Case Problem Textile Mill Scheduling - 1087 Words

Case Problem: Textile Mill Scheduling Assuming, X1 = Yards of fabric 1 purchased X2 = Yards of fabric 1 on dobbie looms X3 = Yards of fabric 2 purchased X4 = Yards of fabric 2 on dobbie looms X5 = Yards of fabric 3 purchased X61 = Yards of fabric 3 on dobbie looms X62 = Yards of fabric 3 on regular looms X7 = Yards of fabric 4 purchased X81 = Yards of fabric 4 on dobbie looms X82 = Yards of fabric 4 on regular looms X9 = Yards of fabric 5 purchased X101 = Yards of fabric 5 on dobbie looms X102 = Yards of fabric 5 on regular looms Production Times in Hours per Yard: Fabric | Dobbie | Regular | 1 | 1 / 4.63 = 0.215983 | - | 2 | 1 / 4.63 = 0.215983 | - | 3†¦show more content†¦A discussion of value addition of one loom (addition of 9th dobbie loom) Value of 9th Dobbie Loom: Dual Price (Constraint 6) = 0.6482 per dobbie hour Monthly Value of 1 Dobbie Loom (30 days)(24 hours/day)($0.64821) = $466.71 Increase in dobbie loom hours = (30 days)(24 hours/day) = 720 hours This change is within the Right-Hand Side Ranges for Constraint 6. Profit contribution of 1 additional dobbie loom = $466.71 ------------------------------------------------- Q4. Discussion of Objective Coefficient Ranges (cost maximization model) Objective coefficients in Profit Maximization model show profit contribution of each of the fabric type (purchased or produced). For profit maximization, we found that - Fabric 2 is not purchased, showing a reduced cost of .01, similarly, Fabric3 is not produced by dobbie loom (reduced cost of .46) or regular loom (reduced cost of .34). Fabric4 is also not purchased (reduced cost of .19) or produced by dobbie loom (reduced cost of .12). Same is for Fabric5 which is not purchased (reduced cost of .2) and not produced by dobbie loom (reduced cost of .15) Again, we found that Profit contribution of Fabric1 produced by dobbie loom ranges of 0.19 to 0.34, outside which solution would not remain optimal. ------------------------------------------------- Q5. Cost minimization objective Objective function: MinimizeShow MoreRelatedCase Analysis of Kota Fibers, Ltd Essay3444 Words   |  14 PagesCase Analysis of Kota Fibers, Ltd Name Date Executive summary Kota Fibers, Ltd engages in yarn production in Kota Town, India. Textile millers use the yarn to make traditional dresses (saris) for women in India. Kota Fibers has been in operation since 1962 and has over the years faced an annual growth rate of 15 percent. This due to the rapid growth of the female population in India. In January 2001, the Managing director of the company Ms. Pundir realized that the company has beenRead MoreHow the Industrial Revolution Affects Us Today5039 Words   |  21 Pagesthe raw materials, paid for the work, and took the risk of finding a market for their products. They often spread their operations to include workers in nearby villages. In the home, the whole family worked together making clothing, food products, textiles, and wood products. 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However, the Multi-fibre Arrangement facility, which was extended to favour the least, developed countries in exporting garments and textile has phased out after 2005. Consequently, the beneficiaries of MFA, including Bangladesh are facing severe competition in the unprotected world market. At present, this sector is facing numerous challenges nationally and globally. Lead Time ManagementRead MoreEvolution of Production and Operations Management2318 Words   |  10 Pagesbusiness with clear line management responsibilities. (Chase, Jacobs, Aquilano, 2006:9) Operations management is the management of processes or systems that create goods and/or provide services. It encompasses forecasting, capacity planning, scheduling, managing inventories, assuring quality, motivating employees, deciding where to locate facilities, buying material and equipment and maintaining them, and more. 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Plan tool – IRDP, JRY, TRYSEM etc. 2. A project is an

Case Problem Textile Mill Scheduling - 1087 Words

Case Problem: Textile Mill Scheduling Assuming, X1 = Yards of fabric 1 purchased X2 = Yards of fabric 1 on dobbie looms X3 = Yards of fabric 2 purchased X4 = Yards of fabric 2 on dobbie looms X5 = Yards of fabric 3 purchased X61 = Yards of fabric 3 on dobbie looms X62 = Yards of fabric 3 on regular looms X7 = Yards of fabric 4 purchased X81 = Yards of fabric 4 on dobbie looms X82 = Yards of fabric 4 on regular looms X9 = Yards of fabric 5 purchased X101 = Yards of fabric 5 on dobbie looms X102 = Yards of fabric 5 on regular looms Production Times in Hours per Yard: Fabric | Dobbie | Regular | 1 | 1 / 4.63 = 0.215983 | - | 2 | 1 / 4.63 = 0.215983 | - | 3†¦show more content†¦A discussion of value addition of one loom (addition of 9th dobbie loom) Value of 9th Dobbie Loom: Dual Price (Constraint 6) = 0.6482 per dobbie hour Monthly Value of 1 Dobbie Loom (30 days)(24 hours/day)($0.64821) = $466.71 Increase in dobbie loom hours = (30 days)(24 hours/day) = 720 hours This change is within the Right-Hand Side Ranges for Constraint 6. Profit contribution of 1 additional dobbie loom = $466.71 ------------------------------------------------- Q4. Discussion of Objective Coefficient Ranges (cost maximization model) Objective coefficients in Profit Maximization model show profit contribution of each of the fabric type (purchased or produced). For profit maximization, we found that - Fabric 2 is not purchased, showing a reduced cost of .01, similarly, Fabric3 is not produced by dobbie loom (reduced cost of .46) or regular loom (reduced cost of .34). Fabric4 is also not purchased (reduced cost of .19) or produced by dobbie loom (reduced cost of .12). Same is for Fabric5 which is not purchased (reduced cost of .2) and not produced by dobbie loom (reduced cost of .15) Again, we found that Profit contribution of Fabric1 produced by dobbie loom ranges of 0.19 to 0.34, outside which solution would not remain optimal. ------------------------------------------------- Q5. Cost minimization objective Objective function: MinimizeShow MoreRelatedCase Analysis of Kota Fibers, Ltd Essay3444 Words   |  14 PagesCase Analysis of Kota Fibers, Ltd Name Date Executive summary Kota Fibers, Ltd engages in yarn production in Kota Town, India. Textile millers use the yarn to make traditional dresses (saris) for women in India. Kota Fibers has been in operation since 1962 and has over the years faced an annual growth rate of 15 percent. This due to the rapid growth of the female population in India. In January 2001, the Managing director of the company Ms. Pundir realized that the company has beenRead MoreHow the Industrial Revolution Affects Us Today5039 Words   |  21 Pagesthe raw materials, paid for the work, and took the risk of finding a market for their products. They often spread their operations to include workers in nearby villages. In the home, the whole family worked together making clothing, food products, textiles, and wood products. The way of life differed from place to place, depending on the climate, the soil, and the distance from towns and trade routes. For most people, life revolved around the agricultural seasons--planting, cultivating, harvestingRead MoreEssay on Kota Fibers3343 Words   |  14 Pagesyarns to local textile weavers mainly to make the traditional women’s dress in India; the saris. Ms. Pundir was both the managing director and principal owner of the company. Kota Fibres used new technology and domestic raw materials to produce their quality product. The demand for saris amounted to 12 billion yards of fabric The Case Papers Kota Fibres, Ltd. was founded in 1962 in Kota, India. Created to produce nylon Fibre, Kota Fibres provided synthetic Fibre yarns to local textile weavers mainlyRead MoreLead Time Management in Garment Sector6952 Words   |  28 PagesBangladesh and some other developing countries have gradually become the global players in international trade in RMG. However, the Multi-fibre Arrangement facility, which was extended to favour the least, developed countries in exporting garments and textile has phased out after 2005. Consequently, the beneficiaries of MFA, including Bangladesh are facing severe competition in the unprotected world market. At present, this sector is facing numerous challenges nationally and globally. Lead Time ManagementRead MoreEvolution of Production and Operations Management2318 Words   |  10 Pagesbusiness with clear line management responsibilities. (Chase, Jacobs, Aquilano, 2006:9) Operations management is the management of processes or systems that create goods and/or provide services. It encompasses forecasting, capacity planning, scheduling, managing inventories, assuring quality, motivating employees, deciding where to locate facilities, buying material and equipment and maintaining them, and more. (Stevenson, 2002:4) At the most fundamental level, operations management is aboutRead MoreAnalysis Of Welspun Corp Ltd. Essay9873 Words   |  40 Pagesare steel, energy, and textiles, doing business in over 50 countries with 24,000 employees and over 100,000 shareholders. Its clients include companies operating in the oil and gas and retail sectors such as Chevron, ExxonMobil, WalMart, and Target. As a US$ 3 billion company, Welspun Group is one of India’s fastest growing conglomerates, registered at a CAGR of 30% over the last decade. Welspun is a fully integrated player within the Pipes, Plates Coils and Home Textiles sector, while it also hasRead MoreAn Introduction to Management Science 12th Edition Anderson Manual5638 Words   |  23 PagesSolutions to Case Problems Manual to Accompany An Introduction To Management Science Quantitative Approaches To Decision Making Twelfth Edition David R. Anderson University of Cincinnati Dennis J. Sweeney University of Cincinnati Thomas A. 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All engineers, whether in a management position or not, should understand motivation theory so that they can help ensure the success of their workplace. Having a firm understanding of motivation the ory will allow us to draw conclusions from case studies and decide how engineering managers can be most successful. A. History of Motivation Theory: Thousands of years before the word motivation entered the managers vocabulary, people realized the importance of influencing workersRead MoreProject Management15109 Words   |  61 Pagessimple two-step sequence: Plan before doing, or the more popular exhortation Plan Your Work, Work Your Plan! This basic concept is the foundation of the project life cycle by which projects need to be managed. First plan, then produce. As in the case of all definitions, the term program / project has a variety of meaning. Definition of a project 1. Programs / Projects are tools to achieve the plan goals. E.g. Plan goal – Removal of poverty. Plan tool – IRDP, JRY, TRYSEM etc. 2. A project is an

Case Problem Textile Mill Scheduling - 1087 Words

Case Problem: Textile Mill Scheduling Assuming, X1 = Yards of fabric 1 purchased X2 = Yards of fabric 1 on dobbie looms X3 = Yards of fabric 2 purchased X4 = Yards of fabric 2 on dobbie looms X5 = Yards of fabric 3 purchased X61 = Yards of fabric 3 on dobbie looms X62 = Yards of fabric 3 on regular looms X7 = Yards of fabric 4 purchased X81 = Yards of fabric 4 on dobbie looms X82 = Yards of fabric 4 on regular looms X9 = Yards of fabric 5 purchased X101 = Yards of fabric 5 on dobbie looms X102 = Yards of fabric 5 on regular looms Production Times in Hours per Yard: Fabric | Dobbie | Regular | 1 | 1 / 4.63 = 0.215983 | - | 2 | 1 / 4.63 = 0.215983 | - | 3†¦show more content†¦A discussion of value addition of one loom (addition of 9th dobbie loom) Value of 9th Dobbie Loom: Dual Price (Constraint 6) = 0.6482 per dobbie hour Monthly Value of 1 Dobbie Loom (30 days)(24 hours/day)($0.64821) = $466.71 Increase in dobbie loom hours = (30 days)(24 hours/day) = 720 hours This change is within the Right-Hand Side Ranges for Constraint 6. Profit contribution of 1 additional dobbie loom = $466.71 ------------------------------------------------- Q4. Discussion of Objective Coefficient Ranges (cost maximization model) Objective coefficients in Profit Maximization model show profit contribution of each of the fabric type (purchased or produced). For profit maximization, we found that - Fabric 2 is not purchased, showing a reduced cost of .01, similarly, Fabric3 is not produced by dobbie loom (reduced cost of .46) or regular loom (reduced cost of .34). Fabric4 is also not purchased (reduced cost of .19) or produced by dobbie loom (reduced cost of .12). Same is for Fabric5 which is not purchased (reduced cost of .2) and not produced by dobbie loom (reduced cost of .15) Again, we found that Profit contribution of Fabric1 produced by dobbie loom ranges of 0.19 to 0.34, outside which solution would not remain optimal. ------------------------------------------------- Q5. Cost minimization objective Objective function: MinimizeShow MoreRelatedCase Analysis of Kota Fibers, Ltd Essay3444 Words   |  14 PagesCase Analysis of Kota Fibers, Ltd Name Date Executive summary Kota Fibers, Ltd engages in yarn production in Kota Town, India. Textile millers use the yarn to make traditional dresses (saris) for women in India. Kota Fibers has been in operation since 1962 and has over the years faced an annual growth rate of 15 percent. This due to the rapid growth of the female population in India. In January 2001, the Managing director of the company Ms. Pundir realized that the company has beenRead MoreHow the Industrial Revolution Affects Us Today5039 Words   |  21 Pagesthe raw materials, paid for the work, and took the risk of finding a market for their products. They often spread their operations to include workers in nearby villages. In the home, the whole family worked together making clothing, food products, textiles, and wood products. The way of life differed from place to place, depending on the climate, the soil, and the distance from towns and trade routes. For most people, life revolved around the agricultural seasons--planting, cultivating, harvestingRead MoreEssay on Kota Fibers3343 Words   |  14 Pagesyarns to local textile weavers mainly to make the traditional women’s dress in India; the saris. Ms. Pundir was both the managing director and principal owner of the company. Kota Fibres used new technology and domestic raw materials to produce their quality product. The demand for saris amounted to 12 billion yards of fabric The Case Papers Kota Fibres, Ltd. was founded in 1962 in Kota, India. Created to produce nylon Fibre, Kota Fibres provided synthetic Fibre yarns to local textile weavers mainlyRead MoreLead Time Management in Garment Sector6952 Words   |  28 PagesBangladesh and some other developing countries have gradually become the global players in international trade in RMG. However, the Multi-fibre Arrangement facility, which was extended to favour the least, developed countries in exporting garments and textile has phased out after 2005. Consequently, the beneficiaries of MFA, including Bangladesh are facing severe competition in the unprotected world market. At present, this sector is facing numerous challenges nationally and globally. Lead Time ManagementRead MoreEvolution of Production and Operations Management2318 Words   |  10 Pagesbusiness with clear line management responsibilities. (Chase, Jacobs, Aquilano, 2006:9) Operations management is the management of processes or systems that create goods and/or provide services. It encompasses forecasting, capacity planning, scheduling, managing inventories, assuring quality, motivating employees, deciding where to locate facilities, buying material and equipment and maintaining them, and more. (Stevenson, 2002:4) At the most fundamental level, operations management is aboutRead MoreAnalysis Of Welspun Corp Ltd. Essay9873 Words   |  40 Pagesare steel, energy, and textiles, doing business in over 50 countries with 24,000 employees and over 100,000 shareholders. Its clients include companies operating in the oil and gas and retail sectors such as Chevron, ExxonMobil, WalMart, and Target. As a US$ 3 billion company, Welspun Group is one of India’s fastest growing conglomerates, registered at a CAGR of 30% over the last decade. Welspun is a fully integrated player within the Pipes, Plates Coils and Home Textiles sector, while it also hasRead MoreAn Introduction to Management Science 12th Edition Anderson Manual5638 Words   |  23 PagesSolutions to Case Problems Manual to Accompany An Introduction To Management Science Quantitative Approaches To Decision Making Twelfth Edition David R. Anderson University of Cincinnati Dennis J. Sweeney University of Cincinnati Thomas A. Williams Rochester Institute of Technology R. Kipp Martin University of Chicago South-Western Cincinnati, Ohio Contents Preface Chapter 1: Introduction â™ ¦ Scheduling a Golf League Chapter 2: An Introduction to Linear Programming â™ ¦ WorkloadRead MoreHemp Cultivation in China42289 Words   |  170 Pagesfarming practices have been influenced very little by modern Western techniques. However, a modern hemp degumming, spinning, and weaving mill was constructed in the village of Dong Ping in Tai an District in 1987. In 1993, a Chinese-Dutch joint venture Figure 1. Shandong hemp farmers use traditional methods to grow and process their crop. invested in the hemp mill and began to influence the local cultivation, market structure, and processing of hemp. This article documents the traditional hemp farmingRead More Motivation Theory: Ensuring Success of the Workplace Essay4958 Words   |  20 Pagesresults. All engineers, whether in a management position or not, should understand motivation theory so that they can help ensure the success of their workplace. Having a firm understanding of motivation the ory will allow us to draw conclusions from case studies and decide how engineering managers can be most successful. A. History of Motivation Theory: Thousands of years before the word motivation entered the managers vocabulary, people realized the importance of influencing workersRead MoreProject Management15109 Words   |  61 Pagessimple two-step sequence: Plan before doing, or the more popular exhortation Plan Your Work, Work Your Plan! This basic concept is the foundation of the project life cycle by which projects need to be managed. First plan, then produce. As in the case of all definitions, the term program / project has a variety of meaning. Definition of a project 1. Programs / Projects are tools to achieve the plan goals. E.g. Plan goal – Removal of poverty. Plan tool – IRDP, JRY, TRYSEM etc. 2. A project is an

Outrageous Easy Photo Essay Topics Tips

Outrageous Easy Photo Essay Topics Tips Whatever They Told You About Easy Photo Essay Topics Is Dead Wrong...And Here's Why 1 photo essay idea I have always wished to try is to photograph one landmark from several different vantage points. There are lots of popular photo essay examples you are able to encounter on the internet. Based on your theme, there are a couple varieties of photos you will want to use to anchor your essay. Just gathering all photos that you've made is insufficient. Take a look at the Eiffel Tower, and the number of photographs are taken of it. You could have some shots and images to inform your story. The very first images are always likely to be the hardest to take, but after you pick up speed, you'll have images to show and persuade the next group. The single images comprise the whole. Among the most well-known ones, there's a photograph in social networking, the history of photography, social effects of photography compare and contrast of various facets and nuances linked to the art of photography, etc.. It is truly a group of images which have an exceptional hierarchy and put in a particular order to form a story. Every student would like to beat the remainder of the competition to collect best photos and use them in their essay. What's more, it's essential to perfectly polish the writing and raise its uniqueness to the maximum level! You can be totally sure your paper is going to be delivered in time and be of the maximum quality. When you employ a professional writer to complete the assignment for your benefit, you understand that your writing is in good hands. Writing practice shouldn't be boring! The Tried and True Method for Easy Photo Essay Topics in Step by Step Detail There are likely to be many jobs and careers which people do you have zero idea about. Naturally, you may use the ability of the web to try to find some creative ideas. Even if people weren't involved as subjects, you are inclined to have personal feelings toward images that the overall public may not find the ability behind. Advertising and the media are now nearly inseparable from society for a whole. You've already done a good deal of reading and a great deal of writing in your life. You might wind up trashing everything, or maybe you not. Pay close attention to all things electronic, and you will be certain to find something debatable of what you see. When you're picking your topic, remember that it's much simpler to write about something which you currently have interest ineven in case you don't know a good deal about it. Discover as much information regarding the topic as possible. If you're assigned a specific topic, think about the strategies to develop it. Quite frequently, the ideal topic is one which you truly care about, but you also will need to get ready to research it. Pick a topic which you're passionate about. You don't need to acquire super technical with legal argumentative essays, but make certain to do your homework on what the present laws about your favorite topic actually say. To choose which subject you're likely to discuss, it's vital to see the complete collection of good persuasive speech topics from the specific area of study. It's important to select debatable argumentative essay topics since you need opposing points that you may counter to your own points. The last write-up ought to be concise with firm language. Photo essays are the intriguing task that you could be assigned to clearly show your knowledge of a particular topic. Just like with any essay that you've ever written, the very first step in arranging a photo essay is to settle on a topic. Photo essay topic can be selected from a broad spectrum of alternatives. Finding topics and suggestions for your photo essay assignment is hard. The town I reside in has a yearly bicycle classic. What an ideal scenario would look like is capturing the men and women in their very own space. Locating an actual story is the best option. Some experts recommend developing a shot list. Facts, Fiction and Easy Photo Essay Topics How to submit an application for a study abroad program. Many students think that it is a waste of time. High school students are prepared to explore social and cultural troubles.

Confessions free essay sample

I have a confession: I watch the Bachelor/ette. I had always wanted to, so when I heard a new season was starting, I decided to try it. Sitting on the couch that first night, my eyes ballooned as women spewed sharp whispers as another limo of women arrived, and I shook my head as one wasted woman nearly collapsed. When my dad commented on the â€Å"quality programs† I watched, I smiled at the floor but did not drop the show. Soon I was discussing it with a friend. I even began telling other friends about it despite their ever-rolling eyes and pursed lips. And when the season ended, I immediately Googled when the next one would begin. I had plunged headfirst into the world of private helicopter rides, weekly red-carpet dresses, and creeks of running mascara. I had immersed myself in the sea of soul-mate-seekers and believers in love at first sight. We will write a custom essay sample on Confessions or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I had officially become †¦ an American. But why am I so hooked? I am so hooked partially because the show’s quick gratification aligns so perfectly with American culture. The bachelor/ette has a mere two months, two artificial months of cocktail parties, celebrities, and world travel, to choose a partner for life. We Americans want what we want, and we want it now. We rush hungrily to drive-thrus to grab our meal. We wait in line overnight so we can buy that new iPhone we have been waiting for the moment it is released. We complain when we have no service with which to text and receive an immediate response. Except that’s not me. I don’t mind waiting to get food. I don’t want a new phone. And most important, I would rather talk face-to-face than get an immediate reply electronically. Yes, I’m as guilty as the next person when it comes to my constant use of modern technology. But I wish I weren’t. Sappy as it sounds, I want to live in the moment and to build true connections, and I believe that is done in person. To me, face-to-face interaction is the closest one can get to escaping all of life’s distractions and hiding places. These beliefs affect what I enjoy doing. I love both camping and running because they make me leave technology and responsibilities behind and find pleasure and entertainment in the sights and people around me. And I love simply walking home with my two best friends; we don’t check our phones; we just talk. It is because I value living in the moment and genuine bonds–in a world of (both literal and figurative) screens–that I can forgive myself for loving the Bachelor/ette. The show, as much as it is about desire and drama, fast fulfillment and friction, is also about finding the real ties that I so cherish. Watching the show, I am reminded that others–from the show’s contestants to its viewers to just people in general–are also searching for the same authentic relations that I am, and that my country is not as shallow as it so often seems–and it comforts me. Leave it to me to get all emotional and philosophical about the Bachelor/ette. But what can I say? I understand why some viewers dress up in plaid shirts and cowboy hats and eat corn-themed food because that season’s bachelor was a corn farmer. Well, maybe I don’t understand that, but I understand the show’s viewers as a whole. Yet sometimes when I watch, I still cringe and look away. I don’t want to admit I relate to the shallow side of American culture. But I do. Yet that universal longing for genuine connections also always draws me back. So, ultimately, as much as I laugh at myself and kick myself for it sometimes, I keep watching. Like I have said, I am hooked.

The Life Of A Poet ! Essays - John Keats, Fanny Brawne,

The Life Of A Poet ! John Keats The life of a poet! Katrina Bartlett English per.2 May, 31 2000 pg. 1 He started at the pacific. All his men/looked at each other with a wild surmise--/silent, upon a peak in Darien?; ?Beauty is truth, truth Beauty, --that is all/ ye know on earth, and all ye need to know?; The author of these and many other lines fixed permanently in the shared consciousness of those who speak English, John Keats was an extremely unlikely candidate for poetic immortality. Born into a working-class family two centuries ago. Orphaned in childhood, his work was subjected to vicious attacks by established literary critics, dead in his mid-twenties from tuberculosis, he overcame all obstacles, not only to write some of the finest poems in the language, but also to form, in the minds of millions of people. John Keats was born in London on October 31, 1795. The first child of Thomas Keats he was a livery-stable keeper. And his wife Frances (Jennings) Keats was a housewife. Three more sons were born one of whom died in infancy. A daughter was born to the couple before Thomas's death in April 1804 from a horse accident. With four very young children to care for. Frances married a man named William Rawlings in 1805. The marriage was not successful and when the couple separated in the following year she and her four children went to live with her mother. John Keats received his earliest education at a private school in Enfield run buy the Reverend John Clarke. Among his classmates was the headmaster's son, Charles Cowden clarke. Who would be his lifelong friend. Keats's mother died of tuberculosis in February 1810, and in 1811 he was taken out of school and apprenticed to Thomas Hammond, a surgeon at Edmonton hospital. It was during this time that he began to read poetry seriously and to write it himself. His apprenticeship ended by mutual consent in 1815, and Keats went to London to study medicine at the joint school of St. Thomas's and Guy's Hospitals. In July 1816, he passed his examination as an apothecary, and worked until April of the next year as a medical practitioner. Keats's first volume entitled simply Poems was published in March 1817 and failed to attract much notice beyond a favorable review from Leigh Hunt. During that time Keats met Fanny Brawne, a young woman who throughout what appears to have been for him at least. Rather tormented relationship was to be the great love of his brief life and to whom he became engaged some time around the end of the year. By December 1818 when his brother Tom died of tuberculosis. On February 3, 1820 Keats had a coughing fit that led him to hemorrhage some dark arterial blood. With his medical training he recognized the gravity of the situation and he told his friend Charles Armitage Brown, ?That drop of blood is my death-warrant; I must die.? After another relapse in June 1820 Keats determined to go to Italy, from whose warmer and drier climate he hoped to find some relief of his suffering. On September 18, he sailed for Naples with a close friend the artist Joseph Severn. Keats never saw England or fanny again. The two men took lodgings in Rome, where severn loyally cared for Keats, who retained his gentle and uncomplaining nature until his death on February 23, 1821. He was not quite four months past his twenty-fifth birthday. In addition to his poetry Keats is the author of some of the most interesting letters by any literary figure. In their aesthetic theorizing, their insights into nature of the creative process and their constant display of a lovable and admirable personality, his letters not only complement his poetry but shows an intellectual grasp and penetration that is not always evident in the poems themselves. The life of Keats to some degree mythology by biographers and other enthusiasts has done as much as anything to fashion the popular image of the poet as a doomed and tortured soul. Scorned by an uncaring and pouring out his heart in spasms of unrequited love. And his work has likewise done much to shape the common

Phyllis Wheatley essays

Phyllis Wheatley essays Our American history is composed of a great deal of historical events and individuals. Phyllis Wheatley is one young woman who greatly contributed to history and holds a valuable spot in it. Phyllis Wheatley was born in West Africa, present day Senegal, in 1753. She remained there until she was captured and brought to the American colonies at the age of seven. In Boston, Massachusetts she was sold to a wealthy merchant, John Wheatley, and his wife Susannah. Mary Wheatley, the daughter of the family helped guide Phyllis to learn how to read and write and Phyllis was eventually literate and even knew how to speak Latin and Greek. This was very rare because slaves werent usually offered any type of education. Impressed by her achievements and her clearly evident intelligence, the Wheatleys encouraged Phyllis to continue expanding her knowledge and kept her workload rather light. Soon Phyllis level of education was higher than that of an upper-class colonial man. She was accepted as a member of the family rather than just considered as a slave. At the age of 13, Phyllis wrote her first poem about a tale of two men who came close to dying at sea and their faith in God. The publication of that poem in the Newport Mercury as well as an elegy she wrote about George Whitefield boosted her popularity and credibility. By 1773, Poems on Various Subjects, Religious, and Moral was published in London and included 39 of her poems. Upon taking a trip to England with the Wheatleys son, Nathaniel, she was immediately recognized and caused a sensation. When Phyllis returned back to America after hearing that Susannah Wheatley was very ill, the family she was raised by began to slowly fall apart. Susannah Wheatley passed away the following spring of 1776 and John Wheatley also passed away a few years later in 1778. This granted Phyllis technical freedom and the chance to live her own life. ...

How to Answer the Question Whats Your Desired Job Title

How to Answer the Question Whats Your Desired Job Title It may seem like the most obvious thing in the world: your desired job title on your resume is the job you are applying for†¦ duh, right? Turns out, it’s not quite so simple. It’s true that every time you send your resume in for a job application, you should tailor it to match the position you’re applying for. But that doesn’t necessarily mean you should put, verbatim, the job title of the position you’re applying for. Seem counter intuitive? Here are a few things to keep in mind.1. Help the hiring manager out.Remember that your resume is just one of hundreds or thousands the HR department is filtering through. Listing the job title you want at the top of your resume helps them sort you into the right search and get your materials seen by the right people. Don’t leave the hiring manager guessing as to what job you are after.2. Reference your target job.Be a little ambitious and list the position title for the job you really want at the c ompany. Not CEO or anything, but perhaps a rung or two up from the position you might be applying in with. This shows your ambition and your commitment to growing and moving forward- hopefully at this company.3. Reference your old job.Unless you’re trying to move up or laterally or between fields, you might find it easiest to list your current job title. This only really works if you’re going for the exact same job at a different firm or company. But can be very helpful because your experience ought to match the position title perfectly.4. Don’t play it safe by trying to keep your options open.You might think listing a job title on your resume will limit your options- say the company doesn’t have that position open, only one below it? But the risk is much higher if you keep HR in the dark. And you just might get considered for a higher-up position.5. List multiple titles.If you qualify for more than one open position, you might feel the urge to list both. As long as these positions are similar enough- or at least in the same department, with different level gradations, this is fine. Just note, if this is for a resume, write it like this: â€Å"Software Developer/Web Programmer,† separating the two titles with a slash. (If you are really applying widely, try not to apply for two drastically different positions at the same company to avoid having to say: â€Å"Front Desk Manager/CPA.† That just makes it look like you are taking lazy shortcuts and/or don’t know what you want to be when you grow up.6. Be realistic, but strive for the best.Again, you don’t want to list a position three pay-grades away from anywhere you could possibly hope to be. But do set your sights on something a little better than your current position, especially if your skills and experience aren’t far off from reaching that level and you believe you’d be well up for the challenge.

Examine the consequences of the establishment of a system of universal Research Paper

Examine the consequences of the establishment of a system of universal health care - Research Paper Example Nevertheless, there are difficulties ahead. There are two ways to implement a program of universal healthcare. The first is to have the government pay for all necessary healthcare expenses as is done in Canada. This is sometimes called the single payer method. Healthcare is centrally rationed and is available to all by dint of citizenship or residency. This is a good method of delivering the service—even if it is very expensive—but it is hard to implement in a highly developed economy such as the United States'. The second method is to force insurance companies to insure everyone. Normally, insurers don't like people who have preexisting conditions which make them risky. The government can create laws that force them to offer insurance anyway. Usually, the insurers will receive a subsidy to help them out. Before Obamacare passed, many liberals sought a pure public option. But is a public option such a great step forward? With the cost of healthcare rapidly accelerating, it may be too taxing for many countries to implement. Even in Canada, there is an increasing movement towards private clinics (Kraus).

Implementation of Project Management Essay Example | Topics and Well Written Essays - 2250 words

Implementation of Project Management - Essay Example Founded essentially as an automotive component manufacturer, the company started manufacturing electronic components for the military during the Gulf war. Soon after the Gulf war the company emerged a major component supplier for the space programme and when that business segment did not grow well, the company embarked upon the production of various other items relating to energy management, building products and machine tools in addition to automotive components. With a turnover of $ 600 million, the automotive components manufacture remained the major business activity of Hyten Corporation. The coordination of any new project or a new product from concept to market is the responsibility the ‘Business Development Department’ started to substitute the non-existent project management department. The business development department was taking decisions on the undertaking of any new products or services in a crude way based on macro factors like economic and industry indica tors without really going into the other details of the product or service. The activities of the department were conducted through informal meetings of the functional directors and the manpower for the department was met with people both from within and outside the organisation. With a view to redefine the functions of the business development department as a full fledged project management department Wilbur Donley, with five years experience as a project manager was hired by Hyten Corporation. When the process of establishing the formal project department in Hyten Corporation, there were different ideas and views expressed by the various departments of the company about the implementation of the project management which are summarized below: 3.0 General Observations on the Introduction of Project Management in Hyten Corporation: As a result of the discussion between Wilbur Donley, the project manager, Frank Harrel, the Manger for quality and reliability and George Hub, the Manager of manufacturing engineering the following points about the integration of formal project management in Hytel Corporation emerged: Presently due to lack of coordination among different departments, the marketing and manufacturing departments do not understand and appreciate the functions of the quality department

Unified of the American Constitution Essay Example for Free

Unified of the American Constitution Essay What was the original intent of the U.S. Constitution? Why did Alexander Hamilton want to create a more powerful centralization of federal government? What is the difference between Democratic-Republican and Federalist? Analyzing and resolving constitutional issues was an ongoing process during the eighteenth century. According to Jack Rakove â€Å"†¦ from a historical perspective this book, guidelines, approval around the constitution, form political worries about reviewing in 1780, the Constitution and the clarification of the scope that the debate on the role of the original intent of the constitutional debate should be interpreted to play. † 1 Also Rakove thinks the federal constitution must be developed to address the representatives of the executive power and the rights and constitutional concepts in a way reflecting the highest law. The federal convention or intense political debate followed. Similar to Rakove, some people believed the Constitution could give people clearer rules to tell them what they were supposed to do or not. In addition, the Constitution could also prohibit the government from what they should not do. The government needs to guarantee freedom for people, and what rights belong to people couldn’t be violated. The Constitution also remains above the government; while maintaining above the people, its like a barrier to prevent the government from expanding. The Constitution could guarantee justice and equity for what the government sometimes did, like being secretive, and corrupt, which violates and ignores the Constitution by following the money of corporations, lobbyists, and bankers that are destroying our country, freedoms, economy, and our way of life. It provides a set of hard-fast rules for the creation and perpetuation of a Legislature, an Executive, and a Judiciary Branch. According to Madison, he was the person strongly argued for the central of the government that would unify the country and he was the most important person to write and creation of the Constitution. People call him Father of the Constitution. He thought a representative government suppose governed by those smaller states. The  power should be limited by the Federal Government because those specific areas know what they wanted and had representatives their interests. So the best way to vote was elect representatives was social system, citizens because they lived in same of the territory, it would be easier for them to agree to work together to realize their ideas. The government should protect different rights because through their representative institutions pronunciation sounds more in line with the interests of human society and the decision of the people were subject to their own interests, such as the freedom of speech, religion and the press. Alexander Hamilton believed the new U.S. administration should be divided into three divisions: Congress executive, legislative and judicial powers. 2 The government divided into three sections would provide checks and balances to prevent any one branch from becoming too powerful, and that by working together in three different branches can concentrate power in the state. He also believed that serving the life of good character, or, more precisely, would give stability to the administrative offices on the other hand, that short-term services only encourage politicians to focus on re-election, rather than the rule in this country. Hamilton also thought people should have bicameral: one is upper chamber, called the Senate, including the elite aristocracy of the country, and one is lower chamber, called the General Assembly. Would be the seat of democracy for the American people, Senator Election life’s by the House of Lords and the elected representatives of the elected term of three years. According to George Washington, â€Å"from all classes of Citizens, The reflection on the days of difficulty and danger which are past is rendered the more sweet, from a consciousness that they are succeeded by days of uncommon prosperity and security. One says George Washington was a very passionate, very proud man. In this sense, he was seen as a quiet man. His pride came from a sense of honor. This was reflected in; he would do everything, and He showed humility, when he was appointed commander of the Continental Army s commander in chief, he said he did not think he had the ability to task, but it needed to start with all his strength. He also had a heart of gratitude and sincere attitude. He respected the views of the  Congress; he would make every effort to live up to their expectations. His believed in public service his entire life, if you sport or tooted his horn† to get the job, then you are not eligible to sow themselves. In conclusion, the differences between Jam es Madison, Alexander Hamilton, and George Washington were James Madison believed in a limited federal government, and Alexander Hamilton believed in a strong, extensive federal government. George Washington was friends with Alexander Hamilton, and George Washington was also a Federalist, so he believed in a strong central government because George Washington believed that if our nation would survive then we would need a strong government and the government needed rules to go by or they would basically rule over Americans. But they all have their different ways to seeing and saying the same ideas about the constitution in the eighteenth century. On the other hand, the similarity between James Madison, Alexander Hamilton, and George Washington were having similar ideas about the constitution in eighteenth century. They all want to make the unification of the constitution of U.S. because it can protect all of our rights of its citizens. One could argue about the Federalists was more important than the Republicans because the Federalists make the country more organized and clearer rule for all the people in the U.S. This is the agreement for the most important power of the constitution because the process of drafting and ratification of the Constitution led to the victory of the Enlightenment philosophy: the full definition and addressing social and political issues of integrity and ability of the human rational nature of man and society personalities and beliefs. Indeed, the Constitution itself is perhaps best understood as an Enlightenment document, also because it reflects the target, order, freedom and justice and the general welfare of its preamble and its explicit and implicit promises, the concept of limited government, civil liberties , Church and State, military strength limitations, as well as the separation of an open society.

Chaucer and The Canterbury Tales :: Essays Papers

Chaucer and The Canterbury Tales The Canterbury Tales is about an unrelated group of twenty-nine pilgrims traveling together on a pilgrimage. One of the major aspects of the journey is the unique diversity of the characters. There are knights, nuns, monks, lower-class tradesman and single women. They interact together and tell each other their tales. GRAPH According to the Norton Anthology, "Chaucer's original plan for The Canterbury Tales projected about one hundred twenty stories two for each pilgrim to tell on the way to Canterbury and two more on the way back. Chaucer actually completed only twenty-two, although two more exist in fragments" (Norton 79). One of the characteristics that makes Chaucer's work so convincing is his ability to present characters that have real life qualities. Many women can relate to the Wife of Bath, and many college students can relate to the Squire with his lady friends. The narrator of the tales is Geoffrey Chaucer himself: but he speaks though a variety of media: "...Chaucer's pilgrim narrators represent a wide spectrum of ranks and occupations. The great variety of tales is matched by the diversity of their tellers; tales are assigned to appropriate narrators and juxtaposed to bring out contrasts in genre, style, tone and values" (Norton 79). The opinions about Chaucer as the pilgrim and as the poet are very different. Chaucer the Pilgrim is the narrator of the tales, and he must give an accurate description of what is going on, even if he disagrees with the character's action. First Chaucer the Pilgrim talks about nature and the seasons. He tells us that he is joined by several people on a journey to Canterbury. He talks about all the people involved in the pilgrimage. First he talks about the knight and then Chaucer talks about the knight's son, then the Yeoman, the Wife of Bath, the Monk, the Merchant, and the Clerk. Chaucer and The Canterbury Tales :: Essays Papers Chaucer and The Canterbury Tales The Canterbury Tales is about an unrelated group of twenty-nine pilgrims traveling together on a pilgrimage. One of the major aspects of the journey is the unique diversity of the characters. There are knights, nuns, monks, lower-class tradesman and single women. They interact together and tell each other their tales. GRAPH According to the Norton Anthology, "Chaucer's original plan for The Canterbury Tales projected about one hundred twenty stories two for each pilgrim to tell on the way to Canterbury and two more on the way back. Chaucer actually completed only twenty-two, although two more exist in fragments" (Norton 79). One of the characteristics that makes Chaucer's work so convincing is his ability to present characters that have real life qualities. Many women can relate to the Wife of Bath, and many college students can relate to the Squire with his lady friends. The narrator of the tales is Geoffrey Chaucer himself: but he speaks though a variety of media: "...Chaucer's pilgrim narrators represent a wide spectrum of ranks and occupations. The great variety of tales is matched by the diversity of their tellers; tales are assigned to appropriate narrators and juxtaposed to bring out contrasts in genre, style, tone and values" (Norton 79). The opinions about Chaucer as the pilgrim and as the poet are very different. Chaucer the Pilgrim is the narrator of the tales, and he must give an accurate description of what is going on, even if he disagrees with the character's action. First Chaucer the Pilgrim talks about nature and the seasons. He tells us that he is joined by several people on a journey to Canterbury. He talks about all the people involved in the pilgrimage. First he talks about the knight and then Chaucer talks about the knight's son, then the Yeoman, the Wife of Bath, the Monk, the Merchant, and the Clerk.

Mis in Microfinance

MANAGEMENT INFORMATION SYSTEM FOR MICROFINANCE| ABSTRACT ICT can be a strategic tool in making Microfinance Institutions (MFIs) more efficient and effective. MFIs can reach more people in a more economic way by implementing the right Management Information System (MIS). While a few MFIs are making good use of technology, the majority are facing difficulties in getting the right solution. Reasons for this include: * Insufficient organizational and human capacity * Unavailability of suitable MIS applications for microfinance * Diversity in business processes and frequent changes in procedures * Risk of failure of the MIS Diversity of geography and language * Unavailability of vendors and their capacity to implement and support IT solutions * High cost of IT solutions for MFIs * Lack of commitment of management and key decision-makers within an MFI * Lack of awareness about the importance of IT The back-office MIS is the backbone of any Information System solution and yet it has not rec eived much attention. MFIs, whether large or small, need to have a strong back-office MIS before attempting to deploy any advanced front-end applications or delivery channels.These would be worthless without having a strong and flexible back-office MIS in place. INTRODUCTION Management information systems (MIS)  have played a key role in the traditional banking sector for years, but microfinance institutions have been much slower to utilize this technology, primarily due to budgeting shortfalls. A  2009 CGAP survey   found that many microfinance institutions lack well-functioning information systems that would enable them to grow into vigorous institutions. Technology was consistently cited as one of the greatest challenges facing MFIs.Over the last several years, however, more and more MFIs have begun implementing information systems, which has the potential to provide several benefits to the industry as a whole and to MFIs in particular; ranging from loan tracking to greater transparency and risk management. Management information systems are essentially applications which enable an institution to better organize its data for the purposes of decision-making, efficiency, and external reporting. Rather than hidden within a pile of manila folders, the data is crisp, up to date, and presented in a compelling and practical form.Benefits include easier cash-flow management and forecasting, timely information regarding portfolio risk, real time performance updates, more efficient accounting procedures, and simplified external reporting. In sum, a good MIS can increase an organization’s efficiency and decrease its operating costs. The biggest hurdle to the utilization of such technologies among MFIs has been the prohibitively high cost of purchase and implementation. The CGAP survey found that a majority of MFIs use either custom-built or off-the-shelf systems to track their portfolios.But a new innovation,  SaaS  (Software as a Service), has been c hanging that. Typically the SaaS software vendor hosts the application on its web servers, which the customer can download on his mobile device or computer terminal on an on-demand basis. This system provides MFIs 24/7 access from anywhere in the world, real time information, data security and automatic backup. With an SaaS system an organization pays monthly â€Å"rent†, or in some cases a variable fee based on usage levels, for access to the software provider’s application.Instead of â€Å"buying† the software and using it in isolation, the purchaser gains access to the provider’s online cloud, and utilize the internet to deposit, organize, and access their information. With this changed cost structure, more and more MFIs have been able to integrate MIS into their organizational structure. SaaS technology is designed to serve international microfinance networks, such as Opportunity International, as well as national MFI branches, such as  Cresa Financ ial Services in India. Accordingly, SaaS services are emerging as the MIS model of choice for microfinance institutions.Difficulties in Adopting MIS A number of MIS solutions are emerging. Currently, there are 56 MIS applications listed on the CGAP website, although more are being used by various organizations that are not publicized. Despite the advances in MIS, practical experience shows that the acquisition of a suitable MIS is not simple. Many MFIs are struggling with their MIS. Some of the reasons for these difficulties are: * Microfinance operations are unique and complex, compared to commercial, retail banking. The Microfinance sector is still evolving and lacks standardization in its procedures, methodologies, customer characteristics, type of transactions and reporting. * There is no of-the-shelf software available that can address the requirements of every MFI. * Those MIS that are available are complex and costly for adoption by MFIs. * MFIs lack human and organizational capacity to develop or select an appropriate MIS. * MFIs operate in remote and difficult areas where communication and power infrastructure do not exist and are therefore constrained from using IT equipment required to run MIS applications.Outlook of MFIs It is evident that the MFIs around the world are diverse in their structure and practices. Following are some of the factors that differentiate MFIs from each other: 1. Type of organization: * NGO * MFI (non-regulate) * Regulated MF Institution * Microfinance banks 2. Type of Products and Services: * Minimalists (those who offer only credit services) * Loans as well as savings services * Full range of products (including loans, deposits, remittance, insurance, leasing and social services) 3. Organizational Structure: * Branch setup (small, medium and large) Staff structure * Departments (cost centre and profit centre) 4. Geography: * Area specific (operations are limited to a small area) * Country specific (operations are spread ov er an entire country) * Global operations (operating in multiple countries) 5. Operational Environment: * Rural areas * Urban areas * Other 6. Processes and procedures: * Models (associations, cooperatives, credit unions, Grameen, etc. ) 7. Regulatory environment 8. Reporting: * Management reporting * Stakeholder reporting * Microfinance networks and peer group reporting Information Systems used by MFIsThe microfinance sector is also quite diverse in its use of information systems. Generally there are the following three types: 1. Manual System Some MFIs still rely on manual systems, which involve maintenance of records in forms and ledgers. Organizations having manual systems are either small micro-credit programs or NGOs. 2. Semi-automated System More than 50% of MFIs are operating in a semi-automated mode. Within this category, the spreadsheet is the common tool being used either in conjunction with a manual system or with an MIS application that does not fulfill the information requirements of the MFI.The majority of non-regulated MFIs have semi-automated systems. 3. Fully Automated System Few MFIs are fortunate enough to have a fully automated and integrated MIS, fulfilling the whole information requirements of the organization. Such systems are existent with banks or regulated MFIs. Disadvantage of manual systems: Some of the disadvantages of manual Information Systems are: * Too laborious and time consuming. * Prone to Errors. * Data manipulation and analysis is very difficult. * Maintenance of large amount of data is almost impossible. * Data and information is not secured. Loosely controlled. * Highly inflexible (addition of new products and change in business processes). Benefits of computerized MIS to Microfinance There is no doubt that â€Å"the right information† at â€Å"the right time† at â€Å"the right place†, is crucial in decision making. Therefore, information and data is considered among the most valuable assets fundam ental to the success of an organization. The primary roles of the MIS are to capture information, create new information, store information, and convey information to the user. The two major objectives of MFIs are Outreach and Sustainability.MIS can add substantial value in achieving both the objectives: * A major advantage of MIS is that it provides easy access to accurate and up-to-date information. For example, loan officers get information on loans that need follow-up, branch managers can monitor daily progress of the branch, and senior management can get a full picture of the portfolio performance and quality. Customers also get quick information on their accounts, payments and balances. * Detailed information is captured on customers and their activities that can then be used to assess client business to assess impact.It is also useful in tracking historical information of clients. * Activities, such as disbursements, repayments, deposits, withdrawals and money transfers are c ompleted faster, better controlled and with minimum opportunity for errors. * Information is produced in user-required formats, which facilitates better understanding, setting priorities, objectives and strategy. * Key performance indicators provide an overview of the organization’s performance, efficiency and effectiveness of business procedures so that timely adjustments can be made. * Use of ICT helps make MFI services more interactive, accessible and transparent. In terms of innovation, ICT provides full flexibility to structure products and services to the needs of its target group. * Efficiency and productivity of staff is increased, as they are able to manage more products, customers, and transactions in less time. Integration and Consolidation With the growth and advancement of the microfinance industry, new innovations are being witnessed. Among these innovations, technology-based delivery channels and mechanisms are creating opportunities as well as intensifying the competitive environment for MFIs.These channels are not only targeted at lowering transaction costs and extending the reach of MFIs to large populations, but are also focused around customer convenience. These technology-based mechanisms enhance efficiency of the MFIs, while posing substantial challenges in managing such technologies. One of the main challenges is that of integration and consolidation. It is essential that the back office MIS has the flexibility to integrate with such systems. The back-office MIS has received little attention within the sector.The general perception is that new technology based delivery systems would easily integrate with the core MIS, whereas in reality it is not that simple. Examples show that MFIs that have adopted such systems without assessment of their core MIS are struggling to integrate these. Because of non-integration, MFIs fall back on electronic spreadsheets or manual procedures to prepare consolidated information. Integration and conso lidation are very important for MFIs and inability to integrate new technological innovations holds them back, making them less rather than more efficient.Back-office MIS â€Å"Starting Point for MFIs† The backbone of any Information System (IS) is the core MIS as it holds the critical data, and manages the information. All other systems are add-ons. A simple core MIS comprises of two parts: I. Database – data structure; an organized set of tables designed to the needs of the business. All data of the organization resides in these tables. ii. Application Software – comprises of the user interface, business processes, procedures, reports and queries. Fig 1: Core MISAdopting an MIS is strategically important for MFIs. They need to undertake a careful and detailed assessment of current and future needs before committing to a particular solution. Much of the system’s flexibility, expandability, and robustness depend on the strength of the backend components. Strong core MIS can deliver cost-effective integration of data, channels and processes, facilitating a single consolidated view of the whole portfolio. Core MIS can provide easy data entry for the backend database, making consolidation easy to achieve.Various studies reveal that a large number of MFIs operate manual systems despite having some kind of MIS in place. One of the reasons the MIS does not cope with the changing needs of the organization is that the backend does not have the right structure. It is important for both the MFIs and microfinance software vendors to concentrate and strengthen the Core MIS. Figure 2 shows a basic structure for the Core MIS for microfinance: Fig2: Core MIS for Microfinance Other Key Deciding Factors for IT SystemsWhile the MIS needs to fulfill the business requirements of the organization, but other factors including appropriate infrastructure and hardware are also important in the success and optimal utilization of information systems. We can c ategorize the components of an information system solution into five areas: 1. Physical Architecture (Electricity/Power & communication infrastructure) Physical architecture consists of basic wires or cables to gateways and powerhouses.Together with buildings, offices, and computers, the architecture provides services of voice, data, image and video transmission while the consistent power supply keeps everything live and running. Every system needs electric power, and if systems are required to communicate, then there must be an appropriate communication infrastructure. Usually MFIs operate in remote and underdeveloped areas where this is lacking. 2. Network Three types of environment setups could be made. i. Standalone Environment; MIS is run on individual PCs and data is stored locally. ii.Local Area Network (LAN); PCs are connected together to create a LAN. The network can be either peer-to-peer or client/server. Desirable is the Client/server network where data is stored and sha red through a server in a secure way. iii. Wide Area Network (WAN); Branch offices and operation units can be connected through a WAN. It requires proper communication infrastructure and involves high cost to establishing a WAN. For online systems WAN is critical. 3. Hardware Type of hardware depends on the network environment. A client-server environment requires server and switch for connecting the workstations / PCs. . Database Generally databases can be categorized as local and client-server. Each category has its own strengths and weaknesses. These details can help MFIs in selecting the appropriate database: i. Local databases there are a number of local databases but the most widely used databases are Microsoft Access, FoxPro, Paradox, and file maker. ii. Client/Server databases iii. Most popular client/server databases also called enterprise databases include; Oracle, DB2, SQL Server, Myself, Sybase, and Informix are some of the commonly used client/server databases: 5. Appli cationA combination of business processes and procedures, user interface, reports and controls operate on top of the backend system. A large variety of software development and report generation tools are available and used to write software applications. Getting the Right Fit MFIs face great challenges in choosing the right system solution that can best fit their business needs. An MIS for microfinance must have the following characteristics: 1. Cost effectiveness: Total ownership and lifetime system operations costs, including hardware, software, network, infrastructure and human resource. . Functionality & flexibility: Fulfill maximum of the current business requirement and flexible enough to incorporate future changes. Capture and generate relevant information on an individual, group, and at a consolidated level. 3. Reliability: Incomplete and unreliable systems are dangerously risky and can hamper the business. Such systems do not produce the right results and are unable to com plete processes to the desired level. Users could be misguided by such systems. 4. Simple to use: Should be user friendly and easy to setup and operate.Activities can be performed in a systematic way and flow. 5. Scalability: System should accommodate changes to products, services and delivery channels. It should grow as the business grows. For example, if the system design is scalable, it can be run on an individual PC, Local Area Network (LAN) or Wide Area Network (WAN). 6. Integration: Combining data from multiple sources is of great importance to microfinance. Integration of branches to get single consolidated picture should be a priority. Challenges faced by MFIs * Microfinance is a rapidly changing industry. Due to the ongoing volution of the industry, MFIs face difficulty in defining business objectives, needs, priorities and limitations for acquisition of an MIS solution. There is lack of standardization within the microfinance sector, and business practices of MFIs differ f rom each other. Consequently, software developers face problems in coming-up with an MIS that can be used by most of the MFIs. Common failures are due to ill defined business process and procedures. * There is a shortage of skilled professionals who can understand technology as well as the microfinance industry, and be able to suggest the right solution.Such professionals can act as a bridge in filling the gap between use of ICT and microfinance operations * Majority of the MFIs do not have the technical capacity and required resources to understand, adopt and implement MIS solutions. * Most MIS solutions are not affordable to the majority of MFIs. * In some cases there is a lack of vision and commitment from the management towards use of technology * Integration is becoming one of the big challenges, as most of the MIS solutions for microfinance are built on weak platforms, thus not being flexible and scalable enough to integrate with emerging technologies and delivery channels.Rec ommendations: * FMFB’s experience of adopting technology suggests that MFIs should invest in relevant technologies after thorough and careful assessment of their requirements. The requirement should be addressed in perspective of current needs and future plans. * So far the core MIS of MFIs has been neglected. MFIs should get their core MIS right before opting for any kind of delivery system. * The software industry needs to do more in developing quality software for microfinance sector. * Capacity within institutions to manage technology is key to successful implementation and operation of its MIS.MFIs should employ skilled IT professionals on their staff. * MFIs must adopt MIS solutions that not only meet their needs but are also manageable by the MFI from all aspects. In some cases small and medium size MFIs go beyond their needs in adopting an MIS that ultimately becomes a drain on their resources. Such systems reduce the organizations overall efficiency and ultimately th eir sustainability. * MFIs can get maximum benefit by investing in technology, and putting in a better MIS solution that works for them. MIS is a strategic investment for MFIs. *Progressive policies that make ICT accessible and affordable to the majority of the population are important for encouraging the use of ICT within microfinance and for the development of the microfinance sector. Conclusion The use of ICT can rightfully be to the strategic advantage of MFIs. Innovations in ICT have transformed traditional approaches to microfinance, facilitating growth and reducing cost. Some of the players have already started getting the benefit by using MIS and similar IT solutions, while the majority of the MFIs have yet to realize the importance of its use to achieve outreach and sustainability.The implementation of the right MIS still remains a big challenge faced by MFIs. Efforts are also made from various corners of the world in overcoming these challenges. CGAP’s Information S ystem Support is a prudent initiative to assist MFIs in getting access to ICT, aligning their MIS and using the appropriate IT solution. One of the realizations is â€Å"first things first† i. e. having an appropriate core MIS first before other systems: keeping in mind the strategic importance of ICT to the microfinance industry, renewed efforts are required from all the stakeholders to overcome the challenges faced by the microfinance industry in taking on IT.References: – Cheryl Frankiewicz and published by CALMEADOW (2003). IT as a Strategic Tool for Microfinance in Africa – ADB Releases (2005). Pakistan Economic Update – Rao, M (2004), Microfinance & ICTs: Exploring Mutual Benefits and Synergy, Orbicom – Firpo, J. (2005), Championing Scale in Microfinance: Technology’s Role in Delivering Accessible Financial Services to the Poor

Managing Profitable Customer Relationship

Chapter 1 Marketing: Managing Profitable Customer Relationships GENERAL CONTENT: Multiple-Choice Questions 1. Central to any definition of marketing is _____. a. demand management b. transactions c. customer relationships d. making a sale e. making a profit (Answer: c; p. 5; Easy) 2. All of the following are accurate descriptions of modern marketing today, except which one? a. Marketing is creation of value for customers. b. Marketing is customer satisfaction at a profit. c. Selling and advertising are synonymous with marketing. d. Marketing involves building and managing profitable customer relationships. e. None of the above statements is true. (Answer: c; p. 5; Easy)3. Like NASCAR, successful companies recognize a crucial dimension of an outstanding marketing company to be _____. a. a strong customer focus b. a relentless pursuit of customer needs c. customer relationships built by everyone in the organization d. all of the above e. none of the above (Answer: d; p. 5; Moderate)4. _____ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation. a. Selling b. Advertising c. Barter d. Marketing e. None of the above is correct. Answer: d; p. 5; Challenging)5. Society and culture sh ape the basic form of human needs called _____. a. needs b. wants c. demands d. value e. an exchange (Answer: b; p. 6; Moderate)6. When backed by buying power, wants become _____. a. social needs b. demands c. physical needs d. self-esteem needs e. exchanges (Answer: b; p. 6; Easy)7. The fundamental reason America’s most admired firms, including Southwest Airlines and Harley-Davidson, conduct extensive research is to _____. a. maximize profits b. increase market share c. increase sales d. understand customers’ needs, wants, and demands e. undermine competitors Answer: d; p. 6; Moderate)8. _____ refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs. a. Selling myopia b. Marketing c. Selling d. Marketing myopia e. Share of customer (Answer: d; p. 7; Moderate)9. American brand icons, including Harley-Davidson, Coca-Cola, and Nike, create deep brand meanings for consumers and do not suffer from _____. a. short-term losses b. long-term losses c. competitive threats d. marketing myopia e. planning problems (Answer: d; p. 7; Moderate)10. _____ are key building blocks for developing and managing customer relationships. a.Consumer expectations and customer satisfaction b. Customer choices and product offers c. Product performance and customer value d. Customer value and customer satisfaction e. Strategic plans (Answer: d; p. 8; Challenging)11. NASCAR’s primary obsession is to deliver a special _____ to every customer. a. assortment of products b. book store c. experience d. set of recommendations e. car (Answer: c; p. 7; Moderate)12. All of the following phrases reflect the marketing concept, except which one? a. We don’t have a Marketing Department, we have a Customer Department. b. We make it happen for you. c. We stay close to customers. d. Putting profits ahead of customer needs is critical to the health of the firm. e. Customers are important. (Answer: d; p. 11; Easy)13. An example of a(n) _____ is when a customer pays Circuit City $250 and receives a television set in return. a. exchange b. transaction c. market d. segment e. scam (Answer: b; p. 9; Easy)14. _____ is the set of actual and potential buyers of a product. a. A market b. An audience c. A group d. A segment e. An exchange (Answer: a; p. 8; Moderate)15. Which of the following phrases reflects the marketing concept? a. The supplier is king. b. Marketing should be viewed as hunting and not gardening. . This is what I make, won’t you please buy it? d. This is what I want, won’t you please make it? e. None of the above. (Answer: d; p. 11; Challenging)16. The art and science of choosing target markets and building profitable relationships with them is called _____. a. marketing management b. positioning c. segmentation d. selling e. managing the marketing effort (Answer: a; p. 9; Moderate)17. _____ is(are) the set of benefits a company promises to deliver its consumers to satisfy their needs. a. A money-back guarantee b. Low prices c. Good customer service d. A value proposition e. An attribute (Answer: d; p. 9; Moderate)18. All of the following phrases reflect a firm’s value proposition, except which one? a. Altoids is positioned as â€Å"the curiously strong mint. † b. Porsche promises driving performance and excitement. c. Cheer laundry detergent promises powerful cleaning at all temperatures. d. All of the above are correct. e. None of the above is correct. (Answer: d; p. 9; Moderate)19. The _____ is a useful philosophy in situations when the product’s cost is too high and marketers look for ways to bring it down. a. selling concept b. product concept c. production concept d. marketing concept e. A and D (Answer: c; p. 10; Challenging)20. Henry Ford’s philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This reflects the _____. a. product concept b. marketing concept c. marke ting mix d. production concept e. selling concept (Answer: d; p. 10; Moderate)21. To avoid traffic gridlock in large metro areas, _____ is undertaken to encourage commuters to carpool and use mass transit. a. target marketing b. market segmentation c. demarketing d. marketing e. the production concept (Answer: c; p. 9; Challenging)22. Selecting which segments to serve is called _____. a. market segmentation b. positioning c. customization . target marketing e. managing the marketing effort (Answer: d; p. 9; Moderate)23. When Wal-Mart profitably targets buyers who value savings, it is an example of _____. a. convenience b. value pricing c. market segmentation d. target marketing e. value packing (Answer: d; p. 9; Easy)24. All of the following phrases reflect the definition of target marketing, except which one? a. Disney targets persons in all stages of the life cycle. b. Porsche profitably targets affluent professionals. c. Dollar Stores profitably target families with modest means. d. The Book of the Month Club customizes offers based on a member’s previous selections. . Charlie Cheese Pizza Factory targets children. (Answer: a; p. 9; Moderate)25. â€Å"Build a better mousetrap and the world will beat a path to your door† reflects the _____. a. production concept b. marketing concept c. selling concept d. product concept e. target marketing (Answer: d; p. 10; Challenging)26. Which operating philosophy is practiced by the American Red Cross to solicit blood donations? a. The marketing concept. b. The product concept. c. The production concept. d. The selling concept. e. None of the above. (Answer: d; p. 10; Challenging)27. Firms follow the _____ when they face overcapacity. a. product concept b. elling concept c. production concept d. marketing concept e. A and C (Answer: b; p. 10; Challenging)28. Railroads were once operated based on the thinking that users wanted trains rather than transportation, overlooking the challenge of other modes of tra nsportation. This reflects the _____. a. product concept b. production concept c. selling concept d. marketing concept e. none of the above (Answer: a; p. 10; Moderate)29. According to the authors of your text, _____ is viewed not as â€Å"hunting,† but as â€Å"gardening. † That is, a firm has to find the right products for its customers. a. selling b. production c. marketing d. retailing e. dvertising (Answer: c; p. 11; Moderate)30. The _____ starts with the factory, focusing on the company’s existing products; it calls for heavy selling and promotion to obtain profitable sales. a. marketing concept b. production concept c. product concept d. selling concept e. company advertising (Answer: d; p. 10; Moderate)31. According to the authors of your text, fast-food restaurants offer tasty and convenient food at affordable prices; they contribute to a national obesity epidemic that harms consumer health and causes environmental problems in the long run. This stateme nt reflects that they often overlook the _____ business philosophy. . marketing concept b. product concept c. production concept d. societal marketing concept e. new-idea (Answer: d; p. 11; Moderate)32. The set of marketing tools a firm uses to implement its marketing strategy is called the _____. a. promotion mix b. product mix c. marketing mix d. TQM e. marketing effort (Answer: c; p. 13; Moderate)33. _____ is defined as the customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers. a. Customer relationship management b. Customer satisfaction c. TQM d. Customer perceived value e. Marketing myopia (Answer: d; p. 4; Easy)34. Building, keeping, and growing profitable value-laden relationships with all customers of a company is called _____. a. customer lifetime value b. customer perceived value c. customer relationship management d. database marketing e. societal marketing (Answer: c; p. 14; Ea sy)35. Delivering superior customer value and customer satisfaction are the two keys to building lasting _____. a. customer satisfaction b. customer databases c. market share d. customer relationships e. profits (Answer: d; p. 14; Moderate)36. All of the statements below reflect the definition of customer-perceived value, except which one? . Alex brought home his Lexus for $45,000; he luxuriated in the handling and smell of the leather interior. b. FedEx offers reliable package delivery at a reasonable price. c. The benefits of undergraduate tuition at state schools are judged to be reasonable and fair in comparison to competing private schools. d. The benefits of diet soft drinks are judged to be reasonable and fair in comparison to other types of soft drinks. e. All of the above are correct. (Answer: e; p. 14; Moderate)37. FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these aforementioned benefits against the monetary and psychic costs o f using the service, they are acting upon _____. a. loyalty b. relationship marketing c. perceived customer value d. social relationships e. a societal marketing campaign (Answer: c; p. 14; Challenging)38. Airlines offer frequent flier marketing programs to build value and satisfaction into the customer relationship. Using this approach, airlines add _____ to the customer relationship. a. social benefits b. structural benefits c. financial benefits d. excitement e. add-ons (Answer: c; p. 15; Challenging)39.Many banks are leading the way in using customer profitability analysis to weed out losing customers and target winning ones for pampering. This is called _____. a. customer relationship management b. positioning c. database marketing d. selective relationship management e. prospecting (Answer: d; p. 16; Challenging)40. Through _____, many companies today are strengthening their connections to partners all along the channel, from raw materials to components to final products that are carried to final buyers. a. supply chain management b. direct marketing c. partnership relationship marketing d. customized marketing e. deviated marketing Answer: a; p. 19; Easy)41. Pooling resources with other firms in order to succeed beyond managing the supply chain illustrates the _____ partnership. a. management contracting b. licensing c. supply chain management d. strategic alliance e. exporting (Answer: d; p. 19; Challenging)42. Stew Leonard, owner/operator of supermarkets, reacts adversely to losing a single customer sale. He feels that this amounts to losing the entire stream of future purchases that a customer is likely to make if he/she remains in the area. This is an illustration of _____. a. share of customer b. market share c. profitability d. customer lifetime value . market share maintenance (Answer: d; p. 20; Challenging)43. Amazon. com leverages relationships with its 35 million customers by offering them music, videos, gifts, toys, consumer electronics, and office products, among other product items. Based on previous purchase history, the company recommends related CDs, books, or videos that might be of interest. This helps Amazon. com capture a greater _____. a. market share b. customer lifetime value c. share of customer d. profitability e. customer base (Answer: c; p. 21; Challenging)44. _____ is the total combined customer lifetime values of all the company’s customers. . Share of customer b. Customer lifetime value c. Customer equity d. Profitability e. Share of market (Answer: c; p. 21; Challenging)45. Current sales and market share reflect a firm’s past performance while _____ reflects the future. a. customer lifetime value b. share of customer c. profitability d. customer equity e. growth rate (Answer: d; p. 21; Moderate)46. Banks classify customers into one of four relationship groups, according to their potential profitability and projected loyalty. JPMorgan Chase Bank wishes to examine its database and identif y customers who are profitable but not loyal. According to the authors of the text, it plans to use promotional blitzes to attract the group called _____. a. barnacles b. true friends c. strangers d. butterflies e. fools (Answer: d; p. 23; Challenging)47. The ultimate aim of customer relationship management is to produce _____. a. customer equity b. market share c. sales volume d. a reliable database e. profits (Answer: a; p. 21; Moderate)48. Which of the following statements about how the Internet is impacting lives everywhere is most accurate? a. Companies are cautiously using the Internet to build closer relationships with customers and marketing partners alike. . The Internet is still in its infancy with few consumers buying products/services online. c. The Internet allows anytime, anywhere connections to information, entertainment, and communication. d. If consumer e-commerce looks promising, business-to-business e-commerce is just plain declining. e. A and B (Answer: c; p. 26; Easy)49. The rapid pace of _____ has allowed companies to greatly expand their geographical market coverage, purchasing, and manufacturing. a. technology b. change c. travel d. globalization e. none of the above (Answer: d; p. 26; Moderate)50. Perhaps the most dramatic new technology today is _____. a. Microsoft Windows XP b. AOL c. the Internet d. all of the above e. none of the above (Answer: c; p. 26; Easy)51. Ben & Jerry’s challenges all stakeholders, including employees, top management, and even ice cream scoopers in their stores, to include concern for individual and community welfare in their day-to-day decisions. Actions by companies to do well by doing good reflects _____. a. ethics b. social responsibility c. profit marketing d. marketing e. myopia (Answer: b; p. 28; Moderate)52. When a church targets different demographic groups to increase attendance, it is an example of _____. a. for-profit marketing b. ot-for-profit marketing c. mindless marketing d. ethics in marketing e. societal marketing (Answer: b; p. 28; Moderate)53. The goal of customer relationship management is to produce _____. a. revenues b. profits c. customer equity d. a database of customers e. all of the above (Answer: c; p. 21; Moderate)54. To create customer value and build strong customer relationships, marketers know they cannot go it alone. Hence, in order to succeed in the long run, they practice _____. a. partner relationship management b. database marketing c. designing attractive websites d. customer equity e. all of the above (Answer: a; p. 19; Challenging)55. The success of a firm hinges upon the performance of the entire _____. a. marketing department’s effort b. supply chain c. product mix offerings d. organizational structure e. industry (Answer: b; p. 19; Moderate)56. The authors of your text classify customers into one of four relationship groups, according to their profitability and projected loyalty. _____ characterize the group with the highest pro fit potential and strong loyalty. a. Barnacles b. Strangers c. Butterflies d. True believers e. Best friends (Answer: d; p. 23; Easy)57. _____ is the act of obtaining a desired object from someone by offering something in return. . A transaction b. Exchanging c. Bribing d. Valuing e. Donating (Answer: b; p. 8; Easy)58. In the case of excess demand, _____ may be required to reduce the number of customers or to shift demand temporarily or permanently. a. marketing b. demarketing c. value marketing d. surplusing e. all of the above (Answer: b; p. 9; Easy)59. The _____ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do. a. product b. production c. selling d. equity e. marketing (Answer: e; p. 11; Easy)60.The _____ concept holds that firms must strive to deliver value to customers in a way that maintains or improves both the consumer’s and society’s wel l being. a. marketing b. selling c. product d. societal marketing e. equity (Answer: d; p. 11; Easy)61. The _____ of a Taco Bell customer exceeds $12,000. a. market share b. CRM c. customer lifetime value d. share of stomach e. salary (Answer: c; p. 21; Moderate)62. For which of the following reasons are marketers everywhere using the Internet? a. To build closer relationships. b. To access new marketspaces. c. To attract new customers. d. To show off their technological skills. . A, B, and C (Answer: e; p. 26; Easy)63. You have learned at work that today’s successful companies at all levels have one thing in common: they are strongly customer focused and heavily committed to _____. a. obtaining the best CEOs b. increasing wealth to stockholders c. marketing d. employee motivation e. earning profits (Answer: c; p. 5; Moderate)64. The twofold goal of marketing is to attract new customers by promising superior value and to _____. a. keep and grow current customers by delivering satisfaction b. keep and grow current customers by delivering competitive pricing c. eep and grow current customers by delivering friendly service d. keep and grow current customers by delivering vast product assortment e. all of the above (Answer: a; p. 5; Moderate)65. You have learned from experience as well as from this course that the most basic concept underlying marketing is that of _____. a. selling and advertising b. customer satisfaction c. retaining customers d. human needs e. fulfilling consumer wants (Answer: d; p. 6; Easy)66. As a new assistant marketing manager trainee, you learn in an orientation meeting that _____ are the form human needs take as they are shaped by culture and individual personality. . wants b. demands c. self-concepts d. desires e. icons (Answer: a; p. 6; Easy)67. What do companies call a set of benefits that they promise to consumers to satisfy their needs? a. marketing offer b. value proposition c. demand satisfaction d. need proposition e. evoke d set (Answer: b; p. 9; Moderate)68. Most firms practice the selling concept when they face _____. a. a crisis b. a recession c. fierce competition d. overcapacity e. marketing myopia (Answer: d; p. 10; Moderate)69. Herb Kelleher of Southwest Airlines used the marketing concept in his successful organization.His perspective of having a customer department uses a(n) _____ perspective. a. outside-in b. external c. inside-out d. modern e. traditional (Answer: a; p. 11; Challenging)70. Customer-driven marketing usually works well when _____ and when customers _____. a. a clear need exists; are easy to identify b. customers know what they want; can afford it c. a firm can deliver the goods desired; are thoroughly researched d. a clear need exists; know what they want e. a want exists; cannot afford it (Answer: d; p. 11; Challenging)71. The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer _____. . short-run costs and profits b. short-ru n ethics c. long-run welfare d. health e. value propositions (Answer: c; p. 12; Moderate)72. _____ is an important concept when we realize that losing a customer means losing more than a single sale. It means losing the entire stream of purchases that the customer would make over a lifetime of patronage. a. Heuristics b. Net profit c. Customer lifetime value d. Relationship marketing e. Market share (Answer: c; p. 20; Moderate)73. Customers buy from stores and firms that offer the highest _____. a. value for the dollar b. customer perceived value c. level of customer satisfaction . company image e. A and C (Answer: b; p. 14; Challenging)74. Is the following statement true? Clearly, the more loyal the firm’s customers, the higher the firm’s customer equity. a. No. b. Yes. c. Maybe. d. Cannot tell accurately. e. Only if the value proposition is understood. (Answer: b; p. 21; Easy)75. Many not-for-profit organizations are facing huge operating deficits that they must cove r by more aggressive _____. a. volunteer service b. customer service c. advertising d. donor marketing e. social marketing campaigns (Answer: d; p. 29; Moderate) True/False76. Selling is managing profitable customer relationships. Answer: False; p. 5; Moderate)77. Product, price, place, and promotion make up the elements of a firm’s marketing mix. (Answer: True; p. 13; Easy)78. The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction. (Answer: True; p. 5; Challenging)79. Human needs are shaped by culture and individual personality. (Answer: False; p. 6; Moderate)80. When backed by buying power, wants become demands. (Answer: True; p. 6; Moderate)81. When backed by buying power, needs become demands. (Answer: False; p. 6; Moderate)82. Marketing offers are limited to physical products. (Answer: False; p. 7; Moderate)83. Marketing offers include products, services, information, or expe riences offered to a market to satisfy a need or want. (Answer: False; p. 7; Moderate)84. When sellers focus on existing needs and lose sight of underlying customer wants, they suffer from marketing myopia. (Answer: False; p. 7; Challenging)85. An exchange is the core concept of marketing, whereas a transaction is marketing’s unit of measurement. (Answer: True; p. 8; Moderate)86. Marketers of products, services, and ideas only practice marketing, whereas buyers do not. Answer: False; p. 8; Moderate)87. Who is our target market and what’s our value proposition are two important questions underlying marketing strategy. (Answer: True; p. 9; Moderate)88. Market segmentation is the process of seeking fewer customers and reduced demand for profit maximization only. (Answer: False; p. 9; Challenging)89. Demarketing is a marketing philosophy focused upon product differentiation and positioning. (Answer: False; p. 9; Moderate)90. The production concept and product concept are t wo philosophies that can both lead to marketing myopia. (Answer: True; p. 10; Challenging)91. When railroad companies thought that users wanted trains rather than transportation and overlooked the growing challenge of other modes of transportation they were following the selling concept. (Answer: False; p. 10; Moderate)92. Most firms follow the production concept when they face overcapacity. (Answer: False; p. 10; Challenging)93. The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society’s interest. (Answer: True; p. 12; Moderate)94. Customer Relationship Management (CRM) is nothing more than a customer data management activity. (Answer: False; p. 14; Moderate)95. Delivering superior customer value and customer satisfaction are the two keys to building lasting customer relationships. (Answer: True; p. 14; Moderate)96. Customer value is defined as the customer’s evaluation of the perceived difference between all the benefits and all the costs of a marketing offer relative to those of competing offers. (Answer: True; p. 14; Moderate)97. Customer-perceived value depends on the product’s perceived performance relative to a buyer’s expectations. (Answer: False; p. 14; Moderate)98. The simplest definition of modern marketing is managing profitable customer relationships. (Answer: True; p. 5; Easy)99.The difference between human needs and wants is that needs are states of felt deprivation. (Answer: True; p. 6; Easy)100. Smart marketers look beyond the attributes of the products and services they sell. They create brand experiences for consumers. (Answer: True; p. 7; Moderate)101. Marketing management is interested in serving all customers in every way to remain competitive in today’s markets. (Answer: False; p. 9; Moderate)102. At times it becomes necessary to reduce demand for some products and services. When the government tries to reduce smoking of tobacco products, it ad ds more tax to the products and is practicing demarketing. Answer: True; p. 9; Easy)103. Amy’s law office has developed a new format and wording for wills. The staff believes they offer the most in quality, performance, and innovative features. Her law office is practicing the production concept. (Answer: False; p. 10; Moderate)104. The selling concept holds that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort. (Answer: True; p. 10; Easy)105. The major difference between customer-driving marketing and customer-driven marketing is that the former considers only existing needs. Answer: False; p. 11; Easy) Essay106. Explain the five marketplace concepts. The core marketplace concepts are: needs, wants, and demands; marketing offers; value and satisfaction; exchanges, transactions, and relationships; and markets. Addressing customer needs and want is at the very heart of the marketing concept. The four el ements of the marketing mix help firms meet the challenges of value creation, customer satisfaction, and to establish meaningful and profitable relationships. (p. 6; Moderate)107. Explain how marketers create brand experiences beyond selling products/services. Strategic thinking underlies creating meaningful and purposeful experiences and relationships for customers. In creating brand experiences, marketers have successfully demonstrated that to differentiate their offer from their competitors, they have to connect with their customers at various levels. (p. 7; Moderate)108. Compare the selling and marketing concepts under which organizations carry out their marketing strategies. List the key components of each philosophy. The selling concept reflects an inside-out philosophy and the marketing concept takes an outside-in perspective. The selling concept is practiced when firms face overcapacity. When consumers do not buy enough products on their own, companies coerce them into buyin g more by undertaking a large-scale selling and promotion effort. The marketing concept, on the other hand, is a three-pronged philosophy based upon: satisfaction of customer needs and wants, integration of resources both within and outside the firm,, and profit maximization. (p. 10; Easy)109. What is the societal marketing concept? Explain. According to this concept, firms today and in the future will survive if they take underlying consumer needs and society’s well being into account over the long term. In setting their marketing strategies, marketers today need to balance company profits, consumer wants, and society’s interests. From day one, when marketing decisions are made, firms need to put people and society before profits. (p. 11; Easy)110. One of the major developments in marketing can be summed up on one buzzword: relationships. Define customer relationship management and its associated strategies for building long-term relationships. Customer Relationship M anagement (CRM) is the process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.Companies develop customer relationships with target markets at multiple levels. The most basic form of a relationship for mass-marketed products/services is through a Web site, sales promotion offer, or a 1-800 customer-response number. At the other end of the spectrum, companies like Amazon. com create full partnerships with key customers. Other marketers work closely with retailers, for example. Some marketers use tools such as financial benefits like rewards based on frequency of purchase. Other tools include social benefits, like offering key customers the opportunity to network and create communities.Another approach adds structural ties to the aforementioned financial and social benefits. Hence, to retain current customers and remain profitable, companies today are going beyond transactional marketing to customer relationship mana gement. The key is to create and sustain relationships for the long term. (p. 14; Moderate)111. The aim of customer relationship management is to create not just customer satisfaction, but customer delight. Explain. Customer satisfaction cannot be taken for granted. Because brand loyalty is dependent upon strong customer satisfaction, companies strive to retain current customers.Losing a customer once might mean losing the customer for life. Firms like Taco Bell and Home Depot, for example, look at a stream of purchases a customer is likely to make over his/her lifetime. Therefore each sale is critical to the long-term success of a relationship. Because the ultimate aim of customer lifetime value is to create share of customer, firms today create customer delight by over delivering and creating emotional relationships with key customers. (p. 15; Moderate)112. Define customer equity. Customer equity is the sum of the lifetime values of all the company’s customers. Customer equ ity is dependent upon customer loyalty by a firm’s profitable customers. Because customer equity is a reflection of a company’s future, companies must manage it carefully. (p. 21; Easy)113. Explain how the Internet has transformed the way in which we do business today. The Internet links individuals and businesses of all types to each other. â€Å"Bricks and Mortar† companies of the past are now â€Å"clicks and mortar† companies today. Manufacturing firms today are linked to their suppliers and customers to build closer relationships. The Internet allows firms access to exciting new marketspaces. The Internet has spawned an entirely new breed of â€Å"click only† companies—the so-called â€Å"dot-coms. † The post-Internet frenzy of the late 1990s has introduced companies that are both savvy and face promising futures. (p. 26; Easy)114. Describe the impact of globalization on marketing today. Marketers everywhere have been surrounded by global competition for over two decades now. Regional trade agreements, such as NAFTA, have transformed competition and economic cooperation today. Geographical and cultural distances, in addition, have shrunk with the advent of technology, the Internet and new product introduction. Domestic firms in countries such as India have had to contend and compete with U. S. multinational firms for market share, revenues, and profits. Firms worldwide are sourcing their products from different corners of the globe. (p. 26; Moderate)115. Analyze the major challenges facing marketers heading into the new â€Å"connected† millennium. Marketers must connect faster and better with customers. The latest technologies must be used to ensure delivery of time-based competition. Web sites and e-commerce must be fine-tuned to connect with more carefully selected customers.Many companies are connecting directly with customers to customize their mix of products and services. Partnership relations hip and supply chain management must be built with strategic alliances to make those domestic and global challenges. (p. 28; Moderate)APPLICATION CONTENT: Multiple-Choice Questions116. Shawn McCork has an interesting job. He is involved in getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. What is Shawn’s job? a. General manager. b. Supervisor. c. Marketing manager. d. Sales manager. e. Top manager. (Answer: c; p. ; Challenging)117. The marketing manager at Sunshine Car Washes is holding a training session for new employees. She stresses that perhaps the most important concept of modern marketing is _____. a. customer relationship management b. e-mail advertising c. a quality Web site d. properly trained sales people e. low prices (Answer: a; p. 9; Moderate)118. Greg Williams now has the buying power to purchase the computer system he has wanted for the last six months. Greg’s want now has become a _____. a. need b. necessity c. demand d. satisfier e. none of the above (Answer: c; p. 7; Easy)119. After surveying all 3,500 customers by e-mail, Best Value Stores learned that its customers favor high quality, performance, and innovative features. Best Value’s customers were surveyed about _____. a. product concept b. production concept c. customer satisfaction d. marketing concept e. promotion concept (Answer: a; p. 10; Challenging)120. Jolene’s firm believes that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort. Jolene’s firm is practicing the _____. a. production concept b. marketing concept c. selling concept d. relationship concept . social advertising campaign (Answer: c; p. 10; Easy)121. Jonathan Nash works in sales for a telemarketing firm. His firm uses the selling concept, which take a(n) _____ approach. a. outside-in b. myopic c. inside-out d. marketing concept e. customer servi ce (Answer: c; p. 11; Easy)122. Marie Ortiz enjoys her work at Futuristic Designs, Inc. Her organization understands customer needs even better than customers themselves do and creates products and services that will meet existing and latent needs, now and in the future. Marie’s firm practices _____ marketing. a. customer-driven b. customer-driving c. elationship d. donor e. none of the above (Answer: b; p. 11; Challenging)123. You find yourself in a new job. Your marketing manager is heavily involved in the process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. Your manager is concerned with which one of the following? a. Database management. b. Web site hits. c. Relationship management. d. Donor marketing. e. Customer relationship management. (Answer: e; p. 14; Moderate)124. Tommy Gray attempts to deliver customer satisfaction every day in his Audio Expressions installation business. He is a smart operat or who knows that the key to this goal is to match _____ with _____. a. customer expectations; competitive prices b. company performance; competition c. customer expectations; company performance d. company performance; unique products e. relationship building; promotional tools (Answer: c; p. 14; Moderate)125. You have just read a report that alarms you. According to the American Customer Satisfaction Index, which of the following conditions exists relative to overall customer satisfaction with U. S. manufacturing and service industries? a. It has increased slightly. b. It has increased very much. c. It has remained steady. d. It has decreased slightly. e. It has decreased dramatically. (Answer: d; p. 20; Easy)126. Shania works hard with her Internet customers to create an emotional relationship for her customers with the products and services that she and her staff sell. She and her staff have created _____ by going beyond the expected. a. customer delight b. customer satisfaction c. customer equity d. customer value e. customer loyalty (Answer: a; p. 14; Challenging)127. Karrie Romanov wants to capture the full essence of customer relationship management. Which of the following will Karrie take into consideration? a. Own the customers for life. b. Capture their lifetime value. c. Building overall customer equity. d. All of the above. e. None of the above. (Answer: d; p. 14; Moderate)128. Some firms find themselves in markets with many low-margin customers. As assistant marketing director, what type of relationship would you develop with these customers? a. Full partnerships. b. Basic relationships. c. Relationship marketing. d. Key customer marketing. e. Lifetime value. (Answer: b; p. 15; Moderate)129. You have just read a report in a leading business magazine. It stated that the major marketing developments as we enter the new millennium can be summed up in what single theme? a. Relationship marketing. b. Connecting. c. Partnering. d. Networking. e. Custom er equity. (Answer: b; p. 23; Challenging)130. You have just been told by your supervisor at work that a new economy has emerged. What is the technology behind this new force? a. The Internet. b. Web sites. c. Voice mail. d. Cell phones. e. Simultaneous engineering. (Answer: a; p. 26; Easy)131. Pete Sanchez has just realized something that he needs to tell his marketing manager at work. Pete knows that today few firms still practice rue _____. a. production orientation b. sales orientation c. mass marketing d. quality orientation e. marketing segmenting (Answer: c; p. 16; Moderate)132. Suzie Chan strengthens her company’s connections with partners all along the supply chain. What type of management is she using? a. Outside partnering. b. Supplier connecting. c. Mentoring. d. Supply chain. e. Channeling. (Answer: d; p. 19; Easy)133. ABC Corporation realizes that they need partners to go beyond supply chain management. What do we call this association? a. Strategic alliances. b . strategic planning. c. Partnering. d. Mutual reciprocity. e. Reengineering. Answer: a; p. 19; Moderate)134. Sally purchased Brand X lotion. In analyzing the product’s perceived performance against her expectations, Sally was measuring her level of _____. a. customer perceived value b. customer satisfaction c. exchange d. demand e. customer lifetime value (Answer: b; p. 14; Moderate)135. Members of the sales team at Dekko International visit only prospective customers who purchase a minimum of $50,000 of insulated wire per year. Dekko is using _____. a. selective relationship management b. a frequency marketing program c. a club marketing program d. demarketing e. a value proposition (Answer: a; p. 6; Easy) Short Answer136. What is the twofold goal of marketing? The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction. (p. 5; Easy)137. Culture and individual personality shape human needs into wants. What transforms wants into demands? Wants become demands when backed by purchasing power. (p. 6; Moderate)138. How might a seller avoid marketing myopia? Sellers should consider the particular benefits and experiences produced by their products, not just pay attention to the specific products they offer. (p. 7; Moderate)139. How might a manufacturer of tents and camping equipment, for example, create brand experiences for consumers? Such manufacturers might produce tents, sleeping bags, cooking equipment, and so forth that allow consumers to benefit from the numerous products available to campers. (p. 7; Easy)140. The main elements of a modern marketing system relies on profitable relationships all along the way. Considering this, what might Wal-Mart rely on in order to offer low prices? Wal-Mart must rely on suppliers that will provide merchandise at low costs. (p. 8; Moderate)141. How might a marketer define its value proposition? In considering its value propos ition, a marketer will look at how the firm can best serve the customers and how it can differentiate itself in the marketplace. (p. 9; Easy)142. When demand for Beanie Babies was at its highest, manufacturers purposefully maintained strong demand by limiting supply that drove price up. Explain how such manufacturers were not carrying out the production concept. The production concept holds that consumers favor products that are available and affordable. With this concept, manufacturers work to increase production and improve manufacturing efficiency. (p. 10; Challenging)143. Company X carries a vast surplus of office supplies; thus, the company follows the selling concept. Explain how customer relationships may be lost in the process. The company’s aim is to sell the supplies rather than make what the market wants; such a strategy creates sales transactions but not long-term relationships. (p. 10; Challenging)144. Many companies, such as Southwest Airlines, take an outside-i n perspective. How do such companies address their customers’ desires? Outside-in companies are customer driven; they find the right products for their customers rather than the right customers for their products. (p. 11; Moderate)145. A nineteenth-century street vendor in London sang, â€Å"Who will buy my fresh, red roses? † Did the vendor take an outside-in or inside-out perspective? Explain. The vendor’s approach was inside-out. The roses were picked and available. The vendor’s job was then to attract willing buyers. (p. 11; Challenging)146. When a vendor has product available and needs to find customers who are willing to buy, is a production concept, product concept, or selling concept being practiced? Explain. A selling concept is used when the vendor has available product and needs to find customers who are willing to buy. (p. 10; Moderate)147. Explain why electronics and pharmaceuticals manufacturers may use customer-driving marketing. In such in dustries, consumers do not know exactly what new products are available; therefore, consumers rely on such firms to tell them what they need. (p. 11; Moderate)148. Company ABC implements its marketing strategy through a well-defined marketing mix. What elements are being addressed in the marketing mix? Company ABC has created a marketing offer (product), determined a selling price, decided how to distribute (place) the offer, and communicated with the target customer about the offer (promotion). (p. 13; Easy)149. Explain how storing customer information in a database might better prepare Saturn in customer relationship management (CRM). Managing detailed information about customers may allow Saturn to design new models around customer demographics and desires for specific features. These â€Å"touchpoints† can be the key to long-term customer loyalty. (p. 14; Moderate)150. What determines whether sellers create basic relationships or full partnerships with customers? A compan y with many low-margin customers develops basic relationships; a company with just a few high-margin customers relies on full partnerships. (p. 15; Challenging)151. Explain how a supermarket owner might consider customer lifetime value when a disgruntled customer leaves the store dissatisfied. The owner may view the situation as a $50,000 loss if, for example, each customer spends about $100 per week, shops 50 weeks per year, and remains in the area for about 10 years. Customer lifetime value includes the long-term value of the customer. (p. 20; Easy)152. How can a marketer increase â€Å"share of customer†? The marketer can offer greater variety to customers; in addition, the marketer can train employees to cross-sell and up-sell in order to market more products and services to existing customers. p. 21; Easy)153. In classifying customers into relationship groups, explain what marketers can expect from â€Å"butterflies. † â€Å"Butterflies† are profitable but not loyal. Marketers should enjoy â€Å"butterflies† â€Å"for the moment† because they soon flutter off. Marketers should create profitable and satisfying transactions with â€Å"butterflies,† then cease investing in them until the next time around. (p. 23; Moderate)154. If a firm practices â€Å"caring capitalism† in its social responsibility efforts, as does Ben & Jerry’s and Saturn, where does the firm place its focus? Such firms distinguish themselves by being more civic-minded and caring; they may build social responsibility into their company value and mission statements. (p. 28; Challenging)155. How is marketing being applied in the not-for-profit sector? Firms in the not-for-profit sector use marketing to enhance their images, to encourage donor marketing to attract memberships and donors, and to design social marketing campaigns to encourage specific causes. (p. 28; Moderate) Scenario Carol Veldt, owner of Seagull Terrace, watched her inv estment grow from a small, seaside motel to a thriving year-round resort in just a few years.Atop a bluff overlooking the Maine coast, Seagull Terrace had attracted thousands of visits during the summer months, but then faced a tremendous downturn in business during the winter months. â€Å"But, given the industry in the nearby towns, very little year-round competition, and our close proximity to Portland,† Carol added, â€Å"I couldn’t understand why seasonality had to hit Seagull Terrace so hard! † So Carol spent her first winter devising a new marketing plan. She put together a promotional package designed to attract business travelers year-round.Carol’s plan, then, involved a seasonal promotional gimmick—to be implemented from late winter to late spring—that would attract the large summer crowd. Her idea worked! During her second winter, Carol greeted numerous business travelers—both satisfied repeat guests as well as new guests w ho had been snagged by her promotional appeals. â€Å"We still have a long way to go,† Carol Veldt admitted. â€Å"Our delicatessen offers delicious entrees, but we’d like to expand that. We provide health club privileges off-site, but we’d like to eventually provide our own. These are goals I hope to achieve in a few years.Our first project, however, included a renovation of our guest rooms and I’m quite proud of the results. † Carol then added, â€Å"Actually there are so many possibilities! With an indoor pool area, I will eventually offer weekend get-aways throughout winter. †156. Based on the marketing process, what are Carol Veldt’s strengths? Carol was able to understand her customers’ needs and wants. She was able to deliver superior value through her marketing program, which created customer delight. (p. 6; Easy)157. What is included in the marketing offering at Seagull Terrace? Seagull Terrace provides activities and amenities that make a night’s stay more satisfying; these various activities and amenities are sought by two targeted groups— seasonal visitors and year-round business travelers. (p. 7; Moderate)158. How is Carol Veldt attempting to create brand experiences for her visitors? Carol is attempting to include numerous services and amenities for her visitors. Eventually, everything the visitors want or need will be offered at Seagull Terrace. (p. 7; Moderate)159. How has Carol Veldt taken on the role of marketing manager? Carol is attempting to find, attract, keep, and grow target customers by creating, delivering, and communicating superior customer value. (p. 8; Moderate)160. Define the target market at Seagull Terrace. Two types of guest are being lured: seasonal visitors during the summer and year-round business travelers. (p. 9; Easy)161. In what ways might Carol Veldt be implementing the product concept? Carol understands that guests will favor services that offer the most in quality and innovative features; Carol’s strategy currently focuses on making continuous improvements. (p. 10; Challenging)162. In what ways might Carol Veldt be implementing the selling concept? Carol understands that the success of Seagull Terrace, as she views it, requires a large-scale promotional effort. (p. 10; Challenging)163. How might the marketing mix at Seagull Terrace differ between its two target markets? Business travelers may be offered a discount business rate; obviously, the promotional tactic will differ for these guests. Summer guests may pay higher rates, but the beauty of Maine’s coast and the beach, as well as Seagull Terrace’s variety of services, will be the main attractions. (p. 3; Easy)164. How will Carol Veldt guarantee customer satisfaction? Carol will attempt to create services and amenities that exceed buyer expectations. (p. 14; Easy)165. Explain how Carol Veldt is engaging in partner relationship management. Explain how t his could be enhanced. Guests at Seagull Terrace currently receive health club privileges at a nearby health facility. Guests during the summer could receive sailboat rentals through such arrangements; year-round business travelers could be given meal discounts at local restaurants, dry cleaning services, and so forth. (p. 19; Challenging)