Critical Appreciation Of Robert Frost, By Robert Frost

The author of this poem is Robert Frost. In his life the main reason I think he wrote this poem was because he saw people and things be gold then fade away. It was written in 1923 in New Hampshire. The poem is in the original language. This poem is not a series with other poems it is just one single poem. It was in the early 90s so I would think it would be related to the industrial age at the time in New England. The style is a narrative. Its describing how even though everything seems gold and happy that there are things that will take away that gold. The story is about eden trying to hold this golden hue and once it got lost she started to grieve because it was beautiful and she lost it. The ed talks about how its starting to turn†¦show more content†¦He uses nature as the mother because it says Natures first green is gold so that implies Robert Frost is concealing a little bit of information. Its mainly about what is gold and who is Her in the poem, most people would think that its eden. Robert Frost leaves out that information because he wants the readers to figure it out. He probably knew that the meaning would change over time so he left details out. The cultural part in this poem would be nature and way he describes it. It took place in the 1930s so it was happening during World War 1 and is talking about how the Gold in your country cant stay forever. The poem has a rhythmic feel to it but it has no slang words in it that relate to the time period. It doesnt have any fantasy in it but it involves certain characters like eden who lived a long time ago. Unless Robert Frost made Her or eden a fantasy object, there is no type of fantasy in this poem. Since the wording and phrasing describe a place, a person could imagine a fantasy setting in his or her mind. The mood is calm and peaceful, until the ending when its grieving and painful. The shift begins when in the fourth stanza when it says but only so an hour, rather than saying something cheerful or chipper it starts to get lonely and painful. The Tone in the beginning is hopeful and joyous because the first flower, orShow MoreRelatedModern F. Robert Frost1547 Words   |  7 PagesDavid Ahlman Charles Vogel English 2520-601 Due Date: November 9th, 2015 Robert Frost: Modern Multiplicity Robert Frost is a multiple poet. –Louis Untermeyer What is customary and, therefore, stereotypical of modern artistic thought is the belief that only one central meaning can be gathered from any one reading; that these singular interpretations support, give credence and justify hegemonic forces or grand narratives in society. 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The semiotic theory is built upon Structuralism and it links codes so that the text is therefore described as an autonomously functioning semiotic system. In this essay, the poem Mending Wall by Robert Frost is going to be used to describe how meaning are produced by codes, by recoding and overcoding according to Lotman’s semiotic theory. It is necessary to define codes and the process of interpretation before one delves in the semiotic analysis ofRead MoreLiterature and South Africa6676 Words   |  27 Pagesspecific text function together to produce meaning. The semiotic theory is built upon Structuralism and it links codes so that the text is therefore described as an autonomously functioning semiotic system. In this essay, the poem Mending Wall by Robert Frost is going to be used to describe how meaning are produced by codes, by recoding and overcoding according to Lotman’s semiotic theory. 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Private Equity Funding in India †Issues and Challenges Free Essays

string(96) " PE funding is flowing into existing growth oriented companies which may be listed or unlisted\." India is the largest democracy in the world. Its main strength is availability of abundant skilled and cheap manpower. The country has been on growth trajectory in all fields as a planned economy thus becoming a safe and attractive destination for foreign investment. We will write a custom essay sample on Private Equity Funding in India – Issues and Challenges or any similar topic only for you Order Now Currently, in terms of Purchase Power Parity, it is the fourth largest economy and tenth most industrialized country in the world.Successive Governments had taken major initiatives for industrial development, simplification of investment procedures, enactment of investor-friendly laws, liberalization of trade policy, safeguards of intellectual property rights, liberalization of exchange regulations, reforms in Capital and Stock Markets, etc. Ever since Indian economy underwent series of reforms from 1991, there have been progressive steps in banking, finance, industry, investment climate, incomes, employment, legal environment, etc. India is shining with an average growth rate in GDP at about 9% pa.Investments from FIIs, increased FDI in several sectors, surging Foreign Exchange reserves, controlled inflation rate, deregulated interest rates, etc. , have been witnessed in recent years. GOI recognizes the key role of FDI for economic development and as an important source of technology and global best practices. Capital Market has undergone dramatic changes, with SEBI as regulator, yielding returns to all segments of investors – retail or wholesale. Information Technology is playing a vital role in effective functioning of all the players. 2. Private EquityPrivate Equity, which is a sub-set of Venture Capital, is medium to long-term finance provided in return for an equity stake in potentially high growth unquoted companies. This informal method of financing became an industry globally in the late 1970s and early 1980s in the advanced western world when a number of private equity firms were founded and recognized as asset class. Throughout 1990s the technology hype, internet boom and massive capital investment propelled the New Economy revolution, but internet mania in the late 1990s caused IEC stocks to skyrocket until the dot com bubble burst in March 2000.Even though SEBI formulated guidelines for VCs on the basis of KB Chandrasekhar Committee, as on date there are no clear cut guidelines for Private Equity investment. In the post-reforms era, there is availability of abundant P E funds in India in almost all sectors including Technology and SME too surpassing certain Asian countries like China. GOI, CBDT, DIPP, SEBI and RBI are closely watching the phenomenon of inflow of PE Funds into Indian industries. Bottom of Form US-based PE outfit, Argonaut is investing around Rs. 0 Crores in menswear brand Koutons to fund its expansion plans. E-Planet announced a second global fund, which will have allocations for India. A Report on Venture Capital (VC) investment in India seems to be very bullish on the prospects and has estimated that as much as $4. 4 billion will flow into India via VC funds over the next one year. Government of India is in talks with top global PE funds such as Citigroup, Blackstone, and other Institutional investors to team up and raise $7. 0 Billion through a special fund to finance a stream of infrastructural projects.The above deals made the authors attempt to study recent trends, developments, issues and challenges with regard to Private Equity in India to sustain the current scenario. 2. 1 What is Private Equity? Private Equity is medium to long-term finance provided in return for an equity stake in potentially high growth unquoted companies. Some commentators use the term â€Å"Private Equity† to refer only to the buy-out and buy-in investment sector. Others, in Europe but not the USA, use the term â€Å"Venture Capital† to cover all stages, i. e. synonymous with â€Å"Private Equity†.In the USA â€Å"Venture Capital† refers only to investments in early stage and expanding companies. PE provides long-term, committed share capital, to help unquoted companies grow and succeed. If an investee is looking to start-up, expand buy-into a business, buy-out a division of a parent company, turnaround or revitalize a company, PE could help to do the same. Obtaining PE is very different from raising debt or a loan from a lender, such as a bank or a financial institution. Lenders have a legal right to interest on a loan and repayment of the capital, irrespective of its success or failure.PE is invested in exchange for a stake in company and, as shareholders; the investors’ returns are dependent on the growth and profitability of the business. To avoid confusion, the term â€Å"Private Equity† is used to describe the industry as a whole, encompassing both â€Å"Venture Capital† (the seed to expansion stages of investment) and Management Buy-Outs and Buy-Ins. Private Equity is a broad term that refers to any type of equity investment in an asset in which the equity is not freely tradable on a public stock market.Categories of Private Equity investment include leveraged buyout, venture capital, growth capital, angel investing, mezzanine capital and others. 3. Review of Literature Although it started in a modest way in mid-seventies, Indian companies received almost no PE / VC funding a decade ago as compared to present day inflows. This scenario began to change in the late 1990s with the growth of India’s Information Technology (IT) companies and with the simultaneous dot-com boom in India.VCs started making large investments in these sectors; however the bust that followed led to huge losses for the PE and VC community, especially for those who had invested heavily in start-ups and early stage companies. After almost three years of downturn in 2001-2003, the PE market began to gradually recover towards the end of 2004. PE investors began investing in India in a big way, except this time they began investing in other sectors as well (although the IT and BPO sectors still continued to receive a significant portion of these investments) and most investments were in late-stage companies.Early-stage investments have been dwindling or have, at best, remained stagnant right through mid-2006. In the Indian context, VC funding is extended generally to idea-based, start-up and unlisted companies. The present trend of PE funding is flowing into existing growth oriented companies which may be listed or unlisted. You read "Private Equity Funding in India – Issues and Challenges" in category "Papers" Smolarski, Jan et. al. (2005) in their study examined how Indian VC and PE firms manage several dimensions of risk by making a comparison between Indian and U. K. funds. Kautilya Shastri (2005) suggested that India is experiencing a second wave of interest in PE; the first was in the late 990s. But unlike the late-1990s boom of flows to technology companies, money is heading into a broad range of sectors, reflecting the strong performance of the economy and should continue to gather strength. Palmeri, Christopher, Sasseen, Jane (2006) have observed that the size and scope of the buyouts are raising concerns about a potential wave of credit defaults down the line. With so much money chasing deals, PE firms are pricing for perfection, even as they venture into unfamiliar areas. And if companies can’t generate enough cash to meet mounting interest payments, bankruptcy may loom.They also explained why PE players are moving beyond their normal stomping grounds into areas where they may confront complex new issues, keeping in mind, 436 new funds had raised a record $300 billion worldwide as of early October, 2006, according to industry tracker – Private Equity Intelligence. Erica Duecy (2006) indicated that even though fueling restaurant companies’ growth th rough strategic M A has become tougher in recent years, as PE firms buy up more and more available brands, thus pricing acquisitive foodservice firms out of the market.Rosenbush, Steve (2006) opined that the big PE funds and pension funds are drawn to one another because of the dynamics of the industry. The players in the top quartile of private-equity funds tend to stay there, unlike the public markets, where the concept that past performance is no guarantee of future profits is accepted as common wisdom. Zaczkiewicz, Arthur (2006) looked at the business conditions facing PE firms in 2006 and indicated that it is a good time to borrow money to grow a business. With global M A volume reaching $2. 7 trillion in the first nine months of 2006, it was described that the current conditions are unprecedented. Walker, Jacqui (2006) in his research article discussed that the competition among PE firms for quality deals is deterring superannuation funds from investing in private equity based on the data collected from Australia. Wells, Kathryn (2006) finds out the cause for the stock market crash in the Gulf earlier this year which provided a clear illustration of the adage that one man’s meat is another man’s poison.Some market observers believe that many of the large number of firms that have begun raising PE funds in the region in recent months will struggle to produce good results for their investors without having any idea what PE is really about by hinting that there may a risk of a bubble developing in this market too. Li Shan (2006) forecasted the culmination of the state monopoly of the financial system in China. Efficient pricing across the credit spectrum and diversified investment products in each risk segment will aid allot capital over a wider cross section of the economy.The author also predicts that public and private equity will become commonplace, and the derivatives and commodities market will develop to enhance the diversity and efficiency of the Chinese financial system. Chaze, Aaron (2006) reported that in India there is an increasing trend in PE investment in the Finance industry. Subhash, K. B. (2006) has taken deep inside view of the Indian venture business firms both an historical and a comparison with other nations. Although small, India has been growing fast and appears to have significant potential. Even though there were some researchers studied the PE funding in India, still there seems to be some possibility on the clarity between VC and PE. There was no attempt so far by any researchers about the factors influencing on the PE Funding in future. 4. Private Equity around the Globe PE in the UK originated in the late 18th century, when entrepreneurs found wealthy individuals to back their projects on an ad-hoc basis.This informal method of financing became an industry in the late 1970s and early 1980s when a number of PE firms were founded. PE is now a recognized asset class. There are over 170 active UK PE firms, which provide several billion pounds each year to unquoted companies, around eighty percentage of which are located in the UK. The main sources of PE in the UK are the PE firms (who may invest at all stages – VC and buy-outs) and â€Å"Business Angels† (private individuals who provide smaller amounts of finance at an earlier stage than many PE firms are able to invest).The attributes that both PE firms and business angels look for in potential investee companies are often very similar and so this should help entrepreneurs and their advisers looking for PE from both these sources. â€Å"Corporate Venturers† which are industrial or service companies that provide funds and/or a partnering relationship to fledgling companies and may operate in the same industry sector as the business can also provide equity capital.Throughout the 1990s the technology hype, Internet boom and massive capital investment propelled the new economy r evolution, but Internet mania in the late 1990s caused technology stocks to skyrocket until the bubble burst in March 2000. There was over-optimism, too much easy money, proven ways of doing business were replaced by irrational exuberance and private and public company market valuations were driven to unsustainable levels.Post-bubble, PE firms are looking for investment opportunities where the business has proven potential for realistic growth in an expanding market, backed up by a well researched and documented Business Plan and an experienced management team – ideally including individuals who have started and run a successful business before. Excellent opportunities remain open to companies seeking PE with convincing business proposals. PE funding is about 50 years old but it was not until 1970s, when regulatory and tax law changes allowed US Pension Funds to enter the asset class, that PE became accepted as an institutional asset class.During the decade of 90s, there was a tremendous boom in the PE industry, with the emergence of brand name firms managing multi-billion dollar sized funds. Over this period, the pool of US PE funds has grown from $5. 0 Billion in 1980 to over $203 Billion in 2005, outpacing the growth of almost every other financial asset class. The following table shows the comparative picture of PE funds invested and their percentage shares in last three years 2003-2005 across five continents: Table 1 Global Private Equity Funds during 2003-2005 |Total Funds |North America |Central/ South |Middle East |Asia Pacific |Europe | |Year |invested | |America | | | | |2003 |$ 115 bn |52 |1 |2 |15 |30 | |2004 |$ 110 bn |41 |1 |3 |16 |39 | |2005 |$ 280 bn |40 |1 |4 |22 |33 |Source: PWC Global PE Report It may be seen from the above table that the absolute amount of funds invested by PE firms is on the increase. While the percentage share of North America and Europe is on the decline, Asia Pacific’s share is on increase, which includes India and China. An estimated $17. 5 Billion of PE / VC was invested in the Asia Pacific region in 2003 – a whopping 92% increase on 2002. Japan led the region accounting for $7. 3 Billion of the value of deals completed, followed by Korea with $3. 3 Billion and Australia with $2. 8 Billion. In contrast, only $3. 2 Billion of new funds were raised in 2003 (up only 10% on 2002 levels). The pool of PE capital under management rose to $97. 6 Billion in 2003 up from $88. 6 Billion in 2002. Start-up and early stage investment is estimated at $ 0. 6 Billion and $1. 4 Billion was invested in expansion stage companies in 2003. Telecommunication section had the highest percentage of invested capital with $3. 7 Billion or 21% followed by financial services with $2. 3 Billion or 18. 3% (Business World, 2006). The Private Equity market has experienced robust growth over the last 15 years, during which nearly $1. Trillion was committed to PE partnerships. The following figure indicates relevant data between the years 1990 and 2005. The commitment commenced with a modest figure of US $19 Billion in the year 1990 which went up to a peak of US $306 Billion in the year 2000. It came down to US $178 Billion in 2001, US $97 in 2002 and US $94 Billion in 2003 and again moved upwards to US $132 Billion in 2004 and finally to US $204 Billion in 2005 (Thomson Financial Venture Economics, 2006). Now the regulators are weighing in about PE firms.On November 6, 2006, Britain’s Financial Services Authority (FSA) issued the first in-depth review of PE by a top supervisory body. Its preliminary conclusions are that the biggest buy-out firms and their lenders deserve closer surveillance in several areas, but pose no broad risk to the financial system. The European Central Bank has also voiced concern over the growing exposure of banks to debt-hungry buy-out vehicles; but it, too, sees no cause for panic. In America, the world’s largest PE market, the Department of Justice is said to be expanding its investigation of â€Å"club† deals, in which big firms have teamed up to launch large bids. The worry is that they may be anti-competitive. Suddenly PE lawyers are popping up everywhere (Economist, 2006). Figure 1: Private Equity Capital Commitments by Year (in $ Billions) [pic] 5. Investors in Private Equity Funds Investors in PE generally stay invested for long-term horizons. Institutional investors such as foundations, endowments and Pension Funds represent vast majority of investors in PE. Besides, high net-worth individuals also invest in PE funds.The following table indicates PE Capital Commitments during 1995-2005 made by various investors’ types: Table 2: Shares of Various Investors’ Types (in percentage) |Investor Type |% Share | |Banks |8 | |Insurance Companies |7 | |Corporate Non/Pension |13 | |Private Pension Funds |13 | |Public Pension Funds |9 | |Family / Individuals |14 | |Endowment/ Foundations |17 | |Intermediaries |7 | |Others |12 | |Total |100 | Source: Thomson Financial Venture Economics It may be seen from the above table that the funds to PE are subscribed majority by Endowments / Foundations, followed by Family / Individuals and Pension Funds. 6. Regulatory Guidelines Framework for VC in India According to some experts, the share of the US in world GDP is expected to fall (from 21 to 18 per cent) and that of India to rise (from 6 to 11 per cent) by 2025, and hence the latter will emerge as the third pole in the global economy after the US and China. By 2025 the Indian economy is projected to be about 60 per cent the size of the US economy.By 2035, India is likely to be a larger growth driver than the six largest countries in the European Union (EU), though its impact will be a little over half that of the US. India, which is now the fourth largest economy in terms of purchasing power parity, is expected to overtake Japan and become third major economic power within 10 years. High growth rates in Industry and Services sector and the changing world economic environment provided a conducive backdrop to the Indian economy. Another positive feature was that the growth was accompanied by continued maintenance of relative stabi lity of prices. India had over 15 years of economic reforms spanning five governments.These reforms achieved a higher growth path; reduction in poverty; made the external sector more comfortable; restored industrial growth; and with financial stability in the country. As a consequence of all these momentous changes there is a new respect for India in the world and, even more important, Indians in all walks of life have found a new level of self confidence. The main organizing principle of most reforms carried out so far has been that of freeing the private sector from the myriad government controls that had existed for a long time. The economic reforms process has brought forth a burst of new entrepreneurial energies across the board in almost all sectors. As a consequence, the country is now recording substantial economic growth in excess of eight per cent.The above changed scenario of Indian economy is attracting more and more investment from within the country as well as from external sources. The Foreign Exchange Reserves are swelling; FDI and FII investments are on increasing trend and now the Private Equity is flowing in rapidly into various sectors. A study was undertaken by the World Bank to examine the possibility of developing VC in the private sector, based on which the Government of India took a policy initiative and announced guidelines for Venture Capital Funds (VCFs) in India in 1988. However, these guidelines restricted setting up of VCFs by the Banks or Financial Institutions only.Thereafter, the Government of India issued guidelines in September 1995 for overseas investment in Venture Capital in India. For tax-exemption purposes, guidelines were also issued by the Central Board of Direct Taxes (CBDT) and the investments and flow of foreign currency into and out of India have been governed by the Reserve Bank of India’s (RBI) requirements. Further, as a part of its mandate to regulate and to develop the Indian capital markets, the Securities and Excha nge Board of India framed the SEBI (Venture Capital Funds) Regulations, 1996. Given the proper environment and policy support, there is undoubtedly tremendous potential for VC activity in India. For boosting high-tech sectors and supporting first generation entrepreneurs, there is an acute need for higher investment in VC activities† announced by the Finance Minister, in his 1999 Budget speech. The SEBI committee on VC was set up in July, 1999 to identify the impediments and suggest suitable measures to facilitate the growth of VC activity in India. Also keeping in view the need for a global perspective, it was decided to associate Indian entrepreneurs from Silicon Valley in the committee headed by K B Chandrasekhar. These guidelines were further amended in April 2000 with the objective of fuelling the growth of VC activities in India. Pursuant to the regulatory framework mentioned above, some domestic VCFs were registered with SEBI. Some overseas investment has also come through the Mauritius route.However, the VC industry, understood globally as â€Å"independently managed, dedicated pools of capital that focus on equity or equity-linked investments in privately he ld, high-growth companies†, was relatively in a nascent stage in India. Till 1998, around Rs. 30 billion had been committed by domestic VCFs and offshore funds which are members of IVCA. Private sources indicate that overall funds committed are around US$ 1. 3 billion. Investible funds are less than 50% of the committed funds and actual investments are lower still (Indian Venture Capital Association). The Advisory Committee on Venture Capital, set up under Chairmanship of Dr. Ashok Lahiri, submitted its report to SEBI in the year 2003. The Committee consisted of 14 members representing Government of India (Ministry of Finance, Central Board of Direct Taxes), Reserve Bank of India, Ernst Young, Indian Venture Capital Association, IIM-Lucknow, SIDBI Venture Capital Ltd. , UTI Venture Funds, ICICI Venture Fund Management Ltd. , ILFS Investment Managers, Kotak Mahindra Venture Capital, a Private Chartered Accountant and SEBI Representative. It helped SEBI in considering the amendments to the regulations that facilitated the further development of vibrant venture capital industry in India. The report broadly dealt with aspects like Operational issues, issues common to VCF and FVCI, issues relating to VCFs, issues relating to FVCIs; Tax related issues; and Foreign Exchange control related issues.It also covered (a) Regulation of VC Industry in India (b) Size of Venture Capital Industry in India (c) Need to regulate Venture Capital Industry (d) International Scenario (e) Definition of Venture Capital in India, China, Mal aysia, Taiwan, UK, etc. 7. Phased Development and Sectoral Investment of VC / PE in India Having regard to the chronological developments in VC industry in India, we may divide the same into four Phases from the beginning till now. These are: Phase I – Formation of TDICI in the 80’s and regional funds as Gujarat Venture Fund Limited Andhra Pradesh Industrial Development Corporation in the early 90s Phase II – Entry of Foreign Venture Capital funds between 1995 and1999 Phase III – Emergence of successful India-centric VC firms (2000 onwards) Phase IV – Increasing appetite of investing in India by US VCs / PE Companies (around 2003).In India, PE funding has been growing in the last few years rapidly. It was US $865 Mn in 2003 which has gone up to US$ 1. 3 Billion in 2004, US $2. 3 Billion in 2005 and US $6. 0 Billion in 2006. Between 2003 and 2005, PE and VC firms invested US $505 Billion globally. Of this, VC firms accounted for around $100 Billion. The three-year period represents a critical phase for both classes of investors. Specifically, year 2003 marks the year when global PE markets started emerging from the ravages of the Internet era (dot com bust) and the subsequent US economic slowdown. By early 2004, fund raising in the US, which accounts for more than 60 per cent of the world’s PE market, had begun to stabilize.The ripple effects were soon felt in other parts of the world, including emerging markets like China and India (Survey conducted by Business World magazine in August 2006). The total number and value of PE / VC investments have come down between the years 2000 to 2003 where as they are in upward trend during the years 2004-06. The following figure depicts the year-wise position at a glance: [pic] It may seen from the above, that while there was a steady upward trend between years 2003-05, the estimated growth during the eight-month period of 2006 is very steep. The year-end performance is expected to be at 311 deals of the value of US $6300 Million.The major PE/VC players like Warburg Pincus, Actis, IDFC PE, Carlyle and Sequoia entered intoin all 22 PE and VC deals worth $472. 46 million during the month of July 2006. The following is a table showing top 15 Private Equity and Venture Capital deals. Private Equity investments between Jan-Oct 2006 have been valued at $5. 93 Billion comprising 230 transactions. This is a 250% increase on an annualized basis over the $2. 03 Billion invested in 2005. IT ITES has garnered the maximum investment during year-to-date 2006 followed by real estate infrastructure, banking financial services and telecom. The value of PE investments in 2005 saw an 85% growth over the $1. 1 Billion investment in 2004. Table 3 Top 15 VC/PE deals in India during July 2006 Investor |Investee |Deal Size ($ mn) |Stake (%) | |Warburg Pincus |Aryan Coal |66. 00 |NA | |Morgan Stanley |Alpha G Corp |66. 00 |NA | |Blackstone Group |Emcure Pharma |50. 00 |NA | |Warburg Pincus |Lemon Tree Hotels |46. 66 |NA | |Credit Suisse |Binani Cements |33. 25 |10. 90 | |Actis |Phoenix Lamps |28. 90 |36. 0 | |Goldman Sachs |NCDEX |23. 00 |7. 00 | |Sequoia Capital |Amalgamated Coffee |20. 00 |NA | |Carlyle Group |Allsec Technologies |17. 40 |NA | |IDFC Private Equity |Unitech Group |16. 60 |NA | |Warburg Pincus |Red Fox Hotels |15. 55 |NA | |Actis |Add Life Medical |15. 50 |41. 00 | |ChrysCapital |Titagarh Wagons |15. 00 |10. 0 | |IDFC Private Equity |Healthcare Global |10. 80 |NA | |Peqot Ventures |IMI Mobile |10. 00 |NA | Source: Business World, August 14, 2006 VCs and PE funds have been investing in the later years of 1990s and presently in the following sectors: (Amount in $ Millions) |Sector |CY 2005 |CY 2006 |H1 2007 | |Automotive |194 |450. 8 |88. | |Aviation |51 |93. 1 |20. 1 | |Banking Financial Services |185 |657. 3 |2151. 5 | |Cement |88 |115. 8 |– | |Energy Power |128 |113. 1 |66. 1 | |Food Beverages |114 |154. 1 |8. 0 | |Hotels |61 |125. 2 |187. | |Infrastructure related |– |171 |– | |IT ITES |244 |1608. 6 |498. 4 | |Manufacturing |67 |217. 8 |97. 6 | |Media Entertainment |142 |166. 3 |715. 9 | |Pharma, Health Care and Bio Tech |374 |467. 9 |220. 6 | |Real Estate related |– |1117. 1 |2190. | |Retail |– |161. 2 |68. 8 | |Telcom |15 |1393. 4 |170. 0 | |Textiles Apparel |107 |212. 9 |125. 7 | |Others |233 |633. 9 |209. 1 | |TOTAL |2033 |7859. 4 |6818. 2 | Source: Grant-ThorntonFrom the above table, it may be seen that PE investment in Banking and Financial Services sector, Media Entertainment, Real Estate Related sectors and Hotel Industry are growing rapidly; while Automotive and Aviation sectors have received lesser amounts in the two years 2005 and 2006 as also the Half year 2007. 8. Issues and Challenges Despite these attractions, there are several constraints on Private Equity firms operating in India. Ironically, although rising valuations have helped existing PE investors to earn high returns, they are now making it difficult to find new investments. This is because many Indian firms that are chased by PE funds are demanding a high valuation at the outset, making them less attractive to the funds. Another constraint is the strong attachment of many Indian entrepreneurs to their ventures, which makes them reluctant to sell their stakes and accept minority ownership – even when it is clear that the ventures would be managed better by new owners. For this, the incidence of private equity buy-outs has been much smaller in India than in any other developed countries. The relatively slow pace of reforms in India’s state sector is also a limiting factor. In many emerging markets, the privatization of state owned firms has offered rich opportunities for private equity investors. In India, however, progress with privatization has been halting, providing far few opportunities for PE funds in this area. 9. Future of Private Equity Funding in India The real GDP growth in the country is calculated in the range of 7. 5-8. per cent during the year 2006-07. Presently the Indian Economy is coming across various risks both in the domestic scenario as well as in the international scenario. The global economy suffers from the problem of record level of international crude oil prices, overall inflationary pressures and rising international interest rates. In the same direction, the Indian economy also suffers from the problem of monsoon, infrastructure bottlenecks, and fiscal imbalances. Though there are a larger number of on-going imbalances continuing over the world, still to what extent different sectors in the Indian economy have responded in the period of 2006-07.The main reasons for the increasing trend of VC and PE investment in India can be attributed to the following reasons:- †¢ Knowledge-based industries growing fast and mostly global; less affected by domestic issues †¢ World class engineers, professionals, entrepreneurs – their success is evident in the US as well †¢ 2nd largest English speaking population; †¢ India has advanced rapidly in the 90’s, catching up with global markets in many sectors †¢ 25% of small IT companies in the US have Indian founders †¢ Large presence of Indians in the US Software Sector †¢ The equity investor today has a very wide choice of investment vehicles with a menu of alternatives. 10. ConclusionsThere has been a significant change in global and Indian economy in particular that investment climate has been conducive and attracting huge foreign and domestic funds in the shape of PE. There appears to be a thin line of demarcation between PE and VC funds. All the guidelines and regulations from Government of India (Foreign Investment Promotion Board, Central Board of Direct Taxes, Department of Industrial Promotion and Policy, etc), Reserve Bank of India or Securities Exchange Board of India generally define and refer to VC funds (both domestic and foreign) with regard to investment, mergers and acquisitions, taxation, repatriation of funds in foreign exchange, etc.With the fast developments that are taking place, PE funds seem to be taking benefit of those guidelines and operating in large scale investments. The increasing trends of PE investments in different growing sectors in India are welcome. However, this should not lead to mushrooming of such funds result ing in reckless lending merely because of the favorable economic conditions. Already in countries like UK, Australia and Gulf, the government authorities have realized the need for surveillance and taken measures to watch the PE industry closely. Keeping in view the past experiences with South East Asian financial crisis of 1997-98 and subsequent dotcom bust in 2000, the Policy makers and Regulators in India may have to supervise the current boom in the PE funding.Also, due to the general elections in the next year in India, in case if there is a possibility that the change in the Government, this may leads to some changes in the policy decisions made by the existing government. Also, as per the prediction of the RAW chief and also by the Financial Minister, there is possibility for some Economy Blast as some terrorists investing in India directly or indirectly. The only solution that the authors suggest is that the PE Funding should be controlled by introducing some regularities just similar to VC. 11. Scope for Further Research The authors are of the view that there is a scope for in-depth studies to be conducted not only on the PE industry, but also the utilization of these funds invested in various sectors and their growth.As just now the PE Funds are entering into India for the last few years, the authors felt that there is a scope for further Research on PE Funding in terms of sectorial study and the comparative study of Companies doing business with and without PE Funding. How to cite Private Equity Funding in India – Issues and Challenges, Papers

Marketing principles Essay Paper Example For Students

Marketing principles Essay Paper Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges that satisfy individual and organisation objectives. Marketing has many ways that products are sold. It includes advertising, selling and delivering products to people. Marketers try to get the attention of target audiences by using slogans, packaging design, celebrity endorsements and general exposure in the media world. The process of developing, promoting, and distributing products to satisfy customers needs and wants. Marketing include 4 Ps for marketing mix that is product, place, price and promotion. Product is the good, which is the company want to manufacture. Place is the place where the company sell the product. Price is the value of goods in the society and promotion show products to customers, e.g. advertising, newspaper etc. Marketing is a social and managerial process and individual obtained what they need and want though exchange. When somebody wants to develop a business, they should know what is the customer need and what is the customer want. Then the company will base on demand to produce goods, which make profit for the business. And make the marketing focus on the satisfaction and goods quality of customer needs, wants and requirements. That is good for exchange between customers and companies to make the relationship well. For whole marketing, it uses products of company to make value for business in the public way. ( b ) Example:sonyToyota(finance)foodtown(customers service)Customer value is an organizations rating of the value it provides to its customers relative to that provided by its competitors. It is the critical part of relationship marketing, achieve the customer satisfaction is the prime goal of the marketers and organizations long-term goal is achieving through satisfying customer needs, then make profit for companies. It needs to be seen from the customers viewpoint to in terms of the value s/he see in interacting with the organization. Interaction by the definition should be a two way process. However, the choice to interact with an organization rests solely with the customer. Organization must be customer centric. E.g. Food town card is a standard discount care for Food towns customer. ( c ) 1. financial benefit(eg:foottown cardstar alliance2. social benefit-share pation(eg. 3.structural tiesA customer-loyalty-and-retention program is marketing tools to develop stronger relationships with customers. There are three ways: financial benefit, social benefit and structural ties. Financial benefit is higher offer long-term customer with bonus. E.g. Singapore airline has a special service is star alliances, when consumers catch Singapore airplane to somewhere, consumers will get the points depends on the distance. If passengers get enough point, they will have bonus trip ticket. Social benefit is share passion and show pride for customer. E.g. somebody buy the limited sell products for the famous brands on the world that will increase her/his condition. Structural ties are special equipment and linkage help to manage order. E.g. a company do the market research to customer for customer feedback. The company will know the business deficiency and what is consumer want or need. Customer satisfaction relates to judgements about transaction, but their long term att itude towards a service relates to the quality of the service. Question 2: The marketing environmentQ2(a)marketing environment:(b)publics:any groups which are interested and have impact on company to achichieve its goal. ( a )Marketing environment is a place the organization setting in, any of changes of in the environment can have impact on the organizations performance, profit, etc. The marketing environment surrounds and impacts upon the organization. There are two key perspectives on the marketing environment, namely the macro-environment and the micro-environment. Managing the marketing function would be hard enough if the marketer had to deal only with the controllable marketing mix variables. But the company operates in a complex marketing environment, consisting of uncontrollable forces to which the company must adapt. The environment so that it can avoid the threats and take advantage of the opportunities. dylexias EssayQuestion 4: Major markets( a )Consumer markets is all individuals and household who buy or acquire goods and service for personal consumption. It consists of final consumers and personal use. Organization markets: organization that buy goods and services for use in the production of other product and services that are sold, rented, or supplied to others. For the similarities are both sell product to business or person, the buyers all purchase what they need and similar decision-making process, through O.M, it is more complicated. For the differences between consumer and organizational marketing are target, consumer is business to person and an organizational market is business to business. Use, consumer is for personal consumption and an organizational market is business use to make profit or organizational use. Number of buyers, consumer has lots of buyers world-wide and organizational marketing just have fewer larger buyers, which are geographically concentrated. Repeated transaction, consumer may not being important but organizational markets repeated transaction is very important. Consumer market is elastic, but an organizational market is inelastic. For the character of buyer, consumer has not much involvement and organizational markets have more involvement, well-trained and formal process( b )These companies should considered four factors: cultural factors, social factors, personal factors and psychological. Buyers culture is a basic cause of persons want and behavior. For example, people want to buy a product, the perception will affect their feel to consider the value or quantity just depend their culture habit. A group of people with shared value system based on common life experiences and situations. Similar values, interest and behavior basis on the similar social class. Social factors reference groups like family, the roles and status are included in social factors. Personal factors are age and life-cycle stage depends on the age and life cycle stage, occupation and economic situation for the whole lifestyle. This is personality and self-concept. Psychological is a motivation of perception to learning how to choose the product, which is people need to beliefs and attitudes. For companies to operate overseas, it is very important to understand and serve the consumer needs. They may have something in common, but their values, attitudes, and behavior of vary a lot. This difference can be obvious and also can be subtle. Companies adapt their products and marketing programs to m eet the unique cultures and needs of consumers in various markets. Question 5: Segmentation and target marketsMarket segmentation is dividing a market into distinct groups with distinct needs, characteristics, or behavior who might require separate products of marketing mixes. It is a large market, but it is a smaller target markets. It is a customer groups with similar needs and desires. Segmentation is a better matching of customer needs, customer needs differs and enhanced profit for company to average income make price sensitivity. Segmentation also makes better opportunity for growth for customer trade- up and awareness. Retain more customers let marketing them at different life stage. Segmentation help companies to achieve competitive to implement a value-creating strategy not simultaneously being implemented by any current competitors. Limitations: Segmentation variables may not be able to divide the market into homogenous groups. Some may be luster together. After segmenting market, still unable to decide which to target for. May be different from real market, wrong profile or variable applied, missed important variable. Conditions of use: Market segments must be effective measurable like to purchasing power and profiles of segments, accessible to effectively reached and served, substantial for large or profitable enough to serve, differentiable with conceptually different and respond different, and actionable of effective programs can be designed for attracting and serving the segments.

The Picture of Dorian Gray and Enduring Love Essay Example

The Picture of Dorian Gray and Enduring Love Essay Throughout the literary ages, the perception of morality and life are constantly evolving to change people’s views on morality. Moral and ethical ideas were once chivalric traditions of honour, but have been changed from humanity’s freedom as individual beings to reject social principles and customs. Oscar Wilde once said ‘I am quite incapable of understanding how any work of art can be criticised from a moral standpoint’1, yet staged as the Machiavellian antagonist within Shakespeare’s masterpiece ‘Othello’, Iago acts on his emotions and feelings of jealously and personal competition, which leads Iago to corrupt Othello because of his evil nature – leading an issue to a moral standpoint. When Othello had the occasion to appoint a lieutenant with â€Å"Three great ones of the city in personal suit, it appealed to Iago but only to find that Othello had already chosen Cassio. It appeared to be a matter of personal preference only, for he could give no reason for the choice of choosing Cassio. This capricious choice lago at once took as a very great slight upon him, A. C Bradley commented on the â€Å"the usual lunacies† in Shakespeare’s tragedy plays that It has been held, for example, that Othello treated lago abominably in preferring Cassio to him. 2 Once this is done, Iago reveals to the audience that â€Å"In following him, I follow but myself. We will write a custom essay sample on The Picture of Dorian Gray and Enduring Love specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Picture of Dorian Gray and Enduring Love specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Picture of Dorian Gray and Enduring Love specifically for you FOR ONLY $16.38 $13.9/page Hire Writer † This is a paradox as Iago follows Othello not out of â€Å"love† or â€Å"duty,† but because he feels he can exploit and dupe his master, thereby revenging himself upon the man he suspects of having slept with his wife. Furthermore, Iago expresses his deception to Roderigo to â€Å"wear my heart upon thy sleeve† to demonstrate to the audience that people who reveal their true motives makes themselves a victim. This therefore concludes that the day he decides to establish outwardly what he feels; inwardly, Iago explains, it will be the day he makes himself most vulnerable. In comparison to this, in ‘The Picture of Dorian Gray’ Basil reveals to the reader that Henry â€Å"has a very bad influence over all his friends†. This depicts Henry as being something of a powerful entity who no-one cannot say â€Å"no† to as a result of his philosophical ideology. This is quite similar to Iago as he purposely influences those who are around him just for his own gain and satisfaction as his â€Å"outward action doth demonstrate\The native act and figure of my heart†. Upon telling Dorian his ideology, Henry ‘was amazed at the sudden impression that his words produced’. From this, Wilde’s use of trajectory, readers can infer that Henry’s ‘amazed’ feeling of seeing what his philosophy has done to Dorian, seems to be his motive for the continuous corruption he places on Dorian further in novel. Iago reveals his deception to Roderigo and the audience that he is â€Å"not what I am† because Iago is consciously aware he is going to corrupt Othello. The parallel used to show Iago’s alter ego can be linked with Henry since he believes â€Å"there is no such thing as a good influence. All influence are immoral. † It could be suggested that Henry’s character is used as a parallel structure in the novel to show no remorse for his influences he has over Dorian and the latter for Iago over Othello. Iago believes that people who serve a cause or a person are acting sincerely, but they are indeed acting on their own behalf as they â€Å"trimmed in forms and visages of duty\Keep yet their hearts attending on themselves†. This shows Iago believes people look loyal by their appearances but, on the inside, they are thinking about themselves rather than the person they serve. In comparison, Henry seems to have the power to corrupt as his ideological viewpoint is that â€Å"to influence a person is to give him one’s own soul†. Here, this suggests that Henry is giving Dorian a new soul – to corrupt him to make him whole again. In contrast to this, In ‘Enduring Love’, Jed has an infatuated belief that Joe loves him and that â€Å"there’s nothing I can do but return your love. † Jed he believes that through a higher powerful entity â€Å"To bring you to God, through love† Joe will eventually love him. Through religion, Jed considers that he could manipulate Joe’s feelings through the â€Å"the purpose†¦ [of] Christ that is in you and that is you. † However, in ‘The Picture of Dorian Gray’, it could be argued that Henry seems to purposely challenge Victorian values. During the Victorian era people took literal truth and moral ethics from the bible and because of this, it was thought that if religion were accepted by all, ‘evil’ forces would not be able to corrupt humankind. But Wilde challenges this through a provocative statement that â€Å"great sins of the world take place† â€Å"in the brain, and the brain only†. With the use of repetition, this point emphasises that corruption of the soul or the mind is purely based on biology and not relied on an unknown source known to human kind. Similarly, with reference to ‘Enduring Love’, it could be considered that because Jed’s fixation on â€Å"without an awareness of God’s love you’re living in a desert† Jed believes that God’s love should be the reason to corrupt Joe’s mind, a mind of science. A further reason why Henry might want to poison Dorian’s mind is because Henry is jealous of Dorian’s â€Å"most marvellous youth† as Henry believes it is â€Å"one thing worth having† above all else in the world. To support the claim that aesthetic beauty and age seems to contribute for the corruption of one’s one psyche, Othello descends into questioning one of the reasons to why his wife might be unfaithful to him has he has â€Å"declined\Into the vale of years†. This metaphor taken from the phrase â€Å"vale of tears† seems intended in a more neutral sense; the vale of years is the broad, flat stretch of middle age beyond the slope of youth. Before murdering Desdemona, Othello admires her beauty like â€Å"thy rose† that has â€Å"vital growth†. He seems to be infatuated by her beauty that the only way he could possibly get rid of his jealousy of her, is to get rid of her beauty by killing her. According to Henry, when you grow old, â€Å"you will feel it, you will feel it terribly. † The adverb of manner â€Å"terribly† supports the claim that men in particular, seem to be almost afraid of aging and would do anything to take away these feelings of inadequacy caused by growing older, as shown by Othello and Dorian. Nevertheless, through the use of third-person objective narrator in ‘The Picture of Dorian Gray’, the readers start to see how far Henry’s ‘mere words’ of corruption is going and because of how ‘terrible they are’, we get to see Henry gain a powerful control over Dorian as he was ‘dimly conscious that entirely fresh influences were at work within him’. However, it is debatable whether Dorian would have wanted to change this as he â€Å"would give everything! † to be young and to stay young. In contrast to this, unlike Dorian, Othello was oblivious to any external forces at work for corrupting his perception of reality. The only person to see the change was Emilia who believed that a â€Å"wretch have put this in your head\Let heaven requite it with the serpents curse! The metaphoric allusive allegory to the serpents curse refers to the curse that God laid upon the serpent for deceiving the innocent Eve. By this, Emelia means that whoever has put these ideas into Othellos head deserves the same fate. According to Genesis 3:15 the snake was cursed to crawl on the ground and therefore be susceptible to man’s heel crushing its head (this vulnerability is a direct result of Satan’s sin). This foreshadowing of what will really happen to Satan someday – thus the religious allegory could be suggested that Emilia believes the man who corrupted Othello, should be crushed. Here, the audience notices Shakespeare’s deliberate use of dramatic irony that as far as Emelia is concerned the â€Å"serpent† is her very own husband Iago. In addition, Shakespeare illustrates the power and the extreme manipulation he can create with his protagonists, once again reinforcing that portrayal of the Machiavellian character. In all three texts, delusion seems to be one of the prevalent effects on the individuals because of the corruption they have been exposed to. In ‘Othello’, the audiences capture Othello’s obsessive impulse of his undying love for Desdemona as â€Å"Perdition catch my soul\But I do love thee, and when I love thee not, \Chaos is come again†. This indicates that Desdemona’s image means the world to Othello and therefore; if he stops loving her, the entire universe stops making sense for him and the world is reduced to â€Å"Chaos. † The effect of the corruption Iago has put on Othello is starting to progressively show and if he found out Desdemona’s ‘hidden agenda’, he would be devastated and the love wouldn’t be there, therefore his world would be in ruins. Shakespeare personifies chaos to highlight the feeling of not having Desdemona anymore, which would be a cruel phenomenon that Othello could not merely tolerate. This reinforces the idea that Othello would rather be dead than alive if he did not have Desdemona, which for some could be seen as foreshadowing Othello’s decline from grace. In contrast, Wilde portrays the element of losing oneself â€Å"when one is in love, one always begins by deceiving one’s self†. It could be argued that Othello is deceiving himself and not thinking rationally as he is overreacting. However, one could argue that this is almost an instinctual impulse he has and quite a literal one – without Desdemona in his life, he would fall apart and throughout the play when Othello seems to trust her less and less, it is quite visible to the audience that his mind seems to implode and fly into disparity. Equally in Enduring Love, McEwan puts Jed in a similar situation and claims to â€Å"understand† what Joe is â€Å"feeling† and believe he â€Å"feels it too. I love you. † Pathos is created and we can only sympathise with Jed because of his mental illness. But, as the story progresses we see that he is deceiving himself once Joe consistently tells him he is â€Å"not interested† in pursuing any form of relationship with Jed. At this time, we see that Jed still does not listen, and further deceiving himself into believing it was God’s wish that they should be together. For Dorian, however it is explained that his ‘sudden mad love for Sibyl Vane was a psychological phenomenon’. The ambiguity behind the attributive adjective ‘mad’ suggests to readers that Dorian’s mind has emphatically changed over the course of seventy-two hours of meeting Sybil. The obsession with aestheticism and beauty is driven further since the text was written in the Victorian period when ‘mad’ could have been taken for someone who is literally insane, thus leaving a connotation of Dorian’s poisoned mind and his descent into madness and obsession for perfection. Alternatively it could mean that because he is young himself, he is first feeling what it feels to be in love with someone. It could be said since Sibyl was considerably younger than Dorian, he wants to fall in love with her to retain the youth that he so desperately wants to cling onto. Corruption of morality does not happen solely to the protagonists, but also to the supporting characters, such as the strong-willed, pragmatic character Emilia. When Emilia reveals to the audience in her monologue that her â€Å"husband hath a hundred times\Woo’d me to steal it† we see; even though Iago has not directly poisoned her mind, she has now done something immoral that she had not done before. Since the Elizabethans took the Seven Deadly Sins literally, it could be argued that Emilia stole the handkerchief because she wanted to do â€Å"nothing but please his fantasy†. She has gone against her own moral and social standing and the Elizabethan’s values to be a good wife and to save the embarrassment of not being able to satisfy her husband, thus resulting in her pride being saved. In comparison, Dorian consciously corrupted the mind of Sybil Vane by having no sympathy and crushed her by saying she is â€Å"nothing to me now†¦ I will never think of you. I will never mention your name. † Dorian’s changed course of judgement has made him conform to the lowest of the low to insult Sibyl, the girl he thought he loved. The repetition of the adverb â€Å"never† left a mark on Sybil and since at no time in the future, Dorian will ever think of her or mention her, it leads no hope for her and believing that she is worthless, she decided to commit suicide by drinking poison. Likewise, in ‘Othello’ we see a change of his character dramatically when he reveals to the audience his â€Å"bloody thought with violent pace†. Evermore, Desdemona falls dangerously in love with Othello and because of this Desdemona gets called a â€Å"Devil! † by Othello and he ‘[Strikes her]’. Thus seems like both Desdemona and Sybil Vane are punished for unintentionally falling in love with ‘the wrong person’ which results in both of them losing their lives. Furthermore, the corrupted mind of Othello has affected the perception of how Lodovico sees the new, ‘darker’, changed Othello as he cannot believe that this is â€Å"the nature\Whom passion could not shake?. † In comparison to this, it is also seen when Basil seems horrified by the sudden change of Dorian’s behaviour when Dorian exclaims about Sybil Vane’s death as â€Å"What is done is done. † Both Basil and Lodovico cannot believe what they have witnessed and thus could be said that because of the corruption of Othello and Dorian’s mind, Lodovico and Basil’s perception about morality have also been changed, resulting in corruption having affected them inadvertently. Murder is a contributing factor to the consequences of corruption to the mind and soul. Iago’s aside to the audience clearly shows us that he does not care â€Å"whether he kill Cassio,\Or Cassio him, or each do kill the other† because â€Å"Every way makes my gain. † Iago does not care who is involved and who get killed as long as his overall outcome is achieved. When Iago ‘[Stabs RODERIGO’ Roderigo calls out â€Å"O damned Iago! O inhuman dog! † The pre-modifying adjectives in Roderigo’s blasphemous call, tells the audience that Iago is so embroiled in immorality and corruption that he is like the devil’s spawn. He is the reincarnation of the devil as it could be seen that Roderigo has damned Iago to hell. In addition to this, when admiring Desdemona in her sleep, Othello decides to â€Å"put out the light, and then put out the light. † The meiosis Shakespeare uses here means Othello is resigned to an immoral and corrupt act. Also the metaphoric irony emphasises Desdemona’s innocence. He describes her with words that suggest her brightness and innocence alongside the fact that he is determined to condemn and kill her. Furthermore in ‘Enduring Love’ the realism portrayed through the first person narration, shows how Joe succumbs to the realisation that he ‘was the man who was selling me a gun. ’ Here, it appears to the readers that he is now prepared to do anything and has become so obsessed with getting Jed out of his life, he is prepared to go against his previous moral code. In the same way, Dorian Gray’s morality fails him miserably as his mind has totally descended into madness as he ‘dug the knife into the great vein†¦ crushing the man’s head on the table, and stabbing again and again. ’ The structural repetition of â€Å"again and again† graphically highlights the immoral behaviour Dorian has because of the influence Henry had over him about morality. This supports Wilde’s view that ‘The promising youth [Dorian] plunges into ever kind of mean depravity’. As well as murder, suicide is an essential part of how the characters seem to escape from their madness. For instance in ‘Othello’, Othello pictures himself as â€Å"a turbaned Turk who â€Å"Beat a Venetian and traduced the state†. Here is one of his own enemies, which he most certainly became in the end. According to Isaac Asimov â€Å"Othellos use of the reverse phrase in his last agony is like a return to his origins. 4 However, Othello dies speaking of himself in the third person, perhaps signifying his lost identity. Along with Iago, we Look on the tragic loading of this bed. Equally important is in ‘Enduring Love’ when Jed ‘slit his throat in front of us’ which could suggest his suicide was influenced by his own delusions about religion whenever he blurted out his tainted perception of it to Joe, making Joe reject Jed’s words and Jed himself. Likewise in ‘Dorian Gray’ the definitive catastrophic moment is when ‘a dead man’ was ‘lying on the floor’ ‘with a knife in his heart’ the readers simultaneously ‘recognized who it was’. According Wilde5 ‘Dorian kills conscience, and at that moment kills himself. ’ It is seen here that for Dorian to be completely free of being ‘withered, wrinkled, and loathsome of visage’ he had to kill himself to save himself from more immoral acts. Bibliography 1 Taken from the selection of The Letters of Oscar Wilde [noted in The Picture of Dorian Gray: A Norton Critical Edition]. 2 From the essay, Shakespearean Tragedy: Lectures on Hamlet, Othello, King Lear, Macbeth. (page 208) 2nd ed. London: Macmillan, 1905. 3 Extracted from the ST. JAMES’S GAZETTE, article ‘A Study in Puppydom’ (June 24, 1890). 4 Online source: Part II. Roman 23. The Tragedy of Othello the Moor of Venice

Ricard Cory Essays - Richard Cory, Cory, Pavement, Free Essays

Ricard Cory Essays - Richard Cory, Cory, Pavement, Free Essays Ricard Cory Who are the people on the pavement? We certainly know what kind of person Richard Cory was. Richard Cory was a true gentleman from head to toe, the epitome of an aristocrat. The people on the pavement were a stark contradiction to Richard Cory. They were not schooled, far from rich, and drudged tediously in search of an unfulfilled hope that life would get better. There is a fine line between being schooled and being educated. One can be educated, yet not be schooled. For the most part, being schooled usually requires a certain amount of wealth. The people on the pavement were far from wealthy, therefore not many, if any, were schooled. The people on the pavement wished they could be this work of art known as Richard Cory. The commoners were infatuated with Richard Cory. They admired everything about this modern aristocrat. Richard Cory was like a king who condescended from his dais to walk among the commoners. What these so called people on the pavement failed to realize was that Richard Cory was a great actor too. Richard Corys life was all superficial. It was a disguise to hide the real Richard Cory, thus leading us to believe that the people on the pavement are ignorant. It is ignorance that ignites the flame of desire within that sometimes makes all of us wish that we could be a Richard Cory. What everyone, not just the people on the pave ment, fail to realize is that Richard Cory is a morose and deprived person within. These so called people on the pavement toiled rigorously from dusk till dawn. You ask why they labored so tediously? They may work so hard in order to survive. If they didnt, they would surely die due to the lack of the bare necessities. That sounds logical, they work in order to survive, but there is probably a deeper answer as well. Line one, in the fourth stanza recites, So on we worked, and waited for the light. The commoners drudged their entire lives, just so they could one day live like Richard Cory. They were in search of an empty promise. The people on the pavement dwindled their lives away looking for this false hope. They cursed their own lives, and craved Richard Corys. The people on the pavement were too ignorant to appreciate and value what little they had, and that is probably why they are just the people on the pavement. In conclusion, we have deduced a lot about the people on the pavement. The people on the pavement are not schooled, certainly not wealthy, eminently ignorant, and are lost in their fascination with Richard Cory.

Amalgam Definition and Uses

Amalgam Definition and Uses An amalgam is a type of alloy found in dentistry, mining, mirrors and other applications. Here is a look at an amalgams composition, uses, and the risks associated with use. Key Takeaways: Amalgam Simply put, an amalgam is an alloy of the element mercury.While mercury is a liquid element, amalgams tend to harden.Amalgams are use to make dental fillings, to bind to precious metals so they can be isolated later, and to produce mirror coatings.As with elements in other alloys, a small amount of mercury may be released by contact with an amalgam. Because mercury is toxic, amalgams may present health or environmental risks. Amalgam Definition An amalgam the name given to any alloy of mercury. Mercury forms alloys with almost all other metals, except iron, tungsten, tantalum, and platinum. Amalgams may occur naturally (e.g., arquerite, a natural amalgam of mercury and silver) or may be synthesized. Key uses of amalgams are in dentistry, gold extraction, and chemistry. Amalgamation (the formation of an amalgam) is usually an exothermic process that results in hexagonal or other structural forms. Amalgam Types and Uses Because the word amalgam already indicates the presence of mercury, amalgams are generally named according to the other metals in the alloy. Examples of important amalgams include: Dental Amalgam Dental amalgam is the name given to any amalgam used in dentistry. Amalgam is used as a restorative material (i.e., for fillings) because its fairly easy to shape once mixed, but hardens into a tough substance. Its also inexpensive. Most dental amalgam consists of mercury with silver. Other metals that may be used with or in place of silver include indium, copper, tin, and zinc. Traditionally, amalgam was stronger and longer-lasting than composite resins, but modern resins are more durable than they used to be and strong enough for use on teeth subject to wear, such as molars. There are disadvantages to using dental amalgam. Some people are allergic to the mercury or other elements in amalgam. According to Colgate, the American Dental Association (ADA) reports fewer than 100 cases of amalgam allergy have been reported, so its very rare. A more significant risk is posed by the release of small amounts of mercury vapor as the amalgam wears over time. This is primarily a concern for persons already exposed to mercury in daily life. Its recommended pregnant women avoid getting amalgam fillings. The ADA does not recommend getting existing amalgam fillings removed (unless they are worn or the tooth is damaged) because the removal process can damage existing healthy tissue and may result in the unnecessary release of mercury. When an amalgam filling is removed, a dentist uses suction to minimize mercury exposure and takes steps to prevent mercury from entering the plumbing. Silver and Gold Amalgam Mercury is used to recover silver and gold from their ores because the precious metals readily amalgamate (form an amalgam). There are different methods of using mercury with gold or silver, depending on the situation. In general, the ore is exposed to mercury and the heavy amalgam is recovered and processed to separate the mercury from the other metal. The patio process was developed in 1557 in Mexico to process silver ores, although silver amalgam is also used in the Washoe process and in panning for the metal. To extract gold, a slurry of crushed ore can be mixed with mercury or run across mercury-coated copper plates. A process called retorting separates the metals. Amalgam is heated in a distillation retort. The high vapor pressure of mercury allows for easy separation and recovery for re-use. Amalgam extraction has largely been replaced by other methods because of environmental concerns. Amalgam slugs may be found downstream of old mining operations to the present day. Retorting also released mercury in the form of vapor. Other Amalgams In the mid-19th century, tin amalgam was used as a reflective mirror coating for surfaces. Zinc amalgam is used in the Clemmensen Reduction for organic synthesis and the Jones reductor for analytical chemistry. Sodium amalgam is used as a reducing agent in chemistry. Aluminum amalgam is used to reduce imines to amines. Thallium amalgam is used in low temperature thermometers because it has a lower freezing point than pure mercury. Although normally considered a combination of metals, other substances may be considered amalgams. For example, ammonium amalgam (H3N-Hg-H), discovered by Humphry Davy and Jons Jakob Berzelius, is a substance that decomposes when it comes into contact with water or alcohol or in air at room temperature. The decomposition reaction forms ammonia, hydrogen gas, and mercury. Detecting Amalgam Because mercury salts dissolve in water to form toxic ions and compounds, its important to be able to detect the element in the environment. An amalgam probe is a piece of copper foil to which a nitric acid salt solution has been applied. If the probe is dipped in water that contains mercury ions, a copper amalgam forms on the foil and discolors it. Silver also reacts with copper to form spots, but they are easily rinsed away, while amalgam remains.

Afghanistan and the U.S. military mission there Research Paper

Afghanistan and the U.S. military mission there - Research Paper Example Lingering doubts are due to the constant inability of the US forces to maintain peace, control drug production or strengthen the US supported fragile government in Afghanistan. All these problems have been compounded for McChrystal by a crisis of confidence among Afghans (Holmes 2009). When Mikhail Gorbachev came to power in the Soviet Union, he inherited a deteriorating war in Afghanistan (Coll 2009). Gradually though, he planned an exit from the country. Somehow, the circumstances are similar under which President Obama assumed the office. To consolidate this thinking he even announced that US military will plan the exit in eighteen months from now. If this happens than the question remains that whether American Army would have achieved by then which it initially claimed before entering into Afghanistan? Or history will once again repeat itself. US interests in Afghanistan is now almost three decades old. After all, the humiliating defeat mighty USSR faced at the hands of Afghan Mujahidin could not have been possible without the military and financial aid from US (Hanks 2007). Yet, Americans could not make much room in the hearts of Afghans as they left them completely on their own, after using them as front line state to defeat communism. But little did they know that they will have to get back there, and this time not only with their finances but also with human resources. 9/11 attacks proved as a reason or rather justification for the American government to enter in to Afghanistan and uproot the Taliban government which had provided a safe harbor to Usama bin Laden and Al-Qaeda. October 7 of the year 2001, will be marked as the day which changed the history for Afghans, Americans and consequently for the world. US army started their invasion then and by the November 12th of the same year Kabul had been conquered. Since t hen US has deployed almost 65000 soldiers in Afghanistan (Mann 2009), and the number will further increase to 30,000 as per the latest plans

WASHINGTON CONSENSUS Essay Example | Topics and Well Written Essays - 1500 words

WASHINGTON CONSENSUS - Essay Example Only the annual budget of Nestle grew more than any African country under this globalisation of economy (Robert N. Gwynne and Cristbal Kay 1999). So the launch of these reforms in the name of structural adjusment programmes on the advice of IMF and world Bank there has attracted a lot of criticism in the thirld world countries. The policies that were originally formed to give a boost to the GNPs and GDPs of the least developed and developing countries in the world.But on the contrary in most of the economies these policy presciptions have played havoc with the unemployement and poverty due to the capitalism's tantacles wide spread from the first world in the poor countries. The major criticism has come from latin american and ex-soviet republics . They majorly see the capitalism as the main monster creeping in the world on the wheels of the multinalnal companies.Ultimately the buzzwords of globalization, capitalism, neo-liberal agenda and Washington Consensus became familiar and syno nymous to each other. People in the third world have been debating these terms ever since early 1950s. Most of them argue that there is an important sense in which disagreements on the character and consequences of capitalist ways of organizing economic life actually triggered the nineteenth century emergence of modern social science. This disagreement in the ex socialist and some Latin states stands at the center of the twentieth century political debate on how best to organize advanced industrial societies; and they remain main elements dividing capitalist societies, in former communist societies, and in whole of the under-developed... There is no denying the fact that the policy prescriptions under the Washington Consensus have widely been criticized from all around the world. This situation has basically arisen from immediate debacle of soviet republics and the transitional economies were not ready for reforms immediately. The Latin America, south Asia and Africa were not ready as yet. Those countries that blindly adopted these policies did not have a better taste of these policies. People reacted badly and results were not favorable politically. The economic reforms have to be adopted very prudently, slowly and gradually in all political wisdom by the leaders. But this is also a fact that free market economies are the order of the day. The WTO has at least now been setting favorable incentives for the least developed and underdeveloped world. The international competition cannot be beaten by mere agitation from the third world. The reform in the production process and compliance with the ISO certifications and i ntellectual property rights has to be complied with all the countries in the world equally. However the safety nets for the protection of poorest of the poor people have to be provided by the respective governments. It is still widely believed that growth in GDPs is not vastly trickling down to the poor segments of society. Corruption in the developing countries is rampant and rich elite is taking the advantages of new reforms. Poor have to be defended any way.

Functionalist Theory Essay Example for Free

Functionalist Theory Essay The functionalist theory is one that views the society as one that is social system made up of interrelated components. Each of these components is important and works together towards the achievement of a whole complete society. A common analogy supporting the functionalist theory is the human body which has several body organs which usually work together with problems in one organ affecting the rest of the body. The major components within a society are customs, traditions, norms and institutions such as families. It is agreed among major functionalists that social institutions make the essential components of society with rules and regulations being needed so as to organize the society in an effective manner. Functionalism within the discipline of anthropology developed in the early 20th century as a reaction to the extremes of the diffusionist and evolutionary theories developed within the 19th century (Goldschmidt 1996). The change was as a result of a change in focus from the more speculative diachronic examination of cultural traits and social customs as survivals to a more synchronic examination of the various social institutions existing within functioning societies. Functionalists were attempting to increase socio-cultural examination beyond the limits of the evolutionary notion of social history which viewed cultural traits and social customs as the residual pieces of cultural history. The theory has anthropological roots based on the thoughts and works of Bronislaw Malinowski, who argued that social institutions existed so as to meet the physiological needs of individuals within a society. As such, social stability was achieved by ensuring the needs of the individuals comprising the society were met with adequate knowledge of the feelings and motives of these individuals forming a basis for understanding how the society functioned. He viewed culture as the main element that ensured the needs of the members of a society were met. It is also based on the works of Alfred Radcliffe-Brown who argued that the basic divisions of anthropology were the various processes of human life within a social structure interlinked through interactions. Stability within society was therefore achieved through social practices that would repeat themselves and develop overtime supporting each other. As such, he theorized functional analysis as the attempt to understand social stability by observing how these social practices would fit together. The functionalist theory is also based on the thoughts and works of major social positivists and was first theorized by Auguste Comte following the French revolution which resulted in social malaise. This led him to see the need for social cohesion within society. This was followed by the works of Emile Durkheim that advanced the theory of organic solidarity, whose major emphasis was on the fundamental function that ethical consensus played in ensuring social order as well as building an equilibrium within society. His main concern was how certain societies were able to maintain stability and be able to survive hence proposed that such societies are usually have subdivisions with the separate divisions being held mutually by common values and symbols. In addition, Talcott Parsons argued that a social system is usually one that is comprised of the actions of individuals who are faced with a variety of choices which in turn are influenced by several social and physical factors. He posited a social system that had four types of action systems which included culture, personality, organismic, and society, with each these four systems having to satisfy four functional needs which were latency, adaptation, integration, and goal attainment. His analysis involved studying the processes and trade offs of social structures within and between the four system levels (Turner and Maryanski 1991). Central principles in the functionalist theory Functionalist analysis studies the social importance of phenomena. It seeks to examine the various functions that these phenomena serve within a society in order to preserve the whole (Jarvie, 1973). According to Malinowski, the major concepts included: †¢ Understanding behavior based on an individual’s motivation in addition to both rational and irrational behavior; †¢ Recognizing the interrelationship of the various items which comprised a culture forming a system; and †¢ Recognizing a particular item and identifying its function within the contemporary operation of a culture. Radcliffe-Brown based his works on those of Emile Durkheim who had posited that social phenomena comprised a domain of reality that was independent of any biological or psychological facts. As such, social phenomena have to be explained in terms of the other social phenomena occurring within the domain (Broce, 1973). Radcliffe-Brown therefore studied the circumstances under which the various social structures are upheld within society. He developed an analogy between organic life and social life in order to be able to explain the idea of function hence placing emphasis on the contribution of phenomena to preserving social order. Functional analysis has given value to social institutions. This is because it considers them as integrated and active components of a social system and not as simple customs (Langness, 1987). Functionalism has also contributed to the current idea that traditional usages have been formed by the necessity that human beings have to live collectively in harmony. Its emphasis on exhaustive fieldwork has offered an in-depth study of human societies. In addition, the study of functional interrelationship between institutions and customs has provided a framework for collecting information on how societies function. Major criticisms There have been several criticisms raised against the functionalist theory leading to its decline. The functionalist theory has been criticized for its major ignorance towards historical process in addition to its presumption that societies exists in an equilibrium state (Goldschmidt, 1996). Interactionist theorists have criticized this theory due to its failure to conceptualize sufficiently the multifaceted nature of individual actors and the methods of interaction within societies. Marxist theorists have criticized functionalism due to its conservativism and the fixed nature of examination used that underlined the role of social phenomena in the preservation of the status-quo within society (Holmwood, 2005). Constructionist theorists have criticized functionalism due to the use of classificatory theories that characterized phenomena based on their functions (Turner and Maryanski, 1991). Responses to Critiques Comparative functionalism, developed by Walter Goldschmidt, attempts to respond to the difficulties that have developed as a result of Malinowskis argument that a culture can be comprehended on its own with institutions been seen as products of the various cultures within which they were created. Comparative functionalism seeks to understand institutional differences between cultures by examining phenomena within the different cultures and the problems experienced in these societies. This approach is worthwhile since it is aware of the universality of the functions to which social institutions are a response to. Problems are usually consistent from one culture to another culture, but the institutional solutions that will be needed will vary from one culture to another (Holmwood, 2005). As such, one begins with analyzing the problem so as to find out how institutional procedures provide solutions. Neo-functionalism is an attempt to revise British structural-functionalism. Some neo-functionalists seek to analyze phenomena based on particular functional requisites. Other neo-functionalists focus on matters of social integration, social evolution, and social differentiation. Others examine how the various cultural processes such as rituals, values, and ideologies integrate with social structures. However, neo-functionalism places little emphasis on how phenomena are able to meet system needs (Turner and Maryanski, 1991). This approach is worthwhile since it provides a bridge between human behavior, which frequently involves cooperation, and natural selection, where individual interaction involves competition more than cooperation. References Broce, G. (1973). History of Anthropology. Minneapolis: Burgess Publishing Company. Goldschmidt, W. (1996). Functionalism. In Encyclopedia of Cultural Anthropology, Vol 2. David Levinson and Melvin Ember, eds. New York: Henry Holt and Company. Holmwood, J. (2005). Functionalism and its Critics, in Harrington, A. Modern Social Theory: An Introduction. Oxford: Oxford University Press. Jarvie, I. C. (1973). Functionalism. Minneapolis: Burgess Publishing Company. Kuper, A. (1996). Anthropology and Anthropologists. London: Routledge. Langness, L. (1987). The Study of Culture. Novato, California: Chandler Sharp Publishers, Inc. Turner, J. H. Maryanski, A. (1991). Functionalism. In Borgatta, E. F, Encyclopedia of Sociology, Vol 2. New York: MacMillan Publishing Company.

Ptolemy of Alexandria, the Influential Astronomer Essays -- Biography

Ptolemy of Alexandria, the Influential Astronomer Ptolemy of Alexandria was the most influential astronomer of the ancient world. The books and theories Ptolemy developed served as a major basis for future astronomers. It was during the Renaissance period that his work became thoroughly studied and revised. Ptolemy collected all ancient knowledge of astronomy and geography including it in his book Almagest around 140 A.D. It follows, he then wrote a four volume astrological study known as the Tretrabiblos. Ptolemy claimed that the scribes of Babylon had been instructed since 750 B.C to keep detailed astronomical diaries. These diaries were written for seven hundred years on clay tablets. The tablets depicted night-sky events along with river level changes and weather phenomena. Modern archaeologists have confirmed the claim by unearthing Babylonian tablets recording observations of Mars and Venus from that time period. Ptolemy used a method of consulting lists of lunar phases, and planetary movements complied over many centuries to look for...

Luxury Brands Insights Essay

Over years, India’s tryst with luxury brands has changed gears. With high disposable incomes and a penchant for all things luxury amongst affluent Indians on the rise, the country is emerging as the next stopover for global luxury brands such as Gucci, Christian Dior and Versace. However, we must realize that Luxury marketing is a whole new ball-game altogether, both from the perspective of the marketer as well as the luxury consumer. It therefore becomes important to view it both in relation and isolation from the ‘regular’ goods marketing. To achieve the above objective, we would first look at how luxury goods are different from regular goods and then go on to explore some facets and trends of the luxury goods as well as their market and consumers. This analysis would finally sum up into a SWOT analysis of the luxury goods segment, thereby helping in obtaining a bird’s eye view of the exercise at hand. Considering that the luxury concept has shifted to the ‘new’ meaning, we would further delve into that aspect to understand the drivers for luxury brands presently, as well in the time to come. This is followed by a luxury potential determination of the Indian market both in terms of quantitative growth factors as well as qualitative initiatives. INDEX Abstract5 Objectives & Sub Objectives6 Research Design6 Getting To Know Luxury8 Difference Between Regular & Luxury Goods10 Luxury In India14 Qualitative Insights15 Quantitative Insights16 The Affluent Indian: Profiling The Indian Luxury Consumers17 Classification Of The Indian Luxury Consumer21 4p Trends24 Consumer Trends29 Strategies For Luxury Marketing In India57 Moving Forward66 References69 Annexure70. â€Å"Why do I need to know how the watch market is doing? I’m in the business of luxury† Partick Heiniger, CEO, Rolex GETTING TO KNOW LUXURY Luxury brands have often been associated with the core competences of creativity, exclusivity, craftsmanship, precision, high quality, innovation and premium pricing. These product attributes give the consumers the satisfaction of not only owning expensive items but the extra-added psychological benefits like esteem, prestige and a sense of a high status that reminds them and others that they belong to an exclusive group of only a select few, who can afford these pricey items. The luxury sector targets its products and services at consumers on the top-end of the wealth spectrum. These self-selected elite are more or less price insensitive and choose to spend their time and money on objects that are plainly opulence rather than necessities. For these reasons, luxury and prestige brands have for centuries commanded an unwavering and often illogical customer loyalty. Luxury, derived from the Latin word luxus, means indulgence of the senses, regardless of cost. Luxury brands are brands whose ratio of functional utility to price is low while that of intangible utility to price is high. Such brands share characteristics like consistent premium quality, a heritage of craftsmanship, a recognisable style or design, a limited production run of any item to ensure exclusivity, an element of uniqueness and an ability to keep coming up with new designs when the category is fashion-intensive. THE market for luxury brands in our country has expanded in recent times. With income levels going up, customers prepared to buy such brands are growing in numbers. According to an NCAER Household Income Survey, in 2001-02, there were 20,000 families in India with annual incomes of more than Rs 1 crore. By 2005, that number increased to almost 53,000. By 2010, India will have some 1, 40,000 crorepatis. Retail management company KSA Technopak estimates the market for luxury and high-end clothing in India at Rs 1,000 crore and for accessories at another Rs 1,000 crore. CHARACTERISTICS OF THE LUXURY INDUSTRY 1. Luxury is a product category in itself: This can be best explained by the fact that both an expensive watch and an artwork can be considered to be luxury items. Therefore, all luxury marketers are not just competing in their ‘technically defined’ product categories (like manufacturers of refrigerators compete amongst themselves) but for the wallet share of luxury goods in total. 2. The meaning of luxury had changed Luxury has moved from its ‘old’ meaning of ownership that is also known as conspicuous consumption – Conspicuous consumption is a term used to describe the lavish spending on goods and services that are acquired mainly for the purpose of displaying income or wealth rather than to satisfy a real need of the consumer. In the mind of a conspicuous consumer, such display serves as a means of attaining or maintaining social status. Invidious consumption, a necessary corollary, is the term applied to consumption of goods and services for the deliberate purpose of inspiring envy in others has now changed its objects to the ‘new’ meaning of the experience / fulfilment derived from possessing a certain object. 3. Aura is more important than exclusivity Exclusivity is something that cannot be ensured to a great extent and neither is it the prime requirement of a luxury consumer. The consumer bases his decisions on the relevance of the aura of the brand to his fulfilment or actualization needs. 4. Trading up A mass of wealthy people have emerged the world over, give rise to a large section of consumers who are now moving to luxury / premium brands, thereby creating greater business opportunity for luxury marketers. 5. Trading down Today, fashion brands are giving luxury brands competition because of marketing mix and branding strategies, which make it acceptable to pair these two brands. This is something that was not practiced before. eg. Wearing an Armani shirt with a pair of GAP jeans 6. Emergence of luxury brands. Sea of luxury brands have emerged giving a wide choice to consumers, in all segments of luxury goods. 7. Factors at play In luxury marketing there is a subtle interplay between three factors that most strongly influence the luxury consumer to buy: product brand; dealer or store’s brand or service providers’ reputation; and price/value relationship 8. Customer loyalty is more important that brand awareness Rather than focus on measuring the brand awareness of a luxury company, measuring customer loyalty is far more significant a metric regarding the success or failure of corporate strategy to connect with the luxury consumer. CONSUMER PERSPECTIVES TOWARDS LUXURY Consumers can be segregated in 3 groups according to what luxury means to them: Luxury is Functional – these consumers tend to buy luxury products for their superior functionality and quality. Consumers in this segment, the largest of the three, tend to be older and wealthier and are willing to spend more money to buy things that will last and have enduring value. They buy a wide array of luxury goods, from artwork to vacations, and conduct extensive pre-purchase research, making logical decisions rather than emotional or impulsive. Messages that highlight product quality and are information-intensive are powerful with this group. Luxury is Reward – these consumers tend to be younger than the first group but older than the third. They use luxury goods as a status symbol to say â€Å"I’ve made it! † They are motivated by their desire to be successful and demonstrate this to others. Luxury brands that have widespread recognition are popular, however they don’t wish to appear lavish or hedonistic in their appearance. They want to purchase â€Å"smart† luxury that demonstrates importance while not leaving them open to criticism. Marketing messages that communicate acceptable exclusivity resonate with this group. Luxury is Indulgence – this group is the smallest of the three and tends to include younger consumers and slightly more males than the other two groups. Their purpose for luxury goods is to lavish themselves in self-indulgence. They are willing to pay a premium for goods that express their individuality and make others take notice and are not overly concerned with product longevity or possible criticism. They enjoy luxury for the way it makes them feel; therefore they have a more emotional approach to purchases. They respond well to messages that highlight the unique and emotional qualities of a product. DIFFERENCE BETWEEN REGULAR & LUXURY GOODS Luxury has never been something easy to define, yet this mystery concept is something highly desired by one and all alike. We look at delving deeper into this mystery and aura of luxury goods by way of comparing them against ‘regular goods’ as well as highlighting the characteristics of the luxury industry. Strategies for Luxury Marketing in India There are conventional foundations for ensuring success of a brand and they are listed below in brief: 1. The brand must be â€Å"expansive† Which means it should be full of innovation opportunities for the marketer and in terms of satisfying the divergent needs of the luxury consumer 2. The brand must tell a story It is this story, of either heritage or performance or other aspects that goes on to build the aura of a brand over time. The story always accentuates the identity of the brand. 3. The brand must be relevant to the consumers’ needs Depending upon the mindset of the luxury class, it is imperative for a brand to satisfy those needs, whether they are for recognition or functional use etc. 4. The brand must align with consumers’ values A brand that does not concur with the basic values of a consumer’s society has a small chance of succeeding because luxury items are forms of expression or identification for a luxury consumer. This makes it difficult for the consumer to adopt the brand in such cases. 5. The brand must perform Irrespective of which category the brand belongs to, a performance assurance is a must for the brand if it wishes to be in the evoked set of luxury consumers, considering the price being paid for luxury. INDUSTRY OVERVIEW. In the past, brands like Liz Claiborne and Pierre Cardin tested Indian waters but made a hasty retreat following poor customer response. This led to a general perception that India is still not ready for luxury brands. But now that impression is changing. Many leading global luxury brand marketers have started taking our market seriously. Luxury goods’ marketing is a different ball game as the type of customers involved fall in a different class altogether. These customers are influenced more by glamour and style and want to stand out in a crowd. They do not bat an eyelid whey they buy a Vuitton bag costing Rs 50,000 or a Mont Blanc diamond-encrusted pen for Rs 50 lakh, Ermenegildo Zegna’s top-of the-line, custom-tailored suit costing Rs 6 lakh or a mid-range Louis Vuitton briefcase priced Rs 1. 27 lakh. As these figures suggest, luxury brands are prestige products characterised by high-involvement decision-making that is strongly related to the person’s self-concept. Sensory gratification and social approval are the primary factors in selecting a prestige product. Cutting prices or giving discounts can be detrimental in case of luxury brands. A higher price implies a higher level of quality and also suggests a certain degree of prestige. Similarly, distribution should be restricted. Status-sensitive consumers may reject a particular product if the feeling of exclusivity goes away. Managing luxury brands is as much an art as a science. The challenge is to create a demand for something which is not really needed. After all, it looks crazy to spend Rs 50,000 on a handbag or Rs1,27,000 on a briefcase. Creativity plays a key role in creating such a premium image. Many luxury brands achieve legitimacy and fashion authority as a result of the creative talent of their design teams who respect the brand heritage and yet continuously reinvent it. MARKET SIZE AND INDUSTRY GROWTH RATE With the European and American markets reaching a saturation point, leading players are now concentrating on the BRIC countries and the action is expected to shift to India, being the fastest growing luxury market, growing at 25%. , and is expected to maintain these rates for the next 10 years. The Indian Luxury Market is estimated to be to be USD 4. 35 billion and this forms only 2% of the global share. The growth of luxury markets is on the basis of GDP per-capita growth and the High Networth Individuals (HNI’s) in a country. India will be the second largest economy by 2040. Factors like Consumer Attitudes, Real Estate, Regulatory Environment and Ecosystem are important for the growth of luxury market and these are improving in the country. India has 83,000 millionaires and every year 16,000 more are getting added to this. The main trigger behind Indians indulging in luxury is to flaunt status, and the consumers here are becoming aware of leading global brands in the space, but tend to be extremely value conscious. There is a sizeable population engaging in outbound travel and getting exposure to global luxury market. The Indian consumer wants not just to be pampered, but entertained, excited and Inspired by Luxury brands and hence global players will have to look at innovative methods of reaching and engaging customers to succeed in the Indian market. With India emerging as one of the important players in the Luxury Space, the rich and famous across the globe are interested in exploring Indian Luxury products. Also, because of the availability of high disposable income Indians have developed an appetite to live a lavish lifestyle. India is being looked upon by the entire world as an emerging market and a potential Global hub. Hence, considering the potential of the Country many big brands from across the Globe either have set up their base here or are planning to do the same. GDP CONTRIBUTION The Gross Domestic Product or GDP is the indicator of the performance of an economy. According to the estimates of 2008, India’s GDP is $1. 209 trillion and this is slated to make improvement in the coming times. It is estimated that India’s GDP will grow by 6. 5% in the year 2009. In 2008 the country’s GDP was 9%; the slowdown that has been witnessed this year in the estimates is largely due to the slowdown witnessed by the agriculture and the industrial sectors. A look at the India GDP composition sector wise throws up some interesting figures. The agriculture sector contributed 17. 2%; industry contributed 29. 1% while the service sector had a contribution of 52. 7% according to 2008 estimates. FDI LIMITS AN INTERESTING FACT!!! What is the size of US Luxury Market? A) A third of India’s GDP B) Half of India’s GDP C) Equal to India’s GDP D) More than double India’s GDP ANS: D) More than double India’s GDP. While India will certainly not match the US, Japan or China in terms of its domestic market size for luxury goods and services for decades to come, its influence on global luxury business will steadily increase in the coming years. The reasons are many and mostly historical. Unlike Japan or China, India has a history and a tradition of luxury for millennia. It has an influence on textiles and handwork on them, on gems and their setting in jewellery, in food (including ingredients and spices), on natural skin and body care, on fragrances and cosmetics, and even furniture, furnishings, and objects d’art. For centuries, India’s nobility and the wealthy have been used to â€Å"commission† and patron works of luxury and extraordinary human skill. LUXURY MARKET SECTORS SECTORS| KEY PLAYERS| MARKET SHARE %| Jewellery| | 27| Clothing| | 16| Digital Accessories| | 13| Time Wear| | 8| Cosmetics & Skin Care| | 8| Foot Ware| | 6| Wine & Liquor| | 6| Accessories| | 6| Fragrances| | 4| Crystal Wear| | 2| Others| | 4| The Key Player Analysis The following table summarizes the marketing mix adopted by the 4 leading luxury brands. In order to arrive at successful strategies to market luxury in India, it is pertinent to look at the marketing strategies instituted by the existing luxury players in India. Product| Price| Place| Promotion| Valentino offers a limited assortment due to the nascent demand of gowns in India. This is attributed to Indian women’s preference of sarees over gowns. Because of this trend, Valentino has launched â€Å"saree inspired gowns† in their latest collection. Valentino has also included a few sarees (worn by Elizabeth Hurley) in its trademark red in their collection. | Valentino claims to charge prices same as their western counterparts. | Opened its first store in August ’06 at Delhi’s Shangri La hotel. it is currently looking for space to open a standalone store each in bangalore, Mumbai & surprisingly, Ludhiana. Has no plans of opening a store in a luxury mall due to a fear of dilution of identity. The brand owns numerous stores in China. | The brand has little promotional presence. In the west it relies on red carpet events & fashion shows to promote its gowns. However due to lack of such events in India, it uses little print advertisements from abroad in India. They predominantly feature Hollywood actresses & models. | Product| Price| Place| Promotion| The brand offers a smaller assortment of their products in west in India. This is attributed to the cultural difference & the differences fashion trends. | The brand claims to price their products equitably in India when compared to their western counterparts. However, it does admit to the greater taxes. | Launched operations in India in 2005. has only one boutique in India as opposed to 8 boutiques in China. The brand’s only boutique in India is located at The Imperial Hotel in Delhi. | Has no. promotional campaigns targeted exclusively at Indian market. Nicole Kidman, the brand’s leading endorser, recently shot an advertisement with Indian model/actor Arjun Rampal in Rajasthan. However, the advertisement will not be aired in India as Chanel only promotes in print media in India. Came into headlines for dressing up actress Sonam Kapoor for a film premier. | Product| Price| Place| Promotion| Made headlines with their intention to design sarees. However, the brand has shown no signs of actually producing them. Offers limited amount of their product offerings due to limited demand in Indian market. However, is planning to expand their offering in future. | The brand admits to charging a higher price due to the tax structure & high infrastructure costs. | Launched operations in India in 2007 with boutiques in Mumbai and Delhi. Murjani Group is the master franchisee of this brand in India. The brand’s store in Delhi is located at The Oberoi’s Hotel. the brand has currently shelved the plans of opening four more stores including one in the Emporio Mall. The brand owns close to 27 stores in almost all leading cities of China. | The brand relies heavily on print advertisements. However, it regrets its recent decision of promotions through newspaper advertisements as it harmed the brand’s exclusive & luxe image. Has no specific advertisements & promotional material for Indian customers. | Product| Price| Place| Promotion| Armani offers all of their latest collection in their Indian stores. The brand recently made headlines in Indian newspapers for including Sherwanis in the 2009 fall-winter collection. The sherwanis are now sold globally in all their stores. The brand has registered a tremendous growth by selling above 200 items a month and registering a growth of above 50 percent annually. | Armani claims to price their products same as abroad & refuses to comment further. | Armani has recently entered the Indian market with a joint venture with DLF. The store currently operates through two exclusive stores in Delhi’s first Luxury Mall DLF Emporio. The is currently in plans of opening four more standalone stores in Delhi and Mumbai. It owns 15 stores in China. | Armani, unlike in west, only relies on print media (in magazines) to promote their products. The brand features its international promotional material in India as well. However, in its latest ad campaign, it featured a model of Indian descent (Vasuki)| DETAILED ANALYSIS OF THE MACRO-ENVIRONMENT Political Trends One positive factor for any company entering India is the political stability of the nation as well as democratic style of leadership. Government apart from tariffs has taken a neutral stance towards the luxury stalwarts, FDI and tariffs as only concern which will be strengths in coming future. The implementation of the Free Trade Area, which laid out a comprehensive program of regional tariff reduction, will be continuously implemented in phases through the year 2010. Over the course of the next several years, the programs in tariff reductions will be made broader. Efforts to eliminate non-tariff barriers and develop common product certification standards were initiated. In addition, ASEAN also was able to formulate framework agreements for the intra-regional liberalization of trade in services. Economic Trends Despite the adverse economic trends in the last year, the luxury goods industry as a whole experienced relatively robust economic growth. Many countries have also seen the risk-weighted capital adequacy ratios of their banking systems improve due to government-sponsored bank recapitalization programs, continued progress in financial restructuring, and improvements in financial risk management. Overall Indian economic trend is a silver lining for companies as India is increasingly becoming the hotbed for millionaires and billionaires the new found riches is growing and will continue to be so, hence economic trend which was a challenge will grow as a big advantage. Social / Cultural Trends. There have also been social and cultural trends that have been evident over the last few years in the luxury goods industry. These include: (a) The irreversible rise of civil society (b) The rise of civil society and urbanisation blends perfectly with dreams that luxury brands sell (c) The increase in the roles of intellectuals and social awareness. (d) Indians are a peculiar breed, victims of centuries-old socio-economic oppression. Where each of us is pinned on the social matrix is revealed by our last name or even a stray twist in accent. Money or the display of it can rarely manage to unsettle the hierarchy. Awareness or rather subtle awareness is something which luxury marketers are happy about and aiming at. With more and more urbanisation and globalisation the need to be in parity with the world will fuel the demands for more upmarket and more luxurious lifestyle. Technological Trends It is a common knowledge that the luxury goods industry is still a relatively new industry in the country and is still in its early stages of development. Technology being a important factor still comes as second at times in various luxury categories, though make no mistakes that that second is still way above what a mid level brand can aim at. India being hub of technological development still does not provide luxury brands enough lucrative options as tech advancement are not synchronised and homogeneous, hence it is a dark spot but might be a very significant area in future. Legal Trends. Intellectual property (IP) and IP Rights (IPR) creation, commercialization, and protection have been a significant source of comparative advantage of enterprises and economies and a major driver of their competitive strategies. Indeed, countries all over the world are fully aware of the pressing need for a long-term policy commitment to collectively transform the luxury goods industry into one which is largely based on knowledge, driven by innovation and sustained by life-long learning. Countries all over the world have pledged to work together to help accelerate the pace and scope of IP asset creation, commercialization and protection; to improve the regional framework of policies and institutions relating to IP and IPRs, including the development and harmonization of enabling IPR registration systems; to promote IP cooperation and dialogues within the region as well with the region’s Dialogue Partners and organizations; to strengthen IP-related human and institutional capabilities, including fostering greater public awareness of issues and implications, relating to IP and IPRs. INDIA and IPR are a big problem, just not having the stringent and encompassing laws is not the only issue, and problem also arises due to weak enforcement of laws. Cheap imitation and intellectual property infringement is a common occurrence in the nation. Luxury Goods Industry SWOT Analysis Strengths: †¢Has products that boast of a very powerful retail. This includes a reputation for value of money, convenience and a wide variety of products †¢Has grown significantly over the years, and has experienced global expansion. †¢Main competence lies on the use of information technology (IT) to fully support its international logistics system. Therefore, companies in this industry can see how their individual products perform within the United States for instance, or even at stores at a glance. †¢Is able to deliver good customer care, as the limited amount of work would mean plenty of time to devote to customers. †¢Products have established a strong reputation within the market. †¢Offers little deficits and overheads. Therefore the companies in this industry can offer good value to customers on a consistent basis. Weaknesses: †¢Is one of the world’s largest industries but has a weak control of its empire, despite its IT advantages. This could lead to a decrease in productivity in some areas where it has the least control. †¢Since companies in this industry sell products across many sectors, they may lack the flexibility that some of its more focused competitors possess. †¢Operates globally, but its presence is located in only relatively few countries worldwide. †¢Some luxury goods lack market presence or reputation †¢The company’s cash flow is unreliable especially in the early stages of a new luxury product development. †¢Over flooding doesn’t leave a luxury brand a real luxury brand. Opportunities: †¢Taking over, merging, or forming strategic alliances with other luxury good companies while focusing on strong markets like Europe or the Greater China Region and India. †¢Luxury good companies operate only on trade in a relatively small number of countries all over the world. Thus, this would open the opportunities for future businesses in expanding various consumer markets, such as those in China and India. †¢The opening of new locations and branches offer luxury good companies the opportunities to exploit market development. This could lead to the diversification of the company’s branches from large super centres to local-based sites. †¢Opportunities exist for luxury good companies to continue with their current strategy of establishing large branches worldwide. †¢The industry is continuously expanding, with plenty of future opportunities to exploit for success. †¢AS FOR INDIA IT IS â€Å"THE â€Å"INDUSTRY OF FUTURE maybe 10 more years. Threats: †¢Being number one means that the luxury goods industry is the target of competition, the industry to beat, both locally and globally. †¢Being a global retailer means that luxury goods companies might be exposed to political problems in the countries where the company has operations. †¢The production costs of most luxury products have the tendency to fall because of lower manufacturing costs. Manufacturing costs fall because of outsourcing to low-cost regions around the globe. This phenomenon could lead to competition in prices, which in turn would result in the deflation of prices in various ranges. Intense price competition must definitely be considered a threat. †¢Indian mentality of the masses. †¢REPUTATION, if it goes down company goes down. Detailed Analysis of the Industry Environment The assessment of the industry attractiveness is performed using the Porter’s Five Forces Model. A. Threat of New Entrants New entrants in the luxury goods industry will have to deal with high costs of entry for their latest technologies. Most major competitors in this industry have yet to establish strong distribution channels. This will severely hamper their plans to retaliate with their technological developments as without distribution channels, their products would never be seriously considered in the market by customers. These companies must worry though about certain government laws in some countries that might weaken their competitive position (2002). B. Bargaining Power of Suppliers. Suppliers of luxury goods have relatively lower bargaining power because their products have yet to establish consistency in the market. This is in contrary to ordinary brands where these products have been able to secure the confidence of its customers worldwide. C. Bargaining Power of Buyers A majority of consumers in the luxury goods industry are professionals who rely on mobile and expensive gadgets and expect seamless services every time they use them. For instance, a customer phones in a service request from the New York airport while boarding a plane bound to Paris the same day. The technical people in New York will immediately work on the service ticket of the client. And when that client arrives in Paris, he / she would be able to call the New York service centre and pick up exactly where he / she left off (1999). The bargaining power of buyers in the luxury goods industry is relatively high because there are only few, large players in the industry. D. Threat of Substitutes There are very little threats that could emerge from possible substitutes. This is because product-for-product substitution could not possibly happen especially with luxury goods. Other products cannot simply replace the ingenuity of the established luxury products in the market. Also, the millions of users of these luxury products surely would find it too uncomfortable using other products other than their luxury products CASE STUDY: THE MURJANI GROUP OVERVIEW Murjani Group develops, launches, and builds various designer lifestyle brands. It operates in the United States, India, and internationally. Murjani Group was founded in 1930 and is based in New York, New York. They partner with international luxury brands and retail them in India. KEY EXECUTIVES Managing Director: Mr. Vijay Murjani. Chief Operating Officer: Mr. Pradeep Mansukhani Business Head of French Connection: Mr. Dhiresh Sharma Marketing Head of Luxury Division: Mr. Vikram Raizada Business Head of Gucci: Ms. Ananda Kara JOURNEY 1930: Mr B. K. Murjani found the group in Shanghai, CHINA with it’s first retail store 1950: After the world war Murjani commenced operations in Hong kong with a trading company. 1952: Murjani sets up Hong Kong’s first garment manufacturing factory. 1958: With 6 years, Murjani grew to one of the largest apparel producers in the world, with a production capacity in excess of 10 million units per annum. 1966: The current Chairman, Mohan Murjani, joins the group. 1966: The Group commenced its transition from manufacturing to designer lifestyle brand development and marketing, by launching its first brand in the USA, â€Å" Marco Polo† 1976: Murjani launches the â€Å"First Designer jean† 1980: Murjani sponsors the US Open 1985: Murjani launched Tommy Hilfiger,in 1985. Here again Murjani group re-enforced their panache with ground breaking and ingenious marketing, to ensure that Tommy Hilfiger, would almost immediately, positioned amongst the top designers in the world. The innovative brand marketing and management techniques adopted by Murjani Group over the years, have changed the very paradigm of marketing, merchandising and retailing, as we know it today. 1986: Murjani launches â€Å"Coca-Cola clothes Why India With a luxury boom in India, there are over one million luxury consumers, which is only a fraction of eight million plus consumers who have the disposable incomes but are unfamiliar with the luxury segment. The growth rate is 14. 6 per cent. Target audience is 22-55 year olds. India’s luxury goods market of Rs 717 billion is set to expand with a new firm to facilitate process by bringing together buyers and manufacturers. India’s total retail market has been estimated at $160 billion or Rs 7,170 billion, covering eight million consumers. Of them, one million are considered to be in the luxury brands segment 2000: NAMASTE INDIA The Murjani Group for many years, was very keen to establish a presence in the Indian market, but had to wait for the right time. In 2000 with the rapid growth in the consuming class, Murjani was amongs.