Case Study of P&G (Marketing Issues)

| Case 5: P&G | | ————————————————- Company Background Porter and Gamble (P&G), founded in 1837, is one of the biggest consumer goods company over the world. P&G sells shampoos, baby care products, medicine and food etc. It not only diversified the product range but also the product width. Therefore, P&G has several brands under one single category but aimed with different customer segments. P&G is also famous for its innovative and customer-oriented approaches. For example, it designed one kind of shampoo which is suitable for Japanese.With the competitive advantages above, P&G was developing with an appealing growth rate and became one of the top 500 companies around the world. ————————————————- Why entered â€Å"$2 a day† market segment? In the past, P&G concentrated on medium and premium market segments. From the case, it was mentioned that P&G was too big to maintain a considerable growth rate within its existing target markets. It had to enter the bottom of pyramid, the 70% untouchable potential customers.Therefore, P&G targeted Chinese low end markets. In other words, P&G wanted to absorb Chinese living in countryside or second tier cities who earned around $2 per day. ————————————————- Marketing issues Following P&G customer-oriented traditions, the worldwide organization also put many efforts on the new target customers. It developed a series of marketing strategies as summarized. * Customer-oriented research P&G send employees to live in the rural areas in order to learn about the actual living style of the residents.After that, P&G found that Chinese living in countryside concerned more about the functions and the price level of the products. Besides, P&G still had more challenges to face. Firstly, the distribution channels were dispersed and small in size. Secondly, most people in the rural areas even did not know how to use shampoo correctly since they did not have chance to access those modern consumer goods. Moreover, P&G had to spend time on building mutual trust relationship with Chinese local parties as Chinese culture highly emphasized the importance of â€Å"Guanxi†.To attack all these challenges, P&G changed the method of packaging and developed â€Å"road shows† instead of its traditions TV advertisements to promote. * Packaging and prices of the products Since the new target customers only earned around $2 a day, they could not afford the normal price of its consumer goods. To solve this problem, P&G modified the packages to be used only for once in order to make the price of the products affordable for the new potential customers. * Road Shows P&G used its own prom otion teams to penetrate the rural areas.It had its own transportation team which decorated with its posters so that people could see the advertisements whenever the cars passed by the villages. Besides, P&G held many activities which attract people to know more about the products. In the activities, the promoters showed how to use the products to the residents. In addition, free samples would be distributed in order to attract the residents to try the products. It seemed that the marketing strategies were simple to implement but indeed, it spent P&G several years before it gained significant market shares in the new market segments. ———————————————— ————————————————- Strengths of the marketing strategies P&G was successfully using the localized strategies as wel l as customer-oriented approach. In my opinion, as the purchasing power of the bottom of pyramid was low, what they need was purely the basic functions of the products. Therefore, the company must learn the new target customers very well. The company hired many local employees who definitely understand the environment and living styles.Moreover, such strategies could make its promotion going deeper in the markets. Thought the number of audiences of every road show is limited, those who actual attended would get free samples. Then, they would tell their friends or relativities about how useful the products are. The effect of word-of-mouth would occur. ————————————————- Problems of the marketing strategies Everything has its down side. The marketing strategies P&G used were largely required time and resources. Such high investment was at risk.On the other hand, since P&G had a well-known image of premium class targeted, entering the low-end markets may lead confusion to its existing customers. In other words, there may lead some losses on original area of business. ————————————————- Recommendations Although in the rural area, residents earned just around $2 a day. P&G should not continue on the same strategy to them. The economy of China is growing with a high rate. Therefore, people living in countryside are expected to earn much more than current situation.The purchasing power of these customers should increase considerably in the near future. With the help of R&D center in Beijing, I suggest that P&G should start to invent some products which can fit for the change of the targeted customers. On the other hand, to avoid the confusion of brand image, I suggest P&G to launch another sub-brand names which include all the product categories aim ed at this market segments. (People earned $2 a day) Differentiated positioning product should have different brand names so that

Nursing mania patients

The article â€Å"Nursing interventions for the management of patients with mania† by McColm et al. (2005) gives details concerning the definition, diagnosis, and treatment of patients who suffer with the psychological disorder of mania. The problem is one concerning the mood of the patient, which is often much more elevated than is safe and wholesome for the healthy individual. Because the disorder has to do with a person’s perception of reality and the behaviors exhibited as a result of this, the article relates well to the issues examined within the Psychiatric Nursing arena. The ideas of reason and madness are closely tied to the manic disorder, and the article gives a distinctly nursing perspective on the treatment, as it outlines precise ways in which the nursing professional should deal with such a patient. These methods include efforts at maintaining and preserving the patient’s physical health by minimizing the adverse effects of the mental disorder on his/her actions. The nursing methods presented in this article also indicate the importance of providing psychological and emotional support to the patient. Overall, the fact that psychological reasons behind the disorder are highlighted and treatments given from that perspective indicate the relevance of this article to the Psychiatric Nursing class. Despite the fact that diagnosis is not the predominant role of the nurse, information given within the article concerning the signs, symptoms and prognosis of manic disorder provides information that allow the nurse to recognize and understand such a disorder. The nursing interventions indicated for patients suffering from mania range from mild to acute measures—from counseling and support to â€Å"rapid tranquillisation† (McColm et al., 2005). The psychological support to be give by the nurse includes the development of a relationship of trust between the patient and nursing professional. The nurse is urged to show consideration for the emotional and psychological needs of the patient, while also taking care to monitor the impact of the patient on others within the environment. The nurse is also encouraged to seek an understanding of the physical risk the patient poses to himself and others. This highlights the need for research into the behavioral history of the patient through developing relationships with family and friends. Once the nurse has gained such information, continued monitoring and observation should provide knowledge of behavioral changes that might prove harmful to the patient. Such information includes the patient’s attitude toward nourishment, aggression, harmful or addictive substances, and even sexual activity. In treating these, nurses are encouraged to offer food and drink in manageable form and on a regular basis if the patient is observed to neglect such care of him-/herself. For example, drinks low in caffeine and food low in sugar would help control the patient’s hyperactivity. The nurse should also make sure that the atmosphere in which the patient is housed is one that promotes tranquility and discourages aggression. Yet this should be balanced with the patient’s need for intellectual, emotional and physical stimulation, which should be regulated by the nurse to help him/her get rid of extra energy or stress. The empathic nature of nursing is also stressed by this article, as nurses are often in the position of becoming confidant to the psychologically ailing patient. This addresses the relationship of trust and respect that nurses are challenged to build between themselves and their patients. The nature of the manic disorder dictates that patients might sometimes become embarrassed about their behavior. Nurses should provide patients with the appropriate level of confidentiality, encouragement and support that derives from their understanding of the patient’s situation. Furthermore, nurses should be so aware of the patient’s current and previous emotional states so that the descent from mania beyond optimal recovery and into depression will be quickly identified and prevented. Finally, nurses should be concerned with preventing the patient’s relapse, and this involves the education of the patient and his/her family regarding the causes and dangers of mania. Reference McColm, R. et al., (2006). â€Å"Nursing interventions for the management of patients with mania.†   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Nursing Standard. 20(17), 46-49.

Bread Talk Marketing Analysis Essay

BREAD TALK GROUP (Bakery) Number of brands under Bread talk group ( bakery) 1) Bread talk 2) Toast Box 3) The icing room 4) Bread Society Macro- environment: * Economic: There is a rise in income for most middle and lower income earners, making the bread sold price inelastic as it is a smaller proportion of the salary earned. Bread talk will always enjoy a demand for their bakery products. * Demographic: There is an increase in Singapore’s Population (overcrowding) from past years, more people will cause an increase in demand for such bakeries. * Culture: It is Asian’s habit to eat supper/ tea and hence selling of breads can be used as snacks during these breaks. Therefore there will always be a demand for these snacks. * Technology: Bread talk consulted top R& D teams to create more varieties of bread. 50 novel recipes conceptualized with the input of international bakery consultants within its Research & Development team. The exciting Euro bread series harnesses the taste and quality of European breads and incorporates them with a variety of Asian flavors, such as drunken longan, black sesame, spinach and sweet potato. * Competition: There are also many bakery shops that are well known such as Four Leaves, Crystal Jade, Cake History, Begawan Solo etc. which are in close vicinity of Bread talk. Consumers may choose to purchase breads in different shops according to their tastes and preferences Market: * over 600 bakery outlets in 15 territories * territories include: Singapore, China, Hong Kong and the Middle East Customer target group: * people with different range of income esp. low and middle class * no age group * the discerning customer who enjoys her daily bread * esp those living in city areas Strategy of company * Spirit of innovation: introduced new bakery model called Bread Talk Transit positioned as a quick stop for consumers on the go. Bread talk also developed a mobile application, allowing users to make purchases, locate outlets, and be informed of the latest promotions. By enabling customers to shop-on-the-go, it effectively reduces the in-store shopping time by close to 33% and led to a 75% increase in customer compliments. * Increases productivity and allows for more versatility when sourcing for retail space. * Rapid expansion of the Bread Talk brand. * Strengthened Brand presence : Build RamenPlay, Bread talk, Toast Box and The icing room together in Nex reap financial benefits through cost savings due to shared expenditure ( set up costs) * More charity work being done/ sharing their success: To celebrate 10th anniversary, BreadTalk pledged 5 cents from each Floss Bun sold to Straits Times School Pocket Money Fund, raised $50,000 for needy school children. * Marketing mix: 1) Product: bread, pastries, cakes and drinks. Always create new varieties of breads: Chilli Crab, Carlee Crab & branded its signature bun: Chicken Floss Bun. There are 50 types of bun available in each outlet. Objective: Gain revenue and to satisfy customer’s desire for snacks, especially during breakfast and tea time because most people usually take bread or pastries during this time 2) Place: 25 outlets in Singapore. Some places includes: Parco, Bugis junction, Paragon, Tiong Bahru Plaza, Novena Square, Jurong Point Shopping Centre, Marriott Hotel, Tang Plaza, Junction 8Shopping Centre, Great World City, Capitol Building, Turf City, Parkway Parade, HDB Hub (Toa Payoh), Tampines Mall etc Objective: Locating everywhere allows the customer to buy their bread anywhere! 3) Price: Min. price: $1.00.Max. price:$2.00 Objective: Priced averagely so that people can afford the bread 4) Promotion : a. Store structure: i. Each outlet bears the urban, clear glass, clean cut look punctuated subtly with detailing of contrasting colours of artworks, unique to each locale. (Zen-like concept) ii. BreadTalk signature â€Å"see through† kitchens allow their chefs to showcase their expertise upfront, sharing the preparation of the freshly browned breads and tempt the customers to have a taste of their breads. b. Advertisements/Television/Banners to attract others cheaper price during anniversary month : Bread talk campaign tagline â€Å"Breadtalk gets you Talking†, c. Use of their own brand plastic bag, pamphlet and coupons also serve as a type of promotion to attract new customers wherever and whenever the name carries it. d. Loyalty card-Spend above $5, you will get a stamp on your card. With correct no. of stamps, they are able to redeem a free bun. Flaws * Decline in sales was due to some outlets’ business not doing well, leading to revenue and profits made by other outlets to go wasted as earning cannot overcome losses made. * The popular ‘Chicken Floss Bun ´ idea was stolen by other bakery shops. Bread Talk pushed onto the losing side as competitor sells the product at lower prices price out-grew satisfaction! Improvements made: Market Penetration : 1) Bread talk can have delivery services 2) Bread talk can sell using push carts 3) Conduct more lucky draws to encourage more purchase of breads Product Development 1) Create Minis Breads like Four Leaves such that consumers get to taste and will go for the normal one if the flavours are nice 2) Create certain type of breads during festivals like CNY , Christmas Market Development 1) Open a place to sit and eat ( E.g. Cafà ©) to allow ppl to rest and interaction /not just buy and go 2) Open more shops in residential areas ( underneath HDB flats etc.) so that it is more convenient for residents | Diversification 1) Invent new bread flavours that customers like by surveying them before that Swot Analysis Strengths 1) Unique concept & branding: captures interest of consumers as it constantly develops products reflecting contemporary  lifestyle and current events. Shops gives customers a sense of friendliness 2) Wide range of products:  Bread talk offers over 150 varieties of breads, buns, pastries and cakes overall. Breadtalk constantly introduces new products to cater to customers’ changing tastes. It currently introduces approximately 10 items every four months 3) Strategic Locations : located at strategic and accessible places to attract potential customers as having high customer traffic flow (near public transport systems , retail outlets, , cinemas) Weakness 1) Pricing: products are priced higher than the products of other bakeries, which might cause customers to choose another brand 2) Selection of Products : products limited to bread and cake compared to Bengawan Solo with pastries choices Opportunities 1) Nature of Products :Bread is a commodity and can be sold anywhere in the world. There is a high potential for global growth since there is a constant consumer demand for bread expanding of business overseas 2) Other Markets: BreadTalk has forged partnerships currently in Indonesia, China (Shanghai) Malaysia, the Philippines, Taiwan ROC and the Middle East (Kuwait, Saudi Arabia, Qatar, Bahrain, Oman and UAE), India and Hong Kong. Threats 1) Product/Brand Concept Replication Breadtalk faces the threat of product/brand concept replication by other bakeries especially in regions which Breadtalk has not ventured into (eg USA). 2) Competition from Direct and Indirect Competitors: – indirect competitors include specialized bakeries like Donut Factory, which are currently both capturing increasing consumer interest.

Challenges and Opportunities of the Global Insurance Industry

Introduction The global insurance industry seems to have escaped the worst of the financial crisis in comparison to other financial institutions. Day to day business has been relatively unaffected but the area that gave the most cause for concern has arisen from exposures to risky financial instruments. â€Å"The Reactions Magazine’s Global Insurance Conference 2009† was held in Swissotel, Zurich, Switzerland. At this conference the financial services industry tried to re set itself following the worst crisis for years. (www. euromoneyseminars. com). Insurance is an established industry. Like other companies insurance is facing increased competition from global players. It has been difficult for insurers to accomplish profitable growth, so they need to improve this. They will need to adopt new advanced approaches to expand their distribution networks. This essay is divided into two sections. The first talks about the types of risks that are present in the global insurance industry. I will take each of these points and discuss them in detail: growth, governance and risk management, market reporting, mergers and acquisitions, human capital and lastly compliance and regulation. The second section looks at the opportunities that are available to the global insurance industry within the next twelve to twenty – four months. They include: disaster modelling, disaster planning, managing the industry’s reputation, grow globally, innovative products and delivery and Focus on readdressing product and distribution strategies. The insurance industry is always looking for new opportunities in different services and geographies. To take advantage of these opportunities insurance companies need to re-examine their strategies and be prepared to drive basic changes in the way they work. The primary function of insurance is to act as a risk transfer mechanism. The basic principle of insurance is that the losses of the few are paid by the many. Its underlying purpose is to provide protection against the risk of financial loss, thus giving peace of mind to the policyholders. † (www. peerpapers. com) Challenges are getting bigger for insurers as an increas e in pressure for bigger profit margins. This means taking a hard look at reducing costs and top line revenue growth. Making a profit is due to the ability to accurately assess risk and look after customer relationships over time in order to get financial success. I am going to look at the following six challenges. 1. 1 Growth After a spell of cost cutting and readjustment, insurers are again moving up a gear and trying to strive for managed growth. While growth is valued by investors, it is hard to find in the fairly mature insurance industry. To be successful in the future companies will need to create and design new products and services, cross – sell more effectively, strengthen their ties with brokers and agents and avail of any opportunities presented by emerging markets such as China and India. (www. pwc. com). Further demand for pensions and health insurance is likely to rise in the Western world as the population ages and lives to enjoy a longer retirement. Costs will remain critical however to meet the ever exacting demands of today’s customers is liable to be the main point of contention. There are new openings from the increasing wealth of customers in new markets e. g. China. As their insurance industry is one of the fastest growing in the world with GDP at 3. 2% and the end of December 2008, they stand far behind the global average of insurance industry which stands at 7%. www. lloyds. com) Saturation of insurance markets in the developed world has made the Indian market more attractive for international insurers according to â€Å"Booming Insurance Market in India (2008-2011)†. This is due to its huge population base and large untapped market. (www. newsblaze. com) 1. 2 Governance and Risk Management Natural calamities are another challenge facing the industry. Global warming has caused a change in weather patterns which have caused a shift in the underlying probability of insured loss by storms, floods, wind and heatwaves. Natural disasters like hurricanes Katrina and Rita whose losses amounted to $61. 5 billion (www. duncansadviceonmmoney. vox. com) These disasters posed some very serious problems for the insurance industry as they are faced by difficult and uncertain financial burdens because of this this has shown the importance of quality data and calibration of model outputs, effective validation and also the experience and initiation of the underwriter. Structures will have to be put in place to tackle the threat of climate change. The development of Enterprise Risk Management (ERM) capabilities help to protect insurers from damages to their reputation and provide a platform for strengthening governance, decision making and compliance with regulations. Pricewaterhouse- Coopeus (ERM for the insurance industry) revealed that many insurers have difficulty implementing and enforcing ERM in the face of containing data, systems and governance challenges. Also found in this study were examples of how resourceful and efficient management and helping to overcome these hurdles and bring greater insight to the insurers ERM missions. www. pwc. com) 1. 3 Market Reporting Insurers are facing a major overhaul of market reporting. This contains the launch of the market Casistent Embedded Value Principle, a planned move to a finalised IFRS level for insurance contracts and the increased risk and capital management disclosure foreseen by EU Solvency II â€Å"Scheduled for implementation in 2012, it is a new regulatory regime de signed to provide a principles-based supervisory framework for European insurers and reinsures. Solvency II is a risk-based system and is being built to meet the challenges of rapidly developing financial markets. It will also bring an increased level of transparency and harmonisation to the sectorâ€Å". (www. towersperrin. com). These changes are likely to set a model for global disclosure for others to follow in relation to risk. The key elements , include the possible adoption of IFRS(International Financial Reporting Standards) in the US form 2014. Implementation of Solvency II and IFRS reporting will be demanding. The good news is that corresponding timings and basis of valuation could open up cost – savings in areas like data, modelling and reconciliation. These changes help to increase stakeholder confidence by enabling insurers to show a single view of their business that shows more clearly how it is run on the inside. A survey by (IFRS 2007) insurance states that companies will need to provide more risk information and explanation to meet the exacting expectations that have come about from market events. (www. pwc. com) 1. 4 Mergers and Acquisitions Although funding is a challenge from time to time. Mergers and Acquisitions is vital for business to expand complementary earnings streams, realise opportunities for cost saving synergies and reinforce their existence in fast increasing emerging markets. Emerging markets are underinsured and these present potential business for the insurance market. Within ten years China is expected to become a leader in the global insurance market, while India is set to double its digits in the growth rate. However, due to cultural conflicts and protectionism could stop growth in economies. In the near future, the insurance industry is liable to be a very active period for mergers and acquisitions. US insurance companies attractive evaluation will make it easier for insurers in the EU to infiltrate the US market. (www. pwc. com) 1. 5 Human Capital All organisations in the world realise the importance of people in the conduct of their business therefore the trend of classifying their employees as assets. The human resource management school of thought tends to focus on the enrichment of the knowledgeable worker in terms of its theory. Human resource planning should be part of the total resource planning equal to planning devoted to capital development and materials and equipment purposes. Many insurers are facing an skills shortage in their workforce. Training and development of staff is now on the agenda as a rule in all organisations. Improved productivity is expected to result in trained and motivated workers. The employee training programs are intended to provide them with more knowledge and skills so they can do their job to the best of their ability. Training is a visible pay-off and is seen immediately whereas development is future- orientated.. Lessons are being learnt on a continuous basis in the requirement of human capital in the new economy in comparison to the old economic labour force. M Morley et al 2004). This investment in recruitment and career development lags behind other financial sectors. They look at short term fixes rather than looking at the long term prospects. However, looking to the future demographic shifts accelerating globalisation look set to change the shape of the labour market and make it more difficult to attract and retain good peo ple. (www. pwc. com) 1. 6 Compliance and Regulation Growing regulatory demands are bringing increased problems to insurers. Solvency II is included to require a critical check of capital and risk management along with sustaining information and documentation. The EU Reinsurance Directive gives a standard system of regulation and mutual recognition across Europe. This includes an ease of the regulatory limitations on securitisation which could give way for a large increase in risk transfer to the capital markets. Also they give a new definition of reinsurance that will prevent several contracts. Insurers are also facing a ceiling on regulatory changes including anti-money laundering and harder conditions on consumer protection. A key challenge is to know how to include these requirements into â€Å"business as usual†. Enterprise wide risk management can assist in providing ways to do so. They can help by giving a greater understanding of the trade off between reward and risk which will result in a brighter capital allocation. (www. pwc. com) As I have discussed in the challenges previously opportunities in the next twelve to twenty-four months can be found by global expansion adopting the latest technologies to give better service delivery and provide services to meet the exacting requirements of the next generation of retirees. The insurance industry is in the process of undergoing transformation as a result of the following three factors : sector specific, macro and operational. Increased regulation requirements outsourcing, globalisation, new distribution channels, more modern IT systems and climate change are adding to the increased volatility in the insurance industry today and they are now positioning themselves to be successful in the future that requires many changes in the way they do their business. China is one of the fastest growing insurance industries in the globe. â€Å"China Insurance sector forecast 2013† is the outcome of much research and in – depth study of the insurance market in China. Between 2009 and 2013 it is expected to grow CAGR of 28% – 30%. Chinas insurance industry is already out of the financial crisis and is expected to make great headway in the coming years. In 2008, the industry grew in the fastest pace since 2002, due to the rising insurance awareness level and government support. Insurance products which include life, health, and personal accidents accounts for the majority of growth. Property insurance products are also growing rapidly and are basically divided into two segments â€Å"motor and commercial property insurance†. Non life insurance products i. e. that is product liability, credit and marine insurance etc. These will decide the long term viability of the non- life insurance market. 2. 1 Disaster Modelling The tragic impact of the Asian Tsunami, as well as the worst Japanese typoon in 2004 was the year of improbable disasters. As a result, this forces us to look at how we prepare for such risks. Hurricane forecasting began in the 1980's, forecasters have tried for many decades despite being unsuccessful to deliver accurate predictions, and landfall activities. Scientists of tropical storm risk in London announced that they had developed a new model which represents a major step forward.. (www. lloyds. om) Insurers also use models developed by companies e. g. Air Worldwide Corporation to predict the damages caused by storms so that insurers can forecast the payouts to be made. (www. informationweek. com). This reminds us of the importance of investing in scientific research to help our understanding of risk and its impact 2. 2 Disaster Planning Insurance and disaster planning are closely related as they both deal with the risk of the disaster happening and the after math. Due to the upward trend of catastrophe events we see the need for robust and effective disaster planning for the future. Part of the solution must be insurance markets and their regulators working together sharing their respective knowledge and expertise. By doing this, we can be sure that response procedures are well tested and run as smooth as possible for when the next disaster strikes. In terms of claim handling, lessons can be learnt. The shortage of adjustors on the ground and the mishandling of claims by some shows how important the relationship between the insurer, the adjustor and the regulator is. As the frequency and cost of disasters goes upwards it will be very important to have a relationship based on trust and flexibility. (www. lloyds. om) 2. 3 Managing the Industry's reputation Improving transparency and disclosure are two issues which are needed to manage and improve the industries reputation that has been rocked by high profile developments. For instance in the USA the New York State Attorney Generals investigation sparked very close scrutiny of the commercial insurance market. In th e minds of customers, commentators and regulators the financial service industry has been left with a very poor image, after the recent investigations. These investigations highlighted the lack of transparency and accountability that are expected of a 21st century business environment. These issues can no longer be ignored. In a survey, by Lloyds of a hundred underwriters, one third admitted that the industries reputation is tarnished. Transparency and disclosure as well as good communication appears to be the answer to those outside the industry globally. Basically more time communicating and building bridges with consumers, economic leaders and world politicians initially means less problems down the line. (www. lloyds. com) 2. 4 Grow Globally Sales in new markets or by new acquisitions insurance companies need to grow globally more than ever before. Growth in the European and American market is slowing down while growth in India and China is increasing. The aging population presents insurers with a dilemma. The industry has great difficulty in attracting and retaining talent than other sectors of the financial services industry.. This situation is going to get worse as there are more retirees and fewer graduates moving into the top jobs. There is also a loss of graduates to banking and other financial institutions. Concern is expressed about the career path from insurance company hire to insurance agent. If this problem is not addressed the industry’s sale force would diminish. By moving into the European and American markets, insurers can grow a less risky strategy rather than expanding into new product lines. Those who do go overseas have to look at the various business lines in different markets. Chinas middle class and aging population with long term care and security needed make it a very viable option for foreign insurance companies. By 2010 China will be a major player on the insurance market. The same is also said of India. (www. rmislab. com) 2. 5 Innovate Products and delivery Innovation is seen as the main driver of profit over the next three and five years both in delivery and product innovation. By building relationships with customers moving them for example form car insurance to other insurances as they become asset rich. By providing better service and delivery insurers can strengthen their customer base. Technology can strengthen relationships with intermediaries which helps them run more efficiently and reduce their running costs. Insurers must look to cut cost they can do this by cost reduction initiatives like outsourcing and use of shared services, rationalizing product portfolios . Companies need original approaches and to continue to invest in this very complicated environment. (www. rmislab. com). â€Å"In 2007, AXA Equitable Life Insurance Co introduced a variety of enhancements to its variable annuities including an expanded choice of â€Å"living benefits† and the upbundling of optional income and death benefits† (www. deloitte. com) 2. 6 Focus on readdressing product and Distribution Strategies As the economy continues to even out, insurers need to evaluate their decisions and distribution channels. These decisions are vital in assisting insurers rebuild capital as well as positioning themselves for future growth. (www. ey. com). Insurance companies that sell directly through call centres, internet and direct mail have been performing better and this is due to lower costs because of their economies of scale and strong internet capabilities. Compared to independent insurance agents who lack these advantages have been put under pressure they require support and further development. Insurers need to find ways to work more effectively across product lines e. . give a customer packages that reward him/her for being a good driver. (www. deloitte. com) Conclusion In my findings I have found that the insurance industry has survived the financial crisis much better in comparison to the banking sector. This is due to its strong focus on risk management and long term prospects. Even though capital markets have decreased downwards their insurance assets, insurers are optimistic about the fu ture and some are expecting an improvement in prospects in mergers and acquisition over the next twelve to twenty – four months. The global insurance industry faces many challenges but despite these that they are being faced with the majority of insurers must move into fast growing markets i. e. India and China or find new innovative ways to get more businesses out of slower growing developed markets. China with its huge population is an obvious choice while the latter options include diversification, new products and speciality products. Insurers need to improve their risk management especially in the areas of disaster modelling and managing the industries reputation as it is vital to have a tarnished free reputation. Finally insurers need to work effectively and efficiently to develop and market a range of products aimed at older customers. In this intensely competitive market, employers will need to develop an excellent human resource management capable of responding to business needs and the workforce expectations. They will need to be able to identify and realise opportunities for career development prospects and other key areas of their employment. (www. pwc. com) With this knowledge insurers will be able to position their business models to optimize investment returns and control operations using the most effective and efficient methods available.

Social issues Essay Example | Topics and Well Written Essays - 1750 words

Social issues - Essay Example abor in the West African cocoa farms; the situation has worsened today and more casualties have been involved in the abuse.They are hundreds of thousands and are forced to work as slaves with little or no pay at all. They work under the harshest conditions that include receiving all sorts of mistreatment from their bosses; they are beaten up, being locked in small huts, and are badly fed with an unbalanced diet. They usually rely on the bananas and the cocoa fruits that they eat. Latest statistics estimates reveal that approximately twelve thousand to two hundred thousand children are taken as slaves in West Africa. They work for twelve hours to fifteen hours in a day, and they are ten to twelve years old. Ironically, in all the countries where slave trade is carried out, slavery is illegal but the laws are bent, and slavery is practiced at a high rate. One of the West African countries that have deteriorated in its practice of child labor is the Ivory Coast. Every year, there is an approximate value of three million tons of chocolate that are consumed in the whole world (The film). Ivory Coast is the primary supplier of Chocolate in the entire world with forty-three percent of the total worlds supplied cocoa. However, the success of this industry is dependent on how many children are exploited under the child labor practices. From the Documentary, it is shown how thousands of Malian children are transported to Ivory Coast by rogue slave traders the trade remains unknown by most of the laws enforcers since the farms are small and isolated. Traders are usually found hanging in the bus stations and targets children who are alone or those begging for food. They then lure them to travel to Ivory Coast with them, and then they exchange the abducted children with farmers who are in a need of cheap labor with money. Most of the farms are found in the plains where access of people is rare hence nobody can recognize the presence of the illegal trade among the

Vies Assertion About Technology and Society Essay

Vies Assertion About Technology and Society - Essay Example When I get up in the morning, the first thing I do is check the skype messages on my mobile phone to see what my dudes had to say to me overnight. I don’t leave the bed until all messages have been attended to. In the school, I discuss latest Apple apps with my friends. My connection with friends remains open full time in the school because one of the sites that always remains browsed on my computer screen is facebook. When I get back home, I remain in contact with my friends and brothers upon massively multiplayer online games. They consume most of my time. An insight to my daily routine suggests that my social relations have been enhanced because of the 24/7 use of digital technology, though only to a certain group of people i.e. my friends. In my childhood, when I did not have a computer and there was no such thing as skype or facebook, I used to spend more time with mom, dad, grandpa and granny. I used to sit with them, have lunch, dinner, tea and coffee with them. My grandma narrated me stories and I went jogging with dad. I discussed with mom what happened in the school. But all these golden moments have been swiped away from my life by the technology. Digital technology has also changed the way I perceive myself. This is unfortunate but the change has occurred for the worse. Before, I used to feel that my blood relatives have more right upon me but with the passage of time, I have become more independent. I don’t want to think like this but I have become more of a public property than my family’s. Digital technology has increased my social networking with people of my age and distorted my social network with people elder or younger to me. Digital technology has particularly promoted my relations with people, who I am not related to by blood and weakened my tied with my blood relatives.

Death Penalty Research Paper Example | Topics and Well Written Essays - 1000 words

Death Penalty - Research Paper Example The dark chapters of dealing with the provisions of death penalty must be removed from legal literature once for all. Much ambiguity and hesitation exists in the area of awarding the capital punishment in USA. Elucidating the scenario Franklin E. Zimring writes, â€Å"Some States reverse eight out of every ten death sentences on appeal, while other States affirm eight out of ten. And the current system of American capital punishment seems to be hated in equal measure by the opponents of capital punishment system and by those who support execution but desire more certainty and less delay.†(8) The undercurrent of displeasure against the death penalty is evident. The protagonists who insist for retaining the death penalty quote the progress made in the field of scientific research for investigation of crimes. DNA testing and other methods help to establish the guilt beyond doubt. The chances of innocent persons put to death are impossibility. The advocates of death penalty have certain strong arguments that appeal to the emotions. One of them is the grave issue of terrorism. The need to provide exemplary punishment to such enemies of humankind cannot be brushed aside easily. Some merit exists in the above arguments, and yet an enlightened society has to rely on options other than death penalty, which is a cruel procedure. It is the duty of the state to make a condemned prisoner a worthy individual. Since death penalty applies closure to the life-force of the convict, where is the chance for him to reform? The family members undergo untold miseries and some of them will suffer from life-long shocks that may result in severe physical and psychological problems. Instead, prosecutors need to have a variety of other types of punishments to teach a hard lesson to the one condemned to death sentence. This is a better procedure to serve the ends of justice. Punishment should be appropriate to the magnitude of the crime. Someone