Role of the Practitioner Free Essays

ll early years experts have a task to carry out in quality improvement by building up their own and expert abilities as intelligent professionals. Linda Thornton and Pat Brunton talk about what you can do The nature of arrangement in any early years settings is reliant on the abilities, perspectives, information and experience of each and every individual who works there. Intelligent practice is the way to quality improvement as it assists with recognizing the qualities and shortcomings of various parts of a setting’s arrangement. We will compose a custom paper test on Job of the Practitioner or on the other hand any comparable point just for you Request Now Being an intelligent professional includes contemplating how you as of now work and assessing what you do so as to improve your training. The intelligent professional stands back, takes a reasonable view and perceives what functions admirably, but at the same time can recognize what could be changed. To be an intelligent professional you should act naturally mindful and ready to look as dispassionately and actually as conceivable at how you work with kids, partners and guardians. This isn't simple, yet playing a proactive job, considering and examining your own training is unmistakably more remunerating than depending on somebody in a progressively senior situation to do this for you. Assessing your own training assists with placing you in charge of the progressions that ought to be made, empowers you to distinguish your expert improvement needs and will expand your certainty and sentiments of employment fulfillment. Intelligent practice and self assessment are basic to the Ofsted review process. By finishing the Self Evaluation Form (SEF) chiefs and setting pioneers can give a depiction of what occurs in a setting. Through the SEF they can plainly distinguish the setting’s qualities and feature what it progresses admirably. Simultaneously they can recognize any shortcomings in arrangement and plan the progressions and upgrades to be made. Be that as it may, supervisors can't accomplish this by itself. They are dependent on all professionals in the setting assuming liability for the nature of their individual practice and focusing on ceaseless improvement. The intelligent professional in real life Being a decent good example Reflect on how energetic, positive and idealistic you are and how you exhibit this in your work from everyday. Consider how you treat associates, how well you hear them out and how much you are set up to assist if necessary. Consider the best approach to converse with kids and how great you are at tuning in to what they need to state and following up on their thoughts. How great would you say you are at causing guardians to feel welcome and at esteeming what they can educate you regarding what is significant for their individual youngster? Do you help the setting to run easily by deduction ahead and being proactive in taking care of issues as they emerge? Do you assume liability for your own proficient turn of events? Understanding the SEF By understanding the structure of the SEF and taking a gander at the inquiries it pose to you can turn out to be progressively mindful of how your individual practice adds to the general arrangement of the setting. The SEF is in three sections that take a gander at various parts of how a setting capacities. Section A: The subtleties of the setting and the perspectives on the individuals who use it As an intelligent professional, consider the commitment you make to the vision and estimations of the setting and what it plans to accomplish for kids and families. Consider how well you help guardians and kids to feel a piece of the setting. How would you empower them to communicate sentiments and have their perspectives tuned in to? How great would you say you are at contributing your thoughts and assessments and tuning in to the perspectives on others? Step by step instructions to refer to Role of the Practitioner, Essay models

Kindergarten Bigger and Smaller Math Lesson Plan

Kindergarten Bigger and Smaller Math Lesson Plan Understudies will look at two items and utilize the jargon greater/littler, taller/shorter, and the sky is the limit from there/less to depict their particular characteristics. Class: Kindergarten Span: 45 minutes each during two class periods Materials: Grain (Cheerios or something different with comparable pieces)Used pencils and additionally crayonsManipulatives, for example, unifix 3D squares or potentially Cuisenaire rodsPrepared booklets (see below)Pictures of treats or organic product in different sizes Key Vocabulary: more than, not exactly, greater, littler, taller, shorter Targets: Students will analyze two items and utilize the jargon greater/littler, taller/shorter, and that's just the beginning/less to depict their separate traits. Measures Met: K.MD.2. Legitimately contrast two articles and a quantifiable characteristic in like manner, to see which item has â€Å"more of†/â€Å"less of† the property, and portray the distinction. For instance, legitimately look at the statures of two youngsters and portray one kid as taller/shorter. Exercise Introduction On the off chance that you need to get an enormous treat or cake to partition among the class, they will be extremely occupied with the presentation! Something else, an image will work. Reveal to them the account of â€Å"You cut, you choose,† and how that is what number of guardians advise their kids to separate things into equal parts so nobody gets a greater cut. For what reason would you need a greater cut of treat or cake? Since then you get more! Bit by bit Procedure On the primary day of this exercise, demonstrate pictures to understudies of treats or organic product. Which treat would they need to eat, if this looks great to them? Why? Feature the language of â€Å"bigger† and â€Å"smaller† - if something looks yummy, you’ll need the greater segment, on the off chance that it doesn’t look great, you’ll most likely request the littler part. Compose â€Å"bigger† and â€Å"smaller† on the board.Pull the unifix 3D squares out and let understudies make two lengths - one that is clearly greater than the other. Compose the words â€Å"longer† and â€Å"shorter† on the block and have understudies hold their more drawn out heap of shapes, at that point their shorter pile of 3D squares. Do this multiple times until you are certain that they know the contrast among longer and shorter.As an end movement, have understudies draw two lines - one longer, and one shorter. On the off chance that th ey need to get imaginative and make one tree that is greater than another, that’s fine, yet for some that don’t like to draw, they can utilize the straightforward lines to delineate the concept.On the following day, audit the photos understudies did toward the day's end - hold a couple of genuine models up, and survey greater, littler, taller, shorter with the understudies. Call some understudy guides to the front of the homeroom and ask who is â€Å"taller†. The educator is taller than Sarah, for instance. So implies that Sarah is what? Sarah must be â€Å"shorter† than the educator. Compose â€Å"taller† and â€Å"shorter† on the board.Hold out certain Cheerios in a single hand, and less pieces in the other. On the off chance that you were ravenous, which hand would you want?Pass out booklets to understudies. These can be made as simple as taking four bits of paper and collapsing them into equal parts and stapling them. On two confronting pages, it should state â€Å"more† and â€Å"less†, at that point on two different pages â€Å"bigger† and â€Å"smaller†, etc, until you have filled the book. Understudies should set aside some effort to draw pictures that speak to these ideas. Pull understudies aside in little gatherings of three or four to compose a sentence that portrays their image. Schoolwork/Assessment: Have understudies and their folks add pictures to the booklet. Assessment: The last booklet can be utilized to assess the understanding that the understudies have, and you can likewise talk about their photos with them as you pull them in little gatherings.

4 Simple Tips To Use VoIP Services Efficiently

4 Simple Tips To Use VoIP Services Efficiently Make Money Online Queries? Struggling To Get Traffic To Your Blog? Sign Up On (HBB) Forum Now!4 Simple Tips To Use VoIP Services EfficientlyUpdated On 23/04/2017Author : Jacob JoshTopic : Tips and tricksShort URL : http://hbb.me/2oziADV CONNECT WITH HBB ON SOCIAL MEDIA Follow @HellBoundBlogInternet phone is becoming popular day by day due to variety of reasons. VoIP is very popular for client communication and being used by most of web application development companies and BPO service providers. Here I have shared important tips for using internet phone VoIP service effectively for quality communication.#1 Technical RequirementsFor VoIP, a fast Internet access via DSL or cable is needed. Slow Internet connections at Mbit/s are not supported by all providers, also the voice quality suffers.A convenient Internet access for a monthly flat fee (flat rate) is advisable. Whoever calls on the PC should, if possible have a headset with microphone.#2 The old phone useWhen upgrading to Int ernet telephony, hardly any new equipment is needed for a VoIP adapter. Landline and cordless phones and phone systems can be used.In the simplest case, the VoIP adapter is integrated into the Internet modem. Such access boxes are offered by many telephone and Internet provider when signing a term contract.#3 Select VoIP provider and Compare RatesAdditionally, customers need a supplier for VoIP calls. The VoIP provider, he may or may not be identical to the ISP. It is a choice between flat rate for calls to landline and tariffs that are charged by the minute.READ30 Premium Kick-Ass Magento ThemesWhich model is best depends on ones own behavior when calling. The comparison should be made as to what cost calls to mobiles and abroad.#4 Free phone calls via Instant MessengerCompletely free of charge via the Internet instant message services (eg Skype, ICQ, Windows Live Messenger, Messenger Mac).For such free telephone calls, both parties should be there in front of their PCs and be re gistered with the same service. Video telephony is possible with several callers with webcams.

Charles Dickens Essay - 2085 Words

Charles Dickens Charles John Huffam Dickens was born February 7, 1812, in Ports Mouth, Hampshire. In his infancy his family moved to Chatham, where he spent his happiest years and often refers to this time in his novels (1817-1822). From 1822 to 1860 he lived in London, after which he permanently moved to a quiet country cottage in Glads Hill, on the outskirts of Chatham. He grew up in a middle class family. His father was a clerk in the navy pay office and was well paid, but his extravagant living style often brought the family to financial disaster. The family reached financial rock bottom in 1824. Charles was taken out of school and sent to work in a factory doing manual labour, while his father went to prison†¦show more content†¦Within a few months Pickwick was the rage and Dickens was the most popular author of the day. During 1836, he also wrote two plays and a pamphlet, he then resigned from his newspaper job, and undertook the editing job of a monthly magazine, Bentleys Miscellany, in which he serialized Oliver Twist (1837-1839). By this time, the first of his nine surviving children had been born, He had married Catherine, eldest daughter of a respected journalist George Hogorth (April 1836). Novels His first major success was with The Pickwick Papers. They were high spirited and contained many conventional comic butts and jokes. Pickwick displayed, many of the features that were to be blended in to his future fiction works; attacks on social evils and the delight in the joys of Christmas. Rapidly thought up and written in mere weeks or even days before its publication date, Pickwick contained weak style and was unsatisfactory in all, partly because Dickens was rapidly developing his craft as a novelist while doing it. This style of writing in a first novel, made his name know literally overnight, but created a new tradition of literature and was made one of the best know novels of the world. After The Pickwick Papers were published in 1837, he put together another novel, Oliver Twist. Though his artistic talent is very much evident, he refrained from using the successful formula used in The PickwickShow MoreRelatedCharles Dickens Biography1626 Words   |  7 Pagesattention to the childhood cruelty, the less fortunate in an English society, and the unwealthy dysfunctional families of the early Victorian time period. Charles Dickens reflects these and other issues as he brings to life the realism of writing. While others were writing about the way things should be, rather than the way things were, Dickens was challenging these ideas, and argued that paupers and criminals were not evil at birth. This was an act of rebellion, for he in fact was showing the VictorianRead More Charles Dickens Essay1932 Words   |  8 PagesCharles Dickens Charles John Huffam Dickens is the greatest English writer that ever lived. He was one of the most popular writers in the history of literature. Surely no English author is so well known and so widely read, translated and remembered as Charles Dickens. He fame is well deserved. From the pen of this great author came such characters as Oliver Twist, David Copperfield, Bob Cratchit and Tiny Tim, Mr. Pickwick, and Little Nett. Dickens was born on February 7, 1812, in PortsmouthRead MoreCharles Dickens Essay1511 Words   |  7 PagesCharles Dickens was an astounding author and titan of English literature throughout the Victorian era. Dickens was remarkably known for his early years, his career, and his life tragedies. During his career Dickens achieved worldwide popularity, winning acclaim for his rich storytelling and memorable characters. Dickens will forever be remembered as a literary genius who changed the world with his vivid novels and his superb stories. Charles John Huffam Dickens was born on February 7, 1812,Read MoreRevenge, By Charles Dickens988 Words   |  4 PagesJoseph Eisold Mrs. Dorman English 3rd 7 March 2017 Research paper There has been a point in everybody s life where they want to get back at someone for something they have done. In A Tale of Two Cities by Charles Dickens there are many forms of revenge, but they cannot be justified. Some specific points of revenge is the murder of Foulon, the plot against Lucie and little Lucie, and the plot against the Evermonde family for the murder of Madame Defarge s siblings. First, we need to find outRead MoreBiography on Charles Dickens627 Words   |  2 Pageselder Dickens was transfered several times, first to London, then to Chatham, and finally, in 1822, back to London, where the family lived in Camden Town. John Dickens was constantly in debt, and in 1824 he was imprisoned in Marshalsea debtors prison (Southwark). Charles was forced to leave school at the age of 12 and go to work in a bootblack factory to help support the Dickens family.It was his personal experience of factory work and the living conditions of the poor that created in Dickens theRead More3.03b Charles Dickens665 Words   |  3 PagesCharles Dickens Questions 1. From the biography, what incident changed Dickens life and helped to shape him as a writer?  · His father was imprisoned and he was forced to work at Warren’s Blacking Factory 2. How old do you think Pip is?  · Seven 3. Quote the specific language in the selection that leads you to this conclusion.  · â€Å"As I never saw my father or my mother, and never saw any likeness of either of them (for their days were long before the days of photographs), my first fancies regardingRead MoreAnalysis Of Charles Dickens s Dickens 1765 Words   |  8 Pagestowards her Maker (Oliver Twist, Dickens 302 revised). Throughout Oliver Twist, Charles Dickens uses his characters and props to symbolize purity, even though the environment would seem to denote everything and everyone. Incontro-vertibly, some certainly conform to their environment; for example, as part of the lower class, Fagin and Sikes turn to thieving, lying, and even murder, instead of earning an honest living. Throughout the first half of the book, Dickens leads one to believe Nancy followsRead MoreCharles Dickens Essay2389 Words   |  10 PagesBiographical Summary Charles Dickens is one of the most influential writers in history and was â€Å"born in Landport, now part of Portsmouth, on February 7th, 1812†(Priestly 5). Despite being the successful writer that he was in life, Dickens had very humble beginnings and because his Father, John Huffman Dickens, â€Å"lacked the money to support his family adequetly† , Dickens lived in poverty through out most of his childhood (Collins). Matters only got worse, however, when Dickens’s Father had toRead MoreCharles Dickens and A Christmas Carol1613 Words   |  7 PagesCharles Dickens and A Christmas Carol: Famed British author, Charles Dickens was born on February 7, 1812, in Portsmouth, England. He was the second of eight children, living in a poor neighborhood in London. His parents were John Dickens, a naval clerk, who always lived beyond his means. Married to his mother Elizabeth Dickens, who aspired to be a teacher and a school director. Dickens went to William Giles’ school in Chatham, Kent, for approximately one year before his father’s money habitsRead MoreCharles Dickens And The Victorian Era1643 Words   |  7 PagesCharles Dickens and the Victorian Era The various themes and ideas of the Victorian era are perfectly showcased in the many novels and short stories of Charles Dickens. The writers of the Victorian era produced an enormous amount of the greatest novels to ever be written- those that were realistic, thickly plotted, crowded with characters, and long. They, more often than not, showed the characteristics of the different social classes in society. Generally humorous

Facts and Key Figures in the Battle of Gettysburg

Thyroid Cancer Essay - 989 Words

Thyroid Cancer is a thyroid neoplasm that develops in the thyroid gland. The thyroid gland consists of two large lobes that are connected by the isthmus and is located below the larynx on both sides of the trachea. The gland secretes hormones from the hypothalamus that may be stored in the colloid or released into the blood in capillaries. In the endocrine system, the thyroid gland secretes hormones that act on cells with specific receptors called target cells. When cancer develops in the thyroid, the production of hormones is disrupted. The cancer cells in the thyroid do not grow or divide normally and can develop into growths or tumors. The cause of thyroid cancer has not been discovered; however research shows that people with†¦show more content†¦The cancer has a low cure rate if the cancer spreads to the liver, bone, brain, or adrenal medulla. Anaplastic thyroid cancer is the least common cancer, but is most deadly and the most difficult to cure. In many cases, the cancer will spread to lymph nodes of the neck and can spread to lungs or bones. The cancer requires an aggressive treatment plan in order to be effective. Cancer begins in the cells, which combine to make tissue in the body. Healthy functioning cells grow and divide to form new cells when cells are needed. Normal cells will grow and then die to make room for new cells. Cancer cells work differently because new cells form when the body does not need them and old and damaged cells do not die. Instead, the extra cells build up and form tissue called a growth or a tumor. Nodules are growth on the thyroid. The two types are benign nodules, which are not cancer and malignant nodules, which are cancer. Cancer cells are very dangerous because the cells can separate from the original tumor and spread to other organs. Metastasis is the spreading of cancer and can result in the damage of organs. Thyroid cancer does not begin with major symptoms and cannot be avoided or prevented. When the cancer begins to grow, the symptoms become more apparent and diagnosis is easier. Some of the symptoms include; a lump in the neck, hoarseness in the voice, swollen lymph nodes, difficulty swallowing or breathing, and pain in theShow MoreRelated Thyroid Cancer Essay1987 Words   |  8 Pages The thyroid gland is the gland that makes and stores hormones that help regulate the heart rate, blood pressure, body temperature, and metabolism. Thyroid hormones are essential for the function of every cell in the body. They help regulate growth and the rate of chemical reactions in the body. Thyroid hormones also help children grow and develop. The thyroid gland is located in the lower part of the neck, below the Adams apple, wrapped around the trachea. It has the shape of a butterfly with twoRead MoreCauses And Treatments Of Thyroid Cancer1656 Words   |  7 Pagesof choice is thyroid cancer. Rece ntly my mother was diagnosed with this cancer so doing research can help me better understand what it is, what causes its occurrence, and what lifestyle changes it will bring. Having taken anatomy physiology I know the importance of this gland. This is a gland that has functions to many other organs including the heart, brain, liver, and more. Going into the DMS program I can learn to identify spots on the thyroid and use the knowledge of this cancer to in my careerRead MoreThe Incidence Of Thyroid Cancer2648 Words   |  11 PagesThe incidence of thyroid cancer is rapidly rising in the US accounting for 62,980 cases with 1890 deaths every year[1]. It is the seventh most common cancer diagnosed in women and peaks earlier than in men. Despite its high prevalence, death rate from thyroid cancer is fairly stable from past many years. In general, thyroid cancer offers a good prognosis with an overall survival rate of approximately 90%[2]. Papillary thyroid carcinoma (PTC) and follicul ar thyroid carcinoma (FTC) termed as differentiatedRead MoreAnatomy And Physiology : Thyroid Cancer4045 Words   |  17 PagesTHYROID CANCER 1 Thyroid Cancer Nicholas M. Madathilate Anatomy and Physiology, Period 6 Pine View School 16 December 2014 THYROID CANCER 2 What is thyroid cancer, and is it dangerous? To answer this one must first know the function of the thyroid. A thyroid is a gland at the front of the neck right under the soundRead MoreClinical Trials And Thyroid Cancer1254 Words   |  6 PagesTrials and Thyroid Cancer: Thyroid cancer is often recurrent and difficult to treat. As a result, patients have been taking part in clinical trials of new and innovative treatments. Clinical trials are defined as carefully controlled research studies that are done with volunteer patients. Differentiated thyroid cancer, as explained in a previous section, can be divided into papillary, follicular, and Hà ¼rthle cell arising from follicular cells. The hallmark of follicular thyroid cells is theRead MoreAiding The Fight Against Thyroid Cancer1256 Words   |  6 Pagesthe Fight Against Thyroid Cancer: One Throat At a Time. WARNING: The following information may be hard to swallow. â€Å"The American Cancer Society predict[ed] 62,450 people w[ould] be diagnosed with thyroid cancer in 2015† (2). Though this amount is relatively small, patients can always find comfort and assistance in organizations such as the American Thyroid Association (ATA). â€Å"The ATA is the leading organization focused on thyroid biology and the prevention and treatment of thyroid disorders. PerformedRead MoreThyroid Cancer : A Common Endocrine Malignant Tumor Essay1498 Words   |  6 Pages Thyroid cancer is a common endocrine malignant tumor (1). Papillary thyroid carcinoma (PTC) is the most common of the well-differentiated carcinomas (85%) (2) and is characterized by distinctive nuclear features. Most thyroid tumors can be readily diagnosed using histopathologic criteria, which allow the pathologist to differentiate benign from malignant lesions and guarantee an accurate classification for the majority of the variants of carcinomas derived from follicular epithelial cells. HoweverRead MoreThyroid Cancer1994 Words   |  8 PagesThe thyroid gland is the gland that makes and stores hormones that help regulate the heart rate, blood pressure, body temperature, and metabolism. Thyroid hormones are essential for the function of every cell in the body. They help regulate growth and the rate of chemical reactions in the body. Thyroid hormones also help children grow and develop. The thyroid gland is located in the lower part of the neck, below the Adams apple, wrapped around the trachea. It has the shape of a butterfly with twoRead MoreDiscussion Medullary thyroid cancer is an indolent neuroendocrine tumor that frequently presents500 Words   |  2 PagesDiscussion Medullary thyroid cancer is an indolent neuroendocrine tumor that frequently presents with disseminated disease. While locally advanced tumor in the neck and mediastinum can be treated with surgery either for palliative or curative intent, distant metastases are not often amenable to operative excision. Metastatic MTC has a similarly poor response to radiotherapy and chemotherapy. Viable therapeutic options for distant metastatic disease are still absent. Survival rate after discoveryRead MoreThyroid Cancer Case Study749 Words   |  3 PagesThyroid cancer can be present in two forms, papillary and follicular. Fortunately, we know a great deal about follicular thyroid cancer because it is most common. Papillary cancer can be present in the well differentiated form or poorly differentiated form. We know from previous studies and cases that the well differentiated form can be treated with radioactive iodine therapy and surgical removal, but the poorly differentiated form cannot be tre ated with this method. Mutations in the PI3K/AKT signaling

Assignment On Project Methodologies Defined-Myassignmenthelp.Com

Question: Discuss About The Assignment On Project Methodologies Defined? Answer: Introducation Project methodology is defined as the set of rules and standards provided to the project team for managing the project. It makes the job of the project manager lighter and easier. The guidelines and the template help in successful delivery of the project. The flexibility can be associated with the approved design. The project methodology uses top down approach for evaluating the progress in terms of goal, deliverables, and objectives. Role of methodology: The methodologies are used for managing the tasks with the limited amount of time and resources. The methodologies help in defining the project scope, constraints in time, availability of resources, and needs of project delivery. The series of subsequent steps is organised for completing the project. Types of project management methodologies: Agile Methodology: The aim of this methodologies helps in empowering the teams by encouraging the involvement of customers and managing the risks associated with the project. This methodology is usually derived for team development, monitoring of the project, responsiveness in relation to Business. The continuous communication should be arranged throughout the lifecycle of the project. Waterfall Methodology: The waterfall methodologies help in effective utilization of the team. The different roles and responsibilities are allocated to the different team members of the project. The completion of the assigned task helps in reaching the goal of the project. The waterfall methodology does not allow changes in the scope of the project. The phases involved in the waterfall methodology are specification of the requirement, designing, construction, integration, debugging and testing, installation, and maintenance. Prince2: The Prince2 methodology is based on the facts and standards. It follows the process based approach for managing the project. System development life cycle: The software development project follows the conceptual model for the management of the project. It is the accumulation of different methodologies. The documentation preparation is the major concern area of the system development life cycle. Project management body of knowledge: PMBoK is the collection of standard terminology and guidelines for managing the project. It provides the complete management of the project in terms of critical path method and work breakdown structure. It is useful for financial forecasting, management of the organization behaviour, budgeting, management science, and others (Skogmar, 2015). The success of the project depends on knowledge, skill, technology, and tools. The inputs required for the processes are documents, design, and plans. The outputs received from the input provided to the methodology are documents, design, and plans. The project methodologies which are mostly preferred are PMBOK and PRINCE2. The PMBOK and Prince2 is the substantial framework for managing contract, scope, and other robust practices. The decision making capability of the project manager can be improved by initializing these methodologies. The primary decision maker actively participates in planning, problem solving, management of human resource, and others (Ghosh, 2012). The following table show the high level comparison between prince2 and pmbok: Particular features PRINCE2 PMBOK Defined as It follows the structured approach of project management It is the set of rules and standards which act as a guide for project manager (Chin Spowage, 2015) Critical areas Critical areas are practically focused Critical areas are comprehensive focused Knowledge areas and themes associated Prince2 methodology depends on 7 themes PMBOK methodology depends on 10 knowledge areas Associated activities and processes It is the collection of 35 activities and 7 themes It is the collection of 45 processes and 5 process group Principles It makes use of 7 principles There are no such principles applied Technology Specific techniques are applicable Every process involves specific technique Focus on interpersonal skills Not focused and covered Focused and covered Coverage Business case, processes, and product It focuses on the need and requirement of the customers Role played by the board of directors Regular meetings are arranged for oversight Only suggestion given by the sponsor Factors responsible for organizational and environmental assets Focused partially Focused completely Principles of management Exceptions are taken into consideration None The following table shows the difference between the methodologies on the basis of coverage areas: Themes of Prince2 Coverage of PMBOK Comments Business Case Reviewed periodically Emphasis given on reviewing continuous business case Organization Covers the areas of stakeholder and human resource Stronger mechanisms used by the PMBoK Quality Focuses on quality management - Plan Management of scope, time, and cost - Risks Management of risk - Change Processes used for monitoring and control - Progress Processes used for monitoring and control - The following table shows the knowledge areas covered between the PMBoK and prince2: PMBoK Prince2 Result Integration management Partly focused on integration mechanism Completely focused on integration mechanism (Matos, 2013) Scope management Planning - Cost management Planning - Time management Planning - Communication management Partly focused Completely focused Human Resource management Based on organization theme Strongly used in PMBoK Project risks management Risk associated with the project (Rad, 2013) - Procurement management Not covered Only focused and covered in detailed in PMBOK Stakeholder management Partly focused Completely focused Relation of PMBOK and Prince2 with project life cycle: The PMBOK is used in the project life cycle to select the set of appropriate processes which is used for meeting objective of the organization. The defined approach is used for adapting the product specification to comply with the project requirements (Vieira, 2014). The requirements are defied according to the need and expectation of the stakeholders. It keeps the balance between competing demand of the product quality in terms of time, scope, quality, and costs. The prince2 methodology is used for managing the quality of the project by indulging the concept of quality and control and assurance tools. The work packages should be clearly defined and handled. The consistency can be maintained by using the quality tools in the management system. The quality control is focused on working products manufacturing (Wideman, 2012). The text oriented deliverables are the key feature of the prince2 methodology which can be preferred for future reference. The following diagram shows the interre lationship of project life cycle with Prince2 and PMBoK methodologies: Conclusion: The PMBOK guide is worldwide accepted by the project manager or managing the project in the right direction. The project can be easily adapted according to the changing requirement of the customers. References: Chin, C., Spowage, A. (2015).Project management methodologies: A comparative analysis. Accounting from https://cibw117.com/journal/index.php/performance-info-and-value/article/viewFile/75/73 Ghosh, S. (2012).Enhance PMBOK by comparing it with PRINCE2 and P2M standards. Retrieved from https://pmkb.com.br/uploads/2013/08/95598999-Comparison-of-PM-Frameworks.pdf Karaman, E. (2015).Comparison of project management methodologies: Prince2 versus PMBoK for its project. Retrieved from https://www.ijaser.com/articles/vol4issue42015/vol4issue4/JASER4059.pdf Matos, S. (2013).Prince2 or PMBoK- A question of choice. Retrieved from https://www.sciencedirect.com/science/article/pii/S2212017313002417 Rad, N. (2013).Project lifecycle in Prince2. Retrieved from https://www.projectsmart.co.uk/planning-lifecycle-in-prince2.php Skogmar, K. (2015).Prince2 and PMBoK guide. Retrieved from https://www.axelos.com/CMSPages/GetFile.aspx?guid=4bf6bd26-2805-4b7f-8cba-c56a899eb871 Vieira, D. (2014).Integrating PMBOK standards, lean and agile methods in project management activities. Retrieved from https://research.ijcaonline.org/volume88/number4/pxc3893680.pdf Wideman, R. (2012).Comparison prince2 with PMBoK. Retrieved from https://pdfs.semanticscholar.org/6d9f/811b7e5e95242b9f2e0fd18753a6f453bc8d.pdf

The Human Age Manpower Essay Example

The Human Age Manpower Essay We generate power by connecting: †¢ the visions of clients, †¢ the motivations of people, †¢ and what’s now and what’s next in the World of Work. The World of Work trends that we’ve identified are foundational—they’re foundational to how we act, where we invest and where we focus our thought leadership. 3 Navigating the Changing World of Work Manpower’s pursuit of delivering innovative high-impact workforce solutions to enhance the competitiveness of the organizations and the individuals we serve is anchored in what we know. Based on our local expertise and global reach we know that there is an increasing velocity of change happening every day in the way work is performed. We have identified four megatrends impacting the World of Work. We didn’t stumble upon these trends, but researched them with intense curiosity. The Demographics and Talent Mismatch is the conundrum that both individuals and companies are feeling right now. As the working age population declines and companies are looking for talent, they’re looking in a much more specific way, yet individuals are also being more selective when they can. Individual Choice is creeping in wherever possible. Individuals are exercising their choice as they realize they have the power to opt for or against a given job, which in turn is requiring companies to think differently about how they attract, retain and stay relevant to an ever select group of talented individuals. Rising Customer Sophistication is happening across the board. The transparency and velocity of information exchange throughout the entire value chain is creating innovation and tension at every level within that chain. We will write a custom essay sample on The Human Age Manpower specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Human Age Manpower specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Human Age Manpower specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Technological Revolutions are at the heart of almost all of this. Having the power to change where, when and how we work, enabling organizations and individuals to be more agile and innovative is happening on a daily basis and we’ve only seen the tip of the iceberg. The World of Work trends are foundational—they’re foundational to how we act, where we invest and where we focus our thought leadership. They are drivers of secular growth at the core of our business as well as in our specialty areas and outcomebased solutions. It is our grasp of these trends that gives us the confidence that we are addressing our clients and candidates with real solutions – solutions that are practical, adaptable and flexible. Navigating the Changing World of Work 4 Demographics 5 Navigating the Changing World of Work and Talent Mismatch Demographic and economic shifts are accelerating the talent mismatch. The pressure to find the right skills in the right place at the right time will increase as working age populations decline, economies rebound, emerging markets rise, and the nature of work shifts. Navigating the Changing World of Work 6 Teachable Fit As the talent mismatch grows more severe, the â€Å"teachable fit† is a practical framework that becomes fundamental to talent strategy—and employers need a talent strategy that not only keeps up with business strategy, but accelerates it. 7 Navigating the Changing World of Work The recession has cast a new light on talent supply and management around the world. Unemployment is persistently high in developed and even in many developing countries, yet organizations worldwide report difficulty filling key positions. There are not enough sufficiently skilled people in the right places at the right times. Simultaneously, employers are seeking ever more specific skill sets and combinations of skills that will help drive the organization forward. Employers are also facing ongoing, systemic talent shortages—such as those in the healthcare and energy industries—are not going to fill the gaps one hire at a time. Instead, they must recalibrate their mindsets to consider candidates who may not meet all of the job specifications, but whose capability gaps can be filled in a timely and costeffective way. The key to success with this new mindset is the ability to identify a Teachable Fit â€Å"teachable fit. † â€Å"Teachable fit† is a concept that focuses on four questions: †¢ What capabilities are essential to performing the job? †¢ Which of these are teachable in an efficient way? †¢ Is there adequate time and money to develop these capabilities in the candidate? †¢ Do candidates have the capacity to develop them? In any problem of supplydemand imbalance, employers have two options: to hold out for the perfect candidate or find the â€Å"teachable fit. The focus here is on increasing the supply by changing the employer’s mindset regarding sources of available talent. To fill large and systemic talent gaps, four potential labor pools are promising: location migrants, industry migrants, internal role changers and workforce entrants. Location migrants. The global workforce is on the move, and candidates may be willing to relocate for work†”especially when the recession eases. However, employers are still learning to capitalize on this trend, while many governments are still unsure about whether or how to facilitate productive work migration. Three-fourths of workers said they’d consider relocating for a better job opportunity, one-third said they’d be willing to consider relocating anywhere in the world, and Navigating the Changing World of Work 8 Teachable Fit 40 percent said they’d consider moving permanently. Industry migrants. Some industries are cutting their workforces, while others are growing faster than the talent supply. Consider the talent available in low-growth industries that can migrate into new fields. Some of these people may have highly valued skills—such s those in sales, finance, and management—that need translation to a new industry. Others may have skills adjacent to growing needs—such as technicians and field support— Growing Industries ? Education ? Healthcare ? Professional Business Services Shrinking Industries ? Mining -1. 5 ?Manufacturing ? Utilities -1. 0 -0. 5 0 ?Other Services ? Wholesale Retail Trade ? Federal Government 0. 5 1. 0 1. 5 2. 0 2. 5 Average annual rate of change (%) 3. 0 3. 5 9 Navigating the Changing World of Work Teachable Fit and require more extensive training to bridge skills gaps. Internal role changers. Often the best source of â€Å"new† talent is the people already in your company—if your organization has the foresight and ability to redeploy them into different roles or even careers. Workforce entrants. The underemployed and underskilled are another potential pool, especially as local governmental agencies and others move to help them with training and other programs to enable their transition into the workforce. Training and development are the keys to successfully tapping into the talent pools listed above, especially among the last three groups. This is where the concept of â€Å"teachable fit† comes in. When employers can’t find candidates with the full range of skills needed for particular positions, they can recruit candidates who possess adjacent skills with an eye toward filling the gaps in their capabilities. The important point here is to understand how fillable those gaps are—both in terms of technical skills and candidate mindsets—and at what cost. â€Å"Teachable fit† is a practical framework that can predict how successfully a candidate’s skills gaps can be filled. The framework is an analytical tool that maps the capabilities needed for a given role against an individual’s likelihood of meeting those needs. The capabilities are divided into four groups: Navigating the Changing World of Work 10 Teachable Fit Knowledge of business or academic disciplines or industries. Formal or explicit knowledge comes through study and is confirmed by academic degrees and business certifications. Informal or tacit knowledge comes through experience and association with knowledgeable colleagues. The key here is to recognize the importance of tacit knowledge and the means of attaining it. Skills including both â€Å"hard† skills (e. g. , technical or administrative 11 Navigating the Changing World of Work skills) and â€Å"soft† skills (e. . , conflict resolution or strategic thinking). Skills tend to be applied and pragmatic. They are acquired through practice and grow with experience. Hard skills can be confirmed by certification or apprenticeship. It is vital to recognize the importance of soft skills, rather than focusing only on candidate assessments on the easier-to-measure hard skills . Values and Mindset represent what an individual seeks in life and on the job—one’s attitude toward work. These are revealed through both conversation and behavior and are relatively difficult to shape. They are also capabilities associated with jobs. Some jobs require more day-in-day-out initiative and selfmanagement than others. Some jobs depend on continuous learning and adaptation. The key here is to recognize these important traits when defining the job requirements. Personality and Intelligence are basic characteristics. Some Teachable Fit people are naturally outgoing and empathetic and thus natural fits for customer service roles; others are the opposite. Some roles rely heavily on analytical intelligence, others on synthesis or creativity, others on emotional intelligence and many on combinations of the above. Again, the idea is to be as precise as possible about what a job or role calls for in terms of these traits. After examining the four areas of capability, the employer then weighs each on two scales: Is it important? How essential is the capability to performing the work well? The tendency may be to over-emphasize knowledge (e. g. , through conventional academic degree requirements) and hard skills, when in fact the knowledge and skills directly required by the job may be basic. Similarly, the tendency may be to under-emphasize soft skills and traits when in fact they are absolutely essential to success in the role and the workplace. Employers should avoid this pitfall. According to research from talent and career management expert Right Management (a Manpower company) the key factors leading to accelerated performance aren’t top-notch technical skills or previous experience, but such qualities as cultural fit and interpersonal savvy. Is it teachable? To what extent and with what degree of difficulty can the capability be developed? Look first at the available methods—courses, mentors, opportunities to Navigating the Changing World of Work 12 Teachable Fit practice, and so on—both inside and outside the organization. Don’t assume that because a capability is theoretically teachable, an organization is equipped to teach it. A staff may be experienced, but the question is whether they are willing and able to double as instructors. Carefully consider the time and cost needed to develop the capability. If either is prohibitive, then for practical purposes the capability is not teachable. In developing each job taxonomy for â€Å"teachable fit,† the idea is not to generalize capabilities or lower standards. Rather, it’s to be more detailed and specific about the pragmatic requirements of the job, and more focused on the gaps that can be filled. This approach can help determine what capabilities really matter for success. By dissecting job roles, employers can identify the skills that can migrate across industries or be developed with relative ease. As the global economy continues to improve, today’s talent mismatch will become more pronounced. Employers must recognize that the talent imbalance is not something they can fix one position and one well-qualified candidate at a time. The â€Å"teachable fit† framework is a key step in an approach that is more expansive, systematic and sustainable—a talent strategy that not only keeps up with business strategy, but accelerates it. 3 Navigating the Changing World of Work Teachable Fit Teachable Fit Framework Knowledge Business or academic disciplines Capabilities Academic/Professional Discipline Industry/Function/Process Technical 1 (low) 5 (high) Important? Teachable? 1 (low) 5 (high) Skills Problem-Solving Communication Planning/Organization Collaboration/ Teamwork Fixed Demonstrated aptitudes and practices, both â€Å"hard† and â€Å"soft† Flexible Values Mindset Self-Management/Autonomy Initiative Motivation to Learn Service Orientation Attitudes that people bring to jobs and jobs need in people Personality Intelligence Basic character and mental traits Analytical Capacity to Learn Navigating the Changing World of Work 14 The Borderless Workforce Propelling the movement of talent around the world are widespread demographic changes – in particular the big gap in population growth between developed and developing countries. 15 Navigating the Changing World of Work Today’s global workforce is on the move as never before. Most employers and governments, however, are a long way from fully understanding the complex issue of talent mobility and its growing role in the talent shortages that are affecting today’s global labor markets. The complexities are many. These are not the one-time, one-way migrations of yesteryear. Talent goes where talent is needed, and flights home are readily available for those who wish to return. Work is moving too, as businesses set up operations near new markets and sources of supply. Propelling the movement of talent around the world are widespread demographic changes—in particular the big gap in population growth between developed and developing countries. According to the United Nations, the world’s population is expected to increase by 2. billion over the next 40 years, and almost all of The Borderless Workforce Employers Concerned About Losing National Talent that growth will take place in the less developed regions. Other factors are also accelerating the movement of workers. As a general rule, globalization creates further globalization: more people are exposed to communications about foreign cultures and more are traveling on vacation as well as for work. Englis h as a second language is growing fast; China, for example, is accelerating its English teaching programs to ensure that its managers and ustomer facing staff become more proficient in the world’s most prevalent business language. So how should employers respond to the forces of talent mobility? Many see it as an opportunity to cut labor costs and elevate their skills mix. Others see it as a threat to their hold on their best talent. Of course, employers have only limited control over the factors that determine where workers work, and why. Don’t Know 15% No 54% Yes 31% Source: Manpower Inc. , Borderless Workforce Survey, 2008 Navigating the Changing World of Work 16 The Borderless Workforce The Taxonomy of the Talent Migration Brain Export: Common among some developing countries that choose to educate and export talent with the intention of comparable exchange in the medium- and long-term, via remittances, technological interchange or skills enhancement. Brain Globalization: Talent mobility as a component of international commerce. Transnational organizations and globalization require international mobility. Brain Exchange: Transnational organizations engage in a comparable exchange of staff members between country operations. Brain Circulation: Skilled personnel live and work in foreign countries for a certain period of time, then return to their country of origin or travel to a new destination country. Brain Drain: When the migration of people possessing a higher education and in-demand skills exceeds that country’s ability to educate/train suitable replacements. Country of origin loses any return on its original investment in education and training. Brain Waste: When a country is unable to retain highly skilled/educated people, who then willingly travel to other destinations and perform functions that are beneath their skill level. Individuals often accept this â€Å"trade-off† for better living conditions. 17 Navigating the Changing World of Work The Borderless Workforce Some employers benefit from far-sighted, fact-driven governments that plan national talent strategies in detail and over the long term. Others chafe against inward- looking government immigration policies that make visa applications extremely time-consuming— to the point where many top foreign candidates go elsewhere. Talent mobility, then, is both the product and cause of an uneasy mix of unemployment and talent scarcity. It presents governments and employers with challenges f a scope and scale they have not previously encountered – yet it offers them opportunities that they find difficult to imagine. The increasingly mobile workforce has many faces. All sorts of workers are on the move – Jamaican agricultural workers each year head to Massachusetts in the U. S. , Indian construction workers to Dubai, Latvian stone workers to Northern Ireland in the U. K. , and British finance controllers to Shanghai, where 40,000 foreigners now work (â€Å"Number of Foreigners Working in China Soars,† People’s Daily Online, April 4, 2006 http://english. people. om. cn/200604/04/ eng20060404_ 255781. html). The skills mix is broad as well. At the upper end of the skills spectrum are the professionals and managers whose movements form a kind of internal labor market within multinational companies. They may also involve short-term assignments or commuting across borders. Navigating the Changing World of Work 18 The Borderless Workforce The talent shortages, exacerbated by soaring wages, have sparked a big jump in the movement of skilled tradespeople as well. There also continues to be strong movement of low-skilled workers. In fact, laborers comprise the leading category now being filled with workers from foreign countries. In the many cases where employers hire for specific positions – either directly or through agencies – foreign 19 Navigating the Changing World of Work workers will generally end up in jobs for which they are a good match. But where workers tend to act on their own, they can end up in jobs for which they are significantly over-qualified. That mismatch between skills and roles is one of the factors contributing to a big shift that has never been so apparent before: a huge â€Å"reversemigration† movement. Reverse migration, however, is not new and may have benefits beyond those for individuals. The Organisation for Economic Co-operation and Development (OECD) argues that the temporary employment of foreign workers introduces flexibility into the labor market. This can help dissuade employers from resorting to the use of undocumented workers. So what spurs people to leave their homes – other than the obvious issue of jobs elsewhere when there are none at home? There are many parallels that cut across all levels of The Borderless Workforce demographics and skills. Clearly, money and economic growth are significant drivers for those less skilled, and both physical and cultural distance militate against them moving. For white collar workers, there can be many other factors moving them away from home. Many go for the adventure, to acquire new skills, to learn a language or improve their language skills. Still others see such moves as fast paths to accelerate careers; younger up-and-comers can often take on more responsibility and gain more experience and business skills more rapidly in a foreign country than they ever could at home. In the new global economy, more and more forward thinking employers choose to send their â€Å"high potential† managers overseas to gain the experience of other cultures and working styles. In fact, for managers in many multinationals, a crossborder assignment is now considered mandatory for those aspiring to the executive suite. In the past few years, the percentage of SP 500 CEOs with international experience has increased from 26 percent to 34 percent (â€Å"The Route to the Top for Today’s Enterprise Leader,† Spencer Stuart, 2008, http://content. spencerstuart. com/sswebsite/pdf/lib/ GMstudy0408. pdf). Not everyone believes that talent mobility is a good thing. There are the obvious factors Navigating the Changing World of Work 20 The Borderless Workforce of dislocation from family and friends at home, cultural alienation and prejudice in the new workplace. And there can often be language issues – sometimes even within a nation’s borders – along with fierce competition with other migrants and with locals who see the newcomers as stealing jobs. Talent mobility is a growing part of the solution to employers’ shortages of talent. But it is arguable whether even the best multinationals have 21 Navigating the Changing World of Work arnessed talent mobility as it must now be harnessed. It is not as simple as enhancing the current expatriate-deployment programs or adding enticements to relocation packages. What is needed is a holistic, far-sighted strategic approach. The process of forecasting and talent mobility planning will become an integral component of th e business planning process as talent shortages worsen in the years ahead. The process of forecasting and talent mobility planning will become an integral component of the business planning process as talent shortages worsen in the years ahead. The Borderless Workforce Navigating the Changing World of Work 22 Individual 23 Navigating the Changing World of Work Choice Individual Choice is eliminating the one-size-fits-all approach and elevating the need for one-size-fits-one. Individuals are exercising the power of choice in all situations, choosing for and against opportunities. The increased specificity of skills that employers are seeking, coupled with the increased confidence in choice that individuals are exercising, is profoundly impacting governments, organizations and individuals worldwide. Navigating the Changing World of Work 24 The Underleveraged Solution In the developed world, meanwhile, the population is aging and the number of young people entering the workforce is shrinking. There simply will not be enough qualified workers to fill the jobs that will drive growth. 25 Navigating the Changing World of Work Due to the indisputable fact that the working-age population is shrinking, the global talent squeeze will only get tighter, especially after we fully emerge from the current financial crisis. The recession doesn’t mitigate matters over the long term. Even now, positions at all levels continue to go unfilled in such service-sector fields as engineering, IT and healthcare. To address the problem, governments and enterprises must figure out how to expand their workforces. To do that, they should look to one particular demographic group that is woefully underrepresented in the formal economy and has much more to contribute: women. It is clear the world of work is undergoing a transformation. As the service sector continues its ascent, the need for workers is great and growing—even now. Economists say the number of service-sector jobs will grow by at least 500 million between 2004 and 2015. In the developed world, meanwhile, The Underleveraged Solution the population is aging and the number of young people entering the workforce is shrinking. There simply will not be enough qualified workers to fill the jobs that will drive growth. The solution is to expand the labor pool. In 2008, the International Labour Organization (ILO) found that at the global level, the employment-to-population ratio – an index to how well economies are taking advantage of the productive potential of heir working-age population – was 49. 1 percent for women in 2007 compared to 74. 3 percent for men. The contemporary world of work sorely needs women to participate in higher numbers and appears to offer greater potential for the kind of flexibility that women so often need. Yet all too often women can’t, or won’t, participate. The benefits of women participating in t he workforce are striking, but there are many barriers. Some of the barriers are cultural and therefore difficult to address at the policy level. But many are structural—vestiges of an age when the five-day, 40-hour week was the norm. That model is impractical for many women who bear primary responsibility for childcare and other family obligations. Companies and countries that evolve quickly to bring women into the workforce today give themselves a better chance to prosper over the long term. Those that don’t will struggle to stay competitive. Navigating the Changing World of Work 26 The Underleveraged Solution Getting women into the workforce is vital, but it’s just as important to keep them there. A paradigm shift is in order. We must value results and knowledge gained rather than time spent in the office. Paths toward advancement must be created for women—and others—who do not sit in an office five days a week, eight hours a day, so that they can achieve success at a pace that works for them. Policies that support the rights of women and allow them to develop professionally while balancing work and home duties will reward organizations with higher employee engagement and retention levels. A paradigm shift is in order. We must value results and knowledge gained rather than time spent in the office. 27 Navigating the Changing World of Work The Underleveraged Solution Navigating the Changing World of Work 28 The New Agenda for an Aging Workforce The challenge presented by an aging workforce and pervasive talent shortages is complex and multi-faceted, which is why employers are still struggling to determine how best to plan ahead and gain a strategic advantage. 29 Navigating the Changing World of Work What percentage of your workforce is planning to retire in the next five to 10 years and what impact will it have on your organization? This is a key question that should be on the agenda for discussion at management meetings worldwide, as talent shortages worsen and replacements for those exiting the workforce become more difficult to find. But, even armed with this knowledge, few employers are finding any long-term solutions to prevent the obvious talent shortages and brain drain that are clearly emerging. The challenge presented by an aging workforce and pervasive talent shortages is complex and multi-faceted, which is why employers are still struggling to determine how best to plan ahead and gain a strategic advantage; it is not just a question of how to get older workers to remain relevant and continue contributing to the workforce; it is also about how to get the most out of the The New Agenda for an Aging Workforce ounger generations, whose numbers are too small to fully replace those who have gone before them, and how to do this in a way that is consistent with the company’s culture. Strategic plans to attract critical talent to the organization and retain the near-retirement population in key roles will become a key focus at this point, as it is now clear where the organization should be dedicating resour ces to ensure a steady supply of key talent. At the same time, the organization will need to identify and develop high-potential employees to replace those exiting due to retirement. This cycle of demographic forecasting and workforce planning will become an integral component of the business planning process as talent shortages worsen. One of the key reasons that employers are not doing more to try and recruit or retain older workers as part of their talent management strategy is simply that they do not yet understand how to do so effectively. Employers have done much in recent years to provide better worklife balance for working parents; they have not yet gained a full understanding of what work-life balance means to the older worker. Navigating the Changing World of Work 30 The New Agenda for an Aging Workforce The key to engagement of the older adult in the workforce is to focus on the same issues that are important to other age groups: Performance-based compensation: Sending a clear message about the value of the individual rather than just paying more due to job tenure allows the older worker to know how he is performing compared to his peers. Having a clear understanding of what is expected: Don’t assume that an older employee knows what is expected of her just because of her tenure. New management and a rapidly changing business world can leave an older worker uncertain of her priorities; just as it can her younger peer. Having a sense of belonging: As the demographic composition of work groups evolves, care should be taken to ensure everyone is included in team- building activities and informal communication channels. Being treated equally and with respect: Disparate behavior toward older workers can happen in subtle ways such as planning team-building activities that the older worker cannot relate to, or giving all of the new learning opportunities to the younger members of the team. Supervisors need to be vigilant in recognizing the diversity of their team and making decisions that provide equal treatment. 31 Navigating the Changing World of Work The New Agenda for an Aging Workforce Access to tools, resources, information and training: As with all other employees, the older worker needs the same level of tools, resources and information to perform effectively in her role. Further, it should not be assumed that because an individual is older and quite capable she is no longer interested in receiving training. Companies that create a culture of continuous learning for all employees will be the most successful in engaging their workforces. Open and honest two-way feedback: Often, the older worker whose skills have faded is unaware that she is falling behind because supervisors and peers do not want to hurt her feelings. This is a disservice to the individual, who continues to require honest feedback in order to address performance issues adequately. Conversely, if the older worker does not have a two-way communication channel with her supervisor, she may feel unable to express her wishes to adjust her work relationship ue to changing priorities in her life. As a result, the supervisor misses the opportunity to retain the employee in a modified role and instead, loses her to retirement prematurely. Strong teamwork: As with all employees, a strong sense of teamwork results in greater productivity for the team members. This remains true throughout an individual’s career, regardless of h is full-time or parttime status. Navigating the Changing World of Work 32 The New Agenda for an Aging Workforce Recognition: It is never a mistake to recognize a job well done. The need to provide recognition of employees across all age groups and levels is often overlooked by management, especially during the extremely busy periods when recognition matters most. Opportunities for career advancement: Career development and advancement opportunities should remain available to all employees throughout the duration of 33 Navigating the Changing World of Work their careers. It is a mistake to assume that an individual is â€Å"coasting to retirement. Understanding how the role contributes to the success of the business: As business continues to evolve, it remains important for all employees to have a clear understanding of how they are contributing to the company’s overall goals. A sustainable and growing economy will not be possible in the talent-poor future without a strong and vibrant labor market that includes talent pools that are currently under-represented in today’s workforc e. The New Agenda for an Aging Workforce The Multi-Generational Workforce Traditionalist Boomer Generation X Generation Y Born 1928–1945 Born 1946–1964 Born 1965–1979 Born 1980– Each generation has different assumptions, motivations and expectations about work and makes different choices when it comes to where, when and how they work. Regardless of generation, individuals need to think about the choices they make, as they are choosing against one thing when opting for another. Organizations need to adopt more flexible mindsets, adjust work arrangements and people practices to recruit, retain and leverage the multigenerational workforce to win. Navigating the Changing World of Work 34 Rise of 35 Navigating the Changing World of Work Customer Sophistication Customers’ expectations around price and value will rise, shifting the key competitive differentiator from a company’s access to capital to access to talent. Customers have more access to information, experts and lower cost channels which increases visibility and subsequent pressure on companies to deliver value. Employers have become more sophisticated in assessing their workforce and are looking for specific skills that enable their companies to do more with less to meet ever-rising consumer needs. Navigating the Changing W

A bad hair day Essays

A bad hair day Essays A bad hair day Paper A bad hair day Paper A bad hair day I can never forget how my mom embarrassed me when I was in fourth grade. My mom had Just finished her training from beauty school and wanted to practice on giving haircuts. One day after school I had no choice but became the first of hers. She said my hair was too long to take care of and she had to cut my hair today because she was tired of seeing my hair everywhere in the house. I agreed with her and decided it was time to let go of my pony tail. She grabbed a chair from the dining room and laid out all the professional tools she bought from beauty school. As soon as I sat down on the chair she quickly pinned a shiny black cape at my neck and picked up a comb and a spray bottle. l learned how to do the famous Audrey Hepburn pixie crop in Roman holiday, She said while combing through my hair and spraying cold water on it. The next thing I noticed was she took a huge chunk of hair on my left side and sniped off right above my ear. No! I dont want my hair too short! I Jerked my head to the right side and screamed. Stop moving or I will cut your ear! She yelled at me and centered my head back again. Due to the strict Asian parenting, rebellion would get me in trouble. So I kept quiet and had my arms crossed under the cape while she continued cutting away at my hair. I peered over as she put down the scissors and asked anxiously: Can I see it? Not yet. She replied and picked up an electric clipper, Its a little uneven in the back, but Im goanna fix it. She titled my head down with force and started to shave around my ear towards my nape. I had a terrible feeling this was going to be a disaster but out of respect I didnt say anything. And my thought was confirmed when I saw my reflection in the mirror: I didnt know what Audrey Hepburn pixie crop looks like but I looked like a boy wearing a coconut helmet. My bangs were more than an inch above my eyebrows! I reached up to feel the back of my head and I quivered at the feel of short thorny hair. l look like a boy! I cant go to school like this! I broke down into tears. Bullwhip, Just wear a dress tomorrow, moms face turned a little red and scolded at me, Stop being ridiculous. I went to school the next day in a white dots red summer dress that my mom made me wear. On my way to school, every step I took I felt extremely self unconscious. I kept my head down as I walked into the classroom and hoped no one was looking. But the stupid dress put me under the spot light and immediately all of my classmates broke out laughing. I overheard some guy from my class said why a boy is wearing a girls dress. I was so embarrassed and I wanted to disappear. I really hoped I didnt wear that dress. The haircut was bad enough and dress made it worse! I dont remember how did I get through the day, but all I remember was I didnt wear any dresses for a long time after that and I never let my mom cut my hair again.

Unit 1 Individual Project Essay Example | Topics and Well Written Essays - 500 words

Unit 1 Individual Project - Essay Example This encompasses the specific allocation of goods for individuals and households. For an individual, it can be as simple as choosing the activity for the day. For a business organization, it includes the setting of the price level for a product or service and finding the equilibrium quantity which can maximize the profit to be generated. Macroeconomics, on the other hand, is more comprehensive as it involves the examination of the performance of the economy as a whole. Instead of simply looking at a single business organization, this means focusing on the entire industry taking into account all industry players regardless of size or bargaining power (Cybereconomics 2008). An example of the macroeconomics is the determination of the factors which causes the increase in the Gross Domestic Production of China which has showed significant growth in the recent years. Being the vice president for sales for a reputable business organization, I am responsible for the purchasing decision for the company. At other times, I also handle the recruitment and application processing for prospective employees. These tasked have allowed me to utilize microeconomics in making my decisions. The purchase of input for the company’s operation has a lot of implication for the price of the product that we manufacture and in turn, the level of profit that we generate. Employing the skills and techniques that I have learned in microeconomics, I always make sure that I am buying inputs at the lowest possible cost which includes minimizing the cost per item, cost of ordering, and cost of handling the inventory. I make use of the economic quantity model which really helped our business organization maximize profits by the elimination of unwanted cost. The macroeconomics portion concerns my task in hiring prospective applicants. When searching for the right person for the job, I look beyond the knowledge and the skill of the candidate and also look at the people working for

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For UC Application - Personal Statement Example I took pride in being part of one of the top musicals staged by my school, â€Å"The Awakening†. I also became a committee member of a few concert events. Being part of a group that brings delight and entertainment to people gave me a sense of accomplishment. Eventually, my exposure in business opened new doors for me. As I grew up, I had to temporarily leave behind my extra-curricular activities to prepare for a career. After graduation, I endeavored to get jobs that are related to Marketing. It took me a while to get a job. All along, I thought it would be easy. But during the process, I realized that it was a challenge making sales, convincing people to purchase the services that the company offered. It got to a point when I had no sales at all. That’s when I vowed to improve myself. I did self studying, reading books and getting inputs from my superiors. The efforts paid off because I was able to close deals eventually. It was a good learning experience. Shortly aft er, I worked in a Marketing Department in Lico, an interior design company in Hong Kong. As a member of the marketing staff, I still got to practice my creativity by handling advertising and marketing for the company. My sales stint allowed me to be creative in dealing with customers who have discriminating tastes. It is in this light that I decided to take further studies in Economics. A degree in Economics will equip with the necessary know how in understanding, not only business management, but also in looking at the economy from a broader perspective. I want to have a macro view of the industry vis-a-vis the country and the world economy. Having this skill would allow me to plan effectively for business expansion and growth. An economics degree would help me become more analytical and critical about business facts and figures. It will likewise provide me a chance for multitude of career options that would lead to fulfilling and challenging jobs. By the time I graduate as economi cs major, I would like to be able to have a logical approach on solutions planning and problem solving. I also want to be data-savvy, knowing how to understand trends and figures and make them my references in planning for business expansion. Strategic planning and quantitative analysis are two facets of economics that I want to master. These would definitely help me assist my Father in making our business succeed. 2. Tell us about a personal quality, talent, accomplishment, contribution or experience that is important to you. What about this quality or accomplishment makes you proud, and how does it relate to the person you are? At this point, I now understand that I can approach my dreams being whole-brained, not being limited to the left or the right; not having to choose between my creative and analytical side. I am lucky to have all these skills, and one great opportunity to put these skills into practice to benefit my family. If given the chance to take up the BS Economics Deg ree in this university, I would endeavor myself to be focused and results driven, using all my experiences to maximize opportunities. My hunger for knowledge is my best tool to succeed in this course. On top of these skills, my personal traits also complement my dream to enter the university to take up a degree in Economics. I am a highly curious person, always wanting to get into the thick of

Importance of Brands and Branding

Importance of Brands and Branding Abstract Repetitive failures cost companies millions of dollars in redesign costs, liabilities, and transaction costs. However, by far the most serious cost of these failures is the lost business that results from customer defection. For service companies, the task of providing error-free services is even more challenging because their intangible nature renders subjective perceptions of quality. Equally troublesome is the uncontrollable element of customer participation in the service process because production and consumption occur as a simultaneous process. Despite these challenges however, service quality and customer satisfaction are closely related constructs. When service providers continuously strive to develop error-free processes, customer satisfaction is sure to follow. Chapter 1: Introduction Many marketers are rethinking their branding because competitive pressures, new channels, and changing customer needs have eroded their brands positions of strength. However, increased marketing expenditures to reposition brands often fail to produce any improvements in either overall image or market share. Experience has shown that companies should focus on achievable rather than aspirational positioning, and that three steps can help ensure success: 1. Ensure relevance to a customers frame of reference. Be fully aware of the brands â€Å"frame of reference† so that a repositioning strategy will resonate with customers. Look at a combination of customers attitudes and the situations in which the brand is used to obtain the most powerful customer insights. 2. Secure the customers â€Å"permission† for the positioning. Recognize that permission amounts to a reasonable and logical extension of the brand in the customers eyes. Leverage a brands unique emotional benefits to carry customers from their current brand perception to the intended one. 3. Deliver on the brands new promise. Identify the pathway of performance â€Å"signals† that will convince customers of the new brand positioning. Develop product/service programs to ensure consistent performance on these signals. Track and assess performance against customer signals prior to launching the new positioning. Adopt an â€Å"interim positioning† to establish brand credibility and performance. An array of factors is requiring marketers today to rethink their brand positioning. Changing customer needs are often eroding the brands established position. At the same time, increasing competitive pressures created by new entrants and product innovations, and the proliferation of new channels and promotional campaigns, are driving marketers back to the drawing board. Many CEOs and CMOs, however, find themselves displeased with the results of their repositioning efforts. Increased marketing expenditures devoted to repositioning brands in the minds of consumers often fail to produce any improvements in either overall image or market share. Why do these well-intentioned efforts turn into marketing failures? While there are many causes, companies often fail to focus on achievable brand positioning rather than branding in service sector. Too often, their efforts target an ambitious goal that outstrips the actual ability of the brand to deliver on what it has promised to customers. Or the goal is too far from customers current brand perception to be a realistic brand objective. For example: In the late 1 980s Oldsmobile wanted to revitalize its brand and gear it to a younger audience. Thus marketers at General Motors launched a creative campaign around the tagline, â€Å"Not your fathers Oldsmobile,† highlighting the cars improved styling and new features. But for many younger consumers, this was too much of a stretch for the brand. The product modifications did not go far enough to meet the needs and expectations of the new customer set they were targeting. As a result, Oldsmobile recognized the need to shift its campaign. Eventually, GM closed its Oldsmobile division. More recently, United Airlines Rising campaign attempted to position the brand as the most passenger-centric airline, with a clear understanding of customer problems and the solutions needed to fix them. The campaign had the effect of raising expectations, which were quickly deflated, however, by the brands inability to deliver against the promises made as part of its bold new positioning platform. Consequently, United was forced to change its central brand message — no longer emphasizing Rising. Many high-tech businesses have recently repositioned themselves as e-business brands. However little effort was made by these brands to clearly differentiate themselves from one another despite the millions of dollars spent on elaborate marketing programs. The net effect, according to their research, has been to sow confusion in the minds of customers, rather than to forge strong brand identities. These examples — and most marketers can cite many others — underscore the imperative to pursue a brand positioning that is eminently achievable, not just attractive. Based on our experience, three steps can help ensure that they make this distinction: 1) ensuring relevance to a customers frame of reference; 2) securing the customers â€Å"permission† for the positioning; and 3) making sure that the brand delivers on its promise. Be Relevant to the Customers Frame of Reference: When repositioning a brand, its essential for marketers to capture not just the emotional and physical needs of the customer but the dynamics of the situation in which those needs occur. We refer to this as the customers â€Å"frame of reference.† For example, while isotonic beverages like Gatorade and Powerade are thirst-quenching drinks, consumers tend to think of them in the broader context of sports, exercise, and physical activity. Importantly, the frame of reference sets the parameters for customers consideration set — the brands they will choose from. Indeed, most customers have a very specific definition of what the brand is and what it can be relative to their frame of reference. Repositioning a brand too far from this frame of reference creates customer confusion that makes a positioning unsuccessful. Attempting to brand Gatorade, for example, within a social, lighthearted context would probably be stretching the brand too far from the current sports/physical activity frame of reference. Similarly, a communications company known for data services for business customers would likely be positioning the brand too far outside of the customers frame of reference if it suddenly tried to launch a â€Å"friends-and-family† calling plan. Being fully aware of the frame of reference for a brand can help ensure that its repositioning strategy will resonate with customers. But the frame of reference is usually a combination of both customers attitudes and the situations in which the brand is used. As a result, we typically find the most powerful customer insights and segmentation come from looking at a combination of these factors In some categories, customers broader attitudes are the dominant factor. How customers think about pet-related brands, for example, can be seen in the context of how they treat their own pets — whether they view them as family members, best friends/companions, or in a less personal way. If customers view pets as family members, the optimal message for the brand will appeal to such human qualities as nurturing and pampering. This â€Å"family member† orientation or frame of reference may help support a brand extension to a full range of pet services, such as grooming and accessories. Other customer needs are not as consistent, but better understood within the context of specific situations or sub-categories. In the field of airline travel, for example, the customers frame of reference may be a function of the type of trip they are taking. The customer who is used to traveling within the U.S. in cramped coach-class conditions, for example, will have a much different set of needs and expectations than the traveler who is used to flying to international destinations with all the comforts of first-class service. As a result, in most instances the frame of reference is built upon a combination of both of the above attitudinal and situational forces. For example, while consumers may generally have a health-conscious attitude about the foods they eat, on certain â€Å"special† occasions they may allow themselves to become more indulgent, creating what we call a â€Å"need state.† A strong brand identity can also help marketers secure the desired permission from consumers. Because Victorias Secret owns or is associated with the notion of intimate moments, for example, it would be easier for that brand to get permission to introduce a new line of lingerie or perfume with a sensual connotation than it would be to launch a line of jeans or handbags. In repositioning, marketers must embrace the idea that they are brand â€Å"stewards,† while customers define their relationship with the brand and determine the basis for the relationship. A steward must spend more time deeply understanding what customers really think about the brand and where potential â€Å"bridges† to growth and new branding exist. For example, Smuckers could leverage the â€Å"wholesome goodness† their loyal customers attribute to them instead of solely focusing on themselves as fruit processors. Marketers should not attempt to cover the waterfront here, but instead focus on the relevant interrelated â€Å"hot buttons† that will clearly convey the message. For example, in the case of a technology brand positioning itself as â€Å"humanizing technology for everyday people,† the strongest set of pathways to the positioning came from product signals such as customized hardware and specific application platforms (e.g., games, household management) rather than from equipment with the latest features and innovative design. The pathway modeling also indicated the strong signal value of the brands customer service representatives having an understanding of an individual customers needs. This important service signal led to the broader customer perception of the brand as caring — an important personality signal for the brand to deliver on its positioning. Additionally, the marketer learned that having technicians follow through with customers to issue resolution w as a critical service signal that led to the broader personality signal of the brand being professional — another key for the brand to live up to its positioning. With these insights, the marketer could allocate resources accordingly, ensuring that the more important signals were being appropriately supported. Develop necessary product/service programs to ensure consistent performance on these signals to the customer. For example, if the brand positioning is built around superior customer satisfaction, but frontline sales people are measured on revenue rather than satisfaction, it is unlikely that consistent performance will be achieved. So, if airline gate agents are the first and most important contact point for customers, they should be empowered to solve customers issues instead of redirecting them to customer service personnel. In the technology brand example, given the importance of the customer service representatives and service technicians, there should be a greater emphasis on the quality of the service delivered rather than on the number of customers that can be serviced over a given time period. Make sure approaches are in place to track and assess your performance against these customer signals prior to the formal launching of the new positioning. Applying rigorous quality assurance procedures to key elements of the new brand experience will often ensure that customers are not disappointed, or fail to have their expectations met. Current data-collection methods allow for rapid response and can be leveraged to determine whether the launch programs are having their desired effect on brand perceptions. Due to the complexities of brand positioning, many marketers are correctly choosing to move to an â€Å"interim positioning.† This interim positioning is designed to establish brand credibility and performance on the road to fully achieving the longer-term aspirational positioning. Such a positioning focuses on those aspects of the brand on which the organization is currently able to deliver. Interim positioning is often essential when a brand stakes out new territory considered â€Å"up market,† addresses an important or longstanding deficiency, or is attempting to redefine its competitive set. As the brand evolves (based on customers changing perceptions), additional components of the new platform can be put into place and confidently communicated to consumers. Target Stores successfully employed an interim positioning as it evolved the brand up market from a position as a discount retailer of national brands to a contemporary â€Å"urban chic† retail brand pro viding good value. The interim positioning emphasized value without sacrificing style and involved specific merchandising efforts such as stylized color blocking and associations with name designers (e.g., Frank Gehry). As the brand evolved to its current positioning, it further emphasized the â€Å"designer† theme in its advertising, often having models wearing various house wares as high fashion. By focusing on achievable instead of aspirational brand positioning, companies can help ensure meaningful market share results while enhancing their brand image. This requires, however that the new brand position fits comfortably within the customers frame of reference, and that it not attempt to overreach. Marketers must also secure the customers permission to extend the brand by building a bridge of relevant benefits to carry customers from the current to the intended brand position. Implementing the performance delivery systems to ensure the brand is able to live up to its new promise is the final critical step in building and executing a successful brand positioning program. Chapter 2: Literature Review 2.1 Branding: Definition and benefits Literature gives several definitions of the term brand. The common themes are that a brand is more than just a combination of a name, a design, a symbol or other features that differentiate a good or a service from others. It is a unique set of tangible and intangible added values that are perceived and valued by the customer. In addition a brand is said to have personality, an emotional bond to the customer that grows out of the perceived characteristics. These certain features of a brand grow out of a complex set of added values that can comprise of history and tradition, additional services, marketing messages, quality, popularity of the product amongst a certain group of users (status) and others. These basiss of a brand perception prove that a strong brand can not be established over night The development of a brand takes time, strong financial marketing muscle and good marketing skills such as Insight into customer needs, Ability to offer products or services that meet those needs, Creativity to produce exiting and compelling advertising, Ability to communicate differentiation in a way that customers understand and that motivates them. Without this process they do not have a brand but only a name and a sign for a product. Brands have benefits for both, the brand owners as sellers and the customers: Benefits of a brand for Sellers Customers Identifies the companies products, makes repeat purchases easier Facilitates promotion efforts Fosters brand loyalty stabilises market share Allows to charge premium prices and thus to get better margins Allows to extend the brand to new products, new markets and to new geographic areas Can communicate directly with the customer, reach over the shoulder of the retailer More leverage with middlemen Is more resistant to price competition Can have a long life Is more forgiving of mistakes Helps identify products Helps evaluate the quality of a product Helps to reduce perceived risk in buying, provides assurance of quality, reliability etc. Is dependable (consistent in quality) May offer psychological reward (status symbol) â€Å"rout map† through a range of alternatives Saves customer time Is easier to process mentally With this potential a brand can offer an important competitive advantage for a seller who has decided for a differentiation strategy. Even in markets with many similar products or services a brand can provide some sort of uniqueness to a certain product. Depending from the strength of a brand the branded product thus can be positioned towards a more monopolistic situation. With all these characteristics a brand is important in an organisations marketing mix. Although it is basically a certain feature of the category â€Å"product†, it influences every component of the marketing mix: The product gets a higher value in the perception of the customers. This influences the pricing policy in the way that often a premium can be charged. The promotional strategy and mix will be different because it is more focused on the brand than on the individual product. For instance the introduction of a new product under a well established umbrella brand requires a very different promotion campaign than the introduction of a new brand or an unbranded product. The decision for the place and the marketing channel is influenced because a branded product with a higher perceived value might be placed in an environment that is well related to the brands personality, e.g. gourmet shop vs. food department in a supermarket. 2.2 Branding strategies: Besides the more general decision for the use of brands the decision for the branding strategies is important. There are several aspects to be considered: Ownership of brands Structure of brand systems Regarding the ownership, Dibb (1997) and Kotler (1999) differentiate between five categories: These decisions need to be taken carefully. They offer not only large opportunities but also various risks: A company which has strong manufacturer brands may decide to sell the same or similar products to retailers for use as their own label brands. If consumers become aware of this they might change their perception of the manufacturer brand: â€Å"They get the same product for a lower price under my retailers brand.† or â€Å"They sell the same thing under another name very cheap. This product is not exclusive anymore. I go for another brand then.† Extensive permissions for the licensed use of a strong brand for other products can destroy the value of the brand. Pierre Cardin has lost lots of its luxury appeal since various goods with this name can be found in every department store. The structure of brand systems describes how an organisations products and brands are related. Dibb (1997) distinguishes between: 2.3 Branding for service industries: 2.3.1 Reason for branding services: Although the principles for branding of goods and services are generally the same there occur some differences. These arise from the different natures of both categories. The main differences that influence branding policies are that services Have a changing level of quality, The consumer has to become involved in the consumption of a service actively, They are intangible and not storable. When a brand in general gives the consumer more confidence in his choice this is even more important for services. Their quality and other features are more difficult to asses. Because of their intangibility and complexity it is harder for the customer to distinguish between the offers from the wide range of service companies are working in the market place. This especially applies to the market of accounting, auditing and consulting where consolidation and globalisation increase competition. In an FT-article about branding accounting services (Kelly 1998) a branding expert states that â€Å"more than 70 % of the Fortune 500 companies said branding is increasingly important in helping them to choose where to get a service. They want to be able to tell who is good at what.† 2.3.2 Drivers for the use of branding in the accounting/consulting industry with a focus on the Big Five (former Big Six) firms: The Big Five accounting firms have a long history up to 75 to 100 years. These firms have developed from smaller entities through co-operations and mergers. Often new products and new markets have been developed by â€Å"buying in†, by buying the expertise and the access in the form of other firms. For many small and medium accounting and auditing firms it is attractive to join the association (in most cases) of one of the large players for the following reasons: The form of an association with independent member firms allows to retain a level of individuality although in some cases this is not long-lasting. The membership in an large powerful firm gives a competitive advantage (reputation, access to knowledge, access to new markets, higher market share, cost savings through sharing resources, e.g. for training and recruitment etc.). Partners of these smaller firms are often offered to become partners in the large firm. For a long time the industry did not put much effort in the development of brands. The tradition and long lasting reputation of the Big Five itself gave their names a considerable brand value. For quite a long time this was fairly enough for their purposes. In Kellys (1998) article a professional firms branding expert states that for many years the accountancy firms hid behind the â€Å"convenient parapet† of the Big Six brand label. In the audit market most shareholders were happy to have any audit firm as long as it was from the Big Six.Other factors were legal limitations for advertising. Accounting firms were first allowed to advertise in 1984. That means that marketing and communications focused mainly on activities like excellent work and the power of word of mouth, job advertisements (as the only allowed advertisements they were used as a means to present the company), speaking at conferences, publishing articles in professional journals, co-operating with universities and business schools and so on. Accounting firms saw themselves as a conservative i ndustry with discretion as one of their services. In their minds this didnt go together with an aggressive marketing campaign.In the last years the industry has seen some developments that required new strategies: Globalisation: A global client needs a global auditor because companies are legally required to prepare consolidated financial statements including all subsidies around the world. This is much easier if you have all subsidies audited by the same firm. In addition global clients have a high need for specialised consulting. They often prefer a consultant that is as global as they are to get more expertise and consistency. Stagnation in the core business: The traditional auditing business does not show high growth rates. An individual firms growth can mainly be achieved at the expense of competitors. Growth in consulting services: On the contrary to the auditing business there is an enormous growth for consulting services. The accounting firms have traditionally done some consulting and now they developed these activities aggressively. This had two results: A growing variety of services offered these new products had to be communicated to existing and potential clients Accounting firms came into direct competition with the traditional consulting firms which had their own brands and reputation Need for qualified people: With the development of new products/services all firms needed much more highly qualified people. Recruitment became an important issue. (For example: The German member firm of PricewaterhouseCoopers took on about 1000 new employees in 1998, the first year after the merger.) This led to a competition to attract the best university students. All these factors together increased competition amongst the Big Five. For this industry excellent quality is not a means to get a competitive advantage, it is an important requirement for any success at all. A large variety of services is important; but the customer will perceive it only in the moment he needs a certain service. In this situation the Big Five did not manage to differentiate themselves successfully from competition. A survey conducted by PricewaterhouseCoopers during the merger process revealed that â€Å"the business community and the general public did not and do not perceive any compelling differences between and among either the Big Six or the Big Five. Not only did all firms appear to have similar defining qualities, they were also not sending any consistent messages about their organisations to external audiences.†Here a strong brand with a personality and a clear message can be a valuable means for differentiation and thus for gaining a competitive advantage. By now we can say that the Big Five have become aware of this. Now they invest heavily to reposition themselves and to develop their good names to real power brands. 2.4 Benefits of branding: Branding is the process of creating distinctive and durable perceptions in the minds of consumers. A brand is a persistent, unique business identity intertwined with associations of personality, quality, origin, liking and more. Heres why the effort to brand their company or their self pays off.  · Memorability: A brand serves as a convenient container for a reputation and good will. Its hard for customers to go back to that whats its name store or to refer business to the plumber from the Yellow Pages. In addition to an effective company name, it helps when people have material reminders reinforcing the identity of companies they will want to do repeat business with: refrigerator magnets, tote bags, date books, coasters, key rings, first aid kits, etc. Memorability can come from using and sticking with an unusual color combination (FedExs purple and orange), distinctive behavior (the gas station whose attendants literally run to clean your windshield), or with an individual, even a style of clothing (Author Tom Wolfes white suits). Develop their own identifiers and nail them to their company name in the minds of their public.  · Loyalty: When people have a positive experience with a memorable brand, theyre more likely to buy that product or service again than competing brands. People who closely bond with a brand identity are not only more likely to repurchase what they bought, but also to buy related items of the same brand, to recommend the brand to others and to resist the lure of a competitors price cut. The brand identity helps to create and to anchor such loyalty. Consider the legions of car owners who travel up to 2,000 miles at their own expense to attend a Saturn celebration at the companys plant in Spring Hill, Tennessee. Thats loyalty. And supposedly, more people have the motorcycle brand Harley-Davidson tattooed on their body than any other brand name. Thats out-of-this-world loyalty.  · Familiarity. Branding has a big effect on non-customers too. Psychologists have shown that familiarity induces liking. Consequently, people who have never done business with you but have encountered their company identity sufficient times may become willing to recommend them even when they have no personal knowledge of their products or services. Seeing their ads on local buses, having their pen on their desk, reading about them in the Hometown News, they spread the word for them when a friend or colleague asks if they know a ____ and thats what they do.  · Premium image, premium price: Branding can lift what they sell out of the realm of a commodity, so that instead of dealing with price-shoppers they have buyers eager to pay more for their goods than for those of competitors. Think of some peoples willingness to buy the currently in brand of bottled water, versus toting along an unlabeled bottle of the same stuff filled from the office water cooler.The distinctive value inherent in a brand can even lead people to dismiss evidence they would normally use to make buying decisions. I once saw one middle-aged Cambridge, Massachusetts, intellectual argue to several colleagues that Dunkin Donuts coffee tastes better than Starbucks. So contradictory was this claim to the two companies reputations for this demographic group that the colleagues refused to put the matter to a taste test.  · Extensions: With a well-established brand, they can spread the respect they will earn to a related new product, service or location and more easily win acceptance of the newcomer. For instance, when a winery with a good reputation starts up regional winery tours, and then adds foreign ones, each business introduction benefits from the positive perceptions already in place.  · Greater company equity: Making their company into a brand usually means that they can get more money for the company when they decide to sell it. A Coca-Cola executive once said that if all the companys facilities and inventory vanished all around the world, he could walk into any bank and take out a loan based only on the right to the Coca-Cola name and formula.  · Lower marketing expenses: Although they must invest money to create a brand, once its created they can maintain it without having to tell the whole story about the brand every time they market it. For instance, a jingle people in their area have heard a zillion times continues to promote the company when its played without any words.  · For consumers, less risk: When someone feels under pressure to make a wise decision, he or she tends to choose the brand-name supplier over the no-name one. As the saying goes, Theyll never be fired for buying IBM. By building a brand, they fatten their bottom line. 2.5 Brand structures for services industries: As for services, literature suggests to use the companies name a so called corporate brand as the overall family brand for all the services offered. Murphy (1990) calls this the â€Å"monolithic approach†. He argues that especially for companies which offer an enormous array of services (e.g. consultants, banks) corporate names must be used to deliver more generalised benefits of quality, value and integrity. de Chernatony (1996) comes to the conclusion that corporate brands are a crucial means to help make the service offering more tangible in consumers minds and can enhance consumers perceptions and trust in the range of services provided by the company. One disadvantage of corporate brands little opportunity for developing second or sub-brands for differentiated product lines- applies more to branded products. However Murphy (1990) states that many companies have chosen an approach of â€Å"local autonomy but group-wide coherence† as a system whereby individual divisions and products are largely free-standing but mention is made in all literature and on all stationery and products that â€Å"company A is member of the XYZ group†. This approach is very common amongst the Big Five accounting and auditing firms. It allows their national member firms, to exploit the groups brand name and their own (brand) name at the same time. Many member firms that had joined the global firms have lon Importance of Brands and Branding Importance of Brands and Branding Abstract Repetitive failures cost companies millions of dollars in redesign costs, liabilities, and transaction costs. However, by far the most serious cost of these failures is the lost business that results from customer defection. For service companies, the task of providing error-free services is even more challenging because their intangible nature renders subjective perceptions of quality. Equally troublesome is the uncontrollable element of customer participation in the service process because production and consumption occur as a simultaneous process. Despite these challenges however, service quality and customer satisfaction are closely related constructs. When service providers continuously strive to develop error-free processes, customer satisfaction is sure to follow. Chapter 1: Introduction Many marketers are rethinking their branding because competitive pressures, new channels, and changing customer needs have eroded their brands positions of strength. However, increased marketing expenditures to reposition brands often fail to produce any improvements in either overall image or market share. Experience has shown that companies should focus on achievable rather than aspirational positioning, and that three steps can help ensure success: 1. Ensure relevance to a customers frame of reference. Be fully aware of the brands â€Å"frame of reference† so that a repositioning strategy will resonate with customers. Look at a combination of customers attitudes and the situations in which the brand is used to obtain the most powerful customer insights. 2. Secure the customers â€Å"permission† for the positioning. Recognize that permission amounts to a reasonable and logical extension of the brand in the customers eyes. Leverage a brands unique emotional benefits to carry customers from their current brand perception to the intended one. 3. Deliver on the brands new promise. Identify the pathway of performance â€Å"signals† that will convince customers of the new brand positioning. Develop product/service programs to ensure consistent performance on these signals. Track and assess performance against customer signals prior to launching the new positioning. Adopt an â€Å"interim positioning† to establish brand credibility and performance. An array of factors is requiring marketers today to rethink their brand positioning. Changing customer needs are often eroding the brands established position. At the same time, increasing competitive pressures created by new entrants and product innovations, and the proliferation of new channels and promotional campaigns, are driving marketers back to the drawing board. Many CEOs and CMOs, however, find themselves displeased with the results of their repositioning efforts. Increased marketing expenditures devoted to repositioning brands in the minds of consumers often fail to produce any improvements in either overall image or market share. Why do these well-intentioned efforts turn into marketing failures? While there are many causes, companies often fail to focus on achievable brand positioning rather than branding in service sector. Too often, their efforts target an ambitious goal that outstrips the actual ability of the brand to deliver on what it has promised to customers. Or the goal is too far from customers current brand perception to be a realistic brand objective. For example: In the late 1 980s Oldsmobile wanted to revitalize its brand and gear it to a younger audience. Thus marketers at General Motors launched a creative campaign around the tagline, â€Å"Not your fathers Oldsmobile,† highlighting the cars improved styling and new features. But for many younger consumers, this was too much of a stretch for the brand. The product modifications did not go far enough to meet the needs and expectations of the new customer set they were targeting. As a result, Oldsmobile recognized the need to shift its campaign. Eventually, GM closed its Oldsmobile division. More recently, United Airlines Rising campaign attempted to position the brand as the most passenger-centric airline, with a clear understanding of customer problems and the solutions needed to fix them. The campaign had the effect of raising expectations, which were quickly deflated, however, by the brands inability to deliver against the promises made as part of its bold new positioning platform. Consequently, United was forced to change its central brand message — no longer emphasizing Rising. Many high-tech businesses have recently repositioned themselves as e-business brands. However little effort was made by these brands to clearly differentiate themselves from one another despite the millions of dollars spent on elaborate marketing programs. The net effect, according to their research, has been to sow confusion in the minds of customers, rather than to forge strong brand identities. These examples — and most marketers can cite many others — underscore the imperative to pursue a brand positioning that is eminently achievable, not just attractive. Based on our experience, three steps can help ensure that they make this distinction: 1) ensuring relevance to a customers frame of reference; 2) securing the customers â€Å"permission† for the positioning; and 3) making sure that the brand delivers on its promise. Be Relevant to the Customers Frame of Reference: When repositioning a brand, its essential for marketers to capture not just the emotional and physical needs of the customer but the dynamics of the situation in which those needs occur. We refer to this as the customers â€Å"frame of reference.† For example, while isotonic beverages like Gatorade and Powerade are thirst-quenching drinks, consumers tend to think of them in the broader context of sports, exercise, and physical activity. Importantly, the frame of reference sets the parameters for customers consideration set — the brands they will choose from. Indeed, most customers have a very specific definition of what the brand is and what it can be relative to their frame of reference. Repositioning a brand too far from this frame of reference creates customer confusion that makes a positioning unsuccessful. Attempting to brand Gatorade, for example, within a social, lighthearted context would probably be stretching the brand too far from the current sports/physical activity frame of reference. Similarly, a communications company known for data services for business customers would likely be positioning the brand too far outside of the customers frame of reference if it suddenly tried to launch a â€Å"friends-and-family† calling plan. Being fully aware of the frame of reference for a brand can help ensure that its repositioning strategy will resonate with customers. But the frame of reference is usually a combination of both customers attitudes and the situations in which the brand is used. As a result, we typically find the most powerful customer insights and segmentation come from looking at a combination of these factors In some categories, customers broader attitudes are the dominant factor. How customers think about pet-related brands, for example, can be seen in the context of how they treat their own pets — whether they view them as family members, best friends/companions, or in a less personal way. If customers view pets as family members, the optimal message for the brand will appeal to such human qualities as nurturing and pampering. This â€Å"family member† orientation or frame of reference may help support a brand extension to a full range of pet services, such as grooming and accessories. Other customer needs are not as consistent, but better understood within the context of specific situations or sub-categories. In the field of airline travel, for example, the customers frame of reference may be a function of the type of trip they are taking. The customer who is used to traveling within the U.S. in cramped coach-class conditions, for example, will have a much different set of needs and expectations than the traveler who is used to flying to international destinations with all the comforts of first-class service. As a result, in most instances the frame of reference is built upon a combination of both of the above attitudinal and situational forces. For example, while consumers may generally have a health-conscious attitude about the foods they eat, on certain â€Å"special† occasions they may allow themselves to become more indulgent, creating what we call a â€Å"need state.† A strong brand identity can also help marketers secure the desired permission from consumers. Because Victorias Secret owns or is associated with the notion of intimate moments, for example, it would be easier for that brand to get permission to introduce a new line of lingerie or perfume with a sensual connotation than it would be to launch a line of jeans or handbags. In repositioning, marketers must embrace the idea that they are brand â€Å"stewards,† while customers define their relationship with the brand and determine the basis for the relationship. A steward must spend more time deeply understanding what customers really think about the brand and where potential â€Å"bridges† to growth and new branding exist. For example, Smuckers could leverage the â€Å"wholesome goodness† their loyal customers attribute to them instead of solely focusing on themselves as fruit processors. Marketers should not attempt to cover the waterfront here, but instead focus on the relevant interrelated â€Å"hot buttons† that will clearly convey the message. For example, in the case of a technology brand positioning itself as â€Å"humanizing technology for everyday people,† the strongest set of pathways to the positioning came from product signals such as customized hardware and specific application platforms (e.g., games, household management) rather than from equipment with the latest features and innovative design. The pathway modeling also indicated the strong signal value of the brands customer service representatives having an understanding of an individual customers needs. This important service signal led to the broader customer perception of the brand as caring — an important personality signal for the brand to deliver on its positioning. Additionally, the marketer learned that having technicians follow through with customers to issue resolution w as a critical service signal that led to the broader personality signal of the brand being professional — another key for the brand to live up to its positioning. With these insights, the marketer could allocate resources accordingly, ensuring that the more important signals were being appropriately supported. Develop necessary product/service programs to ensure consistent performance on these signals to the customer. For example, if the brand positioning is built around superior customer satisfaction, but frontline sales people are measured on revenue rather than satisfaction, it is unlikely that consistent performance will be achieved. So, if airline gate agents are the first and most important contact point for customers, they should be empowered to solve customers issues instead of redirecting them to customer service personnel. In the technology brand example, given the importance of the customer service representatives and service technicians, there should be a greater emphasis on the quality of the service delivered rather than on the number of customers that can be serviced over a given time period. Make sure approaches are in place to track and assess your performance against these customer signals prior to the formal launching of the new positioning. Applying rigorous quality assurance procedures to key elements of the new brand experience will often ensure that customers are not disappointed, or fail to have their expectations met. Current data-collection methods allow for rapid response and can be leveraged to determine whether the launch programs are having their desired effect on brand perceptions. Due to the complexities of brand positioning, many marketers are correctly choosing to move to an â€Å"interim positioning.† This interim positioning is designed to establish brand credibility and performance on the road to fully achieving the longer-term aspirational positioning. Such a positioning focuses on those aspects of the brand on which the organization is currently able to deliver. Interim positioning is often essential when a brand stakes out new territory considered â€Å"up market,† addresses an important or longstanding deficiency, or is attempting to redefine its competitive set. As the brand evolves (based on customers changing perceptions), additional components of the new platform can be put into place and confidently communicated to consumers. Target Stores successfully employed an interim positioning as it evolved the brand up market from a position as a discount retailer of national brands to a contemporary â€Å"urban chic† retail brand pro viding good value. The interim positioning emphasized value without sacrificing style and involved specific merchandising efforts such as stylized color blocking and associations with name designers (e.g., Frank Gehry). As the brand evolved to its current positioning, it further emphasized the â€Å"designer† theme in its advertising, often having models wearing various house wares as high fashion. By focusing on achievable instead of aspirational brand positioning, companies can help ensure meaningful market share results while enhancing their brand image. This requires, however that the new brand position fits comfortably within the customers frame of reference, and that it not attempt to overreach. Marketers must also secure the customers permission to extend the brand by building a bridge of relevant benefits to carry customers from the current to the intended brand position. Implementing the performance delivery systems to ensure the brand is able to live up to its new promise is the final critical step in building and executing a successful brand positioning program. Chapter 2: Literature Review 2.1 Branding: Definition and benefits Literature gives several definitions of the term brand. The common themes are that a brand is more than just a combination of a name, a design, a symbol or other features that differentiate a good or a service from others. It is a unique set of tangible and intangible added values that are perceived and valued by the customer. In addition a brand is said to have personality, an emotional bond to the customer that grows out of the perceived characteristics. These certain features of a brand grow out of a complex set of added values that can comprise of history and tradition, additional services, marketing messages, quality, popularity of the product amongst a certain group of users (status) and others. These basiss of a brand perception prove that a strong brand can not be established over night The development of a brand takes time, strong financial marketing muscle and good marketing skills such as Insight into customer needs, Ability to offer products or services that meet those needs, Creativity to produce exiting and compelling advertising, Ability to communicate differentiation in a way that customers understand and that motivates them. Without this process they do not have a brand but only a name and a sign for a product. Brands have benefits for both, the brand owners as sellers and the customers: Benefits of a brand for Sellers Customers Identifies the companies products, makes repeat purchases easier Facilitates promotion efforts Fosters brand loyalty stabilises market share Allows to charge premium prices and thus to get better margins Allows to extend the brand to new products, new markets and to new geographic areas Can communicate directly with the customer, reach over the shoulder of the retailer More leverage with middlemen Is more resistant to price competition Can have a long life Is more forgiving of mistakes Helps identify products Helps evaluate the quality of a product Helps to reduce perceived risk in buying, provides assurance of quality, reliability etc. Is dependable (consistent in quality) May offer psychological reward (status symbol) â€Å"rout map† through a range of alternatives Saves customer time Is easier to process mentally With this potential a brand can offer an important competitive advantage for a seller who has decided for a differentiation strategy. Even in markets with many similar products or services a brand can provide some sort of uniqueness to a certain product. Depending from the strength of a brand the branded product thus can be positioned towards a more monopolistic situation. With all these characteristics a brand is important in an organisations marketing mix. Although it is basically a certain feature of the category â€Å"product†, it influences every component of the marketing mix: The product gets a higher value in the perception of the customers. This influences the pricing policy in the way that often a premium can be charged. The promotional strategy and mix will be different because it is more focused on the brand than on the individual product. For instance the introduction of a new product under a well established umbrella brand requires a very different promotion campaign than the introduction of a new brand or an unbranded product. The decision for the place and the marketing channel is influenced because a branded product with a higher perceived value might be placed in an environment that is well related to the brands personality, e.g. gourmet shop vs. food department in a supermarket. 2.2 Branding strategies: Besides the more general decision for the use of brands the decision for the branding strategies is important. There are several aspects to be considered: Ownership of brands Structure of brand systems Regarding the ownership, Dibb (1997) and Kotler (1999) differentiate between five categories: These decisions need to be taken carefully. They offer not only large opportunities but also various risks: A company which has strong manufacturer brands may decide to sell the same or similar products to retailers for use as their own label brands. If consumers become aware of this they might change their perception of the manufacturer brand: â€Å"They get the same product for a lower price under my retailers brand.† or â€Å"They sell the same thing under another name very cheap. This product is not exclusive anymore. I go for another brand then.† Extensive permissions for the licensed use of a strong brand for other products can destroy the value of the brand. Pierre Cardin has lost lots of its luxury appeal since various goods with this name can be found in every department store. The structure of brand systems describes how an organisations products and brands are related. Dibb (1997) distinguishes between: 2.3 Branding for service industries: 2.3.1 Reason for branding services: Although the principles for branding of goods and services are generally the same there occur some differences. These arise from the different natures of both categories. The main differences that influence branding policies are that services Have a changing level of quality, The consumer has to become involved in the consumption of a service actively, They are intangible and not storable. When a brand in general gives the consumer more confidence in his choice this is even more important for services. Their quality and other features are more difficult to asses. Because of their intangibility and complexity it is harder for the customer to distinguish between the offers from the wide range of service companies are working in the market place. This especially applies to the market of accounting, auditing and consulting where consolidation and globalisation increase competition. In an FT-article about branding accounting services (Kelly 1998) a branding expert states that â€Å"more than 70 % of the Fortune 500 companies said branding is increasingly important in helping them to choose where to get a service. They want to be able to tell who is good at what.† 2.3.2 Drivers for the use of branding in the accounting/consulting industry with a focus on the Big Five (former Big Six) firms: The Big Five accounting firms have a long history up to 75 to 100 years. These firms have developed from smaller entities through co-operations and mergers. Often new products and new markets have been developed by â€Å"buying in†, by buying the expertise and the access in the form of other firms. For many small and medium accounting and auditing firms it is attractive to join the association (in most cases) of one of the large players for the following reasons: The form of an association with independent member firms allows to retain a level of individuality although in some cases this is not long-lasting. The membership in an large powerful firm gives a competitive advantage (reputation, access to knowledge, access to new markets, higher market share, cost savings through sharing resources, e.g. for training and recruitment etc.). Partners of these smaller firms are often offered to become partners in the large firm. For a long time the industry did not put much effort in the development of brands. The tradition and long lasting reputation of the Big Five itself gave their names a considerable brand value. For quite a long time this was fairly enough for their purposes. In Kellys (1998) article a professional firms branding expert states that for many years the accountancy firms hid behind the â€Å"convenient parapet† of the Big Six brand label. In the audit market most shareholders were happy to have any audit firm as long as it was from the Big Six.Other factors were legal limitations for advertising. Accounting firms were first allowed to advertise in 1984. That means that marketing and communications focused mainly on activities like excellent work and the power of word of mouth, job advertisements (as the only allowed advertisements they were used as a means to present the company), speaking at conferences, publishing articles in professional journals, co-operating with universities and business schools and so on. Accounting firms saw themselves as a conservative i ndustry with discretion as one of their services. In their minds this didnt go together with an aggressive marketing campaign.In the last years the industry has seen some developments that required new strategies: Globalisation: A global client needs a global auditor because companies are legally required to prepare consolidated financial statements including all subsidies around the world. This is much easier if you have all subsidies audited by the same firm. In addition global clients have a high need for specialised consulting. They often prefer a consultant that is as global as they are to get more expertise and consistency. Stagnation in the core business: The traditional auditing business does not show high growth rates. An individual firms growth can mainly be achieved at the expense of competitors. Growth in consulting services: On the contrary to the auditing business there is an enormous growth for consulting services. The accounting firms have traditionally done some consulting and now they developed these activities aggressively. This had two results: A growing variety of services offered these new products had to be communicated to existing and potential clients Accounting firms came into direct competition with the traditional consulting firms which had their own brands and reputation Need for qualified people: With the development of new products/services all firms needed much more highly qualified people. Recruitment became an important issue. (For example: The German member firm of PricewaterhouseCoopers took on about 1000 new employees in 1998, the first year after the merger.) This led to a competition to attract the best university students. All these factors together increased competition amongst the Big Five. For this industry excellent quality is not a means to get a competitive advantage, it is an important requirement for any success at all. A large variety of services is important; but the customer will perceive it only in the moment he needs a certain service. In this situation the Big Five did not manage to differentiate themselves successfully from competition. A survey conducted by PricewaterhouseCoopers during the merger process revealed that â€Å"the business community and the general public did not and do not perceive any compelling differences between and among either the Big Six or the Big Five. Not only did all firms appear to have similar defining qualities, they were also not sending any consistent messages about their organisations to external audiences.†Here a strong brand with a personality and a clear message can be a valuable means for differentiation and thus for gaining a competitive advantage. By now we can say that the Big Five have become aware of this. Now they invest heavily to reposition themselves and to develop their good names to real power brands. 2.4 Benefits of branding: Branding is the process of creating distinctive and durable perceptions in the minds of consumers. A brand is a persistent, unique business identity intertwined with associations of personality, quality, origin, liking and more. Heres why the effort to brand their company or their self pays off.  · Memorability: A brand serves as a convenient container for a reputation and good will. Its hard for customers to go back to that whats its name store or to refer business to the plumber from the Yellow Pages. In addition to an effective company name, it helps when people have material reminders reinforcing the identity of companies they will want to do repeat business with: refrigerator magnets, tote bags, date books, coasters, key rings, first aid kits, etc. Memorability can come from using and sticking with an unusual color combination (FedExs purple and orange), distinctive behavior (the gas station whose attendants literally run to clean your windshield), or with an individual, even a style of clothing (Author Tom Wolfes white suits). Develop their own identifiers and nail them to their company name in the minds of their public.  · Loyalty: When people have a positive experience with a memorable brand, theyre more likely to buy that product or service again than competing brands. People who closely bond with a brand identity are not only more likely to repurchase what they bought, but also to buy related items of the same brand, to recommend the brand to others and to resist the lure of a competitors price cut. The brand identity helps to create and to anchor such loyalty. Consider the legions of car owners who travel up to 2,000 miles at their own expense to attend a Saturn celebration at the companys plant in Spring Hill, Tennessee. Thats loyalty. And supposedly, more people have the motorcycle brand Harley-Davidson tattooed on their body than any other brand name. Thats out-of-this-world loyalty.  · Familiarity. Branding has a big effect on non-customers too. Psychologists have shown that familiarity induces liking. Consequently, people who have never done business with you but have encountered their company identity sufficient times may become willing to recommend them even when they have no personal knowledge of their products or services. Seeing their ads on local buses, having their pen on their desk, reading about them in the Hometown News, they spread the word for them when a friend or colleague asks if they know a ____ and thats what they do.  · Premium image, premium price: Branding can lift what they sell out of the realm of a commodity, so that instead of dealing with price-shoppers they have buyers eager to pay more for their goods than for those of competitors. Think of some peoples willingness to buy the currently in brand of bottled water, versus toting along an unlabeled bottle of the same stuff filled from the office water cooler.The distinctive value inherent in a brand can even lead people to dismiss evidence they would normally use to make buying decisions. I once saw one middle-aged Cambridge, Massachusetts, intellectual argue to several colleagues that Dunkin Donuts coffee tastes better than Starbucks. So contradictory was this claim to the two companies reputations for this demographic group that the colleagues refused to put the matter to a taste test.  · Extensions: With a well-established brand, they can spread the respect they will earn to a related new product, service or location and more easily win acceptance of the newcomer. For instance, when a winery with a good reputation starts up regional winery tours, and then adds foreign ones, each business introduction benefits from the positive perceptions already in place.  · Greater company equity: Making their company into a brand usually means that they can get more money for the company when they decide to sell it. A Coca-Cola executive once said that if all the companys facilities and inventory vanished all around the world, he could walk into any bank and take out a loan based only on the right to the Coca-Cola name and formula.  · Lower marketing expenses: Although they must invest money to create a brand, once its created they can maintain it without having to tell the whole story about the brand every time they market it. For instance, a jingle people in their area have heard a zillion times continues to promote the company when its played without any words.  · For consumers, less risk: When someone feels under pressure to make a wise decision, he or she tends to choose the brand-name supplier over the no-name one. As the saying goes, Theyll never be fired for buying IBM. By building a brand, they fatten their bottom line. 2.5 Brand structures for services industries: As for services, literature suggests to use the companies name a so called corporate brand as the overall family brand for all the services offered. Murphy (1990) calls this the â€Å"monolithic approach†. He argues that especially for companies which offer an enormous array of services (e.g. consultants, banks) corporate names must be used to deliver more generalised benefits of quality, value and integrity. de Chernatony (1996) comes to the conclusion that corporate brands are a crucial means to help make the service offering more tangible in consumers minds and can enhance consumers perceptions and trust in the range of services provided by the company. One disadvantage of corporate brands little opportunity for developing second or sub-brands for differentiated product lines- applies more to branded products. However Murphy (1990) states that many companies have chosen an approach of â€Å"local autonomy but group-wide coherence† as a system whereby individual divisions and products are largely free-standing but mention is made in all literature and on all stationery and products that â€Å"company A is member of the XYZ group†. This approach is very common amongst the Big Five accounting and auditing firms. It allows their national member firms, to exploit the groups brand name and their own (brand) name at the same time. Many member firms that had joined the global firms have lon