The Evolution use and design of research centers in the world - 2 Essay

The Evolution use and design of research centers in the world - 2 - Essay Example Research Centers, Evolution and Architecture 1. Introduction The ongoing trend of research centers in the contemporary world is attributed to the formal beginning of research center in the 9th century. The importance of research centers is identified in the 9th century from where its benefits are being acquired in a significant manner today (Tash 9-11). The initial research centers were limited to observatories, which have expanded to several other disciplines by the evolution of time. In the contemporary world, there are several research centers which precisely deal with distinct important disciplines including medical and health sciences, chemistry, physics, sociology, psychology, astronomy and many more (Tash 22-27). Since the beginning of this significant trend in the world, the discipline of architecture has played an intrinsic role in the design and structure of research centers’ buildings (Narvaez, Panksepp and Schore 13-15). The evolution of this trend was accompanied with the evolution of architecture in which specific research facilities were designed in the latest state of the art with its contemporary times (Colquhoun 7-11). Out of many research centers, which are designed in concordance with its domain of discipline, there are specific research centers, which precisely incorporate the issues related to children. The idea of children research center is associated with the evolution of child development (Committee on Integrating the Science of Early Childhood Development 31-33). This concern has hatched the initialization of children research centers. As the evolution in the consideration of child development led to the persisting trend of children research centers, the discipline of architecture has also pertained to the influence of this evolution (O'Connor 3-5). There are several significant elements, which are being incorporated in the architectural design of children research centers in the contemporary times. These elements include arts, spacious interior design, modernistic exterior of building, numerous levels of buildings with utility of glass, and friendly decor to the architecture of building (Colquhoun 45-51). These are the elements which have been illuminated through the evolution in the children research centers’ architecture. 3.1 History/Evolution (International & National) of Development of your Project. If your project has multiple functions/mixed use you should trace the evolution of these functions/types/uses. Offering examples is necessary The Beginning of the Children Research Centre The very first recorded children’s research and learning center was the Victoria Hospital for Sick Children that was built in 1892 by Darling and Curry Architectural Firm. It was built in Toronto, Canada as a hospital to serve sick children. It became the first children’s hospital to open a school within its walls (Hamilton & David 65). This school was meant to facilitate the transfer of skills and k nowledge that nurses and doctors had learnt in the hospital to new staff. In addition, it was meant for doctors, professionals, and scientists to exchange information on various children illnesses. Starting off as a hospital, the building was later abandoned as it became less suited for multiple departments. The building, first made

The War on Terror Essay Example | Topics and Well Written Essays - 500 words

The War on Terror - Essay Example It has been argued that 9/11 terrorist attacks gave impetus to what we call the "War on Terror." To what extent this US-led campaign against global terrorism would reflect the "opportunity and willingness" of president Obama to invest more resources from his "menu" of choices available? The â€Å"War on Terror† is a blanket cause that allows the United States to intervene on any activities it considers to be terrorism. The war is fighting a faceless enemy, therefore it could be anyone. President Obama has chosen to withdrawal troops as well as focus on humanitarian aid. What started out as the liberation of Iraq from Sadaam Hussein has developed into the United States being a peace keeping force in the Middle East. This includes both military and humanitarian efforts. The United States has been increasing the amount of troops being sent to Afghanistan in order to drive the enemy out of populated sectors. The United States increased the troop count by 30,000 in 2010 alone (Keye s, 2011). This increased military presence costs a lot of money as well as American lives in order to fight this invisible enemy. Obama has also been trying to recreate democracy in Iraq. The goal of President Obama was to bring peace and end conflict in the Middle East between the factions of Islam as well as eliminate the terrorist threat. As a result this would create a foothold for economic and stability to the region even though fighting has persisted in that region for thousands of years

Principles of Financial Investment Essay Example | Topics and Well Written Essays - 2500 words

Principles of Financial Investment - Essay Example The effects of these agency problems create agency costs that work against the benefit of all stakeholders as well as for the company. This write up identifies those agency problems, its agency costs, and enumerate the ways to mitigate the agency costs in order to provide maximization of wealth of stakeholders as well as for the benefit of management and the company itself. Definition of agency problem The nature of conduct of business in respect of proprietorships, partnerships, and cooperative societies is that those are owner- managed organizations. But in case of companies the share holders, who are the owners of the companies, are not involved in the management of the affairs of the company. The management of the company is conducted by board of directors. Directors may or may not be professionally trained but they have little or no stake in the ownership of the firm. It is true that there are certain compelling reasons for separation of ownership and management, but a separate structure leading to conduct of management through the agency of board of directors leads to conflict of interest between managers (agents) and the shareholders, who are owners of the company. Therefore the agency problems emerge from this separation of ownership and control. ... â€Å"This pattern of widely held corporate ownership resulted in what came to be known as separation of ownership from control. More recently, the economists have called this as an agency problem or principal- agent problem. The managers of the company are entrusted with the responsibility to make company as profitable and valuable as possible for the benefit of owners. However, the owners (principles) may have difficulty in ensuring that the managers (agents) actually carry out this responsibility.† (Robert Edward Anderson, page 49)i Ownership is concerned with maximization of wealth of shareholders. Therefore owners are always ready to critically assess the actions of the management (agents) so that their slackness anywhere is pointed out so deficiencies are rectified in effort to enhance the wealth. Accordingly enhancement of wealth is possible by making an assessment or sort of observance of the actions of the management. The key factors that are judged in management†™s performance are the composition and independence of board members, transparency of their actions, their outside reporting, observance of accounting standards, and adherence of strategic objective of enhancement of shareholders wealth. This monitoring or observance lead to difference of opinion with reference to strategic objectives of the corporation and give rise to agency problems in the corporate sector of management. Basically agency problems have two aspects. First aspect is the situation where it is not possible for the principal to verify the appropriateness of the actions of the agent. This generally is the case when goals or objective differ and create difficulties to verify what agent is doing. The second aspect of the agency problem is

The Evolution use and design of research centers in the world - 2 Essay

The Evolution use and design of research centers in the world - 2 - Essay Example Research Centers, Evolution and Architecture 1. Introduction The ongoing trend of research centers in the contemporary world is attributed to the formal beginning of research center in the 9th century. The importance of research centers is identified in the 9th century from where its benefits are being acquired in a significant manner today (Tash 9-11). The initial research centers were limited to observatories, which have expanded to several other disciplines by the evolution of time. In the contemporary world, there are several research centers which precisely deal with distinct important disciplines including medical and health sciences, chemistry, physics, sociology, psychology, astronomy and many more (Tash 22-27). Since the beginning of this significant trend in the world, the discipline of architecture has played an intrinsic role in the design and structure of research centers’ buildings (Narvaez, Panksepp and Schore 13-15). The evolution of this trend was accompanied with the evolution of architecture in which specific research facilities were designed in the latest state of the art with its contemporary times (Colquhoun 7-11). Out of many research centers, which are designed in concordance with its domain of discipline, there are specific research centers, which precisely incorporate the issues related to children. The idea of children research center is associated with the evolution of child development (Committee on Integrating the Science of Early Childhood Development 31-33). This concern has hatched the initialization of children research centers. As the evolution in the consideration of child development led to the persisting trend of children research centers, the discipline of architecture has also pertained to the influence of this evolution (O'Connor 3-5). There are several significant elements, which are being incorporated in the architectural design of children research centers in the contemporary times. These elements include arts, spacious interior design, modernistic exterior of building, numerous levels of buildings with utility of glass, and friendly decor to the architecture of building (Colquhoun 45-51). These are the elements which have been illuminated through the evolution in the children research centers’ architecture. 3.1 History/Evolution (International & National) of Development of your Project. If your project has multiple functions/mixed use you should trace the evolution of these functions/types/uses. Offering examples is necessary The Beginning of the Children Research Centre The very first recorded children’s research and learning center was the Victoria Hospital for Sick Children that was built in 1892 by Darling and Curry Architectural Firm. It was built in Toronto, Canada as a hospital to serve sick children. It became the first children’s hospital to open a school within its walls (Hamilton & David 65). This school was meant to facilitate the transfer of skills and k nowledge that nurses and doctors had learnt in the hospital to new staff. In addition, it was meant for doctors, professionals, and scientists to exchange information on various children illnesses. Starting off as a hospital, the building was later abandoned as it became less suited for multiple departments. The building, first made

Principles of Financial Investment Essay Example | Topics and Well Written Essays - 2500 words

Principles of Financial Investment - Essay Example The effects of these agency problems create agency costs that work against the benefit of all stakeholders as well as for the company. This write up identifies those agency problems, its agency costs, and enumerate the ways to mitigate the agency costs in order to provide maximization of wealth of stakeholders as well as for the benefit of management and the company itself. Definition of agency problem The nature of conduct of business in respect of proprietorships, partnerships, and cooperative societies is that those are owner- managed organizations. But in case of companies the share holders, who are the owners of the companies, are not involved in the management of the affairs of the company. The management of the company is conducted by board of directors. Directors may or may not be professionally trained but they have little or no stake in the ownership of the firm. It is true that there are certain compelling reasons for separation of ownership and management, but a separate structure leading to conduct of management through the agency of board of directors leads to conflict of interest between managers (agents) and the shareholders, who are owners of the company. Therefore the agency problems emerge from this separation of ownership and control. ... â€Å"This pattern of widely held corporate ownership resulted in what came to be known as separation of ownership from control. More recently, the economists have called this as an agency problem or principal- agent problem. The managers of the company are entrusted with the responsibility to make company as profitable and valuable as possible for the benefit of owners. However, the owners (principles) may have difficulty in ensuring that the managers (agents) actually carry out this responsibility.† (Robert Edward Anderson, page 49)i Ownership is concerned with maximization of wealth of shareholders. Therefore owners are always ready to critically assess the actions of the management (agents) so that their slackness anywhere is pointed out so deficiencies are rectified in effort to enhance the wealth. Accordingly enhancement of wealth is possible by making an assessment or sort of observance of the actions of the management. The key factors that are judged in management†™s performance are the composition and independence of board members, transparency of their actions, their outside reporting, observance of accounting standards, and adherence of strategic objective of enhancement of shareholders wealth. This monitoring or observance lead to difference of opinion with reference to strategic objectives of the corporation and give rise to agency problems in the corporate sector of management. Basically agency problems have two aspects. First aspect is the situation where it is not possible for the principal to verify the appropriateness of the actions of the agent. This generally is the case when goals or objective differ and create difficulties to verify what agent is doing. The second aspect of the agency problem is

Music and Tourism in Scotland Essay Example for Free

Music and Tourism in Scotland Essay Scottish Tourism bloomed in the 1990s due to major cultural changes in society. Scotland began to create a new identity through the use of media that promoted the social and cultural attributes of the country. Scotland’s home-grown artists were used as a voice at the forefront of the promotion of Scotland’s culture and heritage to world tourism. My essay will consider a range of issues surrounding the relationship between Scottish tourism and the development of Scottish music during the 1990s. It will consider the artists and songs that played a key role in the development of Scotland’s national identity through outlining particular advertising campaigns used to promote for Scottish tourism. My essay will also discuss the future plans for Scottish Tourism and how music will be part of them. Scottish Music and Scottish Tourism Tourism contributes an enormous part of the economy in Scotland – boasting a visitor spend of approximately  £4b per year. As a tourist destination, Scotland boasts idyllic opportunities for its visitors such as the hillwalking the Munro Mountains, fishing the River Tay, immersing in the history of Edinburgh or Stirling and admiring the cultural diversities of Glasgow. These opportunities are realised and exploited by Government body: Creative Scotland, which was set up in 1993 and is dedicated to supporting the promotion of culture in Scotland on both national and international levels. Creative Scotland support the current Scottish Governments Corporate Plan, which promises: ‘To focus Government and public services on creating a more successful country, with opportunities for all of Scotland to flourish, through increasing sustainable economic growth.’ Scotland has developed an exceedingly strong worldwide reputation for its diverse culture and is continuing to do so by championing music and the arts through large scale events and festivals such as Celtic Connections, a relatively new festival of traditional Scottish music which is exclusively held across a number of high-profile venues in Glasgow including the flagship Glasgow Royal Concert Hall which was opened as part of the cultural renaissance of Glasgow in 1990 with Glasgow becoming a European City of Culture in 1990. The formation of this festival alone has increased global interest from its multiple televised broadcasts on BBC and HD and a promotional tour to Chicago in 2012 during the Ryder Cup at the nearby Merdinah Country Club. Another notable festival is T in the Park which is sponsored by Scottish Brewery; Tennents. Established in Glasgow in 1993, the festival will celebrate its 20th anniversary in 2013 and showcases international artists with a focus on new and established Scottish acts such as Scottish Band; Travis, who gained international recognition through performing at the festival from 1994 as an unsigned band and subsequently becoming a headlining act of the festival in 2000. The festival moved to Perthshire in 1997 and politicians in the area were united to promote ‘A Soundtrack for Scotland’s Tourism’, linking traditional music and tourism and diversifying the tourist industry. The festival attracts 85,000 people from all over Britain and in some cases worldwide, to Fife, Scotland, the festival has become: ‘One of the most important and critically acclaimed music events on the international festival circuit.’ The festival has been televised on BBC and footage of the festival includes shots of the backdrop landscape of Kinross and Fife regions. Promoting Scottish Nationalism and Tourism with Music in Sports Branding Branded produce from Scotland provided the tourism sector with an indirect source of advertising the heritage and culture of Scotland during the 1990s. Many advertising campaigns were televised; in particular for the alcohol industry, which used iconic songs synced with images of rural and urban Scottish landscapes which helped create an escapist image of Scotland. An example of this would be Tennents’ Lager, who used Dougie Maclean’s song Caledonia against the imagery of a grimy busy city with arrogant people compared to the contrasting escapist, social, warm and friendly atmosphere of a public house in Edinburgh The sense of nationalism and pride in the cultural diversity in Scotland went from strength to strength in the early 1990s. Scotland celebrated a period of excellence in sport on a global scale which also helped boost the number of visitors to the country. Although Scotland’s national football team failed to advance through the group stages of all the World Cup tournaments in the 1990s including Italy, USA and France respectively, Scotland’s national Rugby team celebrated international success, beating England 13-7 in the 1990 Five Nations Grand Slam. This event penned The Corries lament: ‘Flower of Scotland’ as the unofficial national anthem of Scotland, boosting the national pride and identity and has been used ever since at most sporting events. The song was written to: ‘Kindle a new awareness of what is being lost and what can be regained. Scotland’s resistance, not its defeat is stressed here.’ Another notable use of Scottish music for advertising Scottish Tourism is the 1997 television campaign which used The Silencers version of Wild Mountain Thyme, which is a traditional piece of music popularised by the particular advert which featured iconic scenes of Scotland’s rural landscapes, castles and activities such as travel, surfing and walking. The advert quoted Scottish Poet Norman MacCaig who wrote about Scotland: ‘Only mens minds could have unmapped into abstraction such a territory.’ Another song of note which relates to a worldwide audience and captures the picturesque imagery of Scottish landscapes would be Runrig’s version of the traditional Scots Lament; ‘Loch Lomond’, which was voted as Scotland’s best song by a reader poll in Scottish publication The List in 2008, beating Dignity by Deacon Blue, Caledonia by Dougie MacLean and 500 Miles by the Proclaimers, all of whom are regarded as Scottish Nationalist artists with Pete Wishart, Keyboardist of Runrig being elected as an SNP MP at Westminster in 2001. Conclusion The Future of Scottish Nationalism and Tourism Scotland’s culture and heritage will continue to grow in the tourism spotlight through the commitment of Creative Scotland and its relationship with VisitScotland which is evident from its goals: ‘Creative Scotland’s ambition is to see Scotland as one of the world’s most creative nations by 2020.’ An example of this commitment is apparent as 2012 is the ‘Year of Creative Scotland’ which continues the celebrations of Scottish culture and promotes it to the world through festivals such as the Sound Festival which will be held over October and November and aims to bring visitors to the North East areas of Scotland to enjoy alternative music of Scotland. The internet has increasingly become a major role in the promotion of Scotland’s live music events with internet website; www.visitscotland.co.uk, acting as the information and marketing gateway for prospective visitors to find information, link to external websites such as event homepages and furthermore, purchase event tickets directly with great ease. Glasgow will again become City Of Culture in 2014 and will host the Commonwealth Games and the Ryder Cup, which will be an ideal opportunity for sports and Scottish music to join forces once again.

Implementation of a Marketing Plan

Implementation of a Marketing Plan EXECUTIVE SUMMARY INTRODUCTION The present financial crisis has negatively affected not only the US market but also International markets with economies experiencing negative global growth in Gross Domestic Products (GDP) and decreases in global consumption levels. Now more than ever, companies (in Trinidad and Tobago) are faced with reformulating their business strategies in order to boost sales volumes by attracting customers through promoting traditional products but providing additional services not previously offered. Companies have to revisit their marketing strategies and implement new marketing plans that will not only create competitive advantage but also experience sustainable competitive advantage. As such the aim of this research is to identify and develop a marketing plan to strengthen Dhookups competitive advantage in Trinidad and Tobagos industry to viably survive in these current situations. Background Origin The company, now known as Dhookup, was originally formed by Mr. Kedelle Greaves in April 2008 to satisfy the growing needs of the working population by providing quality electronic products at a low costs compared to the Trinidad and Tobagos current market where such goods and services were seen as being very costly by customers. Currently, the company is operating at an adhoc basis with no formal marketing structure and Business plan. The Electronic products presently offered by the company are Laptops and Accessories, Desktop Computers, Cellular Phones, Digital Storages Devices, Games and Accessories, Electronic Accessories and Digital Cameras. In May 2009, the founder realise the need to restructure the operations and strategic planning of the company due to the present economic and financial global crisis in order to be remain competitive and viable in Trinidad market. A decision was made to reform the business from a sole proprietor to a partnership by inviting two investors to contribute equal amounts of capital, along with the founder, into the business which will be used to fund any additional investments and strategic future market plans. Snapshot of the Business The company was managed solely by the founder and now is managed equally by all investors with no other employees mainly because the present workflow was not demanding and did not require additional personnel. At present the company operates using a just in time system where, only when a customer wants an item, then the item is sourced and delivered. The customer makes a down payment (usually 50%), and then the order is placed for the item which approximately takes 2-3 weeks to be delivered. At the end of this period the customer collects the item by paying off the balance of the item. Mission Statement Dhookup will continue to be one of the premier electronic product and service provider within Trinidad and Tobago with an emphasis on Customer Relationship Management and timely satisfaction of consumer needs. Strategy Statement The Hook up will pursue a strategy of growth aimed at position the company as one the leading best costs electronic products and service providers in Trinidad and Tobago. SWOT analysis of the company Product and Services The company offers high quality products at an affordable price which is very competitive to the other similar suppliers in the market. Apart from providing competitive prices, consumers are well informed about the technical features and benefits of their desired purchases before any business is conducting by providing detailed information of the products specification, its capabilities and also similar products in the market. The company ensures that the customer is purchasing the correct product to suffice their desired needs and wants. Also, the company provides excellent after sales service customer support that is very unique to Trinidad and Tobagos industry. Customers have a luxury of after sales assistance, at no extra costs, in terms of trouble shooting of products and minor repairs. Any major repairs of electrical items are directed to an external partner who will automatically grant discounts on any services rendered. DHookups Product Mix is as follows: Laptops and Accessories Desktop Computer Cell Phones Digital Storages Devices Games and Accessories Electronic Accessories Digital Cameras Product Line RESEARCH OBJECTIVE Problem Statement The industry In the era of increasing technology advancements, the industry has seen a decrease in barriers to accessing products and services in regional and international markets by individuals and corporations. The public can now access these markets through various tools such as obtaining skyboxes and liaising with various import and export companies. The issues arising from this is that both individuals and companies are faced with the uncertainty of additional costs and risk incurred for importer these items to the local market. More and more companies either shift both the costs and risks involved in such transactions to consumer causing a strike in prices of these goods and services as compared to the international markets and/or an overall decrease in the level of customer service. Costs such as customs duties are not easily predicted due to the fact that as at present there is no formal costing structure on imported goods and services, thus values are determine by the customs department at the point of entry (please see appendix II for excerpt receipt statement). Customers engaging in acquiring skyboxes may be wary due to the uncertainty of the duties imposed on the items and also the risks involved in purchasing items on the internet. This acts as a deterrent to customers leaving them to rely on the local market, where there is limited variety. The Company Dhookup currently advertises based on referrals and recommendation by existing clients and there are no formal marketing strategies in terms of communicating the services provided by the company to the public. A lack of both strategic business and marketing plan has seen the company experience a lot of difficulties that hinders the growth of the business in the industry for both the short and long term. A lack of marketing strategies has contributed to low and inconsistent sales level. Due to the fact that business in generated solely on the referrals, the company does not presently have a huge clientele base and relies on existing customers for repeat purchases. This strategy has proven to be unreliable and needs to be addressed immediately to improve profit levels Brand awareness is one of the key issues and areas that need to be resolved and improved. Customers are unaware of the range of products and services offered by the company and there are no branding strategies initialise in the beginning in the incorporation of the company. Also, a more focussed should be placed on analysing the current and prospective product distribution channels available to the company. The company does not focus in any particular market in terms of advertising and distribution but instead provides products and services where necessary. By not focusing on any one particular target market the company cannot identify what their customers needs are and also what their purchasing patterns are like. Knowing your customer base is one the key areas that should be focused on when looking at what distribution channel is most effective. Objectives The main objectives of this marketing plan are to: Define the Target Market Identify the customer base Improve Brand Awareness. Identify the main competitors Outline a strategy for attracting and keeping customers Outline a financial plan to maintain consistent profit levels and growth As such the purpose of this practicum, in order to accomplish the set companys objectives, is to: Outline the importance and roles of Customer Relationship Management in sustaining competitive advantage Identify the Roles of Branding Identify the Importance and roles of Advertising LITERATURE REVIEW CUSTOMER RELATIONSHIP MANAGEMENT What is CRM Customer Relationship Management or CRM, according the Ellen Gifford, is focused on the relationship between the firm and its customers. Successful firms build customer relationships by: Satisfying goals between firms and customers, Both Consumers and the organisations has a set of conditions. Establishing and maintaining a positive customer connection Producing positive outcomes for the organisation and the customers. Jill Dyche states â€Å"CRM is defined as the infrastructure that enables the delineation of, and increase in customer value and the correct means by which to motivate valuable customers to remain loyal and indeed buy again.† In todays current marketplace, companies have to focus on the needs and wants of the customer which entails providing excellent customer service to gain competitive advantage over its competitors. Excellent Customer services focuses on providing 24 hour service to customers before, during and after a service has been delivered. According to Turban and Efrain, (2002), â€Å"Customer Service is a series of activities designed to enhance the level of customer satisfaction that is, the feeling that a product or service has met the customer satisfaction.† Customer relationship Management has evolved from a simple market concept representing a refocus of marketing with a greater emphasis on the creation of customer value. The main emphasis has shifted from satisfying customers needs to building long term relationship through value creation process (Evans Laskin, 1994). Improvements in Information Technology in the marketplace has empowered customers with greater and broader knowledge and facilitated the constant exchange of information between buyers and sellers. Firms are now focused on moving closer to customers, understanding their needs and allowing customers to actively shape their own expectation by co-creating value obtaining a strategic customer focus. Buttle (2002), states that CRM is â€Å"the development and maintenance of mutually beneficial long term relationships with strategically significant customers.† It is â€Å"an IT enhanced value process which identifies develops, integrates and focuses the various competencies of the firm to the voice of the customer in order to deliver long term superior customer value, at a profit to well identified existing and potential customer,† (Plakoyiannaki and Tzokas, 2001). Determinants of CRM In order to achieve these synergies between the customer and suppliers (firms) we must highlight what the underlying determinants of CRM are Trust and Value: Trust is defined as the willingness to rely on the ability, integrity and motivation of one company to serve the need of the other company as agreed upon implicitly and explicitly Value is defined as the ability of a selling organisation to satisfy the needs of the customers at a comparatively lower cost or higher benefit than that offered by competitors and measured in monetary, temporal, functional and psychological terms In addition to providing high quality levels of both trust and value, companies must also: Understand Customer needs and problems: This is an ongoing process and should take place before, during and after the sale is completed. Meet their commitments Must be honest: The company should also make sure the customer is always told the truth about the information provided for goods and services provided Have a long term perspective. Focus should be placed on establishing and retaining a long term relationship with the customer Developing customer relationship Successful management of the development process between the firm and the customer would lead to superior long-term performance of the organisation through improved customer retention. Ford et al suggested a relationship development model that consists of five stages: The pre-relationship stage: this is the event that triggers a buyer/supplier (customer/firm) to seek a new business partner The early stage: This is where experience is accumulated between buyer and supplier although a great degree of uncertainty and distance exists The development stage: This is where increased level of transactions lead to a higher degree of commitment and the distance is reduced to a social exchange. The long term stage: This is characterised by th e companies mutual importance to each other. The final Stage: This is where the interaction between the parties becomes institutionalised. According to the model in the early stages both parties are distant from one another but as time goes by the relationship is characterised by increased commitment and cooperation whereas in the later stages interaction decreases as the relationship is institutionalised. As with the life cycle model, the time span of each stage varies and it is difficult to predict how long both parties will remain in that stage before moving on or decide to not move at all and relinquish the relationship. As seen in the both models when the relationship enters the decline phase, both cooperation and the level of commitment and cooperation drops significantly. Firms are now faced with the task of attracting and retaining new and existing customers by ensuring that they maintain their positive relationship with customers through effective customer relationship management. Functions of CRM The functions of customer relationship management can be direct and indirect. Direct functions of CRM refer to profit, volume and safeguard as opposed to indirect functions which includes innovation, market, scout and success. In terms of CRM, direct functions are the basic requirements of the company that are necessary to survive in the competitive marketplace and the indirect functions are actions necessary to convince the customer to engage or participate in various marketing activities (Earl D. Honeycutt et al 2003) Profitability This distinguishes between the profitable customer who provides the firm with a positive cash flow and a high volume customer who helps the firm achieve economies of scale Volume this secures the necessary breakeven position of the firm and enables the firm to operate on a profit making basis Safeguard This improves the costs efficiency of a supplier and provides stability and control in sales in a dynamic marketplace. Innovation This allows products and processes to be developed together in order to improve the value of the offering to the customer. Market This wins customer support through referrals/recommendations when entering new markets and establishing new commercial and personal relationships Scout This results in market information gathered by customers and communicated to the supplier earlier than would have be known Access This refers to the help received from customers experience and networking when the firm interacts with authorities and trade associations. (Earl D. Honeycutt et al 2003) Though the functions of Customer Relationship Management is clearly outlined above, firms have different prospective on CRM on the whole. Some firms focus on CRM because they are driven by gaining competitive advantage as opposed to others who are view CRM as an opportunity to improve the relationship with another company to minimise the effects of market volatility. No matter what the firms objectives and goals are in utilising CRM tools, the models they choose must support these objectives by improving the overall relationship between the firm and the customer. This is accomplished by adding value to the customers experience. Evan and Laskin 1994 introduced a model of relationship selling that evidently differentiates between three underlying and fundamental components: Relationship inputs, relationship outcomes and assessment. According to the model, effective relationship management is understanding customer expectation, building service partnership with customers, empowering employees to fulfil customer needs and providing the best quality to customers to satisfy their respective needs (introduction of Total Quality Management (TQM). If implemented in the most effective manner these inputs would lead to positive outcomes such as improved customer satisfaction, loyalty, and increased customer perception of the firms product and services, which in turn would affect the firms profit. Of course the opposite applies if these inputs are not successfully implemented. The assessment state integrates two components, customer feedback and integration. Firms should engage in customer feedback mechanism to ensure at all times customer needs are being addressed and met. The firm should ensure that the relationship marketing processes is integrated into the strategic planning framework in order to align it to the firm s overall goals and objectives. Smith and Barclay 2003 identified a standard model for building effective customer relationship based on some key factors; Interdependence, Cooperation and mutual trust. The model highlights that both the customer and supplier perceive interdependence as the channel to cooperate and also the motivation to exchange a level of trust and commitment. Mutual Trust and Cooperation contribute significantly to the effectiveness of the relationship creating relationship dynamics. As the relationship grows and develops into a partnerships (maturity stage) both parties shares similar and agreed objectives and visions maximising the effectiveness of the relationship. Apart from the models highlighted above aimed to improving the relationships between both parties through CRM, Parasuraman et al (1996) also introduced the â€Å"GAP† model of service quality by identifying five major gaps that face organisation to meet customers expectation of the customers experience. BRANDING ADVERTISING AND PROMOTION METHODOLOGY Market Research is an objective, systematic collection and analysis of data representing a particular target market, environment and competition incorporating some form of data collection, either primary or secondary. The following key areas would be focused on in this section: Research design Target population and Sample Data Collection Technique Validity and reliability of the research Research Design The research design of the practicum depends on the extent to which the theory highlighted is derived. There are two types of research design; Deductive approach: Where you develop a theory and hypothesis (or hypotheses) and design a research strategy to test the hypothesis or Inductive approach: Where you collect data and develop the theory as a result of your data analysis (Saunders, Lewis and Thornhill, 2007), For the purpose of this research a deductive approach will be used. According to Robson (2002) there are five sequential stages through which deductive research will progress: Deducing a hypothesis from the theory (a testable proposition about the relationship between two or more concepts or variables). Testing the hypothesis in operational terms (i.e. indicating how the concepts or variables are to be measured). Relationships between two or more specific concepts or variables are proposed. Testing the operational hypothesis. Examining the specific outcome of the inquiry (confirming the theory or indication modification is needed) If necessary, modify the theory. Though the deductive approach is usually affiliated with the quantitative research design, this practicum would utilise a mixed approach design, focusing on both quantitative and qualitative approaches in gathering data through discussions, observations and questionnaires. The research design will be a descriptive study in order to portray an accurate profile of events and situations and to gain deeper insights into the main topic highlighted. The descriptive study, also known as the statistical approach, describes data and characteristics of the population being sampled by answering the questions who, what, where, when and how. The research was also designed in such a way to determine the spending habits of the targeted population with respect to age, gender and social disposition by gathering primary data. It also tested the participants knowledge of the industry and the perceived factors affecting Demand and Supply for the electronics products locals and internationally. Research Techniques As stated previously, the information gathered from the research was primary data, using research techniques such as Surveys and Observations of consumers and similar suppliers in the domestic market. The Survey was conducted through Eighty five (85) Questionnaires distributed and returned from a random sample of a targeted population. The questionnaire allowed the researcher the opportunity to answer who, what, where and how through various questions posed to the participants therefore using the desired descriptive research design. The survey would also allow the researcher to collect quantitative data to be analysed quantitatively and also collecting the data to suggest possible relationships between two or more variables which can be explored through existing models. The questionnaire tested the participants on various areas such as: The knowledge of customers in the market The online shopping awareness of customer The factors that affect the demand for products and services in the said market. Customer satisfaction Etc. Both techniques were also considered to be highly economical due to the constraints of the project both in time and financing as it can be quickly administered at low cost to the researcher. Sample and Population A random sample was taken from a population consisting of both UWI and Authur Lok Jack Students. Each participant was randomly selected and approached face to face by the researcher at different locations of the respected campuses. At the University of West Indies, St. Augustine Campus, random samples were taken from students entering the food court at lunch time to capture the heavy influx of students and also at the pickup area in the afternoon. At Arthur Lok Jack Graduate school of Business candidates were approached at the front desk during the evening sessions to capture the majority of students from different disciplines. Arthur Lok Jack Graduate School of business and the University of the West Indies students were chosen as the population mainly because they were seen as the ideal target market based on past and current purchases and demand trends. Credibility and Validity of the research Participants had a clear understanding of the purpose of the questions posed in the questionnaire and its objectives. Each questionnaire was distributed by the researcher in order to prepare for in any unforeseen problems arising from misinterpretation of the questions and as well explanations of the various terminologies used. It was felt that the researcher would be best person to answer any of these questions at any moment notice. Also, the questions were structured in order to facilitate the ease of completion of the form by ensuring that all questions were concise and straight to the point.