Customer Relationship Management (CRM) Essay

At first, I disagree with this statement. I think Customer Relationship Management (CRM) is universally appropriate or applicable to all businesses. Customer relationship management refers to a series of processes, focused on initiating two-way communication exchanges with customers to have a detailed knowledge of their specific needs and buying patterns. The major benefit of a CRM system is that it helps business organizations in determining the type of customer best suited for the growth of their business. CRM enables business organizations to formulate strategies focusing on customer-driven growth and in providing superior and friendly customer experience There are four advantages of CRM that businesses should implement this strategy. * Customer Satisfaction By implementing CRM strategies, the company can focus on improving customer satisfaction through examination of customer preferences, demographics and interests. This information may be collected through automated surveys or personal phone calls from customer service representatives. Customer research may be performed to discover the reasons why one product is more popular than another. Customers typically enjoy the attention they receive and the interest in their happiness and satisfaction with the product, and the data that is collected can help the company produce better products and services in the future, contributing to improved customer satisfaction. This also improves customer retention over the long run. * Marketing The data that is collected through customer research can provide ideas for marketing and advertising for a big business. With many products or services to market, a large company may have difficulty targeting different customers for each item. However, customer research will provide information about what the customer likes about the product, what they are looking for in future products, and what purpose they would like the product to serve. All of this information provides great content for print or commercial advertisements and packaging designs for each product. * Lowered Costs By automating customer service with CRM software, the company can easily gain customer research through online or telephone surveys. The software automatically formats and calculates the data, making it faster and easier to collect this information. Fewer customer service representatives will be needed for collecting this information and less time will be spent preparing reports on customer research. Another advantage is word-of-mouth advertising from satisfied customers; as CRM strategies make customers happier, they become more likely to bring in new customers through word-of-mouth, which lowers the cost of finding a new customer. * Brand Image As customer satisfaction and retention improves, the corporation’s brand image may begin to improve as well. Customers will begin to associate the brand with good customer service, quality products and a personable approach. The CRM strategy’s focus on the customer will let each buyer know that their input is valued by the company. This can attract more customers and continue to create loyal customers to the brand. There is an example about effective implement of CRM. ICICI Bank has to manage more than 13 million customers. The bank has over 550 branches, a network of 2025 ATMs, multiple call centres, Internet banking and mobile banking. Its customers often use multiple channels, and they are increasingly turning to electronic banking options. Business from the Internet. ATMs and other electronic channels now comprise more than 50 per cent of all transactions. In the process of making its business grow to this level, ICICI Bank has distinguished itself from other banks through its relationship with customers. The Teradata solution focuses on a Customer Relationship Management (CRM) platform. Information from various legacy and transaction systems is fed into a single enterprise called wide data warehouse. This allows the bank to generate a single view of its customers. The warehouse has the capability to integrate data from multiple sources comprising Oracle and flat files. The Behaviour Explorer enables profiling of customers and querying on various parameters. These enable the bank staff create suitable campaigns for targeting individual customers on the basis of their requirements. To sum up, CRM is one of the best ways of determining the marketing strategies and other services offered to the customer. A well planned CRM can help organizations predict the current trend in the market and provide better services for customers befitting the trend, in turn increasing the business returns. The three major aspects of CRM are an operational system, a collaborative CRM and an analytical CRM. The customer relationship management concepts adopted by each company differ with their organizational objectives. There are 3 challenges of implementing CRM. * Costs One of the biggest challenges facing companies trying to implement CRM is the cost associated with purchasing, installing and training employees to use new software, according to CRMInfoline.com. CRM often doesn’t deliver the return of investment that companies hope for, though this is typically the cause of a poorly implemented system or poorly trained staff. While a properly implemented system should, eventually, show a good return on investment, CRMInfoline.com claims these results could take years to see in full effect as the new system takes root and customer awareness and participation grow. * Transition In order for a business to use a CRM solution properly, nearly the entire business will have to change. Most companies operate on an â€Å"us first, customers second† mentality, whereas CRM-centric businesses focus on placing customers and their satisfaction before the company. Furthermore, CRM systems are typically very complex and span multiple departments, meaning most employees will have to go through some sort of training that will inhibit them, at least somewhat, from performing their normal work duties. * In-House Versus Supported System Supported systems are CRM solutions that are taken care of or outsourced to another company. While in-house CRM software can be more effective, it’s much more difficult to implement. Companies without any current CRM implementation should consider supported systems more than companies with at least some current level of CRM, according to TMCNet.com. Supported systems typically cost less to implement because they’re not as in-depth or effective as in-house solutions. Jollibee is a phenomenal success story, having grown from two ice cream parlours in 1975 to over 1,800 restaurants worldwide today, including the strategic acquisitions of high profile brands like Greenwich Pizza, Deli France, Red Ribbon and Chow King. The company now operates 300 international outlets in markets in the United States, across Asia and throughout the Middle East. The big business like Jollibee must implement complete and effective CRM strategy. * Form a cross-organizational team. A cross-organizational, or cross-functional team, is made up of leaders from each core department in Jollibee. Representatives usually include at least one member from sales, service, marketing, support, management, IT, finance, and any other functional area in Jollibee. * Jollibee should decide what project goals to begin with (customer acquisition, sales growth, service improvement, or something else). Once goals are laid out, phases for installation of CRM can begin. This includes technology and software implementation led by IT, communication of new roles and responsibilities in each department, and implementation of training and rewards programs. * Provide training. Employees in many functional areas, including, service and support, are likely going to be using new technology devices or software solutions for customer accounts, data collection, customer service, data analysis and other CRM functions. This often requires training on philosophy behind the new system and CRM role as well as technical training on the technology applications. * Measure results. CRM fails without constant measurement. By definition, CRM programs are ongoing and design to improve over time. Feedback and data collected during CRM projects and phases should be analysed, evaluated, and reacted to by the cross-organizational leadership team. Decisions on how to improve the customer experience, behaviours of employees, and any other important components of CRM help guide the next project phases or phases. With CRM systems, Jollibee can streamline their business processes effectively and in accordance with customer needs. Customer Relationship Management software is employed by Jollibee to manage and organize their customer database and contacts. Proper customer relationship management solutions are necessary for any business firm to empower their staff, to expand their business and to provide quality customer care services. Task 2 There are 5 possible negative impacts caused by heavy-use of sales promotions. 1. Increased price sensitivity Consumers wait for the promotion deals to be announced and then purchase the product. This is true even for brands where brand loyalty exists. Customers wait and time their purchases to coincide with promotional offers on their preferred brands. Thus, the routine sales at the market price are lost and the profit margin is reduced because of the discounts to be offered during sale-season. 2. Quality image may become tarnished If the promotions in a product category have been rare, the promotions could have a negative effect about its quality image. Consumers may start suspecting that perhaps the product has not been selling well, the quality of the product is true compared to the price or the product is likely to be discontinued because it has become outdated. The Smyle Powder offer of â€Å"Buy 1 and get 2 free† went on and on. Ultimately people stopped asking for the product as the on-going sales promotion strategy made the customers perceive it to be a cheap and an inferior product. 3. Merchandising support from dealers is doubtful In many cases, the dealers do not cooperate in providing the merchandising support nor do they pass on any benefit to consumers. The retailer might not be willing to give support because he does not have the place, or the product does not sell much in his shop, or maybe he thinks the effort required is more than the commission/benefit derived. 4. Short-term orientation Sales promotions are generally for a short duration. This gives a boost to sales for a short period. This short-term orientation may sometimes have negative effects on long-term future of the organization. Promotions mostly build short-term sales volume, which is difficult to maintain. Heavy use of sales promotion, in certain product categories, may be responsible for causing brand quality image dilution. 5. Harmful Effect of Band image If a brand is perceived by consumers as being a value rather than premium brand, it is more likely to receive the most benefit from a price-based sales promotion. However, overuse of price-based sales promotions for any brand can have devastating effects on the brand’s image. This is particularly true for premium and super-premium brands or products and services in which the consumer has difficulty judging product quality in other ways, such as legal services or vitamins. The objective behind sales promotional tools is to keep current customers while attracting new ones, maintaining sales of seasonal products, introducing new products and challenging competitors. The essence of sales promotion involves using all forms of promotional activities, besides personal selling and advertising, to improve sales. In order to gain a strong foothold in the Malaysian market, Jollibee need effective sales promotional tools to fight its competitor. Coupons Coupons are one sales promotional tool. Customers get coupons in several ways, including via newspapers, magazines, online or mail. Customers present coupons to the retailer while buying merchandise in order to receive a discount or free product. For example, a customer of Jollibee use a coupon which takes 50 per cent off a set of meal costing $10, he saves $5. Bonus Offers Bonus offers or gifts with purchase are widely used promotional tools. When customers purchase a product, sometimes a bonus product is given along with it. The purpose is to increase the sale of the product and to make it more attractive by offering an additional item. When customers spent up to $20, he will get a free ice cream. Free Samples Another popular promotional tool is the free sample. When a customer is in the store purchasing certain products, he may receive a free sample of deodorant, shampoo, energy drinks food or candy. Usually, free samples don’t require the customer to purchase anything. Free samples can be given to a particular target audience in order to attract that type of customer. Jollibee can put new product as free samples to get feedback. Premiums Premiums are extras added to sweeten a purchase for a customer. For example, a software company might add a year of free technical support for a customer who buys an expensive software program. Jollibee can offer special toys in their children meals. Offering premiums gives a business owner the opportunity to partner with complementary businesses, creating a wider target audience. This premium creates a win-win situation for everyone involved. It provides a demonstration to potential customers uses referrals to introduce the companies to potential customers and provides a free, useful gift to existing customers. Mystery Rewards Scratch-and-win cards or raffles for prizes are other popular promotional tools. The key is this mystery reward has enough attraction to attract customers. Popular food and unique gift will be work. Money Back Offers When customers doubt the quality or reliability of Jollibee, offer a money-back guarantee. Give a detailed explanation of eligible returns and refunds available for customer reference. Point of Purchase Displays Point of purchase displays is used in Jollibee to catch the attention of customers. The selected products may be sale items but may also be seasonal or high-demand merchandise. The displays are built in a prominent location such as on an aisle end or at the front of the store near the entrance. Jollibee may also place signs at the product’s normal shelf locations. Sales A sale is a reduction in the price of a product for a specified period of time. Sales are used by manufacturers to gain new users or to increase market share. They also generate traffic in a retail establishment. Sales can result in off-season purchases that normally would not occur, such as Jollibee offer special food at 50 per cent off in Malaysia festivals. Besides, some points about sales promotion are important. A sales promotion constructed to inform customers about a new product might include an advertisement in a local paper explaining the product and inviting customers to visit a Web site for a coupon offer. An activity like this can be measured by tracking the number of people who receive the paper, the number of people who visit the Web site, the number of people who download the coupon and the number of people who actually use the coupon. Reminding customers about a product or service is just as important as an initial product introduction. Something as simple as setting up an in-store display with coupons or having customers complete a survey to indicate how often they use the product keeps brands fresh in consumers’ minds. Information gathered from the survey can expose how often customers use a product, how familiar they are with a product and if they plan to use it more in the future. Couple this with a discount coupon and Jollibee can even track the number of people who make a purchase after completing the survey. A follow-up survey can assess things like customer satisfaction and likelihood for a repeat purchase. Sales promotions are a great way to inform and remind customers about Jollibee. Ultimately, the main objective of these activities is to increase revenue. Weigh the cost of promotional sales campaign against the total revenue Jollibee expect to receive. Consider that many companies are spending up to 60 per cent of advertising budgets on sales promotions. Be sure that Jollibee’s promotional campaign is both cost-effective and profitable. These sales promotion techniques can help Jollibee gain a strong foothold in the Malaysian market. References 1. Why Customer Relationship Management is so important? (2008) By Article Alley [online] Available from http://praveenortec.articlealley.com/why-customer-relationship-management-is-so-important-576369.html [Accessed on 12 Jan 2013] 2. Challenges of Implementing a CRM (2010) By Matt Koble [online] Available from http://www.ehow.com/list_6631188_challenges-implementing-crm.html [Accessed on 12 Jan 2013] 3. Tools of Sales Promotion (2005) By Chris Joseph [online] Available from http://www.ehow.com/list_6073558_tools-sales-promotion.html [Accessed on 12 Jan 2013] 4. Disadvantages of Sales Promotion (2008) By Drypen [online] Available from http://drypen.in/sales-promotion/disadvantages-of-sales-promotion.html [Accessed on 12 Jan 2013]

Margaret Atwood †Relationship between three of her poems Essay

Margaret Atwood is a Canadian poet, novelist, and critic, noted for her feminism and mythological themes. She was born in 1939 in Ottawa, about the same time World War 2 started. Her life was lived in a time of male dominance, which she did not like. She expressed her views of this by writing, and her writings showed many of the feminine views that she believes in. According to a reviewer, Atwood’s writings are obtained from the â€Å"traditional realist novel,† where often the female protagonist is representative of an ‘everywoman’ character, and is victimized by gender and politics. In her stories Atwood combine fantasy and social realism, myth and parody and poetry, and also uses postmodernist devices to unsettle the certainties of traditional realism. The reason why she uses a lot of mythological themes is because her father was a forest etymologist. Many of the experiences that she had when she was a child, influenced her to write about the things of nature. Her writings were praised by many, this can be seen through all the awards and recognitions that she has received throughout her long and productive life. Her most outstanding award would be the Canadian Governor General’s Award for poetry in 1966. Her work has been an inspiration to many and she will be recognized for many years to come. The three poems that I am going to discuss are: The Landlady, Rat Song and Song of the Worms. All three of these poems use strong imagery to show Margaret Atwood’s view of the way that women are treated. She uses several tones in her poems, the tone that she generally uses for these three poems are frustration and anger. Another thing that she likes to use is a run on style of poetry, which allows for the readers emotions to carry on to the next line all the way to the end of the story. Almost all of her poems are free verse, I could not find any rhythmic or rhyming devices used in any of them. She likes to use symbolisms to get her point out, and when she uses them they are direct. One thing that I find interesting in her writings is that she likes to use something like personification, but it is the opposite. She is giving people qualities of animals. Her writing style is unique and interesting, and this style will be seen in the three poems. In the poem The Landlady, Atwood shows that women are stronger than men. In the beginning of the story, someone is describing the landlady and we do not  know who this someone is, but I think that this someone represents men. This person describes the landlady as intrusive and she is everywhere. This symbolizes that women are getting stronger and will be controlling the men. The next section says that the landlady controls the man’s life. Everything belongs to the landlady and nothing to the man. The next section is where the man tries to escape from the landlady, but she is always surrounding him. Even in the man’s dreams the landlady will be there and there will be no way around it. The last section describes how the landlady is overpowering and will not let the man go through her. This poem is free verse, which means that there are no literary devices. The only style of writing that I can see in her poem is a type of run on poem, which allows the reader’s emotions and thoughts to carry through to the end of the story. The tone of the story is fear and entrapment by the male because of the woman’s power and authority over them. I think that this is a poem about how strong the female can be over the men. The woman will be able to control the men, and men will be at the mercy of the women. This is a strong feminist view that Atwood supports and shows through her writing. This is a strong poem and was criticized by an American journalist for being too one sided. I think that Atwood got her point through in this poem. In the poem Rat Song, Atwood is trying to show how the rat symbolizes the woman. In the first section, it says that when the man hears the voice of the rat singing, the man takes out his gun and tries to kill the rat. This symbolizes the woman when she is trying to be heard, and the man is trying to shut the woman up. The next stanza shows that when the man tries to trap the rat, the rat outsmarts it. This makes the man think that the rat is dangerous because it is very smart. That stanza symbolizes how women are smart and men should watch out for them. The following stanza talks about what the rat really wants. It says in the poem, â€Å"All I want is love,† the rat does not want to bother the man or live off of the man, all it wants is some love. This is just like women today, they do not want to annoy men, and all they want are love and respect. The reason why the rat lives off the man is not because it wants to, but because it is the only thing that it can do. Atwood is tr ying to say that women are weaker because men are suppressing the women. In the last section, there is a line that says, â€Å"he is hiding /  between your syllables.† This line talks about how the rat can hear compassion, but it is trying not to be shown by the man. This is a really interesting poem that shows how Margaret Atwood feels about men. She uses many symbolisms to imply what the men are thinking about he women. His style of writing is basically free verse; there is no recognizable beat or rhyming scheme. The only type of literary device that I can see is that she uses a style of run on poetry. This style can be seen throughout the entire poem to allow the reader’s emotions to carry all the way to the end of the story. The tone that she uses in the poem is anger. Atwood is mad about how women are treated by men. She finds that men know that women are smart and therefore are trying to suppress females. Her imagery is convincing and really makes us want to think about the truths in her writing. This poem was written in the early seventies, which is about the time when the feminists’ ideals were strongly implanted into the women of North America. This feminist view can be seen throughout the poem and what Atwood feels is expressed in the entire poem. Overall, this was a great poem with a message to the men on how they are treating the women. In the poem Song of the worms, Atwood tells us how women have been stepped on and taken advantage of. In the first section, it talks about how the worms have done their work and have been underground for so long. This section shows us that men have suppressed women for a long time. The women have done enough work for the men and it is time for a change. The second section talks about how all the women want is to be loved. This section is similar to a part in the first poem where it says that all women want is to be loved. The twist here is that they are rejected by the â€Å"boots† of men. This symbolizes the men stepping on the women and treating them like dirt. The women have been stepped on long enough and they know what being stepped on is about. The next stanza says, â€Å"Soon we will invade like weeds, everywhere but slowly.† This is a very strong stanza that is trying to tell the men that soon the women will stand up for themselves and rebel. They will be stepped on no longer and have no fear of what men will try to do to them. The last stanza says that until the time comes, the worms will be in the dirt waiting for the right time to come out and attack. This poem is again free verse and uses a run on style of writing. Atwood makes the worm  symbolize the women who are hardworking and oppressed. She believes that one day, women will rise up and say, â€Å"Enough is enough,† and rise up to rebel against the men. All three of these poems deal with feminism and show what Atwood thinks is going on and what will happen. The writing styles of these three poems are similar. All of them use free verse and a run on poem style, which can be seen in almost all of her work. This allows an easier way to get her point through. Her poems are strong and provocative showing what many people do not want to hear or accept. In the last two poems, they both use certain types of animals to symbolize the woman and how the men are treating them. They both say that men are stepping on women and that the women will one day rise and take down these men. Atwood uses animals because of the way that she was raised up, which was in a home with the father as an etymologist. Her father’s occupation made her enjoy the wilderness and nature, which has influenced her writing today. The first poem is similar to the other poems because it shows that the women have finally stood up for themselves and is now in control. Her feminist views are influenced by the time period that these poems were written in. During the late sixties and early seventies, there was a strong feminist uprising making the women realize that they were like being treated like slaves.

Antonio Vivaldi: Introductory Concepts

Introductory Concepts Composed by Antonio Vivaldi,† L’inverno† (Winter) is the fourth concerto of a set of violin concertos named â€Å"Le Quattro Stagioni† (The four seasons) that belong to a more complex work titled â€Å"Il cimento dell’armonia e dell’inventione† (The Contest of Harmony and Invention) (Grasmeier) . The structure of this piece is in ternary form. The piece begins with a fast tempo and then slows down to finish fast and loud again. Vivaldi makes use of variety in this â€Å"Winter† composition through dynamic when the music suddenly changes its volume and also through changes in pace.Although this concert is performed only by string instruments (mainly violins) he also achieves variety by using different techniques among the instruments (like pizzicato). Vivaldi’s â€Å"Winter† is considered a program music which means it must tell a story. I believe he is able to evoke cold, ice, chattering teeth, shivering bodies, and wind. Beginning with a fast pace seems like a big storm is about to come, when the violins go in crescendo it feels almost like some people are running to get shelter, and the pizzicatos reminded me of shivering.I also believe that the high pitch of the violins helps to give the image of coldness. This masterpiece is played by an instrumental ensemble, more specifically, an orchestra and has a violin solo. The instruments involved are string instruments (violin being the predominant). The main melody or Idea A is played very loud and the violin solo is executed with bravura which gives more heart to the music. In all, I believe that this composition serves its purpose of creating mood and is also very delightful to listen to.

Is Command and Control an Effective Management Style Essay - 4

Is Command and Control an Effective Management Style - Essay Example It is inappropriate for managers and  hence  managers should  consider  other management styles. There are other management styles, which are distinctively different from the command and control  style. They have proven effects on the positive change and  performance  of a company. These are not the days of considering  people  as working machines. People need to be managed and accorded respect  as being valuable to the company. Jackson K & Rowley C (2010, 136),  assert  that management styles such as the  modern  consultative and laissez-faire, are  extremely  productive. These and other methods  welcome  the ideas of the subjects in problem-solving. They are  advantageous  in that they  wholly  solve the problems that affect every  member, unlike the command and control. The command and  control  favor one side. The command and control are short of participation. Managers should be  analytical  in their ruling. This means that t hey should know the  root  of the problem, ask the why and how to solve them satisfactorily.The mind of a human  being  is highly  productive  when in a relaxed state. It is what controls the  body. When disturbed, then the outcome of the work done will not be  effective. It can be clearly seen from the video by Job Stains (public conversation website, n.d.), on the public conversation project that, threatening the  mind  leads to a state of relaxation leading to the production of hormones. These hormones  make  the  person  fight back or  decide  not to  react  to the threat. In the process, there are no results obtained as well as conflicts solved. The use of narrative as indicated by the narrative therapist (Morgan, 2000) can be a better way of managing people. Talking of the positive things is healthier than dwelling on the negatives. People interested in the things they consider  valuable  and not what discourages them.

How Horses were still used in WWI Essay Example | Topics and Well Written Essays - 1250 words

How Horses were still used in WWI - Essay Example Still, the distinguished armed forces’ officers receive a sword as an award against exemplary performance. The ancient warfare was primarily based on courage, strategy, and strength of character. But, the computer technology took charge of major military operations in the world and therefore, the focus shifted towards technological proficiency and the element of courage and manhood became secondary in the context of current and prevailing warfare standards in the world. Still, the value of traditional weapons and tactics is being recognized in the literature (Treherne pp.142). The so-called modern Armies still train their soldiers in horse riding so that they should know the traditional and classical way of commuting when needed. However, the concept of warfare is becoming and transforming into something highly mechanized. In few decades from now, the traditional war will become a permanent resident of history books, as human soldier will be replaced with a robot. Thusly, it c an be established that human involvement in wars will become extinct in the future version (Bernard and Jones pp. 1036). But, in the context of World War I, the horses were used as a means of commuting. The timing of the featured war was considered concurrent with major technological and theoretical breakthroughs but the commuting infrastructure was not largely institutionalized and neither was it available to general public. The abovementioned shortages of mechanized transportation contributed significantly towards forcing armed forces to use natural resources a great deal (Treherne pp 140). Additionally, the vehicles of that time were low on the most important dimension of fuel economy and therefore, the authorities followed the notion of economic rationality in terms of deciding to use the most efficient source of transportation at their disposal. Humans’ profound inclination towards saving money and exercising tight control on cash outflows translated into vast scale use of horses in World War I. Furthermore, the Armies were not trained to use vans and other vehicles but they had a profound and notable efficacy to effectively use horse as a strategic tool in the panicked conditions that are associated with the perception of war. The two major reasons supported the application of horses in World War I. Firstly, the ill-developed industry of mechanized transporters and secondly, soldiers of that era did not have the appropriate training needed to use the modern way of transportation. Moreover, it is important to note that the other historically known war based on volume was fought with the help of mechanized infantry and tanks. Yet, in the case of the First World War, the fight was fought with the help of rifles and other simpler and elementary equipment. The idea of war was partially based on courage and leadership abilities when the maiden global military confrontation was being fought and the warriors’ best companion was also significantly i nvolved in its proceedings as well. The art and science of war transformed into highly technological endeavor by the time, the world entered into the terminal years of the 20th century. The major economic powers of the world managed to develop and perfect their nuclear technology by late 1990s and therefore, the world’s ability to destroy itself grew substantially over the past decade. In the view of political specialists, the probability of war has

Organisation and behaviour Assignment Example | Topics and Well Written Essays - 500 words

Organisation and behaviour - Assignment Example 52). Motivation is among the key determinant of work output of employees. There is a positive association between motivation and work output. When employees are adequately motivated, their output has been shown to increase considerably (Northouse, 2012.p 36). As such, managers ought to be well equipped with knowledge on how to motivate employees. Their primary role is to see goals and objectives of the firm realized and such requires dedicated employees. If employees are not motivated, their performance is not optimal and may not sustain the firm. Managers are; therefore, better off aware about motivation that will keep employees enthusiastic to realize the firm’s goals and objectives. Maslow hierarchy of needs tries to establish human motivations. It is the achievement of certain needs that motivates people, and they are in a hierarchical order from the very basic existence needs. It is upon fulfilling one need that a person ventures into fulfilling the next (Bass and Bass, 2009. p. 78). The model consists five stages that can be classified into three broad categories namely basics, needs, and growth needs. Basics include deficiencies, the needs include physiological needs, safety, love and self-esteem and lastly, growth needs accommodates self-actualization (Nel, 2011. p. 17). An individual toils to satisfy basic needs in the lower levels before progressing to growth needs in higher level. According to Maslow, a person stagnates on a specific level of need until that need is either partially of fully satisfied. When a need aggravates or the person is constantly not able to meet the need, the easy option often becomes to regress back to an earlier need to fulfill it more and to avoid the frustration (Bass and Bass, 2009. p. 80). This result in what the ERG theory calls frustration-regression aspect. The theory assumes that there are two

Research into Recent Developments in Gold Prices Paper

Into Recent Developments in Gold Prices - Research Paper Example Relating the context of recession to the price changes of gold in the international market, it can be stated that the revitalization of demand for the commodity in the recovery period of 2010-2011 led to the sustained and rapid rise in gold price. With gradually stabilizing demand along with the Customer Price Index (CPI) in major economies including US and UK, the purchase rate of gold also increased which further augmented gold prices to maintain balances in its supply and demand ratios. With reference to the above presented chart, it can be apparently noted that gold price augmented rapidly during the month of August, 2011. For instance, the average gold price was recorded as USD 1572.81 per OZ for the month of July 2011 which increased to USD 1755.81 per OZ in the month of August 2011. It is in this context that gold suppliers intended to foster the reserves of the commodity encouraging production as well as recycling following the recovery of the financial market. Although, a 7% increase in the mine production was witnessed, the recycling activity made negative contribution of 3% in comparison to the previous year. On the similar context, the demand for gold was also rising steeply in the previous quarters of the year, i.e. 971.70 tons in Q1 and 919.80 tons in Q2. Therefore, in order to maintain the balance in the supply of gold having lesser growth rate than the demand, the price of the commodity increased rapidly during the month of August 2011.