Narrative of the Captivity and Restoration of Mrs. Mary...

Narrative of the Captivity and Restoration of Mrs. Mary Rowlandson From the violent and brutal clash between Indians [1], and British colonists in Massachusetts during King Philips War (1675-6) grew a new literary genre. After their redemption, some colonists who had been prisoners of the Indians wrote autobiographical accounts of their experiences. These captivity narratives developed a large audience, and interest in the narratives continued into the nineteenth century.[2] After her capture and redemption, Mary Rowlandson published what some historians call Americas first best seller, entitled Narrative Of the Captivity and Restoratio;t of Mrs. Mary Rowlandson.[3] Through her use of scripture and portrayal of the relationship†¦show more content†¦... wee shall be as a citty upon a hill. The eies of all people are uppon us.[6] Winthrop believed that the Puritans had a duty tc) fulfill their covenant with God bv serving as an example of an ideal Christian community to the world. In return, God would protect his chosen people. In Gods Promis e to His Plantations, John Cotton, one of Winthrops contemporaries, explained that what hee [God] hath planted he will maintain ... his owne plantation shall prosper, flourish. Cotton urged Puritans to Have speciall care that you have had the ordinances [of God] planted amongst you, because As soon as Gods ordinances cease, yor security ceaseth likewise.[7] Cotton warned his fellow Puritans that breaking the covenant with God would result in a loss of his protection for his chosen. By quoting the scriptural story of Joseph, Rowlaridson illustrated her belief that the Puritans were the chosen people of God. When pondering the timely attack of the Indians on Lancaster, which took place shortly after the troops protecting the town left for want of provisions, she wrote that God orders all things for his holy ends: Shall there be evil in the city find the Lord hath not done it? They are not grieved for the affliction of Joseph; there fore they shall go captive with the first that go captive. It is Lords doing and it should be marvelous in our eyes.[8] God punished JosephsShow MoreRelatedA Narrative of the Captivity and Restoration of Mrs. Mary Rowlandson, by Mary Rowlandson1483 Words   |  6 Pages â€Å"A Narrative of the Captivity and Restoration of Mrs. Mary Rowlandson† by Mary Rowlandson is a short history about her personal experience in captivity among the Wampanoag Indian tribe. On the one hand, Mary Rowlandson endures many hardships and derogatory encounters. However, she manages to show her superior status to everyone around her. She clearly shows how her time spent under captivity frequently correlates with the lessons taught in the Bible. Even though, the colonists possibly murderedRead More A Narrative of the Captivity and Restoration of Mrs. Mary Rowlandson944 Words   |  4 PagesThe Pressure to Assimilate in Mary Rowlandson’s A Narrative of the Captivity and Restoration of Mrs. Mary Rowlandson There are times when assimilation is not a choice but rather something is forced. In circumstances such as being taken hostage, the ability to survive must come at the price of assimilating ones own customs into another lifestyle. In February of 1675 the Native Americans who were at war with the Puritans obtained hostage Mary Rowlandson of the Plymouth colony. During this timeRead MoreThe Narrative Of The Captivity And The Restoration Of Mrs. Mary Rowlandson1422 Words   |  6 Pagesof twenty-four people. Mary Rowlandson was among these captives, and the resulting captivity narrative, titled The Narrative of the Captivity and the Restoration of Mrs. Mary Rowlandson, published in 1682, is formed based on her memory. Rowlandson’s captivity narrative carried great significance in that it came to be used as a didactic Jeremiad, leading its Calvinist audience back towards God’s path and away from an allegorical wilderness. As a devout Calvinist, Rowlandson believes that her journeyRead MoreThe Narrative of the Captivity and Restoration of Mrs. Mary Rowlandson1600 Words   |  7 PagesThe Narrative of the Captivity and Restoration of Mrs. Mary Rowlandson reveals that the ghastly depiction of the Indian religion (or what Rowlandson perceives as a lack of religion) in the narrative is directly related to the ideologies of her Puritan upbringing. Furthermore, Rowlandsons experiences in captivity and encounter with the new, or Other religion of the Indians cause her rethink, and question her past; her experiences do not however cause her to redirect her life or change her idealsRead MoreA Narrative Of The Captivity And Restoration Of Mrs. Mary Rowlandson1042 Words   |  5 Pages â€Å"Incidents in the Life of a Slave Girl† and â€Å"A Narrative of the Captivity and Restoration of Mrs. Mary Rowlandson† are both nonfiction narratives that describe the struggles of women in some form of captivity. The similarities between these two texts are in some ways incredibly obvious, for instance they are both written in the first person from the perspective of marginalized women struggling to merely survive. â€Å"Incidents in the Life of a Slave Girl† specifically deals with the extreme level ofRead MoreThe Narrative Of The Captivity And Restoration Of Mrs. Mary Rowlandson1031 Words   |  5 PagesMary Rowlandson Captivity and Spiritual Freedom The Narrative of the Captivity and Restoration of Mrs. Mary Rowlandson, or also known as The Sovereignty and Goodness of God, written by Mary Rowlandson is a powerful captivity narrative. Mary Rowlandson gives a first person perspective about her experience of being held captive during King Phillip’s War. Rowlandson lost everything by an Indian attack on her town. The Indian’s over took the town of Lancaster, catching homes on fire, killing and capturingRead MoreA Narrative Of The Captivity And Restoration Of Mrs. Mary Rowlandson982 Words   |  4 PagesA Narrative of the Captivity and Restoration of Mrs. Mary Rowlandson The life one treasures and takes for granted today can be so easily erased in the blink of an eye and gone tomorrow. Therefore, not only is it important to cherish how one lives for today and now, but it’s also important to how one can overcome the misfortunes and hardships they may suffer; tragedy can make a person or break a person. Mary Rowlandson’s experience during her eleven weeks of captivity as documented in â€Å"A NarrativeRead MoreA Narrative On The Captivity And Restoration Of Mrs. Mary Rowlandson1670 Words   |  7 Pageswriting about the historical context of Mary Rowlandson’s, â€Å"A Narrative on the Captivity and Restoration of Mrs. Mary Rowlandson.† I am going to look at the entire historical background of Rowlandson’s narrative. The way I am going to explore this is how the readers back then would have interpreted Roland’s reference to Biblical verses, and her questioning of God’s role during her captivity. I pl an on using at least 2 sources for this assignment. Mary White Rowlandson was a colonial woman in America whoRead MoreThe Narrative Of The Captivity And Restoration Of Mrs. Mary Rowlandson1603 Words   |  7 PagesThe Narrative of the Captivity and Restoration of Mrs. Mary Rowlandson reveals that the ghastly depiction of the Indian religion (or what Rowlandson perceives as a lack of religion) in the narrative is directly related to the ideologies of her Puritan upbringing. Furthermore, Rowlandsons experiences in captivity and encounter with the new, or Other religion of the Indians cause her rethink, and question her past; her experiences do not however cause her to redirect her life or change her idealsRead MoreThe Narrative Of The Captivity And Restoration Of Mrs. Mary Rowlandson1245 Words   |  5 Pagesof a captivity narrative, Mary Rowlandson’s memoir, â€Å"The Narrative of the Captivity and Restoration of Mrs. Mary Rowlandson†, accurately reflects the respective formatting by which a subject is taken captive, d escribes the treatment and conditions of their stay, and dictates their hope of being rescued by means of divine intervention. Whilst Rowlandson’s narrative follows the correct standards of a captivity narrative throughout the time given with each â€Å"remove†, â€Å"The Interesting Narrative of the

Should Marijuana Be Legalized - 898 Words

Obviously, the Swiss later improved upon their first experiment. However, the Swiss â€Å"needle park experiment† is the example that drug war advocates like to cite when claiming that decriminalization isn’t effective; however, there isn’t a cookie cutter method for harm reduction and decriminalization. In fact, one of the best kept secrets in America is the success other countries have had from experimenting with decriminalizing drugs. The rate of drug use in America is the highest in the world, whereas many other countries, in particular many European countries, have reduced their drug usage with a more laissez faire approach. Various countries have implemented different policies which open the door for creating a hybrid model from other countries. The Dutch are generally recognized with legalizing marijuana. Numerous other countries have decriminalized marijuana, but the Dutch had been the only one to give it a de facto legal status until Ecuador followed suit in 2013. The possession of a small amount of marijuana has been basically legal in the Netherlands since 1976. An estimated 1,200 to 1,500 coffee houses nationwide sell marijuana even though drug usage is technically illegal; the laws are simply not enforced. The Dutch’s ambiguous policy avoids violating international treaties and opposition from the U.S government. Ironically, the U.S. government challenges any attempts at legalization internationally even though Americans use marijuana at a considerably higherShow MoreRelatedShould Marijuana Be Legalized?849 Words   |  4 Pageswhether marijuana should be legalized. Around 23 states have legalized marijuana for medical and recreational use. In the state of Illinois, medicinal use of marijuana has been passed on April 17, 2013. Since January 2014, patients are able to obtain marijuana with a doctor s recommendation. The new debate is whether marijuana should be legalized for the general public as a recreational drug. Although some believe that marijuana is harmless, and that it has beneficial medicinal uses, marijuana shouldRead MoreShould Marijuana Be Legalized?1715 Words   |  7 PagesMarijuana in Society Cannabis, formally known as marijuana is a drug obtained from the tops, stems and leaves of the hemp plant cannabis. The drug is one of the most commonly used drugs in the world. Only substances like caffeine, nicotine and alcohol are used more (â€Å"Marijuana† 1). In the U. S. where some use it to feel â€Å"high† or get an escape from reality. The drug is referred to in many ways; weed, grass, pot, and or reefer are some common names used to describe the drug (â€Å"Marijuana† 1). Like mostRead MoreShould Marijuana Be Legalized?1489 Words   |  6 Pagescannabis plant or marijuana is intended for use of a psychoactive drug or medicine. It is used for recreational or medical uses. In some religions, marijuana is predominantly used for spiritual purposes. Cannabis is indigenous to central and south Asia. Cannabis has been scientifically proven that you can not die from smoking marijuana. Marijuana should be legalized to help people with medical benefits, econo mic benefits, and criminal benefits. In eight states, marijuana was legalized for recreationalRead MoreShould Marijuana Be Legalized?1245 Words   |  5 PagesMarijuana is a highly debatable topic that is rapidly gaining attention in society today.   Legalizing marijuana can benefit the economy of this nation through the creation of jobs, increased tax revenue, and a decrease in taxpayer money spent on law enforcement.   Ã‚  Many people would outlaw alcohol, cigarettes, fast food, gambling, and tanning beds because of the harmful effects they have on members of a society, but this is the United States of America; the land of the free and we should give peopleRead MoreShould Marijuana Be Legalized?1010 Words   |  5 PagesThe legalization of marijuana became a heated political subject in the last few years. Twenty-one states in America have legalized medical marijuana. Colorado and Washington are the only states where marijuana can be purchased recreationally. Marijuana is the high THC level part of the cannabis plant, which gives users the â€Å"high† feeling. There is ample evidence that supports the argument that marijuana is beneficial. The government should legalize marijuana recreationally for three main reasonsRead MoreShould Marijuana Be Legalized?1231 Words   |  5 Pagesshows the positive benefits of marijuana, it remains illegal under federal law. In recent years, numerous states have defied federal law and legalized marijuana for both recreational and medicinal use. Arizona has legalized marijuana for medical use, but it still remains illegal to use recreationally. This is absurd, as the evidence gathered over the last few decades strongly supports the notion that it is safer than alcohol, a widely available substance. Marijuana being listed as a Schedule I drugRead MoreShould Marijuana Be Legalized?1350 Words   |  6 Pagespolitics in the past decade would have to be the legalization of marijuana. The sale and production of marijuana have been legalized for medicinal uses in over twenty states and has been legalized for recreational uses in seven states. Despite the ongoing support for marijuana, it has yet to be fully legalized in the federal level due to cultural bias against â€Å"pot† smoking and the focus over its negative effects. However, legalizing marijuana has been proven to decrease the rate of incrimination in AmericaRead MoreShould Marijuana Be Legalized? Essay1457 Words   |  6 PagesSHOULD MARIJUANA BE LEGALIZED? Marijuana is a drug that has sparked much controversy over the past decade as to whether or not it should be legalized. People once thought of marijuana as a bad, mind-altering drug which changes a person’s personality which can lead to crime and violence through selling and buying it. In the past, the majority of citizens believed that marijuana is a harmful drug that should be kept off the market and out of the hands of the public. However, a recent study conductedRead MoreShould Marijuana Be Legalized?1145 Words   |  5 PagesLegalizing Marijuana Marijuana is a drug that has been actively used for centuries. This drug can be traced back to 2737 BC by the Chinese emperor Shen Nung. He spoke about the euphoric effects of Cannabis and even referred to it as the â€Å"Liberator of Sin.† Since early on, marijuana was seen as a medicinal plant that was recommended for medical uses. Marijuana is currently in schedule I, which means that physicians are not allowed to prescribe it in the United States (Hart, Ksir 2013). This drugRead MoreShould Marijuana Be Legalized?1596 Words   |  7 Pages But what needs to be known before a user can safely and completely make the decision if trying Marijuana is a good idea? Many do not want the drug to be legalized because they claim that Cannabis is a â€Å"gateway drug†, meaning it will cause people to try harder drugs once their body builds up a resistance to Marijuana, because a stronger drug will be needed to reach a high state. This argument is often falsely related to the m edical side of the debate over legalization. It is claimed that this would

Gonorrhea Essay Example For Students

Gonorrhea Essay Gonorrhea is an infectious sexually transmitted disease. This disease involves the mucous membranes of the urogenital tract. Gonorrhea is much more obvious in males because they develop an acute discharge of pus from the urethra. Scarce when it starts, it becomes thicker and heavier and causes frequent urination. When urination takes place, there will be a burning sensation. If the prostate becomes infected, the passage of urine is partly obstructed. In females the infection occurs in the urethra, the vagina, or the cervix. Although discharge and irritation of the vaginal mucous membranes may be severe. Nearly few or no early symptoms will appear. Gonorrhea is diagnosed by staining a smear of the discharge to expose the bacteria. Treatment in the early stages is usually effective. If the disease is untreated in the male, the early symptoms may subside, but the infection may spread to the testicles causing sterility. In the untreated female the infection usually spreads from the cervix into the uterus and fallopian tubes, causing pelvic inflammatory disease. Severe pain may occur, or the infection may stay behind with few or no symptoms. While doing this, it will be gradually damaging the tubes and leaving the woman sterile. In both sexes the gonococcus may enter the bloodstream, resulting in arthritis, heart inflammation, or other diseases. Gonorrhea in pregnant women may be transmitted to the infant during birth and may, if untreated, cause a serious eye infection. Penicillin is commonly used against gonorrhea, although over the years an increasing number of penicillin resistant strains have been found. Other effective antibiotics are tetracycline, spectinomycin, and the newer ones called cephalosporins. One antibiotic called ceftriaxone can cure uncomplicated gonorrhea, including infections resistant to penicillin, with a single injection. Gonorrhea increased greatly in the U.S. almost reaching epidemic proportions in adolescents and young adults. In most large cities clinics have been established where young people can get treatment. One of the most difficult tasks in controlling gonorrhea is locating all recent sexual contacts of an infected person in order to prevent further spread of the disease. Human Sexuality

Maximizing profits in market structures

Profit maximization is the primary objective of each business enterprise. Whether a business is operating under a perfect competitive market, a monopoly market or a perfect competitive market, the business should strive to maximize its profits by determining prices that would help them achieve profit maximization and determining the level of output that helps them achieve profit maximization (Wells, 2008, p. 19).Advertising We will write a custom essay sample on Maximizing profits in market structures specifically for you for only $16.05 $11/page Learn More This paper explores the characteristics of these market structures, examines both price-based and output-based profit maximization strategies, explores the barriers to entering these markets and states the role of each market structure in the economy. A perfect competitive market is the one in which a large number of buyers buy products from a large number of sellers. The products are characterized by similarity and thus the market has a myriad of product substitutes. On the other hand, an oligopoly is characterized by the presence of a number of firms in the industry. Since the firms are few in number, they have control over the prices of their products. The products that these firms sell are almost identical and thus the firms have the task of differentiating the products using minimal differences like packaging, colors, shapes and using promotion to emphasize these small differences (Wells, 2008, p. 15). Finally, a monopoly is characterized by the presence of only a single seller or supplier in the market. Thus in a monopoly, the industry is just one enterprise. Monopolies are mostly created when product control is a subject of ultimate priority or when entry in the market is nearly impossible. The price at which a firm sells its products is a great determinant of profit. It, therefore, follows that, to maximize profits, a profit maximizing price has to be determined. In a pe rfect competition, demand is price elastic since a firm that raises its price experiences a fall in demand due to presence of other producers and substitutes. In this kind of market therefore, the profit maximizing price is determined by the forces of demand and supply. On the other hand, profit maximizing price in an oligopoly market is given by the price at which marginal cost equals marginal revenue. In the same way, the profit maximizing price of a monopolistic firm is the price at which marginal cost is the same as marginal revenue (Woiceshyn, 1998, p. 1).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Just as the price of a product, the level of output is a key determinant of profit maximization. In perfect competition, the level of output that maximizes the profit can be given by the value of output corresponding to the maxima of a profit curve or by the output that is responsible f or the greatest difference of total revenue and total cost or by the output at the intersection of marginal revenue with marginal cost. In an oligopoly the output corresponding to the equality of marginal revenue and marginal cost is the one that achieves profit maximization. In a monopoly the output at which marginal cost equals marginal revenue is the one that achieves profit maximization (Perlman, 2009, p. 1). In perfect competition, there are usually no barriers to entry. In case there are any barriers of entry, they are very few and thus price determination is mainly dependent on the forces of demand and supply. It is thus apparent that the producers rely on the market to know how to price their products since poor pricing decisions will make the producer lose revenue in terms of market share or unreasonably low prices. An oligopoly market, on the other hand, is characterized by enormous restrictions to entry which are normally high capital requirements, licenses and brands. Th is is why it has few firms which can easily collude in a bid to achieve profit maximization. As evidenced in the characteristics of a monopoly, entry in to a monopolistic industry is normally restricted (Liu, 2009, p. 1). This is usually due to political, socio-economic reasons or the high costs associable with operating a monopoly (Woiceshyn, 1998, p. 1). For example, the intention by a government to control a certain product may lead to the creation of a monopoly. An example of such products is electricity. Each of the discussed market structures has a characteristic role in the economy that makes it uniquely important. The basic role of a perfectly competitive market in microeconomics is the efficient allocation of resources that it achieves. Since the market is controlled by demand and supply, it achieved the best resource allocation as compared to other market structures. This efficiency means that product price is maintained at the marginal cost of producing it. It is however argued that perfect competition only exists in hypothetical circumstances and that it is not possible in the real world (Perlman, 2009, p. 1).Advertising We will write a custom essay sample on Maximizing profits in market structures specifically for you for only $16.05 $11/page Learn More On the other hand, oligopoly markets have a very significant role in protecting industries in which price wars could be very destructive. Oligopoly ensures that firms in such industries are protected against unreasonable competition since their products are normally costly to produce. The raw materials for these products are also difficult to access and therefore, the market structure ensures that the materials are well utilized by ensuring that reasonable prices are given to products and thus quality products are made. Oligopoly markets are also very instrumental in the protection of rights of production. This ensures that firms are not adversely affected by counterfe iting. Finally, monopolies encourage what could be described as allocative inefficiency. This means that goods will be sold above marginal cost due to the power and control associated with monopoly markets. This makes the consumers lose their surplus and thus it makes the economy lose its efficiency. Monopolies are instrumental in helping the protection of industries producing sensitive products (Liu, 2009, p. 1). This ensures that consumers do not run out of products that are compulsory in life. This is why monopoly markets are able to manipulate prices as they wish; the products they offer are a must have. This compromises consumer surplus in other goods. The characteristics of the discussed market structures make each of them unique in its own way. While monopolies are a â€Å"one-mans show†, oligopolies are composed of a number of suppliers while a perfect competition has a large number of suppliers or retailers. These characteristics make price determination and determin ation of output in the different market structures a variable practice. They also make them have variable effects on the economy as a whole. In virtually all market structures, profit maximization is achieved at the price or level of output at which the marginal cost is the same as marginal revenue. All the other market structures have barriers to entry except a perfect competition. Reference List Liu. W. (2009). Potential benefits from monopoly. Web.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Perlman, K. (2009). Price Determination. Web. Wells, R. (2008). Microeconomics. New York. Barnes Noble. Woiceshyn. G. (1998). â€Å"Perfect† competition versus freedom of competition. Web. This essay on Maximizing profits in market structures was written and submitted by user Jessie Witt to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Angelas ashes essay Essays

Angelas ashes essay Essays Angelas ashes essay Essay Angelas ashes essay Essay Among those who the family looks to for help in Aunt Aggie, the miserly sister of Franks mother, Angela. Aunt Aggie, like many of the family members and neighbors we meet in the book, becomes a parent-like figure to young Frankie and his even younger siblings, but a habitually cruel and unsympathetic one at that. Upon meeting Aggie we quickly realize that she is resentful of the McClure children, and even more so their father, Malay, for being an irresponsible father and husbands who fails to provide for his family and puts their troubles in her hands. When the Monocots move to Limerick to be close to Emily in Ireland, Aggie barks and complains about how inconvenient it is for her to have her sisters family so close by and always asking for favors (e. G. Sleeping at Grandmas for the night and having some of her porridge). At one point, when Angela becomes very ill, Frankie even says that he is afraid to ask his aunt whether or not his mother would die like his baby sister because she would bite his head off (Page 62). While in these first few chapters Aunt Aggie seems cold hearted, it doesnt take long to realize that in reality, she is jealous of Angels family, even with all their troubles. All she wants is to be blew to call these children her own, though she hardly shows it through her actions towards them. When she sees her husband, pa Keating, holding Frankers baby brother, Eugene, on his lap and playing with him Aggie begins to sob, To see Pa there with a child on his lap an me with no hope of having my own Angela with five born an one just gone an her so useless she couldnt scrub a floor an me with none an I can scrub an clean with the best and make any class of a stew or a fry (Page 73). Though Aggie never gives up her rude and unpleasant disposition, she proves her loyalty to the family by helping them through tough times. Further, while Aunt Aggie obviously never assumes the role as the mother of Frank and his siblings, inhabit maternal qualities and roles. When Eugene and Oliver, Franks younger twin brothers, die of pneumonia she is there to help prepare for the funerals. On a separate occasion, Aunt Aggie takes the McClure children under her roof and cares for them while their mother was being hospitalized for pneumonia. Prior to living with Aunt Aggie, the McClure boys and their mother were so plagued with poverty and hunger that the children had been forced to steal bread, lemonade, marmalade, and fuel from wealthier families just to survive. Aunt Aegiss house was a place where they could always be fed, though they were not indulging in the ham sandwiches and tomatoes, those were only for Aggie and Uncle Pa; instead, Frankie and his younger brothers were given thinly sliced bread and tea. Though Aunt Aggie took her sisters sons under her wing- housing them, feeding them, clothing them- in a desperate time of need, the way she treated these boys was at times traumatic. Aggie often abuses the children both verbally and physically. She losses her temper and ends up screaming at them, tormenting them, calling Frankie Scabby eyes and telling him [Youre] he spitting image of your father, [you have] the odd manner And so on (Page 247). She often beats them, forces them to stand outside naked, cold, and wet, makes them to scrub their bodies until their skin is raw. At one point, Frankie becomes so miserable that he tries to give himself pneumonia so that he can escape Aunt Aggie and live in the hospital. Malay runs away after being beaten for asking for bread, to which Aggie responded Well, I suppose he ran away. Good riddance. If he was hungry hed be here. Let him find comfort in a ditch. (Page 248). In a shocking turn of events, Aunt Aggie begins to show a real soft side award Frankie when he asks to move back in with her so that could better maintain a job as a telegram boy. He says he wants the job so that he can get on his feet and find a decent place for his family to live where he can care for his mother and brothers. Aggie responds by saying Well, thats more than your father would do. (Page 308). Aggie then proceeds to accompany Frank on his walk to the job interview, she buys him new and more presentable clothes that he can wear for the job, and gives him money for a birthday snack. Believe that Aunt Aegiss change of heart comes from the fact that he realized Frankers determination at such a young age to do better than his father; Frank wished to work and provide for his family rather than spend the money selfishly and rely on others to take care of his family for him. Frank Monocots Angels Ashes sheds a light on family values through multiple lenses, however believe the relationship between Aunt Aggie, Frank, and the other Monocots exemplifies the idea that family, at times, is truly all you have to count on, especially in times of hardship. Aunt Aggie, who seemed cold-hearted throughout almost the entire book, was really just tired f being taken advantage of by fault of Malay Sir. Who habitually dragged his family deeper and deeper into poverty, and forced them to live off the resources of Aunt Aggie, along with other family members and neighbors. While her resentment of Malay does not in any way justify the way she treated the children prior to their ability to work and at least partially provide for themselves, her cruel attitude Stems not from hatred Of the children, but jealousy for having a big family, bitterness that she has to take care of children who she cannot call her own, and fear of being taken advantage of.

Free Essays on Madhab

The ummah's greatest achievement over the past millennium has undoubtedly been its internal intellectual cohesion. From the fifth century of the Hijra almost to the present day, and despite the outward drama of the clash of dynasties, the Sunni Muslims have maintained an almost unfailing attitude of religious respect and brotherhood among themselves. It is a striking fact that virtually no religious wars, riots or persecutions divided them during this extended period, so difficult in other ways. The history of religious movements suggests that this is an unusual outcome. The normal sociological view, as expounded by Max Weber and his disciples, is that religions enjoy an initial period of unity, and then descend into an increasingly bitter factionalism led by rival hierarchies. Christianity has furnished the most obvious example of this; but one could add many others, including secular faiths such as Marxism. On the face of it, Islam's ability to avoid this fate is astonishing, and demands careful analysis. There is, of course, a straightforwardly religious explanation. Islam is the final religion, the last bus home, and as such has been divinely secured from the more terminal forms of decay. It is true that what Abdul Wadod Shalabi has termed spiritual entropy has been at work ever since Islam's inauguration, a fact which is well-supported by a number of hadiths. Nonetheless, Providence has not neglected the ummah. Earlier religions slide gently or painfully into schism and irrelevance; but Islamic piety, while fading in quality, has been given mechanisms which allow it to retain much of the sense of unity emphasised in its glory days. Wherever the antics of the emirs and politicians might lead, the brotherhood of believers, a reality in the initial career of Christianity and some other faiths, continues, fourteen hundred years on, to be a compelling principle for most members of the final and ... Free Essays on Madhab Free Essays on Madhab The ummah's greatest achievement over the past millennium has undoubtedly been its internal intellectual cohesion. From the fifth century of the Hijra almost to the present day, and despite the outward drama of the clash of dynasties, the Sunni Muslims have maintained an almost unfailing attitude of religious respect and brotherhood among themselves. It is a striking fact that virtually no religious wars, riots or persecutions divided them during this extended period, so difficult in other ways. The history of religious movements suggests that this is an unusual outcome. The normal sociological view, as expounded by Max Weber and his disciples, is that religions enjoy an initial period of unity, and then descend into an increasingly bitter factionalism led by rival hierarchies. Christianity has furnished the most obvious example of this; but one could add many others, including secular faiths such as Marxism. On the face of it, Islam's ability to avoid this fate is astonishing, and demands careful analysis. There is, of course, a straightforwardly religious explanation. Islam is the final religion, the last bus home, and as such has been divinely secured from the more terminal forms of decay. It is true that what Abdul Wadod Shalabi has termed spiritual entropy has been at work ever since Islam's inauguration, a fact which is well-supported by a number of hadiths. Nonetheless, Providence has not neglected the ummah. Earlier religions slide gently or painfully into schism and irrelevance; but Islamic piety, while fading in quality, has been given mechanisms which allow it to retain much of the sense of unity emphasised in its glory days. Wherever the antics of the emirs and politicians might lead, the brotherhood of believers, a reality in the initial career of Christianity and some other faiths, continues, fourteen hundred years on, to be a compelling principle for most members of the final and ...

Financial Information Essay Example | Topics and Well Written Essays - 500 words

Financial Information - Essay Example Financial accounting information provide the reporting of transactions that take place in the company, and managerial accounting use this information to develop required reports for the management of the company. Accurate and reliable financial accounting information can greatly influence the way businesses are carried out. Managers can use this information to strategically steer the business direction as per the forecasted financial data. Financial information provides the basis on which a company bases its future direction, goals and objectives. In addition, true and reliable financial accounting information is required by regulators so that stakeholders can obtain verifiable information to safeguard their investments in the company. National Center for Education Statistics. (2003). Financial Accounting for Local and State School Systems [Online]. Available from: http://nces.ed.gov/pubs2004/h2r2/ch_2.asp [Accessed September 10,

Competitive position and performance of Soft Drinks Industry 03082 Essay

Competitive position and performance of Soft Drinks Industry 03082 - Essay Example The discussion has provided a clear image about the organisations and their last five years financial performances. It has evaluated the non-financial performances to assess the future performance of the organisations. The study has provided essential recommendations for the organisations to improve their future performance. The soft drink market is the highly growing industry sectors of the UK with 44.8% market share. In comparison to 2013, the overall consumption of different soft drink brands within the UK has witnessed a modest increase of 0.9%. Approximately 48% of consumers in the UK prefer different brands of carbonated soft drink rather than other beverages. Over 37% of the household of the UK are replacing alcoholic beverages with the carbonated soft drink during their meal time (Ford, 2014). The UK soft drink market consists of wide range of product options such as carbonated drinks, flavoured juices, ready-to-drink beverages, packaged drinking water and energy drinks (British Soft Drink Association. 2014). The carbonated soft drink (CDS) market possesses the largest portion, i.e. 50.3%, of the UK soft drink industry. The major players of the UK CDS sector include Britvic Plc., Nichols Plc. and A. G. Barr Plc. which own respectively 43%, 2% and 3% of the overall market share by revenue (Britis h Soft Drink Association. 2013). Though the market consists of a huge number of local organisations, it is still dominated by different international players such as Coca-Cola Company and PepsiCo Inc (Steen and Ashurst, 2008). The range of soft drinks on the shelves of retail outlets is rapidly growing which is giving people a wider choice than ever. Therefore, this situation has fuelled fierce competition within the local brands to secure a competitive position within the UK market. The strong competition in the market is also influencing the major local players to indulge in different research

Dove case Assignment Example | Topics and Well Written Essays - 750 words

Dove case - Assignment Example Trademark is used by the companies for protecting its brand from others. Unilever wants few of the brands because it requires huge amount of time for developing a brand and make it popular among the mass. A company needs to spend resources and energies for managing its different brands. When a firm has more brands then it can offer different types of products and services to its customers which will help the company to generate more profit. For making its brand portfolio wide, Unilever is trying to acquire more brands (Mooij 91). This will facilitate the company to increase its product lines and customer base. In 1950’s Dove brand positioned itself in the market by focusing on the benefits and function of its beauty bar. Dove highlighted that unlike other soap the beauty bar of Dove does not make the skin dry. Moisturizing cream is present in the beauty bar of Dove which makes the skin healthy and smooth (Williams 56). From the time of 1950s Dove refused to call its product as soap. The brand wants to create its unique image by this. In 2007, Dove positioned its brand as a lifestyle brand with different types of beauty products. The brands developed an emotional attachment with the customers and created a strong connection with them. Dove launched new products and tries to gather maximum information about its target customers for understanding their attitude towards the brand. Dove positioned its brand in fulfilling the expectation of its customers (Weiser 46). Decentralized structure was followed in Unilever before 2000. The company has many brands operating in different market but selling same category of products. During that time managing different brands throughout the world became difficult for the company. Unilever faced lack of co-ordination among its different marketing divisions. Brand management was not so effective for the company. Excessive decentralization increased the cost of the company. In 2000 the condition of Unilever was bad in

Business Essays Literature Customer Retention

Business Essays Literature Customer Retention Literature Customer Retention Introduction In compiling this literature review, the author has deliberately cast a wide net. This has not only included both major and less prestigious journals, but also practitioner magazines and self-help websites. Customer retention is clearly marketing topic of considerable current and practical interest. Whilst some of what has been written is of dubious value, and some isnt actually even about customer retention at all, it is felt that ideas put forward should be allowed to stand on their merits. Insights by practitioners can often provide useful illumination of academic theory, and it is only by bringing them together that the full picture can be appreciated. The Rise of Customer Retention The sole purpose of a business Peter Drucker (1973) once famously claimed was â€Å"to create a customer†. Marketing has traditionally focused on market share and customer acquisition rather than on retaining existing customers and on building long-lasting relationships with them (Kotler, 2003). However, keeping the customer has become regarded as equally, if not more important, since (Badgett et al., 2004) reported that a 5 per cent increase in customer retention generated an increase in customer net present value of between 25 per cent and 95 per cent across a wide range of business environments. Research done by Gupta et al. (2004) found that a 1 per cent increase in customer retention had almost five times more impact on firm value than a 1 per cent change in discount rate or cost of capital. As a result of these researches, the business case for marketers to focus on the management of customer retention became more clearly established. Because of this, there is a growing recognition now that customers, like products, have a life-cycle that companies can attempt to manage and they can be acquired, retained and grown in value over time. Freeland (2003) points out that customers climb a value staircase or value ladder from suspect, prospect and first-time customer, to majority customer and ultimately to partner or advocate status. In response to these changes there has been a new emphasis on defensive marketing, which focuses on holding on to existing customers and getting more custom from them (higher â€Å"share of customer†), in contrast to activities which focus on winning new customers. One of the reasons for the great popularity of customer retention is the recognition that losing a customer means in fact more than a single sale: It means losing the entire stream of purchases that this particular customer would make over a lifetime of patronage (Kotler and Keller,2006). More recently, market share has been gradually losing its importance as marketing’s wisdom of focusing solely on customer acquisition (hoping that this effort will compensate for high levels of defection) is now being seriously questioned and considered as very high risk since ever more players enter an increasingly crowded marketplace (Baker,2000). Todays banks find themselves more and more in a situation in which they have to build professional customer retention management systems. There are two main reasons for doing so; on the one hand, the costs of gaining new customers in highly competitive markets are increasing considerably. On the other hand, the profitability of an individual customer grows permanently with the duration of the business-relationship (Liu Lai, 2004 ; pg 398). Customer retention attempts to win a slightly larger share of the customer’s spend than would otherwise be the case (McAlexander,2006). In spite of this, according to Weinstein (2002, p. 259), most companies spend a majority of their time, energy and resources chasing new business. 80% or more of marketing budgets are often earmarked for getting new business† (Weinstein, 2002, p. 260). This is in line with Payne and Frow’s (1999) finding that only 23 per cent of marketing budgets in UK organizations is spent on customer retention. Aspinall et al. (2001), in contrast, found that 54 per cent of companies reported that customer retention was more important than customer acquisition. Support for retaining customers in the marketing literature (e.g. Ahmad and Buttle, 2002) is extensive. The benefits of retaining customers to the organisation are higher margins and faster growth, derived from the notion that the longer a customer stays with an organisation, generally the higher the profit. The significance of retaining customers is not new to marketing, as Drucker (1963) believed that marketing is as much concerned with retaining as well as acquiring customers. However, as competition has intensified and markets become saturated, an awareness of the benefits of retention has grown, particularly in the retailing of financial services. Benefits of Customer Retention Dawes and Swailes (1999) explain that successful customer retention circumvents the costs of seeking new and potentially risky customers, and allows organizations to focus more accurately on the needs of their existing customers by building relationships (p36). Researchers have also pointed out that customer retention has a significant impact on profitability and positive customer satisfaction and leads to superior financial performance. This is because firms with high customer retention rates tend to have lower costs, maintain more profitable long-term relationships, and enjoy substantial word-of-mouth advertising (p92). Reynolds (2002) suggests that once a company acquires a group of customers, it can retain that group by making them feel special through customer recognition. Reichheld (2006) in his article ‘Learning from Customer Defections’ identified that longer a customer stays with a company, the more they are worth as in the long-term customers buy more, take less of a company’s time, are less sensitive to price, and bring in new customers. If a customer is retained in a business there is certainly a steady flow of revenue to the business, moreover, there are chances to increase the existing revenue by cross selling or up-selling activities. In addition to this, acquiring a new customer can be a much more onerous and expensive task than keeping an existing one. When banks focus on individual customers by establishing a relationship and encouraging satisfaction and loyalty they have more chances to increase and retain their customer base. Relation banking can be seen as a vehicle to increase single-brand loyalty, decrease price sensitivity, induce greater consumer resistance to counter bank offers or counter arguments (from advertising or bank sales-people), dampen the desire to consider alternative banks, encourage word-of-mouth support and endorsement, attract a larger pool of customers, and/or increase the amount of product bought. It can lead to more purchases more often, give the ability to mass customize communication, minimize waste, helps promote trust and attempts to win a slightly larger share of the customer’s spend (Ongena, S., and Smith,2000). Relationship leads to loyalty, and loyal customers are supposed to buy more, pay higher prices and bring in new customers through word-of-mouth support (Morgan et al.,2000). However, some of these â€Å"profitability-arguments† related to relationship banking have been challenged by Reinartz and Kumar (2002), who compared the behaviour, revenue, and profitability of more than 16,000 individual and corporate customers over a four-year period, concluding that they discovered little or no evidence to suggest that customers who buy on a steady basis are necessarily cheaper to serve, less price sensitive, or particularly effective at bringing in new business. They also found that a considerable amount of loyal customers were only marginally profitable, while a large percentage of short-term customers were very profitable. Woolf (1996) argues that greater success comes from a strategy based firmly on understanding customer economics and only secondarily on customer loyalty and building relationships. However, despite their criticism, even critics themselves have suggested that customer loyalty (relationship) is a worthy contributor to the shareholder value of a company(Houston, 1999;pg33), and that â€Å"firms are encouraged to study their position and options in the pursuit of this goal†(Oliver,1999; pg37). The Lifetime Value Concept Customer retention has also given rise to the concept of Customer lifetime value (CLV or LTV) which represents the net present value of profits, coming from the individual customer from a flow of transactions over time. Novo (2006) describes Customer lifetime value (LTV) as the present value of the stream of future profits expected over the customers’ lifetime purchases. Companies can look at their investments in terms of cost per sale, rate of customer retention and also conversion of prospects. LTV is also used as a convenient yardstick of performance, however, it has tended to become a bit too much of a holy grail for corporate, marketing and sales executives, to the extent that entire conferences and seminars are often devoted to helping optimize it (Romano Fjermesta, 2003; pg 233). It is important to retain customers, but not at the cost of other essential marketing activities. Putting customers into key categories helps to clarify analysis and acts as the basis for marketing activities designed to improve customer lifetime value. While the importance of calculating the Customer Lifetime value in deciding the retention strategies cannot be questioned, some writers are of the view that measuring the lifetime value can sometimes be complicated as it involves a lot of analytical forecasting. Knox et al (2003; pg 207) argue that ‘calculating Customer lifetime value is problematic because it involves forecasting what amounts of what products customers will buy in the future years, and what the sales, administration and logistics costs will be. Because profits in future years are progressively less valuable (because of inflation) and less certain, a discount rate has to be applied. The higher the discount rate, the less valuable future profits will be’. Customer Retention and the rise of relationship banking (RM) The objectives of relationship marketing is to identify and establish, maintain and enhance and, when necessary terminate relationships with customers and other stakeholders, at a profit so that the objective of all parties involved are met. This is done by a mutual exchange and fulfillment of promises. Kabiraj et al. (2004) in their study of relationship practices in India noted that the Indian banking sector can only stay competitive by building lifelong partnerships with their customers. Relationship banking techniques can be employed to develop an ongoing dialog with customers, integrated across all contact points. Knox et al. (2003, p. 19) addressed that RM is a strategic approach designed to improve stakeholder value through developing appropriate relationships with key customers and customer segments and involves an enterprise-wide marketing strategy and technology platform. If done correctly, it enables organizations to retain the loyalty of their customers. It is about managing and monitoring customer behavior and has the potential to change a customers relationship with the banking organization and increase revenue (Dyche, 2002, pg.4). In todays economic condition, relationship banking can help to provide a sense of personal service without an actual person (Seybold, 2007). They allow banking organizations to integrate customer interaction channels and provide consistency in their interactions with customers, generate better customer intelligence, customize their offerings and communications to customers, manage customer interactions and relationships more effectively, and manage the customer portfolio by assessing the lifetime value of customers (Ely, 2006). Relationship Marketing/banking is not a new concept, its roots lie in the marketing basics of repeat purchase, customer retention and customer loyalty. Traditionally followed by retailers, the concept is slowly spilling over to the banking and financial services industry. Berger (2005) describes relationship banking as an attempt to advance the sales culture in bank marketing beyond order taking to a more pro-active form of direct selling which includes knowing more about the customer needs and tailoring products and services to suit individual requirements. Its goal is to establish a long term, intimate and relatively open relationship between banks and its customers. Eg Commercial banks and other financial institutions attempt to apply the concept of relationship banking through Personal Banker and Private Banking programs (Stauss Schoeler, 2004; pg 147). In this way, they are able to understand their customer, give personal advice and develop proximity with the customer. Customer retention has been shown to be a primary goal in firms that practice relationship marketing (Coviello et al., 2002). While the precise meaning and measurement of customer retention can vary between industries and firms (Aspinall et al., 2001) there appears to be a general consensus that focusing on customer retention can yield several economic benefits (Buttle, 2004). As customer tenure lengthens, the volumes purchased grow and customer referrals increase. Simultaneously, relationship maintenance costs fall as both customer and supplier learn more about each other. Because fewer customers churn, customer replacement costs fall. Finally, retained customers may pay higher prices than newly acquired customers, and are less likely to receive discounted offers that are often made to acquire new customers. All of these conditions combine to increase the net present value of retained customers. Lindgreen et al. (2000, p. 295), computed that it can be up to ten times more expensive to win a customer than to retain a customer and the cost of bringing a new customer to the same level of profitability as the lost one is up to 16 times more. Although a number of authorities have suggested that relationship marketing represents a paradigm shift (Christopher et al., 1991; Sheth and Parvatiyar, 1995) from a longer established transactional orientation to customer management, Gronroos (2000, p. 23) noted that the relational perspective on marketing is in fact â€Å"older than the transaction perspective in marketing† and is â€Å"probably as old as the history of trade and commerce†. There has been growing interest in relational aspects of customer management. Relationship banking permits businesses to leverage information from their databases to achieve customer retention and to cross-sell new products and services to existing customers which is why they are synonymous to existing customer promotion. It is believed that companies that implement relationship banking practices make better relationships with their customers, achieve loyal customers and a substantial payback, increased revenue and reduced cost (Blery Michalakopoulos, 2006). Relationship banking when successfully deployed can have a dramatic effect on bottom-line performance. There are two main aims of relationship banking. One is to increase revenue by raising purchase levels and/or increasing the range of products. A second aim is more defensive, by building a closer bond between the banking organization and current customer banks hope to maintain their customer base (retention). The whole idea of relationship banking is based on the argument that profits can be increased significantly by achieving either of these two aims. In todays economic climate building relationships can help banks to do more with less by providing a sense of personal service without an actual person. (Roberts, 2004) Relationship banking seeks to identify and talk to individual customers on a massive scale and this torrential flow of live transactional data offers the possibility to transform how banks manage their business. While it is not important to retain customers, it is important to retain the right customers in the business. Overtime, choices must be made as to which customers to acquire, which ones to develop and which ones to retain. It is true that not all customers are worth retaining, since from a long-term perspective not everyone is equally profitable. It is important to know if a currently unprofitable customer would generate a future profit stream, if an investment were made in enhancing the customers’ satisfaction. These problems can be addressed by profiling customers and making investments in those who offer the desirable growth and profit potential. (Subhash C. Jain 2005, p278) Relational Exchange and Customer Loyalty RM forms the bridge between the banking organisation and the customer, by means of reinforcing linkages, responding to customer needs and serving micro-segments (Berry, 2002; Hennig-Thurau, 2000). Freeland (2003) who has observed and contributed to this body of literature, comments: ‘Marketing practice has increasingly turned towards alliances, partnerships and other forms of relationship marketing, whose success requires effective co-operation. Interpretations of RM vary (Brodie et al., 1997), but common themes are that relationships are based on power being distributed equally between partners (Liu Lai, 2004) and that both the buyer and the seller are active in a rich, multi-dimensional exchange. Further elements that mediate successful relationships are trust and commitment (Garbarino and Johnson, 2006) in which trust is conceptualised as a belief that the partner in the exchange will fulfil the perceived obligations of a relationship. Where the focus is on individual customers, loyalty and retention initiatives can be seen as vehicles to increase single-brand loyalty, decrease price sensitivity, induce greater consumer resistance to counter offers or counter arguments (from advertising or sales-people), dampen the desire to consider alternative brands, encourage word-of-mouth support and endorsement, attract a larger pool of customers, and/or increase the amount of product bought( Bolton et al., 2000) Two aims of customer retention programs stand out, one is to increase sales revenues by raising purchase/usage levels, and/or increasing the range of products bought from the supplier. A second aim is more defensive, by building a closer bond between the brand and current customers it is hoped to maintain the current customer base. Loyalty and retention initiatives can lead to more purchases more often, give the ability to mass customize marketing communication, minimize waste and help promote trust. It attempts to win a slightly larger share of the customer’s spend than would otherwise be the case if the additional value of the scheme were not offered (McAlexander,2002). Research will analyze in greater detail the ways in which retention initiatives can transform the bank’s business and help make strategic business decisions, which is the purpose of the research (to evaluate retention as a key marketing strategy). One of the reasons for the great popularity of customer retention is the recognition that losing a customer means in fact more than a single sale: It means losing the entire stream of purchases that this particular customer would make over a lifetime of patronage – also known as the â€Å"customer lifetime value†(Kotler and Armstrong,2001). Role of Employees Within the Retention Process Another area of research would be the employee involvement in the customer retention process. In the Journal of Marketing Management, Buttle (2004) stresses on the importance of the front line employees. He argues that employees have the power to take actions which provide immediate customer satisfaction and thereby reinforce customer retention. This necessitates actively managing interactions between customer and staff and instigating improvements to the external quality of service by increasing the levels of internal service which staffs receive from within the organization from support departments and technology. (p153) Robert Heller (2005; og 117) insists that the most vital statistic for retaining a customer in any business is its employees. He quotes â€Å"that a satisfied worker creates a satisfied customer and higher financial returns: and that, by the same token, disgruntled staff lead to customer dissatisfaction†. A research by staff at Sears, the US retailing giant in 2006, established a convincing and clear correlation between employee attitudes, customer attitudes and financial results. The research showed that for every 5 units of improvement in employee attitudes, there were 1.3 units of gain on the customer impression index. Moreover, the latter added up to a 0.5% increase in sales over what they would otherwise have been.This outlines the obvious linkage between employee attitudes and customer retention. Therefore, if a business wants to retain its customers, along with devising strategies for customer satisfaction, it has to bear in mind that, employee satisfaction is equally important. The reseserch will analyze the role played by employees in Citibank in promoting customer retention. Researchers have argued that both customer facing and back office staff have a role to play in customer retention. The study will examine the ways in which the staff in Citibank performs their role and the effect it has on customer retention. Customer Clubs Some banks make the use of customer clubs as a strategic instrument for creating customer retention. Customer clubs are communities of current customers that are initiated and organized by companies (Diller, 1997; Butscher, 1997; Butscher and MuÈller, 1999). The current customers are approached for a potential membership to enable a steady direct communication and to intensify the relationship during the total time of business relation (Tomzcak and Dittrich, 1999). As an institutionalized form of added-value services, they aim at offering club members a wide range of benefits and increase customer satisfaction and loyalty. The goal of customer club is to improve the general operational profitability by customer retention. A customer club is regarded as a suitable platform to increase the interaction frequency between the bank and the customer (customer interaction effect) by creating contact and feedback opportunities. By doing so, a close contact is built around the client throughout the entire customer life cycle (Coviello et al., 2002; pg 8). A central objective of customer clubs is the augmentation of organizational knowledge about the customer (customer knowledge effect). With each customer contact starting from account opening the organization receives detailed information about the personal situation, interests and demand structures of the account holders. These insights are collected in a global member data base and linked with further customer data, which form the basis for individualized marketing measures (Ganesh et al., 2006; pg 65). However, some argue that it has to be considered that the set up and development of a customer club requires considerable investments. Whereas the cost effects of these investments are obvious and can be calculated rather easily, there is no certainty with respect to the existence and degree of the expected loyalty effects. Also, the customers willingness for a membership depends on the fact whether a distinct advantage is offered to them as customers are only willing to supply data and participate actively in the club membership, if their individual cost-benefit-calculation leads to a positive result (Gupta et al., 2005; pg 7). Therefore the customer club must offer a bundle of exclusive services, which are attractive for the target group from either a financial, material or communicative perspective. Retention measures and process Banking organizations in the vanguard are making several proactive changes in their service capabilities. They are developing diagnostics to understand what their customers need and value. They are examining what they need to do to retain customers and then train their people accordingly and are reinforcing service-oriented behaviours. Banks are exploring how to anticipate and respond successfully to differences in customer requirements between geographies. They are leveraging the intimate product knowledge of technical people and other staff and teaching them about the critical role they play in customer retention. Some financial service organizations are also teaming up sales, service and technical experts much farther upstream in a customer relationship in ways that are cost-effective and value added (Johnston, 2005; pg 211). It is also worth pointing out that the service component of forward thinking banking organizations is no longer relegated to one department containing the lowest-paid people. Major Banks use technology to accomplish menial tasks quickly, allowing everyone in the organization the time to enhance their skills as salespeople, research and development contacts and potential consultants on complex jobs (Morrman et al., 2002; pg 314). Research done by Nyer (2007) showed that everyone who interacts with customers must become an active agent for customer retention. A number of organizational processes can be associated with customer retention, including customer satisfaction measurement process, customer retention planning process, quality assurance process, win-back processes and the complaints-handling process. The notion that companies should engage in planning if they want to achieve desired business outcomes is deeply embedded in modernist management literature. Retention metrics Despite the scarcity of research into customer retention planning, investigators and commentators have begun to report on a number of related questions, such as how to define and measure customer retention, how to segment customers for customer retention efforts, and what strategies to employ to recover at-risk or lost customers. Aspinall et al. (2001) investigated the issue of definition and measurement of customer retention. They found that customer retention was particularly an issue in larger banking organizations but absence of measurable indicators makes it harder to gauge the impact of strategy implementation on customer retention. Buttle (2004) found that banks can employ one or more of several types of retention-related KPIs – raw, sales-adjusted, or profit-adjusted customer retention metrics. Banks that adopt raw customer retention metrics focus on the retention of a given percentage or number of customers, regardless of value. Banks that use sales or profit-adjusted retention metrics will focus their efforts on customers that generate higher levels of sales or profit. Coyles and Gorkey’s (2002) research also notes the significance of focusing on the retention of profitable customers, rather than all customers. They suggest that it may be more important for banks to focus on managing the overall downward migration of customer spending than customer retention in its own right. They note that many more customers change their behaviour than defect, so the former typically account for larger changes in value (Coyles and Gorkey, 2002, p. 80). They report the case of one bank that lost 3 per cent of its total balances when 5 per cent of checking account customers defected in a year, but lost 24 per cent of its total balances when 35 per cent of customers reduced the amounts deposited in their checking accounts. Another question that researchers have attempted to answer concerns the focus of companies’ customer retention efforts (Koch, 1998; Ganesh et al., 2000). Should retention of every customer be the goal, or should retention efforts be focused on subsets or even individuals? A report by PricewaterhouseCoopers (2002) observes that poor management of customer churn is a major value destroyer and that the key to prevention is to predict and avert attrition of the â€Å"right customers†. The â€Å"right customers† are those that contribute most significantly to the achievement of the company’s objectives. The implication of there being â€Å"right† and â€Å"wrong† customers to retain is that companies are advised to segment their customer base for retention efforts in much the same way that they would segment the market for acquisition efforts (Weinstein, 2002). Evans (2002) suggests that the right customers are those with the highest residual lifetime value. Although there has been little investigation of customer retention planning processes, there has been considerable attention paid to assessing the role and effectiveness of retention strategies and tactics directed towards valued, at-risk or lost customers. For example, a number of researchers have examined the contribution of relationship marketing instruments such as loyalty programs and customer clubs to customer retention outcomes (O’Brien and Jones, 1995; Dowling and Uncles, 1997; Stauss et al., 2001; Verhoef, 2003). Others have examined the development of customer attachment to organizations (Moorman et al., 1992; Oliver, 1999; Hofmeyr and Rice, 2000). The research will look into the retention KPIs of Citibank and assess whether the KPIs accurately measure retention. Type of banking relationships Banking relationships can be economic and social. Economic content deals with the economic benefits and costs of participating in the relationship. Customers are only willing to participate actively in a relationship if their individual cost-benefit calculation leads to a positive result (Stauss Seidel, 2005). Social content suggests that although economics may indicate a prosperous relationship, no relationship can be successful in the long-term without a social environment that nurtures communication, honesty, fair play and an awareness of mutual interests and therefore relationships should accommodate opportunities for interactions so that friendships may be developed. Building a customer retention strategy Setting up a strategy around customer retention requires careful planning and should include detailed plans and methods for customer identification and registration, segmentation and reward design. In order to be a source of sustainable competitive advantage, the banking organization developing the strategy must always take into account what its loyal customers value, since loyalty and retention is inextricably linked to the creation of value (Morgan et al, 2000). The strategy should make sure that it directly supports the value proposition. A value proposition is â€Å"the full positioning of a brand , the full mix of benefits upon which it is positioned† and the answer to the customer’s question â€Å"Why should I buy your brand?†(Kotler Armstrong,2001). Moreover, in order to be viable, a retention strategy must build and sustain noticeable differences in its offerings that are difficult to copy, since a lack of differentiation removes any potential of competitive advantage – which is anything but easy in banking., where first movers are quickly imitated (Morgan,2001). It must be considered that the retention strategy do not exist in a vacuum, but should be a coherent element of the bank’s overall strategy and capabilities. The strategy should take into account the nature of the business, its market position, goals, and the competitive landscape. There is still some confusion regarding the nature, scope, role and influence of customer retention initiatives. From a functional perspective, many marketers believe

Dalai Lama :: Essays Papers

Dalai Lama His Holiness, the XIVth Dalai Lama Tenzin Gyatso was born in a small village called Takster in northeastern Tibet. Born to a peasant family, His Holiness was recognized at the age of two, in accordance with Tibetan tradition, as the reincarnation of his predecessor the 13th Dalai Lama. His enthronement ceremony took place on February 22, 1940 in Lhasa, the capital of Tibet. The Dalai Lamas are the manifestations of the Bodhisattva of Compassion, who chose to reincarnate to serve the people. Dalai Lama means Ocean of Wisdom. Tibetans normally refer to His Holiness as Yeshin Norbu, the Wish-fulfilling Gem, or simply, Kundun, meaning The Presence. Born Lhamo Dhondrub, he was, as Dalai Lama, renemaed Jetsun Jamphel Ngawang Lobsang Yeshe Tenzin Gyatso - Holy Lord, Gentle Glory, Compassionate, Defender of the Faith, Ocean of Wisdom. He began his education at the age of six and completed the Geshe Lharampa Degree (Doctorate of Buddhist Philosophy) when he was 25. At 24, he took the preliminary examination at each of the three monastic universities: Drepung, Sera and Ganden. The final examination was held in the Jokhang, Lhasa, during the annual Monlam Festival of Prayer, held in the first month of every year. In the morning he was examined by 30 scholars on logic. In the afternoon, he debated with 15 scholars on the subject of the Middle Path, and in the evening, 35 scholars tested his knowledge of the canon of monastic discipline and the study of metaphysics. His Holiness passed the examinations with honors, conducted before a vast audience of monk scholars. In 1950, at age 16, His Holiness was called upon to assume full political power as head of State and Government when Tibet was threatened by the might of China. In 1954 he went to Peking to talk with Mao Tse-Tung and other Chinese leaders, including Chou En-Lai and Deng Xiaoping. In 1956, while visiting India to attend the 2500th Buddha Jayanti, he had a series of meetings with Prime Minister Nehru and Premier Chou about deteriorating conditions in Tibet. In 1959 he was forced into exile in India after the Chinese military occupation of Tibet. Since 1960 he has resided in Dharamsala, aptly known as "Little Lhasa", the seat of the Tibetan Government-in-Exile. In the early years of exile, His Holiness appealed to the United Nations on the question of Tibet, resulting in three resolutions adopted by the General Assembly in 1959, 1961 and 1965.

Investing in Futures and Options Essay

INTRODUCTION Of late, investors who are in the stock and commodity are focusing their attention towards risk management especially due to high volatility nature. Since these volatility movements are uncertain, it has become foremost cause of vagueness for such investors. Since the globalization of trade and free trade between major countries has become the order of the day, all most all the investors have to be under mercy of the exchange rate fluctuations which results in volatility   .The notion that exchange rates , profitability and other factors   influence a firm’s value and therefore the price of its stock is widely held by financial analyst ,economists and corporate managers . The liberalization of economic policies and investment policies due to world trade organization’s (WTO) free flow of investments and trade between member countries and bilateral free trade agreements between countries have augmented internationalization of economic activity and exceptional era of world wide currency and interest rates instability. To counter these financial risks, new pioneering concept commodity and stock market hedging techniques have nurtured at a rapid speed. The main feature of the using derivatives through hedging is to have control over the financial risk and minimizing the effect of uncertain cash flows. Financial institutions have come to rescue to these corporations who have exposure to financial risk with the range of products to assist in risk management. By far the most significant event in finance during the past decade has been the extraordinary development and expansion of financial derivatives. These instruments enhance the ability to differentiate risk and allocate it to the investors most able and   willing to take it – a process that has undoubtedly improved national productivity growth and standards of living .’ Allen Green Span, Chairman, Board of Governors of the US Federal Reserve System. The structural advantage of derivatives i.e. leverage or gearing   makes them suitable for managing risk can also result in the generation of leveraged profits or in the event of adverse market movement , a significant losses. The main advantage of gearing is that the buyer or seller need only to cough up a small proportion of total price at the time of deal is executed. It may be 1% and 8% depending upon the volatility of the underlying commodity or instrument. In the case of exchange traded transactions, this deposit is recognized as â€Å"initial margin† and is expected to reflect the amount by which the price of a contract may vary in one day’s trading. At the day end, all contracts will be valued and if the price has been found to move against the position, the losing party will have to pay further â€Å"variation margin† calls. In contrary, if the price movement is positive, credit will be given to the party .It is this element of gearing that provides the opportunity to make large gains or losses. Prudent handling of this leverage will result in considerable profit maximization and if it handled inexpertly, may generate losses .In some cases , these losses though high but they are few in number when measured against volume of business and number of participants in derivative business .The contributory factors for sustaining loss includes excessive position taking ( in relation to capital) , fraudulent activity , unexpected market moves, ineffective risk management, insufficient product understanding and inadequacies in corporate policy governing their use. What is a derivative? Derivative is a mathematical word which refers to a variable, which has been derived from another variable and they have no values of their own. Derivatives derive their value from the value of some other asset, which is referred as the underlying. For instance, a derivative of the shares of AT & T Corporation (underlying), will derive its value from the share price (value) of AT & T Corporation. Likewise, a derivative contract on wheat depends upon the price of wheat. An agreement or an option to buy or sell the underlying asset of the derivative up to a certain time in the future at a predetermined price i.e. the exercise price by way of special contract is known as derivative contract. The contract also has a flat expiry period mostly in the range of 3 to 12 months from the date of origination of the contract. The price of the underlying asset and the expiry period of the contract determine the value of the contract. Financial derivatives comprises of underlying financial asset like currency, debt instruments, equity shares, share price index etc.Exchange-traded derivatives are derivative contracts that has been standardized and traded on the stock exchanges. Over-the –counter derivatives is one which has been customized as per the requirements of the user by negotiating with the other party involved. Some of the common forms of derivatives are Futures, Forwards and Options. Futures: Futures are the derivative contracts that give the holder the chance to buy or sell the underlying asset at a pre-specified price some time in the near future and usually thy come with standardized form like contract size, fixed expiry time and price. The future market is one where continues auction market and exchanges presenting the recent information about the supply and demand as regards to individual commodities or financial instruments like stocks . In other words, future market is one where buyers and sellers of variety of commodities, financial instruments get together to trade. The main aim of the future market is to manage price risk. The future price risk is averted by buying or selling futures contract, with a price level arrived at now, for items to be delivered in future. This is achieved by hedging which helps to shield against the risk of an adverse price change in the near future or use of futures to lock in an acceptable margin between their purchase and their selling price. In futures, bankers, farmers, traders, manufacturers will arrange for the purchase or sale of a futures contract. In future market, commodities are broken down into five categories namely agriculture, metallurgical, interest bearingassets, jndexes and foreign currency. Agricultural futures market includes oats, corn , wheat , soybeans , soy meal ,soyoil,sunflower oil ,cattles , live hogs   and pork bellies, lumber , plywood ,cotton, coffee, cocoa, rice, orange juice and sugar. For every one of these commodities, different contract months are available and it depends upon the harvest cycle. More aggressively traded commodities usually have more contract months available and a new type of contract is available almost every month to meet the growing institutional and corporate market. Futures on Metallurgical Products: Petroleum products and metals is being covered under this group and it includes platinum, gold, silver, palladium, copper, gasoline, crude oil, propane and heating oil. Every month a new type of contract emerges to cater the needs of ever increasing institutional and corporate market. Assets which bears interest: This has its origin during 1975 and products in these categories include treasury bonds, Treasury Bills, Municipal Bonds, Treasury Notes and Eurodollar deposits. It is also possible to trade contracts with the same maturity but different expected interest rate differentials. Futures on Indexes: Now futures are available on most chief indexes such as New York Stock Exchange Composite, S&P 500, New York Stock Exchange Utility index, Russell 2000, Commodity Research Bureau (CRB), S&P 400 Midcap, FT-Se 100 Index (London) and Value line. These stock index features are settled in cash and there is no delivery of goods is involved in this method. A trader has to settle his positions by buying or selling an offsetting position or in cash at expiration. Foreign Currency Futures: During the post war period, the exchange rates and interest rates were stable and the mechanism of fixed exchange rates of the Bretton Woods era enabled the corporations to know in advance their foreign exchange liabilities for their imports. But the collapse of Bretton Woods’s system after the war resulted in the introduction of general floating exchange rates replacing the earlier fixed system. The introduction of floating exchange rates have resulted in large unexpected movements in exchange rates that too in unforeseen directions and magnitudes which affected interest rate movements as the monetary establishment tried to influence the exchange rates by movements in interest rates. It is to be noted that the forward market in currencies is much bigger than the foreign exchange futures market. Further, there are cross currency futures that are being traded and these includes Deutsch mark / yen, Deutsch mark / French franc. Forwards & Options: Forward is another form of a derivative contract but tailored to the needs of the user in terms of expiry date, contract size, and price. These contracts confer the holder the option to buy or sell the under lying at a pre-determined price some time in the future .Call option is one where the buyer has given his option to buy the underlying at the near future .Where as an option to sell the underlying at a specified price in the future is called as Put Option. As regards to the option contract, the buyer is not obliged to exercise the option contract. Generally, options can be traded on the stock exchange or on the OTC. In option, the participants may assume a position in an underlying futures contract at a certain price which is known as exercise or strike price within a particular period of time. The price or premium of the option is determined through action market trading. Swaps: Swaps contract was introduced in 1981 and can be considered as one of the latest financial innovations to manage financial risks. The contracting parties are obliged to exchange specified cash flows at specified intervals under a swap contract. In a nutshell, a swap contract can be defined as a series of forward contracts put together. If the exchange of interest rate payments in one currency for payments in another currency is devised, then it amounts to a currency swap. If the exchange between two parties of interest obligations or receipts in the same currency on an agreed amount of notional principal for an agreed period of time is devised, then it is known as interest rate swap. An interest rate swap is an agreement between two parties to exchange interest payments calculated on different bases over a period of time. Under interest rate swap, one party to the contract makes fixed –rate payments while the other party’s payments are based on a floating rate such as LIBOR. For instance, if a company which has borrowed from a bank at a floating rate (7 m LIBOR) may want to swap that for a fixed rate (7m LIBOR) so that they can cover the risk if the interest rates go up. On one side, they pay 7% (of the agreed notional principal) and receive 7m LIBOR and on the other side they pay 7m LIBOR straight out to repay their loan. Thus they have converted a floating rate loan into a fixed rate loan. The said bank may manages its own risk from the above swap transaction by backing it out with another swap , say by paying 6.95% for 7m LIBOR and thus they earn a profit of 0.5% difference thus avoiding the risk in the interest rate changes . The other different types of interest rate swap are: Basis swap: For instance, swapping 2m LIBOR for 4m LIBOR. Basic swaps are mostly used by mortgage companies because the get the mortgage payments on monthly basis. Both fixed Currency Swap : Both fixed and say fixed $ for fixed  £ Both floating currency swap: 2m $ LIBOR for 4 m Yen LIBOR. Cross Currency Swap: fixed  £ for 2m CHF LIBOR. Companies derive more flexibility to exploit their comparative advantage in their respective borrowing markets under currency swaps. Under interest rate swap, corporations try to focus on their comparative advantage in borrowing in a single currency in the short end of the maturity spectrum vs. the long –end of the maturity spectrum. USES OF DERIVATIVES: Derivatives are mainly used for speculation or hedging. For speculation, derivatives offer us leverage. For instance, instead of buying  £ 5Million bond in the anticipation that its price will rise up, one can buy an option on that bond, which might only cost  £ 2000. The profit chances or opportunities are the same less the price of the option but the risk is much less as the most we can loose in this deal is the option price ( £ 2000). For hedging, derivatives let you to seal the price now for a trade in future or at least limits the rise or fall of that price. An UK company holding a US bond which is on the verge of its maturity could buy an interest rate option to guarantee the dollar / sterling rate did not diminish the value of its bond. Volatility is regarded as the most precise measure of risk and its return. The greater the volatility, the greater the risk and the reward as it is evidenced in the transaction from bull to bear markets. It is to be observed in the bearish market, volatility and risk augment while returns disappear including short –selling returns. History: The very first exchange for trading derivatives started by Royal Exchange in London, which allowed forward contract. Likewise, the first future contract was introduced to Yodoya rice market in Osaka, Japan in 1650. Then in 1848, Chicago Board of Trade was started to handle futures market of US. Russell Sage, a famous New York financier introduced synthetic loans using the principle of put-call parity. Sage could able to create a synthetic loan by fixing the put, call and strike prices with interest rate poignantly higher than the US usury law permitted. Chicago Mercantile Exchange started International Monetary Market in 1972 which permitted trading in currency futures. The Chicago Board of Trade started first interest rate futures in 1975.Treasury bill futures contract was introduced in 1975 by Merc. The Chicago Board Options Exchange was started in 1973 and there were publications for the first time option pricing model of Fischer Black and Myron Scholes. Chicago Board Options Exchange created an option on an index of stocks which was originally known as CBOE 100 index which later known as S&P 100. During 1980, Swaps and other over-the –counter derivatives were introduced. It was in 1994, the derivative trade witnessed a series of huge losses and this affected experienced trading firms like Metallgesellschaft and Procter and Gamble. Orange country, California which is the America’s wealthiest city was declared as bankruptcy due to derivative trading and use of leverage in a portfolio of short -term Treasury securities. DERIVATIVES OR DESTRUCTIVE? A CASE STUDY OF BARINGS, UK. Baring Brothers, a British merchant bank went to bankruptcy in 1995 after incurring a whooping loss of  £ 860 million occurred on the Singapore and Osaka derivative exchanges. Nick Leeson, the bank’s star trader and absence of management controls to monitor his activities were the main reasons for this debacle. During the period between 1992 and 1995, Lesson built up positions in futures and options contracts on the Nikkei 225 stock exchange index, which proved highly profitable in the early years. Futures positions were bought by Lesson on the Nikkei index and financed cash calls on them as they fell in value by selling put options on the contract, thereby producing a straddle and thus betting against volatility of the market. Simex derivative exchange in Singapore were used to book the contracts and he run a hedged position on Nikkei index futures and make money by arbitraging between Singapore and Osaka markets. However he ceased hedging on the purchases made in Singapore and took on risk. Due to unexpected volatility in the market, losses were incurred and these losses in fact exceeded the net worth of Baring Bank .Lesson was later imprisoned for the falsification of records in an attempt to cover up his activities. The rationale of this case law is to elucidate how a bank can face bankruptcy if there is no proper risk management system is in force. The case also establishes the concept of ‘value at risk ‘(VAR) which is a simple method to express the risk of a portfolio. Because of the recent derivatives disasters, end-users, regulators, financial institutions and central bankers are now resorting to VAR as a method to foster stability in financial markets .The case illustrates how VAR could have been utilized to Baring Bank case to warn its management of the risk they were facing in advance. VOLATILITY: Volatility has its effect on administered market and it is high when both supply and demand are inelastic and liable to random shocks. According to Rudiger Dornbusch, market always overshoots in reaction to unexpected changes in economic variables. Volatility is a type of market incompetence and it is a reaction to uncertainty and excessive volatility is unreasonable. Volatility in stock and commodity market is represented by sharp changes in prices and inventory levels and level of volatility itself has fluctuated over the time. Changes in future prices, spot prices and inventories are influenced by changes in volatility Volatility is a determinant of changes in price expressed in percentage terms without regard to direction especially in stock price and stock index levels , commodities and in financial intermediaries .For example , an increase from 200 to 201 in one index is as same as the volatility terms to an increase in 100 to 101 in another index , because both changes are 1% and as this 1% increase is equal to volatility terms to a 1 % price decline .There are four ways to explain the volatility or movement and they are historical volatility , future volatility , expected volatility and implied volatility . Historical volatility is an appraiser of actual price variation during a particular period in the past. Future volatility refers annualized standard deviation of daily returns during particular future period basically between current and an option expiration. Expected volatility is an investor’s forecast of volatility utilized in an option method to gauge the theoretical value of an option. Implied volatility is the volatility percentage that illustrates the current market price of an option and it is the indicator of an option’s price. Volatility is described as standard deviation of the yield of an asset and the value of an option always increases with volatility. The greater the volatility, the higher the option chance during its life and convertible to the underlying asset at a marginal profit and this methodology has been proved in the Black-Scholes formula. Black-scholes formula yield results during trends and unsuccessful when the market change sign. â€Å" The implied volatilities are efficient forecasts of future volatility since varying market conditions cause volatilities to change through time stochastically and traditional volatilities   can not correct itself to varying market conditions as ghastly .Stochastic volatility contradicts the assumption required by the Black-Scholes model –if volatilities do modify stochastically through moment in time, the Black-Scholes method is no longer the correct pricing method and an implied volatility derived from the Black-Scholes formula provides no fresh information. Black-Scholes formula is lacking on certain issues like the oblique volatilities of various options on the identical stock tend to differ disregarding the formulas hypothesize that a single stock can be correlated with only one value of implied volatility. The Black-Scholes formula mainly ignores the distribution of stock prices in US market.   Some studies have revealed severe deviation from the price process fundamental to Black-Scholes formula like excess kurtosis, skewness, time varying volatilities and serial correlation. Further Black –scholes deals with stochastic volatility poorly and it relies on impractical assumption that market dickers endlessly thereby ignoring institutional constraints and transaction costs. Stock Charting: Stock charting is the process of a graphical sequence record enables it easier to dapple the effect of cardinal happenings on authoritarian security’s price., its functioning over a period of time and whether it’s trading its higher or its lower or in between these. Traders are very particular in daily, intraday data to forecast short-term price movements.   Investors rely on weekly and monthly charts to mark long term trends and movements. Line chart, Bar chart, Candlestick Chart and point and figure chart are some of the examples of stock charting method.   Arithmetic and semi-log arithmetic scales are two methods of price scaling used in the stock charting method. When the price range is hemmed within a tight range and used in general for short-term charts and trading. Semi-log scales are useful for long term charts to estimate the percentage movements over a foresighted period of time including large movements. Stock and other securities are estimated in relative terms through tools lime PE, Price/Revenues and Price/Book and as such it will be more useful to analyse in percentage terms. Ocillator: This is an indicator which is calculated by taking 10 day moving average of the difference between the numbers of advancing and defining issues for authoritarian given index. An indicator will reflect whether an index is gaining or losing impetus, so the size of the moves is more significant than the level of the current reading. The level of the reading is influenced by how the oscillator changes each day thereby dropping a value ten days ago and adding today’s value. The scale in moves is also helpful when it is compared with the divergence from the index price. If the Dow climaxes at the same time, the oscillator peaks in overbought area and suggests a top. Divergence is said to be negative and momentum is declining when index makes a new high but the oscillator fails to make a higher .One can buy if the index declines at this point but oscillator moves into oversold territory. If the oscillator rises above a previous overbought level though the index rises but does not make new heights, it is said to be upside momentum exists to continue the rally. Support: A support level is the price at which buyers are anticipated to enter the market in considerable numbers to take control from sellers. As the market has its track record, when price falls to a new low and then soars, the buyers who ignored on the first low will be persuaded to buy if price returns to that level back .Fearing of missing out the opportunity for the second time, these traders may enter into market in adequate numbers to take control from sellers. As the result, there is a rally strengthening sensitivity that price is unlikely to fall further thereby creating a support level. Resistance: The price level at which the sellers are anticipated to enter the market in sizeable numbers to take control from buyers is known as resistance level. If price makes a new High and then move back, sellers who ignored the previous High will be predisposed to sell when price returns to that level back. Fearing of missing the opportunity for the second time, these sellers may enter the market in large numbers to overwhelm buyers. As the result, market perception will be reinforced that price is unlikely to increase higher and form a resistance level. CANDLE CHARTING: It is a price chart that shows the open, low, the high and close for a stock each day over a specified period of time .It is known as Japanese candles because they used to analyse the price of rice contracts. When the close is higher than the open , the same is represented by an white empty box in the candle charting .When the close is lower than the open , then it is represented by a solid black candle ,Colored candles are used to reflect the day’s volume. Investment strategies in stock and options Following is the most of common investment strategies for keeping investment objectives, financial means and risk tolerance. Despite of market crash in 1929, market break in 1987, market correction in 1989 and though the prices of all securities fell down drastically but broad movement of the market has seen their value steadily increased. One of the strategies is to buy and hold for long the high quality stocks or futures of stock or commodities .The buy –and-hold strategy offers one to profit from this long term forward trend of the stock market. Further, dividend investment plan offers small investors a painless method of building wealth. Dollar –Cost Averaging: This is also a long term strategy and one has to invest in a stock or mutual fund or futures at regular intervals monthly, quarterly or semiannually. The success of dollar-cost averaging relies on consistency of amount invested and the regularity of the payments so as to minimize pricing and timing risk. The success of the Dollar cost averaging depends upon the following factors. The plan for the investment should be for a long period i.e. from 7 years to 10 years .In the last 100 years, there were about 40 recessions or market corrections or a downturn about every 3 years and If one carry on to invest through about three of these corrections, the profits of dollar-cost averaging tend to be maximized. 2 .Investment at regular intervals is most preferred. Investment should be made regularly regardless of the price of the stock. Give preference to high quality of stocks or mutual funds and a company or fund with history of habitual dividend payments and possible for capital appreciation is a better choice. One has to make sure that he has enough strength so that he can adhere to the plan through highs and lows and sell out at the peak and thus the money allocated for dollar-cost averaging result in wealth-building funds, not committed funds.[i] Going Short: An investor who prefers short i.e. enters into futures contract by agreeing to sell and deliver the underlying at a price and wishes to make profit from declining price levels and thereby selling high now , the contract can be repurchased in the future at a lesser price thus creating a profit for the investor. 16.Spreads: It involve taking benefit of the price difference between two different contracts of the same commodity and spreading is believed to be the most conventional forms of trading in the futures market because it is much safer than the trading long / short futures contract. There are different types of spread namely calendar spread, inter-exchange spread and inter-market spread. Swing Trading: It denotes a technique of placing emphasis on playing the swings in the PPS, selling on the highs and buying on the lows rather than the swiftness of the trade. To complete the swing trade, it may need more than a day, a week or authoritarian month or longer period and channeling stock is pursued by the some swing traders. Flipping: It refers the process of trading a stock very quickly with in minutes or hours etc as past as possible may be on the same day. It is often used to explain a buy and sell with a share that is running and where the trader buys the stock as it is moving up and sells the same on even a higher point in a short period of time. A flipper aim is to maximize his profits by emphasizing on fast trades to earn quick profits. The risk is also less downside as the trader sits in a stock for a less time. [i] Hall, Alvin D., and Carolyn M. Brown. â€Å"Investment Strategies Made Easy: Here’s How to Overcome Your Fears of the Market and Invest like a Pro.† Black Enterprise Mar. 1994: 66+. 2.Fisher, Black and Myron Scholes, â€Å"The pricing of Options and Corporate Liabilities â€Å"The Journal of Political Economy, 81,637-654. 3.Mackay, Charles. Extraordinary Popular Delusions and the Madness of Crowds: New York, Harmony Books (1980). 4.Chance .Don M.† A Chronology of Derivatives† Derivative Quarterly, 2 (winter, 1955) 53-60. 5.Thomas L. Friedman ,The World Is Flat: A Brief History of the Twenty-first Century Stephen Leeb, Glen Strathy ,The Coming Economic Collapse: How You Can Thrive When Oil Costs $200 a Barrel 7.George A. Fontanills, Tom Gentile The Volatility Course 8.George Soros, Paul A. Volcker The Alchemy of Finance (Wiley Investment Classics) 9.John C. Hull Options, Futures and Other Derivatives (6th Edition) 10.Marc Allaire ,The Options Strategist 11. George Kleinman, Trading Commodities and Financial Future: A Step by Step Guide to Mastering the Markets (3rd Edition). 12. Sheldon Natenberg ,Option Volatility & Pricing: Advanced Trading Strategies and Techniques Jeffrey M. Christian, Commodities Rising: The Reality Behind the Hype and How To Really Profit in the Commodities Market. John J. Murphy ,Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications (New York Institute of Finance John F. Carter, Mastering the Trade (McGraw-Hill Trader’s Edge) 16. Joseph Kellogg, Trading From the Inside 17. Thomas N. Bulkowski ,Encyclopedia of Chart Patterns (Wiley Trading) 18.Stephen W. Bigalow, Profitable Candlestick Trading: Pinpointing Market Opportunities to Maximize Profits