You are an entrepreneur launching a new business. Explain what Research Paper

You are an entrepreneur launching a new business. Explain what marketing is and why is it important to your new business. Include the benefits of a marekting plan - Research Paper Example The initial step that marketing takes is to get prospective buyers and after this base management which is aimed at retaining the customers takes over. Base management requires the business to build and nurture relationships with the customer by improving service delivery and the quality of the products the customer needs (Tybout & Calder, 2010). Enhancing customer-business relationships enables the marketer to participate competitively in the market and this creates customer loyalty because the customer trusts that the business will be able to meet all their product needs in the best way. Customer satisfaction is paramount for any business to be successful and marketing will enable the business to know the needs of consumers since it will also involve marketing research to know the needs of the society. Marketing will enable the new business to make use of the four P’s of marketing, which will reflect the desires of the customers and the target market (Tybout & Calder, 2010). The product aspect of marketing will enable the business to determine the product desired by the market and ensuring that this product is available to the customers. Pricing will ensure that the price if the product is set at a charge that is favorable and competitive enough, thus not run the new business out of the market. The promotion aspect of marketing will ascertain that there are advertisements, publicity and sales promotion, which are aimed at promoting the brand or the new business. The last aspect of marketing is placement, which will entail making strategies of how the product will reach the target market and the channel that will be used. The four P’s are useful as they will ensure timely and effective delivery of the product to the target market and this creates customer satisfaction, which will increase sales as customers will be able to acquire goods

Types of Risk Assignment Example | Topics and Well Written Essays - 750 words

Types of Risk - Assignment Example Even though, these value risk models are utilized to quantify risks in the market but there are few limitations that are addressed using stress tests that study the movements of the market on hypothetical grounds (Yufeng, 2011). Supply chains have the aim to increase productivity, ensure cost effective practices and fulfill demands of the markets. However, there are many risks that may disrupt their working thus, in order to manage the risks involved the first step into place them into supply chain risk management (SCRM) (Tummala & Schoenherr, 2011). This would enable them to identify the operations, resources and the sources through which information inflows and outflows, through co-citation analysis. The changing interest are identified in SCRM and then tools such as Failure Modes and Effect Analysis (FMEA), and Fault Tree Analysis (FTA) can be used appropriately in SCRM. Moreover, pricing policies and analysis tools can examine the risks involved in supply chain that help manage supply chain risks in an effective way(Nurmaya, 2012). Credit risk is the kind of risk associated with market and customers. This risk arises when a business feels that borrowers might not pay their debt on time or due date. Thus, in this regard, credit can be managed by setting credits limit. The limits of credits are based on credit ratings. Likewise, funding or liquidity risk occurs when there is the risk that a person is not able to meet his obligations to provide loan commitments. The techniques associated with mitigating funding technique are holding liquid assets, securitizations, creating contingency plans, portfolio management techniques, having extensive databases on defaults and having credit insurance products. Due to increasing number of credit related losses, companies require new analytical solutions to make improvements in their databases

The Meaning and Importance of Capital Expenditure

The Meaning and Importance of Capital Expenditure Expenditure means a payment made by a business to obtain some benefits, i.e., assets, goods and services (AINAPURE, varsha and ainapure, mukund, 2009). 1.2 Meaning of Capital Expenditure or Asset Capital expenditure is that expenditure which is for future benefits. It means expenditure for gaining an asset. Asset is a resource controlled by an organization as a result of past event and for which future benefits are expected (AINAPURE, varsha and ainapure, mukund, 2009). 2. Revenue expenditure 2.1 Meaning of revenue expenditure Revenue expenditure are expenditures for ordinate repairs, maintain ace, fuel , insurance or other item needed to maintain used building, and plant and equipment. They go to the expense account and reduce the income of period in which they are incurred, because benefits from these expenditures dont last beyond that period (NARAYANASWAMY, R, 2008). 3. Differentiate between Capital and revenue Expenditure Investment Appraisal What is an investment? Specifically, an investment is the current commitment of dollars for a period of time in order to derive future payments that will compensate the investor for (1) the time the funds are committed, (2) the expected rate of inflation, and (3) the uncertainty of the future payments(BROWN, Keith and Reilley, Frank, 2005). Method of investment Appraisal A companys shareholders prefer to be rich rather than poor. Therefore, they want the firm to invest in every project that is worth more than it costs. The difference between a projects value and its cost is termed the net present value. Companies can best help their shareholders by investing in projects with a positive net present value (BREALEY et al., 2001). We start this material by showing how to calculate the net present value of a simple investment project. We also examine other criteria that companies sometimes consider when evaluating investments, such as the NPV projects payback period IRR Net Present Value (NPV) Suppose that you are in the real estate business. You are considering construction of an office block. The land would cost $50,000 and construction would cost a further $300,000. You foresee a shortage of office space and predict that a year from now you will be able to sell the building for $400,000. Thus you would be investing $350,000 now in the expectation of realizing $400,000 at the end of the year. You should go ahead if the present value of the $400,000 payoff is greater than the investment of $350,000. Assume for the moment that the $400,000 payoff is a sure thing. How much would you have to invest in it in order to receive $400,000 at the end of the year (BREALEY et al., 2001). Thats easy: you would have to invest $400,000 ÃÆ'- 1/1.07 = $400,000 ÃÆ'- .935 = $373,832 Therefore, at an interest rate of 7 percept, the present value of the $400,000 payoff from the office building is $373,832. NPV = PV required investment = $373,832 $350,000 = $23,832 In other words, your office development is worth more than it costs-it makes a net contribution to value. Internal Rate of Return Instead of calculating a projects net present value, companies often prefer to ask whether the projects return is higher or lower than the opportunity cost of capital. For example, think back to the original proposal to build the office block. You planned to invest $350,000 to get back a cash flow of C1 = $400,000 in 1 year. Therefore, you forecasted a profit on the venture of $400,000 $350,000 = $50,000 (BREALEY et al., 2001). Rate of return = profit/ investment = C1 investment/ investment = $400,000 $350,000/ $350,000 = .1429, or about 14.3% The alternative of investing in a U.S. Treasury bill would provide a return of only 7 percept. Thus the return on your office building is higher than the opportunity cost of capital. This suggests two rules for deciding whether to go ahead with an investment project: 1. The NPV rule. Invest in any project that has a positive NPV when its cash flows are discounted at the opportunity cost of capital. 2. The rate of return rule. Invest in any project offering a rate of return that is higher than the opportunity cost of capital (BREALEY et al., 2001). PAYBACK PERIOD These days almost all large companies use discounted cash flow in some form, but sometimes they use it in combination with other theoretically inappropriate measures of performance (BREALEY et al., 2001). Inflation and capital investment decisions Inflation can have a serious effect on capital investment decisions, both by reducing the real value of future cash flows and by increasing their uncertainty. Future cash flows must be adjusted to take account of any expected inflation in the prices of goods services in order to express them in normal (or money) terms, i.e. in term of actual cash amounts to be received or paid in the future. As an alternative to the nominal approach to dealing with inflation in investment appraisal, it is possible to deflate nominal cash flows by the general rate of inflation in order to obtain cash flows expressed in real terms, i.e. with inflation stripped out (WATSON, Denzil and Head, Antony, 2010). (1+real cost of capital) = (1+ normal cost of capital) / (1+ inflation rate) For example if the nominal cost of capital is 15% and the rate of inflation is 9 %, the real cost of capital will be 5.5 %. Investment appraisal and risk involved In the context of investment appraisals, risk refers to the business risk of an investment, which since it derives from a companys capital structure is reflected in its weighted average cost of capital. Risk is tusk distinct from uncertainty, which increases proportionality with project life. A risk-averse company is concerned about the possibility of expected, i.e. with downside risk, and will therefore want to asses the risk of an investment project. There are several methods of assessing project risk and of incorporating risk into the decision making (WATSON, Denzil and Head, Antony, 2010). Sensitivity Analysis Sensitivity analysis is a way of assessing the risk of an investment project by evaluating how responsive the NPV of the project is to change in the variables from which it has been calculated (WATSON, Denzil and Head, Antony, 2010). Types of risk Credit Risk Market risk Equity Risk Liquidity risk Financial Analysis Financial performance analysis using financial ratio Categories of Financial Ratios Analysts find it useful to classify ratios into broad groupings, based on the characteristics that particular ratios are intended to measure. In this section, we discuss ratios under four major headings that are widely employed by analysts: liquidity, profitability, capital structure, and investor ratio (STICE et al., 2002). Liquidity Ratios Liquidity ratios indicate the short-term solvency of the firm. They also indicate how effectively the firm is managing its working capital (STICE et al., 2002). Profitability Ratios Profitability ratios are the second major focus of analysis for any investor. Without profits, there will be no return to the investor or no one will want to invest (STICE et al., 2002). Gross Profit The gross profit percentage is the first source of profitability for a manufacturing or merchandising firm. The data for the gross profit margin are found in the first sections of the income statement. These data indicate the level of profits earned from buying and reselling goods (STICE et al., 2002). Operating income ratio The operating income ratio is the second indicator of profitability because it includes All the other normal and recurring operating costs. Increasing or stable levels Of operating income indicate sustainability of the firms profits (STICE et al., 2002). Financial Statement Analysis, Wendys International, Inc. In this section, we apply our financial statement analysis framework to Wendys International, Inc. Liquidity Analysis Profitability Analysis Summary, Wendys International, Inc. Our analysis of Wendys financial statements is cautiously positive. The primary weak indicator is in the area of profitability (based on accrual-based earnings), and this result may be due to transitory effects that may not persist in the future. There were significant positive trends in liquidity, and stability in investor ratios. Further examination of supplementary information, as well as subsequent quarterly results for 1998 and 1999, could be used to support or challenge these conclusions (STICE et al., 2002). Non-Financial Analysis Using Balance score card Balance Score Card The Balanced Scorecard (BSC) is a technique developed by Kaplan and Norton (1992) that helps organisational decision makers to navigate the organisation towards success. The technique enables organisations to translate their mission and strategy into a comprehensive set of performance measures that provide the framework for a strategic measurement and management system. Organisations have used the Balanced Scorecard to; (1) clarify and translate vision and strategy, (2) communicate and link strategic objectives and measures, (3) plan, set targets and align strategic initiatives and (4) enhance strategic feedback and learning, and succeed in realizing both tangible and intangible benefits of their investments (Kaplan and Norton, 1992, 1996, 2000). The Balanced Scorecard measures organisational performance, with emphasis on financial objectives. But, it also includes the performance drivers of these financial objectives, and measures organisational performance across four balanced perspectives; (1) financial, (2) customer, (3) internal business processes and (4) learning and growth (DARSHANA SEDERA, Guy Gable and Michael Rosemann). Framework of Balance Score Card.

The system I am designing for MR Cork can be done by using many :: Computer Science

The system I am designing for MR Cork can be done by using many different solutions. The different solutions and both their good and bad points are mentioned below. Possible Solutions Solution for current system After reviewing the way in which the current system operates in the analysis section, I believe that by organising the current diary system and making it more organised would be a major benefit to Mr Cork. A folder of customer details can be implemented into the system and would store such information customer details, including phone numbers, addresses and any other relevant information required by Mr Cork. Information on bookings made by customers can also be stored in these files and the cost of the jobs as well in order for bills and receipts to be produced more efficiently and accurately. Advantages - · The system and the process of customer detail storage is more organised leading to it being more efficient. - · End user will not need to learn any special computer skills or go through any computer training in order to benefit form this solution. - · This solution would add minimal additional costs to the end user as no specific machinery is needed for it to be implemented. Disadvantages  · As documents are being stored in manual files and in the form of paper work and not stored on a computer database or spreadsheet then the end user may have an overload of paper documents especially if Mr. Cork holds many customer's details.  · This approach does not really modernise MR Corks approach to doing things more efficiently.  · Talking in terms of speed and organisation is still not as efficient as a computerised system.  · Computer system would give the company a better image. Solution using Microsoft Access Microsoft access is a form of relational database management system. A database can be defined as a collection of data which can be shared amongst different applications. As a result of this electronic data store relationships between data entities can be formed. When two different entities can be related to one another a link can be made. As a result of this data redundancy is minimalised, which involves repeating data. By using Microsoft access the user is able to produce reports forms and tables as well. Advantages . Developing or modifying the data stored in Microsoft Access can be done much easier than if database was conducted manually. - Reports can be also be added, modified, or new ones created based on already existing data. - The way in which data is added to the database is reasonably easy

Reflective Writing on Marketing Essay

During your time at university you will spend a lot of your time thinking – thinking about what people have said, your reading, your own thinking and how your thinking has changed. The thinking process involves two aspects: reflective thinking and critical thinking. Rather than being two separate processes they are closely connected. (Brookfield 1987) Reflective thinking Reflection is a form of personal response to experiences, situations, events or new information. It is a ‘processing’ phase where thinking and learning take place. There is neither a right nor wrong way of reflective thinking; there are just questions to explore. The reflective thinking process starts with you. Before you can begin to assess the words and ideas of others, you need to pause and identify and examine your own thoughts. This involves revisiting your prior experience and knowledge of the topic you are exploring. It also involves considering how and why you think the way you do. The examination of your beliefs, values, attitudes and assumptions forms the foundation of your understanding. Reflective thinking demands that you recognise that you bring valuable knowledge to every experience. It helps you therefore to recognise and clarify the important connections between what you already know and what you are learning. It is a way of helping you to become an acti ve, aware and critical learner. What is Reflective writing? Reflective writing is: * Your response to experiences, opinions, events or new information * Your response to thoughts and feelings * A way of thinking to explore your learning * An opportunity to gain self-knowledge * A way to achieve clarity and better understanding of what you are learning * A chance to develop and reinforce writing skills * A way of making meaning out of what you study Reflective writing is not: * Just conveying information, instruction or argument * Pure description, though there may be descriptive elements * Straightforward decision or judgement (e.g. about whether something is right or wrong, good or bad) * Simple problem-solving * A summary of unit notes * A standard university essay Why you are asked to do this type of assignment * To make connections The idea behind reflective writing is that what you learn at university builds on your prior knowledge, whether it is formal (education) or informal (gained through experience). Reflective writing helps you develop and clarify the connections between what you already know and what you are learning, between theory and practice and between what you are doing and how and why you do it. * To examine your learning processes Reflective writing encourages you to consider and comment on your learning experiences – not only WHAT you’ve learned, but HOW you did so. * To clarify what you are learning Reflecting helps you to clarify what you have studied, integrate new knowledge with previous knowledge, and identify the questions you have and what you have yet to learn. * To reflect on mistakes and successes Reflecting on mistakes can help you avoid repeating them. At the same time, reflecting on your discoveries helps identify successful principles to use again. * To become an active and aware learner * To become a reflective practitioner once you graduate and begin your professional life How to write reflectively What to discuss * Your perceptions of the course and the content. * Experiences, ideas and observations you have had, and how they relate to the course or topic. * What you found confusing, inspiring, difficult, interesting and why. * Questions you have and conclusions you have drawn. * How you solved a problem, reached a conclusion, found an answer or reached a point of understanding. * Possibilities, speculations, hypotheses or solutions. * Alternative interpretations or different perspectives on what you have read or done in your course. * How new ideas challenge what you already know. * What you need to explore next in terms of thoughts and actions. * Comparisons and connections between what you are learning and: * Your prior knowledge and experience; * Your prior assumptions and preconceptions; * What you know from other courses, units or disciplines. Writing style As it concerns your thoughts, reflective writing is mostly subjective. Therefore, in addition to being reflective and logical, you can be personal, hypothetical, critical and creative. You can comment based on your experience, rather than limiting yourself to academic evidence. * Reflective writing is an activity that includes description (what, when, who) and analysis (how, why, what if). It is an explorative tool often resulting in more questions than answers. * Use full sentences and complete paragraphs. * You can usually use personal pronouns like ‘I’, ‘my’ or ‘we’. * Keep colloquial language to a minimum (e.g. stuff, guys) * A reflective task may allow you to use different modes of writing and language: * Descriptive (outlining how something is or how something was done) * Explanatory (explaining why or how it is like that) * Expressive (I think, I feel, I believe) Tips for your reflective writing process 1. Think of interaction, event or episode you experienced that can be connected to the topic. 2. Describe what happened. 3. What was your role? 4. What feelings and perceptions surround the experience? 5. How would you explain the situation to someone else? 6. What might this experience mean in the context of your course? 7. What other perspectives, theories or concepts could be applied to the situation? References Brookfield, S 1987, Developing critical thinkers: challenging adults to explore alternative ways of thinking and acting, Open University Press, Milton Keynes. Acknowledgement: The preceding material was adapted from The Learning Centre, The University of NSW. Used by permission. Additional notes: Steps for writing a reflective paper: 1.Start your self-reflection paper with an introductory paragraph. This introduction should help set the stage for the reader and should contain the main point of the paper. This would be a good paragraph in which to include information about how the subject and the material impacted your life, whether it reinforced your current views or caused you to change your way of thinking. 2.Write a paragraph or two about the impact the lecturer, classroom/tutorial discussions or the textbook material had on you during the course. Describe emotions you felt you felt or changes you experienced in your personal life due to the topic or the subject. If your opinions on different subjects changed due to these factors be sure to provide your previous opinion and explain why you changed your stance. If your opinions did not change, explain why. 3.Describe a moment during the class that was the most eye-opening for you. One example would be if during a lecture/tutorial the lecturer/tutor used a specific story or analogy to help explain the material that made the lesson really clear for you. Reflect on how you felt when you finally understood the lesson and how that lesson might have impacted the way you think. 4.Write a paragraph explaining how the information from the subject has impacted the way you will think, act and feel in the future long after the semester is over. You may want to include how this subject has changed how you approach other subjects in your degree or life in general. 5.Give feedback in your paper and share your opinions and ideas about how the subject can be improved. Share what you liked about the subject and what material helped you learn the most. Finish the paper by writing a conclusion that summarizes the main points of the paper. This is just one way of structuring reflective writing. Whichever approach to reflection you use try to bear in mind the following key points: * Reflection is an exploration and an explanation of events – not just a description of them. * Genuinely reflective writing often involves ‘revealing’ anxieties, errors and weaknesses, as well as strengths and successes. This is fine (in fact it’s often essential), as long as you show some understanding of possible causes, and explain how you plan to improve. * It is normally necessary to select just the most significant parts of the event or idea on which you are reflecting. If you try to tell ‘the whole story’ you will likely use up your words on description rather than interpretation. * It is often useful to ‘reflect forward’ to the future as well as ‘reflecting back’ on the past. Vocabulary aid (adapted from University of Portsmouth, Dept for Curriculum and Quality Enhancem ent) The following are just a few suggestions for words and phrases that might be useful in reflective writing. Obviously, using these words and phrases will not in itself make you a good reflective writer. 1.Description There is no suggestion of specific vocabulary for any descriptive elements of your reflective writing because the range of possible events, ideas or objects on which you may be reflecting on is so great. However, if you are describing an idea, for example a theory or model, it is usually best to use the present tense e.g. ‘Buyer behaviour theory recognises†¦Ã¢â‚¬â„¢ (not ‘recognised’). Events, of course, are nearly always described in the past tense. 2.Interpretation | | {aspect(s){elements(s){experience(s){issue(s)Idea(s)| Was (were)| For me, the [most]| {meaningful{significant{important{relevant{useful| | | | | learning| {arose from†¦{happened when†¦{resulted from†¦| Previously,}At the time,}At first}Initially,}Subsequently,}Later,}| I| {thought (did not think)†¦{felt (did not feel)†¦{knew (did not know)†¦{noticed (did not notice)†¦{questioned (did not question)†¦{realised (did not realise)†¦| | [Alternatively,][Equally,]| This| {might be{is perhaps{could be{is probably| {because of†¦{due to†¦{explained by†¦{related to†¦| | This| {is similar to†¦{is unlike†¦| because| | [Un]like†¦| this| {reveals†¦{demonstrates†¦| 3.Outcome Having| {read†¦{experienced†¦{applied†¦{discussed†¦{analysed†¦{learned†¦| I now| {feel†¦{think†¦{realise†¦{wonder†¦{question†¦{know†¦| | [Additionally,]}[Furthermore,]}[Most importantly,]}| I have learned that†¦| | I have significantly} slightly}However, I have not [sufficiently]}| {developed{improved| {my skills in†¦{my understanding of†¦{my knowledge of†¦{my ability to†¦| | | This means that†¦This makes me feel†¦| | | This knowledge {isThis understanding {could beThis skill {will be| {essential{important{useful| {to me as a learner [because†¦]{to me as a practitioner [because†¦]| | Because I| {did not†¦{have not yet†¦{am not yet certain about†¦{am not yet confident about†¦{do not yet know†¦{do not yet understand†¦| I will now need to†¦| | | As a next step, I need to†¦| | | More on Reflection What is reflection? A simple definition of reflection can be ‘consciously thinking about and analysing what you are doing and what you have done; thinking about what and how you have learnt. There is a lot of theory behind reflection that can be very complex. Most of the theory relates to seeing reflection as part of the cycle of learning (Figure 1). Initially students focus on knowledge, comprehension and application of subject matter. These three levels of learning are the easiest especially if the application is in a limited context e.g. worded problems from a text book. For higher levels of learning (application of knowledge in real world problems) you must be able to analyse, synthesise and evaluate as shown in Table 1. Reflection is a key part of moving into these higher levels of learning. Figure 1. Leaning cycle and examples of each phase Table 1 Six levels of learning Increasing Difficulty| Process| Explanation| | Knowledge| Recognition and recall of information and facts – describing events| | Comprehension| Interprets, translates or summarises given information – demonstrating understanding of events| | Application| Uses information in a situation different from original learning context -| | Analysis| Separates wholes into parts until relationships are clear – breaks down experiences| | Synthesis| Combines elements to form new entity from the original one – draws on experience and other evidence to suggest new insights| | Evaluation| Involves acts of decision making, or judging based on criteria or rationale – makes judgements about| Why reflect – what are the benefits to the student? Learning is both an active and a reflective process. If you look at the learning cycle in Figure 1 you can see that reflection or thinking about what you have done and how and why you did it, form an integral part of learning. Because learning is often subconscious, we don’t realise that we have gained new knowledge or understanding until we stop to contemplate a particular activity. Reflection then, is a way for critical analysis, problem solving, synthesis of opposing ideas, evaluation, identifying patterns and creating meaning. Reflection will help you reach the higher levels of learning. Most students are focused on the lower levels of learning. â€Å"What do I have to know and demonstrate to pass the exam?† This is a very short-sighted approach to your time at university. You will not be able to remember all the facts and knowledge you have learnt in subjects unless you can fully understand, analyse and evaluate them. As you progress through your degree you will continually need information and knowledge from other subjects and this knowledge will build on previous knowledge. You must be able to attain the higher levels of learning in order to be successful in your degree and later in your professional life. Your learning and the need to learn will not stop with the end of your university degree. Most aspects of learning are common to all disciplines but sometimes there are different emphasises on certain learning skills. For example, generally speaking at university more emphasis is placed on the understanding of the methodology and the processes of problem solving. In this context, reflection will help you to detach yourself from the facts and put them into a larger context. Higher level courses at university as a business student bring a closer interaction between academic work and practical experience. Reflective practice here is critical in providing opportunities to identify areas for improvement and evaluation of the overall outcome including your decision making processes. Reflection can help bridge the gap between theory and practice and will enable you to understand your own thinking and learning. Another benefit is that it encourages you to look beyond your academic accomplishment and recognise the depth and range of other transferable skills. University is more than learning about facts and figures, it is a life experience. You will not learn everything that you need in your professional life at university. Your learning will be life long, so take some time to think about what skills you bring with you to university and what you learn along the way. How do I ‘reflect’? Reflection does not mean that you sit in the lotus position, humming meditative chants. Reflection can be active and need not take away from your ‘study time’. It is an important tool that can be used in all your university and professional work. Opportunities for reflection should occur before, during and after activities. That way you can take note of your learning starting point, assess your progress through the project and critically evaluate your learning at the end of the activity. Look critically at what you have done, what you’re team did and what the outcomes were. You need to ask yourself the why, how and what type of questions. Introducing Reflection Reflection is an important part of your learning whether you do it consciously or not. But what exactly is it? An excellent description of reflection can be found in the Harry Potter novel ‘ The Goblet of Fire’. In the paragraph below Dumbledore, the chief wizard and head teacher, is talking to Harry about having excess thoughts! ‘Harry stared at the stone basin. The contents had returned to their original, silvery white state, swirling and rippling beneath his gaze. â€Å"What is it?† Harry asked shakily. â€Å"This? It is called a Pensieve,† said Dumbledore. â€Å"I sometimes find, and I am sure you know the feeling, that I simply have too many thoughts and memories crammed into my mind.† â€Å"Err,† said Harry who couldn’t truthfully say that he had ever felt anything of the sort. â€Å"At these times† said Dumbledore, indicating the stone basin, â€Å"I use the Penseive. One simply siphons the excess thoughts from one’s mind, pours them into a basin, and examines them at one’s leisure. It becomes easier to spot patterns and links, you understand, when they are in this form.’ (Rowling 2000) During the semester and in your reflective writing we are asking you to think about the process you have been through, how these events affected your behaviour, to think about what you have learnt, and to evaluate your performance. By writing these things down it will give you the opportunity to clarify your thoughts and to spot the patterns and links. Reflective writing examples As an example, look at the following two critiques – one is a better example than the other! [King (2002) Development of Student Skills In Reflective Writing, p 16, http://www.csd.uwa.edu.au/iced2002/publication/Terry_King.pdf ] 1.I woke up late because my alarm didn’t ring. My own fault, but there you are. By the time I had finished my breakfast (my usual bowl of cornflakes, and a cup of black coffee with three sugars), I had missed my bus (that’s the number 9a, picked up at the bus stop outside Halfords), which had left on time (just for a change).So I got to University, and by the time I had found the right room, I was over 30 minutes late for the OOPR2 Exam. Unfortunately, the invigilator wouldn’t let me take the exam because it was â€Å"against University regulations†. Didn’t he realise how important it was for me to pass that exam? My overall grade depends on it, and now I stand to have a resit in September when I wanted to have my holiday in Ibiza.| 2.I was over 30 minutes late for my exam, which meant I was not allowed to sit it. This will have repercussions on my degree mark, and on my holiday plans. This is the first time I have actually missed an exam, but not t he first time I’ve actually been late to exams and important interviews. I have learned that:†¢ I need to improve my time-keeping for critical events†¢ The University has strict rules governing late arrivals at exams†¢ I need to be better preparedThe reasons that I arrived late were:†¢ My alarm clock didn’t ring because I forgot to reset its time after daylight saving on Saturday night (although I had reset all the other clocks in the house).†¢ I totally rely on the alarm clock ringing – I have no back-up system†¢ I rely on my bus – a break down or it leaving early would also cause me to be late†¢ I did not know in which room the exam was; if I had, I would still have been a few minutes late, but at least I could have sat the exam.In order to improve the situation for next year, I plan to:†¢ Have a process to check all the clocks in the house when the clocks are due to change†¢ Make sure I have a back-up alarm system (using my digital watch) for all days when it’s important to get up early†¢ On exam day, aim to catch the earlier bus †¦ its only 20 minutes earlier.†¢ Possibly consider missing breakfast, and buying a sandwich on the way from the bus to the exam room. I do believe that a good breakfast is important though!†¢ Make sure I know the correct room well in advance of the exam, by checking each room number when I first get the timetable.I suspect I need to reflect more on my priorities – this degree is really very important to me.|

The Effectiveness of Celebrity Endorsement in Advertising

Advertising is one of the most effective strategies of non-price competition, that’s why it is closely associated and widely used in terms of monopolistic competition. Companies in monopolistic competitive market can not sell more of their differentiated product without lowering the price. Thus, advertising is a great instrument to gain more customers and increase the sales without cutting the price. Despite of different views on economic effectiveness of advertising, modern large companies in monopolistic competition spend millions of dollars for promotion of own brands, goods or services. It is a known tactic to employ celebrity endorsement for advertising own product. In particular, for many years Michael Jordan has been appearing in Nike ads, and the products of this company are associated with Jordan on global scale. Many companies use a celebrity or athlete for advertising its goods or services because celebrity endorsement attracts more attention of target audience, as well as it increases credibility and improves reputation of the brand in customers’ eyes, leading eventually to higher sales. Specialists comment that celebrity is already a known brand, and his/her endorsement of the product helps to make it more popular. â€Å"You have the core brand and then you have the celebrity brand, and, when that confluence is positive, the impact can be tremendous† (Storey, 2006). In my opinion, participation of professional athletes in ads of certain brands can be considered quite convincing and effective from two perspectives. First of all, only successful powerful companies, which offer mostly first-class quality products, can afford inviting famous sportsmen (like Michael Jordan or David Beckham) to advertise their goods. Besides, sport is a passion of people of different ages. Both children and adults around the world love sports very much, and that’s why target audience of such advertising is very large. Nevertheless, recently British specialists found out that currently the effectiveness of celebrity endorsement is firmly decreasing (BBC News, 2007). References Celebrity Ads' Impact Questioned. (2007, February 27). BBC News. The British Broadcasting Company. Retrieved February 25, 2008, from ;http://news.bbc.co.uk/1/hi/england/somerset/6400419.stm;. Storey, L. (2006, October 12). Seeing Stars. The New York Times. Retrieved February 25, 2008.