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.