Saturday, January 25, 2020
Printing Industry Is The Uks Fifth Largest Manufactur Marketing Essay
Printing Industry Is The Uks Fifth Largest Manufactur Marketing Essay The aim of this project is to present a feasible idea to increase the brand awareness and profile of the social enterprise PrintIT, a printing company which is part of The AppleBy Trust. To achieve this research was carried out on the printing industry, analysis on the current firm and marketing activities and consideration of a potential new customer base for PrintIT to target. This would enable establishment of an alternative marketing strategy for PrintIT which is hoped to be successful. Printing Industry Analysis The Printing Industry is the UKs fifth largest manufacturing industry. It employs over 160,000 people in 12,000 companies most of which are fairly small. It is a vital manufacturing sector and has strategic importance to the economy catering for public authorities, retail, distribution, financial services, travel etc. In Northern Ireland Printing is a long established and mature industry and many of the companies that operate within the sector are long serving and have been involved in printing for a number of decades. http://www.britishprint.com/page.asp?node=297sec=Essential_facts_on_the_UK_printing_industry See Appendix 1 Johnston, Michael, Chief Executive, BPIF, The Marketing Managers Yearbook 2007, The BPIF, The Voice of the Printing Industry in the UK, See Appendix 2 http://www.investni.com/sector_profile_-_print___packaging.pdf Demand in the industry is greatly influenced by the level of activity taking place in the economy and subsequently demand for the sector did fall from early 2008 due to the economic downturn. Printing companies are losing contracts as organisations go into administration. Declines are inevitably likely 2010, 2011 with full recovery and possible increases in 2012. Fenn, Dominic, Key Note Marketing Report 2010, 15th Edition, Printing, April 2010 ISBN 978-1-84729-608-5, See Appendix 3 The industry is hugely affected by macroeconomic factors and Printing is expected to advance in the future. Below is a PEST Analysis which explains the most crucial factors affecting the industry:- Political Legislation IPPC (Integrated Pollution Prevention and Integrated Control) is the most crucial and looks at resource and energy efficiency, accident prevention and minimisation of other pollutants including noise and heat. envirowise.wrap.org.uk//Integrated-Pollution-Prevention-And-Control- IPPC.html New powers have been given to the ICO (Information Commissioners Office) which could see Printing companies face major fines therefore Printing firms processing personal data need to ensure it is adequately protected. Nias, Simon and Sheahan, Tim, Printers could face à £500k fines under new powers given to ICO, PrintWeek article 4 December 2009 (20 Nov)See Appendix 4 The Printing Industry is a hugely polluting industry and environmental issues include:- Water Large quantities of water are used in most printing processes and Water charges are being introduced at the end of the year in Northern Ireland See Appendix 23. The alternative would be waterless printing nevertheless the printers are expensive to purchase and run. Waste Relatively high levels of waste are generated by the printing process. This is also a social issue. Emissions VOCs are believed to come from the Printing Industry. These can cause headaches, dizziness, nausea and much more serious affects if exposed to for long periods of time. environmentalchemistry.com/yogi//200602airpollution.html Ink Heavy metals and non-renewable resources in ink. The alternative would be vegetable based inks however not used by all printers. Economic The economic downturn is the most evident with approximately 200 companies already going into administration with 3000 jobs lost. This is contributing to the high levels of unemployment the UK is facing. See Appendix 5 from PrintWeek.com which is the official website for the British Printing Industries Federation. Mitting, William, Unemployment hits 2.38m with thousands of jobs lost from print printweek.com 15 July 2009 Printing Paper rises Several major paper suppliers have announced price increases. Paper giant Sappi said it will raise the price of certain types of paper by at least 10% in March next year however Printing companies will find it hard to increase their prices as there is continual undercutting of prices to secure contracts. See Appendix 6 Morris, Helen, Paper manufacturers set to impose further price increase printweek.com 19 February Interest rate rising Small print firms could be hit by a further crush on borrowing. This is the result of a move by the Treasury to reduce its exposure to the EFG scheme. See Appendix 7. Energy and fuel rises The industry has high energy dependence from the machinery it uses, a majority of which is electrical. Tucker, Wesley, eHow Contributor, Challenges in the Printing Industry 31st May 2010 http://www.ehow.co.uk/list_6570986_challenges-printing-industry.html Social Do It Yourself With disposable income lower and a wide more diverse range of packages available, consumers can choose to print for themselves whether it be using templates available on Microsoft or Desktop Publishing etc. Technological Advancement in technology has an unavoidable impact in the industry. It is needed to survive and ahead of competition. A Marketing Week article reports that the trend of digital technology and printing will ultimately open up new markets. A Printing Impressions article and Converting magazine abstract explain that digital enhances image and quality, has a faster turnaround and saves costs. See Appendices 8,9 10. The internet is another technological factor. 73% of households in the UK have it with 30 million adults using it daily therefore an opportunity for the industry to exploit. See Appendix 11 which details the National Statistics of Internet access. The Printing Industry could use the internet as an online ordering tool which is a trend in demand. The internet could too be used as a medium, for example a campaign online could be enhanced with a printed one to match. See Appendix 12 which explains that the internet is not a threat but can be used as a complimentary medium. Ultimately all the factors would need to be strongly analysed and considered in order to survive in an environment which is rapidly changing. With regards to the Social Enterprise sector, they have a vital role to play in the countrys economic recovery as they tackle social unemployment and crime or environmental issues and still support financial growth. The survey in Appendix 13 found that despite the recession, social enterprises are twice as confident of future growth as small to medium enterprises, with 48% of social enterprises reacting positively as opposed to just 24% of SMEs. Since the economic downturn began, 56% have increased their turnover from the previous year whilst less than 20% have seen it go down. State of Social Enterprise Survey, Nov 2009, Social Enterprise Coalition http://www.socialenterprise.org.uk Firm and Marketing Analysis Strengths Latest Product Technology In House Professional Design System Competitive Prices Online Uploading Service Weaknesses Instability Limited to Employee Abilities Limited To Expansion Very little Cash flow Very Little Marketing Ability Resource Independent Opportunities Seasonal Greetings Cards T-shirt Printing Charity Fundraisers Postcards Threats Stable / Well Known Competitors Work Related Legislations Increase in at home Printing Struggling Economy Above is a SWOT analysis of PrintIT. Strengths include the latest product technology. PrintIT offer digital printing and An In House Professional Design Service which indicate they are advancing with changes in technology in what is a dominant trend in the industry. They also have an online uploading service which enables faster and more convenient printing for the enterprise and the customer. Weaknesses include very little cash flow and marketing ability. PrintIT have a small sum of à £300 per annum for their enterprise spending budget. Opportunities including seasonal greetings cards. A Keynote Market Focus 2008 report (Appendix 14) states that Christmas and New Year cards sector record the greatest sales in volume terms and a rapidly growing population will ensure volume and value growth. Other opportunities include T-shirt Printing which PrintIT could use in the future when they more business. Threats include increase in at Home Printing As mentioned earlier there are programs available to enable consumers to print for themselves. Current Marketing Activities From assessing PrintITs current marketing activities, they market in three ways: Via the Appleby PrintIT website, a quarterly newsletter and distribution of leaflets. According to a recent Measurement of Marketing Effectiveness report, managers now more emphasis on the marketing activities of the organisation. This trend is the aspiration to achieve sustainable profit and develop their own firm to compete harder. See Appendix 15. As explained earlier the Internet is used by a vast majority of consumers. PrintIT have a very detailed website with a lot of facitlies available including quote request, services provided, portfolio of work and a price list. This is good service accessibility and a competitive advantage over rivals in the area of Armagh, as main competitors TrimPrint and Instant Print do not have websites at current, therefore if a consumer was looking for a Printing firm via an online search engine PrintIT would be the only company to offer one. This is a marketing activity which is delivered better than local competitors. From an extensive review of the website there seemed to be no link from PrintIT to the AppleBy Trust. We feel as a charity and social enterprise there needs to be a stronger link between the two, this is vital. Newsletters are distributed to existing customers of PrintIT quarterly. This enables them to maintain a relationship with their current customers and act as a tool for customer loyalty and repeat business. Newsletters are valued and an approach which is popular among marketers. PrintIT newsletters have a corporate design and are informative in that they show clients who they are supporting by including Trainee News and Trainee of the Month features. It can be used as a marketing strategy to communicate offers, new features etc. Two newsletter articles (Appendices 16 17) explain how newsletters are being introduced by companies of all sizes to communicate with customers and best prospects and how they are credible for a company with a limited budget. PrintIT also distribute leaflets. This is a method of marketing which could be very effective for business as this could be a way of advertising the firm for those that do not know or are aware of it. To prevent customers disposing of it PrintIT could include a discount code or money off coupon for an extra incentive. Paper is PrintITs forestay therefore leaflets will be very cost effective for the business in distributing to consumers. They are too a good form of communication. Customer Analysis Demographics of customers show that PrintIT are used by local consumers, beauty salons, hairdressers, pizza places etc. These are small local companies which PrintIt should continue catering for however should consider extending their customer base to local communities, churches, schools and colleges. PrintIT could create a bigger public awareness by using sports events at schools etc to advertise the brand. A recent Segmenting Volunteer Fundraisers at a Charity Sport Event journal explains how Charitable organizations are increasingly using sport events as an approach to generate funds and raise awareness. Researchers have suggested that sport events are mainly attractive to volunteer fundraisers because they provide an opportunity to engage in two important activities at the same time. This could evitably increase PrintITs customer base Wood, Laura Snelgrove, Ryan Danylchuk, Karen, 2010. Segmenting Volunteer Fundraisers at a Charity Sport Event . Journal of Nonprofit and Public Sector Marketing, 22 (1) p38 Appendix 24 For churches, PrintIT could offer to print order of services for weddings and eulogies for funerals. Weddings and funerals are constant therefore printing would always be in demand. See Appendices 21 22 which show that the rate of weddings and deaths in Armagh was particularly high, and bigger compared to other areas in 2008. This would be an opportunity for PrintIt to exploit and use their service to generate more business. http://www.ninis.nisra.gov.uk/mapxtreme/InteractiveMaps/Population_Migration/mortality/atlas.html http://www.ninis.nisra.gov.uk/mapxtreme/InteractiveMaps/Population_Migration/marriages/atlas.html For schools and colleges PrintIT could also offer the service of printing for example school plays, PTA letters and also offer the service of printing coursework for students. In order to reach customers PrintIT could create and deliver a portfolio and welcome pack to the local communities etc to view the work PrintIT offers and does. Price V Quality PrintIt at present charge a low price for printing therefore this could give the impression to consumers that the quality is low therefore an increase in prices could generate thought of higher quality products being offered. PrintIt are a social enterprise and part of a charity fund therefore consumers will be willing to pay more if they know its for a charity linked brand. See Appendix 18 which explains how cause related marketing can in the short term boost sales immediately and why consumers are willing to pay more for a charity linked brand. Strahilevitz, Michal, The Effects of Product Type and Doation Magnitude on Willingness to Pay More for a Charity-Linked Brand, Journal of Consumer Psychology, 8 (3) 215-241 1999 Marketing Strategy From analysing all of the above and looking at alternative marketing perspectives the team concluded that rebranding the social enterprise PrintIT by creating a new name, logo and business slogan would be the most effective strategy. To provide further information on rebranding, recently rebranded charities were reviewed to enable the team to see the reasoning behind rebrand and also the strategy and approach used in doing so. Examples of Rebranding The first charity was The Printers Charitable Organisation It changed its name and introduced a new logo. The charity provides relief for aged or poor people who are or were printers or persons employed or formerly worked in the printing or publishing industry. http://www.fundraising.co.uk/newswire/2010/03/24/printers-charitable-corporation-pcc-rebrands-printing-charity (28 Nov) The corporation changed its name to reflect its desire to appeal to a wider group of people and their children in todays Printing, Publishing trade The corporation changed its name to The Printing Charity. They said that the word printing was inclusive but also built on their legacy of supporting people. http://www.theprintingcharity.org.uk/docs/PrintingCharityAR2009.pdf The logo which beolow incorporates the four CMYK printing blocks used in the colour printing process. Each block represents one of the four cornerstones: Homes, Help, Link and Futures. ::::Downloads:PrintingCharity.logo_.jpg The charity thought the new name and logo was critical to the people it was set up to support. The rebranding is also an attempt to raise the profile and increase the number of people it supports financially. Other charities who have rebranded include Help the Aged which rebranded to Age UK, Parkinsons Disease Society which rebranded to Parkinsons UK and Macmillen Cancer Relief which rebranded to Macmillen Cancer Support. This rebrand was very successful, the charity had been underperforming considerably and the rebrand enhanced awareness and helped with publicity. Research has shown rebranding can vary in price and is time consuming. http://www.thirdsector.co.uk/news/Article/994464/Charity-rebranding-change-vision-strategy/ PrintITs Rebrand From analysing PrintIT,a rebrand of the enterprise was decided. The original name does not specifically imply that it is supporting people with learning difficulties or that is it connected or originated from the AppleBy Trust. A suggestion is that PrintIT change their name to Print4Charity as this is simple and instantly indicates that the enterprise is a company printing for charity. Print4Charity has a meaning which is significantly different from the other traditional printing companies in Armagh and the surrounding area, is relevant to the enterprise and embeds it in the community. According to Hollensen 2003 the role of branding is to distinguish a companys offering and differentiate a particular product/service from its competitors. It creates awareness and helps with the promotion of the product/service. A brand is a complex symbol that signifies a range of ideas. Printing4Charity could strengthen the enterprises image with customers and communicate value. The rebrand is distinctive and has the potential to gain competitive advantage in the area as making a profit is a factor which is essential in keeping the enterprise up and running. Hollensen, Svend, Marketing Management, A Relationship Approach, 2nd Edition, Pages 409-410 From reviewing the enterprises website, newsletter and leaflets there is no distinctive logo and firm slogan. The enterprise strives to help disadvantaged people by providing vocational training therefore the team thought of an attentive firm slogan to match. Keller et al 2009 explains slogans to be those that are an extremely efficient means to build brand equity. Kotler et al, Marketing Management, European Edition, Pearson, Page 435 When designing the logo the fact that Print4Charity is part of the Appleby Trust was considered and that it gives disadvantaged people the opportunity to grow and flourish in real life work experience. Due to this the team created a logo and slogan that incorporates this: :PraÃÅ'Ãâ sentation_Logo_Leaflets:ThirdDraftPrintIt_Logo.jpg The new corporate colours used are green, yellow and red which the team felt indicated warmth and displayed professionalism. The Apples link the enterprise to Armagh as they are a distinguishing feature of the city. This could gain customer loyalty. The firm slogan A Chance to Ripen conveys emotion and connects with customers. According to Hollensen 2003 company slogans tell the firms story. Cost of Rebranding Rebranding can vary in price and be time consuming however the enterprise will benefit from it hugely in the future and could advertise the new brand via leaflets etc or use the buses the enterprise has to put the rebranded name no therefore this is a free form of advertising. Rebranding to Print4Charity is an opportunity to exploit and is a chance to really influence the point of the enterprise. Relaunching brand could sharpen the attention of existing and potential users Bradley, Frank, Marketing Management, Providing, Communicating and Delivering Value, Page 546 Other Marketing Strategies Other marketing strategies that were considered were publicity. The enterprise could get journalists from local newsletters and magazines to write an article about Print4Charity. See Appendices 16 17 which convey why newsletters are an effective form of communication. The enterprise should create an online social network presence in the form of Facebook, Twitter etc. See Utalkmarketing.com article in Appendix 20 which explains why social networks are valuable and important for business. The enterprise should also consider getting involved with the Social Economy Network. Its a membership based organisation that draws its membership from Social Economy organisations throughout Northern Ireland. It seeks to build, support and strengthen the Social Economy sector, it is too getting support and recognition by the Assembly. What Is Social Economy? As discussed earlier stronger connection with schools, local clubs etc and participation at local community and sporting events via trade exhibitions etc of the enterprises work. See Appendix 19 which conveys how a trade exhibition is a good way to market a company. Regarding pricing the enterprise should increase prices because as mentioned earlier consumers are willing to pay a little bit more if its for charity. The product range of the enterprise could be enhanced and broadened via printing seasonal greetings cards etc. See Keynote report as Appendix 14. In conclusion, if all the alternative marketing strategies were implemented PrintIT would see a rebrand to Print4Charity and have a vary of ways in promoting its service and receiving more business. These in effect will contribute more to the enterprises funds which would enable more expenditure for new technology etc in order to move forward and compete in what is a fast changing environment.
Friday, January 17, 2020
Cost-Effective Service Excellence: Lessons from Singapore Airlines
Cost-effective service excellence: lessons from Singapore Airlines Singapore Airlines is well known as a paragon of in-flight service. It is also a remarkably efficient and profitable airline and has been for decades. Loizos Heracleous, Jochen Wirtz and Robert Johnston explain how it combines service excellence with cost effectiveness. Singapore Airlines (SIA) has achieved the Holy Grail of strategic success: sustainable competitive advantage.It has consistently outperformed its competitors throughout its 30-year history. In addition, it has always achieved substantial returns in an industry plagued by intermittent periods of disastrous under-performance (see Table 1). Cost-effective service excellence: lessons from Singapore Airlines SIA has done this by managing to navigate skilfully between poles that most companies think of as distinct ââ¬â delivering service excellence in a costeffective way. SIAââ¬â¢s awards list is long and distinguished.In 2002 alone it won no less tha n 67 international awards and honours including ââ¬Å"best airlineâ⬠and ââ¬Å"most admired airlineâ⬠in the world in Fortuneââ¬â¢s Global Most Admired Companies survey. Spring 2004 G Volume 15 Issue 1 Business Strategy Review 33 Since Michael Porterââ¬â¢s influential suggestion that differentiation and cost leadership are mutually exclusive strategies and that an organisation must ultimately choose where its competitive advantage will lie, there has been fierce debate about whether a combined strategy can be achieved ââ¬â and sustained over the longer term.SIA is proof that the answer to both these questions is positive. So, how does it consistently deliver premium service to demanding customers in an industry where both price pressures and customer expectations have been continually rising? In common with many other organisations with a reputation for providing excellent service, SIA has top management commitment to service, customer-focused staff and systems , and a customer-oriented culture. However, our research into SIA, spanning many years and at all levels in the organisation, has uncovered a umber of insights into developing and maintaining a reputation for service excellence that is applicable to a wide range of service organisations. Ultimately, SIAââ¬â¢s success is attributed to a customer-oriented culture, its recognition of the importance of its customers. ââ¬Å"Our passengers are our raison dââ¬â¢etre. If SIA is successful, it is largely because we have never allowed ourselves to forget that important fact,â⬠says Dr Cheong Choong Kong, former CEO of SIA. However, what distinguishes SIAââ¬â¢s culture is that these are not just abstract, ââ¬Å"motherhoodâ⬠statements.The values of cost-effective service excellence are enshrined in a unique, selfreinforcing activity system that makes the values real for all employees. We found that the five pillars of this activity system (see Figure 1) are: G rigorous ser vice design and development G total innovation (integrating continuous incremental improvements with discontinuous innovations) G profit and cost consciousness ingrained in all employees G holistic staff development; G reaping of strategic synergies through related diversification and world-class infrastructure.Rigorous service design and development Twenty years ago Lyn Shostack complained that service design and development is usually characterised by trial and error. Unlike manufacturing organisations, where R&D departments and product engineers were routine, systematic testing of services, or service engineering, was not the norm. Things appear to have changed little since then. SIA, however, has always regarded product design and development as a serious, structured, scientific issue. Performance metrics Revenues $m SIA United Northwest Continental American DeltaBA Cathay KLM Quantas 5,133 16,138 9,905 8,969 18,963 13,879 12,103 3,903 5,788 5,207 Net income (loss) $m Net profit margin (%) Operational profit margin (%) Revenue / cost ratio Revenue per $1,000 labour cost Net income per Load Tonne ââ¬â Km $0. 001 343. 2 (2,145) (423. 0) (95. 0) (1,762) (1,027) (206. 1) 84. 2 (138. 2) 212. 3 6. 68 ââ¬âââ¬â ââ¬âââ¬â ââ¬âââ¬â ââ¬âââ¬â ââ¬âââ¬â ââ¬âââ¬â 2. 16 ââ¬âââ¬â 4. 08 10. 4 ââ¬âââ¬â ââ¬âââ¬â 0. 016 ââ¬âââ¬â ââ¬âââ¬â ââ¬âââ¬â 2. 73 ââ¬âââ¬â 6. 83 1. 12 5,310 0. 81 2,279 0. 92 2,499 1. 02 2,969 0. 88 2,361 0. 93 2,266 0. 99 3,581 1. 03 3,989 0. 9 3,739 1. 07 3,995 2. 73 (10. 53) (3. 06) (1. 02) (8. 64) (6. 27) (1. 55) 1. 03 (1. 35) 2. 54 Table 1 Singapore Airlinesââ¬â¢ performance relative to competitors Sources: Annual Reports for the airlinesââ¬â¢ most recent financial year. IATA World Air Transport Statistics 2001; www. exchangerate. com (past rates based on respective report dates). 34 Business Strategy Review Spring 2004 G Volume 15 Issue 1 Cost-effective service excellence: lessons from Singapore Airlines Cost Effective Service Excellence Ingrained profit consciousness Rigorous service design Figure 1The five pillars supporting SIAââ¬â¢s cost-effective service excellence SIA has a service development department that hones and tests any change before it is introduced. This department undertakes research, trials, time and motion studies, mockups, assessing customer reaction ââ¬â whatever is necessary to ensure that a service innovation is supported by the right procedures. Underpinning continuous innovation and development is a culture that accepts change as a way of life. A trial that fails or an implemented innovation that is removed after a few months are not seen as problems.In some organisations personal reputations can be at stake and so pilot tests ââ¬Å"have to workâ⬠. At SIA a failed pilot test damages no-oneââ¬â¢s reputation. In some organisations, service, and indeed product, innovations live beyond their useful years because of political pressure or lack of investment resources. SIA expects that any innovation is likely to have a short shelf life. The airline recognises that to sustain its differentiation it must maintain continuous improvement and be able to kill programmes or services that no longer provide competitive differentiation.According to Yap Kim Wah, senior vice-president, product and service: ââ¬Å"It is getting more and more difficult to differentiate ourselves because every airline is doing the same thingâ⬠¦the crucial fact is that we continue to say that we want to improve. That we have the will to do so. And that every time we reach a goal, we always say that [weââ¬â¢ve] Cost-effective service excellence: lessons from Singapore Airlines got to find a new mountain or hill to climbâ⬠¦you must be able to give up what you loveâ⬠. Customers as well as competitors raise the stakes for SIA.A company with a high reputation attracts customers wi th high expectations. SIAââ¬â¢s research team has found that SIA draws a disproportionately large number of very demanding customers. ââ¬Å"Customers adjust their expectations according to the brand image. When you fly on a good brand, like SIA, your expectations are already sky-high. And if SIA gives anything that is just OK, it is just not good enough,â⬠says Sim Kay Wee, senior vice-president, cabin crew SIA treats this as a fundamental resource for innovative ideas. Weak signals are amplified.Not only written comments but also verbal comments to the crew are taken seriously and reported back to the relevant sections of the airline. An additional source of intelligence is SIAââ¬â¢s ââ¬Å"spy flightsâ⬠, where advisors travel with competitors and report on their offerings. Finally, SIA recognises that its competition does not just come from within the industry. As a rule, SIA sets its sights high and instead of aiming to be the best airline its intention is to be the best service organisation. To achieve that, SIA employs broad benchmarking not just against its main competitors but against the best service companies.Spring 2004 G Volume 15 Issue 1 Business Strategy Review 35 Holistic staff development Total innovation Strategic synergies NewsCast High flying: but also ââ¬Ëoutstanding service on the groundââ¬â¢ ââ¬Å"It is important to realise that [our customers] are not just comparing SIA with other airlines. They are comparing us against many industries, and on many factors. So when they pick up a phone and call up our reservations, for example, they are actually making a mental comparison, maybe subconsciously, to the last best experience they had.It could be a hotel; it could be to a car rental company,â⬠says senior vice-president, product and service, Yap Kim Wah. ââ¬Å"If they had a very good experience with the hotel or car rental company and if the next call they make is to SIA, they will subconsciously make the compari son and say ââ¬ËHow come youââ¬â¢re not as good as them? ââ¬â¢ They do not say ââ¬ËYou have the best telephone service system out of all the other airlines Iââ¬â¢ve calledââ¬â¢. Being excellent, our customers, albeit subconsciously, will benchmark us against the best in almost everything. Total innovation: integrating incremental development with unanticipated, discontinuous innovations An airline has a multitude of sub systems, such as reservations, catering, maintenance, in-flight services and entertainment systems. SIA does not aim to be a lot better but just a bit better in every one of them than its competitors. This means constant innovation but also total innovation in everything, all the time. Importantly, this also supports the notion of cost effectiveness.Continuous incremental development comes at a low cost but delivers that necessary margin of value to the customer. ââ¬Å"It is the totality that counts. This also means that it does not need to be too expensive. If you want to provide the best food you might decide to serve lobster on short haul flights between Singapore and Bangkok, for example; however, you might go bankrupt. The point is that, on that 36 route, we just have to be better than our competitors in everything we do. Just a little bit better in everything.This allows us to make a small profit from the flight to enable us to innovate without pricing ourselves out of the market,â⬠says Yap Kim Wah. While cost-effective, incremental improvements are an important basis for its competitive advantage, SIA also implements frequent major initiatives that are firsts in its industry, both on the ground and in the air. One example is its ââ¬Å"Outstanding service on the groundâ⬠programme. This initiative involved working with the many other organisations that impact on customer service before and after a flight to ensure a seamless, efficient and caring service.SIAââ¬â¢s latest service excellence initiative, cal led ââ¬Å"Transforming customer serviceâ⬠(TCS), involves staff in five key operational areas ââ¬â cabin crew, engineering, ground services, flight operations and sales support. The programme is about building team spirit among staff in key operational areas aimed at ensuring that the whole journey from the purchase of the ticket onwards is as pleasant and seamless as possible. SIA employs an innovation approach called the ââ¬Å"40-30-30 ruleâ⬠. It focuses 40 per cent of the resources on training, 30 per cent on the review of process and procedures, and 30 per cent on creating new product and service ideas.In addition to continuous incremental innovations, SIAââ¬â¢s reputation as a service innovator is also based on unanticipated, discontinuous innovations in the air. Examples of current innovations include the full-size ââ¬Å"space-bedâ⬠and on-board email and Internet services in business and first class. In addition, SIA has made the strategic choice to C ost-effective service excellence: lessons from Singapore Airlines Business Strategy Review Spring 2004 G Volume 15 Issue 1 be a leader and follower at the same time. It is a pioneer on innovations that have high impact on customer service (for example in-flight entertainment, beds and on-board email).However, it is also a fast follower in areas that are less visible from the customerââ¬â¢s point of view. In doing so, SIA relies on proven technology that can be implemented swiftly and cost-effectively. For example, SIAââ¬â¢s revenue management and customer relationship management (CRM) systems use proven technology where its partners had the experience to ensure a smooth and costeffective implementation rather than going for the latest technology, which would not only be much more expensive but also carry a higher implementation risk.Profit-consciousness ingrained in all employees Though SIA is focused on the customer and providing continually improving service, managers and st aff are well aware of the need for profit and cost-effectiveness. All staff are able to deal with the potentially conflicting objectives of excellence and profit. This is created by a cost and profit consciousness. ââ¬Å"Itââ¬â¢s drilled into us from the day we start working for SIA that if we donââ¬â¢t make money, weââ¬â¢ll be closed down. Singapore doesnââ¬â¢t need a national airline.Second, the company has made a very important visionary statement that ââ¬Å"We donââ¬â¢t want to be the largest company. We want to be the most profitableâ⬠. Thatââ¬â¢s very powerful,â⬠says senior vice-president Yap Kim Wah. Performance related reward system Team concept Peer pressure to perform Ingrained profit consciousness Related diversification High profitability Cost Effective Total innovation Service Excellence Strategic synergies Competitive intelligence, spy flights Extensive feedback mechanism Benchmarking against best-in-class Holistic staff development Suppo rting infrastructure Rigorous service designDemanding customers Developing the Singapore girl Figure 2 Singapore Airlinesââ¬â¢ self-reinforcing activity system for developing cost-effective service excellence. Cost-effective service excellence: lessons from Singapore Airlines Spring 2004 G Volume 15 Issue 1 Business Strategy Review 37 As a result, any proposed innovation is analysed very carefully on the balance of expected customer benefits versus costs. Station managers and frontline staff constantly trade-off passenger satisfaction versus cost effectiveness ââ¬â the customer has to be delighted but in a costeffective manner.Second, and like many service organisations, SIA has a rewards system that pays bonuses according to the profitability of the company. The same formula is used throughout the company. As a result there is a lot of informal peer pressure from individuals within the organisation; staff and managers appear quite open in challenging any decisions or actions if they see resources being wasted or money being inappropriately spent. SIA builds team spirit within its 6,600 crew members through its ââ¬Å"team conceptâ⬠, where small teams of 13 crew members are formed and then fly together as far as possible for at least two years.This leads to the development of team spirit and social bonds within the team that reinforces the culture of cost-effective service excellence and the peer pressure to deliver SIAââ¬â¢s promise to customers. Developing staff holistically Senior managers say that ââ¬Å"training in SIA is almost next to godlinessâ⬠. Everyone, no matter how senior, has a training and development plan. New stewardesses undergo training for four months, longer than any other airline. This includes not only functional skills but also soft skills including personal interaction, personal poise and the emotional skills involved in dealing with demanding passengers.In addition to training, SIA also encourages and supports acti vities that might on the surface be seen as having nothing to do with service in the air. Crew employees have created groups such as the ââ¬Å"Performing Arts Circleâ⬠, staging full-length plays and musicals, the ââ¬Å"Wine Appreciation Groupâ⬠and the ââ¬Å"Gourmet Circleâ⬠. These activities help to develop camaraderie and team spirit as well as personal knowledge of the finer things in life, which feeds into the service the crew delivers in the air. Achieving strategic synergies through related diversification and world-class infrastructure SIA uses ââ¬Å"related diversificationâ⬠to achieve ost synergies and at the same time control quality and enable transfer of learning. Subsidiaries serve not only as the development ground for management skills and a corporate rather than a divisional outlook through job rotation but also as sources of learning. In addition, related operations (such as catering, aircraft maintenance, airport management) have healthier p rofit margins than 38 the airline business itself because competitive intensity is lower and the industry structure is more favourable.SIA Engineering, for example, ensures that SIA does not pay expensive aircraft maintenance fees to other airlines; rather, it sells such services to other airlines at healthy margins. SIAââ¬â¢s fleet, the youngest in the world, ensures low maintenance costs, low fuel expenses and high flight quality. SIAââ¬â¢s Inflight Catering Centre produces SIAââ¬â¢s own inflight cuisine, ensuring high quality, reliability and responsiveness to customer feedback, but also caters for other airlines at a healthy margin. SIAââ¬â¢s SATS Group subsidiary manages Changi Airport, which is regularly voted the best airport in the world.This airport management and infrastructure entices passengers who are travelling on to Australia, New Zealand or other countries in the region to pass through Changi and to choose SIA as their carrier. SIAââ¬â¢s subsidiaries o perate under the same management philosophy and culture that emphasises cost-effective service excellence. Even though they are part of the group, they are quoted separately on the Singapore Stock Exchange and are subject to market discipline with clear profit and loss expectations. In SIA the conventional wisdom of outsourcing (outsource ââ¬Å"peripheralâ⬠activities and focus on what you do best) does not apply.External suppliers would not be able to offer the value that SIAââ¬â¢s own subsidiaries can offer it. This kind of related diversification within SIA leads to strategic synergy in terms of reliability of key inputs, high quality, transfer of learning and cost effectiveness. Loizos Heracleous ([emailà protected] edu. sg) is associate professor of strategic management at the National University of Singapore. Jochen Wirtz ([emailà protected] edu. s g) is associate professor of marketing, director of the APEX-MBA (Asia-Pacific Executive MBA) Program, codirector of the UCLA-NUSEMBA Program, and a member of the management committee of the NUS Business School, National University of Singapore. Robert Johnston (bob. [emailà protected] wick. ac. uk) is professor of operations management at Warwick Business School. Bringing it all together: building a self-reinforcing activity system How, specifically, do these elements lead to costeffective service excellence? The five pillars of SIAââ¬â¢s cost-effective service excellence are made real through a self-reinforcing activity system of virtuous circles (see Figure 2). The cultural values of cost-effective service excellence are more than just abstract ideas.They are ingrained into the minds of both employees and organisational processes. This may help to explain why SIAââ¬â¢s competitive advantage has been sustained for so long. While it is easy to copy single elements, it is much harder to reproduce an entire, self-reinforcing system. I Resources: Porter M. , Competitive Advantage, Free Press , New York, 1985 Shostack G. L. , Designing services that deliver, Harvard Business Review, vol 62, no 1, JanuaryFebruary 1984 Cost-effective service excellence: lessons from Singapore Airlines Business Strategy Review Spring 2004 G Volume 15 Issue 1
Thursday, January 9, 2020
Evil Unmasked A Character Analysis - Free Essay Example
Sample details Pages: 9 Words: 2835 Downloads: 10 Date added: 2019/04/12 Category Literature Essay Level High school Tags: Frankenstein Essay Did you like this example? Scientist Albert Einstein once said, The world is a dangerous place to live; not because of the people who are evil, but because of the people who dont do anything about it (Einstein). In the novels Frankenstein by Mary Wollstonecraft Shelley and Dr. Jekyll and Mr. Hyde by Robert Louis Stevenson, two of literatures most infamous scientists, Dr. Jekyll and Frankenstein labor to create and later unleash dangerous creatures who prey on the innocent with catastrophic consequences. In each novel, both men shirk the mantle of accountability and place blame at the feet of the monsters they begot. The question is not whether or not they are each partially culpable for their creations destructions, but rather, which of the pair is the most guilty? After investigating the motivations, morals, intentions, relationships, willingness to take accountability, and ultimate consequences of their actions, I concluded that despite Frankensteins creature committing more atrocities, Dr. Jekyll is the guiltiest, and worse, the true quintessence of evil. Donââ¬â¢t waste time! Our writers will create an original "Evil Unmasked A Character Analysis" essay for you Create order Dr. Jekyll and Frankenstein are both well respected affluential men whose passion for science drive them to explore unknown realms of science. However, their motivations and intentions for their scientific explorations differ. Victor Frankenstein is driven by ambition; he wanted to create a new race of humanoid creatures. His ambition and megalomania are ultimately his downfall. Frankenstein says A new species would bless me as its creator and source; many happy and excellent natures would owe their being to me. I might in process of time (although I now found it impossible) renew life where death had apparently devoted the body to corruption (Shelley). The innovative and arrogant scientist not only seeks to create life, he wants to cheat death. Frankenstein wants to be admired and lauded by the scientific community and all who know him. His motivations are never primal or existential. Frankenstein wants glory. His intentions in creating the monster are selfishly motivated but he never seeks to hurt anyone or create an evil. Frankensteins ambition blinds him to the full spectrum of responsibility he would ideally need to shoulder in order to be a just creator. His personal failings in that area lead Frankenstein and his creature down their treacherous path. Fear, desperation, and vanity motivate Dr. Jekyll. The doctor wants to indulge his darker side without consequence to his reputation. The creation of Mr. Hyde allows him to act out his darker impulses without fear of retribution or disgracing his character. He is quoted as saying, the worst of my faults was a certain impatient gaiety of disposition, such as made the happiness of many, but such as I found it hard to reconcile with my impervious desire to carry my head high (Stevenson). Dr. Jekyll is internally warring with his desire for a pristine public image and the desire to indulge in depravity. His internal struggle is not as black and white as good versus evil; his willingness to do good stems from his desire to be seen as a dignified philanthropic doctor, not from any innate goodness. His intention is to physically transform himself into a creature that embodies his darkest instinct. Frankensteins motivations might be selfish, but he does not foresee the consequences of his choices while he was making them. His intentions were pure. The same cannot be said for Dr. Jekyll because he labors to separate his dual natures and surrender control to the evil side of his nature. Despite his inability to know the ultimate consequences of his choice, the only outcome Dr. Jekyll could feasibly and rationally expect would be terrible. Dr. Jekyll has no intentions of vanquishing or quieting his dark side; he initially chooses to embrace it without hesitation or remorse, until, and only until, the consequences threaten his own existence as Dr. Jekyll. When discussing the monsters that Frankenstein and Dr. Jekyll create, a key and imperative distinction is that Frankensteins monster is a separate entity capable of intelligent thought and autonomy of self while Mr. Hyde is an extension of Dr. Jekyll. In the letter that Dr. Jekyll leaves for his friend and lawyer, Mr. Utterson, Jekyll refers to Mr. Hyde as pure evil but yet, also states, I knew myself as the first breath of this new life, to be more wicked, tenfold more wicked, sold a slave to my original evil; and the thought, in that moment, braced and delighted me like wine when referring to his transition from Dr. Jekyll into Mr. Hyde (Stevenson). Dr. Jekyll creates the persona of Mr. Hyde as if Mr. Hyde is anything other than the physical manifestation of his own evil. In his letter to Mr. Utterson, he recounts his own thoughts as Mr. Hyde; meaning, he retains control of his person and the ability to contrast his own nature as Dr. Jekyll with who he is as Mr. Hyde. Dr. Jekyll is not simply the vessel in which Mr. Hyde lurks within; Dr. Jekyll is Mr. Hyde and, is therefore solely and completely responsible for the crimes he commits as Mr. Hyde. Even the name Dr. Jekyll dubs his alter ego, Hyde, suggest that Mr. Hyde is the mask in which Dr. Jekyll hides behind (Saposnik). Frankensteins cruel treatment of his creature is deplorable and apathetic to an almost criminal degree, but he does not think for, act, or control the monster. He may have shaped the creature into a violent murderous machine, but Frankenstein did not commit those atrocities himself. Dr. Jekyll is evil and chooses not to act on his impulses out of fear of being discovered. When he devised a way to be evil without personal accountability, the prospect of vicarious depravity thrilled him until the consequences became too great to bear (Stevenson). The attitudes in which the scientists regard their creations and in which the creatures regard their creators offers insight into the character of each scientist. From the first, Frankenstein is repulsed by his creations visage. After two years of toiling to create his monster, he says For this I have deprived myself of rest and health. I desire it with an ardor that far exceeded moderation; but now that I had finished, the beauty of the dream had vanished, and breathless horror and disgust filled my heart (Shelley). Frankenstein abandons his vision and, his monster wanders into the world, a social pariah from the instant his heart started beating. Dr. Jekyll initially clings to Mr. Hyde like a treasured possession. Mr. Hyde is Dr. Jekylls wildest dream come true; Hyde allows Jekyll to relish in the duality of his personalities and nature without consequences. It is only when Dr. Jekyll loses the ability to control the transformation that he becomes frightened of the consequences that his alter ego might incur. Frankensteins creatures emotions toward his creator are a heady mixture of hate, sorrow, and love. The creature hates Frankenstein for creating him, abandoning him, rejecting him, and forcing him to lead a solitary hopeless existence. In return, the monster essentially destroys Frankensteins life as he uses murder and destruction to force his creator into an existence as lonely and desolate as his own. You can see the monsters affection for his creator by the monster never seeking to murder Victor himself, his emotional response to Frankensteins death near the end of the novel, and when Frankenstein hunts his monster acr oss the ice, he finds food that, in all likelihood, the monster has left for him. Frankenstein shaped his creature into a desperate and volatile monster. He lacks compassion, empathy, and the ability to take accountability for his action but, his faults, terrible and pathetic as they may be, are not strictly evil. Mr. Hyde is indifferent to Dr. Jekyll. As Mr. Hyde, he is fearless, impulsive, and dangerous. Mr. Hyde is not caged or plagued by the human emotions of fear, guilt, shame, compassion, or love. He is only ever apathetic and evil. This gets confusing as Dr. Jekyll is Mr. Hyde, so why would he not care about himself? As Mr. Hyde, Dr. Jekyll is not hindered by emotion. The only emotion he could be accused of is fear for himself when the unpredictability of the transformations leaves him vulnerable to exposure. Part of the experience of being Mr. Hyde is the liberation from emotional and social constraints that suffocate him as Dr. Jekyll. He would never be moved to any emotion as pure as gratitude or respect because Mr. Hyde is the most inhumane and evil aspects of Jekyll. Frankensteins rejection of his creature is cruel and callous, but his flaws show him to be a (terrible and insufferable) human (Sherwin). He didnt embark on his mission to create life with the aim to create evil, but Dr. Jekyll did. The character of the two scientists are revealed through their interactions with their creations. When examining which scientist is the guiltiest, it is important to consider the consequences and destruction both creatures hazard against others. Frankensteins creature murders Frankensteins younger brother, William; Frankensteins new wife, Elizabeth, and Frankensteins best friend, Henry Clerval. Indirectly, the monster is culpable in the death of Justine Moritz, Frankensteins father, and Frankenstein himself. The creature frames Justine Moritz for the murder of William Frankenstein. Frankensteins father, Alphonse, dies from grief over the death of Elizabeth. Victor Frankenstein dies from illness in the pursuit of the destruction of his creature. Stevenson never recounts the full extent of all of Mr. Hydes crime but alludes to sexual deviance and torture. Instead, Stevenson provides insight into two different accounts. The first being Mr. Hyde trampling a young girl and promptly abandoning with hurt child in the street. The second is his most heinous crime; Mr. Hyde brutally beats to death a member of parliament, Sir Danvers Carew, for no distinguishable reason. Indirectly, Mr. Hyde is responsible for the death of Dr. Jekylls friend and fellow scientist, Dr. Lanyon. Upon witnessing the transformation of Mr. Hyde into Dr. Jekyll, Dr. Lanyon states, I saw what I saw, I heard what I heard, and my soul sickened at it; and yet now when that sight has faded from my eyes, I ask myself if I believe it, and I cannot answer. My life is shaken to its roots (Stevenson). Dr. Lanyon never recovered from his encounter with Dr. Jekyll and Mr. Hyde and soon died of an unexplained illness. Like the crimes of Mr. Hyde, the death of Dr. Jekyll is somewhat murky. In his final letter to Utterson, Jekyll wonders whether if Mr. Hyde will choose execution or suicide when he inalterably possess Jekyll. Utterson later finds Mr. Hyde dead from cyanide poisoning. It is unclear in which form (Dr. Jekyll or Mr. Hyde) he was in when he chooses to ingest the point. It is difficult to pinpoint which monster committed the most atrocities since the extent Mr. Hydes crimes are never definitively outlined. Based on the crimes solely depicted in each text, Frankenstein and his monster caused the most destruction with the deaths of no less than six people (seven people if you presume the monster ended his own life after the novels end). Mr. Hyde is responsible directly and indirectly of three people if you include Mr. Hyde ingestion of cyanide killing himself/Dr. Jekyll as onl y one death. The most disturbing and insightful revelation into the minds of Dr. Jekyll and Victor Frankenstein comes to light in their reaction to the crimes in which they are culpable. In his letter to Mr. Utterson, Jekyll takes accountability for the murder of Sir Danvers Carew and his altercation with the young girl. He details that the crimes were committed as Mr. Jekyll but the only blame he places is at his own feet as a consequence of his own duality of nature (Spasonik). As far as remorse, In his letter to Mr. Utterson, Dr. Jekylls details his thoughts after the death of Sir Danvers Carew, stating, I resolved in my future conduct to redeem the past; and I can say with honesty that my resolve was fruitful of some good. You know yourself how earnestly in the last months of last year, I laboured to relieve suffering; you know that much was done for others, and that the days passed quietly, almost happily for myself. Nor can I truly say that I wearied of this beneficent and innocent life; I think instead that I daily enjoyed it more completely; but I was still cursed with my duality of purpose (Stevenson). His statement suggests a man who feels some remorse for his action but, justifies them with musing of his own internal struggles. The remorse he feels for his crimes is superficial and, most importantly, it does not outweigh the joy he feels in being Mr. Hyde. Jekylls issue lays in the fact that since Mr. Jekyll is known to be the murderer of Sir Danvers Carew, it is no longer safe for Jekyll to assume the physical appearance of a man marked for death. Dr. Jekyll declares, Jekyll was now my city of refuge; let but Hyde peep out an instant, and the hands of all men would be raised to take and slay him (Stevenson). Throughout the novel, Dr. Jekyll is only truly concerned about his own fate and what the consequences of his actions are in regard to himself only. Victor Frankenstein is plagued by remorse and regret to the degree that it is hard for him to accept his role in the demise of his loved ones. He is quoted as saying, I beheld those I loved spend vain sorrow upon the graves of William and Justine, the first hapless victims to my unhallowed acts (Shelley). Frankenstein regrets and mourns the loss of his loved ones and even acknowledges his role in their demise, but ultimately, he places blame for their deaths at the feet of the monster and refuses to acknowledge his role in the horrors occurring when they begin to spiral out of control. For example, he knows the monster killed William, but he allows Justin to be executed for the crime because he does not want to be thought of as deranged. Throughout the novel, when Frankenstein recounts the grief and tragedy those around him endure, he always feels the need to note this his suffering is somehow more poignant. Victor Frankenstein labors under the delusion that no one suffers more than himself. This self-serving coping device provides an insight into the mind of the scientist who never fully takes accountability for his role in the destruction of his life. Dr. Jekyll and Victor Frankenstein both bemoan the catastrophes that plague them throughout the novel, but both men fail to realize their own selfish enterprises are what bring about their destruction. In his letter to Mr. Utterson, Jekyll paints the picture of his death in his surrender to Mr. Hyde, but earlier in the letter he recounts his autonomy and own feelings while in the form of Mr. Hyde. Frankenstein ceaselessly blames the monster for the murders of those he holds most dear, but only blames himself in the physical creation of the monster and not in the emotional trauma the monster endures at his hands. As a man, Frankenstein is flawed; he lacks compassion, empathy, and selflessness. He is not good, but he is never intentionally evil. Dr. Jekyll knows what he is doing in his quest to create Mr. Hyde. Jekyll knows Hyde will be and is evil. He chooses to proceed regardless. Jekyll is not a victim of his transformation into Mr. Hyde, he relishes in it until his inability to control the transformation leaves him vulnerable. Frankenstein and his monster may be responsible for the loss of more human life, but Dr. Jekyll is aware of his evils and brings it forward for his own selfish purposes. Citations Kestner, Joseph. Narcissism As Symptom and Structure: The Case of Mary Shelleys Frankenstein. Nineteenth-Century Literature Criticism, edited by Jessica Bomarito and Russel Whitaker, vol. 170, Gale, 2006. Literature Criticism Online, https://link.galegroup.com.proxy006.nclive.org/apps/doc/OTHKXV208477542/LCO?u=boon41269sid=LCOxid=43270053. Accessed 5 Dec. 2018. Originally published in Frankenstein, edited by Fred Botting, Macmillan, 1995, pp. 68-80. Toumey, Christopher P. The Moral Character of Mad Scientists: A Cultural Critique of Science. Science, Technology, Human Values, vol. 17, no. 4, 1992, pp. 411ââ¬Å"437. JSTOR, JSTOR, www.jstor.org/stable/689735. Saposnik, Irving S. The Anatomy of Dr. Jekyll and Mr. Hyde. Short Story Criticism, edited by Jelena O. Krstovic, vol. 126, Gale, 2010. Literature Criticism Online, https://link.galegroup.com.proxy006.nclive.org/apps/doc/OHHZIT627722378/LCO?u=boon41269sid=LCOxid=a7716c2a. Accessed 5 Dec. 2018. Originally published in Studies in English Literature, 1500-1900, vol. 11, no. 4, Autumn 1971, pp. 715-731. Shelley, Mary Wollstonecraft, 1797-1851. Frankenstein, Or, The Modern Prometheus : the 1818 Text. Oxford ; New York :Oxford University Press, 1998. Print. Sherwin, Paul. Frankenstein: Creation as Catastrophe. PMLA, vol. 96, no. 5, 1981, pp. 883ââ¬Å"903. JSTOR, JSTOR, www.jstor.org/stable/462130. Stevenson, Robert Louis, 1850-1894. The Strange Case of Dr. Jekyll and Mr. Hyde. London :New English Library, 1974. Print.
Wednesday, January 1, 2020
Deregulation And The Rebirth Of An Industry - 1564 Words
I. Deregulation and the Rebirth of an Industry Before the 1980s you couldnââ¬â¢t find many payday lenders, if a person was short on cash and needed it immediately they had to go their local pawn shop, or if incredibly desperate a loan shark. The pawn shop provided a pay-it-back or lose it system which left people without their personal effects, but they were free from debt. The loan shark on the other hand charged extremely-high interest rates, and usually under illegal conditions. Both of these options provided struggling Americans with short-term financing, a simple solution that will help them solve the liquidity problems. Much like a bank who received loans from other banks when they run into liquidity issues, people should have access toâ⬠¦show more contentâ⬠¦Take out the loan and pay it back with your next paycheck. On the surface it sounds like an appealing alternative not having electricity or food for the week. The downside comes in the fine print. According to Ch eck Into Cashââ¬â¢s website, a single payment $100 loan can result in 260.71% to 782.14% in interest. I may just be a college student, but I can see that this kind of lending is both predatory and nearly impossible to repay. This is why payday lenders are often referred to as ââ¬Å"predatoryâ⬠, because they prey on the short-term needs of their clients to create long-term returns that in many cases never go away. As mentioned earlier, this is not a phenomenon of the late 20th century, rather it is merely a rebirth of an industry that thrived during the Great Depression. During the Great Depression loan sharks charged from 240% to 1000% for short-term loans, sound familiar? When the interest rates are this high they are referred to as ââ¬Å"the purchase of wagesâ⬠because what the institution is effectively doing is purchasing the future wages through this high interest rate. This begs the question, why do they exist, what economist world view calls this mode of financ ing productive and fair to the markets, what are the benefits? III. The Benefits to Payday Lending There must be some benefits to payday loans, why else would have legislation passed that allowed banks to charge their interest rate of choice. Payday loan advocates argue that the interest rates are not nearlyShow MoreRelatedWith reference to examples, evaluate the success or otherwise of urban regeneration schemes in combating the causes and consequences of urban decline. (40 marks)684 Words à |à 3 Pagescity but only a few reasons to stay. When a city or an urban area sinks into decline, the council has the choice to regenerate the area to entice people back into the area. When regeneration is considered in the context of ââ¬Ëurban,ââ¬â¢ it involves the rebirth or renewal of urban areas and settlements. 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