Parenting theory Essay Example

Parenting theory Essay Parenting org will try to answer 2 question: which business should we own? What parenting approach will get the best performance from those busineses? Instead of looking at how businesses relate to one another, a parent organization should look at how well its skill fit its businesses needs and whether owning them creates or destroy value. Parenting theory suggest that most CEO should concern with two crucial questions: what business should this company, rather than rival, own and why? And What org structure. Management process and philosophy will foster superior performance from its businesses? The best parent companies create more value in their businesses than rivals would. We will write a custom essay sample on Parenting theory specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Parenting theory specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Parenting theory specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Multi business bring together under a parent org businesses that could potentially be independent. Such parent company can justify themselves economically only of their influence creates value. For example: The parent org can improve business plan and budget , promote better linkages among them, provide especially competent central function or make wise choices in its own acquisitions , divestment and new ventures. How corporate parenting add value to its businesses units? That occur when the parents skills and resources fit well with the needs and opportunities of the businesses. If there is not a fit, the parent is likely destroy value. A parent that does not understand the critical success factors in a business is likely to destroy vale. To add value: ICM, Restructure, Knowledge, transfer skill and sharing activities. A parent without detailed knowledge of a business market my not be aware of the opportunity to combine sales. Synergy. Five type of synergies: Cost savings, Revenue enhancements, process improvements, financial engineering and tax benefit. COST SAVINGS This is the most common type of synergy and the easiest to estimate. Peter Shaw, head of mergers and acquisitions at the British chemical and pharmaceutical company ICI, refers to cost savings as hard synergies and points out that the level of certainty that they will be achieved is quite high. Usually, they come from eliminating jobs, facilities, and related expenses that are no longer needed when functions are consolidated, or they come from economies of scale in purchasing. Cost savings are likely to be especially large when one company acquires another from the same industry in the same country. For example, SBC Communications, the former South-western Bell, realized substantial cost savings when it acquired Pacific Telesis. Within the first two years of this merger, SBC saved more than $200 million in information-technology operating and maintenance costs. It also saved tens of millions of dollars by combining the merged companies purchasing power. Even though cost savings are t he easiest synergy to calculate, overly optimistic projections certainly do occur, so you need to look very carefully at the numbers you 1 re presented with. If youre evaluating projections, be aware of three common problems. First, analysts may overlook the fact that definitions of cost categories vary from company to company. (For example, are warranty costs included in the cost of production or the cost of sales?) So it may appear that there are more easily eliminated costs in a category than turn out to be the case. Second, costs are incurred in different places depending on the structure of each company. Acquirers may assume they can eliminate more corporate or divisional administrative costs than they actually can because essential work is getting done in unexpected places. Third, it is easier to eliminate positions than the people who fill them. Often a job is eliminated on paper, but the person in the job is very talented and must be shifted ewhere in the company. Therefore, if a consolidation Ins to suggest that 200 jobs are destined for the ax, that doesnt mean that 200 salaries are, too Acquirers often underestimate how long it will take to realize cost savings. Sometimes that happens because the plans specifying how integration will proceed are insufficiently detailed. In other cases, it happens because the people in both companies are resistant to change, and senior managers often delay making tough cost cutting decisions. And, of course, the longer it takes for cost savings to be realized, the less value they create. REVENUE ENHANCEMENTS Its sometimes possible for an acquirer and its target to achieve a higher level of sales growth together than either company could on its own. Revenue enhancements are notoriously hard to estimate, however, because they involve external variables beyond managements control. The customer base of the acquired company, for instance, may react negatively to different prices and product features. A combined customer base may balk at making too many purchases from a single supplier. And competitors may lower their prices in response to an acquisition. Revenue enhancements are so difficult to predict, in fact, that some wise companies dont even include them when calculating synergy value. Matthew Slatter, the CEO of Bank of Melbourne, says, We model this [revenue enhancements], but never factor it into the price. Similarly, Peter Shaw at ICI considers them soft synergies and discounts them heavily in calculations of synergy value. Despite their dangers, revenue enhancements can create real value. Sometimes the target brings a superior or complementary product to the more extensive distribution channel of the acquirer. That happened when Lloyds TSB acquired the Cheltenham and Gloucester Building Society (which had a better home-loan product) and Abbey Life (which had insurance products). In both cases, Lloyds TSB was able to sell those products to its dramatically larger retail customer base, thus generating more revenue than the three entities could have done individually. Similarly, having acquired Duracell for a 20% premium, Gillette was confirmed in its expectation that selling Duracell batteries through Gillettes existing channels for personal care products would increase sales, particularly internationally. Gillette sold Duracell products in 25 new markets in the first year after the acquisition and substantially increased sales in established international markets. In other instances, a target companys distribution channel can be used to escalate the sales of the acquiring companys product. That occurred at Gillette when it acquired Parker Pen. In calculating what it could pay, Gillette estimated that it would be able to get an additional $25 million in sales for its own Waterman pens by taking advantage of Parkers distribution channels. A final kind of revenue enhancement occurs when the bigger, post-acquisition company gains sufficient critical mass to attract revenue neither company would have been able to realize alone. Consider what happened when ABN and AMRO merged to form ABN AMRO, the large Dutch bank. Afterward, other large banks pulled the new company in on syndicated loans that neither ABN nor AMRO would have been asked to participate in individually. PROCESS IMPROVEMENTS Cost savings result from eliminating duplication or from purchasing in volume; revenue enhancements are generated from combining different strengths from the two organizations. Process improvements, by contrast, occur when managers transfer best practices and core competencies from one company to another. That results in both cost savings and revenue enhancements. The transfer of best practices can flow in either direction. The acquirer may buy a company because the target is especially good at something. Conversely, the acquirer may see that it can drastically improve the targets performance in a key area because of some competence the acquirer has already mastered. Take the case of National Australia Banks purchase of Florida mortgage lender HomeSide. HomeSide has an extremely efficient mortgage-servicing process that NAB plans to transfer to its banking operations in Australia, New Zealand, and. the United Kingdom. The same was true of ABN AMRO when it acquired the U.S. commercial bank Standard Federal. In that case, process improvements went hand in hand with cost savings: because its mortgage operation was so efficient, SF eventually took over the combined banks entire mortgage business. Product development processes can also be improved so that new products can be produced at lower cost and get to market faster. Such was the case when Johnson Controls acquired Prince Corporation, a maker of rear-view mirrors, door panels, visors, and other parts of automobile interiors. Prince was better than Johnson Controls at understanding customers needs-both existing and anticipated-and consequently it produced higher-margin products. Prince also had an excellent process for ramping up production of new products, which enabled it to move from design to mass production about twice as fast as Johnson Controls could, maintaining higher quality levels while speeding cycle times. Johnson learned from Prince and was soon able to apply those advantages to its own products. For an example of the process improvements an acquiring company can bring to the table, take a look at newspaper giant Gannett. Gannett has a database of financial and nonfinancial measures for each of its 85 newspapers; executives use this rich resource to determine best practices, both boosting revenue and lowering costs. Larry Miller, Gannetts CFO, explains, We have been able to dramatically improve the papers weve bought. The key for us is knowing in very minute detail how to run a business. This gives us very specific ideas for improvement. Through more efficient production and distribution processes, Gannett has been able to extend its deadlines for news and advertising copy while simultaneously delivering the newspaper more quickly. That helps advertisers and improves Gannetts revenue. Gannett is also able to determine where classified rates are too high, hurting volume, and where they are too low, leaving money on the table. Because it can expect to yield quick, substantial p rocess improvements, Gannett can pay very high premiums for its acquisitions. When you consider that many of the acquisitions are run independently-and so dont offer many consolidation opportunities-the high premiums are quite extraordinary. In fact, Miller has told us, People are often shocked at what we pay. In nearly all cases, though, performance improvements after the fact have justified the high prices. The synergies of cost savings, revenue enhancements, and process improvements may be easy to understand conceptually, but our research demonstrates how hard they are to forecast accurately. Why? Most calculations of synergy value occur under horrendous conditions: time pressure is intense, information is limited, and confidentiality must be maintained. Since conditions are so far from ideal, the managers and board members responsible for the final decision should always scrutinize the assumptions underlying the numbers. FINANCIAL ENGINEERING Acquirers often think-and hope-that if they borrow cash to finance a transaction, theyll reduce the weighted average cost of capital. That is not a good reason to do a deal. If either the acquirer or the target company could afford to take on more debt; each could have borrowed it on its own. However, some companies can find genuine synergies through financial engineering. For example, an acquisition can increase the size of a company to a level where there are clear economic benefits to pooling working- capital finance requirements and surplus cash, as well as netting currency positions. These benefits can be quite substantial. When the Credit Suisse Group merged with Winterthur, 10% of the forecasted synergies came from reducing funding costs through optimized capital management. Heres another genuine financial-engineering synergy: a transaction may allow a company to refinance the targets debt at the acquirers more favourable borrowing rate without affecting the acquirers credit rating. That is especially likely to happen in the financial services sector because those companies are big and their risk is diversified. TAX BENEFITS Tax considerations are often a barrier that must be overcome to justify a deal, a fact that makes tax-related synergies very difficult to assess. Its useful to distinguish between tax structuring, which makes the deal possible, and tax engineering (also called tax planning), which ensures that the overall tax rate of the combined company is equal to or lower than the blended tax rates of the two companies before the deal. Regulators often believe that companies using perfectly legitimate structuring and engineering techniques to avoid incurring additional costs are simply taking advantage of loopholes. Thus companies are not anxious to disclose any clever techniques they may have used. The goal of tax structuring is to avoid as many onetime tax costs as possible. Those costs may include capital and transfer duties, as well as change-of-ownership provisions that can trigger capital gains or prevent tax losses from being carried forward.

Fortress of Solitude by Jonathan Lethem

Fortress of Solitude by Jonathan Lethem In his book Fortress of Solitude, Jonathan Lethem tells the story of two boys Mingus Rude who is black and Dylan Ebdus who is white. These two boys are friends, but the difference in their races makes their friendship quite hard.Advertising We will write a custom book review sample on Fortress of Solitude by Jonathan Lethem specifically for you for only $16.05 $11/page Learn More The two live in a Brooklyn neighborhood where most of the inhabitants are exclusively black. In this novel, Lethem tells the story of America in the 1970s when a lot was happening concerning racial issues. The reader can also relate this novel to the 1990s when no one seemed to care about the other person. Fortress of Solitude is the story of racial tension and this paper will focus on analyzing this theme and how this book relates to the American Dream. This novel concentrates on issues of race, gentrification, music and culture. However, the theme of racial tension dominates the b ook especially with the story being centered on two friends who have racial differences. Although Dylan is white and his friend Rude is black, both boys share similar tastes in music and comic books. Dylan is a white kid living in the midst of a black community in Brooklyn and just like the other children in the neighborhood he attends the public schools. Dylan’s childhood is demonstrated as one filled with â€Å"public embarrassment, yoking, and bullying† (Lethem 3).It is clear that there exists a racial tension between the society, Rude and Dylan and as a result their relationship has to be kept a secret. Dylan’s experiences while growing up gives a clear picture of racial tension; he and his parents Abraham and Rachael belong to the â€Å"self styled gentrification project† that is led by a white woman named Isabel Vendle. According to Lethem gentrification means â€Å"uncool† therefore this project demonstrates blacks as â€Å"uncool† (1 2). The intention of Isabel to start the project was to change Gowanus into Boerum Hill by having the brownstones â€Å"figuratively bleached of their colors, and the Puerto Rican and black populations yielding to richer whites† (Lethem 13).Advertising Looking for book review on american literature? Let's see if we can help you! Get your first paper with 15% OFF Learn More Dylan was impressed by the gentrification project and this is evidenced through his refusal to play with a black girl simply because she is of a different race which is said to be uncool. The girls’ description in the first few lines of the novel indicates racial tension; â€Å"the two white girls in red vinyl roller skates with white laces on a cracked blue slate sidewalk looking like a match struck in a darkened room† (Lethem 3). This description casts a picture of contrast between light and dark in the terms of race. Dylan’s friendship with Mingus Rude can be viewed has a pole which he uses to triangulate his own racial identity. With the fact that he is a white boy living in the middle of a black neighborhood whose amusements include muggings and bullying, his friendship to Rude is a gift to him from the heavens. In such a neighborhood and the fact that he is white, Dylan needs a lot of protection from the blacks; this can only be achieved through befriending Rude who is black. As a matter of fact, Mingus Rude is a good friend as well as a role model to Dylan. Dylan depends on Rude for protection and his entrance to power structure of Dean Street. As their friendship progresses, the two boys get attracted to each other romantically. The tension in racial relations here can be thought as the relationship that is expected to exist between a white and a black; a relationship of master-servant. Racial tension is seen where Dylan befriends another white boy Arthur Lomb so as to get through the school years normally. The difference comes in w here both white boys take different approaches towards life. Dylan decides to go to a white and elite high school while Arthur chooses to hang out with black kids. Arthur befriends Mingus Rude and Robert Woolfolk who become his role models teaching him â€Å"niggerfication.† Dylan believes that, the contrast found between being black or white does matter even where it is expected not to. About the Chinese children, Dylan says that â€Å"the Chinese children in school weren’t white and they weren’t so that was a plus† (Lethem 32).Advertising We will write a custom book review sample on Fortress of Solitude by Jonathan Lethem specifically for you for only $16.05 $11/page Learn More He continues to say â€Å"anyway it wasn’t their fault they were Chinese† (Lethem 32). It was not Dylan’s fault as well; his cultural inheritance of being white gave him class and racial dislocation. For this reason, Dylan emulates t he black culture by listening to black music, keeping an â€Å"afro† and having a black girlfriend (Lethem 56). In this case, Dylan seems to deny his race thus causing more racial relationship tensions between the black and the white community. The opposing irony of Dylan being white seems to torment him most of the times. His life as a â€Å"white boy† is met by endless humiliations (Lethem 56). All the same, his â€Å"whiteness† also affords him an opportunity to leave the oppressive black neighborhood to a richer and famous one in Vermont. Racial tension is seen where even with white children surround him, Dylan does not actually fit in. when Dylan attends the college party, he says â€Å"that easy appropriation of dance-floor funk was a first taste, for me, of something I desperately wanted to understand: the suburban obliviousness of these white children to the intricate boundaries of race and music which were my inheritance and obsession. Nobody here care d it was only a danceable song† (Lethem 59). This quote illustrates the racial tensions which may exist between people of the same race. Although racial relations are the main theme of this book the characters play roles that seem to be predetermined. All blacks in the novel are sentimentalized despite their varied occupations; whether a mugger or a musician, if the person is black, he o she is sentimentalized. As a racial experiment, Dylan fails when he decides to adorn â€Å"black leather jackets and white boy rock† to be a part of the Stately Wayne Manor band. Discrimination against the black community is evident where Rude is left to be â€Å"a prisoner of the streets† (Lethem 66). At this point, the reader can tell that there exists a racial tension between Dylan and Rude; Dylan exclaims â€Å"hey, it’s not racist to find blacks earnest as hippies, broad, and embarrassing as a comic book these boys are punks and punks sneer that’s what they do deal with it† (Lethem 66).Advertising Looking for book review on american literature? Let's see if we can help you! Get your first paper with 15% OFF Learn More The American dream promises success and prosperity for any citizen of the US despite their racial background. On the other hand, the American Dream suggests that for people to succeed, they must work hard. In the novel Fortress of Solitude, the American Dream of equal rights for every one is found to fail. There is rampant racial discrimination in the Brooklyn neighborhood which makes it hard for the minority to live the American Dream. It is stated in the American dream that â€Å"all men are created equal† but in Dylan’s society there are people who are â€Å"more equal than others.† In conclusion, Fortress of Solitude is a book that explains tensions that exist between people of different races especially the black and the white community. The author Jonathan Lethem actually tells his own tale when he was growing up in Brooklyn and his expectations of the American Dream as a descendant of Greece. The relationship between the main protagonist Dylan and Mingus Rude clearly demonstrate the tension in racial relationships. The race difference in these boys leads them to totally different worlds in the end. While Dylan becomes a journalist, Rude ends up in prison. This is the picture in our modern world especially in countries where racial discrimination is evidenced. Work Cited Lethem, Jonathan. The Fortress of Solitude: A Novel. New York: Doubleday, 2004. Print.

Benefits of using electronic whiteboards as a teaching aid Essay

Benefits of using electronic whiteboards as a teaching aid - Essay Example It is possible to maintain cleanliness in the environment while using whiteboards, as there are no chalks or dusters. Besides providing the convenience of using flipcharts, pictures, maps and charts during demonstration which otherwise would not have been possible, it mainly provides the following benefits: It serves as an excellent tool for brainstorming sessions, either in meetings or classrooms, the demonstrator has the benefit of conducting question-answer session in several ways, which after analyzing and ensuring that all pupils are taking part, uses symbols or communication aid to mark the answer as true or false or to transfer their views on whiteboard for display purpose. It is easy to get students' attention, as it is a colourful medium. Whiteboard is ideal in situations where the computer access is limited as it is an interactive tool, which works best when there is only a single computer in classroom. While working along with computer and projector and in addition to displaying lectures or information, it can also send that information to all students in a class and possess the ability to research a topic using Internet along with the class. Electronic whiteboards help in daily updating of lesson plans.

Benefits of learning Macroeconomics in my life Essay

Benefits of learning Macroeconomics in my life - Essay Example Based on the fact that I am pursuing a course in economics, my dream has always been to become one of the most successful economists in the country. Being a successful economist would involve being a Chief Executive Officer of a manager in the most respected organizations in the world. These roles necessitate one to have a wide range of knowledge in macroeconomics as well as other fields associated with economics. Being a top official in a highly respected organization involves a lot of interviews in televisions and radio stations. In doing so, an individual offers insight into the happenings of his organization and hence this can be considered a form of marketing. Furthermore, one of the units learnt in macroeconomics is leadership. Therefore, learning macroeconomics has enabled me to learn and gain leadership skills and abilities. Learning macroeconomics will ensure that I familiarize myself with all aspects of preceding and current economic issues of benefit in my future role as a top executive. Successful organizations in all parts of the world are governed by distinct rules and regulations. For managers to implement plans of actions geared towards enhancing and maintain organizational structures, incorporation of skills and knowledge in macroeconomics is critical. The study of macroeconomics involves investigating behaviours of various organizations and other successful institutions. Therefore, learning macroeconomics presents me with knowledge on how to create and implement organizational rules. and guidelines associated with macroeconomics. In general, the study of Macroeconomics is involved with investigating comportment, performance, or conduct of the economy. It would be hard for me to implement economic policies without understanding various market conditions such as fluctuating prices of commodities and services. Conditions in the economy are always changing. This can be attributed to the current advancements in technology and globalization. These are some of the factors that determine the price of commodities and services. Researchers have in the past been involved in methodical investigations geared towards identifying why market conditions are ever changing. Results from these studies are very important and are incorporated in the study of economics (Mankiw, 2011). Learning economics has enabled me to gain skills and abilities that will help me predict market conditions in future. Learning macroeconomics comprises of identification, measurement, and comparison of economic assessments from a range of markets and from different countries or regions. It also involves tracking various aspects that affects market conditions and how to create and implement strategies in practice that would mitigate effects of poor market conditions. An individual can effectively understand market conditions through observing previous market trends. Understanding or analyzing these trends requires one to have certain skills and knowledge that can only be acquired through learning macroeconomics. Therefore, I will be able to follow these trends in future and identify opportunities for investments. There are times market conditions are dilapidated and at other times the market is stable. Understanding the concept of supply and demand is of benefit to businessmen today (Madariaga, 2005). As an economist and businessman in future, I

Leadership Matrix and Decision Making Assignment

Leadership Matrix and Decision Making - Assignment Example Assessment of leadership through decision-making ability is a complex and sensitive activity, which can be done through appropriate questioning and drawing leaders’ viewpoints and plans of action in different scenarios. Following is a set of questions with all possible answers/options that different leaders may choose with respect to areas requiring critical decision making such as delegation of authority, involving group members in a decision-making process, and focus on driving results. Based on these questions and the matrix, leaders scoring highest on option-a (strongly agree) can be termed as effective decision makers. These leaders possess good people management skills; they motivate people through involvement in the decision-making process; they create accountability for decisions made. These leaders maintain the integrity and set the right example to the group members by doing the right thing. Servant leadership is more of service than of leadership itself. Such leaders are committed to people through their work, and fully accept their responsibility and accountability for their job. These leaders tend to be highly transparent in their views, possess great willingness to learn, and possess the high sense of honesty and integrity. These leaders value the differences that may exist and work in collaboration with the group. These leaders work proactively towards their vision. Servant leaders possess the insight and ability to make important decisions, allocate resources and decision making authority by empowering others to act for the betterment of people and the organization. Their focus on relationships helps them gain the better understanding of their people, which in turn ensures appropriate empowerment. These leaders are self-motivated, and they bring a lot of emotions in their surroundings to build a strong team for the organization. Servant leaders believe in inclusive working style, i.e. they involve other members of the group in critical areas of work.

History Of Gender Inequality In Movies Film Studies Essay

History Of Gender Inequality In Movies Film Studies Essay The classic Hitchcockian woman remains a staple image of glamorous femininity within Western culture a depiction of femininity which has survived various waves of feminism, Betty Friedans condemnation of The Feminine Mystique (1963) and Naomi Wolfs revelation of The Beauty Myth (1991). Despite these attempts to eradicate such depictions of constructed womanhood, the Hitchcock blonde seems to remain forever in vogue, consistently seeing a resurgence within visual media, both in the cinema and within fashion editorials and advertising. The fact remains that this version of Woman remains steadfast within the culture conscious, upheld as the pinnacle of class, elegance and demure femininity. The dominating and controlling powers of the existing patriarchal culture system has created, promoted and perpetuated the idea of this previously discussed idyllic femininity. Despite the suggested modern progressions in gender equality, inevitably, it must be understood that this version of passive femininity is glamorised simply as it promotes a more manageable version of woman for masculinity. It seems ludicrous; however, that passive femininity is so thoroughly promoted within modern visual culture, openly focusing upon aesthetics which characterise the Hitchcock Blonde, while seemingly choosing to forgo the consideration of what these iconic representations actually communicate. There is a consistent re-emergence of this sort of glamorisation within fashion and advertising (Fig. 1 4), serving only as a constant re-communication of its desirability, seemingly ignoring the fact that this also glamorises the kind of ideology expressed in these films as well as the style. In essen ce, these images of woman, promoted in contemporary times, seems extremely regressive, as all they can inevitably communicate is an era of woman that is constantly depicted as dominated by man while plagued by the feminine mystique, ultimately demoralised and trapped within their domesticity. A time when, as Friedan discusses, women were defined only in sexual relation to men mans wife, sex object, mother, housewife and never as persons defining themselves by their own actions in society. In the twenty first century, however, there exists a general consensus that this kind of gender inequality is a thing of the past, truly a problem for a long forgotten era. Yet, the reality remains that while progress has certainly been made towards a more positive outlook for femininity under patriarchy, progress has been severely overestimated by the media, allowing the facade of equality and demonstrative exhibitions of gender equality in the work place to permit this belief in substantial developments. For example, while women may now have a more substantial position within the workforce, the fact remains that behind the headline figures of near equality of participation, there remain major differences in the employment conditions and pay of women and men, ultimately highlighting the remnants of this deep seated belief in a gender hierarchy, of passivity and dominance. While there may exist this facade of equality, seemingly functioning in order to placate society, the ideology which creates this unequal environment remains in action. This lack of evident progression within media representation seems to highlight what many third wave feminists or post feminism movements have expressed that this lack of significant results is the cause for a decrease in the optimism and idealism which seemed to characterise the feminist movements of the 1970s. Far from seeing this as perhaps position for the current state of feminism, it could be argued to, instead, be a positive progression. Judith Stacey, interviewing the second-wave feminists and their daughters, found that this new generation of feminism did not want to continue the trend of anger and political protests. An opinion which seems to be the current assessment, as the observations of Alice Rossi, through her studies of the feminist movement over the past hundred years, reveals the desire to see a ch ange in how feminist values are acted out. This seems to suggest that movement towards a more post feminist approach to equality, combined with a more postmodern approach to media representations seems to be the way in which progression can be made. A dramatic reorganisation of a representational system would certainly be both too radical and inconceivable, but adhering to more postmodern ideas surrounding complicity would perhaps provide more progressive results. Linda Hutcheon, literary theorist and postmodernist, believes that the combination of both complicity with dominant representational strategies and critique is what characteristically defines a work as postmodern. Essentially suggesting that the process of working within the cinema system, utilising the existing codes and conventions which have been responsible for publicising and perpetuating this image of passive femininity, yet producing work which suggests the possibility for a re-evaluation of the ruling ideology. The use of a more postmodern approach to progression is certainly more appealing, reinforced by the ways in which Hutcheon discusses how: contemporary artists engage with the systems of the media and the market with strategies of subversive complicity, by which she means the ability to operate within dominate codes of representation while at the same time questioning them. Considering this in the context of a more progressive cinema system, postmodernism would function by utilising the position as an insider, operating many usual codes and conventions, yet ultimately working to de-toxify existing cultural conventions, the givens that go without saying' within narrative, mainstream cinema. Presenting the possibility of providing the feminist cause with a way in which to resist or alter oppressive ideologies from within the system which has been responsible for creating them.  While not all postmodern work may utilise this process of subversion through complicity, there is certainly an argument for its use in the cause of progressing equality within cinema narratives for women. Perhaps the best example of such subversion within cinema lays with the work of director David Lynch. Fittingly, his Hitchcockian influence is obvious with his obvious addressal of of film noir aesthetics as well as with his implimation of HITCHOCKIAN THEMES SUCH AS VOEYIRSM, PSYCHOLOGY HIS INTENTIONS ARE OBVIOUSLT ALWAYS TO SUBVERT THE DOMINANT ORDER OF CINEMA   While he may not specifically have such aims, the work of Lynch can be argued to showcase a possible development towards a more agreeable cinematic depictions or messages which differ from the dominant order. While Lynch may adhere to many typical conventions of cinema (often passive women, voyeurism, dominance, violence etc) women are not alone in their degradation within Lynchs narratives. Postmodernism? while not all postmodern work may utilise this theory or complicity in order to create change, there is certainly an argument for the success of such an approach. Such an approach seems useful for the cause of feminism, allowing cinema, to not be utterly deconstructed and reconstructed, but instead, merely subverted. Perhaps one of the most notable examples of this kind of subversion is the work of David Lynch. His work complies to the general rules of cinema, presenting Typical cinematic depictions? Women and men? Narrative? But at the same time, causing spectators to witness a narrative which subverts what mainstream cinema has caused them to expect. Considering this idea of postmodernism within cinema, the discussion of director David Lynch is extremely useful. Primarily considered a surrealist and significantly influenced by Hitchcockian film noir motifs and visual styles, Lynchs narratives adhere to many cinematic conventions, yet subverts the usual message which audiences have come to expect through constant exposure to mainstream cinema. There, for instance, exists a notable lack of the blot which characterises Hitchcocks work, as Lynch instead practices what Zizek refers to a as extraneation: the decomposition of reality in such a way as to expose the fantasy and real elements that constitute it. Essentially, lynch utlisies cinemas abibilty for creating fantasies and entertainment, yet seems to utilise it in a way which creates an unnerving effect. This extraneation presenting fiction, while causing us to consider the reality that formed it. However, it is precisely in this way, Zizek argues, that Lynch achieves what he calls the ridiculous sublime. On the one hand we have the flimsy, absurd symbolic; and next to it we find the real, abominable Thing. In a way quite different from Hitchcock, yet with a certain kinship with him, Lynch has exposed the mechanism of sublimation without altogether dispensing with it. Against the ideology of psychologically convincing characters, Zizek favors Lynchs extraneation of the characters, the effects of which are strangely de-realized or de-psychologised persons. There is a method to Lynchs madness, so to speak. The psychological unity of the characters disintegrates into a spiritual transubstantiation of common cliches, as Zizek calls it here, and into outbursts of the brutal Real, with reality and its fantasmatic supplement acting side by side, as though existing on the same surface. Ultimately, Zizeks reading of Lynch, and by extension Lynchs fim itself, is profoundly political. Their common method is the opposite of obscurantism or pastiche of arcane topics. Both in their own way provide proof that our à ®Ã¢â€š ¬Ã†â€™fantasies support our sense of reality, and that this is in turn a defence against the Real. Together with their sublime thought, both Lynch and Zizek are profoundly entertaining through their ridiculous art.Pg.6 Firstly, Zizeks observation that extraneation in Lynchs work has a magic redemptive quality is ecvhoed in Jungs theory of consciousness and unconscious: Only in an interplay of consciousness and the unconscious can the unconscious prove its value, and perhaps even show a way to overcome the melancholy of the void. If the unconscious, once in action, is left to itself, there is a risk that its contents will become overpowering or will manifest their negative, destructive side (Jaffe. Pg.297) This interplay can be directly observed in the style of all three films, especially where the distinction between dreamlike but real images and dreams as fantasy images are blurred. Pg22 We Live Inside a Dream: The Function and Origins of Dreams in David Lynchs Blue Velvet, Twin Peaks: Fire Walk with Me and Lost Highway

The History and Literary Context of Silas Marner Essay -- English Lite

The History and Literary Context of Silas Marner Silas Marner was written in 1860 by Mary Ann (Marian) Evans, better known under the pen name of George Eliot. She used this name for several reasons; for one, she'd had affairs with a variety of unsuitable men, which was greatly frowned upon in those days, and she rightly thought this could affect her career as a successful novelist. For another reason, women authors were looked down upon by critics and indeed, society, so she felt sure she would have a greater chance of success under a male name. Other women writers like the BrontÃÆ'Â © sisters have done similar things. Whilst she was young she was a firm Christian, as was expected. It was only later that she began to question her faith, when she met the unconventional Charles Bray and his wife Caroline. Eliot's father was horrified when he discovered this, having an evangelical outlook on life. He broke contact with Eliot entirely, ashamed that one of his children should turn out to be a non-believer. However, when her mother died in 1836, Eliot returned home to look after her father although she wouldn't give up her education and learnt German and Italian. Because of her linguistic skills, Eliot's first publication was a translation of Strauss' Life of Jesus, under her real name. She still was not writing novels until she met George Lewes. Lewes was married and with children, but he and Eliot grew gradually closer until they finally decided to elope. As Lewes was already married, he and Eliot could not be officially joined in matrimony, but they lived together like man and wife, and Eliot even went under the name Lewes. Their relationship was censured by many, and Eliot hardly left the house, becoming... ..., and soon many people from all over Raveloe were coming to Silas to have him cure their rheumatism and other ailments, adding more darkly "that if you could only speak the devil fair enough, he [Silas] might save you the cost of the doctor." So witchcraft was still in people's minds. Drugs were also used in that time, and Godfrey Cass's wife, Molly, was addicted to opium, the drug which finally killed her. The life that George Eliot was depicting in Silas Marner was one in which poverty and wealth lived side by side, and people accepted that that was how things were. Religion was very important to all, whether it was non-conformist or Anglican. By the time George Eliot wrote Silas Marner she had lost her Christian faith, and this could have inspired her to write about somebody who also loses their faith although, unlike George Eliot, Silas regains his.

Automotive Industries in Thailand Essay

Contribution of MNC’s in automotive industry: Most of the developing countries consider that the automotive industry will move the country toward an intensive industrialisation by creating a large set of related businesses. Thailand aims to be regarded as the Detroit of Asia. The country has engaged in the last few decades in the development of the automotive industry, with a special focus on domestic auto-assembly. Thailand is the world’s second largest pick-up truck market after the U.S., and it is ASEAN’s largest automotive market and assembler. Today all leading Japanese car producers as well as BMW, Mercedes Benz, General Motors, Ford, Volvo, and Peugeot, assemble cars in Thailand along with their group of subcontractors and suppliers. Thailand has become the main production base for auto exports in South East Asia. Thailand is considered as one of the most attractive countries for automotive investments mainly due to factors such as the good and growing domestic market size, the relative political stability, liberal trade and investment policy, and the lack of a â€Å"national car program†. The automotive industry is Thailand’s third largest industry, employing an estimated total workforce of about 225,000 employees, and with a total production capacity of around 1,270,100 cars and trucks per year. Japanese-make automobiles have dominated the local auto market; with nearly 90% market share but other global vehicle manufacturers’ investments are growing consistently, creating a very dynamic industry. New global parts manufacturers are in the process of relocating some of their operations to Thailand. Thailand has 16 vehicle assemblers; most of them are large-scale foreign owned or joint venture enterprises. As well, there are more than 1100 small and medium sized companies working as suppliers of original equipment (OEM),  or producing replacement equipment (REM). The automotive industry in Thailand is very concentrated with most of the factories located in the Samut Prakarn province (approximately 20 km south of Bangkok), followed by Rayong (approximately 130 km south-east of Bangkok). The largest car producer is Toyota, and in 2003 it was the first manufacturer to establish a local R&D centre in Thailand. However, this type of initiative, a cooperative arrangement between MNCs and local universities, is so far not a widespread practice in Thailand. Therefore, there is a stringent need to understand the mechanisms allowing for knowledge transfer and sharing, if Thailand wants to position itself as a very competitive country, not only in the automotive industry but in other industrial sectors as well. Thailand benefits from these companies operations as almost 18% of labour and employment are generated by the automotive industry.

Strategic Analysis (SWOT, Porter and PESTEL) of Goldman Sachs The WritePass Journal

Strategic Analysis (SWOT, Porter and PESTEL) of Goldman Sachs Introduction Strategic Analysis (SWOT, Porter and PESTEL) of Goldman Sachs IntroductionBackgroundPolitical Factors.Economic Factors.Sociocultural Factors.Technological Factors.ReferenceRelated Introduction Background Goldman Sachs is a global investment banking, securities and investments managements   firm that provide financial services to a substantial and diversified client base, includes corporations, financial institutions, governments and high-net worth individuals. Goldman Sachs was founded in 1869 by Marcus Goldman who was a German immigrant to the United State of America (USA). Mr Goldman started his business as a Major issue of short-term loan (Commercial paper) to entrepreneurs in the USA. Goldman Sachs joined the New York Stock Exchange in 1896 and then in 1986 the firm joined London and Tokyo stock exchanges. Goldman Sachs headquarters are located in New York and has offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centres around the world. Goldman Sachs has around 35,700 employees, and the firm generated a total annual revenue of   $39.161 billion in 2010.The firm is   heavily   involved in recruiting top graduates from leading business schools around the world and most of its ex-employers are holding top management jobs in governments around the World. Goldman Sachs Group in a nutshell   INDUSTRY BankingFinancial Services    REVENUE(2010) $39.161 billion FOUNDED 1869 OPERATING INCOME(2010) $12.892 billion FOUNDER Marcus Goldman NET INCOME(2010) $8.354 billion HEADQUARTERS New York City TOTAL ASSETS(2010) $911.000 billion EMPLOYEES(2010) 35,700 TOTAL EQUITY(2010) $74.257 billion Transition of the orientations 1.)   Pre-2007 Sales Orientation Goldman Sachs is a service company which was more focused on Investment Banking activities, the firm had a huge reputation of being a risk taking company and not a customer focused company. The firms senior partner Guy Levy was once credited with a companys philosophy   of being long- term greedy Endlich, L. (1999)which simply meaning that the Goldman Sachs was more interested and focused in making money   over the long term and any trading losses in the short term were never to be worried about. At Goldman Sachs customer were never been put into the centre of the companys strategy, the firm was more focused on sales and profits. Jobber explained that   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   A sales-orientated company has little focus on customer needs and wants, and does not try hard to create products or services that are suitable for their customers needs.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Jobber, D. (2007) This sales strategy had put Goldman Sachs into the highlight of the media during 2007, and the firm has been heavily criticised with many financial issues, the major issue being the America’s sub-prime mortgage crisis. Despite the mortgage crisis Goldman Sachs was able to profit from the collapse in subprime mortgage bonds by short-selling subprime mortgage -backed securities. The firm initially avoided large subprime write downs and achieved a net profit due to significant losses on non-prime securitised loans being offset by gains on short mortgage positions.(The telegraph) Its sizeable profits made during the initial subprime mortgage crisis led the New York Time to proclaim that Goldman Sachs is without peer in the world of finance. As the crisis was begun to unravel the firms image and   reputation was badly damaged to the extent that an article in The Telegraph Newspaper quoting   Rolling Stone magazine   compares  Ã‚   Goldman Sachs with nothing else but   a   Vampire squid wrapped around the face of humanity relentlessly jamming its blood funnel into anything that smells like money(The telegra 2.) Current Marketing Orientation Goldman Sachs realized that its sales approach didnt do any good for the company and there is a crucial need to focus into a marketing orientation strategy. As one of the firms partners was quoted in the Telegraph saying that: ‘Only looking back could we see the real risk, the risk of arrogance. We didn’t see it then, but it was there and it was growing. The firm was at the top. We had always been the best   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   – always the top students and the best athletes and the class leaders. And now we were the best firm – in our self-appraisal. But that was the first step towards arrogance.’ (Wilson, H.(2010) The bank that thought it rules the world. The Daily Telegraph London. 19 April, pp 19) According to Jobber, D, (2007) Marketing orientated companies are best described as those which focus on customer needs and do recognize when change is needed. Goldman Sachs is currently trying hard to clean up its image and is more focused into marketing, society and ethical issues. The firm is more involved into helping and giving back to the society that it has once been involved on damaging. The firm has understood the importance of consumer right issues and it has been stressed by Jobber that:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Consumer has the right to expect the product to be safe, for its performance to be as   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   expected and for communication of the product to be truthful and not misleading.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Jobber, D. (2007) Jobbers words above can be linked into the quote from Goldman Sachs website saying that:   Goldman Sachs as a global financial institution has understood the need to protect,   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   preserve and promote human right around the world and has accepted that it is    their responsibility to bring positive impact on economic, social and environmental   Ã‚  Ã‚   challenges that are facing society today.( Goldman Sachs web site). Goldman Sachs has 14 clear operating business principles that outlined on the companys website with a slogan saying Progress is everyones business .But it has given more emphasise to its very first business principle as being the value to their client, ’our client interest always comes first, our experience shows that if we serve our clients   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   well, our own success will follow’   {After the diagram the above looked odd, so we can replace the above highlighted part with the one below, } Goldman Sachs has 14 operating business principles listed on their website. We have handpicked few of them which we think will play a very important role in their current marketing orientation. {Feel free to add/edit any principle which you think is more relevant}    Other 13th Goldman Sachs Business principles   are as follow; Our assets are our people, capital and reputation Our goal is to provide superior returns to our shareholders We take great pride in the professional quality of our work We stress creativity and imagination in everything we do we make an unusual effort to identify and recruit the very best person for the job we offer our people th opportunity to move ahead more rapidly than is possible at most other places we stress teamwork in everything we do. The dedication of our people We consider our size an asset that we try hard to preserve We constantly strive to anticipate the rapidly changing needs of our clients and to develop new service to meet those needs We regularly receive confidential information as part of our normal client relationships Our business is highly competitive, and we   aggressively seek to expand our client relationships integrity and honesty are at the heart of our business. {References for these and a better way of presenting them} NEWSPAPER   (Wilson, H.(2010) The bank that thought it rules the world. The Daily Telegraph London. 19 April, pp 19). Arlidge, J.(2009) Im doing Gods work meet Mr Goldman Sachs. The Sunday Times on line. 8 November, Visited on 12 March 2011. BOOKS Jobber D.(2007) Principles and Practice of Marketing. Mc Graw Hill. 5th edition. Endlich, L (1999) Goldman Sachs- The culture of success. Little brown Company. Section 2 – Audit of the Organization Defining Marketing Audit   In words of David Jobber- ‘ The marketing audit is a systematic examination of a business’s marketing environment , objectives, strategies   and activities with a view to identifying key strategic issues, problem areas and opportunities.’ The Aim of Marketing Audit It will provide us with an in depth view of existing marketing practices used by Goldman Sachs. It can be used as a baseline for performance measurements to maximize positive external perception. As the customers’ preferences and requirement keep on changing and so are the marketing trends, it will provide us an interim report card on the company’s performance level. It will highlight the key problem areas like Weaknesses and Threats for Goldman Sachs and can help invent strategies to overcome them by using their strengths and possible opportunities. It will help to assess the importance of macroeconomic factors by analyzing the extent of their impact on Goldman Sachs’s operating scenario. Understanding Marketing Environment for Goldman Sachs at Micro and Macro Levels It is very important that an organization considers its environment before beginning the marketing process. In fact, environmental analysis should be continuous and feed all aspects of planning. The organization’s marketing environment is made up of: Microenvironment ‘It is the immediate environment that affects its capability to operate efficiently in its chosen markets’. Jobbers   Following are the main components of Goldman Sachs Microenvironment The Companies Internal Environment Goldman Sachs is extremely selective when it comes to the resources. It is a well known fact they employ the Best Brains in the Industry and their resources are claimed to be one of the main assets that the Company has, the other 2 being capital and reputation. Suppliers/Vendors Goldman Sachs believes that by broadening its supplier base it will gain access to new ideas, increase competition and receive better value for money. To qualify as a vendor to Goldman Sachs, prospective suppliers are evaluated on several criteria, including: quality products and services excellent customer service   competitive pricing   ability to assist us in meeting our business goals environmental and social impact. realising-potential.org/stakeholder-factbox/suppliers/ Customers Goldman Sachs customers include high-net-worth individuals, Corporations, Financial Institutions, Institutional Investment Consultants, Insurance Companies Multi-Employer/Union Benefit Plans, Not-for-Profit Institutions, Public Pension Funds. Competitors The major direct market competitors for Goldman Sachs include JPMorgan Chase Co, Merrill Lynch Co. and Morgan Stanley whereas; Bank of America Securities LLC, Deutsche Bank AG etc also compete with Goldman Sachs in terms of Investment Banking. The macro-environment Macro-environment It comprises of a number of broader forces that affect not only Goldman Sachs but other microeconomic factors corresponding to the firm. The components are Demographic forces/ Social/Cultural Forces Consideration of demographic changes is a commendable exhibition of business farsightedness by Goldman Sachs. A lot of vigilance and effort has been incorporated to enumerate the consequences of possible changes regarding to the population like the purchasing drifts, spending patterns, inclination towards certain specific classes of financial services. Also, Goldman Sachs strives to leverage what it calls the most underutilized asset for any country –women. â€Å"Womenomics† demonstrates how a country can unleash its economic potential – and increase its long-term growth and prosperity – by employing more women and narrowing the employment gap between men and women. http://www2.goldmansachs.com/ideas/demographic-change/demographic-dynamics-doc.pdf http://www2.goldmansachs.com/ideas/demographic-change/womenomics-2011/index.html Economic Forces These factors would include changes in interest rates, unemployment, inflation overall economic growth and exchange rates. All these factors have a significant impact on the performance of Goldman Sachs. oup.com/uk/orc/bin/9780199296378/01student/additional/page_12.htm Political Forces Goldman Sachs’s close connection with the US government has been an issue of economists’ concern since the Wall Street Subprime Incidence of 2007. A Lot of employees of Goldman Sachs were appointed by the US Government at powerful posts of Treasury and Federal Reserve Players. Macro-environment (cont.) Technological Forces The technology infrastructure for Goldman Sachs is indeed sound having in view its impact on the cost and the quality of the services offered to the clients. ‘Our technology footprint is primarily driven by business growth and regulatory obligations’. Goldman Sachs is bound to use the latest technology like computers with fast microprocessors to meet the computational requirements and to provide internet based services to their clients. However, compliance of maintaining standard technology footprints is one of the major responsibilities that cannot be over ruled. http://www2.goldmansachs.com/citizenship/environment/env-progress-2009.pdf Natural Forces Global Warming, Climate Changes, renewable energy issues, carbon footprint and attention to clean energy are some of the natural forces that require attention from the environmental point of view. Goldman Sachs’ Environmental Policy Framework embodies their commitment to finding effective, market-based solutions to address climate change, ecosystem degradation and other critical environmental issues, and to creating new business opportunities that benefit the environment. The above diagram shows the carbon emissions from Goldman Sachs hub offices, central offices and data centers. The firm has tried to maintain its carbon emissions in the central and hub offices. The data centers show an increased carbon emission every year, the same is accounted for elevated computational requirements and internet services for the clients. http://www2.goldmansachs.com/citizenship/environment/env-progress-2009.pdf SWOT ANALYSIS GOLDMAN SACHS   ‘A critical set of steps in a planning exercise is to perform internal assessments (including an analysis of performance against previous plan) and external assessments (including an analysis of the operating environment) that result in the identification of strengths, weaknesses, opportunities.’ www.unisa.edu.au/pas/qap/planning/glossary.asp SWOT MATRIX FOR GOLDMAN SACHS   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Environmental Factors Own/Internal Factors External Opportunities   International Expansion- Emerging Markets- Cross Selling Opportunities Industry Consolidation Reduced Competition- rivals bankruptcy    External Threats Credit Market Crisis- High attrition Rates- Mortgage Issues Increase in Interest Rates Government Intervention Own Strengths -Global Market Leader, Brand Establishment-International Reach-Best Brains resource infrastructure -Innovative Work Culture -Government Support SO Strategies-International Expansion in emerging markets.-Using Government Support for Industry Consolidation SE Strategies Risk/Crisis Management Measures using the resource intellect-Security Planning against Subprime Mortgage. Own Weaknesses Concentrated in Few Key Products-High Attrition Rates-Blotted Public Image (Subprime Mortgage Fraud) Low perception of Social Responsibility OW Strategies  -Diversification of the products-Education, social investments, community involvement TW Strategies  -Increased job security for resources-Using Government support to survive the Subprime Mortgage Crisis. Strengths Global Market Leader Brand Name Being in a leading position and the brand value that it has earned in the market have brought many benefits to Goldman Sachs. Higher margins, because it charges premium prices for goods since customers perceive a higher standard of quality from companies with strong brands. -Ability to raise debt at lower cost. -Because of its established Brand Image, Goldman Sachs has a more stable business than its competitors and is more likely to acquire other businesses as opportunities. International Reach The international reach of Goldman Sachs has a big advantage over rivals especially when its clients conduct a lot of business in different countries. For instance, majority of business travellers need to access their money in another country. They prefer a bank/investment firm that has branches in that country, rather than working with a third party, which will increase they fees and lower their productivity.   Global access of Goldman Sachs means that a consumer from one country can feel comfortable banking at any of its branch across the world. Non global companies cant match these advantages; therefore, Goldman Sachs has strong advantages over rivals. Best Brains and strong resource infrastructure According to Warren Buffett, ‘Goldman has the best brains in the business.’ This statement implies that they have a better risk management, quicker and more effective action on the opportunities received and a strong market position. The recent most evidence is that even ‘Subprime Mortgage Meltdown’ case with the SEC and the new financial regulation reform has failed to dent these assets. In addition to having the best people, Goldman Sachs has a clear, well distributed corporate structure. Divisions Finance Global Compliance Global Investment Research Human Capital Management Internal Audit Investment Banking Investment Management Legal Merchant Banking/Private Equity Operations Securities Services Technology Advisory Services Insurance Strategy Global Portfolio Solutions Customized Beta Strategies Innovative Culture Goldman Sachs strives to maintain an innovative culture which effects production of new and inventive products. An innovative culture has helped in boosting Goldman Sachs’ brand value, because consumers start associating its brand name with the latest products. These products, besides providing the brand boost, have helped Goldman Sachs to stay competitive in the ever expanding markets. Possessing the best quality product in one segment directly helps Goldman Sachs to gain a better market share in that segment. Weaknesses Concentrated in Few Key Products/key clients The fact that Goldman Sachs lacks diversification is considerably risky, because if one or more of its main products collapses, then the business could face serious issues or maybe even bankruptcy. Also, loss of one client who is using multiple services of Goldman Sachs would eventually lead to loss of a considerable amount of business to it. Low perception of Social Responsibility/ Blotted Public Image As per the ranking released by Fortune, Goldman Sachs stands 7th in the Social Responsibility which depicts the fact that it undermines social cause to a large extent when compared to other aspects of business like People Management and Financial Soundness where it ranks 1st and second respectively. http://money.cnn.com/magazines/fortune/mostadmired/2011/snapshots/10777.html The Subprime Mortgage Incidence/ SEC lawsuit against Goldman Sachs April 16, 2010, the SEC filed a lawsuit against Goldman Sachs for selling an asset to banks whose returns depended on a group of home mortgages being repaid by home loan borrowers. The alleged fraud foundation laid in the fact that Goldman Sachs did not inform the banks that those specific subprime mortgages were recommended by another Goldman Sachs customer. And that same customer planned to bet against the same mortgages ever being paid by the home loan borrowers. The public stance for this fraud was -Hosting a poker game for your friends knowing the dealer was bringing stacked cards and not at least informing your friends of the dealer’s intention. Opportunities International Expansion Strong international presence and expansion should increase growth and profits. Expansion over abroad brings synergies to a company, because they would have a larger customer base. Expansion leads to more financial stability, because while one country may suffer economically, other countries may not have the same issues. Additionally, expansion could help a company discover synergies in marketing expenses and new ideas through experimentation that may work well in one market. Emerging Markets Demand from emerging markets is helping growth and margins. Emerging markets create new opportunities to expand products from the developed world. Paper products, computer services and other industries will all benefit as emerging countries increase demand for industrial and agricultural products. Cross Selling Opportunities Goldman Sachs has many related business lines; they have the opportunity to cross sell to consumers who arrive for one specific need, but leave with many different products and services. Cross selling is particularly lucrative, because it will allow Goldman Sachs to earn extra money from consumers without having to specifically target them with advertising or other promotional material. Explanation Consolidating Industry Goldman Sachs provides advice on a diverse range of strategic transactions, including mergers, sell-side and buy-side advisories, leveraged buy-outs, joint ventures, strategic alliances, anti-raid and raid defenses, fairness opinions and spin-offs, split-offs, divestitures and other restructurings. Goldman Sachs has been offering its merger advisory services since 1997. Some of its major instances are listed below -: Altria,  on its spin-off of  Philip Morris International  ($113bn), 2008 Pfizer, on its acquisition of Wyeth  ($64bn), 2009 Schering-Plough, on its sale to  Merck Co.  ($46bn), 2009 http://www2.goldmansachs.com/services/advising/mergers-and-acquisitions/products-and-expertise.html Reduced Competition after Wall Street Collapse Reduced competition from an economic slowdown and competitor bankruptcies should increase the profit margins of all firm who avoid bankruptcy. Less competition means higher prices and more money for remaining competitors. Include any journal reference for this incidence Threats Credit Market Crisis ‘Goldman Sachs had slumped into the red and its effort to defy the credit crunch had been futile. It revealed a fourth-quarter loss of $2.12bn ( £1.38bn) today. It still achieved a $2.32bn profit for the full year to November, but this was sharply lower than last years $11.6bn.’ guardian.co.uk/business/2008/dec/16/goldman-sachs-loss The credit market crisis increases the cost of borrowing for financial firms. This increasing cost lowers margins and decreases the free cash flow to shareholders. As free cash flow rises, so does the value of the firm. If costs are high, then loan growth slows down and further weakens cash flow for the business. http://www2.goldmansachs.com/ideas/global-economic-outlook/perspectives-on-market-conditions.pdf Risk of High Attrition Rates High attrition rates can be a problem, especially if Goldman Sachs’ best talent is leaving for other opportunities. Employee attrition means a company must go through the expense of hiring new employees, training those employees, and finding the right niche for them in an organization. When these employees move to other firms, they take their knowledge and expertise with them. Mortgage Issues Though Goldman Sachs managed to escape the Subprime Mortgage Crisis,   still the potential threat of losses on outstanding mortgage obligations could force bankruptcy and a government takeover. This means that the existing equity investments in the Goldman Sachs will stand worthless. Mortgage loans are not worth what was paid for them, but their value remains uncertain in the market. Apart from increasing uncertainty risk for the company, they also increase the discount rate applied to future cash flow. Thus the net value of the stock is reduced. Sharp Rise in Interest Rates A sharp rise in interest rates (most likely to stop inflation) seriously damages the profit margins of businesses like Goldman Sachs that rely on raising money to finance their expenses. A rise in rates would most likely hurt the financial sector, which profits from borrowing money at low rates and lending it out at higher rates. PEST ANALYSIS PEST analysis stands for ‘Political, Economic, Social, and Technological analysis’ and describes a framework of macro-environmental factors used in the environmental scanning component of strategic management. It is a part of the external analysis when conducting a strategic analysis or doing market research, and gives an overview of the different macro environmental factors that a company has to take into consideration Political Factors. The political arena has a huge influence upon the regulation of businesses, and the spending power of consumers and other businesses. US Government and Goldman Sachs – 1-  Ã‚  Ã‚  Ã‚  Ã‚   There can be no doubt that Goldman owes its uncanny success as much to its political connections as to its financial acumen. As long as that remains the case, Goldman will doubtless remain on top, to the perplexity of those who fail to grasp the significance of the Goldman Sachs-D.C. pipeline. Only by restoring the wall of separation between Wall Street and Washington, forcing investment firms like Goldman Sachs to stand or fall on their own merits, can America’s financial sector shake off the taint of political cronyism that men like Sidney Weinberg were happy to encourage. thenewamerican.com/index.php/economy/sectors-mainmenu-46/4025-the-government-and-goldman-sachs 2-  Ã‚  Ã‚  Ã‚  Ã‚   As the New York Times explained last October, the presence of Goldman Sachs alumni in virtually all of the top government financial posts is so great that their team is dubbed Government Sachs. The New York Times pointed out that Goldman alums include: Former treasury secretary Hank Paulson Paulsons bailout chief Neel Kashkari Interim Treasury investment officer Reuben Jeffrey Key Treasury players Dan Jester, Steve Shafran, Edward C. Forst, and Robert K. Steel Key New York Federal Reserve players Stephen Friedman (head of the New York Fed board of governors, who sat on Goldmans board and owned a substantial stake in Goldman while he was making official decisions) Head of the New York Feds unit that buys and sells government securities William C. Dudley and E. Gerald Corrigan (charged with convening a group to analyze risk on Wall Street) http://georgewashington2.blogspot.com/2009/04/does-goldman-sachs-rule-world.html Economic Factors. For a firm like Goldman Sachs which focuses on international marketing, the marketers need to consider the state of a trading economy both in the short and long-terms. 1.) Implications of Inflation in US and UK -The investors belief in US is that unprecedented fiscal and monetary stimulus can lead to US Dollar depreciation and higher inflation. In the United Kingdom, the investors fear that the bank of England’s reluctance to raise the interest rates might act as a catalyst for inflation. Inflation is the greatest concern when we talk about investments like pension funds and related endowments. Current Goldman Sachs strategy for these countries- Inflation Linked bonds Inflation linked bonds, also termed as ‘linkers’ are high quality securities issues mostly by governments that provide income and total return which adjusts itself to keep up with the inflation rates. Inflation-linked bonds, such as US Treasury Inflation-Protected Securities (TIPS) and UK inflation-linked Gilts, can help hedge this risk because their principal is adjusted to reflect changes in inflation. Following is an illustration of how inflation linked bonds will provide the return, taking principal amount of 100 million Dollars. http://www2.goldmansachs.com/gsam/docs/instgeneral/general_materials/primer/reference_guide_to_inflation-linked_bonds.pdf Implications for unemployment   The impact of unemployment on the performance of Goldman Sachs can be understood with a simple example that if any firm is running at its full capacity, there is more pricing power for business. If there are no unemployed workers, Goldman Sachs will have to pay more to hire a worker away from someone else, often called ‘Poaching’. So far, Goldman Sachs has been quite accurate in its predictions regarding the unemployment scenario. Below are the illustrations. http://www2.goldmansachs.com/gsam/docs/fundsgeneral/general_education/economic_and_market_perspectives/wp_economic_outlook.pdf 2.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Long-term prospects for the economy Gross Domestic Product (GDP) per capita    The Goldman Sachs Commerce Department timely reviews the current economic environment, tailwinds that could support the recovery and potential risks for the economy. Then it provides a summary of our projections for the economy in the coming year. Sociocultural Factors. The social and cultural influences on business vary from country to country. It is very important that such factors are considered. Factors include: Investing in a clean energy future Each of our businesses has an important role to play in furthering market-based solutions to meet the environmental and societal challenges we face. To encourage the responsible flow of capital, have a positive impact on the communities where our clients and we do business, and drive attractive returns for our shareholders, we look for opportunities to invest in and finance transactions that have social and environmental benefits. We take the same disciplined approach to these investments and market opportunities as we do with our traditional investments and markets: all must meet the interests of our clients and generate long-term value for our shareholders. The guidance provided by our Framework helps us to evaluate market opportunities across our business activities and areas. Since the inception of the Framework in November 2005, we have invested nearly $3 billion in clean energy, providing critical funding that these emerging industries need to ramp up and achieve the economies of scale that will help them become cost-competitive. In 2009, we: Significantly expanded our investments in solar energy with the acquisition of Sunray Energy, Inc., through our subsidiary Cogentrix Energy. Sunray owns and operates Solar Energy Generation Systems I and II (SEGS I II), the first two utility scale solar trough plants in the world, which have a capacity of approximately 43 megawatts and deliver electricity to Southern California Edison. We are in the process of implementing a capital investment program to retrofit and upgrade the delivery capability that will enhance the efficiency and reliability of Sunray’s solar installations. Signed a power purchase agreement to construct and operate a wind project in Puerto Rico. The power plant will have a capacity of 50 megawatts. Continued to develop run-of-river hydroelectric projects. As a result of the ongoing developments, we recently completed our first run-of-river hydroelectric generating plant that has 23 megawatt capacity. Three additional run-of-river hydroelectricity projects are under development totaling 165 megawatts. Continued to actively pursue solar development projects in the southwest U.S., which have enabled us to put into an advanced stage of development 120 megawatts of solar energy as of mid‑2010. Increased our investments in solar photovoltaic cell manufacturers Suniva and SpectraWatt, building on our initial investments in 2008. Became a founding member of the Green Exchangeâ„ ¢ venture, which trades environmental futures, options and swap contracts for markets focused on solutions to climate, renewable energy and other environmental challenges. This new exchange offers effective and innovative financial tools to consumers, industrials, project developers, investors and others who wish to participate in these developing markets. This builds on earlier investments that aim to build market infrastructure for environmental commodities, such as APX and Markit. Technological Factors. Technology is vital for competitive advantage, and is a major driver of globalization. Managing technology footprint Goldman Sachs takes a multifaceted approach to sustainability with our technology, a significant component of their operations. Our technology footprint is primarily driven by business growth (the need for more computation) and regulatory obligations. In response, we have adopted three principles that help us make commercially sound decisions while minimizing our environmental impact. 1. Influence vendors to provide products and approaches that reduce or maintain levels of energy consumption and/or increase utilization, including: Lower energy-demand computer chips. V irtualization software for increased utilization. We also encourage companies to invest in virtualization to foster market competition and increased functionality. Denser, high-performance disks. More efficient network switches and increased use of PoE (Power over Ethernet) technology. 2. Influence engineered solutions that maximize resource efficiency: Encourage hardware manufacturers to reduce system-wide energy use. Encourage more energy-efficient hardware designs, such as variable speed fans and power systems that distribute resilience at appropriate levels. Work with established and start-up vendors to develop functionality to support the management of technology capacity across compute farms, extending the capability of our global server footprint. Increase the use of employee-owned remote-access technology (handheld, home office or laptop) for corporate purposes through investment in Software as a Service, desktop virtualization and enterprise security. Make significant investments in our virtual desktop infrastructure to:  » Reduce power and cooling needs.  » Reduce the need for dedicated remote access servers, workstations and laptops for Business Continuity Planning.  » Increase trading floor seating density to reduce the overall number of floors and associated power costs. 3. Drive internal behavior to incorporate sustainability firm wide by: Defining a system architecture that significantly increases utilization. Designing a Holistic Data Center that minimizes energy requirements at any given level of business function. Reducing server purchases and related energy consumption by using the contingency of our server farms to offset ad hoc demand, managing their capacity to maximize utilization and applying an upgrade-in-place philosophy. Including space and energy consumption in the managed costs of our servers. Implementing a structured server reuse program, instead of automatically discarding old servers and upgrading to new ones COGENTRIX-   generating power more efficiently Cogentrix is a Goldman Sachs subsidiary and a US-based independent power producer. As of 2009 year-end, Cogentrix had minority interests in 13 power plants and full ownership in four plants. The portfolio consists of a balanced mix of power facilities, including highly efficient gas-fired combined-cycle, rapid-start peaking, solar thermal and more efficient coal-fired power plants. Together these plants have a total generation capacity of approximately 3,350 megawatts. http://www2.goldmansachs.com/citizenship/environment/env-progress-2009.pdf Analysis of the Marketing Mix Marketing’s purpose is ‘the achievement of corporate goals through meeting and exceeding customer needs and expectations better than the competition’ (Jobber, 2007).   Goldman Sachs is classified as a company whose services are directed at intangible assets (Lovelock, 1983). The service industry augments the marketing mix, the tool used in achieving customer satisfaction and competitive advantage, above the traditional 4p’s of Product, Price, Place and Promotion with People, Physical Experience and Process.   An effective marketing mix should be well blended; matching customer needs with corporate resources and create a competitive advantage.   We will identify, describe and evaluate Goldman Sachs’ effectiveness in key areas as they relate to our own internal and external audit. Spotts and Weinberger (2008) identified that corporations with high brand evaluations are more susceptible to publicity, both positive and negative.   This publicity has a direct effect on the Corporate Brand Opinion and the Corporate Reputation.   Fortune (2011) magazine lists Goldman Sachs in the top 50 most admired companies.   Therefore, the negative publicity Goldman Sachs received in the wake of the global financial crisis should cause some concern for the effect on its corporate reputation.   Being referred to as a ‘vampire squid wrapped around the face of humanity’ is not a sign of positive brand opinion. Analysis of the Marketing Mix (cont.) Goldman Sachs long standing company and brand history allow it weather the effects of the crisis well.   However, they have not ignored the potential problems of continued bad publicity and have launched a new set of marketing efforts in response.   On Fortune’s list, Goldman Sachs was top two in their industry in all categories (innovation, people, global strategy, etc.) except for social responsibility, where they ranked seventh out of ten.   Their new marketing efforts specifically target this deficiency and encompass key pieces of the marketing mix, while meeting corporate goals. Product Goldman Sachs has changed its product offering to include more socially responsible initiatives.   They have expanded their core competency of business advising to include environmental markets and their core competency of asset management to include emerging markets.   In addition, Goldman Sachs has opened a range of services in the United States under the heading ‘Citizenship’.   These services include investment and development for women and small business owners, respectively titled the ’10,000 Women’ and ’10,000 Small Businesses’ initiatives.   The company also no longer offers securitised derivatives in the United States. Environmental Market Services Traditionally, marketing using the environment has been primarily in the manufacturing industries.   Recently, there has been a gradual shift in emphasis of green advertising from business to consumer buyers (Leonidou and Leonidou, 2009 ) placing a higher importance on service firms like Goldman Sachs to respond to the pressures from government and other stakeholders. Goldman Sachs Environmental Markets Group deals with all facets of environment and business.   They invest in clean energy companies, trade in environmental commodities, offer environmental advisement, and insure their own company meets environmental standards. Goldman Sachs also has a set of guidelines they use for every deal or transaction they undertake.   These guidelines are referred to as the ‘Environmental Framework’.   The first line on that section of the website states that ‘a healthy global environment supports the growth of economies and communities’.  Ã‚   We note that economic growth is listed before communal growth. Effective marketing must meet company objectives.   The new products in Environmental Markets align with the corporate slogan ‘Progress is Everyone’s Business’ and meet the corporate objective of wealth building through effective investment.   Our concern is that while these services are designed to increase Goldman Sachs corporate reputation, they do not directly address the true reason for the low scores in social responsibility.   Goldman Sachs complicity in securitising predatory mortgages and subsequent complacency after realising the financial dangers is why the public rates them as an irresponsible company.   We recommend that in addition to the offer of environmental advising services, that Goldman Sachs install new metrics to rate the effectiveness in public opinion of the firm. Asset Management Emerging Markets Goldman Sachs has begun expanding their asset management business into emerging markets such as India and China.   In the United States, giving economic assistance to these nations is a common way of appearing socially responsible.   However, while assisting newly developing countries with investment advising is seen as culturally helpful, Goldman Sachs new services are targeted only at the wealthiest individuals in the country. Product (cont.) Asset management is most easily described as full service investment advice.   Goldman Sachs efforts are primarily focused on reaching out to current advisors in the emerging markets, and training them on Goldman Sachs products and services.   This type of expansion is much different than investing in the regions. In our analysis, we identified wealth management and global presence as strengths for Goldman Sachs already.   Therefore, while these new services are useful for Goldman Sachs to increase profit, they do little to address the weaknesses or threats that the corporation faces.   We recommend that they continue to offer asset management in emerging markets, but do not consider them an effective part of their new marketing strategy.   One of the key definitions of a service firm is that the product is variable.   This variability needs to be carefully controlled when dealing with foreign markets.   We caution Goldman Sachs to be cognisant that investment regulations may be looser in emerging markets and to maintain their focus on being cautious and responsible with customer’s investments. 10,000 Women Goldman Sachs has taken a recent interest in changing their male dominated employee and customer image.   They have increased the number of female Managing Directors by 12% from 2001 to 2009 (Fortune, 2011) and have begun an investment and education initiative in woman owned businesses in the United States and around the globe, referred to as the ’10,000 Women’ programme. 10,000 women is a five year initiative that combines business investing with education.   Goldman Sachs has partnered with 70 academic and non-profit organisations to provide education and funding to women in business.   It reflects an overall corporate commitment to diversity and support of economic growth in underappreciated markets. The 10,000 Women initiative directly addresses the weaknesses we identified of not having a diverse product set.   Though they are reaching a different demographic than usual, they remain in line with the company objectives of investment and progress.   We recommend that Goldman Sachs continue the 10,000 Women programme. 10,000 Small Businesses Growth in the small business sector has a direct positive effect on the overall economy.   Over 60% of all new jobs in the United States are in small businesses (U.S. Economic Census, 2007).   In a similar initiative to the 10,000 Women (both under the ‘Citizenship’ banner), Goldman Sachs is also investing heavily in United States Small businesses. Product (cont.) The 10,000 Small Businesses program includes several dimensions.   It includes investment in local academic institutions for practical business education to the selected owners.   It also includes Goldman Sachs directly providing capital to the approved small businesses to help them grow and develop.   Goldman Sachs will also offer advising to any small businesses that are a part of the initiative in order to help them maximise profitability. 10,000 Small Businesses diversifies Goldman Sachs product offerings as recommended in the SWOT Analysis.   Also, small businesses account for 64% of the layoffs in the current recession (U.S. Economic Census, 2007) so these services directly affect a demographic that was negatively impacted by the credit crisis.   In addition, it also follows the Goldman Sachs corporate objectives.   We recommend they continue with the 10,000 Small Businesses. Goldman Sachs lists the 10,000 Small Businesses and 10,000 Women under the category of ‘Citizenship’.   This category is primarily made up of philanthropic initiatives.   However, neither of these measures is purely philanthropic as there is an expected return on the investment that Goldman Sachs is making.   It is confusing to consumers when a service product is listed with the charitable causes.   We strongly recommend that Goldman Sachs move these two programmes under the title of ‘Services’ moving forward so they are not falsely misinterpreted as charities. Securitised Derivatives One of the largest culprits in the recent financial crisis was securitised derivatives that were financed with sub-prime mortgages (New York Times, 2007).   Goldman Sachs was an active trader in securitised derivatives and as we looked at before, their participation is the main reason for their low image of corporate responsibility.   By no longer offering securitised derivatives in the United States (they are still available in some EU countries, though presumably not financed with sub-prime mortgages) Goldman Sachs is directly changing their service offering to be more socially responsible.   Bloomberg (2010) is concerned that Goldman Sachs is only changing this publicly as a way to clean its image.   We recommend that Goldman Sachs continue to be responsible in their investments and not offer high risk investments in the United States. Summary Goldman Sachs has effectively developed several products that address the weaknesses we identified.   If these services are carried out in a responsible way and conform to our recommendations, they will have a net positive effect on Goldman Sachs overall corporate image.   However, if this new product set is treated merely as a quick image fix, their effectiveness will be lost and the impact could potentially end up more negative than before. Promotion In conjunction with their new service products, Goldman Sachs has also changed the way they approach promotion.   We know that a traditional promotion mix includes advertising, internet/interactive marketing, publicity or public relations, sales promotion, word of mouth promotion, and personal selling.   A successful Integrated Marketing Approach aligns all these communication efforts with corporate goals (Schulz, 2004). New Campaign Prior to 2010, Goldman Sachs relied almost exclusively on word of mouth and personal selling because of the nature of their products.   In September of 2010, they launched a new campaign utilising more traditional mass media.   They launched their first television, magazine, newspaper and online advertisements. According to David Wells, spokesman for Goldman Sachs, the new campaign is ‘expanding our communication to a broader audience in an effort to promote a better understanding of who we are and what we do’. From this, we can infer that their advertising objectives are to create awareness and correct misconceptions. Print, Television, Online The newspaper, magazine and online advertisements are all focused on the new service product in the Environmental Markets.   They feature a field of wind turbines juxtaposed with a man in a hard hat.   The headline is the aforementioned slogan ‘Progress is Everyone’s Business’ and a description of how investments in clean energy lead to job creation.   The message appeals to the feelings and emotions as well as the logical, rational minds of consumers. The television advertisement however, is completely different in tone.   It appeals primarily to the feelings and emotions.   It features artistic, black and white shots of men and women in various outdoor scenes punctuated by a clear ball with a glowing interior.   The voice over mentions concepts like, ‘security’, ‘heart’ and ‘focus’.   The ad concludes with a call to visit the Goldman Sachs website. The Goldman Sachs website functions as part of the promotional mix and is designed to feature further detail on all of their products and services.   When first logging on to the website, the first page says ‘Progress is Everyone’s Business’ and features links to what Goldman calls ‘Stories of Progress’.   These stories are about investments that revitalised urban areas, or helped launch small businesses. Also on the website, a customer can view extended video advertisements describing the ’10,000 small businesses’ initiative, or read a vivid brochure about ’10,000 women’ on their micro sites.   The Environmental Markets micro site gives a full description of all their services as well as links to Case Studies and Environmental Reports on the company for each year. Promotion (cont.) Summary and Recommendations Goldman Sachs developed these new campaigns as part of a revamped promotional mix in an effort to create a better understanding of who they are as a company.   The campaigns are focused around the new products and are designed to increase public and ultimately brand opinion.   We feel that independently, each campaign has strengths.   The print campaign effectively promotes their new product diversity and appeals to consumers in multiple ways.   The television advertisement is striking and designed to stand out amongst the noise.   It also rightfully drives people to the website.   The Goldman Sachs website is informative and entertaining, creates a strong brand image and promotes the new products in an easy to navigate layout. However, successful integrated marketing aligns all three of these.   The print and television advertisements are disparate and unrelated.   The print ad does not support website traffic.   The primary weaknesses that we identified in our SWOT analysis are a lack of product diversity and poor public image.   Goldman Sachs has created the diverse and socially responsible products, and we recommend that their promotional campaign highlight those particular products in an integrated way.   The television, print and website should all highlight the Environmental Markets, ’10,000 women’ and ’10,000 small businesses’.   If they are all aligned and designed in support of each other, it will help inform consumers about these products and create the awareness, correct the misconceptions and ultimately raise the Corporate Brand Opinion of Goldman Sachs. People Because the customer and the service provider must interact for the service to happen, the customer satisfaction is mostly dependent on the service provider (Fisk, 2008).   Ã‚  Therefore an essential ingredient to any service provision is the use of appropriate staff and people. Recruiting the right staff and training them appropriately in the delivery of their service is essential if the Goldman Sachs wants to obtain a competitive advantage.   Tierney et al (2003) stated that ‘the best service companies understand that their people are their only products’. Consumers make judgments and deliver perceptions of the service based on the employees they interact with. Employees We identified Goldman Sachs employees as one of their top strengths in our audit.   According to Fortune (2011), Goldman Sachs has an unusually thorough hiring process that may include up to ten interviews.   The recruiting stresses creativity and teamwork.   We also previously noted that Warren Buffet referred to them as the ‘Best Brains’ in the business.   In addition, most of Goldman Sachs’ 14 business principles are focused on the handling and diversity of its people. Goldman Sachs places an emphasis on employing people who will reflect the diversity of the communities and cultures in which it operate. According to Vault/InRoads Guide to Corporate Diversity (2010), they engage in minority outreach programs, providing scholarships for university and business school students, and diversity leadership training for its current employees. At this point, it seems that Goldman Sachs continues to effectively recruit, train and hire.   It’s important that they maintain the ability to employ the best people, but we see no current threat to them losing their hold on the top personnel in the United States financial services industry. As part of the inseparability of service provider and customer, Fisk goes on to say that customers are often a co-producer of the service rendered.   Therefore it is paramount that Goldman Sachs engages the diverse people that their new service products are designed for as those customers are critical to the success. Customers We believe that Goldman Sachs has effectively segmented the consumers most in need of their services and developed investment and education products to suit their needs.   For example, the company initiated a group of women dealing with small businesses with the aim of raising a shared economic growth.   From the ’10,000 women’ micro site: ‘Investing in women is one of the most effective ways to reduce inequality and facilitate inclusive economic growth. Investing in education for women has a significant multiplier effect, leading to more productive workers, healthier and better-educated families, and ultimately to more prosperous communities’.   Ã‚  As long as they continue to reach the right people, they will successfully increase the perception of corporate social responsibility. Place, Process and Physical Evidence The service setting and service process are less important in Goldman Sachs business than product, promotion and people.   Yet it is important to note that the place, process and physical evidence have changed in accordance with the new products. Order Takers Goldman Sachs place used to be unknown to most of their customers.   The service process took place over the phone or email.   At the rare times that a customer needed to meet face to face, they would physically go to a Goldman Sachs branch. As they have launched a new product and promotion effort, Goldman Sachs has also changed the place, process and physical location that they do business.   There is a much larger element of pro-active selling than there was before. Client Engagement As a part of the new initiatives, Goldman Sachs service providers are spending more time engaging clients face to face.   The Environmental Markets campaign requires representatives from Goldman Sachs to visit every business they are considering investing in or advising.   The 10,000 Women has Goldman Sachs employees giving seminars and participating in outreach programs to encourage attendance in the academic pieces of the initiative.   10,000 Small Businesses is similar in the fact that it now requires Goldman Sachs employees to actively seek out small business investments.   In addition, the company’s overall service process has transitioned more to meeting customers as opposed to phone sales. The transition from order taker, to outside sales firm is one that we completely support.   If Goldman Sachs truly wants to engage the consumer and increase its Corporate Brand Image, meeting customers face to face is an important step.   We have already established the advertising goals are to create awareness and correct misconception.   We have also established that in a financial services company, the only product is the people.   Therefore, we strongly recommend that Goldman Sachs continue to meet customers face to face whether through client visits or mass seminars.   Having their people communicate the advertising message is an example of putting the most powerful resource behind their biggest need. Reference Leonidou, C. and Leonidou, L. (2009) Research into environmental marketing/management: a bibliographic analysis. EuropeanJournal of Marketing, 45 (1), pp. 69-103. Spotts, H. and Weinberger, M. (2010) Marketplace footprints: connecting marketing communications and corporate brands.   European Journal of Marketing, 44 (5), pp. 591-609.