number 9, and Case 3 is Mary, she chose number 2. They all had the difficulty in doing the math, and they were laughing during the process. As you would notice all of them had chosen small numbers except Richelle who dared to choose the highest number. But the amount of the numbers they have chosen did not affect the result of the test. The three respondents had the same reaction upon knowing that what they chose is what showed up in the screen. They joked that my computer is a genius. After the last take which is done by Mary, I told them that they can share their experiences. So there, they were laughing and amazed with the results, it was then I told them what it is about. Discussion The results only meant one thing – people often give which is the most common thing, for example is Denmark and elephant. The former is the most common country that starts with letter D and the latter is the most common animal that starts in letter E. But this depends on the culture of the person who done the test, it is based on their preconceptions. The results have met my hypothesis, that all of them will have the same reaction and they will get the same answer despite the differences in their answers in the first instruction/question.