How Barbie doll does promote traditional gender roles., effect on Essay

How Barbie doll promotes conventional sex jobs., impact on sexual orientation conduct - Essay Example She is accustomed to delineating the individual minor departure from general regular sexual orientation topics happening on the grounds that various powers impact all people. Barbie Doll is maybe used to show that sexual orientation is noteworthy and central to the personality of a person. Sexual orientation is typified and lived by everybody all the times of their lives. Thusly, it very well may be contended that sexual orientation is both an individual development just as is learnt by method of social course of action and request, which advances the influential norms of being male and female. Truth be told, the Barbie doll has been depicted as the toy that was structured and made for ladies to edify ladies about what the general public anticipates from them. A few ways of thinking attest that Barbie doll has huge issues that encompass womanliness and sexual orientation standards. Truth be told, Barbie doll can be portrayed to be the ideal portrayal of female sexuality as saw by the general public and as propagated by the media (Bothell 17). Sexual orientation explicit conduct is an aftereffect of both nature and socialization. The general public, to a great extent, directs how people see themselves. Both the male and female in the general public recognize the â€Å"self† as made out of both the individual and the general public. Barbie doll portrays this sort of cultural impact just excessively well. She copies the female character. She is accustomed to speaking to the lady in the general public who works as a self-imaging instrument. Maybe a significant effect that she has on self-perception portrayal is that her body has a general human body structure. Maybe to show that sexual orientation explicit conduct is impacted by socialization and nature, one just needs to take a gander at Barbie’s crowd kids. Numerous scholastics accept that kids are the most defenseless against undesirable self-perceptions that the doll ventures (Bothell 61). Socialization happens when kids play. They need an inner portrayal that could too be thought to be consistent with all guys and females

The Globe Theater :: European Europe History

The Globe Theater Among the numerous renowned essayists we have considered for the current year is William Shakespeare. Shakespeare's life was without a doubt generally captivating. Looking for answers, we had basic inquiries we needed to decide. What were his ethics? His interests? His heritage? When contemplating Shakespeare, we found that his life rotated far and wide Theater. Normally we needed to perceive any reason why Shakespeare spent such an extensive amount his life associated with the Globe. The principal Globe kept going from 1599-1613. Also, this structure was known as the wooden o playhouse. Prior to the Globe, there was another Theater, which numerous individuals don't understand. The Theater succeeded for a long time. Declining to reestablish the players' rent, the landowner Giles Allen caused an unforeseen issue for the players. James Burbage had as of late kicked the bucket and his two children, Richard and Cuthbert became supervisors. In spite of the fact that Allen possessed the la nd, the children claimed the Theater, and they needed their important timber. In edginess, the siblings chose to make a move. They rented land over the waterway and they held up until Christmastime to strike, when they could be certain Allen was away on an excursion. Around evening time they started to disassemble the Theater piece by piece and drifted it over the waterway Thames. With the timber, the siblings and their companions recreated their appreciated playhouse. As a result of the truism the entire world is a phase they would consider it the Globe Theater. By the center of 1599 the Globe opened and was an immense achievement. Crowds were pressed in the house with a covered rooftop, at times even to such an extent as 3,000 individuals could be held without a moment's delay. For sixpence the rich sat in the Lord's Rooms to show signs of improvement see, which were on the top portion of the Globe. For threepence they sat on pads in the Gentlemen's Rooms. For twopence they rooste d on hard wooden seats, yet most were classified groundlings who paid a penny to remain in the yard underneath the open rooftop. Strikingly enough, there were two snare entryways, the snare entryway to paradise and the snare entryway to damnation. Since the players previously needed to pay for the structure the vast majority of the entertainers really lived in the Theater. During a play of Henry the V, a flash from a gun coincidentally got the covered rooftop ablaze and the entire Globe was torched in under 60 minutes. However inside a year a subsequent Globe was fabricated and finished in 1614 yet the Puritans tore it down in 1644.

Some weekend plans

Some weekend plans Hello everybody! I cannot believe that it is the end of the 8th week of class! Time has flown by so quickly! Things are pretty busy around here, but it’s all going well so far. I hope everyone else is enjoying themselves too, in the midst of crazy midterm season. Luckily, the weather has been stunning over the past couple of days. I have a lot of stuff to do this weekend, but on Friday I get to take a bit of a break and go to Curtis Orchard with the people in my hallway! Have an awesome weekend! For more on Curtis Orchard, check out this post! What a blast from the past â€" maybe Ill write an updated post on Curtis Orchard! Sarah Class of 2018 I'm from Grand Rapids, Michigan. I'm majoring in Communication in the College of Liberal Arts and Sciences.

Biography of Frederick the Great, King of Prussia

Born in 1712, Frederick William II, known as Frederick the Great, was the third Hohenzollern King of Prussia. Although Prussia had been an influential and important part of the Holy Roman Empire for centuries, under Frederick’s rule the small kingdom rose to the status of a Great European Power and had a lasting effect on European politics in general and Germany specifically. Frederick’s influence casts a long shadow over culture, the philosophy of government, and military history. He is one of the most important European leaders in history, a long-reigning king whose personal beliefs and attitudes shaped the modern world. Fast Facts: Frederick the Great Also Known As:  Frederick William II;  Friedrich (Hohenzollern) von PreußenBorn:  January 24, 1712, in  Berlin, GermanyDied:  August 17, 1786, in  Potsdam, GermanyParents: Frederick William I,  Sophia Dorothea of HanoverDynasty: House of HohenzollernSpouse:  Austrian Duchess Elisabeth Christine of Brunswick-Bevern  Ruled: Portions of Prussia  1740-1772; all of Prussia 1772-1786Legacy: Transformed Germany into a world power; modernized the legal system; and promoted freedom of the press, religious tolerance, and the rights of citizens. Early Years Frederick was born into the House of Hohenzollern, a major German dynasty. Hohenzollerns became kings, dukes, and emperors in the region from the establishment of the dynasty in the 11th century until the overthrow of the German aristocracy in the wake of World War I in 1918. Frederick’s father, King Frederick William I, was an enthusiastic soldier-king who  worked to build up Prussia’s army, ensuring that when Frederick assumed the throne he would have an outsize military force. In fact, when Frederick ascended to the throne in 1740, he inherited an army of 80,000 men, a remarkably large force for such a small kingdom. This military power allowed Frederick to have a proportionately outsize influence on European history. As a youth, Frederick showed little interest in military matters, preferring poetry and philosophy; subjects he studied in secret because his father disapproved; in fact, Frederick was often beaten and berated by his father for his interests. When Frederick was 18 years old, he formed a passionate attachment to an army officer named Hans Hermann von Katte. Frederick was miserable under the authority of his harsh father and planned to escape to Great Britain, where his maternal grandfather was King George I, and he invited Katte to join him. When their plot was discovered, King Frederick William threatened to charge Frederick with treason and strip him of his status as Crown Prince, and then had Katte executed in front of his son. In 1733, Frederick married an Austrian Duchess Elisabeth Christine of Brunswick-Bevern. It was a political marriage that Frederick resented; at one point he threatened to commit suicide before relenting and going through with the marriage as ordered by his father. This planted a seed of anti-Austrian sentiment in Frederick; he believed that Austria, long Prussia’s rival for influence in the crumbling Holy Roman Empire, was meddlesome and dangerous. This attitude would prove to have long-lasting  implications for the future of Germany and Europe. King in Prussia and Military Successes Frederick assumed the throne in 1740 after the death of his father. He was officially known as King in Prussia, not King of Prussia, because he only inherited a portion of what was traditionally known as Prussia—the lands and titles he assumed in 1740 were actually a series of small areas often separated by large areas not under his control. Over the next thirty-two years, Frederick would use the military prowess of the Prussian Army and his own strategic and political genius to reclaim the entirely of Prussia, finally declaring himself King of Prussia in 1772 after decades of warfare. Frederick inherited an army that was not only large, it had also been shaped into the premier fighting force in Europe at the time by his military-minded father. With the goal of a united Prussia, Frederick lost little time plunging Europe into war. War of the Austrian Succession. Frederick’s first move was to challenge the ascension of Maria Theresa as the head of the House of Hapsburg, including the title of Holy Roman Empress. Despite being female and thus traditionally ineligible for the position, Maria Theresa’s legal claims were rooted in legal work laid down by her father, who was determined to keep the Hapsburg lands and power in the family hands. Frederick refused to acknowledge Maria Theresa’s legitimacy and used this as an excuse to occupy the province of Silesia. He had a minor claim to the province, but it was officially Austrian. With France as a powerful ally, Frederick fought for the next five years, using his well-trained professional army brilliantly and defeating the Austrians in 1745, securing his claim to Silesia.The Seven Years War. In 1756 Frederick once again surprised the world with his  occupation of Saxony, which was officially neutral. Frederick acted in response to a political environment that saw many of the European powers arrayed against him; he suspected his enemies would move against him and so acted first, but miscalculated and was nearly destroyed. He managed to fight the Austrians well enough to force a peace treaty that returned the borders to their 1756 status. Although Frederick had failed to retain Saxony, he did hold onto Silesia, which was remarkable considering he’d come very close to losing the war outright.Partition of Poland. Frederick had a low opinion of the Polish people and wished to take Poland for himself in order to exploit it economically, with the ultimate goal of driving out the Polish people and replacing them with Prussians. Over the course of several wars, Frederick used propaganda, military victories, and diplomacy to eventually seize large portions of Poland, expanding and linking his holdings and increasing Prussian influence and power. Spirituality, Sexuality, Artistry, and Racism Frederick was almost certainly gay, and, remarkably, was very open about his sexuality after his ascension to the throne, retreating to his estate in Potsdam where he conducted several affairs with male officers and his own valet, writing erotic poetry celebrating the male form and commissioning many sculptures and other works of art with distinct homoerotic themes. Although officially pious and supportive of religion (and tolerant, allowing a Catholic church to be built in officially protestant Berlin in the 1740s), Frederick was privately dismissive of all religions, referring to Christianity in general as an â€Å"odd metaphysical fiction.† He was also almost shockingly racist, especially towards the Poles, who he regarded as almost subhuman and undeserving of respect, referring to them privately as â€Å"trash,† â€Å"vile,† and â€Å"dirty.† A man of many facets, Frederick was also a supporter of the arts, commissioning buildings, paintings, literature, and music. He played the flute extremely well and composed many pieces for that instrument, and wrote voluminously in French, despising the German language and preferring French for his artistic expressions. A devotee of the principles of the Enlightenment, Frederick attempted to portray himself as a benevolent tyrant, a man who brooked no argument with his authority but who could be relied on to better the lives of his people. Despite believing German culture, in general, to be inferior to that of France or Italy, he worked to elevate  it, establishing a German Royal Society to promote German language and culture, and under his rule, Berlin became a major cultural center of Europe. Death and Legacy Although most often remembered as a warrior, Frederick actually lost more battles than he won, and was often saved by political events outside his control—and the unparalleled excellence of the Prussian Army. While he was undoubtedly brilliant as a tactician and strategist, his main impact in military terms was the transformation of the Prussian Army into an outsize force that should have been beyond the capability of Prussia to support due to its relatively small size. It was often said that instead of Prussia being a country with an army, it was an army with a country; by the end of his reign Prussian society was largely dedicated to staffing, supplying, and training the army. Frederick’s military successes and expansion of Prussian power led indirectly to the establishment of the German Empire in the late 19th century (through the efforts of Otto von Bismarck), and thus in some ways to the two World Wars and the rise of Nazi Germany. Without Frederick, Germany might never have become a world power. Sources ​Domà ­nguez, M. (2017, March). What’s So Great About Frederick? The Warrior King of Prussia. Retrieved March 29, 2018.Mansel, P. (2015, October 3). Atheist and gay, Frederick the Great was more radical than most leaders today. Retrieved March 29, 2018.How keeping it in the family spelled the end of the line for the Hapsburg royal dynasty. (2009, April 15). Retrieved March 15, 2018.Frederick William I of Prussia, The Soldier King | About ... (n.d.). Retrieved March 29, 2018.â€Å"Frederick William II of Prussia.†Ã‚  Wikipedia.

Exploring Carvers Short Story, What We Talk About When We...

What is Love? Does anyone really know the meaning of the word? Does it have a different meaning to different people? These are the questions that Carver’s four characters ponder over heavily flowing gin and deep conversation in the short story, â€Å"What We Talk about When We Talk about Love.† Carver characters discuss and debate the meaning of love throughout the story. I will explain what the different characters feel about love. The author shows there are different types of love and different levels of each type. He also proves that someone’s emotions for a person can change from love to hate and then back to love. The characters search for the true meaning of love throughout the story, and in the end, neither figure it out. The story†¦show more content†¦This emphasizes Mel’s true feelings about love. He goes on to explain that he feels love is unconditional (Carver 727). Mel feels that if you can be abusive to someone and try to kill them, then you cannot possibly be in love with them. Through Mel, Carver is describing a true and unrestricted love. He is telling of a love above all that is not just physical, but powerful and deep, one where you not only feel passion for this person, but a profound emotional attachment. Terri counteracts his feelings about Ed. She believes he did really love her and that his abusiveness was just uncontrollable passion. Terri responds to Mel by saying, â€Å"†¦ Sure, sometimes he may have acted crazy. Okay. But he loved me. In his own way maybe, but he loved me. There was love there, Mel. Don’t say there wasn’t.† (Carver 726-727). This sums up Terri’s feelings of love. She feels that love can be on all different levels and can be felt differently by different people. Terri believes that a person can love another, even though they may be violent and cruel. After Terri left Ed, he tried committing suicide multiple times and finally died from the last attempt. She thinks this shows how strongly he truly felt for her, like her was saying there is no life without Terri (Carver 726-728). I think that the author, through Terri, is depicting a love that can be read in different ways. Terri feels that the passion that Ed felt for her was so strong that it turned easilyShow MoreRelatedAn Analysis Of Cathedral By Raymond Carver1441 Words   |  6 Pages Cathedral Research Paper The short story â€Å"Cathedral†, by Raymond Carver, is a thought provoking piece that focuses on the transition a man goes through to see the world with his soul. The story gives hope that people can change if given the chance to be better people. Over the course of the story, Carver uses both diction and description to explore themes in religion and morality. â€Å"Cathedral† depicts a husband and a wife as they prepare and entertain a friend of the wife. The husband, the narratorRead More Raymond Carvers Cathedral Essay6977 Words   |  28 Pages In quot;The Compartment,quot; one of Raymond Carvers bleakest stories, a man passes through the French countryside in a train, en route to a rendevous with a son he has not seen for many years. quot;Now and then,quot; the narrator says of the man, quot;Meyers saw a farmhouse and its outbuildings, everything surrounded by a wall. He thought this might be a good way to live-in an old house surrounded by a wallquot; (Cathedral 48). Due to a last minute change of heart, however, Meyers choosesRead MoreHbr When Your Core Business Is Dying74686 Words   |  299 PagesTOP-TEAM POLITICS†¦page 90 WHEN YOUR CORE BUSINESS IS DYING†¦page 66 Y GE SE PA IN DS CK R M WA A 53 www.hbr.org April 2007 58 What Your Leader Expects of You Larry Bossidy 66 Finding Your Next Core Business Chris Zook 78 Promise-Based Management: The Essence of Execution Donald N. Sull and Charles Spinosa 90 The Leadership Team: Complementary Strengths or Conï ¬â€šicting Agendas? Stephen A. Miles and Michael D. Watkins 100 Avoiding Integrity Land Mines BenRead MoreLogical Reasoning189930 Words   |  760 Pagesthat is sold to students). (3) No Derivative Works You may not alter, transform, or build upon this work. An earlier version of the book was published by Wadsworth Publishing Company, Belmont, California USA in 1993 with ISBN number 0-534-17688-7. When Wadsworth decided no longer to print the book, they returned their publishing rights to the original author, Bradley Dowden. The current version has been significantly revised. If you would like to suggest changes to the text, the author would appreciate

Cultural Diversity in the Workplace Free Essays

string(95) " including special recognition by the European Union in its Declaration on Cultural Diversity\." CULTURAL DIVERSITY IN THE WORKPLACE TABLE OF CONTENTS 1. OVERVIEW 2. DIVERSITY IN THE WORLD 3. We will write a custom essay sample on Cultural Diversity in the Workplace or any similar topic only for you Order Now CULTURAL DIVERSITY AND CULTURAL HERITAGE 4. DEFENSE OR PROMOTION OF CULTURAL DIVERSITY 5. DIVERSITY IN THE WORKPLACE 6. CASE STUDY OF CULTURAL DIVERSITY IN THE WORKPLACE 7. 1. Coca cola company _an example in cultural diversity 7. 2. Statement from the coca coal company 7. WORKPLACE ISSUES AND INTERVENTIONS 8. 3. Miscommunication 8. 4. Cultural bias 8. 5. Assimilation . BENEFITS OF DIVERSITY IN THE WORKPLACE 9. 6. Better decision making and improved problem solving, greater creativity and innovation 9. 7. Ability to compete in global markets 9. MAKING DIVERSITY A BUSINESS ADVANTAGE 10. RECOMMENDATIONS FOR DIVERSE WORKPLACE SUCCESS 11. 8. Managing diversity tools 11. 9. Creating the Multicultural Organization 11. 10. On the Interpersonal Level 11. IMPLEMENTATION LEGAL FRAMEWORKS 12. CONSEQUENCES OF IGNORING DIVERSITY 13. CONCLUSIONS ABOUT DIVERSITY AND SIMILARITY 14. RECOMMENDATION 15. REFERENCES OVERVIEW Managing diversity is defined as â€Å"planning and implementing organizational systems and practices to manage people so that the potential advantages of diversity are maximized while its potential disadvantages are minimized,† according to Taylor Cox in â€Å"Cultural Diversity in Organizations. † Cultural diversity is the variety of human societies or cultures in a specific region, or in the world as a whole. The term is also sometimes used to refer to multiculturalism within an organization. This article does not currently cover that alternative meaning. ) There is a general consensus among mainstream anthropologists that humans first emerged in Africa about two million years ago. Since then they have spread throughout the world, successfully adapting to widely differing conditions and to periodic cataclysmic changes in local and global climate. The many separate societies that emerged around the globe differed markedly from each other, and many of these differences persist to this day. As well as the more obvious cultural differences that exist between people, such as language, dress and traditions, there are also significant variations in the way societies organize themselves, in their shared conception of morality, and in the ways they interact with their environment. DIVERSITY IN THE WORLD By analogy with biodiversity, which is thought to be essential to the long-term survival of life on earth, it can be argued that cultural diversity may be vital for the long-term survival of humanity; and that the conservation of indigenous cultures may be as important to humankind as the conservation of species and ecosystems is to life in general. The General Conference of UNESCO took this position in 2001, asserting in Article 1 of the Universal Declaration on Cultural Diversity that â€Å"†¦ cultural diversity is as necessary for humankind as biodiversity is for nature] This position is rejected by some people, however, on several grounds. Firstly, like most evolutionary accounts of human nature, the importance of cultural diversity for survival may be an un-testable hypothesis, which can neither be proved nor disproved. Secondly, it can be argued that it is unethical deliberately to conserve â€Å"less developed† societies, because this will deny people within those societies the benefits of technological and medical advances enjoyed by those of us in the â€Å"developed† world. In the same way it is unethical to promote poverty in underdeveloped nations as cultural diversity it is also unethical to promote all religious practices simply because they contribute to cultural diversity. Particularly, there are some practices that are recognized by the WHO and UN as unethical: Female Genital Mutilation, Sati (burning the widow on the husbands burial pyre), polygamy, child brides, human sacrifice, etc. Cultural diversity is tricky to quantify, but a good indication is thought to be a count of the number of languages spoken in a region or in the world as a whole. By this measure, there are signs that we may be going through a period of precipitous decline in the world’s cultural diversity. Research carried out in the 1990s by David Crystal (Honorary Professor of Linguistics at the University of Wales, Bangor) suggested that at that time, on average, one language was falling into disuse every two weeks. He calculated that if that rate of language death were to continue, then by the year 2100 more than 90% of the languages currently spoken in the world will have gone extinct. Overpopulation, immigration and imperialism (of both the militaristic and cultural kind) are reasons that have been suggested to explain any such decline. CULTURAL DIVERSITY AND CULTURAL HERITAGE The Universal Declaration of UNESCO on Cultural Diversity of 2001 is regarded as a legal instrument recognizing for the first time, cultural diversity as â€Å"common heritage of humanity† and considers its safeguarding to be a concrete and ethical imperative inseparable from respect for human dignity. There is also the Convention for the Safeguarding of the Intangible Cultural Heritage ratified in June 20, 2007 by 78 States which said: â€Å"The intangible cultural heritage, transmitted from generation to generation is constantly recreated by communities and groups in response to their environment, their interaction with nature and their history, and ives them a sense of identity and continuity, thus promoting respect for cultural diversity and human creativity. † Cultural diversity was also promoted by the Montreal Declaration of 2007, and by the European Union. The idea of a global multi-cultural heritage covers several ideas, which are not exclusive. See multicultur alism. In addition to language, diversity can also include religious or traditional practice. DEFENSE OR PROMOTION OF CULTURAL DIVERSITY The â€Å"defense of cultural diversity† can take several meanings: * A balance to be achieved: thus, the idea of defense of cultural diversity through the promotion of actions in favor of â€Å"cultural minorities† said to be disadvantaged; * Preservation of â€Å"cultural minorities† thought to be endangered; * In other cases, one speaks of â€Å"cultural protection†, which refers to the concept of â€Å"cultural exception†, which is mainly used in France under the title â€Å"French exception†. This makes the link between the social vision of culture and the vision inherent in its commercialization. The cultural exception highlights the specificity of cultural products and services, including special recognition by the European Union in its Declaration on Cultural Diversity. You read "Cultural Diversity in the Workplace" in category "Papers" In this context, the objective is to defend against what is seen as a â€Å"commodification† – considered harmful to a â€Å"disadvantaged† culture – supporting its development through grants, promotion operations, etc. , also known as â€Å"cultural protectionism†. * This defense may also refer to incorporating â€Å"cultural rights† provisions, conducted unsuccessfully in the early 1990s in Europe, into a layer of human rights. DIVERSITY IN THE WORKPLACE Diversity is a reality in today’s workforce. Diversity is a difference between people, for example, in race, age, gender, disability, geographic origin, family status, education, or personality that can affect workplace relationships and achievement. Diversity management aims to value these differences and encourage each person to fulfill his or her potential in terms of organizational objectives. The approach goes beyond equal opportunities, which stresses the rights of particular disadvantaged groups rather than those of the individual. Cultural diversity in the workplace provides strengths as well as challenges to businesses today. The United States is often thought of as the great melting pot where anyone from any background can assimilate into a single society. A more realistic and appropriate â€Å"Ideal† is one of multi-culturalism (cultural diversity). Multi-culturalism is based on the idea that cultural identities should not be discarded or ignored, but instead, should be maintained and valued. The importance of cultural diversity in the workplace has been, for the most part, accepted in international business. The World Day for Cultural Diversity for Dialogue and Development is a United Nations–sanctioned international holiday for the promotion of diversity issues. It is currently held on May 21. The United Nations General Assembly proclaimed this holiday due to UNESCO’s Universal Declaration on Cultural Diversity in November 2001. It was proclaimed by UN Resolution 57/249. Diversity Day, officially known as â€Å"The World Day for Cultural Diversity for Dialogue and Development†, is an opportunity to help communities understand the value of cultural diversity and learn how to live together in harmony. It was adopted in the wake of the terrorist attacks on September 11, 2001. CASE STUDY OF CULTURAL DIVERSITY IN THE WORKPLACE COCA COLA COMPANY _AN EXAMPLE IN CULTURAL DIVERSITY â€Å"The Coca-Cola Company is a model employer for diversity and inclusion within its own work force and as a member of the larger business community. Its leadership on lesbian, gay, bisexual and transgender equality in the workplace is not only reflected in its long-standing achievement of 100 percent on the Corporate Equality Index, but in its principled support of anti-discrimination legislation that would protect every worker in the United States from being judged on the basis of their sexual orientation or gender identity. Joe Solmonese President, Human Rights Campaign STATEMENT FROM THE COCA COAL COMPANY We believe that associates who are inspired and valued create superior results. We strive to be a great place to work for all of our 92,400 associates globally by fostering safe, open, inclusive and healthy work. We want to ensure that our Company is as diverse and inclusive as our brands and our business. Our inclusive cult ure is defined by our seven core values: leadership, passion, integrity, collaboration, diversity, quality, and accountability. Our 2020 Vision is the roadmap that guides every aspect of our business. An unwavering focus on people is essential to our achieving sustainable, quality growth. Our People goal is to â€Å"Be a great place to work where people are inspired to be the best they can be. † This is supported by our efforts to create a winning culture that defines the attitudes and behaviors that will be required of us to make our 2020 Vision a reality. WORKPLACE ISSUES AND INTERVENTIONS Diversity issues change over time, depending on local historical and dynamic conditions. Diversity issues relate to race, gender, age, disabilities, religion, job title, physical appearance, sexual orientation, nationality, multiculturism, competency, training, experience, and personal habits are explored here, the bias is toward valuing diversity. There are challenges to managing a diverse work population. Managing diversity is more than simply acknowledging differences in people. Many organizational theorists have suggested reasons that work-teams highly diverse in work-relevant characteristics can be difficult to motivate and manage. Miscommunication There are many challenges which face culturally diverse workplaces, and a major challenge is miscommunication within an organization. In an article entitled Developing Receiver-Centered Communication in Diverse Organizations, written by Judi Brownell, she explains that meanings of messages can never be completely shared because no two individuals experience events in exactly the same way. Even when native and non-native speakers are exposed to the same messages, they may interpret the information differently. It is necessary for employees who are less familiar with the primary language spoken within the organization to receive special attention in meeting their communication requirements. â€Å"In high context cultures, communicators share an experiential base that can be used to assign meanings to messages. Low context cultures, on the other hand, provide little information on which to base common understandings and so communicators must be explicit†. Because of this fact, it is better to view all diverse organizational environments as low-context cultures. Cultural bias Cultural bias is an additional factor which challenges culturally diverse work environments. Cultural bias includes both prejudice and discrimination. â€Å"Prejudice refers to negative attitudes toward an organization member based on his/her culture group identity, and discrimination refers to observable adverse behavior for the same reason†. Assimilation Another challenge faced by culturally diverse organizational environments is assimilation. According to the journal Cultural Diversity in the Workplace: The State of the Field, Marlene G. Fine explains that â€Å"Assimilation into the dominant organizational culture is a strategy that has had serious negative consequences for individuals in organizations and the organizations themselves. Those who assimilate are denied the ability to express their genuine selves in the workplace; they are forced to repress significant parts of their lives within a social context that frames a large part of their daily encounters with other people. † She goes on to mention that â€Å"People who spend significant amounts of energy coping with an alien environment have less energy left to do their jobs. Assimilation does not just create a situation in which people who are different are likely to fail, it also decreases the productivity of organizations†. BENEFITS OF DIVERSITY IN THE WORKPLACE Diversity is beneficial to both the organization and the members and brings substantial potential benefits: Managing diversity well provides a distinct advantage in an era when flexibility and creativity are keys to competitiveness. An organization needs to be flexible and adaptable to meet new customer needs. Heterogeneity promotes creativity and heterogeneous groups have been shown to produce better solutions to problems and a higher level of critical analysis. This can be a vital asset at a time when the campus is undergoing tremendous change and self-examination to find new and more effective ways to operate. With effective management of diversity, the corporate develops a reputation as an employer of choice. Not only will you have the ability to attract the best talent from a shrinking labor pool, you can save time and money in recruitment and turnover costs. Better decision making and improved problem solving, greater creativity and innovation This leads to enhanced product development, and more successful marketing to different types of customers. Simply recognizing diversity in a corporation helps link the variety of talents within the organization. The act of recognizing diversity also allows for those employees with these talents to feel needed and have a sense of belonging, which in turn increases their commitment to the company and allows each of them to contribute in a unique way. Ability to compete in global markets Diversity also provides organizations with the ability to compete in global markets. Diverse organizations will be successful as long as there is a sufficient amount of communication within them. Because people from different cultures perceive messages in different ways, communication is vital to the performance of an organization. Miscommunication within a diverse workplace will lead to a great deal of challenges. Diversity is not only about preventing unfair discrimination and improving equality but also valuing differences and inclusion, spanning such areas as ethnicity, age, race, culture, sexual orientation, physical disability and religious belief. Scott Page’s (2007) mathematical modeling research of team work supports this view. He demonstrated that heterogeneous teams consistently out-performed homogeneous teams on a variety of tasks. Page points out that diversity in teamwork is not so simple in the messy real world. Too often the cultural differences create problems. The goal is to manage diversity to take full advantage of it. MAKING DIVERSITY A BUSINESS ADVANTAGE Diversity is being touted as the most important source of competitive strength in the global markets. Rather than merely observing minority representations within a rank, companies are now dwelling into their employee’s backgrounds, perspectives, styles to gain better understanding and using them to leverage business advantages. Companies are attaching importance to diversity and how it could benefit the bottom-line. By adopting a few practices, companies can create a diversity strategy. Ask relevant questions such as which diverse populations is your company serving, how can the diversity of your company reach them, how can your company better leverage diversity. Answering these questions will give you an insight into your diversity strategy. Building a strong infrastructure is also an important practice while creating diversity strategy. Merely appointing a diversity officer is not enough, involvement of all senior management is important. By doing so, your diversity strategy isn’t isolated. Create different groups that will focus on different identity groups. These teams will help to spot market opportunities upon which companies can act and gain profit. Like in any other corporate initiatives, involve every employee in diversity efforts and hold them accountable. Inclusion of different employees will boost them to put greater efforts in diversity strategy. Diversity strategies are being viewed as the latest effort to gain competitive edge over rival companies and to grow and strive in the global market. Serving are the three main steps that can be followed to generate higher leadership qualities. If we want to develop effective working relationships with diverse people at work, we need to start with similarities, not differences, among people when you build relationships. Diversity in the workplace adds a special richness, but also special challenges. As a human resources professional, manager, supervisor, coworker, staff member or business owner, effective diverse work relationships are critical for your success. Emphasis is on honoring and appreciating the diverse needs, skills, talents, and contributions of people in recent years. While this is critical, don’t let the pendulum swing too far in this direction. We are in danger of forgetting to honor and appreciate our similarities. By acknowledging the similarities and likenesses, we create a starting point for understanding and appreciating diversity in the work place. A strong example emerges in The Human Capital Edge: 21 People Management Practices Your Company Must Implement (or Avoid) to Maximize Shareholder Value (Compare Prices), by Bruce N. Pfau and Ira T. Kay, executives with Watson Wyatt Worldwide. In Watson Wyatt’s Work USA research, they asked 7500 workers at all job levels across diverse industries to respond to 130 statements about their workplaces. Watson Wyatt broke down the responses to look for diversity patterns across demographics including whites versus minorities, men versus women, and people over and under 30 years old. They found more similarities than differences, especially in the categories respondents rated as most important to them. People agreed about what inspires their commitment to a particular employer. People cited the following factors as important. * They supported their company’s business plan, * They had a chance to use their skills on the job, * Their reward package was competitive, and The company acted on employee suggestions. People also agreed on what organizations need to improve: employee input and promoting the best performers while helping the worst performers get better. Additionally, the employees want to know how their job affects internal and external customers. They want to understand how their job contributes to the accomplishment of company business goals. They want a safe work env ironment and highly rated products and services. RECOMMENDATIONS FOR DIVERSE WORKPLACE SUCCESS Managing diversity tools Managing diversity goes far beyond the limits of equal employment opportunity and affirmative action. High performing diversity managers recognize that specialized skills are necessary for creating a productive, diverse workforce. They seek out continuous learning opportunities and some go as far as acquiring certification. Managers must be willing to work towards changing the organization in order to create a culture of diversity and inclusion. Assessment skills and diversity education are key elements of culture change. However, the leadership’s support of the change cannot be understated. Creating the Multicultural Organization â€Å"The key to managing a diverse workforce is increasing individual awareness of and sensitivity to differences of race, gender, social class, sexual orientation, physical ability, and age†. There are several ways to go about creating the multicultural organization that performs extremely well. The â€Å"business case for diversity†, theorizes that in a global marketplace, a company that employs a diverse workforce (both men and women, people of many generations, people from ethnically and racially diverse backgrounds etc. is better able to understand the demographics of the marketplace it serves and is thus better equipped to thrive in that marketplace than a company that has a more limited range of employee demographics. An additional corollary suggests that a company that supports the diversity of its workforce can also improve employee satisfaction, productivity and retention. This portion of the business case, often referr ed to as inclusion, relates to how an organization utilizes its various relevant diversities. If a workforce is diverse, but the employer takes little or no advantage of that breadth of that experience, then it cannot monetize whatever benefits background diversity might offer. In most cases, US employers are prohibited by federal and state laws from giving race or ethnicity any consideration in hiring or assigning employees. However, the US Supreme Court has upheld the use of limited preferences based on race, ethnicity, and sex, when there is a â€Å"manifest imbalance† in a â€Å"traditionally segregated job category. † In response to the research, Pfau and Key recommend that organizations concentrate on four areas with their employees. * Keep your company effective, winning, and on the right track. * Help people, supplied with needed resources; use their talents and skills to contribute to the overall accomplishment of organization objectives. * Respect and value people and recognize and act on their contributions. * Create an environment in which people have interesting work and enjoy their coworkers. On the Interpersonal Level Take a look at your coworkers or reporting staff with new eyes. Think about the factors that you share in common with them. You’ll find: * You’re all human beings with complex emotions, needs, interests, outlooks, viewpoints and dreams. Share something about yourself to create an environment in which your coworker wants to share information with you. Listen and don’t pry. Polite and continuing interest in your coworkers contributes to workplace harmony. * You have family and other interests outside of work. Hear what your coworkers tell you about their personal lives. Remember the highlights to demonstrate respect and interest. You have similar needs from work as demonstrated above in The Human Capital Edge. Acknowledge this and note the commonalities. Work is more exciting when you feel as if you are accomplishing mutual goals. Act as if you are part of a winning team. Emphasize, with coworkers, your common interest in your success and the success of the organization. You’ll get to know people as people if you partici pate in any fun or team building events your organization sponsors. Better yet, join the team that plans them. Implementation Diversity issues change over time, depending on local historical and dynamic conditions. Overt â€Å"diversity programs† are usually limited to large employers, government agencies and businesses facing rapid demographic changes in their local labor pool and help people work and understand each other. The implementation of diversity is often limited to the Human resources department] when there is also a good economic case for UK companies to use it as a tool to reach new market shares. Legal frameworks US anti-discrimination laws prohibit employers giving any consideration to customers’ preferences for being served by employees of a given gender, ethnic group, or color. In general, the laws also prevent consideration based on religion, although the law allows major exceptions of this provision for religious organizations. Many countries are also introducing anti-discrimination laws (for example the DDA in the UK) forcing companies to be more aware of diversity. The law student organization Building a Better Legal Profession generated significant controversy in October 2007 for reporting data suggesting that most private law firms themselves lacked demographic diversity. CONSEQUENCES OF IGNORING DIVERSITY Ignoring diversity issues costs time, money, and efficiency. Some of the consequences can include unhealthy tensions; loss of productivity because of increased conflict; inability to attract and retain talented people of all kinds; complaints and legal actions; and inability to retain valuable employees, resulting in lost investments in recruitment and training. CONCLUSIONS ABOUT DIVERSITY AND SIMILARITY If you start by recognizing the ways in which you are similar to your coworkers, you’ll build a base of understanding and acceptance that will withstand the sometimes stormy times when your differences come to the forefront. REFERENCES 1. Cultural diversity in the workplace : issues and strategies / George Henderson by Henderson, George, 1932- Westport, Conn. : Quorum Books, 1994 2. www. unep. org 3. www. unesco. org 4. The Human Capital Edge: 21 People Management Practices Your Company Must Implement (or Avoid) to Maximize Shareholder Value Bruce N. Pfau and Ira T. Kay, executives with Watson Wyatt Worldwide 5. Cross-cultural management / edited by Gordon Redding and Bruce W. Stening Cheltenham : Edward Elgar, c2003 6. Cross-cultural management : case studies development and delivery : report and case studies /CCM Research Team ; Research Institute for Asia and the Pacific, University of Sydney Sydney : Research Institute for Asia and the Pacific, University of Sydney, 1997 7. Multinational cross-cultural management : an integrative context-specific process / Robert J. Mockler, Dorothy G. Dologite by Mockler, Robert J Westport, Conn. : Quorum Books, 1997 8. International management : a cross cultural and functional perspective / Kamal Fatehi by Fatehi, Kamal Englewood Cliffs, NJ. : Prentice Hall, 1996 How to cite Cultural Diversity in the Workplace, Papers

Perception Paradigm Essays - Sexual Health, HIVAIDS, Sexual Acts

Perception Paradigm Many theories and much research has been conducted on contraception in general, and more recently on condoms in particular, as a result of the AIDS epidemic (Lear, 1995). Condom usage and AIDS education are essential tools for reducing the impact of the disease, yet fewer than one third of sexually active college students report consistent condom use (Seal & Palmer-Seal, 1996). It seems that sexually active individuals rarely discuss safer sex or ask about their partner's sexual activity before engaging in sexual activity (Seal & Palmer-Seal, 1996). This raises some questions as to the origin of the avoidance of safer sex discussion. It has been found that the interpersonal reactions of sexual partners, rather than the less direct thoughts of AIDS risk, influence attitudes towards condoms and condom usage (Casteneda & Collins, 1995). These personal interactions among partners in a sexual relationship are a result of attitudes each partner carries about sex, contraception and a sexual relationship itself. Attitudes can be ascertained by means of person perception evaluations, which present the behaviors of a target person (e.g., introducing a condom) and categorize the social meanings imposed on the actor within the situation (Castenada & Collins, 1995). In order to accurately evaluate the social meanings within a sexual relationship using a person perception paradigm, the paradigm itself, as well as the communication patterns about the relationship and condom usage must be assessed. Person Perception Paradigm and This Study The efficacy of the person perception paradigm for accurately gathering the social meanings implied by certain actions has been proven in past research (Collins lecture). While most research directly asks participants what they think, person perception studies a more subtle means of gaining the participants reactions. The current study used a person perception test to evaluate the attitudes of participants about women in a sexual relationship when she either proposed a condom, or said nothing about contraception, while expressing either concern or saying nothing about her emotional state. There were four different possible types of situations that the male observers could have been given: the "concerned" female who did not propose a condom, the "concerned" female who said, "I have a condom with me," the female who said nothing and did not propose a condom, and the female who said nothing about her emotional state, but said she had a condom with her. These females were then evaluated by male observers on various aspects of her perceived personality. Males rated the females on such items as, if they were active or passive, if they were promiscuous or not, etc. No other research has addressed a sexual situation where women talk about their feelings and present a condom in a person perception paradigm . It will be interesting to see how the male participants assess the situation. This study used six different scales comprised of separate items in order to accurately assess the perceptions the male observers held about the female targets. The scales were a "Sexual attractiveness" scale, which determined how sexually attractive the woman was, a "Responsibility" scale, which determined the extent to which the woman was responsible, a "Takes Charge" scale, which assessed the male observer's ideas about how active the women in the situations were and two other scales which assessed how "Nice" and "Exciting" the woman was. It is hypothesized that there will be high correlations between the separate items within each of these scales, which indicates that the items will be measuring similar properties. But there will be low correlations between any two scales and between any items and a separate scale, which will indicate that the scales were measuring different attributes. Past Research on the Person Perception Paradigm Past research has found that people do make judgments based on the contraceptive choices that target

Fixed Income Securities Market in Pakistan

Fixed Income Securities Market in Pakistan Free Online Research Papers A well functioning bond market is imperative for the development of a nation’s economy and ensuring the financial sector stability. This paper gives an overview of the current structure of Fixed Income Securities Market Pakistan and its functioning. The paper also focuses on the key obstacles which are in Pakistan’s way to make its bond market strong, deep and liquid. Suggestions are also given to remove the impediment from the development of an efficient Fixed Income Securities Market in Pakistan. Introduction An efficient fixed income security market, both government and corporate, is highly gratifying for the swift development of any economy as it leads to the efficient mobilization of resources for long-term investment. Governments can help achieve the allocative efficiency from the Market based Government Debt Securities . The frequent issues of securities of various maturities by the government helps building a yield curve that serves as the benchmark for the issuance of corporate debt securities. Raising funds through bonds saves the company from the cumbersome procedure of issuing equity. Companies know their interest expenditures before hand and this known cost of capital helps them in planning budgeting process. A strong bond market offers an alternative source of financing to companies other than banks. This alternative source of financing was quoted as â€Å"the spare tire† of economy by the former Federal Reserve Chairman Allan Greenspan . Lack of an efficient bond market is often seen as the primary reason behind the Asian Crisis. The banking sector could not stand in front of the Asian Crisis of 1997, FDI started flying back and the financial system had nothing to offer in terms of capital as the inability of the emerging markets of Asia to borrow long term in local currencies had resulted in very weak fixed income securities markets and this â€Å"Spare tire† was not available to the crisis struck countries. This shifted the focus of policy makers towa rds the creation of an efficient bond market. However, many crisis ridden emerging economies still lag behind in terms of the bond markets (Table-1) Table-1 Country Bond Market as % of GDP Country Bond Market as % of GDP India 0.4 Malaysia 38.2 China 0.7 USA 22 Brazil 0.6 Korea 21.1 Russia 1.5 Japan 16.3 Global Financial Stability Report-2005, IMF So, a strong efficient bond market and a strong banking sector offer healthy competition to each other and by complimenting each other ensure financial stability even if one source in under stress. 1. Country Background Pakistan inherited an undersized and undeveloped financial structure after the independence. The financial structure that we have today in Pakistan is the result of many experiments, policy shifts and developments. We can segregate the eras of policy shifts developments into following periods; Till 1971, the primary focus was of the governments was on the development of commercial banks in the private sector and creating Development Institutions backed by government. The 1947-1960 era was marked with private sector development while the focus during the 1960-1971 was on the development of public sector institutions e.g. KPT, SSGCL, SNGP etc. The private sector development almost clogged during the 1971-1990, owing to the nationalization policy of the Z.A Bhutto regime and non-friendly policy towards private businesses by their predecessors. The banking sector came into government’s control during this period. The government, however, followed more liberal and market based reform in the post 1990 era. The fixed income securities market followed the similar shift as shown in the above given developments. The initial phase of the fixed income securities market is from 1947 to 1990. The government, federal as well as provincial, used to borrow on tap instruments and captive funding. Owing to the concessionary loans available from the state bank, the federal government could finance its fiscal deficits from these loans. So, till 1990s, there was no scope for the development of an efficient government securities market that could provide a benchmark yield curve for the development of a private sector bond market The government issued prize bonds in 1960s and some NSS schemes but since they were all on TAP so there could not develop a secondary market for them. In 1960s and 1970s the debentures issued by Pakistani corporations were listed on the stock exchanges with a very limited secondary market. Prior to 1990, the biggest issue of bonds by some corporation was by WAPDA (Table-2). This issue was a failure and the reasons are mentioned below. However, there is strong opinion that the debentures issued by WAPDA failed because the market was very immature for such kind of move. . Issuing Corporation WAPDA Issuance Year 1988 Funds Generated RS 22.5 billion Experience Failure Reason WAPDA was unable to payback on maturity due to insufficient funds No Secondary Market Table-2 Post 1990 Era The post 1990 era was marked with liberal reforms market based reforms by the government in the economy. This is the era in which Pakistan came into the fixed income Securities Market. We can segregate the post 1990 bond market into 1) Government Debt Securities, 2) Corporate Debt Securities. 2. Government Debt Securities The government of Pakistan has run over large fiscal deficits over the two decades. The fiscal deficit stands at $373 billion in fiscal year 2006-07 . This has resulted into the accumulation of large domestic debt of Rs. 2511 billion in fiscal year 2006-07 3.1 PIBs- Pakistan Investment Bonds Government of Pakistan issued long term paper (FIBs) in 1992, with this came into being the long term yield curve so the corporate enteritis to benchmark and issue their own long term securities. The auction of FIBs was stopped in 1998 due to less response by the public on the declining earnings on these instruments. At that time, there was no long term marketable government security that could meet the investment needs of institutional investors. The, government, in order to develop the longer end of its debt market for creating a benchmark yield curve and to enhance the corporate debt market, decided to launch Pakistan Investment Bonds in December 2000. These bonds have the following characteristics Issued in five tenors of 3, 5, 10, 15 and 20-years maturity. Primary Dealer maintains a Subsidiary General Ledger Account (SGLA) with SBP for the settlement purpose Purchased by individuals, institutions and corporate bodies including banks irrespective of their residential status. SBP Ministry of Finance announce the coupon rates and the target amounts after consulting each other Profit is Paid Semiannually The PIBs represent 63% of total permanent debt while 13.23% of the total domestic debt by March 2007. 3.2 MTBs Market Treasury Bills are the short term securities for government borrowing. They have the following Characteristics; Issued in three tenors of 3-month, 6-month and 12-months maturity Zero Coupon bonds sold at a discount to their face values Purchased by individuals, institutions and corporate bodies including banks irrespective of their residential status. Primary Dealer maintains a Subsidiary General Ledger Account (SGLA) with SBP for the settlement purpose The outstanding amount of MTBs as of March 2007 is Rs. 1086.25 billion (43.25% of total Domestic Debt) 3.3 Auction Process for Government Securities State bank of Pakistan acts as an agent for the government to raise the short term long term funds from the market. State Bank sells the MTBs and PIBs to the 10 primary Dealers through price sealed bids auction. The 10 primary dealers are: ABN Amro Bank NV Citibank Habib Bank Limited JS Bank Limited MCB Bank Limited National Bank of Pakistan Pak Oman Investment Co. Prime Commercial Bank Standard Chartered Bank (Pakistan) Limited United Bank Limited The auction of MTBs is done on a fixed schedule on fortnightly basis while the auction of PIBs is done under Jumbo issuance mechanism under which the previous issues are reopened in order to enhance their liquidity in the secondary market. Domestic Debt Profile of Pakistan-March 2007 Domestic Debt $2511.969Billion Permanent Debt 528.802 Market Loans 3.026 Federal Government Bonds 9.313 Income Tax Bonds 0.022 Government Bonds 0.052 Special Governemnt Bonds for SLIC ( capitalization) 0.585 Bearer National Fund Bonds(BNFB) 0.007 Special National Fund Bonds 0.001 Government Bonds (issued to HBL for settlement of CBR Refund) 9,805 9805 Federal Investment Bonds(Auction) 3.331 Federal Investment Bonds (TAP) 0.001 Pakistan Investment Bonds (PIBs) 332.534 Prize Bonds 170.126 F loating Debt $ 1086.524 billion Treasury Bills(3 Months) 0.013 Market Treasury Bills 556.67 MTBs for Replenishment 529.994 Unfunded Debt $ 896.643 billion Defence Savings Certificates 291041 National Deposit Certificates 0.023 Khas Deposit Certificates 0.28 Special Savings Certificates 143.528 Special Savings Certificates 0.286 Regular Income Certificates 572.23 Bahbood Savings Certificates 181.716 Khas Deposit Accounts 0.321 Savings Accounts 9.224 Special Savings Accounts 55.272 Mahana Amdani Accounts 2.479 Pensioners Benefit Accounts 66.903 Postal Life Insurance 67.122 GP Fund 20.723 Source-Economic Analysis Department, SBP 3. Corporate Debt Market/Statutory Debt Market The bond market in Pakistan saw its first corporate issuance in 1995 by Packages Limited. The trend of issuing TFCs could not pick up the pace till 2000 when government stopped the institutional investors to invest in NSS which proved to be highly beneficial for TFCs. Almost all the public offers were over-subscribed, this was also mainly due to the declining interest rates offered by banks and the National Savings Schemes (NSS). There is a great potential in the Pakistani debt market that is yet to be explored. Currently the corporate debt market is 1.12% of the total GDP. 4.1 TFCs The first TFC was issued in 1995 by the Packages Limited (Table-3). Table-3 Issuing Corporation Packages Limited Funds Raised RS 232 million Issuance Year 1995 Rating (PACRA) A+ Coupon Rate 18.50% The largest TFC was issued by PIA in 2003 (Table-4) Table-4 Issuing Corporation PIA Funds Raised RS 15.4 billion Issuance Year 2003 Reason Purchase of Boeing 777s Table-5 TFCs in Pakistan Type of Security Redeemable Debt Security Legislative Background Companies Ordinance, 1984 Distinctive Feature Sharia Compliance/ Interest Rate was termed as â€Å"Expected Profit Rate† Year of First Issue 1995 Largest Issue RS 15.4 billion Smallest Issue RS 100 million Average Issue RS 660 million Benchmark Rates KIBOR, DSCs Type of Interest Rate Floating The interest rates, however, are falling for TFCs (Table-5). A major reason can be the falling interest rates for KIBOR, NSS, PIB and discount rate (Graph-1). Moreover, the trend has shifted from non-financial institutions issuing TFCs to Banks issuing TFCs to raise their Tier II capital 4.2 Role of Credit Rating Agency There are two credit rating agencies in Pakistan. The Pakistan Credit Rating Agency (PACRA) was established in 1994 prior to the first public issue of Term Finance Certificate in 1995. PACRA is a joint venture between LSE Fitch-IBCA of UK. The second credit rating agency is DCR-VIS which is a joint venture between Duff Phelps Rating Agency Vital Information Services (a local company). The objectives of PACRA are to provide technical assistance for establishing operating procedures, establishing mechanisms for rating, the training of professional personnel Joint handling of rating process in initial stages, a review of public information on the client and its industry, preparation of agenda for discussion with the issuer. For this the agency meets the issuer, and has a rating committee meeting. During this meeting the agency holds a discussion and assignment of rating. The issuer is advised of the rating and the rating and report is made public Graph-1 Source: SBP â€Å"Fostering Bond Market in Pakistan†, Farhan Hameed 4. Impediments to Bond Market Development in Pakistan The economy of Pakistan is booming and there is a lot of potential for growth in the coming years. The governmental policies and the overall economic environment of the region promises a lot in terms of financial development, Pakistan is the fastest growing economy in south Asia and this has attracted many foreign investors. This is evident from the fact that in the fiscal year 2006-2007 the net foreign direct investment in the country was greater then $6billion. There is a vast potential that is yet to be explored in the fixed income securities market of Pakistan. There is widespread agreement among the government and private sector participants that Pakistan needs a viable bond market in order to mobilize private savings efficiently for long term investments. We can mention here some obstacles which are in the way to create a strong efficient bond market in the country. 5.1 Crowding Out by the Government Securities A very big hurdle in the development of an efficient corporate bond market in Pakistan is the fact that the Government Securities and the Corporate Securities both compete for the same pool of resources. The government has the advantage of being the risk free. Government attracts savings from the retail investors through NSS while from the institutional buyers through PIBs and MTBs. Since the government securities are risk free so their rates should be less than the TFCs which have more risk than the government securities but the TFCs are priced very close to the Defense Saving Certificates which are another type of government securities with 10 year maturity and government guarantee. So this very small difference of returns between a riskless investment (DSCs) risky investment (TFCs) make the later less attractive for the investor. So there lacks a level playing field between the government securities and that of corporate sector. 5.2 Lack of Benchmark Yield Curve There does not exist a credible long term yield curve which hinders the development of an efficient corporate bond market in Pakistan. PIBs are the long term papers issued by the government and there are two reasons behind for which they do not form a credible long term yield curve. First the interest rates on the PIBs are not market driven, government teds to keep them low while market expects them to be high. This is why since 2004 there has been only one successful auction of PIBs and other bids were rejected. Secondly, there is hardly any secondary market for the PIBs which undermine its status as the benchmark. Due to recent scraping of PIB’s auctions, its supply has decreased in the market which has resulted into increased prices of the bond so we see that prices have increased just because of a factor of demand and supply that has nothing to do with the actual attractiveness of the security and the state of the nation’s economy. Since government has the influence over the institutional investors so they buy government’s long term paper even at lower rates but even they don’t keep and trade the PIBs till maturity in order to avoid booking the capital losses. Since the PIBs by now means serve as the benchmark for the issuance of the corporate bonds so TFCs are issued by the corporate entities making the floating interest rates, like KIBOR, the benchmark rate. 5.3 Administrative Hurdles The issuance cost of TFC is a big hurdle in the way of development a strong bond market in Pakistan. In addition to the coupon rate of the bond, the costs include the stamp duty as 0.15 % of the face value, listing charges, trustee fee, advertising fee and rating charges. These issuing costs can really affect the development of a bond market. The cost of issuing in Japan was approximately 2.5 % of the face value that hampered the growth of the bond market in the country, as opposed to only 0.7% in USA. On the other hand SECP SBP are following discriminating policies towards the corporate bonds. State Bank of Pakistan does not consider the investment in TFCs eligible for SLR. However, SBP allowed the Sukuk Islamic Bonds issued by WAPDA to be the part of SLR â€Å"Statutory Liquidity requirement â€Å"of the banks. This shows a clear example of ad-hoc policies by the regulators. Such regulations shatter the investor confidence in the bond market. 5.4 Liquidity/ Secondary Market Although TFCs are listed on the stock exchanges but still there is hardly any trading. In the absence of well functioning secondary market investors demand higher premium for liquidity on TFCs which increases the cost of capital for the issuing firm. World over, the bonds are traded over the counter (OTC) and large corporate issues are encouraged. The scale of issues is very small in Pakistan and that means that even small trading can affect the price which is a negative aspect. Above all, the pricing and trading of bonds is highly complex mechanism which requires very sophisticated professionals financial analysts which are hardly available in a developing country like Pakistan. 5.5 Non-diverse Investor Base The major part of the government securities is in the form of MTBs and they are mostly bought by the financial institutions which use them for the REPOs. That’s why the bonds are only purchased by the banks only and are exchanged in between themselves. The diverse investor base is imperative for making the bond market less volatile and reducing the risk. A more diverse set of market players is considered beneficial to help eliminate the uniform direction and provide greater stability to the market. 5.6 Disclosure Requirements/Transparency Pakistani investors are more risk averse and they have always been prone to invest in NSS and gold which offer almost negligible risk. The transparency requirements have to be met by the companies in order to issue debt. Lack of transparency in local private firms makes them less likely to attract the investors by issuing debt, specially the foreign investors who are used to work in very regulated and transparent environment where hardly anything is left to chance. Most of the companies lack the reputation to qualify for a rating that could elicit a satisfactory public response 5. Recommendations The current economic circumstances in Pakistan satisfy many of the prerequisites for the development of an efficient fixed income securities market. A strong corporate debt market can flourish at the point where Pakistan is standing today with stable macroeconomic indicators and excellent banking system. However, still some steps are yet to be taken in order to take Pakistani bond market to its actual potential. Some of those steps are put as recommendations here; 6.1 Building a yield curve for the bond market The government should create a long term yield curve for the bonds this could be achieved through ensuring regular issues of the government bonds of various maturities. However, emphasize should be on building the long term yield curve which is almost non-existent in Pakistan. A benchmark yield curve helps in the pricing of other fixed income instruments. This would not only attract the new investors but will also help in enhancing the confidence of customers on the economic policies and the local itself. In order to ensure the regular supply of PIBs in the market, government should come up with a proper issuance calendar with clearly indicated targets. Government should borrow more from market at market rates rather than from the State Bank. Even if there does not exist a secondary market and government increases the issuance of PIBs at market determined rates, it can help create a benchmark yield curve. The lack of supply of PIBs in the market results into an artificial increase in their prices which should be avoided and the government should ensure the regular issues of PIBs even if it does not require the funds. This is because the fact that the regular issues would stop the increase in the prices of PIBs just because their unavailability and their prices would reflect their actual market worth and the state of the Pakistan’s economy and PIBs would serve as the justified and credible benchmark long term yield curve. The economic managers of the country state that the less issuance of the PIBs in last two years is due to high inflows in NSS. The government should understand that it will have to issue PIBs regularly even if it is running in surpluses. It is the same as the government raised $500 million from Euro bonds when it did not require the funds but issued the bonds just to show the presence in the international market . The similar approach should be adopted in the domestic market. 6.2 Increased Size of the Bond Market A big hurdle in the creation of a secondary market in Pakistan has been the limited size of the issuance. The policymakers should focus on the fact that larger the size of the outstanding bond market, the larger is the turnover and the liquidity. Since the outstanding size of MTBs and PIBs is just $ 23 billion in Pakistan which is quite small. In order to create the size of the market, the government can opt for issuing the bonds for some specific maturity, mainly the long term maturity. The major chunk of the outstanding domestic debt is in the form of MTBs which are short term 6 or 12 months securities. The preference should be given to PIBs with 10 years maturity. This increased focus by government on PIBs would enhance its market size and there would be more turnover and trading in this long term government security that would give it a market based price and interest rate which would further become a justified and credible benchmark for the corporate bonds. 6.3 Stopping Institutional Investors from NSS The government of Pakistan barred the institutional investors to invest in NSS in 2001 but it has allowed the institutions to invest in NSS. This would damage the market for TFCs since the institutions would invest largely in NSS. The government should also lower the interest rates on NSS as they serve as the benchmark for the long term corporate funds and since the current rates are high on them so they make the rates on corporate bonds higher. Since the NSS certificates are usually not held to maturity so actual cost of debt is even lower so this further distorts the rates on corporate bonds. 6.4 TFCs as the part of SRL The SBP should accept the TFCs of blue chip companies as the part of SLR, statutory liquidity requirement. This would not be a big deviation from the current policies as SBP accepts the NIT units as the part of the SLR which is similar in nature to a TFC and NIT certificates are not rated by any rating agency but a company that issues TFCs is a rated company so SBP should reconsider its policy towards TFCs. This would increase the marketability of TFCs and Banks and other Non Banking Financial Institution would be more interested in buying TFCs for Repos purpose. 6.5 Diversifying Investor Base Currently the majority of bondholders are financial institutions i.e. banks. Retail investors and foreign investors have much smaller participation in the bond market. This small investor base gives rise to a one-way market. A sort of cartel has developed and only a few buyers are able to dictate the terms. The government could increase the customer bade by targeting the retail customers. For this purpose, the government can use the channel it uses to sell prize bonds to local investors. Since the government has infrastructure available for selling the prize bonds so there would be less costs related to this new approach. This more diverse set of market players will be beneficial in eliminating the uniform direction and will provide greater stability to the market. 6.6 Investor Awareness The government should announce the calendar for the auctions of the bonds and this should be communicated to the potential investors. The aim of announcing should be that people should know ahead of time and it should be seen as continuity, predictability, and transparency in issuing bonds. The prices and rates should be given immediately in the local newspaper as well as on the website of SECP SBP. 6.7 Availability of Professionals as mentioned above, the mechanism of bond market is highly complex and integrated so pricing and other related activities is very challenging and requires exceptional professional skills which are scarce in Pakistan, even in many institutions. Most of the investors, both retail and institutional, fail to gauge the sentiment of the market and opt for the buy hold strategy. State Bank and SECP should conduct regular investor awareness seminars of international standards. SECP SBP should offer the training programs to professionals to make them equipped with the skills needed to work in bond market. The SBP, SECP, Leading Banks, Brokerage Houses and other financial Institutions should work closely with the top business schools of the country (NIMS, IBA, and LUMS) to equip the students of finance accounting with the skills which are needed by a professional to work in a bond market. 6.8 Risk Management/ Hedging Instruments Hedging instruments are essential to mitigate the risk associated with the bonds and enhance the investor confidence and thus create an efficient and liquid bond market. Government should encourage the institutions to come up with interest rate futures and bond futures and these futures should be allowed to be traded on the stock exchanges in order to provide them liquidity. 6.9 Administrative Reforms The government should ease the issuance procedure of TFCs at SECP and remove the administrative hurdles. So, the companies would be more motivated to issue TFCs. The government should revise the stamp duty on TFCs. SECP should be proactive in its approach. With the passage of development, there would be new kinds of debt securities in the Pakistani market; the SECP should be ready to formulate policies for such securities. 6.10 Stopping the Municipal Bonds The government should only issue bonds at the federal level and no provincial and municipal government’s should be allowed to issue bonds as they don’t have an income of their own and are dependent on the federal and the provincial government for the allocation of the resources. Generally the municipal administrations are in deficit coupled with corruption and mismanagement of resources has lead to the malfunctioning of the municipal government. The issuance of the municipal bonds would only lead to the default and putting the federal bonds credibility at stake. Conclusion Developing a well-functioning, deep and liquid bond market is not an easy task. The scenario in Pakistan is much more conducive today for the development of an efficient strong bond market than a decade ago but still much is left to be done. Relevant institutions, both from government public sector, will have to be very well focused and work collectively for the bond market development in Pakistan. It may take a long time in turning today’s Pakistani bond market into an efficient one that comes at par with those of developed countries but if Pakistan makes the structural adjustments today, the affects would start to become visible in the recent future in the form of benefits sought. If we recall the words of Mr. Allan Greenspan, the former chairman of the Federal Reserve, Pakistan still does not have that â€Å"spare tire† of that economy that can hedge against any possible financial economic crisis in the future. Today we have to make a well directed and calculated e ffort to provide the country with this â€Å"spare tire† and a strong shield against any possible catastrophe. [1] 2nd SBP Conference, Call for Papers, Fixed Income Market Development in Emerging Market Economics. [2] Barbie Martin, 2001, â€Å"Government Debt as Insurance against Macroeconomic Risk†, Paper Abstract [3] Allon Greenspan, Former Federal Reserve Chairman, Speaking to a delegation of Financial Professionals Economists in Sundaresan University, Columbia, 2005 [4] Arif, M., 2006, â€Å"Developing Bond Market in Pakistan†, Research Paper Presented at SBP conference held at Karachi [5] Associated Press of Pakistan, Budget Statistics [6] Daily Times, Sunday, 20th May 2007 [7] FSCD Circular No. 1 of 2007, SBP [8] Luengnaruemitcha and Ong, 2005, â€Å"An Anatomy of Corporate Bond Markets: Growing Pains and Knowledge Gains†, Research Paper [9] Dr Ashfaq Hasan, Economic Business Review of Daily ‘DAWN’ on March 15, 2004 [10] McCauley Remolona, Their Statement about the minimum size of the Bond Market. [11] Pongpen Ruengvirayudh, â€Å"Fixed Income Market Development in Emerging Market Economies: Thailand† [12] Farhan Hameed, â€Å"Fostering Corporate Bond Market in Pakistan†, 2006, Research Paper presented at SBP conference [13] Ms. Uzma Khalil, â€Å"The Development of Debt Securities Market- Country Experience of Pakistan†, 2004, Research paper written for World Bank Seminar on Strengthening Bond Market in Pakistan. [14] Shabbir H. Kazmi, â€Å"A Growing Market for TFCs†, 2000. Research Papers on Fixed Income Securities Market in PakistanAnalysis of Ebay Expanding into AsiaPETSTEL analysis of IndiaTwilight of the UAWMarketing of Lifeboy Soap A Unilever ProductDefinition of Export QuotasInfluences of Socio-Economic Status of Married MalesIncorporating Risk and Uncertainty Factor in CapitalBionic Assembly System: A New Concept of SelfOpen Architechture a white paperHip-Hop is Art

How To Memorize Chemistry

How To Memorize Chemistry When you learn chemistry, its much more important to understand the concepts than to memorize structures, elements, and formulas. However, rote memorization has its place, particularly when you are  learning functional groups  (or other organic chemistry molecules) and when youre trying to keep names of reactions and structures straight in your head. Memorizing wont guarantee you a great grade on a test, but its an important tool to use. Theres more than one way to do it. Here are some of the best (and worst) ways to memorize chemistry. Memorizing Chemistry Using Repetition As you become more familiar with a word/structure/sequence, it will become easier to remember it. This is the memorization method most of us use. We copy notes, use flashcard to recall information in a new order, and draw out structures over and over again from memory. Does it work? Absolutely, but its a time-consuming process. Also, its not a practice most people enjoy. Since attitude affects memorization, the old tried-and-true method may not be your best bet. So, the key to effective memorization- whether its for chemistry or any other subject- is to not-hate the process and to make the memory mean something. The more personal the memory is to you, the more likely you are to remember it for a test and still recall it years down the road. This is where two more effective memorization methods come into play. Memorizing Chemistry Using Mnemonic Devices A  mnemonic device  is just a fancy phrase meaning memory device. The word comes from the ancient Greek work  mnemonikos  (meaning memory), which in turn comes from the name Mnemosyne, the Green goddess of memory. No, a mnemonic device not an appliance you tape to your forehead that transfers information into your brain. Its a strategy or method of remembering information that ties information to something meaningful. An example of a non-chemistry mnemonic you may know is using the knuckles of your hand to remember how many days there are in each calendar month. Another one is saying Roy G Biv to remember the sequence of  colors in the visible spectrum, where the first letter of each word is the first letter of a color (red, orange, yellow, green, blue, indigo, violet). Mnenomics are especially useful for memorizing lists. An easy method is to make a sentence or a song by taking the first letter of a word in a list to make a new work. For example, a mnemonic to memorize the first elements of the periodic table is Hi, he lies because boys can not operate fireplaces. This translates into hydrogen, helium, lithium, beryllium, boron, carbon, nitrogen, oxygen, fluorine. You could choose other words to stand for the letters. Another periodic table example  is The Elements Song. Here, the words actually are the elements, but learning them to the tune helps make the process easier. Using Memory Palaces To Memorize Chemistry Memory palaces (also known as methods of loci) may be the best way to remember chemistry (or anything else). To use this method, you place unfamiliar concepts or objects into a familiar setting. In order to start building your chemistry memory palace, start by associating items you know youll use over and over with a meaningful object. Which object you choose is up to you. What helps me remember might be completely different from what you might use. What should you remember? Elements, numbers, concepts for types of chemical bonds, states of matter... it is completely your choice. So, lets say you want to remember the formula for water, H2O. Start by giving meaning to the atoms, hydrogen and oxygen. You  might think of hydrogen as a blimp (used to be filled with hydrogen) and oxygen a young child holding his breath (thus depriving himself of oxygen). So, remembering water to me might be a mental image of a boy holding his breath while watching two dirigibles in the sky overhead. In my mind, there would be a blimp to either side of the boy (because the water molecule  is bent). If you wanted to add more details about water, I could put a blue ball cap on the boys head (water in large volumes is blue). New facts and details can be added as wish to learn them, so a single memory might hold a wealth of information. Using a Memory Palace To Memorize Numbers Memory palaces are incredibly useful for memorizing numbers. While there are several methods of establishing the palace, one of the best is to associate numbers with phonetic sounds and then make words out of a sequence of numbers. This is an easy way to remember long strings of number, not just simple ones. Here is a simple phonetic association, using consonants: Number Sound Memory Tip 0 s, z, or soft c zero starts with z; your tongue is in the same position to say the letters 1 d,t, th one downstroke is made to form the letters; your tongue is in the same position to say the letters 2 n n has two downstrokes 3 m m has three downstrokes 4 r 4 and R are near mirror images; r is the last letter in the word 4 5 l L is the Roman number 50 6 j, sh, soft ch, dg, zh, soft g j has a shape similar to the curve of a 6 7 k, hard c, hard g, q, qu Capital K is made of two 7s back to back, on their sides 8 v, f I think of a V8 engine or the drink V-8. 9 b, p b looks like a rotated 9, p is a mirror of 9 :The vowels and the other consonants are free, so you can form words that make sense to you. While the table might seem daunting at first, once you try a few numbers, it begins to make sense. After you learn the sounds, youll be able to remember numbers so well it will seem  like a magic trick! Lets try it with a chemistry number you should already know. If not, now is the perfect time to learn it.  Avogadros number is  the number of particles  in a mole of anything. It is 6.022 x 1023. Choose show sand tsunami. sh o w s a n d t s u n a m i 6 0 2 1 1 0 2 3 You might make an entirely different word using the letters. Lets practice in the reverse. If I give you the word mother,  what is the number? M is 3, o doesnt count, th  is 1, e doesnt count, and r is 4. The number is  314, which is how we would remember the digits of pi (3.14, if we didnt know it). You can combine images and words to remember  pH values, constants, and equations. The act of making an association between the fact you are remembering and the memory helps to make it stick.The memories will stay with you, so using this method is better than copying notes over and over and over. Repetition does work for short-term cramming, but for lasting results make your memorization mean something to you.

Advances in asthma management Research Paper Example | Topics and Well Written Essays - 2500 words

Advances in asthma management - Research Paper Example Most of the patients develop symptoms in early childhood. 80-90 percent of them experience symptoms before 6 years of age (Morris, 2014). But, the clinical presentation can occur at any age. If left unattended and in the presence of severe symptoms, asthma can contribute to morbidity and mortality. Asthma is an incurable disease and individuals with this condition will need regular follow-up and monitoring of symptoms. In this essay, advances in asthma will be discussed with reference to a case scenario. The most common symptoms of asthma in an adult are are wheezing, cough, nocturnal or exercise-induced cough, breathlessness, tightness of chest and sputum production (Morris, 2014). The symptoms may be perennial or seasonal, continuous or intermittent, or during the day or night. Some of the precipitating or aggravating factors include viral infections, intense emotions, environmental irritants, exercise, pets or carpets at home, drugs like aspirin, additive foods, weather changes, stress and certain diseases like gastrointestinal reflux, sinusitis and rhinitis (Morris, 2014; Hamilos, 1995). Many patients have a family history of asthma or other allergy conditions. Based on the history of frequency and the severity of acute exacerbation, asthma is classified into four types. They are mild intermittent asthma, mild persistent asthma, moderate persistent asthma and severe persistent asthma. It is important to ascertain the severity of asthma in a patient because; treatment of asthma is based on the severity and frequency of symptoms. In mild intermittent asthma, the symptoms occur less than twice a week. The flare-ups are brief and the intensity vary. Night symptoms occur less than 2 times a month and no symptoms occur in between flare-ups. FEV1 is atleast 80% of normal values. The variability of peak flow is less than 20 % (SIGN, 2009). In mild persistent asthma, the

Go tell it on the mountain by James Baldwin Essay

Go tell it on the mountain by James Baldwin - Essay Example â€Å"He awoke on this birthday morning with the feeling that there was a menace in the air around him’’ (Baldwin 1985, 19). The thought of sinning makes John depressed. John’s relationship with the father deteriorates because of his sin. He feels that obeying God requires submitting to his father. John tells Elisha that: â€Å"Elisha†¦ no matter what anybody says, you remember –please remember-I was saved. I was there.’’ This shows John depressed because of masturbating. â€Å"Then John knew that a curse was renewed from moment to moment, from father to son.†(Baldwin 1985, 288). This highlights John’s depressed state. Sinning is an innate behavior therefore should not cause depression. Instead, one should ask for forgiveness. The bitter relationship between John and Gabriel shows the theme of hatred. There is conflict between Gabriel and his son John. John did not understand the reason of Gabriel’s hate towards him. He tries all he could to appease Gabriel in vain. However, towards the end of the novel, John realizes that Gabriel hate could be because he was not his biological father but his stepfather. â€Å"He lived for the day when his father would be dying and he, John, would curse him on his death-bed.†(Baldwin 1985, 23) .This shows John’s hate for his father. â€Å"Satan, at the moment, stared out of John’s eyes while the spirit spoke.† This quote highlights Gabriel regarding John as a Satan. â€Å"And John did†¦to stare forever into the bottom of Gabriel’s soul.† This shows John disturbed looking for possible reason for Gabriel’s hate. The religious norms practiced by the community are hypocritical. Most of the church leaders and the congregation did not practice the Christian ideals they preached. The fact that Gabriel hated John despite the fact that he was a deacon shows religious hypocrisy. Gabriel does not seem pleased with John even after he became a saint. â€Å"They stood before each other in

Challenges for Advertising Agencies by New Delivery Systems

Challenges for Advertising Agencies by New Delivery Systems Maphosa  Mokone Title of essay or assignment: WHAT HAS BEEN THE CHALLENGE POSED FOR ADVERTISING AGENCIES BY NEW MEDIA AND DELIVERY SYSTEMS? This essay will firstly give a brief overview of the beginning of advertising agencies followed by a brief outline of the role of these advertising agencies. This will be followed by a discussion of about new media and its functions. The challenges that new media and delivery systems have posed for advertising agencies will be discussed and finally a conclusion. Overview of the beginning of advertising agencies will be discussed followed by a brief outline of the role of advertising agencies. Advertising agencies first became prominent in the late 1800s with a rising demand for advertising services from magazines and newspapers (Reference). The first known and acknowledged advertising agency was William Taylor from as early as 1786 followed by another prominent one in 1800 which was started by James Jem White at Fleet Street in London. Agencies started in America in 1850 which placed client produced advertisements in newspapers (Reference). Agencies started operating on a global scale during the early twentieth century. One of the currently well-known advertising agencies that started in the 1850s is James Walter Thompson (JWT) (Reference). JWT first joined Carlton and Smith Agency; eventually purchasing the advertising firm in 1877 and renamed it JWT. Inorder to be to make the agency successful, JWT hired artists and writers; forming the first known Creative Department in any advertising agency. JWT was also the first agency to develop and leave a global footprint (Refer ence). Since then, several other agencies have been created. Whilst some have survived through adapting to current global technological changes, some have folded as a result of depleting advertising budgets. This will be discussed further within the essay. Christian, (2014) asserts that advertising agencies usually operate independently from their clients and sometimes handle overall marketing and branding strategies and sales promotions for its clients. Businesses have for many years been reliant on advertising agencies which use advertising platforms such as television, newspapers, radio and magazines. Advertising agencies are services centred on advertising businesses. According to Hackley, (2010), advertising agencies create, plan and handle advertising for its customers. Advertising agencies may sometimes include marketing and undertake other promotional work for its clients (Hackley, 2010); and can sometimes also handle overall marketing and branding strategies and sales promotions for customers depending on the customers needs (Hackley, 2010). In the beginning, advertising agencies did not create advertisements but simply brokered advertising space in magazines and newspapers. Advertising agencies have overtime added creative se rvices to increase revenue. Their main role is to work with clients to develop advertising campaigns. They are staffed by copywriters, art directors, and media planners who create and place advertisements in what they deem as appropriate media for target audiences. Advertising agencies work within a companys advertising budget. What is New Media and its functions Advertising is becoming increasingly refined due to the introduction of new media. Chun and Keenan, (2006. Eds) refer to New media as products and services that provide information using various forms of electronic communication accessible the use of computer technology; it generally describes content that can is available on-demand through the Internet. New media enables people to view any content on various devices such as computers, laptops, tablets etcetera. This provides people with a way to immediately interact with the content and also enables people to share a lot of content online within a short space of time; this can be social networks or work related content with co-workers. Heath and Bryant, (2000) state that the introduction of new media has posed challenges to traditional advertising agencies due to the growth of the Internet and mobile technologies. Lewis, (2010) concurs by suggesting that the introduction of new media has had significant implications for advertising industry as new media has become the preferred platform of advertising thereby usurping business from advertising agencies. Dewdney and Ride, (2006) state that one of the key features of new and emerging media technologies which are now being used to advertise are often portable and have the capability to reach a wider audience within a very short space of time. New media advertising is mainly cost effective as most of the advertising platforms are free; this is not the case with old media which has always been used by advertising agencies (Lindgren cited in Galloway, 2005). New media advertising has the ability to promote visual marketing which is appealing to the consumer as compared to old media advertising which mostly in print form; and also enables content delivery on demand by consumers depending on the target audience (Las Vegas Review Journal, 2016). New media enables clients to develop blogs or webpages that provide up-to-date information on their products or services within seconds whereas advertising media have to plan in advance and schedule release of information following availability and purchase of advertising space. Within new media delivery systems, customers can subscribe to news feeds by receiving alerts to sales or company events directly to their electronic gadgets (reference). Companies with an online presence can also advertise their business on other popular websites to direct unique visitors to their companys webpage or use influencers to draw business towards their products. Whilst advertising agencies can also use influencers , it takes longer for advertisements to be seen on print media.In addition, new media has the ability and capacity to facilitate person-to-person communication through the availability of multimedia messaging through MMS, text messaging, SMS, emailing, SMS, online chatting and instant messaging, online forums and blogging within a short space of time; whereas old media used by advertising agencies is usually more of story -telling and rarely delivers specific calls to action (Streten, 2013). Advertising agencies use a one way form of communication whereas new media offers a two way communication with target audiences hence businesses now rely more on new media as it is easy to reach prospective new clients (Hausman, 2012) (Owen, 1999). This poses a massive challenge to advertising agencies as the amount of time taken to reach the same number of prospective clients will be much more. New media has brought about change to service provision in areas as diverse as dating, delivery of hi gher education courses and how people do their banking and the advantage is that this can be set for specific target audiences and therefore most companies will prefer this type of advertising as the target audience will be reached faster in comparison to traditional advertising; for example, when advertising adult content on television, this can only be advertised after watershed times and by then, some of the target audiences will not be watching or might miss the adverts (Bennet, 2003). Advertising agencies have been known to work as a link between smaller businesses which cannot often afford personal marketing teams and therefore companies, especially smaller ones turn to new advertising platforms as these are usually free (Inc.com, 2016). Advertising agencies have for many years focused predominantly on traditional media advertising, alongside television media (Brooks, 2012). However, new media has dramatically changed the role that print advertising plays in an agencys overall strategy and therefore advertising agencies have to now determine the new role for print, if any leading to the agencys further predicament. New media enables advertisers to quantify the increased revenue to clients which is a challenge to advertising agencies as their revenues cannot be accurately quantifiable (Hausman, 2012). New media, for example, Instagram, has the provision for advertisers with business insights, to understand their followers and clients engagement with the advertisin g campaigns (Instagram Business Tools, 2016) whereas advertising agencies do not have this provision especially if advertising on print media. Advertising agencies will need to master brand advertising and marketing and so as to be able to quantify the increased revenue to clients. In addition, agencies will need to work to focus more on the customer than its client inorder to somehow match new media delivery systems. This is likely to be costly for the agency as they need to train staff and change the rest of their planned advertisements (Reference) The challenges that new media and delivery systems have posed for advertising agencies New media has dramatically changed how advertising works and are continuously presenting several challenges for advertising agencies. Some of the hurdles encountered by advertising agencies include using new media and delivery systems media to deliver financial outcomes for clients, and they effectively integrate new media delivery systems such as Facebook, Instagram and twitter into inclusive campaigns and use these to convince clients that experts in social media can effectively deliver better results than doing so in person. Willott, (2011) suggest that changes in both technological and consumer behaviour have led to significant implications for the advertising industry. He argues that new media has given rise to the need to revisit advertising strategies and to the development of new ways of customer engagement for marketers during the communication process. Deuze, (2005) states that whilst engaging customers in advertising activities, new media has forced agencies to rethink new creative possibilities therefore creating challenges for adverting agencies as they have been used to a certain way of advertising which has always suited their business without taking the consumer into much consideration (2007). Therefore, it in this sense that new media has created both opportunities and challenges to advertising agencies and practitioners as they need to rise to the challenge of new media delivery systems by working in a way that will surpass or match or new media advertising. Falls (2009) suggests that advertising agencies are trying to figure out social media and if they want to continue to offer various marketing services to clients, then it is important to evolve and embrace some tenets of new media and adjust advertising strategies. He indicates that some agencies are adjusting by hiring smart new media thinkers; however there are still many that still operate in the same way they did before the introduction of media which has taken over the world of adverting. Falls, (2010) further states that many ad agencies have not yet figured out Interactive advertising; for example, Web 1.0 followed by Web 2.0 and many agencies and their respective creatives (art directors, copywriters, designers) and clients services teams are still not trained to think digitally. He argues that the problem is that there is a culture clash between advertising agencies and new media advertising and the issues can be said to both philosophical and tactical. (Kaplan and Haenlein, 2010). Philosophically, Falls, (2010) suggest that advertising agencies use a one-way communication system aimed at large groups of customers as compared to new media delivery systems which offer a two-way communication system; this requires listening and speaking. He further argues that new media can be deemed a multiple-way communication system as brands can speak and listen to customers and also observe or watch whilst other customers communicate with each other. Agencies creatives and strategic planners have to try and include similar communication systems however this will take a long time to achieve and can be costly as they have to either engage staff that are familiar with new media or train their existing staff on how new media works which may not be cost effective (Kaplan and Haenlein, 2010). It can be argued that new media delivery systems are customer focussed as it offers value for money to customers whereas advertising agencies are more business focussed and do not of fer to build a relationship with the customer (Coghlan, W. 2007). Therefore, philosophically, it can be argued that agency creative staff are being asked to all of a sudden master and undertake new methods of advertising and communicating which is in contrast to everything they have learnt in their careers. This has a direct impact on agencies as it directly impacts staff morale and can be counter effective. Looking at the issues from a tactical view, Falls, (2010) states that advertising creatives have always primarily focussed on traditional media and therefore are not wed savvy. For most of the employees, during the traditional advertising era, there were technological or electronic designing classes. Advertising was more art focussed which means the agency directors and designers were and still are more art focussed than technological. Traditional advertising is more linked to storytelling whereas web savvy specialists emanate from a technological era hence are experienced at in teractive or digital communication and work production. Falls, (2010) further states within advertising agencies, creative teams usually brainstorm to create their advertisements and are usually not part of the creative process and told what to input in their creative pieces by someone who makes the decision whereas those from the new media era are part of the creative process and therefore become part of the decision making process. (Reference). In addition, new media revolves around content creation, however, advertising agencies are incapable and ill prepared to create and produce the volume and type of content necessary for delivery systems such as Facebook, blogs, YouTube, Instagram and twitter, to name a few. New media on the other hand produces immediate quick conversational and responsive content whereas advertising agencies have to proof read several times and given the go ahead to publish. Advertising agencies buy advertising space and place advertisements for their clients and this is for a certain period of time however in new media, any posts last as long as the user likes and therefore are available to be viewed by more people generating possible new clientele (Reference). This has resulted in advertising agencies realising massive plummeting revenue figures. Due to advertising revenue falling due to plummeting readership and circulation, agencies have been forced to let some of its staff go which has endangered the quality of the newspapers and worsened the situation for advertising agencies (Currah, 2009a). Staff turnover has had a huge impact on advertising agencies due to loss of jobs due to most work which was manually done in old media being done technologically/electronically. Gregory, (2012)s research into how new media was impacting on advertising agencies indicates in the recent global recession in addition to new media appears to have left a massive impa ct on advertising agencies and their employees. Gregory, (2012) states several agencies had to downsize or lay off most of their employees while other employees moved to different industries because they were unsure about their jobs. Learmont, (2008), reports that according to a web based advertising agency media analysis of US Department of Labour employment statistics and news reports, advertising agencies in the United States shed more than 30,000 jobs in 2008 inorder to remain viable. However, in shedding these jobs, the agencies are likely to encounter further challenges as the laid off staff have the knowledge of how advertising works and therefore can get together and start their own competitive agencies that utilise new media and therefore pose more challenges as their customers will follow them in top their new businesses as they will already have a working partnership. These changes resulted in high turnover at other competing corporations; therefore, this weakened client ties to advertising agencies as most employees that individual clients had developed working relationships with had left the advertising agencies and therefore took their businesses elsewhere. Clients were unsure if these advertising agencies would continue trading which could negatively impact their businesses if the agencies went out of business (Gregory, 2012). Advertising agencies need to have consistent and trusting relationships with their afloat otherwise a non-consistent relationship makes it easier for clients to take their business elsewhere. Inorder to overcome McCabe, (2012 in Gregory, 2012) states that à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦.. its difficult to maintain consistent creative approaches and media buying strategies when writers, art directors and media buyers dont remain agency employees beyond one airing of an advertising campaign, This mainly results from low sta ff turnover following agencies retrenching staff go due to low clientele leading to agencies losing their income base. Most business that was traditionally handled by advertising agencies has now mostly been taken over by new media advertising. Business owners appear to prefer this type of advertising as they argue that whilst there are certain challenges in using new media for business advertisements, these are outweighed by the opportunities in terms of cost, longevity of displayed advertisements, reaching target audience on a wide scale (e-marketer, 2016): for example, advertising on Facebook also advertises on Instagram meaning you place one advert on one delivery system and it appears on other delivery systems using Instagrams hashtag system. Due to the hours people spend on their mobile phones, emails and browsing social networks, a little time is now spent reading newspapers and magazines and usually by the older generation who still prefer traditional media advertising, advertising agencies that have remained afloat have had to completely change the way. Most customers would like to skip commercial and therefore prefer to use new media delivery systems which enables them to skip commercials and view whatever interests them. Epstein, (2015) states that advertising agencies and brand advertisers are still focussing on the short slots they that traditional media has used since the inception of traditional advertising because this is what they have always known and been good at. However, due to their reluctance to adapt to the changes brought by new media, the agencies are failing to reach their target audiences as the audiences have now been swept away by the new media and service delivery systems (Choi, (2011). Therefore , it can be argued that despite these changes and challenges being encountered by agencies, they are still inept to adapt to the changes that are ruining agency efficacy. Advertising agencies have become rigid to the ways to they practice such that they have been increasingly slow to adapt to the new media ways of practice (Haughteling, 2015) This could be a result of the way advertisements have been formulated in the past and because they have over the years successfully operated in this way, agencies do not see the need to adapt and evolve to the advertising trends brought about by new media and delivery systems. Haughteling, (2015) suggests that the big successful advertising agencies such as Omnicom, IPG[1], Saatchi and Saatchi and WPP to name a few, have adapted and focussed more upon its digital functions and in so doing, shuffled their teams to suit current trends and laid off excess staff and hired already qualified personnel who are adept in using new media. However, with a ll the changes the agencies have undergone, these have not altered the fundamental threats faced by advertising agencies in this era of rapid technological change resulting from the excellence of new media (Beeching and Wood, 2007). If agencies are ill-equipped to handle the demands of digital media, new partners who are ready to rise upto the challenge will continue to usurp business from the agencies and additional challenges will be realised by agencies and affect their efforts of trying to remain afloat and in competition. In addition, brands can directly partner digital influencers who have hordes of new media followers and play an important role in matching brands, manufacturers and clients as they help to coordinate broader campaigns (Benkler, 2006). Whilst advertising agencies place advertisements that aims to reach a wider group of customers, new media involves individually tailored person to person marketing (Hausman, 2012). New media uses targeting tools which enables advertisers to pay only for advertisements that they feel prospective clients who might be interested in the advertised products (Allen, 2015). Magazine advertising campaigns are commonly produced beforehand and are usually scheduled for months which does not satisfy the consumers need for new content on a regular basis (Hausman, 2012). New media on the other hand produces and immediately issues out regular new content on a regular basis. In addition, OGuinn et al., (2012) state that advertising agencies have periodical subscription fees as compared to new media which is mostly free or cheaper which results in new media having the urge over advertisements placed by advertising agencies. Therefore, this poses several challenges for advertising agencies as they lo se regular and prospective clientele to new media platforms which offers them much more for less payments. In addition to the above, advertising agencies do not completely. Conclusion In conclusion, it is apparent that the rise of new media has posed challenges for advertising agencies in that major changes have been realised within the advertising industry as a whole and to the role of advertising agencies in particular. Coghlan, W. (2007) states that advertising agencies work as a link between clients and consumers however the speed with which new media delivery systems avails new content on various platforms cannot be matched by platforms used by advertising agencies. New media continues to lead in the advertising setting and research shows that it still has a capability to gain further momentum with the next few years as more and more delivery systems are being introduced which appear to be favoured by both the customers and clients (Reference). New media advertising has opened a whole new wide world of opportunities for clients as more and more customers are engaging well with new media. Digital media use is global and is increasingly overtaking agencies time spent watching TV and reading newspapers in on the decline. Internet use now accounts for double the time spent using traditional media (Meeker 2015). New media is getting stronger; for example, Instagram, one of the new media delivery systems is expected to reach at least $3.8 billion business by 2020 (DOnfro, 2016). In contrast, advertising agencies are having to lay off staff due to a decline in clientele and moreso their advertising budget is increasingly decreasing due to a decline in their profit margins. References Andreasen, A.R. (2002). Marketing Social Marketing in the Social Change Marketplace. Journal of Public Policy Marketing.Vol. 21 (I) pp. 3-13 Deuze, M. (2010). Managing Media Work. Business Economics. SAGE Publications. London Fox, S. 1985. Making of Modern Advertising. New York Joseph, T. (2007). Breaking Up America: Advertisers and the New Media World. University of Chicago Press. Chicago. 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