Wednesday, December 25, 2019

The Extent Of Personal Responsibility - 1554 Words

The Extent of Personal Responsibility Taking place in two hemispheres from one another, the plot to Khaled Hosseini s Kite Runner and Phillip Roth s Nemesis have few common elements to observe if one were to look strictly at the plot. However, looking deeper reveals that both novels have startlingly similar elements and themes; ranging from fear, to a rejection of god. The most significant theme in both of these novels is the concept of personal responsibility--a concept that defines Amir and Bucky and drives the way they act, in addition to influencing the plot of each novel. Starting with protagonist Amir in Kite Runner, the pivotal point of responsibility is first introduced when Hassan is raped by Assef following the conclusion of the kite runner tournament that Amir won. This moment is the single-most significant moment in the entire novel: I stopped watching, turned away from the alley (67). This quote establishes the theme of personal responsibility, and this very event would go on to define Amir throughout the entirety of the novel, as Amir would go on to decades later to state: We had both betrayed the people who would have given their lives for us (197). Another point is established with this, that being the question of how far claiming responsibility go before being considered unreasonable? Looking at this particular scene, one has to wonder, what could have Amir have been able to do in this situation? While fleeing the scene is debated as a lack ofShow MoreRelatedPrevention and Control of Infection977 Words   |  4 PagesSection Two: Task 4 Understanding the Importance of using Personal Protective Equipment 5.1 Demonstrate correct use of PPE (completed) 5.2 Describe different types of PPE 5.3 Explain the reasons for use of PPE At Unit 1, BMI we have many different types of PPE, these include the following (5.2 bolded and 5.3 in brackets): 1. Gloves (to protect hands/contact from skin infections / potential infections and contamination) 2. Overalls (to protect the body from possible exposure / bloodRead MorePersonal Responsibility By Gabriel Garcia Marquez Essay1575 Words   |  7 PagesPersonal responsibility is a principle that is educated in elementary school all the way through college; it essentially means taking liability for all your thoughts, emotions, and behavior. Gabriel†©Garcà ­a†©Mà ¡rquez, Columbian novelist, was awarded the Nobel Prize for Literature in 1982: â€Å"for his novels and short stories, in which the fantastic and the realistic are combined in a richly composed world of imagination, reflecting a continent’s life and conflicts.†( The Nobel Foundation). He was an exceptionallyRead MoreMy Personal Values: Professional Ethics Are the Foundation of Social Work1798 Words   |  7 PagesA career in Social Work requires conviction to personal values that reflect and uphold the National Association of Social Workers (NASW) Code of Ethics. Professional ethics are the f oundation of social work, as the trade has an innate obligation to endorse ethical principles and basic values to advocate for the wellness of others. The core values adopted by all social workers, as distinguished by NASW, are service, social justice, dignity and worth of the person, importance of human relationshipsRead MoreGender Inequality : Microfinance, An Empowering Practice?1265 Words   |  6 PagesSection B: Gender Inequality 2.0 Microfinance, an empowering practice? Microfinance, has to some extent improved and strengthened relations amongst women within communities. Microloans provided to women in groups ensures that the economic burden of repayments is one which women no longer have to bear alone but is instead shared, reducing the anxiety and pressure levels felt by women. The lending of microloans to groups of women, has created a sense of social solidarity, as women who are often inRead MoreHealth, Safety, And Welfare1515 Words   |  7 PagesHealth, safety, and welfare is of paramount concern in all assessments as without this the learner is at an unfair disadvantage. To counteract this I’m proactive at promoting and enforcing safeguarding procedures. I have a duty and responsibility to provide a service to my learners and staff that protects them from harm. The ‘Safeguarding Vulnerable Groups Act 2006†² asks Assessors to protect those under 18 and all vulnerable adults (those in community care, with mental or other disability, ageRead MoreSocial Media Is A Pervasive Instrument Of Communication Essay1586 Words   |  7 Pagesprivacy measures they can implement to increase security. The following essay will first provide an overview of privacy pertinent to social media and its users. Next, it will examine the indirect and direct sharing of information, as well as the responsibility of corporations and consumers in keeping user data safe. Finally, the essay will assess solutions offered by academics in the field. What an Invasion of Privacy Entails The balance between having privacy and participating in social media is delicateRead MoreEthical Issues Affecting Business Statistics921 Words   |  4 Pagesethics. Ethical responsibility is a subject that affects most employees in organizations. In business statistics, there are highly possible chances in which inconsistencies and inaccuracies tend to occur (Duska, 2000). In all aspects people tend to escape and move away from ethical responsibilities associated with business statics. This paper aims at looking at the several aspects of ethics in business statistics. It also looks at the ways in which the ethical issues affect personal decisions developedRead MoreThe Accomplishment Of Individual Performance Objectives1136 Words   |  5 Pagesmeasures the degree to which employees takes responsibility for their work, sets and meets priorities, and uses time and resources to accomplish wanted results. Included should also be a measure of communication which is the extent to which your employee is able to comprehend and convey information with and from others. Communication ability should also be measured, this will tell how well the employee is able to comprehend and relay information. Personal leadership and integrity should be evaluatedRead MoreThe Auditor and Fraud1175 Words   |  5 PagesEXPLAIN THE RESPECTIVE ROLES AND RESPONSIBILITIES OF MANAGEMENT AND AUDITORS IN THE PREVENTION AND DETECTION OF FRAUD. The primary responsibility for fraud detection lies with management. This arises due to a contractual duty of care. Directors are able to discharge their duty toward prevention and detection of fraud and error in many ways, for example: * Complying with the Combined Code on Corporate Governance * Developing a code of conduct, monitoring compliance and taking action againstRead MoreSetting Clear Boundaries in the Social Work Field1231 Words   |  5 Pagesrelated to boundaries may arise. As per Reamer, these issues may arise because of intimate relationships, pursuit of personal benefit, emotional and dependency needs, altruistic gestures, and responses to unanticipated circumstances (Reamer, 2003).   Once we have identified the issues that may arise because of violation of these boundaries, the next step is to devise ones personal methodology which will tend to be helpful in setting clear boundaries with the clients. For a beginner, training regarding

Tuesday, December 17, 2019

Agriculture Sector in India Trends, Issues and Challenges

| | | Importance of Agriculture Sector in Economic Growth in India - Trends, Issues and Challenges | | | Submitted to - | Prof. Rudra Sensarma | | Submitted By – Ajanta Nag - EEPGM-11C-001Ashish Katariya - EPGP-04C-017Debangshu Datta - EPGP-04C-029Hari Akkavajhula - EPGP-04C-037Rajesh Solanki - EPGP-04C-076Tarun Kumar - EPGP-04C-103 | Table of Contents Introduction 2 Objective 3 Performance of agriculture sector in india 3 Government policies in agriculture sector 6 suggestions–new policy measure to help agriculture sector 7 Conclusion 8 References 9 Introduction Agriculture is a critical sector of the Indian economy. Though manufacturing and service sector industries gained†¦show more content†¦This is followed by about 18 percent small holdings (1-2 ha.), about 16 percent medium holdings (more than 2 to less than 10 ha.) and less than 1 percent large holdings (10 ha. and above).†(Reference #3) Source: Department of Agriculture and Cooperation, Agricultural Census Division, Ministry of Agriculture. Figure 2: Average size (ha) of holdings as per different Agriculture Census Because of increasing population, land fragmentation is increasing which is reducing availability of cultivated land area per household. Added to this, because increasing challenges in agriculture sector, this remains to be least contributor of employment opportunities in rural areas. Because of this additional employment opportunities in the non-farm and manufacturing sector (especially in agro based rural industries) have to be created. Because of this, people have to enhance their skills in corresponding sectors to gain employment. This way, more and more employment opportunities can be created which will be useful in making agriculture practical in a sustainable manner. Figure 3: Farms in rural India. Most farms in India are small plots such as in this image. â€Å"The growth performance of the agriculture sector has been fluctuating across the plan periods (Fig 4). It witnessed a growth rate of 4.8 per cent during the EighthShow MoreRelatedAgriculture Sector in India: Trends, Issues and Challenges1961 Words   |  8 PagesImportance of Agriculture Sector in Economic Growth in India - Trends, Issues and Challenges | | | Submitted to - | Prof. Rudra Sensarma | | Submitted By – Ajanta Nag - EEPGM-11C-001Ashish Katariya - EPGP-04C-017Debangshu Datta - EPGP-04C-029Hari Akkavajhula - EPGP-04C-037Rajesh Solanki - EPGP-04C-076Tarun Kumar - EPGP-04C-103 | Table of Contents Introduction 2 Objective 3 Performance of agriculture sector in india 3 Government policies in agriculture sector 6 suggestions–newRead MoreIndia Is A Republic Dominion Of South Asia1551 Words   |  7 PagesIndia is a republic dominion in South Asia. It has the second highest population in the world after China, which reached the 1 billion mark in June 2000. As per the latest Census of 2011, the total population of the country is 1.21 billion, which includes 623.12 million males and 587.4million females. India’s share of the world population is 17 percent. The literacy rate among the population for seven years and above for the country stands at 72.99 percent. The total workforce in the country is 397Read MoreShjxkj2757 Words   |  12 Pages4 | Issue : 2 | Feb 2014 | ISSN - 2249-555X An Economic analysis of Trends in Agriculture Growth and Production in India KEYWORDS Ramachandra Murthy K Research Scholar DOS in Economics and Cooperation, University of Mysore, Mysore Anand C Research Scholar, DOS in Economics and Cooperation, University of Mysore, Mysore Manjuprasad C Research Scholar, DOS in Economics and Cooperation, University of Mysore, Mysore ABSTRACT The present paper examines the performance of Trends of AgricultureRead MoreRole Of Women And Women s Empowerment1093 Words   |  5 Pages@IJRTER-2016, All Rights Reserved 177 Role of women empowerment in economic growth in India Dr. kirti shrivas (Asst. professor)Dept. of Commerce, govt. college abhanpur Abstract :Women’s empowerment defined as improving the ability of women to access the constituents of development in particular health, education, earning opportunities, rights and political participations. Women empowerment in India is dependent on many different variables like education status, social status, geographical statusRead MorePotential Between India s Tier II And Tier IIi Cities Essay1361 Words   |  6 Pagesproviding improved mobility also contribute to a trend towards annual retail sales growth of 12.2 percent. An increasing number of people in India are turning to the services sector for employment due to the relative low compensation offered by the traditional agriculture and manufacturing sectors. The organized retail market is growing at 35 percent annually while growth of unorganized retail sector is pegged at 6 percent. Though the retailing sector is growing rapidly, some of the constrains areRead MoreUttar Pradesh and Tamil Nadu: A Comparative Study in Micro-Finance1699 Words   |  7 Pagesstudy of the growth of microfinance in the two states of Uttar Pradesh and Tamil Nadu.) Literature Review- Studies analyzing the Micro Financing in India- Micro finance has been a field which has attracted a lot of research work. A review of the major research works of economists and sociologists provide us with interesting insights on issues related to microfinance. Seibel and Parhusib (1990) in their study mentioned that expansion of credit coverage through state interventions approach wasRead MoreRole of Co-Operative Banks in Agriculture Credit: Organization, Growth and Challenges2984 Words   |  12 PagesRole of Co-operative Banks in Agriculture Credit: Organization, Growth and Challenges Rajesh Kumar, Sanjay Malhan Abstract In this study we have analysed the role of Co-operative banks in agriculture credit in India from 2001/2002 to 2006/2007 with the help of ACGR. The study reveals that the aggregate amount of agriculture credit has increased, while, the share in total institutional agriculture credit has been decreased from 37.91 in 2001/2002 to 18.51 in 2006/07 and further, found that the levelRead MoreIndia Is A Global Agricultural Powerhouse Essay1548 Words   |  7 PagesINTRODUCTION India is a global agricultural powerhouse. Agriculture, fishery and forestry are the largest contributors to the Gross Domestic Product (GDP) in India. This however plays a major role in the Indian economy. It is the largest in the production of wheat, rice and cotton. Multiple factors have influenced the growth of India’s agricultural sector which includes the growth of consumption, household income and expansion in agricultural exports. There has been a rise in private participationRead MoreThe Environment Of The Water Management Choices Essay1682 Words   |  7 PagesIntroduction: Water and how it is distributed has become the significant issue of our generation. This increasingly scarce resource is intrinsically linked to the global challenges of food insecurity, poverty, climate change, depletion of natural resources which affects the livelihoods of millions of people across the world (FAO, 2011). The water management choices that are made today will determine, to a large extent, whether societies achieve economic and social development and environmental sustainabilityRead MoreMarket Analysis of Burger King in India1282 Words   |  5 Pagesï » ¿Burger King in India With the ever widening globalization, many businesses that are local are always trying to multinational, and those that are already multinational are all trying to cover other markets where their branches are not situated. This is the same route that Burger King (BK) is looking forward to, and in their case they want diversify into China, Japan and India. There are however several factors that BK must put into consideration before venturing into India in particular. There

Sunday, December 8, 2019

Training & Development Harvey Norman Samples †MyAssignmenthelp.com

Question: Discuss about the Training and Development Harvey Norman. Answer: Overview of the Organization Harvey Norman, an Australian-based holding, is an online shop operating across the globe. The organization was established in 1982 as an online retail outlet for home-based products such as electronic, beddings, and furniture. The business has grown and is currently operating in conjunction with other subsidiaries across the globe. Harvey Norman Holdings Limited does not deal with the production and publishing of the brands available in their online stores (Harvey Norman, 2016). The firm collaborates with other company-owned stores in the designated countries such as Australia and Malaysia who assist in availing the products. On the other hand, the organization also has other stores operating on franchised basis. Currently, the organization has over 280 stores in Australia where the products displayed on the online shop are outsourced. Therefore, the business first depends on the correlation between the orders of the customers and the availability of the product in the designated sto res (Harvey Norman, 2016). Such a scenario makes customer service management a top priority to the success of the company. This training and development program is focused on improving the customer service at Harvey Norman Holdings Limited to enhance client base growth, high rate of acquisition, and increasing retention levels, which are indicators of customer satisfaction. Participants for the Program The training program is meant for the online shop operators for the Australian parent-subsidiary. The unit has depicted steady growth in line with the customer base; however, the trend has been characterized by a stagnant tendency in the recent quarters. Many changes have been attributed to the increasing competition in online retailing. There is need to develop the capacity of the online shop operators to handle the customer requests from the time orders are placed to the delivery stage, which will improve the trust of the existing customers and attract new ones. The online shop attendants interact directly with the customers seeking to understand the operation of the firm as well as looking forward to purchasing the items available for sale. The key responsibilities of the operation-based employees include the following. Preparation of products for online display Order acquisition and processing Payment confirmation and delivery arrangement Customer feedback and communication Implementation of refund, return, and repair policy Market trend analysis Consumer guarantee management and product notice recall implementations The Plan of the Program: Theoretical Foundation The changes in the training and development of the human resources in Australia has changed in the recent years. Although outsourcing and talent management has been part of the preferred strategies to enhance the competence of the workers and the efficiency of the organization, a move towards developing the existing employees is increasing (Drucker, 2013). Most organizations are focusing on improving their employees through skill enhancement rather that outsourcing the experience they desire. In such a case, training has become an essential part of HRD. The need for growth is central to organizational success; however, such desires can only be attained if the organization is in a able to grow the customer base (Drucker, 2013). In such a case, the client management becomes an inevitable component to be perfected for maximum revenue and competitiveness. The training and development program for Harvey Norman Holdings Limited is based on two major theoretical dimensions. The human capital approach has been selected based on the interrelation between the HR activities and organizational success. The dimensions such as on-the-job training, literacy programs, cognitive abilities, and migration of skills have been noted to improve the capacity and output of the human resources (Drucker, 2013). On the other hand, the social psychological approach is based on the evidence that exists regarding the level of benefits one gets while interacting with the environment and the people. The training program has incorporated the advantage of expertise consultation and environment interaction to enhance the awareness and competence of online shop attendants in line with customer satisfaction needs. Therefore, whenever the employees are aware of their surroundings then they can commit to advancing their skills when handling their respective duties; how ever, for such achievements to be made, there is a need for training and learning to create knowledge-based awareness (Rao, 1996; Caley Mason, 2002). Objectives of the Program Harvey Norman Holdings Limited has recorded tremendous growth rate in revenue and customer acquisition. As noted earlier, the firm needs to advance the client management approach to curbing the externalities of the stiff competition in the Australian market. The training and development program is targeting the online shop attendants to ensure that they incorporate modern approaches to customer management. In the end, the participants are expected to depict best competencies that will improve the satisfaction of the customers, which will encourage high retention and acquisition rates. The following are the objectives of the training and development program. To improve the skills of the attendants regarding online order management, which will include the handling of the customers from the time they make a purchase impression, proceed to inquire regarding their preferred products, decide to place an order, up to the delivery of goods To enhance the capacity of the employees to manage after sale relationship with customers, which will include addressing the complaints of the clients as well as making sure that one purchase will lead to future purchases or referrals from that client To review the current trends in online retailing to ensure that the attendants incorporate the changes in customer relations in the corporate sector in Australia in their daily activities, which is expected to boost the revenue and competitiveness of the company Schedule, Activities, and Methods Training and Development Dimension Resources Required Consulation and Communictaions Groups Method of Delivery First Group Second Group Turning Customer Impressions to Purchases Projector, computer, white wall screen, note books, printed handouts The unit administrators, human resource manager, and participant representatives, other assistant trainers Seminar presentation, Group activities, and Discussion, 5 June 2017 6 June 2017 Handling Customer Orders: Pre-delivery Period Projector, computer, white wall screen, note books, printed handouts The unit administrators, human resource manager, and participant representatives, other assistant trainers Seminar presentation, Group activities, and Discussion, 5 June 2017 6 June 2017 Handling Customer Orders: During the Delivery Period Projector, computer, white wall screen, note books, printed handouts The unit administrators, human resource manager, and participant representatives, other assistant trainers Seminar presentation, Group activities, and Discussion, 5 June 2017 6 June 2017 Complaint management: Poor Quality and Defects of Products Projector, computer, white wall screen, note books, printed handouts The unit administrators, human resource manager, and participant representatives, other assistant trainers Seminar presentation, Group activities, and Discussion, 12 June 2017 13 June 2017 Complaint management: Poor Services and Time Factor Projector, computer, white wall screen, note books, printed handouts The unit administrators, human resource manager, and participant representatives, other assistant trainers Seminar presentation, Group activities, and Discussion, 12 June 2017 13 June 2017 Handling Customer Orders: Post-delivery Period Projector, computer, white wall screen, note books, printed handouts The unit administrators, human resource manager, and participant representatives, other assistant trainers Seminar presentation, Group activities, and Discussion, 18 June 2017 19 June 2017 Handling Customer Orders: Post-Complaint Period Projector, computer, white wall screen, note books, printed handouts The unit administrators, human resource manager, and participant representatives, other assistant trainers Seminar presentation, Group activities, and Discussion, 18 June 2017 19 June 2017 New Trends in Online Retailing: Customer Service In Australia Projector, computer, white wall screen, note books, printed handouts The unit administrators, human resource manager, and participant representatives, other assistant trainers Seminar presentation, Group activities, and Discussion, 27 June 2017 28 June 2017 New Trends in Online Retailing: Handling Products Projector, computer, white wall screen, note books, printed handouts The unit administrators, human resource manager, and participant representatives, other assistant trainers Seminar presentation, Group activities, and Discussion, 27 June 2017 28 June 2017 Monitoring and Evaluation of the Customer Satisfaction Trends Projector, computer, white wall screen, note books, printed handouts The unit administrators, human resource manager, and participant representatives, other assistant trainers Seminar presentation, Group activities, and Discussion, 27 June 2017 28 June 2017 Trainers Instruction The process of training is essential and complex especially when the sustainable impact is required. The success of this training and development program will depend on the corporation between the organization and the trainer as well as the participants. The following guidelines will enable the trainer to ensure a smooth process during the program period. The trainer should identify and meet with the unit coordinators before commencing the training. The first meeting will ensure that the order of the groups being trained is established. The trainer should collaborate with the coordinators to make sure that the attendants for each phase of training are aware when their schedule will take place. Therefore, the trainer should give a copy of the initial schedule plan with specific dates and time to the unit administrators. It is the mandate and jurisdiction of the trainer to determine whether each participant attended all the training session by tallying the register, which will ascertain the qualification for receiving the certification. The trainer should ensure that the training process is based on the emerging market trends in the Australian scope with practical examples and case studies. Evaluation of Feedback The process of feedback evaluation will be carried out in two phases. There is need to evaluate the outcome and the impact of the training to ascertain the success level of the sessions conducted. Once the program has been completed phase one evaluation will be focused on short-term outcomes while the second evaluation will be based on the long-term impact among employees. Phase One: The initial assessment and feedback evaluation will be used to measure the extent to which the employees understood the concept of the training sessions. Therefore, the trainer will prepare a group activity, which will include the avenues where members will demonstrate the knowledge learned. The activities will include current cases in the organization involving customer complaints, inquiries, and deliveries. Phase Two: The stage will include a long-term assessment of the organizational change in line with customer management approach. After the training, the metrics regarding the customer feedback, referrals, and subsequently purchased will be documented. Moreover, the number of the clients in the organization will be determined over a period of four quarters to determine the trends. Based on the statistics collected, the organization will measure whether there is a positive change that can be attributed to the training session. Required Resources The resources needed to facilitate the training and development program in any organization is the most crucial element of the planning. The program for Harvey Norman Holdings Limited is a skill and exposure program, which will require limited resources. The program is also based on a short period; therefore, the expected cost will be lower as opposed to the long-term training strategies. Nevertheless, the plan to improve the customer management competencies will require several resources. The training process will need a personal computer with advanced demonstration graphics. The process of displaying the training notes and graphics will need a projector. The training process will require the audio management devices such as microphone and speakers to enhance the presenter-participant interaction process. The trainees will require handouts and writing materials; therefore, during the training, notebooks and pens will be distributed to each participant. Moreover, the implementation of the program will require the help of the unit coordinators who will assist in arranging and controlling the attendance of their respective employee attached to their sections within the structure of the organization. On the other hand, the training will be conducted within the premises of the organization because of the need for convenience; therefore, the social hall at the headquarters will be designated for the training throughout the period. There will be the need to designated a budgetary emergency provision, which will be 15% of the total estimated cost. The emergency funds will be used only when an unexpected event has occurred to guarantee the continuity of the training process. The following illustration presents the summary of the fixed and variable costs associated with the procured resources. Estimated Cost: Fixed and Variable Budgetary Allocations No. RESOURCE COST TOTAL/100 PARTICIPANTS FIXED COST 1 Personal computer Provided by trainer NIL 2 Projector Hired at $ 200/day $ 200 3 Audio system Hired at $ 300/day $ 200 4 Training Hall Provided by the company NIL VARIABLE COST 1 Pens $ 100 for every 100 participants $ 100 2 Notebooks $ 150 for every 100 participants $ 150 3 Handouts $ 200 for every 100 participants $ 200 4 End of Training Test $ 200 for every 100 participants $ 200 5 Certificate of participation $ 250 for every 100 participant $ 250 GRAND TOTAL $ 1300 Possible Barriers The process of executing the training and development program in Harvey Norman Holdings Limited will be critical. The availability of the employees is a key challenge for the trainer because it requires a diverse and category based schedule. The possibility of the having the training conducted cumulatively would have been an added advantage both for the organization as well as for the trainer. Such complexities are directly related to the time factor and the cost of the training. On the other hand, availability of funds set to facilitate the program determines the extent to which the program will be successful. Other factors to be considered during and before the training includes the effect of conflicting priorities in the organization where executing duties related to the jobs of the attendants is deemed to supersede the need for training. Furthermore, the success of the program is subject to the perception of the participants. If the online shop attendants will consider this train ing as an essential tool for their professional development, then they are bound to improving their competence. Moreover, the rate of participation in line with the number of employees present per session defines the long-term impacts of the training based on the anticipated outcomes. Conclusion In conclusion, the training and development program is designed to improve the skills of the attendants regarding online order management. The plan will enhance the capacity of the employees to manage after sale relationship with customers. Therefore, the program will also highlight the current trends in online retailing to ensure that the attendants incorporate the changes in customer relations in the corporate sector in Australia in their daily activities. The program will include the handling of the customers from the time they make a purchase impression, proceed to inquire regarding their preferred products, decide to place an order. This plan will lead to the delivery of goods, addressing the complaints of the clients as well as making sure that one purchase will result in future purchases or referrals from that customer. The other outcome of the program is expected to boost the revenue and competitiveness of the company. References Caley, M. M. Mason, J. (2002). How do people learn? CIPD, London. Drucker, F. (2013). Training and development: A conceptual framework. Available at: https://shodhganga.inflibnet.ac.in/bitstream/10603/28732/9/09_chapter%201.pdf Harvey Norman. (2016). Harvey Norman Holdings Limited: About the Company. Available at: https://www.harveynorman.com.au/ Rao, T.V. (1996). Human resource development. Sage P

Sunday, December 1, 2019

Price sensitivity Essay Example

Price sensitivity Essay The Web defines price sensitivity â€Å"as the extent to which price is an important criterion in the customers decision- making process; thus a price sensitive customer is likely to notice a price rise and switch to a cheaper brand or supplier† (Information retrieved on May 8, 2006 from wps.pearsoned.co.uk/wps/media/objects/1452/1487687/glossary/glossary.html)   Miller (2006) defines sensitivity as â€Å"the awareness of the consumer to what they perceive to be the window of cost within which they will buy a particular product or service.†Price sensitivity then is the customers’ awareness of the prices of the products or services they are buying. For a price sensitive customer, the price of a certain product or service is a great factor in his or her decision to purchase the product. â€Å"Price sensitivity however is not just about charging high prices to maximize revenue. It might also make sense to cut prices sometimes dramatically to encourage people wh o may otherwise not be part of the market to use the services or goods being provided†Ã‚   (Information retrieved on May 8, 2006 from http://www.bized.ac.uk/current/mind/2005_6/141105.htm). Example of price sensitivity is the strategy used by Priceline.Priceline’s customers are very price sensitive. Priceline provides its customers a variety of offers and deals they can choose from. This is a marketing strategy that Priceline uses to encourage price sensitive customers to patronize their products. Priceline capitalizes on the price sensitive customers who expect better deals for their money. Priceline makes use of the name-your-price or reverse-action model (Varian, 2000). This strategy is actually like other marketing strategies wherein customers are given the choice to be more flexible with their time and brand in exchange for a lower cost.The effect of this of course is for customers to always look for a better bargain using the Priceline’s prices as the refer ence prices or basis in their decision making. Price sensitive customer tries to find other good deals from other airlines just to compare the apparent savings they will be making if they choose Priceline. According to Kottler (2003), customers are more price sensitive to products and services that are considered to be more expensive and frequently used by the customers. Travel is considered to be an expensive activity so customers are very price sensitive and tries to get the best deal taking into consideration price and quality.Customers are very sensitive to interest rates. The home loan products offered by Priceline actually produce a positive effect. The lowest loan guarantee encourages more customers considering the big savings they will be getting from it. But some customers are skeptical especially those who have negative experiences when it comes to hidden charges.PART II – Is the right price a fair price?There are two sides to this coin – one is for prices to reflect the value that customers are willing to pay and the other is to reflect the cost involved in making a product or service.High value item usually implies high quality. If prices are set high, customers have high expectations on the product or service. If this expectation is met by the manufacturer or the company offering the service, then high prices can still be considered a fair price.On the other hand, with the current economy of the country today and the decreasing purchasing power of many people, fair prices are prices that reflect the cost involved in making the product or service. Fair price in this case is when the customers purchase a product or service and walk away happy with the quality and the cost.Economists define fair market value as â€Å"the price that an interested but not desperate buyer would be willing to pay and an interested but not desperate seller would be willing to accept on the open market assuming a reasonable period of time for an agreement to arise† (information viewed on May 8, 2006 from http://www.investorwords.com/1878/fair_market_value.html).The concept of transparency and public accountability play important roles in setting the right price. According to Baggini (2006), a fair price in a free market is simply what the people are prepared to pay. It is considered unfair to customers if they pay inflated rates for products and services that they ended up worse off than they should have been.Products or services should be priced just enough to cover all costs incurred in its production and enough profit to sustain the producer and return on his or her investment. The interest on fluctuation and the risk of investment should also be considered in setting the right or fair price. This way, both the consumer and producer walk away happy.BIBLIOGRAPHYPART IKotler,P (2003)   Marketing Management, Prentice Hall, Upper Saddle River, New JerseyMiller, L (2006). Understanding Price Sensitivity in Marketing: One of the F our Keys in the Marketing Mix. Retrieved May 8, 2006 from http://www.associatedcontent.com/article/17430/understanding_price_sensitivity_in.htmlMind your Business Price Sensitivity Retrieved May 8, 2006 from http://www.bized.ac.uk/current/mind/2005_6/141105.htmVarian, H (2000) Priceline’s Magic Show Retrieved May 8, 2006 from http://www.sims.berkeley.edu/~hal/Articles/TheStandard/priceline.htmlPART IIBaggini, J (2006). Can you cheat someone to wealth? Retrieved May 8, 2006 from http://www.guardian.co.uk/ideas/story/0,,1746335,00.htmlFair Market Value Retrieved May 8, 2006 fromhttp://www.investorwords.com/1878/fair_market_value.html;