Book Review and Summary Essay - 2750 Words

Book Review and Summary (Essay Sample) Content: Analytical Book ReviewNameInstitutionDateBook reviewThe Travels of a T-Shirt in the Global Economy is an economic fiction written by Pietra Rivoli. The author, Pietra Rivoli, was born in 1957 and today is a professor of finance and international business Georgetown University the McDonough School of Business. The book is a first-person narrative that discusses the global economy and traces the production of cotton from Texas U.S.A. and how it finds its undisputed market worldwide. The book has been award winning work that earned the Financial Times and Goldman Sachs Business Book of the Year award in 2005 and the Amazons Best Business Book in the same year.The Travels of a T-Shirt in the Global Economy: An Economist examines the market, power, and politics of world trade has it origin at Texas in the cotton fields. CottonÂis grownÂat TexasÂand exported to China for processing. The author narrative is motivated by a couple that had lived in Texas entirety o f their lives farming cottons. The title of the book is a symbolic of what the book puts across. The Travels of a T-Shirt in the Global Economy denotes the journey the cotton grown in Texas finds their way in the global market dominated by other producers of the same commodity. The author provides a lengthy preface to open up his world to the audience and give an introduction of what he will look at. He acknowledges all the people who collaborated with him in his journey to producing this work. The jacket of the book depicts a picture of the content of the book as it reflects on the title. However, the title does not have an economic or financial appeal to the audience, and if the person sees it at a glance, one may be forced to disregard its content (Rivoli, 2005). This paper provides an analytical review of this book detailing every action as it happened.The author starts his work by describing the uniqueness of the cotton from Texas. He says that unlike the wine of France and ora nges from Florida, the cotton of Texas have stood the test of time to defend its indigenous and its world market dominance. He outlines the importance of cotton of cotton in Texas in that area by claiming that Texas will never have something of such importance even the tourism. To show the effect of cotton dominance of the Texas, he expresses thatÂit is possibleÂher T-shirt and mine could trace their origin back to Mexico (Rivoli, 2005). This start introduces the reader and the audience to the subject matter of the entire work.The author introduces to a resident of Texas, Nelson and Ruth Reinsch. The couple has defied the age, and Nelson, despite being 81 years old, he stands firm, tall and handsome. He has seen himself enjoy growing cotton in his life only mission four harvest when he was out during the Second World War. The world for a couple is still very interesting; this can be attributed to the returns they reap from growing cotton. Although cotton growing was once a b ackbreaking physical activity, today it is not and the farmers can navigate through the whims of nature and the market dynamics an yet continue profitable growing of cotton. The cottons of Texas compete with cotton from over other 70 countries around the world yet it continues to perform well, and the production per acre remains high. This has made it possible for Nelson and Ruth to stick to one occupation in their life and still continue to enjoy life (Rivoli, 2005). This chapter shows the pride of the cotton farmers in Texas in cotton and expresses how cotton growing has been a livelihood and lucrative to the farmers.Economists argue that almost all world dominance is temporary andÂstories that impress concerningÂnational industrialÂsuccessÂtypically culminate withÂpostscripts of the comparative advantage that has shifted from their favor. She sites examples of world dominance that came to end like the shifting of consumer electronics from United States to japa n to Hong Kong and to china among other dominance that faded. But for more than 200 years, the United State have been the undisputed leader of cotton growing in the world (Rivoli, 2005). United States competing with the poorest countries in the cotton production is not a satisfactory reason to explain why the American Cotton has maintained that competitive edge over that long.The subject matter and the economic conflict between the cotton growers of other countries and the U.S.A. cotton growing practices that the book addresses form the foundation of the storyline in the book. The author stipulates this by claiming that the success and dominance of the cotton from America surprise many, and economists think that there are other factors that push for that other than favorable climatic conditions. People wonder how a basic and downstream industry like cotton growing continues to thrive under advanced service-oriented economy. In an industry like cotton, unless there are other factors that come into play, ought to be little sustainable advantage. This is so because there lack product differentiation, lack intense price competition and low barriers to entry into the industry. This led to a business professor, Michael to state that advantages are exceedingly fleeting in industries where labor cost or natural resources are important to competitive advantage. For example,Âcotton growing because they require less capital and are open to many nations. The author stipulates the questions that she seeks to answer, and this draws the attention of the authors to want to get the answers and stimulates interest and suspense. The questions are what explainÂthe success ofÂAmerican cottonÂas an exportÂproductÂin a countryÂwithÂmerchandise trade deficitÂsinceÂ1975? And what explains the U.S. cotton producersà ¢Ã¢â€š ¬ ability to export such a basic commodity to much poorer countries? Why there? And why was Chinese T-shirt born in Texas? (Rivoli, 2005).The answers to these questions were presented well in the subsequent section of the book in a logical manner that enhances the understudy and stimulates interest for further reading. She writes that it was not until Oxfam; a British charity felt that they had an answer to the questions. The organization released a report indicating the American farmers employ their skills at collecting government subsidies. In 2003, the poorest countries cried foul against the richest as they watched the United States farmers continue enjoying the flourishing and booming cotton growing in Texas while theirs had no stand in the market. The claim was that the U.S. government extends huge subsidies to the cotton growers in the America blocking their routes out of the poverty and making it impossible to compete with the farmers of Texas. The author uses examples to illustrate how the extension of subsidies to farmers have earned them an edge over other global farmers and thus sidelining t hem in the world market competition. This is the main reason that the writers give to explain the global market dominance (Rivoli, 2005). Nevertheless, there are other underlying reasons that the author discusses that have been factors in making the T-shirts from Texas go global.The author does well to discuss the factors that have been a major boost to the market dominance of the Texas cotton. The author uses her economic and financial knowledge to analyze which factors that could have helped the United States farmers to boost their production. She cites the farmers union as among the factors; these institutions insulate the farmers from variousÂmarket forces. The farmers have had a series of policies that help them mitigate the undesired effects of the market dynamics. The education and knowledge have been another asset in setting a competitive advantage for the cotton grown in the United States. These, according to the author, are the major reasons for the competitive advanta ge. The author analyses this and discuss how they could have possibly impacted to market makeshift advantage and global dominance. The chapter one ends well and helps an individual and the learner know the situation of cotton farming in the United States and the sources of the market advantage that they enjoy. The chapter is simple and direct, and the employment of the narrative approach in the preparation of the story makes the story interesting (Rivoli, 2005).The author uses the chapter two of the book to illustrate how the prolific farming of cotton took shape in the United States and happened to leapfrog the former world record producers within a short time. She gives an account of the journey the cotton farming in the United States has taken to the present day. The farming started at the time the cotton textile factories were the first one in the world. The entrepreneurial development in production of cotton cloth and yarns launched the industrial revolution in Britain. Series of technical improvements in spinning and weaving of yarns made large-scale production possible, and the manufacturing of cotton textiles moved from home to factory. She explains how the demand for the American cotton shape from the demand from England and worldwide. This happened when mass production of cotton commodities became possible due to the industrial developments and use of technology. This resulted to the reduced prices for garments and clothes making it possible for the common person to afford to dress attractively. In this case she illustrates how the ancient of cotton growing cropped from humble beginning.ÂCcommon citizens could not afford clothing to the time where everyone could afford a T-shirt from the cheap cotton products (Rivoli, 2005). The author complements her work through the use of direct quotes from nineteenth-century economists and historians anytime she feels appropriate. Book Review and Summary Essay - 2750 Words Book Review and Summary (Essay Sample) Content: Analytical Book ReviewNameInstitutionDateBook reviewThe Travels of a T-Shirt in the Global Economy is an economic fiction written by Pietra Rivoli. The author, Pietra Rivoli, was born in 1957 and today is a professor of finance and international business Georgetown University the McDonough School of Business. The book is a first-person narrative that discusses the global economy and traces the production of cotton from Texas U.S.A. and how it finds its undisputed market worldwide. The book has been award winning work that earned the Financial Times and Goldman Sachs Business Book of the Year award in 2005 and the Amazons Best Business Book in the same year.The Travels of a T-Shirt in the Global Economy: An Economist examines the market, power, and politics of world trade has it origin at Texas in the cotton fields. CottonÂis grownÂat TexasÂand exported to China for processing. The author narrative is motivated by a couple that had lived in Texas entirety o f their lives farming cottons. The title of the book is a symbolic of what the book puts across. The Travels of a T-Shirt in the Global Economy denotes the journey the cotton grown in Texas finds their way in the global market dominated by other producers of the same commodity. The author provides a lengthy preface to open up his world to the audience and give an introduction of what he will look at. He acknowledges all the people who collaborated with him in his journey to producing this work. The jacket of the book depicts a picture of the content of the book as it reflects on the title. However, the title does not have an economic or financial appeal to the audience, and if the person sees it at a glance, one may be forced to disregard its content (Rivoli, 2005). This paper provides an analytical review of this book detailing every action as it happened.The author starts his work by describing the uniqueness of the cotton from Texas. He says that unlike the wine of France and ora nges from Florida, the cotton of Texas have stood the test of time to defend its indigenous and its world market dominance. He outlines the importance of cotton of cotton in Texas in that area by claiming that Texas will never have something of such importance even the tourism. To show the effect of cotton dominance of the Texas, he expresses thatÂit is possibleÂher T-shirt and mine could trace their origin back to Mexico (Rivoli, 2005). This start introduces the reader and the audience to the subject matter of the entire work.The author introduces to a resident of Texas, Nelson and Ruth Reinsch. The couple has defied the age, and Nelson, despite being 81 years old, he stands firm, tall and handsome. He has seen himself enjoy growing cotton in his life only mission four harvest when he was out during the Second World War. The world for a couple is still very interesting; this can be attributed to the returns they reap from growing cotton. Although cotton growing was once a b ackbreaking physical activity, today it is not and the farmers can navigate through the whims of nature and the market dynamics an yet continue profitable growing of cotton. The cottons of Texas compete with cotton from over other 70 countries around the world yet it continues to perform well, and the production per acre remains high. This has made it possible for Nelson and Ruth to stick to one occupation in their life and still continue to enjoy life (Rivoli, 2005). This chapter shows the pride of the cotton farmers in Texas in cotton and expresses how cotton growing has been a livelihood and lucrative to the farmers.Economists argue that almost all world dominance is temporary andÂstories that impress concerningÂnational industrialÂsuccessÂtypically culminate withÂpostscripts of the comparative advantage that has shifted from their favor. She sites examples of world dominance that came to end like the shifting of consumer electronics from United States to japa n to Hong Kong and to china among other dominance that faded. But for more than 200 years, the United State have been the undisputed leader of cotton growing in the world (Rivoli, 2005). United States competing with the poorest countries in the cotton production is not a satisfactory reason to explain why the American Cotton has maintained that competitive edge over that long.The subject matter and the economic conflict between the cotton growers of other countries and the U.S.A. cotton growing practices that the book addresses form the foundation of the storyline in the book. The author stipulates this by claiming that the success and dominance of the cotton from America surprise many, and economists think that there are other factors that push for that other than favorable climatic conditions. People wonder how a basic and downstream industry like cotton growing continues to thrive under advanced service-oriented economy. In an industry like cotton, unless there are other factors that come into play, ought to be little sustainable advantage. This is so because there lack product differentiation, lack intense price competition and low barriers to entry into the industry. This led to a business professor, Michael to state that advantages are exceedingly fleeting in industries where labor cost or natural resources are important to competitive advantage. For example,Âcotton growing because they require less capital and are open to many nations. The author stipulates the questions that she seeks to answer, and this draws the attention of the authors to want to get the answers and stimulates interest and suspense. The questions are what explainÂthe success ofÂAmerican cottonÂas an exportÂproductÂin a countryÂwithÂmerchandise trade deficitÂsinceÂ1975? And what explains the U.S. cotton producersà ¢Ã¢â€š ¬ ability to export such a basic commodity to much poorer countries? Why there? And why was Chinese T-shirt born in Texas? (Rivoli, 2005).The answers to these questions were presented well in the subsequent section of the book in a logical manner that enhances the understudy and stimulates interest for further reading. She writes that it was not until Oxfam; a British charity felt that they had an answer to the questions. The organization released a report indicating the American farmers employ their skills at collecting government subsidies. In 2003, the poorest countries cried foul against the richest as they watched the United States farmers continue enjoying the flourishing and booming cotton growing in Texas while theirs had no stand in the market. The claim was that the U.S. government extends huge subsidies to the cotton growers in the America blocking their routes out of the poverty and making it impossible to compete with the farmers of Texas. The author uses examples to illustrate how the extension of subsidies to farmers have earned them an edge over other global farmers and thus sidelining t hem in the world market competition. This is the main reason that the writers give to explain the global market dominance (Rivoli, 2005). Nevertheless, there are other underlying reasons that the author discusses that have been factors in making the T-shirts from Texas go global.The author does well to discuss the factors that have been a major boost to the market dominance of the Texas cotton. The author uses her economic and financial knowledge to analyze which factors that could have helped the United States farmers to boost their production. She cites the farmers union as among the factors; these institutions insulate the farmers from variousÂmarket forces. The farmers have had a series of policies that help them mitigate the undesired effects of the market dynamics. The education and knowledge have been another asset in setting a competitive advantage for the cotton grown in the United States. These, according to the author, are the major reasons for the competitive advanta ge. The author analyses this and discuss how they could have possibly impacted to market makeshift advantage and global dominance. The chapter one ends well and helps an individual and the learner know the situation of cotton farming in the United States and the sources of the market advantage that they enjoy. The chapter is simple and direct, and the employment of the narrative approach in the preparation of the story makes the story interesting (Rivoli, 2005).The author uses the chapter two of the book to illustrate how the prolific farming of cotton took shape in the United States and happened to leapfrog the former world record producers within a short time. She gives an account of the journey the cotton farming in the United States has taken to the present day. The farming started at the time the cotton textile factories were the first one in the world. The entrepreneurial development in production of cotton cloth and yarns launched the industrial revolution in Britain. Series of technical improvements in spinning and weaving of yarns made large-scale production possible, and the manufacturing of cotton textiles moved from home to factory. She explains how the demand for the American cotton shape from the demand from England and worldwide. This happened when mass production of cotton commodities became possible due to the industrial developments and use of technology. This resulted to the reduced prices for garments and clothes making it possible for the common person to afford to dress attractively. In this case she illustrates how the ancient of cotton growing cropped from humble beginning.ÂCcommon citizens could not afford clothing to the time where everyone could afford a T-shirt from the cheap cotton products (Rivoli, 2005). The author complements her work through the use of direct quotes from nineteenth-century economists and historians anytime she feels appropriate.

Essay the Bad Seed - 875 Words

The world itself is full of people and the secrets hidden within. A prime example of this are from books like The Bad Seed by William March and We Have Always Lived in the Castle by Shirley Jackson. These two novels both contain characters with many secrets, many dark secrets that cause them to hide and live away from society. In a sense, these characters live in â€Å"secret worlds†. Starting off with The Bad Seed, Rhoda, the main character who is responsible for violent crimes and her mother Christine who is the â€Å"guardian angel† that’s responsible for keeping Rhoda out of trouble. Just like Rhoda, the character Merricat from We Have Always Lived in the Castle is the one causing the trouble and her sister Constance is the protector. The dark†¦show more content†¦Later on in the novel, she then commits yet another murderous action on Leroy Jessup. The main reason being that she is afraid that Leroy will expose her of her deeds and so she decides to kill him. This is another example of how confused and naive Rhoda is and how she needs guidance from a strong-minded individual. The same applies to Merricat but she is lucky enough to have Constance as her support, who appears to be more strong-minded than Christine. After poisoning her family members with arsenic, Merricat expresses her feelings by saying, â€Å"Fate intervened. Some of us, that day, she led inexorably through the gates of death. Some of us, innocent and unsuspecting, took, unwillingly, that one last step to oblivion†. Fortunately for both her and Constance, Constance survived the poisoning attempt and Marricat supports this by saying, â€Å"Some of us took very little sugar.† Following the poisoning incident, the townsfolk have been starting to look down on them with disgrace and hate. This persuades the sisters to live a life of secrecy away from society. 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Do It Yourself Outsourcing Case Study 2 - 1689 Words

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Organisation Using Action Research Model for Malaysia Airlines

Question: Discuss about theOrganisation Using Action Research Model for Malaysia Airlines. Answer: Introduction It is necessary to resolve an identified problem in an organisation. This is important because the problem might also be a critical one. Having problem in an organisation is much better than leaving that unidentified. Such issues might potentially damage the operation and the reputation as well (Saaty Vargas, 2012). In this assignment, the example of Malaysia Airlines is taken to understand the concept of action research model in repairing an issue. The chosen link is on a plane crash that happened in the year 2014 (Diehl, 2017). The main purpose of this assignment is to analyse the issue such as plane crash in Malaysia Airlines and the relevant action from the company in the governance of action research model. Identified issue After another incident of plane crash such as of a flight MH17 has shaken the problem investigation department. In earlier accident cases of few other different flights of Malaysia Airlines before, the necessity to have a globalised organisation that investigates independently the accident cases. Human errors were identified as an underlying cause behind the crash. Crew Resource Management (CRM), which is internationally identified, had believed to provide a significant relief from such cases. However, it somehow did not happen in this case. It was indeed not cared by some airline companies. Another issue was identified was the presence of an investigation body, which would operate globally and independently to investigate such accidents to find out the exact causes. Moreover, such program will help in identifying the issue, which is necessary to get any solution from the management of the respective company (Diehl, 2017). Changes made in the influence of action research model The incident and similar like such more accidents in the past has raised several questions on the governing body of the Malaysia Airlines (Ancel Shih, 2012). To mitigate the issue, the management has realised the importance of certifying the pilots under the certification course Crew Resource Management (CRM) (Hnsel et al., 2012). It was earlier not realised. Nevertheless, the training course is designed in such a way that it educates the pilots on the different human errors that may arise. There has been similar such accidents in past in the Malaysia Airlines. The company has identified the importance of conducting research to know the reasons behind the cause. This is for such reason it was felt that there should be an investigation body that investigate the entire matter with utmost use of technology and independently as well (Steven, Dong Dresner, 2012). The identified need requires an independent and highly competent operation, so as to find the exact cause behind the rising n umber of accidents. This is never possible with national based investigation body. However, there is a problem as such that it will be complicated to decide the appropriate body of investigation as there are both the country of occurrence and the country of manufacture. There lies the confusion. This will be confusing that whom to look for detecting the cause of accidents. Additionally, one of such countries might have their shortcomings in technology, which might deter them from finding accurate causes behind the accidents (Hussain, Al Nasser Hussain, 2015). This is because of all such reasons there is a requirement to have a United Nations Transportation Safety Board. It will really be challenging to rely on a national body. The united organisations body will take care of the existing organisations such as Malaysia Airlines. The management has shown its utmost inclination towards the urgency (Lin, 2012). The organisation has analysed the importance of action research model, which is why it has given importance to research works on the different accidents that the Malaysia Airlines had in past (Tripp, 2005). The company had first researched the reasons behind the accidents. This has helped the management team reach to a conclusion after conducting an extensive research on the probable causes behind the accident. After getting few probable reasons, they have cross checked those with the established reasons behind some other accident cases in past. A cross check study helped them to reach to a single cause, which is the human error. Human error has been identified as the actual cause behind many airline accidents. The action research model has helped to research on the causes. Moreover, the model has supplied the desired results. They have also analysed the importance to collaborate with the United Nations Transportation Safety Board. This will actually help them in getting helps on any accident if it happens in the coming future (Puah, Liew Arip, 2012). Conclusion and recommendation The tragedy as such of Malaysia Flight crash needs to be monitored with utmost technology and infrastructure supports. The air plane crash is always very susceptible to happen. Ever since the inception of airplane, things have not changed. However, the study has shown that the Malaysia Airlines has identified the probable reason behind the accident. The probable reason was the human error. The reason can well be diminished with the help of Crew Resource Management (CRM) training given to the pilots. Additionally, the paper has also identified that there is a need of a centralised investigation governing body, which is well equipped with technology and is operating independently. This is for such reason United Nations Transportation Safety Board came into existence. This is also because the nationalised body might not be technically equipped. Henceforth, they will succumb to flaws in their operation. Moreover, the country of manufacture and the country of occurrence might not be compe tent enough to handle the complexity. However, there should be an infrastructure development in every country in order to respond to the criticality in real time. Recommendation will be for improving the infrastructure capability of Malaysia Airlines. This will help them control the rising cases of accidents. This is because it will provide the country to have its own investigation set up. This is immensely required in order to get into the root causes of accidents and reduce the casualties. The facility development is extremely required to gradually improve in controlling the accident cases. References Ancel, E., Shih, A. T. (2012). The analysis of the contribution of human factors to the in-flight loss of control accidents. Diehl, A. (2017).Malaysia Airlines tragedy proves we need international investigative body. [online] PBS NewsHour. Available at: https://www.pbs.org/newshour/updates/malaysian-airlines-tragedy-produce-global-safety-changes/ [Accessed 17 Oct. 2017]. Hnsel, M., Winkelmann, A. M., Hardt, F., Gijselaers, W., Hacker, W., Stiehl, M., ... Mller, M. P. (2012). Impact of simulator training and crew resource management training on final-year medical students' performance in sepsis resuscitation: a randomized trial.Minerva anestesiologica,78(8), 901. Hussain, R., Al Nasser, A., Hussain, Y. K. (2015). Service quality and customer satisfaction of a UAE-based airline: An empirical investigation.Journal of Air Transport Management,42, 167-175. Lin, W. C. (2012). Financial performance and customer service: An examination using activity-based costing of 38 international airlines.Journal of Air Transport Management,19, 13-15. Puah, C. H., Liew, S. L., Arip, M. A. (2012). Determinants of Capital Flight in Malaysia.Journal of International Finance and Economics,12(3), 5-10. Saaty, T. L., Vargas, L. G. (2012). How to make a decision. InModels, methods, concepts applications of the analytic hierarchy process(pp. 1-21). Springer US. Steven, A. B., Dong, Y., Dresner, M. (2012). Linkages between customer service, customer satisfaction and performance in the airline industry: Investigation of non-linearities and moderating effects.Transportation Research Part E: Logistics and Transportation Review,48(4), 743-754. Tripp, D. (2005).Action research: a methodological introduction.Education and research,31(3).

Practice Problems free essay sample

Evolutionary theories often emphasize that humans have adapted to their physical environment. One such theory hypothesizes that people should spontaneously follow a 24-hour cycle of sleeping and waking—even if they are not exposed to the usual pattern of sunlight. To test this notion, eight paid volunteers were placed (individually) in a room in which there was no light from the outside and no clocks or other indications of time. They could turn the lights on and off as they wished. After a month in the room, each individual tended to develop a steady cycle. Their cycles at the end of the study were as follows: 25, 27, 25, 23, 24, 25, 26, and 25. Using the . 05 level of significance, what should we conclude about the theory that 24 hours is the natural cycle? (That is, does the average cycle length under these conditions differ significantly from 24 hours? ) (a) Use the steps of hypothesis testing. (b) Sketch the distributions involved, (c) Explain your answer to someone who has never taken a course in statistics. We will write a custom essay sample on Practice Problems or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Answer Null hypothesis H0: = 24 hours Alternative hypothesis: H1: ? 24 hours Df = 7 Critical t value = Â ±2. 36 Sample Mean = 25 Standard deviation = 1. 195 The test statistic used is P-value = 0. 049867231 Since calculated p-value 0. 049867231 is slightly less than 0. 05(significance level) therefore we reject the null hypothesis. Because there is enough evidence to support the claim that the average cycle length under experimental conditions is significantly different from 24 hours Ch. 8, Practice Problem: 18 Twenty students randomly assigned to an experimental group receive an instructional program; 30 in a control group do not. After 6 months, both groups are tested on their knowledge. The experimental group has a mean of 38 on the test (with an estimated population standard deviation of 3); the control group has a mean of 35 (with an estimated population standard deviation of 5). Using the . 05 level, what should the experimenter conclude? (a) Use the steps of hypothesis testing, (b) sketch the distributions involved, and (c) explain your answer to someone who is familiar with the t test for a single sample but not with the t test for independent means. Answer Null hypothesis: Â µ1 = Â µ2 Alternate hypothesis: Â µ1 ? Â µ2 Pooled standard deviation = sqrt((19*3^2+29*5^2)/(20+30-2)) = 4. 32 t-statistic = (38 – 30)/(4. 32*sqrt(1/20+1/30)) = 2. 4056 degree of freedom = 20+30-2 = 48 t-critical = 2. 0106 As t-statistic is greater than critical t, we have rejected the null hypothesis. The scores for two groups are not same. The group that was been experiment on had higher scores. There is enough evidence to support that there is significant difference in mean knowledge of two groups. Ch. 9, Practice Problem: 17 Do students at various universities differ in how sociable they are? Twenty-five students were randomly selected from each of three universities in a region and were asked to report on the amount of time they spent socializing each day with other students. The result for University X was a mean of 5 hours and an estimated population variance of 2 hours; for University Y, M = 4, S2 = 1. 5; and for University Z, M = 6, S2 = 2. 5. What should you conclude? Use the . 05 level. (a) Use the steps of hypothesis testing, (b) figure the effect size for the study; and (c) explain your answers to parts (a) and (b) to someone who has never had a course in statistics. Answer Null hypothesis: H0: There is no significant difference in the mean amount of time spent for socializing each day with other students by student from 3 colleges. Alternative hypothesis: H1: There is significant difference in the mean amount of time spent for socializing each day with other students by student from 3 different colleges. The test statistic used is F test (ANOVA). Conclusion: Reject the null hypothesis, the value of test statistic is greater than the critical value of F. The sample provides enough evidence to support the claim that there is significant difference in the mean amount of time spent for socializing each day with other students by student from 3 colleges. Effect Size We calculate R^2 = 50/350 = 0. 143. Thats a measure of effect size. ANOVA test is used test whether there is difference in the mean amount of time spent for socializing each day with other students by student from 3 colleges. The Value of test statistic is greater than the critical value indicate that there is significant difference in the mean values. The effect size for the study is 0. 25. Thus 25% of the total variance in the amount of time spent for socializing each day with other students is attributed to the college. C. This means that there is good reason to think that not all of the colleges are the same. Furthermore, we can explain around 14% of the variability in time spent socializing. Ch. 11, Practice Problems: 11 Make up a scatter diagram with 10 dots for each of the following situations: 1. perfect positive linear correlation, 2. large but not perfect positive linear correlation, 3. small positive linear correlation, 4. large but not perfect negative linear correlation, 5. no correlation, 6. clear curvilinear correlation. For problems 12 to 14, do the following: 1. Make a scatter diagram of the scores; 2. describe in words the general pattern of correlation, if any; 3. figure the correlation coefficient; 4. figure whether the correlation is statistically significant (use the . 05 significance level, two-tailed); 5. explain the logic of what you have done, writing as if you are speaking to someone who has never heard of correlation (but who does understand the mean, deviation scores, and hypothesis testing); and 6. give three logically possible directions of causality, indicating for each direction whether it is a reasonable explanation for the correlation in light of the variables involved (and why). Answer A. Perfect positive linear correlation B. large but not perfect positive linear correlation C. small positive linear correlation D. large but not perfect negative linear correlation E. no correlation F. clear curvilinear correlation Ch. 11, Practice Problems: 12 Four research participants take a test of manual dexterity (high scores mean better dexterity) and an anxiety test (high scores mean more anxiety). The scores are as follows. Answer A. B. We see a negative relationship between the two variables. The correlation between dexterity and anxiety is negative. Higher values of dexterity tend to be associated with low values of Anxiety (and vice versa). C. Correlation coefficient r = -0. 9037 correlation coefficient from excel using the =correl () function. D. Ho: Correlation coefficient is greater than or equal to zero Ha: Correlation coefficient is less than zero Test statistic t = -2. 98481 P-value = 0. 048152 Since p-value is less than 5% we reject Ho and conclude that correlation coefficient is negative. E. Since the correlation was zero, what we have found is that seeing the data we have observed is highly unlikely. Concluding the variables are related in a significant way. If there is increase in dexterity there is decrease in anxiety. F. It might be the case that high dexterity is a cause of low anxiety. That is, the more skilled one is with ones hands, and the less likely they are to be anxious. On the other hand, it might be the case that high anxiety causes dexterity skills to be low. That is, a nervous person might have shaking hands, resulting in poor dexterity scores. The third possibility is that both variables are caused by a third unknown variable. That is, it might be the case that the tests were given under different time limits. Hence the more time you are given the less anxious you are to be and the more dexterous you are able to be because you have more time.

Advertisement and Promotion in Business The WritePass Journal

Advertisement and Promotion in Business Abstract Advertisement and Promotion in Business ). With the ongoing increase in competition across all industries, companies that fail to advertise or promote their products and services risk losing their competitive edge regardless of how proper the other elements of the marketing mix are (Reynolds Lancaste, 2013). This paper covers different issues of advertisement and promotion. These include the marketing communications’ scope and below the line advertisement approaches that can be used to promote Pringles, one of their products. It also designs a plan for an integrated promotional strategy for Pringles. Task 1 – Scope of Marketing Communications 1. Explain the communication process that applies to advertising and promotion. Communication in advertisement and promotion aims to ensure that that the messages that businesses intend to pass to their consumers are effectively relayed (Shimp Andrews, 2013). There are different steps through which these messages undergo before arriving to their target audiences. In promotion and advertisement, the sender – in this case, the advertising company – encodes the message and relays it through a transmission device (Wharton, 2013). Encoding is the creative creation of cues that can either be verbal or non-verbal that will pass the intended message to customers in the most effective manner and also attract the highest possible attention among the target customers (Reynolds Lancaste, 2013). After the message has been encoded, ideal transmission devices or avenues are used to pass the message (Wharton, 2013). With the different customer segments being targeted by companies, it is important to select the most ideal avenue through which the advertisement can be passed (Pride, 2013). The message is then decoded by the receiver, where it will trigger different actions in response to the advertisement, which include making purchases of the advertised products or services (Reynolds Lancaste, 2013). Whereas companies expect the communication processes of advertisements to lack barriers, there are several that may limit the attainment of the intended advertisement objectives (Wharton, 2013). One of these is the presence of many other adverts by competing companies that may divide the attention of target consumers this is mainly referred to as clutter (Kaser, 2012). 2. Explain the organisation of the advertising and promotions industry. The advertising and promotions industry comprises of different entities. These include advertisers, advertising agencies, media organizations and external facilitators (Friedlein, 2014). The roles played by all these parties contribute towards the success of the industry. To ensure effectiveness of this industry, different countries have different approaches of managing these involved parties (Oguinn et al., 2011). In the United Kingdom and Europe, there are different bodies that are involved in the running of the industry. These include the European Association of Communications Agencies (EACA), and the Promotional Marketing Council (PMC) (Warc, 2014). EACA represents media agency associations and full-service advertising across Europe (EACA, 2014). It is based in Brussels, Belgium, and focuses on the promotion for responsible effective and honest advertisement. The organisation also promotes high levels of professionalism and fosters close cooperation among different advertisers, a gencies and media outlets in Europe. PMC, on the other hand, represents the sales promotion industry. Some of the parties represented include suppliers, clients and agencies across several countries in Europe (Warc, 2014). 3. Assess how promotion is regulated. Regulation involves the creation or certain rules and regulations to govern different activities in advertisement and promotion. In the United Kingdom, an advertising self-regulatory system for non-broadcast advertising was set up in UK in 1961. This step was taken to ensure that advertisements are responsible and achieve the purpose of making customers aware of products and their repurchase of the products. The UK regulates the promotion industry by using a combination of practice and legislation codes (Advertising Standards Authority, 2014). There are two regulatory committees that create, revise and monitor advertising codes. These are the Broadcast Committee of Advertising Practice (BCAP) and the Committee of Advertising Practice (CAP). The BCAP code creates broadcast advertising rules while CAP creates rules for non-broadcasting advertising, direct marketing and sales promotion (Farrell Gordon, 2012). These rules are enforced by the Advertising Standards Authority (ASA). With the changes that are always taking place in advertising, these rules are regularly revised to increase effectiveness (Kaser, 2012). However, keeping up with this pace is quite challenging because of the increase in advertisement avenues that has been made possible by technological advancements. As a result, increasing numbers of customers are falling prey to advertisers that advertise inexistent or poor quality products (Cho et al., 2014). 4. Examine current trends in advertising and promotion, including the impact of ICT. The current trends in advertising and promotion have majorly been influenced by the increase in the use of the internet and social networking among target customers, which has largely been as a result of ICT development (Friedlein, 2014). There are various internet related trends in product advertising and promotion. These trends include; social media, online display advertising and mobile advertising. Advertisements on the social media, such as Facebook and Twitter, are on the rise and are referred to as sponsored content (Seth Kapoor, 2014). Companies are taking advantage of the growing number of people using these avenues because in total, there are approximately 2 billion people signed up to different social media platforms (Tuten Solomon, 2012). Online display marketing is on the rise, and involves the advertisement of company websites on other websites that target consumers frequently use (Kaser, 2012). According to Persaud and Azhar (2012), an increase in the use of smartpho nes has also given rise to internet mobile advertising. This is where advertisers reach consumers personally through platforms, such as social media or sending links to company websites, in the form of text messages (Persaud Azhar, 2012). Whereas these developments provide a convenience of reaching a wide range of clients in a short time and on a smaller budget, there are also different associated demerits (Friedlein, 2014). One of these is the information risk that customers and companies may be prone to because of hacking (Cho et al., 2014). Social media has been regarded by some researchers as one of the fastest avenues through which information passes. Thus, any mistake by a company that may tarnish its reputation can be detrimental to its brand (Tuten Solomon, 2012). Task 3: Primary techniques of below-the-line technique of sales promotion 1. Explain primary techniques of below-the-line promotion and develop a BTL campaign for the brand, â€Å"Pringles† Below-the-line promotion Below-the line advertisement is a promotional strategy that tends to use other mediums apart from the typical ones like the internet, broadcast, print and billboards (Kaser, 2012). Many companies in the present-day business environment utilize this strategy alongside above-the-line and through-the-line advertisement (Reynolds Lancaste, 2013). One of the main attributes of this approach to advertisement is that it is less expensive. However, many companies combine this with above-the-line promotions so as to maintain a better market position, below-the-line promotion being just as complement (Gautam, 2013). Several below-the-line advertisement techniques are discussed hereunder. Field marketing or promotion: It is a process through which salespeople target customers on a one-on-one basis with the aim of promoting certain products and services (Stone Desmond, 2007). One of the advantages of this approach is that it provides customers with a close interaction with the product being promoted and the salesmen. However, this is time consuming and some customers may not be quite welcoming to the salespeople (Sigala, 2010). The use of coupons: this below the line approach to promotion involves handing coupons to prospective purchasers of commodities and offering incentives or discounts to attract customers, especially those who are price-sensitive (Wharton, 2013). Given that such approaches often offer product at reduced prices for a short duration, there is always a risk of reduced sales when the company resumes its original prices (Kumar Rajan, 2012). Loyalty programs: These are packages that offer rewards to the frequent buyers of commodities due to their loyalty to the retail outlets (Grewal et al., 2011). Such programs are common in the airline industry, where frequent flyers of a given airline numbering a specified number of flights are awarded for their loyalty in different ways, which may also include free flights. These programs are however more ideal for customers with easy accessibility to the company products (Kaser, 2012). A below-the-line campaign for Pringles Pringles is a potato and wheat manufactured snack owned and run under the Kellogg Company (Pringles, 2014). Below-the-line advertisement can be used to compliment the current promotional strategies used. One of the below-the-line approaches that can be used to market Pringles is the field promotion or field marketing approach. To effectively implement this promotional strategy, it is vital for the company to recruit salespeople that have the experience and skills needed to enable them convince people they have never met before to choose the Pringles over competing products in the market (Kaser, 2012). Small samples ought to be distributed for free or be sold at a lower price. Considering that the company mainly targets teenagers and students (Gillespie Hennessey, 2010), it is advisable for the company to use younger salespeople who are more aware of how to approach and appeal to teenagers. The most ideal places that promoters of this product can target are those with high population of teenagers, like schools, colleges or recreational parks. Though this marketing approach provides an excellent avenue for building a relationship between the target customers and the brand, companies have to invest heavily in training salespeople or promoters to enable them deal with customers of diverse tastes and backgroun ds (Sigala, 2010). 2. Evaluate other techniques that can also be used in this BTL campaign. Apart from the above below-the-line approach that can be used by Pringles, there are several other methods that may be adopted to boost sales and promote the product. They are examined below. Pringles can use the Intercept method, where trained sales personnel are positioned at retail outlets besides the shelves holding Pringles in retail stores and supermarkets (Stone Desmond, 2007). Their main role is to persuade incoming buyers into the stores to purchase Pringles by highlighting their advantages over other competing products. Whereas this approach can increase the sales for the company, it has been criticized for causing impulse buying among customers (Pride, 2013). Sponsorship is also an ideal below the line promotional strategy that can be used by Pringles. This is whereby the company supports events and activities through provision of funds and other resources that are valuable to the success of the event (Woisetschlger Michaelis, 2012). For Pringles, this strategy can be implemented by sponsoring sports for schools and youth concerts. Awareness of the company or products can be increased by ensuring by printing T-Shirts, caps or any other apparel to be worn by those attending the event. Even with this convenience that the strategy offers to customers, it can be quite cost intensive for the company depending on the size or magnitude of the event being sponsored (Lee et al., 2012). This may have an adverse impact on the company’s return on investment. Task 4: Plan Integrated Promotional Strategies 1. Follow an appropriate process for the formulation of a budget for this integrated promotional strategy An integrated promotional strategy refers to an approach to promotion where a company uses different avenues to and tools to increase the awareness of products (Kaser, 2012). This section presents a plan for a promotional strategy that can be used to market Pringles. Even with the current success that it enjoys across the markets that it operates (Gillespie Hennessey, 2010), there is still a need for the company to penetrate more in the market and further increase its market share. To implement a successful promotional strategy, it is vital for the company to identify the resources or activities that will be involved. After they are identified, the appropriate budgetary allocation will be done to facilitate the strategy (Reynolds Lancaste, 2013). The avenues that will be used in this promotion strategy are TV commercials, billboards and online advertisement through social media outlets. The budget is summarized as below. Promotional Techniques Budget allocation TV commercials  £1 million Billboards  £100,000 Social media promotion YouTube video advertisements  £50,000 Facebook  £50,000 Twitter  £50,000 Total  £1.25 million    23: Carry out the development of a promotional plan for the Pringles and plan the integration of promotional techniques into the promotional strategy for Pringles The table above represents the promotional techniques that will be used in the promotion of Pringles. TV commercials will be used by airing advertisements of the product on channels that air programs that are mostly viewed by the company’s target customers, who are teenagers and the youth (Saxena, 2010). The most ideal channels on which to air these advertisements are music or sports channels. Billboards will be effective if they are located in areas that are densely populated and are located close to outlets of the products. With an increasing number of people who have signed up on Facebook and Twitter social networks, advertising products on these sites also increases their visibility among the target audience (Tuten Solomon, 2012). It also enables the company to actively engage with the customers that it is targeting. Thus, it will be imperative for Pringles to consider utilizing these avenues for promotion. 4. Appropriate techniques for measuring campaign effectiveness There are different approaches that can be used by companies in measuring the effectiveness of their promotional campaigns. One of these is the amount of feedback from customers. This is usually mainly in form of inquiries through different avenues about the product being marketed (Pride, 2013). When inquiries are high, it means that the advertisement strategy was effective, and vice versa. Another approach that can be used is the estimation of sales prior to and after the launch of the promotional campaign or the return on investment (ROI) (Kaser, 2012). Successful promotional campaigns ought to result in an increase in sales levels of the company and create revenues that surpass the investment that was put in the promotional activity. For social media advertisements, tools such as SentiStrength can be used to assess the reception of consumers to the advertisements. SentiStrenth is a sentiment measuring tool that evaluates the level of positivity or negativity of short texts that ar e mainly used in commenting on social media sites (SentiStrength, 2014). Conclusion Advertisement and promotion are vital components of the marketing mix. Some of the roles that they play include increasing of awareness among target customers about a company’s products and attracting new customers. This paper has addressed different issues that relate to this component of marketing. Under the scope of marketing communications, the paper has explained how the communication works process in promotion. It has also discussed how the organisation and regulation of the advertisement industry in the United Kingdom. The concept of below-the-line advertisement and an integrated promotional strategy that can be used to market Pringles have also been presented. For companies that intend to maintain their competitiveness in the market and attract a wide range of customers, it s vital for them to ensure that their promotional strategies are relevant to their target audiences. Whereas this paper has provided an in-depth understanding on the concepts of advertising and prom otion, in future, primary research can be incorporated, with members of the marketing department and a section of its target customers as respondents. References Advertising Standards Authority, 2014. About Regulation. [Online] Available at: asa.org.uk/About-ASA/About-regulation.aspx [Accessed May 2014]. Cho, S., Huh, J. Faber, R.J., 2014. The influence of sender trust and advertiser trust on multistage effects of viral advertising. Journal of Advertising, 43(1), pp.100-11. EACA, 2014. About Us. [Online] Available at: eaca.eu/ [Accessed 31 May 2014]. Farrell, T. Gordon, R., 2012. Critical social marketing: investigating alcohol marketing in the developing world. Journal of Social Marketing, 2(2), pp.138-56. Friedlein, A., 2014. Six trends in advertising you need to know for 2014. [Online] Available at: marketingweek.co.uk/opinion/ashley-friedlein/six-trends-in-advertising-you-need-to-know-for-2014/4009135.article [Accessed May 2014]. Gautam, A., 2013. A study on (below the line) promotion strategies of telecom industry in western (Up) circle (India) with special reference to Reliance Communication. European Journal of Business and Management, 5(22), pp.74-79. Gillespie, K. Hennessey, ‎.D., 2010. Global Marketing. Mason: Cengage Learning. Grewal, D. et al., 2011. Innovations in retail pricing and promotions. Journal of Retailing, 87, pp.43-52. Kaser, K., 2012. Advertising and Sales Promotion. Mason, USA: Cengage Learning. Kumar, V. Rajan, B., 2012. Social coupons as a marketing strategy: a multifaceted perspective. Journal of the Academy of Marketing Science, 40(1), pp.120-36. Lee, D.-C., Hung, L.-M. Chen, M.-L., 2012. Empirical Study on the Influence among Corporate Sponsorship, Organizational Commitment, Organizational Cohesiveness and Turnover Intention. Journal of Management and Sustainability, 2(2), pp. 43-53 Mishra, P., 2009. Sales Management: Keys to Effective Sales. New Delhi: Global India Publications. Oguinn, T., Allen, C. Semenik, R., 2011. Advertising and integrated brand promotion. Mason: Cengage Learning. Percy, L. Rosenbaum-Elliott, R., 2012. Strategic Advertising Management. Oxford: Oxford University press. Persaud, A. Azhar, I., 2012. Innovative mobile marketing via smartphones: are consumers ready? Marketing Intelligence Planning, 30(4), pp.418-43. Pride, W.M., 2013. Marketing 2014, 17th ed. Mason: Cengage Learning. Pringles, 2014. Products. [Online] Available at: pringles.co.uk/products [Accessed 31 May 2014]. Reynolds, P. Lancaste, ‎G., 2013. Marketing. New Jersey: Routledge. Saxena, R., 2010. Marketing Management 4E. London: McGraw-Hill Education. SentiStrength, 2014. Sentiment Analysis. [Online] Available at: http://sentistrength.wlv.ac.uk/results.php?text=Luois+Vuitton+have+nice+clothes+but+i+hate+their+pricessubmit=Detect+Sentiment [Accessed 19 May 2014]. Seth, S. Kapoor, K., 2014. Fostering Creativity Innovation In Marketing Communication through Social Media. The International Journal Of Business Management, 2(1), pp.19-24. Shimp, T. Andrews, J.C., 2013. Advertising promotion and other aspects of integrated marketing communications. Mason: Cengage Learning. Sigala, M., 2010. The Handbook of Field Marketing: A Comprehensive Guide to Understanding and Outsourcing Face-to-face Direct Marketing. Journal of Product Brand Management, 19(1), pp.67-68. Stone, M.A. Desmond,J ‎., 2007. Fundamentals of Marketing. London: Routledge. Tuten, T.L. Solomon, M.R., 2012. Social Media Marketing. New York: Prentice Hall. Warc, 2014. Promotional Marketing Council. [Online] Available at: warc.com/ContentandPartners/PromotionalMarketingCouncil.info [Accessed May 2014]. Wharton, C., 2013. Advertising as Culture. Bristol: Intellect. Woisetschlger, D.M. Michaelis, M., 2012. Sponsorship congruence and brand image: A pre-post event analysis. European Journal of Marketing, 46(3/4), pp.509-23.

Moda Operandi A New Style of Fashion Retail Case Study

Moda Operandi A New Style of Fashion Retail - Case Study Example The essay "Moda Operandi A New Style of Fashion Retail" discovers New Style of Fashion Retail. Moda Operandi dealt with demand and tastes’ uncertainty in fashion. It also addressed the conditions (commercial and aesthetic which caused inefficiency of the system and messed about the most creative pieces of the designers. This organization allowed direct access to runway pieces and facilitated the purchase of great designs that buyers kept away from due to lack of mainstream appeal. The pre-order system allowed buyers to receive their products of choice despite their location or size of clothing. The system also gave instant feedback to designers on runway styles, thus easy prediction of demand patterns. Magnusdottir and Santo Domingo had their responsibilities split by expertise. Magnussdottir was the Chief Executive Officer (CEO) and dealt with strategic planning and daily operations. Santo Domingo was the Creative Director, managed the reach of the brand and was in charge of the Moda Operandi magazine whose aim was to provide online editorial content. The founders realized that the website was essential for the success of the firm. Therefore, they hired Matt Pavelle, who was an expert in search engine marketing and e-commerce, as CTO. Other major positions of management were covered up by persons with experience and skills complementary to that of the founders. Magnusdittor and Santo Domingo positioned their firm towards the hitting end of the market. Initially, they only associated with prestigious.