Choose promt in attachment Essay Example | Topics and Well Written Essays - 1250 words

Choose promt in attachment - Essay Example The latter has seen a lot of improvement in the film industry for women. Also important was the Civil Rights Movement. Mulvey’s theory in which she stipulates that women are just sexual fantasies for males in earlier films supports this argument. Laura Mulvey is renowned for her ‘Visual Pleasure and Narrative Cinema’ where she analyses the production technique of Hollywood films. According to her ‘gaze theory’, most of the films produced have a masculine approach. This implies that the films use women as objects that provide visual pleasure for men (Hemery, 2013). In films today, there still exist forms of objectifying women, even though they are also given major roles involving active participation. Examples of films that portray women as sexual objects include 100 Girls, National Lampoon’s Dorm Daze and I Hope They Serve Beer in Hell. In 100 Girls, there are women who are in the film to fulfill the actor’s sexual desires. In today†™s films, especially those meant for children, the female gender is not represented equally as their male counterparts. However, when they appear in such films, they are either passive or over-attractive. For instance, women in animated films are portrayed as extremely thin, with small waists and hourglass figures. In films such as Pretty Woman, women are portrayed as escorts who are paid for their companionship services. A rich businessperson, Edward, pays Vivian Ward, played by Julia Roberts. Later on, they fall in love. They are also adorned with alluring clothes. Men, on the other hand, are presented as saviors, warriors, breadwinners, and protectors of the world in films. For example, in the film, The Avengers, the pictorial cover portrays five men and one woman. Apart from the unequal representation of women, the picture also portrays her carrying the smallest of the weapons. According to research findings, only 32.8% of speaking characters are female while the remaining 62. 7% of the characters are male. In total, less than 17% of films in the industry are balanced in terms of gender (Smith, 2008). Similarly, in the directing and producing areas for every one female there are approximately five males. This is alarming, especially since almost half of the society is made up of females. Film Industry in the early 1950s was marred with various stereotypes, including the traditional role male and female. In the few instances that women were represented in films, they appeared as homemakers, with a lot of babies and household chores. Films today have however revolutionized women’s role a little bit (Hemery, 2013). This could be attributed to modernity and westernization that has seen women pursue their careers and still play their roles as wives and mothers, like in Strike back. Jodhi May is portrayed as a survivor in the male dominated world of military, and she climbs to the top. Many females are also portrayed as having a great affinity for romant ic relationships. For instance, The Ugly Truth portrays Abby Ritcher as a romantically challenged woman, who lashes out her list of how her dream man ought to be. Most films also show women as weak, and no matter who wrongs the other in film, the woman always forgives and gets back with her male partner. An example here is Project X, a high school themed film. Films like Clueless depict the nature of girls as shallow. The reasons for this is because all they do is shop and enjoy

Ink and Paper Communication Essay Example for Free

Ink and Paper Communication Essay People say that the art of letter writing is dead. But my idea of heaven is writing a letter to a dear friend in a far away town, a note to my cousin saying â€Å" thankyou † for the dinner we had this weekend, a fan letter to the writer whose story I read and admired. I love to write something, be it a short story, a poem, a serious article or just letters. It is so magical to gather the right words and put them together on the paper†¦ I write a couple of letters a day, and suffer from bouts of guilt, thinking I may perhaps be over burdening my friends and relatives with my written material. Letters have been very important in my life, those that I have written and received. I have treasured the ones which are very dear to me, to read them again and again reveling in the magical spell they cast on me every time unfolding something new. It was a hobby that started from my childhood, when I wrote letters to my school friends, teachers, relatives and strangers as well. I std lX, when suddenly half the nation was consumed by the passion of acting, I too was one of them. I wrote my first fan letter to the great ‘Amitabh Bachchan’ and received from him a typed reply and his autographed photograph. His letter, the special handmade greeting card, and the letters written by my friends are the most treasured possession. Recently when I revealed my letter writing habbit to my friend, I was told, †but my dear, no one writes letters anymore! Where’s the time?† Agreed! I know people who never write letters for whom its just a waste of time. How easy it is to reach for the telephone type a few digits and talk to person miles away from you†¦ no pondering over thoughts no addressing of envelopes and no waiting for response. No doubt, the telephone is more efficient and instant but I doubt whether it is, on the whole as effective as a letter. Letters have a certain power, your heartbeat ticks rhythmically with every comma and a full stop†¦ you can preserve a letter , read it study it, carry it around like a cherished possession. It is not momentary as a telephone call, quickly done and quickly forgotten. As I have grown over years, I have matured and hopefully become wiser. I have learned to think twice before dropping a letter written in a melancholic mood. I have regretted it because by the time the letter is received the gloominess is banished and then one is left anxiously thinking about the reaction at the other end. There were moments when shyness led me to writing letters. I would have never been able to make friends with strangers had I not been a keen writer. I cannot dream of calling up a writer, actor, painter whose work I admire, until and unless I know them personally. But without hesitation I write them letters of appreciation, and if my letter is welcomed, it is answered and if not, I’ve got nothing to lose. Its funny but I’ve maintained friendships solely through letters that may, I fear, break if there is a face to face encounter. So keep in touch. The pen and paper you use does not matter the voice coming from the heart does. The next time when you write a letter notice for a second the magical tune that your pen plays on your paper , the rhythm of the flow of your thoughts, like the first raindrops touching the mother earth. You feel as if you are actually sitting in front of the other person reading out thoughts, collecting thoughts, coloring them with ink and presenting them paper to loved ones†¦.. anxiously waiting for the reply†¦. Letters have their special brand of magic.

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

Skating on Thin Ice :: essays research papers

Skating on Thin Ice   Ã‚  Ã‚  Ã‚  Ã‚  The Olympic Games have been around for hundreds of years. They are something that people everywhere around the world look forward to all year long. Athlete or not, everyone knows what the Olympics are. With the extreme popularity comes extreme broadcasting. Millions of people turned on their televisions and radios, read newspapers and magazines, and searched the web to hear the results and news about the games this winter. Broadcasting feeds people. They crave to hear the latest scandal, see footage of the most recent event, and be informed of what is going on in the world that they live in. This year the figure skating competition drew a particularly enormous audience. Because a scandal was involved, figure skating received special attention, which left the sport with a new reputation. Media is a powerful thing; this was proven this year during the winter Olympic games.   Ã‚  Ã‚  Ã‚  Ã‚  A lot was heard, and learned, about figure skating during the past month of Olympic coverage. This year, a problem with judging and secret deals caused two gold medals to be given out; one to the Russians and one to the Canadians. What happened off the ice seemed juicier than the actual competition, according to many sources of media. What is interesting, is that controversy is not uncommon to the sport of figure skating. A Newsweek article, â€Å"The Sleazy Side of Skating,† gives many examples of past figure skating scandals. In 1908, at the London Olympics, Russian Nicolai Panin withdrew from competition, saying the judges were stacked against him. At the 1936 Games, a Hungarian judge placed the Hungarian skaters second and third, which stood out when no other judge had placed them higher than seventh. In 1927 at the World Championships in Oslo, a Norwegian skater placed first, thanks to three Norwegian judges. That led the International Skating Union to restrict each country to one judge. Although these are significant examples of figure skating trickery, they were not really important until now. Journalists are researching the history of figure skating, and making known scandals that had occurred in the past. In 1993, Tonya Harding’s husband paid $6,500 to have Nancy Kerrigan injured so his wife could have an advantage. The Harding-Kerrigan scandal was this country’s first real taste of the drama that goes on with figure skating. Because a scandal involving money and crime took place, it was shown all over television, and talked about on the radio.

Individual human identity Essay

It also means that importance of social class decreasing, but instead of class the role of status increased rapidly. For instance to show status people buy expensive cars and exclusive clothes. Differences in social classes could influence personal identity, because identity related to social groups to which the identity belongs, for example nationality, culture, ethnicity, sexuality, gender and class. First of all identity is â€Å"a sense of self that develops as the child differentiates from parents and family and take a place in society† (Jary and Jary, 1991:p665). Identity also formed through some combinations of individual choice and structured group membership (for example in Arab countries Muslim women can`t drive the car). In additional, people could express their aspects of identity in a different way. For example clothing, which clothes choose to wear to show gender, post – modernism or class; language, which words to use when people speak with fiends to show class, educational background and gender. It is goes without saying that even though ‘class’ no longer exists, but we could easily identify person`s class, status and possessions from their clothing and way of behaving. The principle of the identity is closely linked to the idea of culture. As I have already mentioned identities could also be formed through the cultures to which people belong to. â€Å"Culture is the language, beliefs, values and norms, customs, dress, diet, roles, knowledge and skills which make up ‘the way of life’ of an individual society â€Å"(Ralph Linton, 1945). For example norms and diet, in the UK at 17 o`clock most people have their couple of tea. Culture includes teaching and learning such process like socialization. We gain our identity through â€Å"socialisation†. Socialisation is the process by which we, as individuals, become members of our society or culture. We are also active participants in this process – we decide what to accept or reject. Process of learning culture or socialization includes family, school, peer, media and religion. For example: family, your parents give you name, first beliefs and tastes; school, teaches person rules and gives knowledge; religion, teach people to appreciate some values; peers, teach person how to socialize; media, gives people ideas about gender, status and class. Modern sociologists also think that being of a different class may involve differences in culture, economic circumstances, educational status, dietary preferences, housing conditions, property ownership and power. For example, differences in culture, people who are from middle and upper – middle class in free time visit museums and theatres, whereas working class visits pubs. One of the important factors in people’s culture and identity is social mobility, the ability to move from one class to another. For example, moving from the working to the middle class. Nowadays class, gender, sex, race and kinship have less influence on human identity. It is becoming more important human`s talent, knowledge, ambition and hard – working abilities for achieving a good position in the class system. World sociology has changed greatly, beginning of the XXI centuries gave to the UK a lot of new. New national socio – economic classifying statistics (NS – SEC), which replaced Registrar Generals classification. New sociologists have another view on dividing society into social classes. For instance class has been defined consisted of eight major classes. The first four is middle class, which include higher managerial and professional occupations, lower, intermediate occupations, small employers and own account workers. The other four is manual workers, including lower supervisory and technical, semi – routine occupations, routine occupations and never worked people. A big and new tendency had happened in modern Britain: the number of manual workers declines year by year. If for example in 1911 a percentage of manual workers was about 81%, in the year 2000 this percentage twice declined and become about 40% of total workforce. This become possible first of all because of developing new technologies: technique makes most manual work. Secondly because of changing of economical situation such as increasing life standards and education system. Traditionally social classes have been the main concept for understanding society, its behaviour or social conflicts, and predict the main movements of social behavior. Today`s sociologists in developed countries see classes like a historical phenomenon. The same view on social classes has Pakulski and Waters. They thought that class is no longer important factor in a human identity. According to Pakulski, we could pick out four main features such as cultuaralism, fragmentation, autonomization and resignification. For instance autonomization, which means that today`s people are not told what to do, they do what makes sense to them. For example, British working class is less likely to vote for the British Labour Party than it once was. To sum up, in this essay we discussed the different aspects of inequalities; we have seen that the UK is one of the most unequal societies. Inequalities of wealth, which means that one tenth of the UK population owns more than seventy percent of total wealth. Inequalities of income are significant, but welfare policy of the government such as taxation does have a huge effect in reducing the incomes between rich and poor. Finally, because of the government policy and developing new technologies, class has lost its power in the collective sense, however class would still remain fundamental to culture and human.

The Middle Stone Ages Most Advanced Stone Toolmakers

The Middle Stone Age's Most Advanced Stone Toolmakers Howiesons Poort and Stillbay industries of southern Africa are among the most advanced stone tool industries of the African Middle Stone Age, identified at a handful of archaeological sites, mostly caves in South Africa. Recent investigations at Sibudu Cave, as additional data supporting the earlier excavations, have achieved a timeline of between ~77,000-70,000 years before the present for Stillbay and ~66,000-58,000 bp for Howiesons Poort. Howiesons Poort and Stillbay Living These sites contain lithic stone industries that are comparable to European Upper Paleolithic in their sophistication, yet they date fully 20,000 to 30,000 years earlier than the UP. Stone tools from these industries include crescent-shaped blades (arguably hafted) and lanceolate projectile points. Bone artifacts include tools, perhaps even bone arrow points. Other advances shown by Howiesons Poort individuals include abstract portable art, in the form of ochre which has been engraved in a cross-hatched pattern. Some scholars have pointed to similarly sophisticated industries in eastern Africa and Asia, at dates ranging about 30,000 to 50,000 BP. This may thus represent the migration of Early Modern Humans from South Africa beginning about 60,000 years ago along the Southern Dispersal Route, well before the European colonization by Africans leading to the European Upper Paleolithic. Dating the Middle Stone Age in South Africa Recent examination of dates from several sites in South Africa by Jacobs and colleagues found that Howiesons Poort and Still Bay are clearly separate cultures, separated by several thousand years. Howiesons Poort/Still Bay sites South Africa: Pinnacle Point, Rose Cottage Cave, Blombos Cave, Border Cave, Klasies River Caves, Sibudu Cave Sources This glossary entry is a part of the About.com Guide to the Middle Paleolithic, and part of the Dictionary of Archaeology.Backwell, Lucinda, Francesco dErrico, and Lyn Wadley 2008 Middle Stone Age bone tools from the Howiesons Poort layers, Sibudu Cave, South Africa. Journal of Archaeological Science 35(6):1566-1580.Henshilwood CS, and Dubreuil B. 2011. The Still Bay and Howiesons Poort, 77-59 ka: Symbolic Material Culture and the Evolution of the Mind during the African Middle Stone Age. Current Anthropology 52(3):361-400.Henshilwood, Christopher S., et al. 2002 Emergence of Modern Human Behavior: Middle Stone Age Engravings from South Africa. Science 295:1278-1280.Jacobs, Zenobia, et al. 2008. Ages for the Middle Stone Age of Southern Africa: Implications for Human Behavior and Dispersal. Science 322(5902):733-735.Lombard, Marlize, and Justin Pargeter 2008 Hunting with Howiesons Poort segments: pilot experimental study and the functional interpretation of archaeological tools. Jour nal of Archaeological Science 35(9):2523-2531. McCall, Grant S. 2007 Behavioral ecological models of lithic technological change during the later Middle Stone Age of South Africa. Journal of Archaeological Science 34(10):1738-1751.Mellars, Paul 2006 Going East: New Genetic and Archaeological Perspectives on the Modern Human Colonization of Eurasia. Science 313(5788):796-800.Mellars, Paul 2006 Why did modern human populations disperse from Africa ca. 60,000 years ago? Proceedings of the National Academy of Sciences 103 (25):9381-9386. Free downloadWadley, Lyn and Moleboheng Mohapi 2008 A Segment is not a Monolith: evidence from the Howiesons Poort of Sibudu, South Africa. Journal of Archaeological Science 35(9):2594-2605.

Media essays

Media essays The case that I decided to focus on is an older abuse case, but it has recently been resolved in the courts. It is a child abuse case involving James and Bonnie Zeleski. They were both charged with abusing their infant daughter. The child was brought to the hospital with a fracture in each leg, a fracture in each arm, a thigh fracture, three broken ribs, a ripped esophagus, pneumonia, malnourished and several other cuts and bruises. The girl was transferred to an Omaha hospital. The father, James, was charged on June 3, 1998 with Class 4 Felony Child Abuse. His wife, Bonnie, was later charged and convicted of a Class 3 Felony. James was sentenced to three years probation and six months in jail. His wife was sentenced to 15 to 18 months in prison. I think that this case was fairly portrayed by the media. I know at the time, there were several letters to the editor and opinion printed on the subject, but the Grand Island Independent seemed to be fair and stick to the facts. It was a horrible crime and I think they did a good job being unbiased. I think that it is a good idea to publicize crimes like this. From my other studies, I have learned that the informal sanctions, public humiliation and shame, are far more effective than the formal sanctions in preventing crime. When people who are having a hard time dealing with being a parent see something like this in the media, they may stop to think about their actions. A good idea would be to run several articles on where parents can go to for help. The combination of the two, may help prevent this from happening to another child. As a mother I have a definite interest in this crime. I cannot even begin to understand how anyone could do something like that to someone so helpless. I am also interested in this case from the legal perspective and how the case was resolved in the court system. I personally think that the sente...