Managing Financial Resources and Decisions - 1091 Words

UNIT 2: MANAGING FINANCIAL RESOURCES AND DECISIONS Unit 2: Unit code: QCF level: Credit value: Aim Managing Financial Resources and Decisions H/601/0548 4 15 credits The unit aim is to provide learners with an understanding of where and how to access sources of finance for a business, and the skills to use financial information for decision making. Unit abstract This unit is designed to give learners a broad understanding of the sources and availability of finance for a business organisation. Learners will learn how to evaluate these different sources and compare how they are used. They will learn how financial information is recorded and how to use this information to make decisions for example in planning and budgeting. Decisions†¦show more content†¦ypes of business ie limited company, partnership, sole trader Interpretation: use of key accounting ratios for profitability, liquidity, efficiency and investment; comparison both external ie other companies, industry standards and internal ie previous periods, budgets BH023329 – Edexcel BTEC Levels 4 and 5 Higher Nationals specification in Business – Issue 1 – April 2010  © Edexcel Limited 2010 9 UNIT 2: MANAGING FINANCIAL RESOURCES AND DECISIONS Learning outcomes and assessment criteria Learning outcomes On successful completion of this unit a learner will: LO1 Understand the sources of finance available to a business Assessment criteria for pass The learner can: 1.1 identify the sources of finance available to a business 1.2 assess the implications of the different sources 1.3 evaluate appropriate sources of finance for a business project LO2 Understand the implications of finance as a resource within a business 2.1 analyse the costs of different sources of finance 2.2 explain the importance of financial planning 2.3 assess the information needs of different decision makers 2.4 explain the impact of finance on the financial statements LO3 Be able to make financial decisions based on financial information 3.1 analyse budgets and make appropriate decisions 3.2 explain the calculation of unit costs and make pricing decisions using relevant information 3.3 assess the viability of a project using investment appraisal techniques LO4 Be able to evaluate the financialShow MoreRelatedManaging Financial Resources and Decision1445 Words   |  6 PagesManaging Financial Resources and Decisions-HND Assignment HND Assignment Managing Financial Resources and Decisions Scenario: Emaar Properties on Sunday announced to build a new hotel in Downtown area and that will be the second tallest property in the high-end area, according to chief executive officer for retail Arif Amiri. Amiri did not disclose value of the project and even declined to give the sale price. â€Å"We will announce the price at public launch on September 22,† he told reporters atRead MoreManaging Financial Resources and Decisions1280 Words   |  6 PagesAssessment Brief Unit 2 Managing Financial Resources and Decisions P.1. Identify short term, medium term and long term sources of finance available to Blue Orange Solutions. Long Term âÅ"“ Loans âÅ"“ Debentures âÅ"“ Bank loans (mortgage) âÅ"“ Merchant or Investment Banks Short / Medium Term âÅ"“ Bank loans âÅ"“ Overdraft facilities âÅ"“ Trade credit âÅ"“ Leasing 1. Business Angels Read MoreManaging Financial Resources And Decisions2502 Words   |  11 Pages Unit Number: 2 Unit Title: Managing Financial Resources and Decisions Unit 2: Managing Financial Resources and Decisions Assignment Cover Sheet Assignment No: 825789 I hereby confirm that this assignment is my own work. I have identified and acknowledged all sources used in this assignment and have referenced according to the Harvard referencing system. I have read and understood the Plagiarism and Collusion section provided with the assignment brief and understoodRead MoreManaging Financial Resources And Decisions1818 Words   |  8 PagesIDP 2: Managing Financial Resources and Decisions Assignment Introduction All businesses need finance because that refers to sources of money for business. The reason why firms need finance to: - Start-up a business – eg: pay for premises, new equipment and business strategies short-term or long-term. - Run the business – eg: having enough money to pay for rent, rate, bills, wages and suppliers on time. - Expand the business – e.g.: having funds to pay for new equipment, new office or a branchRead MoreManaging Financial Resources and Decisions4117 Words   |  17 Pagesand equity financing, which includes common shares, preference shares and retained profit. It is also to discuss advantages disadvantages of each source, as well as to assess the implications of these different sources related to risk, legal, financial and dilution of control and bankruptcy. Based on those analyses, it is to select the appropriate sources of finance for the project including retained profit, common and preference shares and loans. What’s more, the costs involved with each sourceRead MoreManaging Financial Resources And Decisions Essay3396 Words   |  14 PagesAssignment On Managing Financial Resources and Decisions Submitted To: Submitted By: Date of Submission: Contents Executive Summary 3 1.1 Why business needs finance and what are the available sources of finance to a business. 4 1.2 Access and compare the implication of the different sources of finance: 7 1.3 Critically evaluate the appropriate the sources of finance for the case: 8 2.1 Analyze the cost of different sources of finance: 9 2.2 Review the importance of Financial Planning 10Read MoreManaging financial resources and decisions Essay5351 Words   |  22 Pagesï » ¿ BUSINESS FINANCE MANAGING FINANCIAL RESOURCES AND DECISIONS GRIGOR GRIGOROV/MRC/20967/NHD MONT ROSE COLLEGE 25.03.2013 Task 1 Programme title HND Business Assessor/Tutor Yannick Fansi Unit 4 – Business Finance Assignment title 1 - Managing Financial Resources and Decisions Student Grigor Petrov Grigorov Date 25/03/2013 1.1 Identify the sources of finance available to a business. There are a number of sourcesRead MoreManaging Financial Resources And Decision Making3266 Words   |  14 PagesTITLE: MANAGING FINANCIAL RESOURCES AND DECISION MAKING Higher National Diploma (HND) in Business British Institute of Technology E-Commerce Managing Financial Resources and Decision Student ID- 48154 Student Name- Nataliya Georgieva Group: J Submission Date: 08-08-2014 Executive Summary The purpose of this assignment is to study the finance sources available to a company. Here according to the assignment requirement, we have to select a British public company to study the available sourcesRead MoreManaging Financial Resources and Decisions Essay4721 Words   |  19 PagesManaging Financial Resources amp; Decisions By: * * Introduction Top of FormBottom of Form | In this report we are going to help Mr T Jones to start his fast food restaurant in Manchester. Mr T. Wants to start a franchise restaurant Wimpy and needs help with the financial resources and planning part.    Step one, there are different souses of finance and it’s divided into internal and external finance, money that comes from within a company and theRead MoreManaging Financial Resources and Decision Ii9980 Words   |  40 Pages 11 Task Two: Unit Costs 12 Task Three: Pricing Decisions 18 Task Four: Investment Appraisal 1. Net Present Value (NPV) approach 22 2. Internal Rate of Return ( IRR) approach 23 3. Payback period 25 4. Accounting Rate of Return (ARR) 25 Task Five: Financial Statements 1. Main financial statements used by organisations 27 2. Differences between financial statements of various businesses 36 3. Ratio Analysis

Juvenile Delinquent Free Essays

Juvenile Delinquent Renee Washington American Intercontinental University ? Abstract This report is in regards to our young people today that need to be helped to a point that they have meaning in their lives. There are ways that can be presented to insure that young offenders can work through the pain, and rage surrounding their emotions which causes negative behavior. Healing programs have been a recommendation thru the court systems to analyze juvenile delinquency, and find the factors that lead to meaningful resolutions. We will write a custom essay sample on Juvenile Delinquent or any similar topic only for you Order Now ? Introduction Many of our young people have lost their way in this land of democracy. Why are the statistics so high regarding juvenile delinquency, and a young male, or female appears in our courts every single day before a judge for crimes committed against other people, someone’s property, or belongings that have been vandalized. Where are the families to these lost children? What causes them to erupt into crimes of violence, and mayhem? Something has to be done to help juvenile delinquents reflect on their lives, and the criminal offenses they commit. Illustrate Offenses The attitude that leads young people toward a cycle of negative behavior comes from deep rooted emotional rage, and pain which causes them to retaliate by committing offenses to others through stealing, vandalizing property, and sometimes violence against other people physically. The courts have begun to intervene on behalf of the juvenile delinquents by recommending healing programs that have been put in place to analyze juvenile delinquency, and find the factors that will lead to a resolution. Tell Causes The individual history of being betrayed by someone they trusted who cared for them as a young child. They were often neglected, abused, and victimized by a parent, or caregiver. A large number of family factors are associated with juvenile delinquency. Although it doesn’t excuse the offender’s behavior it does help to explain why so many young boys, and girls naturally vulnerable, and instinctively trusting become victims at the hands of his, or her own parent, and their whole life begins to unravel. Without positive intervention the child is at risk of violating the law at an early age, and charged as a juvenile delinquent. Consequences/Outcome A parent that has been abused or rejected will eventually lead to emotional wounds within the souls of their children. These wounds can be painful, and traumatic to the child because of where they originated from a family member, or loved ones. Without getting the specified, and intentional healing the infection from the wounds will manifest into bitterness, rage, and pain which will lead toward delinquent patterns. Conclusion Juvenile delinquency is one of the major problems being recognized and dealt with regarding the youth in today’s society. In â€Å"An Update on the Cycle of Violence†, by Cathy S. Widom, and Michael G Maxfield, (2001), stated that children being victims of abuse, and neglect in all likelihood will be arrested as juveniles if a positive intervention of hope doesn’t present itself in their lost lives. The Bethesda Family Services Foundation provides the type of programming needed for the juvenile delinquent, and his, or her family to start having hope toward healing. ? References Herbst, Dominic P. Helping Juveniles Reflect On Their Lives and Criminal Offenses. Corrections Today, Jun2005, Vol. 67 Issue 3, p22-25, 3p Retrieved October 30, 2012 From MasterFILE Premier Widom, Cathy S. ; Maxfield, Michael G, An Update on the Cycle of Violence Research Brief How to cite Juvenile Delinquent, Essay examples

Integrated CRM Strategy National Australia -Myassignmenthelp.Com

Question: Discuss About The Integrated CRM Strategy National Australia? Answer: Introducation National Australia Bank is one of the four largest and popular institutions in the financial area of Australia. It was founded in 1982 as the National Commercial Banking Corporation of the Australia Limited with headquarters in Melbourne, Australia. It offers various services, to the clients, which consists of Business Banking, Consumer Banking, Wholesale Banking, Wealth management and insurance. In 2014, National Institutions in Australia was placed at 21st rank in the list of the largest bank in the world as per the market capitalization and 41st rank in the list of worlds largest bank as per the total assets. But in 2016, the bank falls from its 21st position to the 49th position when measured according to the total assets. Along with this, the bank has also been rated as AA by the Standard and Poors. It is serving to the people of Australia, New Zealand and Asia with manpower of around 35,063. In 2014, National Australia Bank took the decision to add one effective feature to its working practice. This decision was regarding the implementation of Customer Relationship Management system within the workplace. NAB view is the part of core banking programs which combines the banks customer information, account information, etc. for improving relations with them. NAB view is the portal which collects the data from the Customer Hub and represents it to the bankers with the integrated tools. Thus, with the help of this, bankers of the NAB can view the entire relationship of the client on a single screen and in few clicks. This portal of the bank informs bankers about the information like whether the customers have traditional NAB personal or business account, their accounts in UBank, their transactions, personal information for contacting and many others. Use of NAB View increases the performance and working capabilities of the employees which results in more production (National Australia Bank. 2017). The present file focuses on the Customer Relationship Management project for the National Australia Bank. This includes resolution of the current customer regarding problems, selection of the most suitable CRM vendor, its advantages, and infrastructure requirements. Along with this, the report will also pay attention to the training programs regarding the suggested CRM. Current state analysis of the company To understand the current state of the National Australia Bank, both internal and external analysis is conducted. In context to this, SWOT (Strength, Weakness, Opportunity, and Threats) is used for the internal analysis of the company. This is as follows: Strengthens: It s one of the largest banks in Australia with respect to sheer assets and size. The bank has a strong brand name in the market of Australia, Asia, and New Zealand. It offers different quality products and services to the customers. Due to high-quality products company has created a strong profile in the banking industry of UK and Australia. Use of NAB view for strengthening the customer relations (News : National Australia Bank Consolidates Customer Data on New CRM System. 2014) Weaknesses: According to the recent NABs internal audit report, major issues are identified in the operational risk management practices. Technical issues to the online system which results to inconvenience and dissatisfy the clients Opportunities: The collaboration of the NAB with Visa with respect to payment will lead to rolling out innovative products and solutions to the customers. After the formation of China-Australia Free Trade Agreement, NAB has huge opportunity to expand and develop its business in the lucrative Chinese market. Threats: Competitors of the NAB are expanding their business and portfolios across the various nations of the world. Delayed returns from the technology investments can create an issue for the NAB working process. The volatility of the markets is enhancing the risks along with the factors such as Brexit and policy of the new U.S. administration. From the above internal analysis, it is clear that NAB is popular and largest banking firm in the Australia. It is also using the appropriate system for developing and maintaining effective relations with the clients. But the company is not focusing on its operational management practices which can affect the different activities. It is necessary for the firm to have improved risk management practices for handling any hazard or incident while operating business processes. Technical issues on the online system are enhancing the dissatisfaction level of the clients. On the other hand, NAB can gain competitive advantages by enhancing the business in Chinese market. External Analysis: PESTLE analysis is used for analyzing the external working environment of the market. Political: NAB creates a policy for banning the donation to the political parties in an image clean over. On the other hand, Brexit has created uncertainties in the political and business areas like free market access for the NAB which results to affect its working process (Boulding, Staelin, Ehret and Johnston, 2013). Economical: Subdued GDP due to the decreasing commodity prices in Australia and New Zealand is resulting in lowering income generation which is affecting growth and development of the bank. Along with this, the key market for NABs Group has the sub-trend economic growth since 2012. Social: The Company is involved in the community investment programs for addressing the financial exclusion and social cohesion. Along with this, NAB also pays attention to the gender equality for offering equal opportunities to both male and female workers. In context to this, the bank has a female representative at the leadership and executive roles. Technological: The bank is investing to the Data Republic and MLC On track program for preparing it for the data revolution. Along with this, the company is using technology for generating innovative products on Personal Banking Originating Platform. Legal: In case of NABs Clydesdale bank, the government of Australia has imposed fine or penalty which can impact on the profitability and brand image of the firm. Along with this, mistakes are found in the risk management practices of the firm which can result in litigation in any event of fraud. Environmental: NAB is the first Australian bank to achieve the recognition for carbon neutrality. Along with this, the bank has taken the initiative by generating science-based targets for decreasing the greenhouse gas (GHG) impact on the environment. Thus, the above analysis represents that NAB has both negative and positive aspects. The firm needs to develop effective relations with the customers for increasing the positive outcomes. Both the analysis represents that there is need of implementing effective CRM within the working environment. NAB View is efficient, but it needs to improve and upgrade as per the requirement of the current time. With the help of upgraded CRM, the company will able to handle its business processes, store its important and confidential information about the clients, inform customers about the various offers, new products or services, etc. CRM program/project objectives According to the above internal and external analysis, NAB needs to focus more on its customers for improving its decreasing market image. There is a gap between the business process and customer requirements. In context to this, users are facing technical issues in operating an online website of the bank which somewhere impacts negatively. To fulfill this gap, the bank needs to have an effective Customer Relationship Management system. NAB has its own portal for customer handling, but it is limited to certain functions and features. The company should have independent CRM system only for managing customer relations by knowing their demands and wants in an effective manner. Thus the major objective behind the formation of CRM plan for NAB is to increase customer satisfaction level (Tzeng, 2016). The project objectives for addressing the CRM solutions are as follows: To decrease the waiting time of websites for increasing client satisfaction To create proper report of improved risk management practices To cut the time required for generating the report of CSR activities With the help of appropriate CRM program, NAB will able to achieve the above-desired objectives which will result to enhance its brand image and business processes. Selection of CRM Vendor Product Suite and its advantages There is a large number of CRM solutions are available in the market. The vendors of the CRM Suite include SAP, IBM, Oracle, Siebel, Microsoft, and Salesforce.com. Selection of the appropriate CRM depends upon the ability and working area, business requirements, etc. of the firm. In context to this, NAB is a financial company which needs to have CRM for operating financial operations with respect to its customers. As per the working area of NAB, Oracle CRM is the best solution which will help in accomplishing the project objectives in an effective manner. Oracle CRM is a customer relationship management which is offered by the Oracle Corporation. CRM On Demand is the best suitable CRM solution for the bank. It is accessible via internet and uses the software called Software as a Service (SaaS). This system will provide various features to the NAB which are: Social CRM, Quote and order capture, partner relationship management, Business Intelligence applications, Price management, customer data integration and Self-service and e-Billing (Padilla-Melndez and Garrido-Moreno, 2014). Oracles CRM On Demand provides broadest and deepest capabilities to the organizations for improving and enhancing their loyalty, service quality and marketing. Along with this, it is a cost effective system as it does not have any hardware requirement. With the help of this CRM solution, NAB will able to: Become Smarter with the help of contextual intelligence, real-time and historical analytics and adaptive business planning features of the Oracle On-demand CRM Become more productive by using integrated sales and marketing in the cloud, mobile integration and specific solutions regarding the banking industry. Get the best value by lowering the total cost of ownership, using high-grade security and selecting the multi-tenancy or single-tenancy options (Hollensen, 2015). The Oracle CRM On Demand Financial Service Edition will help NAB to capture the insurance producer mindshare and increase the channel revenue. Less customization, faster time to value and increased user adoption will lead to enhancing the sales, marketing, customer service and partner management of the bank. Other benefits which NAB will get by implementing Oracle CRM On Demand Financial Service Edition are as follows: Enabling channel managers to pay emphasis to the high-value activities for enhancing the performance of the channel. Comparison of historical trends with the help of fast access to the hosted data warehouse for improving the current strategies and understanding the actual situation of the company. Display of embedded analytics based on the types of users. Provide a view business with the help of unified agent desktop with effective sales productivity tools. Increase in productivity and retention by maintaining the information properly and keeping a record of all sales and profit margin. Effective single view of the customers which enable faster and higher quality of need analysis. Streamline sales process for improving the effectiveness and collaboration Pipeline and activity trending for comprehensive and timely reporting Use of systematic and pro-active approach to managing and maintaining the client books of business along with client relationship which will lead to generating opportunities (Oracle CRM On Demand Wealth Management. 2017). Maximization in account wallet-share along with increment in new opportunity close rates. Determination of infrastructure Requirements The system requirements which will be needed by NAB for implementing the Oracle CRM On Demand are as follows: Required Browser: Mozilla Firefox with most recent stable version Google Chrome 32 and 64-bit version Apple Safari version 8.0.x,9.x for OS X. Microsoft Edge Supported Operating System: Microsoft Windows 7 Microsoft Windows 8.1 Microsoft Windows 10 The infrastructure which will need to support Oracle CRM On-demand is SaaS. This infrastructure will offer DBMS software, human resource management, enterprise resource planning, accounting, CAD software and many other. Combination of Oracle CRM and SaaS will provide following facilities to the NAB It allows clients to subscribe and use application software in the cloud. Uninterrupted CRM On-demand service to the customers by offering high security and safety measures on the cloud (What Is a Software-as-a-Service Cloud Suite?. 2017.). Employees of the firm can access the data from anywhere in the world NAB will have to pay only for those services it is using. It will provide bank an ability to customize their applications as per the business infrastructure without affecting the common infrastructure. Improved access to the data from any networked device. Training The staff of the NAB is quite unaware about the Oracle CRM On Demand software. Employees are handling business processes manually which can make them resist the implemented change. For encouraging workers to use CRM model, NAB will have to conduct training sessions. This will help in developing and enhancing the skills and knowledge of the employees for using CRM effectively. It will also reduce the fear of workers to lose their reputation, job position, economic status, etc. due to the implementation of new system. Along with this, the bank will have to tell the importance of CRM in business and in career growth of the workers. This information will help in changing mindset of the staff members. NAB will have to use some examples for better understanding and results. In the beginning, employees of the NAB will resist the change but proper information and training will make them change their thinking, and at the end, they will start using CRM effectively. In context to this, the bank will have to provide both theoretical and practical training to the workers along with information about the safety and security measures to be considered while managing the information on the cloud (Boulding, Staelin, Ehret and Johnston, 2013). Establishment of a timeline The timeline for implementation of the CRM Software within the workplace of NAB is as follows: Steps / Months 1 2 3 4 5 6 7 8 9 10 11 12 Business Justification Selection of Vendor Project Planning Process Refinement First Software Build Out Conference Room Pilots and Software configuration User Acceptance Testing Cut over Implementation The above timeline can be affected by various problems such as the sudden need of extra resources, hardware failure, attack of virus or malware, etc. Along with this, improper participation of the team members, a large amount of data to convert and transfer, insufficient resources, etc. can also affect the decided timeline for implementation of the CRM project into the workplace of the NAB (Mithas, Krishnan, and Fornell, 2013). Establishment of a budget While implementing the CRM On Demand system within the workplace, NAB will have to establish a budget. This will inform about the overall costing of the project. The budget for the respected CRM model is as follows: Items Cost ($) Total Study about different software 3,000,000 Design 8,000,000 Test 5,100,000 Development 7,200,000 Final Test 2,000,000 Total 25,300,000 Implementation 25,800,000 Purchase of Major System 198,000,000 Total 249,100,000 Initial System Investment 249,100,000 Annual Cost Annual Maintenance Cost 18,900,000 Profit, Technical Direction, Management Fees 3,650,700 Contingencies 1,820,300 Capital Recovery factor ($249,100,000, 5 years and 7% interest) $43,044,480 Basic Annual system cost $43,044,480 Conclusion It is concluded from the above study; National Australia Bank can improve its functioning by implementing Oracle CRM On Demand system. This system will enhance the customer relationship along with sales and profitability of the firm. References Boulding, W., Staelin, R., Ehret, M., and Johnston, W.J., 2013, May. A customer relationship management roadmap: What is known, potential pitfalls, and where to go. American Marketing Association. Hollensen, S., 2015.Marketing management: A relationship approach. Pearson Education. Padilla-Melndez, A. and Garrido-Moreno, A., 2014. Customer relationship management in hotels: examining critical success factors.Current Issues in Tourism,17(5), pp.387-396. Tzeng, J.Y., 2016. A Study of Customer Relationship Management. Mithas, S., Krishnan, M.S. and Fornell, C., 2013, May. Why do customer relationship management applications affect customer satisfaction?. American Marketing Association. National Australia Bank. 2017. [Online]. Available Through: https://www.nab.com.au/. [Accessed on 10th October 2017] News : National Australia Bank Consolidates Customer Data on New CRM System. 2014. [Online]. Available Through: https://www.contactcenterworld.com/view/contact-center-news/national-australia-bank-consolidates-customer-data-on-new-crm-system.aspx. [Accessed on 10th October 2017] Oracle CRM On Demand Wealth Management. 2017. [Online]. Available Through: https://www.oracle.com/us/products/applications/crmondemand/industry-solutions/wealth-management/crm-ondemand-wealth-management-331371.html. [Accessed on 10th October 2017] What Is a Software-as-a-Service Cloud Suite?. 2017. [Online]. Available Through: https://www.oracle.com/cloud/applications.html. [Accessed on 10th October 2017]

Role of Social Media in Impacting Consumer Behaviour in Particular Market Segment Essay Example

Role of Social Media in Impacting Consumer Behaviour in Particular Market Segment Essay HOW SOCIAL MEDIA IS IMPACTING CONSUMER BEHAVIOUR FOR A PARTICULAR MARKET SEGMENT [pic] Presented By: Rohan Bhardwaj Anupam Nagar Sumit Kumar Prateek TABLE OF CONTENTS 1. Abstract 2. Introduction 3. Literature Review. 4. Objectives. 5. Research methodology. 6. Results. 7. Findings 8. Appendix 9. Conclusions and Recommendations. 10. Limitations. 11. References ABSTRACT The global proliferation of the internet over the last decade has substantively changed the traditional buyer-seller exchange dynamics through ts high volume-high speed information flow capabilities. Businesses can now directly communicate in real time with one another throughout their value chains to create value for their consumers. Likewise, the consumers can communicate with businesses, third party independent information providers, actual users and/or potential users of a product across the globe for obtaining better value for their money spent on purchasing products and services. On the consumer side, the internet has provided tremendous access of consumption-related information to consumers worldwide and the global flow of information has therefore given a fresh impetus to allow consumers to participate in obtaining value through several new types of marketing exchanges such as auctions (e. g. Ebay) or reverse auctions (e. g. Priceline). The academic literature is increasingly recognizing the new role of the consumer as the co-creator of value in the buyer-seller relationship (Payne et al. 2008). Vargo and Lusch (2004) argue that the customer is always a co-creator of value: There is no value until an offering is used—experience and perception are essential to value determination. The focus of consumer flocking in the internet buying context is the tendency for individual consumers to take charge of the online shopping channel and integrate it with their other online communications, especially social communications at sites like Facebook. We will write a custom essay sample on Role of Social Media in Impacting Consumer Behaviour in Particular Market Segment specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Role of Social Media in Impacting Consumer Behaviour in Particular Market Segment specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Role of Social Media in Impacting Consumer Behaviour in Particular Market Segment specifically for you FOR ONLY $16.38 $13.9/page Hire Writer While still in its rudimentary stage, consumer flocking has promise in creating a win-win economic scenario for consumers and marketers. For instance, by quickly bringing together large groups (â€Å"flocks†) of consumers through their communications within existing social networks, marketers can achieve a quick turnover of unsold inventories and thereby lower their production and transaction costs. Likewise, by using consumer â€Å"flocks†, the service providers can fill up their unsold services during lean periods, thereby smoothening the peaks and valleys of service utilization. Apart from these strong economic benefits, consumer flocking, in principle, can enable the marketers to accelerate the arrival of late-adopters into market. On the consumer side, they perceive victory because they obtain more value for their money than what they could have obtained if acting individually. In effect, consumers would create greater value for themselves—globally. The focus of this paper is the individual consumers’ propensity to flock for creating value for themselves and the process and formation of consumer flocks. Next, we define and characterize consumer flocking and propose factors that influence the consumer’s propensity to flock on the internet. We then discuss the role of social media in supporting this behavior and examine the role of certain consumers we call catalyzers in the flocking process. Organizations are increasingly using online communities to interact with customers, but marketers identify a number of key obstacles standing in the way of community effectiveness. A survey of more than 500 companies that are using online communities and other research to identify characteristics of successful communities. Marketers should understand key human characteristics as thoroughly as the Web 2. 0 and social media tools they employ when interacting with customers through online communities and that by keeping these human attributes in mind, marketers may foster more successful community deployments. Therefore, social media not only is impacting the consumer behavior but also helping us understand it. Internet has not only given marketers an opportunity to better understand the consumer need but it has also given consumer , myriad options of a specific product to choose from. This study by us, tries to identify the impact of social media on specific market segment and also the possible marketing strategies. INTRODUCTION Successful companies are adopting social media tools to meet an array of goals including communicating more effectively, monitoring their brands and researching perspective employees. More of them are blogging, tweeting and networking than ever before, and the trend looks like it will continue. Longitudinal data on the Inc. 500 and the Fortune 500 shows social media is fast becoming an integral part of a company’s marketing strategy and that the social media tools of choice are shifting. The internet has upended how consumers engage with brands. It is transforming the economics of marketing and making obsolete many of the functions traditional strategies and structures. For marketers, the old way of doing business is unsustainable. Consider this: Not long ago, a car buyer would methodically pare down the available choices until he arrived at the one that best met his criteria. A dealer would reel him in and make the sale. The buyers relationship with both the dealer and the manufacturer would typically dissipate after the purchase. But today, consumers are promiscuous in their brand relationships: They connect with myriad brandsthrough new media channels beyond the manufacturers and the retailers control or even knowledgeand evaluate a shifting array of them, often expanding the pool before narrowing it. After a purchase these consumers may remain aggressively engaged, publicly promoting or assailing the products theyve bought, collaborating in the brands development, and challenging and shaping their meaning. Consumers still want a clear brand promise and offerings they value. What has changed is whenat what touch pointsthey are most open to influence, and how you can interact with them at those points. In the past, marketing strategies that put the lions share of resources into building brand awareness and then opening wallets at the point of purchase worked pretty well. But touch points have changed in both number and nature, requiring a major adjustment to realign marketers strategy and budgets with where consumers are actually spending their time. The use of social media by consumer is increasing with 83% of the internet population using social media . Companies have followed suite, embracing social media as a way to market to their consumers. With more consumers and organizations using social media, the question that has yet to really be addressed is – are these companies receiving a return on their investment? With 81% of surveyed executives expecting to increase the money spent on social media projects and reduce traditional marketing, there is still little research on the effect of social media on purchasing decisions . Previous research is conflicting with some consumers leaning towards the idea that social media does influence a purchase decision and some lean away, saying that social media has little influence. Additionally, it’s important to understand if there is a difference between gender and different age groups and how social media influences these different groups when it comes to purchasing decisions. The results of this study will start addressing these questions and concerns surrounding the larger picture of social media and purchasing decisions. LITERATURE REVIEW THE ROLE OF SOCIAL MEDIA IN ONLINE CONSUMER FLOCKING Wikipedia describes social media as the online technologies and practices that people use to share opinions, insights, experiences, and perspectives with each other. Social media began with personal email communications of the early 1990’s to the current social networking communications at Twitter. com, Facebook. com, MySpace. com and Ning. om. Media itself has evolved from broadcast where audiences are assumed to be passive recipients of information and interactive which is less passive and allows for some feedback from the recipients to social where audience involvement is active and are very often co-creators of content, context, and connections. Nedelka (2008) categorizes all social media into three groups: content syndication (blogs, podcasts, videocasts) , content sharing (user-generated content, wikis, widgets, reviews) and community building (social networks, online communities). However, the context of this paper is more specific: how are group buying communities formed and what are the characteristics of the participants? These group buying communities—here on called consumer flocks—are consumer-initiated, private, user-created sites set up specifically for aggregating buyers, users, and other influencers for an e-commerce exchange. These participants of the consumer flock derive greater economic value (lower prices) than purchasing as individuals. In the past, sites such as mercata. com, accompany. com, letsbuyit. om and mobshop. com have attempted to aggregate buyers though with a professional or business profit motive. A new site, eSwarm. com, intends to provide a similar platform but was not launched as of date. While all social media provide a channel for consumer flocking, social network sites provide a powerful vehicle for consumer aggregation on the internet. The purpose of many-to-many communications is succinctly described thus: a so cial trend in which â€Å"†¦people using technologies to get the things they need from one another †¦Ã¢â‚¬  Social network sites are defined as â€Å"web-based services that allow individuals to (1) construct a public or semi-public profile within a bounded system, (2) articulate a list of other users with whom they share a connection, and (3) view and traverse their list of connections and those made by others within the system (Boyd and Ellison, 2008). Charron et al. (2006) propose that social computing will lead to the new product innovation process to shift from top-down to bottom-up, the value to the consumer will shift from ownership to experience and power will shift from institutions to communities (consumers). Based on Li and Bernoff (2008), Forrester Research Inc. is recognizing the impact social technologies have on the performance of companies and satisfying their customer by instituting awards for best practices in these categories: listening, talking, energizing, supporting, embracing, managing, and social impact. As we can see, social media impacts all stages of the consumption process, from product innovation and creation to the consumption and use experience of the consumer. FACTORS INFLUENCING THE PROPENSITY FOR CONSUMER FLOCKING There are several reasons which motivate an individual buyer to self-organize on the internet. Such factors as willingness to flock, the need for socialization, online trust and online commitment influence the individual’s propensity to flock. Further, social, structural and financial bonds drive the process of flock formation as does newly found consumer power. The higher the individually perceived economic, social or psychological value, the higher will be the consumer’s propensity for flocking on the internet. Willingness to flock is one of the most important factors that determine whether there will be a deal or not. This willingness to flock will depend on the specific product offered by the marketer to the flock and the accompanying price and may be limited to a particular size, color or technical configuration. There are several concepts from existing research streams that impact the propensity to flock. According to Klein, 2005 traditional group buying draws on the economic value created in the process for the buyer (and seller). This remains the key motivation for individual consumers to self-organize. Learning and conditioning theories (Bandura, 1977; Rescorla and Solomon, 1967) suggest that expectation of positive reinforcements and the resulting feelings of self-efficacy may induce consumers to group or flock. While the key value that individuals in an online community site derive would not be only economic in nature, the purpose of consumer flocking is to obtain enhanced economic value in the purchase transaction. Theories related to cognitive consistency (Festinger, 1957) posit that consumer flocking reduces psychological tension by providing consistency and continuity with the online group. Proposition 1: Higher level of the willingness to flock will lead to a greater propensity to flock. Literature in the areas of social groups, social exchange theory and group influence processes provide several factors influencing consumer flocking. Group socialization literature posits the need for socialization, assuming a presence of norms (Moreland and Levine, 1982), to be a driving force for an individual. Further, trust that develops between and within existing and new members in a consumer flock will encourage group socialization. Literature in the formation and continuation of reference groups address the concepts of group conformity, avoidance of conflict and affiliation through membership. The current members of a consumer flock may influence the new or potential members if these new members feel a degree of similarity with the group characteristics, values and beliefs (Merton, 1968), there is sustained interaction with others and they consider the flock’s leaders as â€Å"significant others† (Bock et al. , 1983). Network theory forwards the concepts of cohesion and homophily as drivers of network and dyad formation. Proposition 2: Higher level of group socialization will lead to a greater propensity to flock. One of the central concept in the relationship marketing literature that may be applied to the online context are online trust. In a large-scale empirical study of online trust, Bart et al. (2005) examine several types of websites and indicate the key drivers of online trust. The authors define online trust based on consumer perceptions against expectations, believability of the information and confidence in the site. For the â€Å"society and community† category—the category that comes close to our context of social media—the key drivers identified by the authors were â€Å"privacy, absence of errors and community features†. While they identify â€Å"information risk† to be a factor for such sites, we would expect social risk and psychological risk as relevant factors for social media and would impact the member’s online trust. Other research considers competence and dependability of site sponsor, security of site, and reliability as drivers of trust online. Proposition 3: Higher level of the perceived online trust will lead to a greater propensity to flock. Hsieh et al. (2005) studied the impact of social, structural and financial bonds on search, experience andcredence goods/services bought online. They found that for search goods—typically, most tangible products—financial bonds may have the greatest impact on online commitment. However, considering the context of the channel, it is expected that social bonds would play a role in the continued commitment of the participants. Literature in social psychology suggests that self-efficacy and (product) expertise would impact an individual’s motivation to join a consumer flock online. Proposition 4: Higher level of social bonds as perceived by the consumer will lead to a greater propensity to flock. The phenomenon of the shifting of consumer power on the internet has been of interest to scholars (Li and Bernoff, 2008; McConnell and Huba, 2007; Pitt et al. , 2002; Rezabakhsh et al. , 2006). Pitt et al. 2002) discuss the following trends that have increased consumer power in the internet domain: access to accurate, unbiased information; ability to talk to lots of other consumers; ability to band together with lots of other customers; heightening awareness of a firm’s shortcomings; quickly finding legal information; and talking to firms in the public domain. Rezabakhsh et al. (2006) have studied the well-accepted bases of power proposed by French and Raven (1959) to the internet context and conclude d that the expert,sanction and legitimate bases of power are the most relevant for study. When consumers perceive the organizer or lead initiator of the target website to have the qualities of expert, sanction and legitimate power they are more likely to be attracted to the site. Proposition 5: A greater perception of (i) expert, (ii) sanction and (iii) legitimate bases of power of the lead initiator of the website will lead to a greater propensity to flock. One important determinant of action by the consumer to flock is the perceived value of the transaction. Several benefits and costs that may be considered in determining the value to the consumer (and discussed earlier in the paper) include: potential for lower purchase price; price dynamics, aggregate bidding behavior and individual’s economic benefit (Kauffman and Wang, 2001); expectation of positive reinforcement (psychic benefit) or reduction of psychological tension due to cohesion and homophily (safety-in-numbers); need for socialization, group conformity and affiliation, and avoidance of conflict (social or group benefits); and search, information, communication, and coordination costs (Klein, 2005). Proposition 6: A higher perceived value of the transaction at the website will lead to a greater propensity to flock. Consumers and Social Media Social media has become a household name among organizations and society. Knowledge Networks reports that 83% of the internet population uses social media, with 47% of those using it on a weekly basis. According to the Nielsen Company, globally, consumers spent more than 5. 5 hours on social networking sites in December 2009 which is an 82% increase year-over-year, when users were spending three-plus hours on social networking sites. Facebook was the top social networking site in December, with 67% of global users visiting the site that month. In the U. S, people have continued to spend more time on social networking sites, with total minutes increasing 210% year-over-year in December 2009. Additionally, the time per person increased 143% year-over-year. Facebook and Twitter continue to lead the pack with year-over-year growth spent by U. S increasing 200% and 368%. According to a study by the Pew Research Center and contrary to how social media statistics appear, adults make up the bulk of these users on social networks in comparison to teens. Adults make up a larger portion of the population than teens, because the 35% of adults represents a higher number of users than 65% of teens. That said, younger adults in the 18-24 age group are much more likely to use social networks with 75% compared to 7% of adults 65-plus. Facebook, which recently surpassed yahoo as the second most visited website, saw its user base grow from 42 million to 103 million in 2009 which is a 144. 8% growth rate. The 35-plus age group represents more than 30% of the entire user base and the 55-plus age group grew 922. % in 2009. Social Media in Organizations Given these types of numbers, it’s no surprise that organizations have also begun to embrace social media for business. According to the 2010 Digital Marketing Outlook, 81% of executives surveyed are expecting an increase in social media projects and will be investing more money into digital projects and reducing the money spent on traditional marketing. The survey also showed that social n etworks were high on the to-do list with 45% reporting that they were a top priority in 2010. When looking at Fortune 100 companies, 54% are on Twitter, 32% have a blog and 29% have an active Facebook page. Only 17% of companies are using all three of the above social networks, with the average Fortune 100 Twitter account having 5,234 followers. The median is 674 followers. It’s not only large businesses increasing in social media use. According to a BIA/Kelsey Local Commerce Monitor study, there’s increasing interest from small and mid-size businesses putting social media to work for them. The report showed that 9% of mid-size companies use Twitter and 32% plan to use social media in the next 12 months. According to the study by Coleman-Parks Research of the importance of business social media marketing, 84% of North American companies feel they require new methods to interact with customers, including social media. The study states that companies who do not use social media do so â€Å"at their own peril,† meaning they are missing opportunities to grow and are likely to find themselves behind companies who embrace media tools. Companies who do use social media reported the following: †¢ Improved Feedback 78% †¢ Improved Customer Satisfaction 66% †¢ Improved Customer support 71% †¢ Increased Sales 40% Improved public perception of company 75% Engagement with Consumers On the other end of the spectrum, consumers are engaging with brands on social networks more. According to a 2008 Cone Business Social Media Study , 60 percent of Americans use social media and of those, 50 percent interact with companies on social media web sites. Additionally, 93 percent of social media users believe a company should have a presence in social media, and to top that off, 85 percent believe that a company should also interact with its consumers resulting in a stronger connection and being better served. A study of media use of college students confirmed that four out of every 10 college students have reported friending a brand on a social network, compare to 19 percent of adults A new study conducted by ForeSee Results of nearly 10,000 visitors to the 40 largest U. S. retail sites found that 56% of shoppers are friends, following or subscribing to a retailer on social networking sites, particularly Facebook, Twitter and YouTube. It also found that more than half of all online shoppers use Facebook, but only a quarter of the top 100 retailers by sales volume have their own presence on Facebook . Influence on Purchasing Decisions The question to be asked is- are users visiting social media sites to help make purchasing decisions? Even though 83% of the internet population participates in social media, one study reports that less than 5% of those users go to the social sites for guidance on purchasing decisions. Along with that, only 16% of the users say that they would be more likely to buy from companies that advertise on the sites. According to a Pew Internet study on adults and social network sites, social media sites are mostly used for personal networking with 89% using their online profiles to keep up with friends, 57% using their profile to make plans with friends and 49% using them to make new friends. Additionally, according to the eMarketer â€Å"Women’s Survey,† even though more than one-half of women are active in social media, 74. 8% reported not being influenced by it when it came to purchase decisions and just over one-fifth said they were somewhat influenced and only 3. 3% reported greater influence. Additionally, female internet users said they were much more likely to say online purchase decision were affected by coupons and discounts, product ratings, and online advertisements, than by online communities (Are Women Really Ignoring Social Networking, 2009). That said, an iProspect research study showed that social networking sites are influencing the purchasing decisions of a meaningful percentage of the internet users who visit them. For example, according to new data from comScore, nearly $16 billion was spent during the first 36 days of the 2009 holiday shopping season (Nov. ) which was a 3% increase versus 2008. What also was found was that 28% of shoppers said that social media influenced their purchases in 2009. A study by DEI and OTX on the impact of social media on purchasing decision showed that consumers rely on different social networking sites, as much as company websites for brand/product information. Companies that use social media in an engaging way with their cu stomers increase their likelihood of them making a purchase. Sixty percent of people reported that they pass along information they receive online in social media websites and two-thirds agreed that recommendations from other people could influence their purchase decisions. Additionally, talking with a brand representative online was shown to strong influence the purchasing decision . Companies using social media are reporting returns on investments (ROI) from using social media. Dell, who established their Twitter account over two years ago, claimed to have brought in more than $3 million from Twitter followers who clicked through their posts, to the web site, and followed through with a purchase. An Atlanta aquarium had their staff spend a minimal amount of time and resources to send out information through Facebook, MySpace and Twitter, with their efforts bringing in $42,000 – equating to 2,500 admission tickets. Yet, the aquarium admits that it’s hard to say how many people would have come without the promotion and how many came because they received a discount . Naked Pizza, an all-natural New Orleans pizza place has also generated a positive ROI due to their social media efforts. Co-founder Jeff Leach says he was able to drive 15% of his daily revenues with Twitter and of those, 90% were new customers . OBJECTIVES 1. To determine whether or not consumers are influenced to make a purchase by brands/organizations using social media 2. To determine whether gender is a factor 3. To determine whether age is a factor 4. To determine whether time spent on social networks is a factor 5. To understand the concept of â€Å"consumer flocking†. METHODOLOGY Social media use is increasing and it’s followed by a rise in the number of brands/organizations investing more time and money into marketing, advertising, and interacting with consumers via social networks. Little research has taken place on whether the time and money spent, contributes to a consumer’s decision to make a purchase. This study was undertaken to: 1. Address whether or not consumers are influenced to make a purchase by brands/organizations using social media 2. Determine whether gender is a factor 3. Determine whether age is a factor 4. Determine whether time spent on social networks is a factor Subject Selection and Description The subjects in this study were randomly asked via social networks if they would like to take an online, anonymous survey. There were no limitations as to who could take the survey. The survey addressed: - Whether the participants use social media. What social networks they use? -How much time they spend on social networks? -Whether they connect with brands on social networks? -Whether they make purchases online and how many. -Whether they interact with brands on social networks. -Whether they’ve made a purchase because of a brand on a social network. -Whether they think the brands on social networks influence purchasing decisions. -Their age group -Their gender Data Collection Procedures During the time period of 10TH OCTOBER TO 25TH OCTOBER 2011, an 11-question survey was sent electronically to 30 people via email, asking them to take the survey. Additionally, the survey was open to voluntary participants using Facebook and Twitter. The participants in the email were selected specifically target those people who may or may not use social media. The use of Facebook and Twitter was used to target those participants who do use social media. Data Analysis Data analysis included calculating percentages of responses for each question addressed. The percentages of the data will then be analyzed to determine if it’s probable that people make purchasing decision based on their interaction with a brand on social media and any significant correlations. Limitations Limitations of the study are that: 1. It was not determined whether or those answer yes to being influenced to make a purchase online because of a brand/organization being on a social network, wouldn’t have made the purchase otherwise. 2. The study does not address whether or not organizations report an increase in sales that come directly via social media. . This is partially a convenience sample and maybe not be representative of the population RESULTS During the time period of 10TH OCTOBER TO 25TH OCTOBER 2011, an 11-question survey was given to 30 participants to assess their social media usage and whether or not interacting with a brand on social media influenced a purchasing decision. The participants in the email were selected specifically target t hose people who may or may not use social media. The use of Facebook and Twitter was used to target those participants who do use social media. RESULTS USE The data showed that 28% of participants used social media for personal use only, 25% used social media for business use only and 22% used social media for personal and business use. TYPES Facebook was on top with 88% of participants, followed by 48% on You Tube, 37% on LinkedIn and Twitter and 28% on Flickr. TIME Most participants spend five hours or less using social media (51%), with 28% spending six to 10 hours, 8% spending 11-20 hours and 2% spending more than 25 hours a week. CONNECTIONS Fifty-four percent of participants are connected to brands via social media. Of those, 25% interact with brands on social media. Of those 25% that interact with brands, 20% have 14 purchased a product online or in store because of an interaction. Of that 20%, online coupons and reviews contributed to the purchases sometimes (8%), always (5%), rarely (2%), and never (8%). Also of that 20%, all of had made purchases online at least once to more than 30 purchases. Of those connected and not connected to brands, 20% of participants said that definitely yes, purchase decisions are influenced by brand interaction, 60% think probably yes, and 14% probably no. FINDINGS Given these statistics, we step back to answer some of the questions addressed in the literature review. Give the small sample size, we cannot consider these results to be representative of the population but they do lead to the following conclusions: We can consider it to be true that consumers’ purchasing decisions can be influenced by their interaction with brands via social media, given that 20% of the 54% of participants that interacted with brands have made a purchase because of that interaction. We can consider it to be true that purchasing decisions influenced by brands may or may not be also influenced by online coupons or reviews. When it came to think about whether others’ purchasing decision are influenced by brands, 60% said it’s probable, while 20% said it’s likely. There was no distinct correlation between those who said it was probable and those that actually made a purchase because of the interaction. Age and gender may or may not be a contributing factor. The correlations were not significant. It’s probable that the more time spent on social networks, the more likely a consumer is to be influenced by a purchasing decision given that of the 20% that made a purchase, 8% spent 6 to 10 hours and 8% spent 11 to 20 hours on social networks. Additionally, all of those that were influenced to make a purchasing decision used Facebook. Further research from a representative sample will need to be completed to more deeply understand what exactly in the interaction with the brand is affecting a consumer’s purchasing decision including the types of interactions, larger demographic samples, and focus groups to discuss the nature of purchasing decisions and whether these purchases would have taken place 16 regardless of the participation. Future research will also have to be done from the analytics side of a company, for example, how many people came in from a social media site and made a purchase. APPENDIX Social Media Survey 1. Do you currently use social media tools? Yes for personal use only Yes for business use only Yes for personal and business use No (skip to question 9) 2. If yes, which social media tools do you use? (check all that apply) Facebook Twitter MySpace Linkedin Flickr You Tube Technorati Digg Delicious Other, please specify 3. On average, how much time do you spend per week using social media tools? 0 5 hours 10 hours 11 20 hours 25+ hours 4. Are you connected to any brands/organizations on social networks? (e. g. Being a Facebook fan of Pepsi or following airlines on Twitter) Yes No (skip to question 6) 5. Do you interact with brands/organizations on social networks? Yes No 6. On average, how many online purchases do you make per year? I dont buy online 1 5 6 10 11 20 21 3025 31+ 7. Have yo u purchased a product online or in-store because of your interaction with a brand/organization on a social network? Yes No (skip to question 9) I dont interact with brands/organizations (skip to question 9) . As part of that interaction that led to a purchase, did coupons or online reviews from others contribute to your purchasing decision(s)? Yes, always Yes, sometimes Yes, rarely No, never 9. Do you think that a brand/organization being on a social network influences the purchasing decisions of others? Definitely Yes Probably Yes Definitely No Probably No 10. Gender Male Female 11. Age Under 18 18 25 26 31 32 40 41 50 51+ CONCLUSION In conclusion, from the research we can consider the following items to be true: From the research, we can consider that the following items might or might not be true: Although it’s possible that feedback, customer satisfaction, and public perception are results of social media use by organizations, does the fact that they are using it via social media translate to a sale that might have not happened otherwise. Are organizations clearly investigating their social media ROI versus traditional ROI? This research study seeks to answer some of the above questions including: Are consumers influenced by a purchase solely because the brand is using social media, not necessarily if they are engaging with the chosen tool? Is age or gender a factor in the influence of social media and purchase decisions? Are consumers more likely to buy if influenced with a coupon via a social site, in comparison to a coupon offered elsewhere (direct mail)? Are consumers more likely to purchase a product if a brand is providing product information via a social network? RECOMMENDATIONS For years, marketers assumed that consumers started with a large number of potential brands in mind and methodically winnowed their choices until theyd decided which one to buy. After purchase, their relationship with the brand typically focused on the use of the product or service itself. [pic]. NOW THE CONSUMER DECISION JOURNEY New research shows that rather than systematically narrowing their choices, consumers add and subtract brands from a group under consideration during an extended evaluation phase. After purchase, they often enter into an open-ended relationship with the brand, sharing their experience with it online. [pic]. Consider Buy Marketers often overemphasize the consider and buy stages of the journey, allocating more resources than they should to building awareness through advertising and encouraging purchase with retail promotions. Evaluate Advocate New media make the evaluate and advocate stages increasingly relevant. Marketing investments that help consumers navigate the evaluation process and then spread positive word of mouth about the brands they choose can be as important as building awareness and driving purchase. Bond If consumers bond with a brand is strong enough, they repurchase it without cycling through the earlier decision-journey stages. By David C. Edelman David C. Edelman ([emailprotected] com) is a coleader of McKinsey Companys Global Digital Marketing Strategy practice. Idea in Brief Consumers today connect with brands in fundamentally new ways, often through media channels that are beyond manufacturers and retailers control. That means traditional marketing strategies must be redesigned to accord with how brand relationships have changed. Once, a shopper would systematically winnow his brand choices to arrive at a final selection and complete his engagement by making a purchase. Now, relying heavily on digital interactions, he evaluates a shifting array of options and remains engaged with the brand through social media after a purchase. Smart marketers will study this consumer decision journey for their products and use the insights they gain to revise strategy, media spend, and organizational roles. Block That Metaphor Marketers have long used the famous funnel metaphor to think about touch points: Consumers would start at the wide end of the funnel with many brands in mind and narrow them down to a final choice. Companies have traditionally used paid-media push marketing at a few well-defined points along the funnel to build awareness, drive consideration, and ultimately inspire purchase. But the metaphor fails to capture the shifting nature of consumer engagement. In the June 2009 issue of McKinsey Quarterly, my colleague David Court and three coauthors introduced a more nuanced view of how consumers engage with brands: the consumer decision journey (CDJ). They developed their model from a study of the purchase decisions of nearly 20,000 consumers across five industriesautomobiles, skin care, insurance, consumer electronics, and mobile telecomand three continents. Their research revealed that far from systematically narrowing their choices, todays consumers take a much more iterative and less reductive journey of four stages: consider, evaluate, buy, and enjoy, advocate, bond. CONSIDER. The journey begins with the consumers top-of-mind consideration set: products or brands assembled from exposure to ads or store displays, an encounter at a friends house, or other stimuli. In the funnel model, the consider stage contains the largest number of brands; but todays consumers, assaulted by media and awash in choices, often reduce the number of products they consider at the outset. EVALUATE. The initial consideration set frequently expands as consumers seek input from peers, reviewers, retailers, and the brand and its competitors. Typically, theyll add new brands to the set and discard some of the originals as they learn more and their selection criteria shift. Their outreach to marketers and other sources of information is much more likely to shape their ensuing choices than marketers push to persuade them. BUY. Increasingly, consumers put off a purchase decision until theyre actually in a storeand, as well see, they may be easily dissuaded at that point. Thus point of purchasewhich exploits placement, packaging, availability, pricing, and sales interactionsis an ever more powerful touch point. ENJOY, ADVOCATE, BOND. After purchase, a deeper connection begins as the consumer interacts with the product and with new online touch points. More than 60% of consumers of facial skin care products, my McKinsey colleagues found, conduct online research about the products after purchasea touch point entirely missing from the funnel. When consumers are pleased with a purchase, theyll advocate for it by word of mouth, creating fodder for the evaluations of others and invigorating a brands potential. Of course, if a consumer is disappointed by the brand, she may sever ties with itor worse. But if the bond becomes strong enough, shell enter an enjoy-advocate-buy loop that skips the consider and evaluate stages entirely. LIMITATIONS OF THE STUDY The limitations of this study are: 1. There is a short time-frame allowing for only one survey, test period and a small number of those surveyed. 2. There is not enough long-term research on behalf of organizations to track the possible purchase influence. 3. This study will not track actual purchases. Results will be based upon survey results. 4. This study will not take into account how organizations are using social media, and if they are using it as effectively as possible. Methodology Data will be obtained through the use of an online survey. REFERENCES 1. JOURNAL OF ACADEMY OF BUSINESS AND ECONOMICS, Volume 9, Number 3, 2009 2. September 2010 Journal OF Advertising Research. 3. May 2009 Harvard Business Review and Harvard Business Publishing Newsletter content on EBSCOhost 4. Wikipedia

10 Opinion Essay Topics on the History of Architecture

10 Opinion Essay Topics on the History of Architecture A discussion on the history of architecture is one that attempts to trace the tenets, regions and reasons that played a part in shaping what we regard as the field of architecture today. Therefore, when writing an opinion piece on architectural history, the use of facts, figures and landmark case studies is important to the development of your essay. In this article, some interesting facts on the history of architecture will be shared to help students and even aspiring novelist truly understand the factors that drove man into creating stable structures for diverse human and animal use. Architecture as we know it began in the Neolithic Era. Cultural studies backed up by excavated ancient dwellings pin-point the Neolithic era, approximately around 10,000 BC, as the period in which man began to make architectural structures using a combination of wood and stone. The next architectural innovation occurred around 3,000 BC in Mesopotamia and this was the development of bricks from mud for the construction of buildings. Ancient architecture was heavily influenced by religion. In ancient Egypt as well as other early societies, the belief in a series of omnipotent gods was present and these societies attempted to garner favour from their gods by building architectural monuments in their honour. Thus the most important buildings and architectural feats of the ancient worlds were usually testaments to the gods. The roman architectural revolution is the most important influence on modern architecture. The Roman architectural revolution otherwise known as the concrete revolution involved the concept of urban planning, the use of concrete and the creation of structures such as arches, vaults and domes for the first time. These new phenomenon ended up been passed through generations and are still been put to use in the modern architectural age. During the Roman architectural revolution, amphitheatres, aqueducts, dams and harbours were conceived and built for the first time. Persian architecture influenced Islamic architecture. The Persian Empire- with its capital located in modern day Iran- has been accredited as one of the cradles of civilization by UNESCO. In terms of architecture, the Islamic architecture of modern day Iran draws a majority of its inspiration from its pre-Islamic history dominated by Persia. The periods of the Parthians and Sassanid rule led to architectural revolutions such as the use of barrel-vaulted chambers, domes and tall columns to design regal buildings. These innovations can be seen in a majority of the great mosques that have been built in Asia. Chinese Architecture was influenced by the Chinese Culture and remains unchanged. The Chinese culture has largely influenced its architecture for over 4,000 years. The use of bilateral symmetry which represents balance dominates Chinese architecture. Unsurprisingly, this architectural style has gone on to influence architecture in most of Eastern Asia for the last 2,000 years. With Korean, Japanese and Vietnamese architecture taking their inspiration from Chinese architectural styles, patterns and designs. Although western influences continue to seep into the Chinese culture, its architectural patterns still remain unchanged. The Incan culture and architecture is credited for building the first suspension bridges. The Incas became the predominant tribe in South America due to a combination of reasons and an extensive road system was one of them. The Inca rope bridges which were used to cross valleys can be considered as the world’s first suspension bridges. The Incas were also known to be skilled stone cutters whose masonry used no mortar to keep structures standing together. Medieval architecture was generally built for defence. Medieval architecture were the building patterns common in medieval Europe and the surviving structures from that period showed that defending oneself from enemies played an important role in defining its architecture. Architecture from this period are characterised by castles fortified walls, battlements and cross-shaped windows which all served as both defensive and offensive shelters against invaders. Gothic architecture emphasis on verticality and was inspired by religion. The Gothic architectural style was founded in France during the 11th and 12th century. It heralded the use of pointed arches, flying buttresses, clustered columns, skeletal stone structures and glass to build beautiful cathedrals. These advances in architecture led communities all over Europe to build taller cathedrals than what was previously seen in the pre-roman era. To achieve this, architects in the gothic era made use of all spires, columns and arches to elongate gothic structures. The Italians are credited as the fathers of renaissance architecture. In architecture, the renaissance refers to the Italian renaissance which occurred in the 14th century and was revolutionary due to its emphasis on ‘perspective’ rather than geometry to the building of structures. The focus on perspective allowed people to experience architecture through a new understanding of space and the projection of images. The Italian renaissance quickly spread across Europe and by the 16th century had influenced the architectural styles of the entire continent. The Aksumite style influenced early African architecture. African architecture has been diverse through the years from Ancient Egypt to Ethiopia and although religion played a huge role in defining ancient Egyptian architecture, the Aksumite culture also played a huge role in defining other African architecture. Aksumite architecture was prevalent in Ethiopia and it made use of wood and stone alternatively to build masterpieces. By the 8th century, multi-storey towers had been built in Africa due to Aksumite architectural advancements. Over the years, colonial architecture became the prevalent force in African architecture and this lead to the incorporation of European and Arabic influences into African architecture. Here we come to the end of the 10 interesting facts on the history of architecture which can be used as the basis of your opinion essay. For further reading, it is recommended that you go through other supporting materials on writing an essay such as 20 topics for an opinion essay on the history of architecture as well as a simple guide on writing a solid opinion essay on the history of architecture. References: Tournikiotis, P. (1999). The Historiography of Modern Architecture. 1st ed. Cambridge, Mass. Di Castro, A. Hope, C. Parr, B. (n.d.). Housing and Habitat in the Ancient Mediterranean. Schneider, T. (2011). An Introduction to Ancient Mesopotamian Religion. 1st ed. Grand Rapids, Mich. Roberts, E. (1977). Moulding Analysis and Architectural Research: The Late Middle Ages. Architectural History, 20, p.5. Murray, P. Murray, L. (1996). The Oxford Companion to Christian Art and Architecture. 1st ed. Oxford: New York. Gà ¼leà §, A. and Tulun, T. (1996). Studies of Old Mortars and Plasters from the Roman, Byzantine, and Ottoman Period of Anatolia. Architectural Science Review, 39(1), pp.3-13. Newman, J. (1992). Inigo Joness Architectural Education before 1614. Architectural History, 35, p.18.

Learn About the History of Life Savers Candy

Learn About the History of Life Savers Candy In 1912, chocolate manufacturer Clarence Crane (Cleveland,  Ohio) invented Life Savers as a â€Å"summer candy† that could withstand heat better than chocolate. Since the mints looked like miniature life preservers, he called them Life Savers.  Crane did not have space  or machinery to make them so he contracted with a pill manufacturer to press the mints into shape. Edward Noble After registering the trademark, in 1913, Crane sold the rights to the peppermint candy to Edward Noble of New York for $2,900. Noble started his own candy company, creating tin-foil wrappers to keep the mints fresh, instead of cardboard rolls. Pep-O-Mint was the first Life Saver flavor. Since then, many different flavors of Life Savers have been produced. The five-flavor roll first appeared in 1935. The ton-foil-wrapping process was completed by hand until 1919 when machinery was developed by Edward Nobles brother, Robert Peckham Noble, to streamline the process.  Robert was a Purdue-educated  engineer. He took his younger brothers entrepreneurial vision and designed and built the manufacturing facilities needed to expand the company. The primary manufacturing plant for Life Savers was located in  Port Chester, New York. Robert led the company as its chief executive officer  and primary shareholder for more than 40 years, until selling the company in the late 1950s. By 1919, six other flavors (Wint-O-Green, Cl-O-ve, Lic-O-Rice, Cinn-O-Mon, Vi-O-Let, and Choc-O-Late) had been created, and these remained the standard flavors until the late 1920s. In 1920, a new flavor called Malt-O-Milk was introduced. This flavor was not received well by the public and was discontinued after only a few years.  In 1925, the tinfoil was replaced with  aluminum foil. Fruit Drops In 1921, the company began to produce solid fruit drops. In 1925, technology improved to allow a hole in the center of the fruity Life Saver. These were introduced as the fruit drop with the hole and came in three fruit flavors,  each packaged in their own separate rolls. These new flavors quickly became popular with the public. More flavors were quickly introduced. In 1935, the classic Five-Flavor rolls were introduced, offering a selection of five different flavors (pineapple, lime, orange, cherry, and lemon) in each roll.  This flavor lineup was unchanged for nearly 70 years, until 2003, when three of the flavors were replaced in the United States, making the rolls pineapple, cherry, raspberry, watermelon, and blackberry.  However, orange was subsequently reintroduced and blackberry was dropped. The original five-flavor lineup is still sold in Canada.   Nabisco In 1981,  Nabisco  Brands Inc. acquired Life Savers. Nabisco introduced a new cinnamon flavor (Hot Cin-O-Mon) as a clear fruit drop type candy. In 2004, the US Life Savers business was acquired by  Wrigleys. Wrigleys introduced two new mint flavors (for the first time in more than 60 years) in 2006: Orange Mint and Sweet Mint. They also revived some of the early mint flavors (such as Wint-O-Green). Life Savers production was based in  Holland, Michigan, until 2002 when it was moved to  Montreal,  Quà ©bec,  Canada.

Report on EasyJet Coursework Example | Topics and Well Written Essays - 1000 words

Report on EasyJet - Coursework Example EasyJet also acknowledges and supports talent among the large workforce through promoting employee skill development. The motive revolves around the creation of a people strategy to expand connections between employees with unique skills. As such, the human resource department transferred employees from Madrid to other bases to enhance efficient operation. Additionally, the company offers flexible contracts for the involved cabin crew and pilots. The scheme also entails permanent signing of the existing workforce under the same flexible contracts. The additional services offered by the airline company to new recruits are also a significant motivational approach (Adeyemi, 2013). The services include hiring retired pilot servicemen seeking employment in the company. The company extends the hiring process to offer additional training through an exchange program with experienced pilots on the ground. Other motivational services offered include the refurbishment of employee facilities suc h as the showers and restraint facilities. The airlines move to build a strong relationship between the employees, and the managers are significant in boosting employee job security. The approach ensures that the employees feel respected while working in the airline. The compliance aspect originates from the free communication between the appointed managers and the employees. Secondly, the provision of expected operating guidelines is significant for directing the employees on the expected codes of ethics (Anderson, 2014). Additionally, the employees are aware of the airlines demand and system of operations. Such moves enhance employee understanding that maximizes the eventual performance. Another significant evaluation of the company’s approach is evident through the introduction of a high-performance tradition. The company policy enables an employee to work effectively given the end rewards from

High-Performing Teams Assignment Example | Topics and Well Written Essays - 500 words

High-Performing Teams - Assignment Example A person in leadership needs to constantly adapt to the dynamic nature of reality. Also, a leader needs to be flexible enough to handle change. Accepting and working with change helps a leader to ultimately learn from the adjustments. It teaches one to keep aiming for the goals, even when faced with detours and delays. Being flexible also helps in changing a leader’s own behavior in case he or she is the one that is derailing progress (Lencioni, 2002). Leaders who derail in their managerial career have three characteristics in common. The first characteristic is having difficulty in changing or adapting. Many leaders occasionally lack the change skills for leadership and change implementation. In many cases, they lack the skill of being flexible. They are unable to get used to the culture of the organization. Secondly, some leaders derail in leadership due to problems with interpersonal relations. Those leaders who do not have interpersonal tend to be abrasive, insensitive and intimidating in their style of leadership. In some cases, they are arrogant and aloof. In addition, such leaders do not have good interpersonal communication which is a big skill deficiency that affects others (Yukl, 2010). The last trait is inability to build and lead a team and not meeting organizational objectives. Many leaders are unable to build a good team due to poor staffing ability. Failure to meet organizational goal may lead to the collapse of such organizations. 2. How might a leader influence the culture of an organization? How important is the leaders style in changing the culture? How may that influence and the resulting culture be shaped to create an organization that embraces regular organizational change and innovation? Secondly, the leader needs to be the role model for his or her values. Inconsistencies between daily actions of leaders and the purported values of the organization erode the

Comparison of the Fantasies and Daydreams of Michael and Walter Mitty Essay Example for Free

Comparison of the Fantasies and Daydreams of Michael and Walter Mitty Essay Michael and Walter Mitty are two men who use fantasies and daydreams to escape from their unhappy lives. They both use them to improve their own experience. Both men are seen as weak, seen as failures by the rest of the world. They both are in denial. Walter Mittys fantasies stem from boredom and are used to boost his self-esteem. I never see a man could hold his brandy like you, sir. In his fantasies, he plays the character of someone superior, a rebel, or a lifesaver, such as a Commander, a doctor, a criminal, or a Captain. The complete opposite of who he is, a nobody. He changes himself completely because he is unhappy with who he is as a person. Walter is not as clever as his characters; Coreopsis has set in. When Walter says this, he thinks he is sounding clever as he is performing an operation but he is not bright because coreopsis is a flower. Michael needs his fantasies to survive desperate situations. He is lonely I am not an attractive companion and has no job. Michael uses his fantasies to deny his situation, to have something he doesnt have in real life. He imagines a family, a successful business, and a large house. These are not unrealistic dreams, they could have happened, but in Michaels case they did not. My Castle is not a splendid place, but it is very comfortable, and it has a warm and cheerful air, and it is quite a picture of Home. Michael cares more about the people there, his family, and his perception of home than material comforts. I have enough and am above all moderate wants and anxieties. Walter is married and feels smothered by his wife who hassles him and feels there is something wrong with him for losing himself in his fantasies. Its one of your days. I wish youd let Dr Renshaw check you over. This may anger and annoy him, which pushes him even further into his fantasies. He never involves her in his daydreams, which suggests that he is not close to her and would rather be alone. Michael almost had a happy marriage but Christiana betrayed him. After her he had no other partner and is lonely, he wants a family. Walter feels inferior to other men. Theyre so damn cockyThey think they know everything. Walter tries to do a man thing by taking the chains off his own car, but fails. When he sees a young, grinning man take them off easily he feels annoyed that he, himself cannot. In his fantasies, he is a strong man, or a smart man. He uses his fantasies to deny his personality. Michaels fantasy starts when he is asked to start a story to entertain his relations but from the depth, length, detail and thought gone into this dream, we know he has thought about this many times before. Walters are triggered by certain pictures or situations. Driving his car triggers a fantasy involving a Navy plane, a hospital triggers him into a doctor, and the Waterbury trial triggers a trial situation where he is a gun-shooting criminal. Pictures of bombing planes and ruined streets trigger a pilot fantasy. Michaels dreams are set in his castle, his home. The scene does not change. I reside, mostly, in a Castle. Walters are set in different locations, on different levels, the ground, and in the air, hurtling eight-engined Navy hydroplane in the courtroom and door of the dugout. This suggests Walter wanted to be as far away, from where he is now as possible. Michaels fantasies are about family, about others. About who he wishes he could be with, his grandchildren, children, wife and his business partner and his family. About closeness with friends and family. It is very pleasant of an evening, when we are all assembled together which frequently happens. Walters revolve around himself. What he does, how he saves people or places and in one dream about what he has done to another person. Michaels could have happened if it wasnt for decisions made by two people, Christiana and his business partner. Walters are pure fantasy, which get facts and words wrong. Michaels and Walters fantasies are an escape from their humdrum lives to a happier place where they would rather be.

The Russian Revolution at the Kronstadt Navel Base Essay -- European E

The Russian Revolution at the Kronstadt Navel Base Most popular uprisings in recent history have been characterized by a brief period of incredible potential and hope, only to collapse in failure and despair. Even the supposedly 'successful' Russian Revolution of 1917 followed this pattern. Revolutionaries threw off centuries of imperial rule and oppression in order to create a new world of freedom, peace and equality... only to end up with Stalin, purges, gulags, dekulakization - and ultimately decades of Bolshevik1 rule and oppression. Although it can sometimes be disheartening to review this long history of failure and oppression, valuable insights can be gained by investigating these past revolutions. The achievements and promise of the revolutionaries can be studied and their strengths marked. The weaknesses that led to their eventual defeat and decay must also be understood, so that the same mistakes are not made again. This article will address these themes in the context of the Russian Revolution at the Kronstadt navel base.2 Kronstadt deserves special attention for several reasons. The workers, soldiers and sailors at Kronstadt used the Revolution to build "a bustling, self-governing, egalitarian and highly politicized Soviet democracy, the like of which had not been seen in Europe since the days of the Paris Commune."3 This was the great promise of Kronstadt, which Trotsky praised as "the pride and glory of the Russian Revolution."4 Nowhere in Russia, however, was the failure of the revolution so dramatically illustrated as at Kronstadt. After the Bolsheviks consolidated their control of the base in mid-1918, Kronstadt made one last "desperate attempt to restore and reactivate its radical Soviet democracy."5 This... ...or illegally celebrating May Day. 13. Quoted in Getzler, Kronstadt 1917 - 1921 , 18. 14. Ibid., 22 - 26. 15. Ibid., 23 - 24. 16. Ibid., 246 - 247. 17. Ibid., 22 - 24. 18. Ibid., 248. 19. Ibid., 49. 20. Ibid., 36 - 37. 21. Ibid., 42, 254. 22. Ibid., 50, 36. 23. Ibid., 251. 24. Ibid., 58. 25. Ibid., 119. 26. Ibid., 181, 250. 27. Ibid., 186 - 187. 28. Ibid., 188. 29. Ibid., 190 - 191. 30. Ibid., 202. 31. Ibid., ix. 32. Ibid., 204. 33. Avrich, Kronstadt 1921, 78 - 81. 34. Ibid., 75 - 76. 35. Ibid., 5. 36. See, for instance, David Schaich, Kronstadt 1921: An Analysis of Bolshevik Propaganda (Unpublished, 2001), http://halogen.note.amherst.edu/~daschaich/writings/academic/kronstadt1921.html 37. Figes, A People's Tragedy, 768. 38. Avrich, Kronstadt 1921, 3. 39. Ibid., 229. 40. Getzler, Kronstadt 1917 - 1921, 46. 41. Ibid., 246. 42. Ibid., 252.

Healthy Combination

Seniority plays an indispensable role in the military. Rank is highly important because their efficiency of getting things done depends on fast commands corresponding fast implementation. That is why leadership here is very crucial. One does not easily get promoted or get his own ship to command. Despite the fact that everyone already looks up to you and no matter how worked yourself off, these simply aren’t enough. 1 Like what The Captain said to Lt.Tyler, one has to â€Å"be able to make hard decisions based on imperative information asking men to carry out orders that result to their deaths. † Because the true test of being a soldier-leader is not only willingness to lay his own life on the line for his men, not only his bravery, but his strength to have to lay someone else’s life for the crew, for the mission and then, at the end of the day, having to pay for its consequences. In U-571 (2000), maybe the character that noticeably best depicted being an astound ing leader and, at the same time a follower, is The Chief.Being somewhat a middleman between the new Captain and the crew, during their battle with the Nazis, Chief, in his years in combat, was able to successfully be a good leader and follower whenever the times demanded it of him. Some of the crewmen might have thought that, when The Captain died when the S33 was blown up, The Chief was the one that should take command instead of the much younger Lt. Tyler. Once, a crew member kept saying â€Å"†¦this is crazy, this is crazy†¦ he’s gonna get us killed†¦Ã¢â‚¬  to the idea that Lt. Tyler didn’t want to use the Nazi’s Enigma to radio for help. The Chief said, â€Å"Navy said it’s more important than you, him, me—fine. We’re gonna die trying. That ain’t crazy. That’s our job. † The stubborn crewman responds with â€Å"what I don’t seem to understand Chief, is how come you’re not in-charge. à ¢â‚¬  In the middle of his blabbering on about ____________________ 1. Military Rank. [2004]. Retrieved July 29, 2008 from http://www. militaryspot. com/military-rank. htm 1why Tyler shouldn’t be in command, The Chief suddenly grabbed hold of his shirt and held him by the neck. â€Å"Lt. Tyler is your commanding officer and you will respect that man as such. † In this particular scene, The Chief was a leader in a sense that he recognizes when a crewman needs some straightening up and, also he is a very good follower in a sense that he defended the superior being insulted at the back. At these moments, he displayed glory when he was effortlessly able to go over the praises, and get down to serious business.His principles are unwavering, unconditional. Attitude such as these give a command consistency and action in highly unfavorable situations such as battlefields. Contrary to conventional point of view, being a follower and a leader seems to be much more of a role pla yed in an interrelated way than a role as played in completely opposite ways. Yes, one cannot be a leader without being a follower and following cannot be without leading. To be able to fully understand one, one has to understand the other, or both will not stand.One cannot exist without the other; they complete each other. In the context of this film, or life in general for that matter, it is impossible to discuss leadership without discussing followership, and vice versa. 2 This concept can be seen in the persona of the Chief. The concept of leadership and followership is healthily embedded in The Chief’s heart and mind, and through this, he is able to contribute significantly to the welfare of the crew and the accomplishment of the mission. If too many soldiers were to lack this, it will â€Å"kill a crew.† Doubt is a given when there are high risks involved. Playing with the lives of men is never easy. There are a lot of gray areas, areas where a soldier is confron ted with dilemmas. The Chief experienced this at 160 meters below water surface. Despite the risks involved The _____________________ 2. Lt Col Sharon M. Latour and Lt Col Vicki J. Rast, â€Å"Dynamic Followership,† (2004) Retrieved July 29, 2008 from http://www. govleaders. org/dynamic_followership. htm. Chief followed Lt. Tyler to dive the extra meters. If Lt.Tyler made a mistake in his calculations or estimations, they all could’ve drowned when the submarine barely held itself together under the pressure of 200 meters underwater. But they were lucky. What seemed to be wrong turned out to be right. In reality, perhaps it is much harder to choose. A young enlisted officer also came to this situation, where his ability to follow was thinning. Lt. Tyler had to order him to swim under the flooded pipes and tighten those that need tightening so that a torpedo can be launched.Obeying might kill him and not obeying might kill the crew. This time though, it wasn’t as happy an ending as The Chief’s was when he followed orders. The kid drowned. They were able to beat the enemy but they sacrificed a life. There are no clear lines as to which extents will a soldier follow or not. There are no set qualifications as to who must go first. Maybe there never will. But one thing is clear, leading or following, the sake of the crew as a whole must be put first before an individual’s, the country’s first before the self. ____________________1. Lt Col Sharon M. Latour and Lt Col Vicki J. Rast, â€Å"Dynamic Followership,† (2004) Retrieved July 29, 2008 from http://www. govleaders. org/dynamic_followership. htm. 2. Military Rank. [2004]. Retrieved July 29, 2008 from http://www. militaryspot. com/military-rank. htm BIBLIOGRAPHY Lt Col Latour, Sharon M. and Lt Col Rast, Vicki J. Dynamic Followership. Retrieved July 29, 2008 from http://www. govleaders. org/dynamic_followership. htm, 2004. Military Rank. Retrieved July 29, 2008 from h ttp://www. militaryspot. com/military-rank. htm, 2004.