Is Enough Being Done To Prevent Racism in Football?

Racism; hatred or intolerance of another race or other races is unfortunately a very frequent occurrence around the world. Starting very early on, the belief that someone’s race is superior and has the right to rule others still takes place even to this day. Football, is a sport which should bring countries and races together to compete against each other. But this is not the case, the degree of Racism in football is simply unacceptable. From League 2 in England, to the FIFA World Cup it takes place on the pitch, in the stands and even on the internet.Many various organisations have attempted to prevent Racism in Football, including; Federation Internationale de Football Association (FIFA) & Union of European Football Associations (UEFA). But are they doing enough? The most recent incident was on the 24th July 2013 where AC Milan left back Kevin Constant kicked the ball into the crowd and left the pitch after racist abuse was being chanted from the stands of the Sassuolo suppo rters while he was preparing to take a throw in. Constant's actions emulate those of Boateng’s where a similar scene occurred however the whole team walked off the pitch instead of the one player.While Boateng had plenty of support, it seemed that AC were much less supportive of Constant's decision to exit the pitch. The club said in a statement: â€Å"This was not a decision he should have taken upon himself to make. † After the situation had been reviewed by the FIGC (Italian Football Federation) Sassoulo were fined 30,000 euros for their fans actions, I fully support the decision to punish the club but aren’t others to blame for Constant’s decision to leave the pitch? Is this really going to stop the Racist remarks? The answer is absolutely not.FIGC’s solution did not directly affect the fans and therefore these scenes will undoubtedly keep occurring. Situations like this should be dealt with in the equitable way to abrogate Racism in football a nd not just result in a careless fine. However this isn’t the worst part of the story. Constant was fined with 3,000 euros for is actions. This is an absolutely appalling decision, and could perhaps encourage supporters to carry on with racist remarks towards the players. Kevin Constant had every right to exit the pitch in the manor he did.On the other hand, FIFA -along with its employees and the football community- have showed that they’re currently unquestionably attempting to stop Racism in football and inside civilisation in general. FIFA has begun and presented events such as the FIFA Conference on Racism in Football, UN Anti-Racism Conference, and established its very first Anti-Discrimination Day on 7 July 2002. But this isn’t enough, FIFA have thought of many methods, but haven’t executed enough hands on tasks to cause any great effect. For example, the FIFA Disciplinary code was taken into place a few years ago.The code shows what happens if the FIFA Statues -basic laws for world football- are violated. It applies to everyone involved in the football match being played but is everyone being caught out? Not everyone can be dealt with at one time, especially when multiple people join in Racist chants. Therefore I don’t see the Disciplinary Code as being an effective method to eliminate Racism from Football. UEFA work very closely with FARE (Football Against Racism In Europe) and give them a lot of aid in promotion, finance etc.I personally feel that have a much more effective method of preventing Racism. I feel this way because annually at 40 UEFA club competition matches, players are accompanied onto the field by children wearing Unite Against Racism T-shirts, while team captains wear matching armbands. I support this form of preventing racism because fans respect their club’s players and if they see the players supporting the fight against racism then they might think twice about shouting abuse at a player wit h a different colour of skin. This method is also incredibly cheap and extremely effective.Considering the millions of pounds some of these respected organisations will have, purchasing t-shirts and armbands should not affect them financially in any way. There are multiple Racist incidents in Football and Kevin Constant’s wasn’t the worst. Standard Liege player Onyewu, stated that Anderlecht’s Jelle Van Damme called him a â€Å"dirty ape† under his breath during the first leg of a play off match. Onyewu alerted the white referee but no action was taken and he was ignored. Although this isn’t the worst of what happened on that match day.When Onyewu arrived at the stadium he was punched and shouted at by the opposition fans. These fans were unpunished and allowed to enter the stadium with nothing said. This is just one of many racist incidents in football which haven’t been dealt with correctly, the referee blatantly showed he was simply unint erested in Onyewu’s complaint. I believe that the referee should receive a long match ban and fine for his actions as he should have been one of the first to report the incident. As for the fans who physically attacked Onyewu, they deserved a permanent ban from going to any future matches.I personally feel that FIFA, FIGC, UEFA and all other major Football related organisations should work together to fight racism and not just focus on their own ways of preventing it. Every match should be promoting the act against racism, tickets, programmes and all forms of merchandise should have ‘Say No To Racism printed on them. Furthermore the punishments for violating the FIFA Disciplinary code should be stricter, fans should have a very long –or possibly life- ban from going to matches if caught and players, managers, match officials should be treated in the same manor along with a minimum fine of 40,000 pounds.

African American vs. Caucasian Americans Essay

At first glance some people might consider this paper to be on the racial side, however it was all written by observations made. There are many differences between African Americans and Caucasians, some people don’t see the differences because of ignorance . You must read the paper with an open mind and take none of this to heart. African American and Caucasians function differently in public surroundings. When you see a young African American you usually see them in groups of four of more. However, when one of them gets into a disagreement five to ten more show up in their defense. They are a very close knit group of individuals. I have also noticed that when you see a young African American walking around they are usually singing, talking very loud or running around. Also when they are in groups they are very loud and take over the area that they occupy. On the other hand when you see Caucasians they are rarely in groups of three or more. To top it off when someone in one of their groups gets in trouble the rest of the group is nowhere to be found. Most times when you see young Caucasian people in a group they are for the most part within a normal speaking level. These two groups tend to act differently in the public due to their cultural differences. There are a number of differences between the churches of African Americans and Caucasians. At most typical African American churches there are no true sermons. The African American churches tend to do more entertaining rather than teaching. They also do a great deal of singing and dancing involved in there praising of God. They emphasize fellowship in their churches especially after church when they all gather and close the celebration with a meal together. However at a typical Caucasian church there are a few differences. To start it off when you first walk in you get a program detailing what will be happening through the service. They tend to structure the whole service around a sermon or story. The service every week is very predictable as to what will happen. The Caucasian churches are more there to teach the ways of the lord as they have interpreted it. Although not all the African American and Caucasian churches are along this line a majority of the main stream ones are.

Legal and Ethical Considerations in Marketing, Product Safety, and Research Paper - 2

Legal and Ethical Considerations in Marketing, Product Safety, and Intellectual Property - Research Paper Example In fact, it is used as a reference point by both the proponents and opponents of ethical considerations in business. The case points out how intellectual property rights can be used both to the defense of the company as well as against it. However, the success of the company was crippled by the way PharmaCARE responded to ethical and legal issues that it was faced with. Being a medical giant, it thrived on research and made a breakthrough of a diabetes drug, AD23, which slowed down the terrible infringement of Alzheimer’s (Heinrich, 2003). In the face of high demand for the product, PharmaCARE set up a sister company called CompCARE and made it the compounding pharmacy to manufacture the drug (Heinrich, 2003). Soon, it became a mass hysteria to acquire this drug thus pushing CompCARE into methods outside the scope of what a compounding pharmacy is authorized to do. According to Halbert & Ingulli (2012) the end result was the death of over 200 people from cardiac arrests associated with the drug. The results were catastrophic to all the stakeholders of the company including the workers and patients. For instance, John who was a former researcher lost his wife because of using the drug. The downfall of PharmaCARE was brought about by the unethical business practices it engaged in. In the case of PharmaCARE, ethical considerations were evidently compromised by the firm and its management. The first ethical issue is when the company wrongfully capitalized on Colberians availability to be hired at the lowest wage rate thus exploiting their labor for a meager amount of compensation. Moreover the willingness of the locals to share vital information regarding indigenous cures was also exploited and the benefits did not trickle down to the indigenous people. In so doing, the firm violated legal and moral boundaries of a civilized and ethical society (Veatch & Haddad, 2008). The actions of the firm were also an evident

Gods and Goddesses Research Paper Example | Topics and Well Written Essays - 1250 words

Gods and Goddesses - Research Paper Example As the discussion stresses  some of the most important spiritual beings worshipped by Romans include Jupiter and Juno. Jupiter was their main god, while Juno was his wife, and she was regarded as a goddess of fertility. The Romans used the peacock and the pomegranate to symbolize her presence.From the report it is clear that  though early Romans placed did not regard and care for the personality of their gods, they were concerned on their functions. These early Romans integrated worship of the gods into all aspects of their lives. In politics and geographic influence, Rome integrated religious beliefs and customs. Assimilation was visible in all corners of life. For example, the Romans began worshipping the goddess Cybele because of the threat that Hannibal was posing towards the people of Rome.  In the lives of Romans household were seen to have personal spirits which protected every household. They were called the lares and in essence were family ancestral spirits. The penate s were kind of spirits that guarded the larder. It is stated that little shrines, the lararium, were placed in houses to and these spirits could be worshipped on daily basis. Sacrifices in the form of bits of wine and food were offered to these spirits. Later on Emperor Constantine brought in Christianity which changed the whole of Rome and Europe. The Roman gods had a direct influence on the family lives of the Romans. Take for instance Juno, who was the goddess of fertility. The Romans believed that she had the power and capability of providing children to them.  

According to the article and answer the question Assignment

According to the article and answer the question - Assignment Example The behaviors suggest that orangutans are intelligent species with different personality and mentality compared to chimpanzees and gorillas. Orangutans of different groups are found to have different behaviors and practices than each other. The existence of culture in animal species, as a result, is evident keeping the findings of the article in view. The way of hunting, extracting insects with sticks, making pillow of twigs or wiping faces with leaves as with a napkin are different behaviors found in different groups. The conclusion, as a result, is the confirmation of culture’s existence among Orangutans. The close association of such behaviors is found in human cultures. The different behaviors are important to understand the personality of red-haired apes from others. Furthermore, the way orangutans teach their behaviors to their young ones show the level of responsibility they take to nurture their breed and to extend their cultural norms ahead. These behaviors are significant to show the existence of culture in animals, and specifically in orangutans. 2.Drugs: Angiosperms plants are known to have a bitter taste and contain high amounts of psychoactive agents. Since Dinosaurs could not identify the bitterness and detoxify the substances with their less effective levers, they died after having a lot of angiosperms. 1. Sex: The claim is proposed as a negation to high temperatures being the reason for killing the gigantic animals, dinosaurs. However, to support the theory that rising temperatures remained the cause of their extinction, Cowles proposed the idea of testes being non-functional in such high temperature leading to natural contraception and, at extreme, the extinction of dinosaurs. The hypothesis, hence, is a mere idea which is not supported or backed up with proper evidences or experiments thereof. 2.

A Ethical Dilemma that was Shaped or Influenced by the Application of Assignment

A Ethical Dilemma that was Shaped or Influenced by the Application of Nursing Research - Assignment Example Ethical dilemmas can also arise when a patient’s autonomy is not respected. This is to do with the kind of treatment the patient wants, including refusal to treatment and euthanasia (Stevens, 2006). The article states that such ethical dilemmas can be solved if the nurses have better knowledge and skills, communication skills, authority and a proper knowledge of ethical principles guiding the nursing practice (Parker, 2007). Ethical dilemmas are difficult to solve. A single decision by the nurse may not please everybody concerned, including hospital management and the patient’s guardians and relatives. Although it is important to have the basic ethical principles and knowledge from research, it is still very difficult to make a decision in an ethical dilemma. Credentialing and statutory regulations are significant components of nursing practice. Without these important elements the nursing profession lacks authority to ensure protection of interests of the public (Bandman & Bandman, 2002). Licensing is meant to protect the public from unprofessional and unsafe medical practitioners while credentialing helps to verify the qualifications of medical practitioners, including

History Essay Example | Topics and Well Written Essays - 250 words - 3

History - Essay Example The potential employees will have the need to apply for a job since she/he knows that there is health assurance in that company. If not, there will be no interest in that company jobs. It is evident that the existing manpower will be retained in the company as they start having the benefits of the health care insurance. The other thing that the company will benefit from this Act is that there will be an increase in productivity. As the number of employees increase, productivity level increases since there is enough manpower in the company. This Act will reduce the number of absenteeism. As the employees are aware of the insurance cover, there will be less numbers I the absentees list (Burkhauser, 23). Some employers will tend to consider the act of changing their already in use system of insurance and employ only part time employee as live a long with the full-time employees. This is discouraging factor as it will cost a lot to train them and also the administration of the business. Even if the part-time employees don’t change the existing insurance system, they raise marginal cost (Burkhauser, 73). In the Affordable Care Act, there is the employers’ mandate. Employers who have more than 50 employees, who are also full-time and are not having health insurance, should have the employer’s mandate which is their penalty. This penalty is meant for those employers whose intensions are to change their current system of health insurance. The employer mandate is to ensure that the existing style of insurance doesn’t change because of the new Act. As a result of the mandate, some analysts have come up with a suggestion that an ultimate version of pay or play to be introduced. This version is to tax these small businesses that do not give the health insurance. This is to be done by a percentage of their payroll (Faguet, 83). This penalty is meant for those businesses that

Bones Essay Example | Topics and Well Written Essays - 250 words - 1

Bones - Essay Example I agree with Mary Kern about bones. The development of bones comprises of three processes bone modeling, bone growth, and bone remodeling. The three processes occur at various stages in an individual’s life. There are three kinds of bone cells osteocytes, osteclasts and osteoblasts. The cells comprise the living component of the bone. In addition, the cells play a critical role in bone remodeling (Plowman & Smith, 2014). I agree with Kim Pappas about the difference in anatomic location and purpose bursa, tendons and ligaments. The ligaments are structures of fibrous, dense connective tissue. In addition, they link the aspects of the bony skeleton and other body organs. The purpose of ligaments is to increase the mechanical strength of the joints, prevent strenuous movement and direct motion. The tendons attach muscle to bone and transport tensile loads from muscle to bone, generate joint movement and preserve the body posture. The bursae are flattened sac consisting of a synovial membrane that has a capillary film of synovial fluid. They are situated at the underlying bone and deeper skin layers between bone, tendons and independent muscles. Their function is to create a protective sleeve around the tendon (Watkins & Mathieson, 2009). I agree with Sheila Eidson about ligaments, tendons, and bursae. The ligaments and tendons comprise of fibers of fibrous type I collagen. They are mostly parallel-fibred, dense tissues. The tendons link muscle to bone and give rigid passive channel for the conveyance of force. The ligaments, on the other hand, strengthen the joint capsule and give passive solidity to the joint. The bursae is a synovial structure that surround tendons and joints in particular positions to permit freedom of motion and normal limb movement. A recurrent pressure or trauma on bursae results in inflammation that causes olecranon bursitis (Ma & Elisseeff,

Students Persistent Failure in English Language Examinations in Nigeria Essay Example for Free

Students Persistent Failure in English Language Examinations in Nigeria Essay Abstract Education is now a global product with institutions worldwide competing for students and finding ever more creative ways to satisfy student needs and preferences. The optimism and belief in educational progress has gingered the new wake of marketing approaches that boarder on how to properly deal with the intricate issues of qualitative educational service, value as well as customer satisfaction. With the continuing rise in the preference for flexible distance learning, educational institutions are finding that when students and faculty have significantly different cultural backgrounds and learning styles that the expectations of the learning experience can be unfulfilled. Today in Nigeria, education is the responsibility of government, religious organizations as well as private individuals, although in recent years, the private sector has entered the market providing educational services at all levels. There are over 90 universities in Nigeria with more than 2.000.000 students enrolled in these universities. Of these students, less than 100,000 are registered in the National Open University of Nigeria which is the largest of the universities that provide distance education in the country. With such large student numbers, competition between the public and private universities for students has intensified particularly over the last decade. As a consequence, the need to develop strategies for attracting students has become more important. The contribution of technologies to education processes has been immense with students and faculty each learning to adapt to an environment of continuous change and opportunities. This paper therefore, seeks to explore the marketing approaches that could galvanise the growth of the Open and Distance learning institutions, and is subsequently predicated on the view that a competitive advantage in marketing of the Open and Distance learning programmes can be attained by customizing learning experiences for students in a pro-active and constructive way. INTRODUCTION The fast competition that is taking place in the current global market has affected the educational sector. In Nigeria for instance, it has been observed that when education is taken for granted not only the state institutions providing conventional education are prevailed. Starting from the early 1990’s higher education has been provided by either public or private universities either conventionally or extensively. The increase in the products and services that are provided by different parties has affected the educational institutions and the power of marketing communications is utilized in order to pull more customers both by private and state institutions. The marketing of education is a controversial issue. Although the opinions on the signification of the educational institution as a product and the students as the customers still remains arguable the transformation of the instruction process as a student-based model requires the utilization of the marketing opportunitie s are used. Teaching has been increasingly developed as a learner-centered model, shaping the process as a life-long learners experience to match their existing knowledge and skills is crucial. At the open and distance education institution level, being market oriented means adapting a client-centered perspective and managing the institution in a way that matches the needs of primary and secondary clients. This student-based model is not much different than the client-based utilization of marketing strategy. In the marketing approach, the needs and desires of the customers are given a primary and major importance so they are treated as â€Å"kings†. When this strategy is employed in the open and distance education, the course programmes and materials are observed to be shaped in accordance with the needs and desires of the students. The multimedia used is also observed to be very common with those that are presented within the most appropriate channels to the students. The customer â€Å"king† then transforms into the student â€Å"king†. Marketing is about achieving organizational goals, and these are determined by the values of the organization (its culture) and shape its decision-making. Good marketing techniques will definitely help the Open and Distance learning institutions achieve set goals that will help them identify with those clients for whom they offer an appropriate range of learning opportunities. The objective of this study therefore, is to discuss the notions like advertisement, public relations, personal sales and fairs that make effecting marketing communication strategies possible in a nationwide manner and compare the Open and Distance learning educational institutions in Nigeria and other nations of the world to concentrate on the marketing of effective educational programmes, quality educational service and the appropriate pricing of the educational programmes because these are some of the major approaches that can satisfy the wishes of the consumers of their educational services. WHAT IS OPEN DISTANCE LEARNING (ODL)? Open and Distance Learning is the combination of on-line learning (e-learning) and other distance education delivery methods. It is the introduction, utilisation and application of ICT to enhance open and distance education thus implementing open and distance learning policies in order to make learning activities more flexible and enable these learning activities to be distributed among many learning venues. It is an amalgam of two approaches to different forms of education that focus on expanding access to learning. It is a sort of blended and distributed learning, which incorporate elements of tutor mediated and self-directed and resource-based learning process. The pedagogical shifts from face-to-face traditional way of teaching or even the traditional distance education (called correspondence education) to on-line education is what Open and Distance Learning is all about. It represents significant changes in the assumptions on which teachers, learners and support staff go about their business and to the technological infrastructure and skill base that support the moves. According to Reju S. A. (2007), this type of education is characterised by two factors: its PHILOSOPHY and its use of TECHNOLOGY. The Open and Distance Learning Philosophy aims at removing barriers to education allowing students to study what they want, when they want and where they want. In summing up the Open and Distance Learning Philosophy, it aims at increasing educational ACCESS and increasing educational CHOICE of students. As for the TECHNOLOGY, in order to achieve a complete migration from the post-box and hard text delivery of conventional distance education to on-line education, operators must satisfy at least three preconditions: First, the technical infrastructure needs to be transparent to users. Second, its operational framework must address teaching and learning decisions when it describes its functions. Third, systematic and local professional development in online teaching and learning using a just-in-time and just-for-me approach must be available to academics (Nunan, Reid, Mc Causland 2002 :10) BASIC OPERATING SYSTEM OF ODL INSTITUTIONS CHARACTERISTICS AND ADVANTAGES OF ODL The nature and characteristics of Open and Distance Learning gave it wider opportunities as advantages over the classical and conventional system of Education: †¢ Accessibility – overcoming barriers related to: – Prior academic credentials – Time – Physical location – Financial constraints – Personal characteristics – Social responsibility †¢ Flexibility and easy access to instruction in order to ensure broad availability of educational opportunities to all characterized by: – Frequent admission periods – Self-pacing – Optional support services (tutoring, counselling, advising) †¢ Learner control over content and structure †¢ Choice of delivery systems: Instruction delivered through a variety of media including print and other information communication technologies to learners, Learners have control over the course delivery system(s) that suits their purpose †¢ Accreditation – characterised by: †¢ Recognition of courses accredited by other institutions for transfer of credit. †¢ Opportunities for learners to â€Å"challenge† courses for credit. †¢ Provision for â€Å"experiential learning†. †¢ Instruction by a mode other than the conventional face-to-face method †¢ Physical separation between the teacher and the learner †¢ Openness disregard age, previous level of academic achievement, and other factors, creating artificial barriers to education as a life-long pursuit in a democratic environment †¢ Cost-effective system of instruction independent of time, location, pace and space †¢ Used for a variety of learning situations: primary, secondary, tertiary, vocational and non-formal education †¢ It allows for wider Range Extension †¢ Thrives on economy of scale †¢ It is weapon of mass instruction †¢ ODL is more suited to Adult Learners †¢ It democratises and liberalises education †¢ It is more of learner centred and learner friendly programme which includes all in its planning and execution †¢ Focused on QA, well designed instructional packages, student support: It gives learners Qualitative Education and Course Range. VISIBLE PROBLEMS THAT COULD RESULT TO FALL OF SALES AND PATRONAGE IN ODL SYSTEM A good marketing strategy has two parts. The first includes an overview of your industry and how your company fits within it. It identifies who your marketing should be targeted at and what challenges you may face when trying to read your target audience. This part also helps you hone in on your specific marketing goals (i.e. increase client base by %). The second part is all about what you will do to reach to overcome the challenges identified in part one and how you will reach your goals (i.e. develop brochure/ website, etc.) The following issues can create a fall of patronage in the Open and Distance learning system. †¢ Poor quality educational service, poor value and customer dissatisfaction. †¢ Poor and inadequate designing of educational programmes. †¢ Unnecessary overpricing of educational programmes †¢ De-emphasising quality, especially service quality †¢ Regular students frustration in learning how to get on-line (especially for novices). †¢ Time lapse between student input and feedback -Time lapse between need for learner support and resolution †¢ Occasional internet provider downtime (server usually inaccessible to students) †¢ Student become less active and less self-directed in the learning environment which depends largely on individual motivation and initiative. †¢ Occasional feelings of isolation- Potentially less group support for learners leading to isolation and possible non-completion of programme †¢ Instructional design for group activities and group interaction more demanding on the instructor †¢ Demands large effort and cost to develop appropriate materials †¢ Demands large effort to create and maintain the technological infrastructure When these problems persist, the message becomes very clear; ‘Distance Education is not for everyone’. – Unfortunately, the problems becloud the fact that Open and Distance learning is not for undisciplined learners nor inflexible instructors. QUALITY ASSURANCE AND GOOD MARKETING STRATEGY AS PANACEA TO ADDRESS PROBLEMS OF FALL OF SALES AND PATRONAGE IN ODL SYSTEM What is Quality assurance? According to Wiley (2009), Quality assurance, or QA for short, refers to a programme for the systematic monitoring and evaluation of the various aspects of a project, service, or facility to ensure that standards of quality are being met. It is important to realize also that quality is determined by the program sponsor. QA cannot absolutely guarantee the production of quality products, unfortunately, but makes this more likely. Two key principles characterise QA: fit for purpose (the product should be suitable for the intended purpose) and right first time (mistakes should be eliminated). QA includes regulation of the quality of raw materials, assemblies, products and components; services related to production; and management, production and inspection processes. It is important to realize also that quality is determined by the intended users, clients or customers, not by society in general: it is not the same as expensive or high quality. Even goods with low prices can be considered quality items if they meet a market need. QA is more than just testing the quality of aspects of a product, service or facility, it analyzes the quality to make sure it conforms to specific requirements and comply with established plans. Accuracy of Quality Assurance There is an extensive process of trial and error in order to ensure quality assurance. By the end of the trials you arrive at an acceptable process that helps you decide the reliability and efficiency of the sample. The process involves meeting specifications such as performance measures and depends on environment operation. The cost of resulting in failure is very high which result in the process of Quality Assurance to be extensive and it is acceptable to delay production until all tests are done and double-checked. Steps for Quality Assurance Process †¢ Test previous article †¢ Plan to improve †¢ Design to include improvements and requirements †¢ Manufacture with improvements †¢ Review new item and improvements †¢ Test new item The process for Quality Assurance is very rigorous and requires a lot of testing and planning. The team or firm has to comply with previous requirements, implement new requirements and improve the old item. Other than following requirements, the team or firm has to comply with consumers needs. WHAT IS MARKETING? Marketing is defined by the American Marketing Association as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large Simply stated, marketing is everything you do to place your product or service in the hands of potential customers. It includes diverse disciplines like sales, public relations, pricing, packaging, and distribution. In order to distinguish marketing from other related professional services, S.H. Simmons, author and humorist, relates this anecdote. If a young man tells his date shes intelligent, looks lovely, and is a great conversationalist, hes saying the right things to the right person and thats marketing. If the young man tells his date how handsome, smart and successful he is thats advertising. If someone else tells the young woman how handsome, smart and successful her date is thats public relations. You might think of marketing this way. If business is all about people and money and the art of persuading one to part from the other, then marketing is all about finding the right people to persuade. Marketing is your strategy for allocating resources (time and money) in order to achieve your objectives (a fair profit for supplying a good product or service). Yet the most brilliant strategy wont help you earn a profit or achieve your wildest dreams if it isnt built around your potential customers. A strategy that isnt based on customers is rather like a man who knows a thousand ways to make love to a woman, but doesnt know any women. Great in theory but unrewarding in practice. If you fit the classic definition of an entrepreneur (someone with a great idea whos under-capitalized), you may think marketing is something you do later after the product is developed, manufactured, or ready to sell. Though it may feel counter-intuitive, marketing doesnt begin with a great idea or a unique product. It begins with customers those people who want or need your product and will actually buy it. Entrepreneurs are in love with their ideas, and they should be. After all, why would anyone commit their energy, life savings, and no small part of their sanity to anything less than a consuming passion. Because entrepreneurs are passionate about their idea, product, or service, they innocently assume other people will feel the same. Heres the bad news it just doesnt work that way! People have their own unique perceptions of the world based on their belief system. The most innovative ideas, the greatest products, or a superior service succeed only when you market within the context of peoples perceptions. Context can be many things, singly or simultaneously. To name a few, you may market to your customers within the context of their wants, needs, problems solved, or situation improved. Entrepreneurs need to be aware of many other contexts, such as social and economic trends or governmental regulations, which well discuss another time. People dont just buy a product. They buy the concept of what that product will do for them, or help them do for themselves. People who are overweight dont join a franchise diet center to eat pre-packaged micro-meals. They buy the concept of a new, thin, happy and successful self. Before you become consumed with entrepreneurial zeal and invest your life savings in a new venture, become a smart marketer. Take time at the beginning to discover who your potential customers are, and how to effectively reach them. Without a plan, your entrepreneurial dream is really wishful thinking. While a marketing plan can be a map for success, remember that the map is not the territory. A strategy that ignores the customer isnt an accurate reflection of the landscape. A good marketing plan can help you focus your energy and resources. But a plan created in a vacuum, based solely on your perceptions, does not advance the agenda. Thats why market research, however simple or sophisticated, is important. Just keep in mind that research attempts to predict the future by studying the past. It reveals what people have done, and extrapolates what people might do not what people will do. Planning is imperative, research is important, but theres no substitute for entrepreneurial insight. After all, as Mark Twain wrote, You cannot depend on your eyes when your imagination is out of focus. Marketing strategy’ Wikipedia dictionary defines ‘Marketing strategy’ is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. A marketing strategy should be centered on the key concept that customer satisfaction is the main goal. Services marketing Services marketing, as the label suggests, relates to the marketing of services, as opposed to tangible products (in standard economic terminology, a tangible product is called a good). A typical definition of a service (as opposed to a good) is thus: †¢ The use of it is inseparable from its purchase (,i.e. a service is used and consumed simultaneously) †¢ It does not possess material form, and thus cannot be smelt, heard, tasted, or felt. †¢ The use of a service is inherently subjective, in that due to the human condition, all persons experiencing a service would experience it uniquely. As examples of the above points, a train ride can be deemed as a service. If one buys a train ticket, the use of the train is typically experienced concurrently with the purchase of the ticket. Moreover, a train ride cannot be smelt, heard, tasted or felt as such. Granted, a seat can be felt, and the train can be evidently heard, nonetheless one is not paying for the permanent ownership of the tangible components of the train. Services (by comparison with goods) can also be viewed as a spectrum. Not all products are pure goods, nor are all pure services. The aforementioned example of a train ride can be deemed a pure service, whilst a packet of potato chips can be deemed a pure good. An intermediary example may be a restaurant (as the waiter service is intangible, and the food evidently is tangible in form). VARIOUS STRATEGIES AND APPROACHES OF GOOD MARKETING THAT COULD HELP IN GROWTH OF SALES AND PATRONAGE OF ODL PROGRAMMES It is the explicit recognition of the tensions between old and new learning styles which our paper seeks to highlight as the basis for attaining a marketing advantage. To allow students to learn in styles that commence with recognition of diverse foundations provides an environment where students are given greater opportunity for academic success. The view that all students can be blended into one learning environment as though one stylized type of pedagogy would be suitable for all students in a mixed cohort, presumes that a standardized approach to learning is indeed appropriate. The concept of ‘one size fits all’ education may have been appropriate in old economies where students represented a homogenous group from the same cultural group with a known entry level skill set. Where students do not fit this form of stereotyping it makes sense to approach the task of designing an appropriate learning environment which suits the majority of learners. Eisner also claims that communication and multiple intelligence literature suggest that effective teaching involves reaching students, and that reaching students involves taking their frames of reference into account. Knowing where our students are coming from and meeting them there may increase the chance that students will absorb the information we seek to teach (Eisner 2003, 34-5). Indeed, the arrival of technologies to supplement, enable, enrich and mediate learning experiences challenges traditional education pedagogies. To actively respond to such pressures in a way that is positive can contribute to academic outcomes. Businesses and governments have called into question the relevance of quality of the education that has been provided by post-secondary institutions as well as their continued ability to deliver education in a manner that the new forces of the globalizing marketplace would deem efficient (Montgomery, L., M. Canaan, J., E.) (2004). Nagy (2007) demonstrated via a case study that student outcomes could be dramatically improved by specifically recognizing the needs of the cohort and tailoring assessment tasks to suit the cohort. This style of customization is a reaction to market needs in a proactive way to ensure that student success is achieved without variation in the quality or content of course design. To take this analysis one step further, for a chosen unit of study where it is known that the student population incorporates variable educational foundations within the student population, a university could recognize this variation and provide 2 streams of learning for the same material using alternative pedagogies to achieve outcomes. One alternative could embrace student centered learning and the other teacher centered learning. Each of the alternatives may then employ the best practice pedagogies appropriate to the identified style of learning, and utilize different assessment strategies. Students are then free to choose which alternative learning environment best suits their learning foundations and preferences, at the commencement of the subject. This approach has the potential to promote a more confident attitude to learning with less alienation from the learning environment, greater student self esteem and improved learning outcomes. The term learning styles is used as a description of the attitudes and behaviors which determine an individual’s preferred way of learning. Some students tend to focus on facts. Some respond strongly to visual forms of information; others are able to learn more from verbal forms written and spoken explanations. Some prefer to learn actively and interactively; others function more introspectively and individually. No one learning style is better than another; it is simply that people learn in different ways. The best learning style is the one that works for an individual in a particular situation. Those universities with sufficiently large and diverse student cohorts may be able to further refine a process of variable pedagogies. Costs would not be significantly different and yet the provision of alternative learning experience can be employed for both on campus and distance education institutions representing a way of marketing subjects that may entice particular students to particular universities. Our suggestion places the emphasis back on the student; with the student selecting the mode of learning best suited to their personal learning style. These choices made available to students can thus be regarded as part of a suite of marketing tools that universities can make use of. Generally, action must be taken to develop a complete marketing program to reach consumers (life-long learners) by using a combination of factors which can be referred to as the 4P’s. The 4 P approach to marketing includes product, price, place and promotion are illustrated as follows: Product: It is a good, service or idea that the consumers need for satisfying their wants. Physical product can be described in terms of its physical characteristics and is what most people actually think of as the product Sussane and Chris(2010) suggest that education is a product, and see distance education as a product instead of a tool for distributing education. They say that in order to most efficiently use our resources, the needs of the student/consumer should be assessed. By doing so, we can learn from the students and then apply that knowledge to attract future students while meeting the needs and improving upon the services offered to the current students. The products have a different name, logo, color and physical attributes. We can say that Distance Education institution is a brand and a brand is a way of differentiating one product from another; the greater the perceived similarity of products, the more important the brand in establishing the differences. Some schools will clearly feel that they are different from others, or that the market perceives differences, which makes it less important for them to establish their corporate identity (Galbraith, K. 2003). Price: This concept embodies more than a value that someone will pay for it. The meaning associated with price changes is contextual. Institutions have different pricing policies and all institutions compete against each other to increase their application and enrollment rates. Pricing policies will impact student choice between institutions. Place: It is a means of getting the product into the consumer’s hands. The personality of the place sends messages to the target audience. The vehicle which is used to reach the students can be a physical location or a virtual space where the connection speed of internet used, e-mail, can serve as a differentiating mechanism. Promotion: Promotion is a means of communication between the seller and buyer. It includes advertising, public relations, personal selling, publicity, and sales promotions. If one higher education institution wants to enroll more students than other, it will need to use corporate advertising or engage in activities that create a liaison between the students and the institutions. Publicity provides media coverage to the institutions and visibility can create confidence about an institutions reputation and quality perceptions. Marketing initiatives include print based products and internet-based advertisements, brochures, and word-of-mouth (WOM) communication. According to Buttle (1998: p. 242) WOM has been shown to influence a variety of conditions: awareness, expectations, perceptions, attitudes, behavioral intentions and behaviour. Because of these factors positive WOM may affect the awareness of the open and distance university and this awareness can turn the behavioral intentions of students. Fairs are also benefited to communicate with the students. Every year education fairs should be organized and all universities that run distance learning programmes should be represented. Where the cost of registration is same between universities, the image of the university plays an important role in the process of selecting that university. The image consists of two criteria. One of it is tangible criteria like, academic staff, profile of the graduated, facility of the university, curriculum, and opportunity for internship etc. Intangible criteria are good or bad experiences about university, negative or positive WOM. Internally developed strategy Broadcasting is the distribution of audio and/or video signals which transmit programs to an audience. Receiving parties may include the general public or a relatively large subset of the whole, such as children or young adults. Here, the FM station of NOUN becomes important. In his essay, John Durham Peters wrote that communication is a tool used for dissemination. Durham stated, â€Å"Dissemination is a lens- sometimes a usefully distorting one- that helps us tackle basic issues such as interaction, presence, and space and time†¦on the agenda of any future communication theory in general† (Durham, 211). Dissemination focuses on the message being relayed from one main source to one large audience without the exchange of dialogue in between. There’s chance for the message to be tweaked or corrupted once the main source releases it. There is really no way to predetermine how the larger population or audience will absorb the message. They can choose to listen, analyze, or simply ignore it. Dissemination in communication is widely used in the world of broadcasting. Broadcasting focuses on getting one message out and it is up to the general public to do what they wish with it. Durham also states that broadcasting is used to address an open ended destination (Durham, 212). There are many forms of broadcast, but they all aim to distribute a signal that will reach the target audience. Broadcasting can arrange audiences into entire assemblies (Durham, 213). Effective use of the University website According to Ms.Bindu Rathore, CEO WebTotal Marketing, Many Educational Institutions have a website, but they don’t know how to combine offline and online marketing to increase their profits and reduce their advertising costs. She therefore recommended that the concept WebTotal Marketing is now available to help such Educational institutions to have a complete web marketing system so they can enhance their brand and attract more prospect students at an affordable cost.† This postulation is basically predicated on the fact that students have become very Internet savvy these days and are cautious in their selection of institutions of higher learning. They actively participate in forums and group discussions along with feedbacks from past students to analyze a particular college or university before they make their decision. University Publications The word publication means the act of publishing. To publish is to make content available to the public. While specific use of the term may vary between country, it is usually applied to text, images, or other audio-visual content on any medium, including paper or Electronic publishing forms such as websites, E-books, Compact Discs and MP3s. THE ROLE OF PUBLIC RELATIONS, GIFT ITEMS/SOUVENIRS, EVALUATION (of process, input and products) AND AFTER-SALES-SERVICES IN GOOD MARKETING Promotional merchandise, promotional items, promotional products, promotional gifts, or advertising gifts are articles of merchandise that are branded with a logo and used in marketing and communication programs. They are given away to promote a company, corporate image, brand, or event. These items are usually imprinted with a companys name, logo or slogans, and given away at trade shows, conferences, and as part of guerrilla marketing campaigns. The giving of gifts goes back throughout the hostory of man. Gifts would be, and still are, given for various reasons including: to welcome, for appreciation, and for celebration. In the late 20th century a new industry evolved around the concept of giving gifts. Industry and commerce recognised the benefits that could be gained by a company and corporate organisation in giving gifts to existing and prospective customers. Promotional merchandise is now used globally to promote brands, products and corporate identity. They are also used as giveaways at events like exhibitions and product launches. Almost anything can be branded with a company’s name or logo and used for promotion. Common items include t-shirts, caps, key chains, posters, bumper-stickers, pens, mugs, or mouse pads. The largest product category for promotional products is wearable items, which make up more than 30% of the total. Most promotional items are relatively small and inexpensive, but can range to higher-end items; for example celebrities at film festivals and award shows are often given expensive promotional items such as expensive perfumes, leather goods, and electronics items. Companies that provide expensive gifts for celebrity attendees often ask that the celebrities allow a photo to be taken of them with the gift item, which can be used by the company for promotional purposes. Other companies provide luxury gifts such as handbags or scarves to celebrity attendees in the hopes that the celebrities will wear these items in public, thus garnering publicity for the companys brand name and product. Brand awareness is the most common use for promotional items at 12.59%. Other objectives that marketers use promotional items to facilitate include employee relations and events, tradeshow traffic-building, public relations, new customer generation, dealer and distributor programs, new product introductions, employee service awards, not-for-profit programs, internal incentive programs, safety education, customer referrals, and marketing research. Customer service is the provision of service to customers before, during and after a purchase. According to Galbraith, K. (2003). 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 expectation. Its importance varies by product, industry and customer; defective or broken merchandise can be exchanged, often only with a receipt and within a specified time frame. Customer service may be provided by a person (e.g., sales and service representative), or by automated means called self-service. Examples of self service are Internet sites. However, In the Internet era, a challenge has been to maintain and/or enhance the personal experience while making use of the efficiencies of online commerce. Writing in Fast Company, entrepreneur and customer systems innovator Wiley, J. made the point that Online customers are literally invisible to you (and you to them), so its easy to shortchange them emotionally. But this lack of visual and tactile presence makes it even more crucial to create a sense of personal, human-to-human connection in the online arena. From the point of view of an overall sales process engineering effort, customer service plays an important role in an organizations ability to generate income and revenue. From that perspective, customer service should be included as part of an overall approach to systematic improvement. CONCLUSION In many countries, open and distance learning methods have become an effective and equitable means of providing learning for people in all situations and of all ages. Our postulation in this paper is that the effective marketing of the operational infrastructure for the delivery of an Open and Distance Learning programme is critical to its success. Yet all too often this element is overlooked or seen as incidental to the design and quality of the distance learning materials and programmes themselves. We then went ahead to address very salient issues that can help the Open and Distance Learning institutions adopt new approaches as regards the rapid strategic marketing of ODL systems that will ultimately lead to increased success in the operation of the system worldwide. These issues include †¢ coming to grips with the socio-cultural drivers of education in the 21st century †¢ anticipating the future and activating the potential of innovation as a prerequisite for outstanding success and †¢ interpreting latent educational needs and effectively creating a demand for the ODL system worldwide. BIBLIOGRAPHICAL REFERENCES Buttle, F. (2005). Word of Mouth: Understanding And Managing Referral Marketing, Journal of Strategic Marketing, (6) 241–254. Eisner, S. P. (2004). The Class Talk Show: A Pedagogical Tool, SAM Advanced Management Journal, Winter 2003, 34 49. Galbraith, K. (2003). Towards Quality Private Education in Central and Eastern Europe, Higher Education in Europe, XXVIII, (4) pp. 539-558. Garrison, D. R. Anderson, T. (2003). E-Learning in the 21st Century, Routledge- Falmer, London. Wiley, J (2009) The Quality Assurance Journal http://www.interscience.wiley.com/journal/15634/home Durham, J. P. (2006) Communication as Dissemination. Communication as†¦Perspectives on Theory. Thousand Oakes, CA: Sage,. 211-22. Montomery, L., M. Canaan, J., E. (2004). Conceptualizing higher education students as social actors in a globalizing world: a special issue, International Journal of Qualitative Studies in Education, 17 (6), 739-748. Nagy, J. (2007). Market forces in higher education: cheating and the student-centred learning paradigm, book chapter in â€Å"Ethical Practices and Implications in Distance Learning† Indira Gandhi National Open University, Simonetta C. Christian V. (2009) Path to a new Prosperity; A new Approach to Marketing. London, Keegan Paul. Suzanne .A. Chris. P. (2010) Managing expectations: effective support systems for distance learning the experience of the Warwick MBA by distance learning. www.effectivemarketing.com

Motivation Letter Essay Example for Free

Motivation Letter Essay Motivation Letter Application For Studying In University Paul Cezanne Aix Marseille To whom it may concern: In addition to all my documents provided, I would like to take this great opportunity to write a motivation letter to clarify my main reason that drives me to study in University Paul Cezanne Aix Marseille. After graduation from _____ University major in Industry International Trade, I acquired knowledge in an extensive business area, for example, accounting, finance, international trade, corporate management, law etc. I worked at Credit Control department at Accenture Consulting Company for around 2 years. My responsibility includes providing customer service to UK clients, collecting overdue debt, applying cash payments, making financial adjustments and analyzing credit status for customers. My interpersonal skills improved greatly and English skill was polished as well through daily contact with British customers. Currently I have been worked as assistant product manager at Golden Label 5 International Trade Company. My responsibilities are to communicate with the sales team, the distributors and the promotional girls in order to motivate them and to let them be more and more aware of our brands images to manage efficiently the existing marketing tools to participate in the development of new marketing tools and participate in the development of the promotions for the day market. I believe that my current working experience is the main reason that drives me to study in France. By choosing to study University Paul Cezanne Aix Marseille there are a few advantages that I can achieve my goal: My current job is to assist my French boss (marketing director) to communicate with the sales team, the distributors and the promotional girls in order to motivate them and to let them be more and more aware of our brands images. Meanwhile boost and maintain our brand image. In order to cooperate better with my boss, I started to learn French since last June. Although we still discuss in English during daily life, my French language does help me a lot when I explain some authentic French traditional wines and spirits knowledge to customers. I know more and more about French, French culture, French wine, etc. And I believe that what I will obtain in University Paul Cezanne Aix Marseille give me a global view of International corporate management and have a multi-culture background. France is a multicultural country, and University Paul Cezanne Aix Marseille is a well-known multicultural university. I can learn how to interact within different cultures to improve my interpersonal skills. I also can build up a network that comprises friends from different countries and areas. France has good relationship with China. And now China is becoming certainly the biggest potential market for France. With my multi- culture background and French experience and skills, when I have completed study in France and returns China, I can participate into the development of business cooperation or any other relationship. In short, by choosing to study in University Paul Cezanne Aix Marseille, I will benefit greatly from the extraordinary experience for building up my professional career, and I will help to build China, my motherland, into a well-managed market economy country. I am looking forward that my application can be assessed and approved at your earliest convenience! Kind Regards Li

Objectives And Goals Of Central Banks Finance Essay

Objectives And Goals Of Central Banks Finance Essay Every central bank is responsible of implementing a monetary policy which aims at ensuring economic growth, low inflation and currency stability and to do that lowering inflation is the best way for enhancing economic growth and development. So eventually every year central banks with the help of the governments set indicative inflation target and try to maintain it within the target band. In addition central banks need to ensure price stability and regulate the money flow in order to control inflation and this is done by 2 ways: Inject the market with liquidity: By tradition, the Fed uses the produce-money-and-purchase approach (PMP): the Fed produces money in their computers and uses it to buy US Treasuries from the banking system. In exchange for the US Treasuries, the Fed creates money on the account that the selling bank holds at the Fed. The ECB, in contrast, uses the produce-money-and-lend (PML) approach. It produces money and lends it to the banking system for one week or three months. The preferred collateral for these loans to banks is government bonds. As a result of PMP and PML, banks receive new base money. Or Absorb extra funds by issuing treasury bills or central bank bills. So to conclude, a compromise has to be found between decreasing interest rates and encouraging borrowing and increasing inflation. Microeconomic Objectives When a bank finds itself in shortage of liquidity in order to meet fulfill its role, the central bank can lend additional funds to avoid bankruptcy of banks or other institutions deemed systemically important or too big to fail. Central Banks must be impartial in its lending process, thats why Central Banks are independent. Central banks can also require deposit insurance from commercial banks. Some central banks will hold commercial-bank reserves that are based on a ratio of each commercial banks deposits. This is also a way of controlling money supply in the market. The rate at which commercial banks and other lending facilities can borrow short-term funds from the central bank is called the discount rate (which is set by the central bank and provides a base rate for interest rates). It has been argued that, for open market transactions to become more efficient, the discount rate should keep the banks from perpetual borrowing, which would disrupt the markets money supply and the central banks monetary policy. By borrowing too much, the commercial bank will be circulating more money in the system. Use of the discount rate can be restricted by making it unattractive when used repeatedly. A third objective of central banks can also be added. It concerns long-term strategic objectives of financial sector development including the development of an effective payments system and secure the financial markets and transactions. Functions The major functions of central banks are the following: Monetary Policy Implementation and Money Supply Control Bank of Note issue lender of last resort and governments bank interest rate interventions Clearing Agent Banker, agent and adviser to the government banking supervision and regulation The central bank can also be entrusted with other crucial functions like credit control, management of public debts, rediscounting of bills, and custodian of foreign exchangeà ¢Ã¢â€š ¬Ã‚ ¦ Monetary Policy Implementation and Money Supply Control The aim of an effective monetary policy is to create employment in the country, resist undue inflation and achieve a favorable balance of payment. Central banks implement a countrys chosen monetary policy by choosing the type of the currency and by determining the size and rate of growth of the money supply, which in turn affects interest rates. Bank of Note issue Earlier every banks notes lacked uniformity and were different from each others in color, size, value and even market goodwill. Hence the paper currency system was unstable, unreliable, and used to yield to gold and silver currencies. It was then necessary for a single bank to centrally issue currency notes for different reasons: It brings uniformity in the monetary system The central bank can exercise better control over the money supply in the country. ==> it increases public confidence in the monetary system. Monetary management of the paper currency becomes easier. Being the supreme bank of the country, the central bank has full information about the monetary requirements of the economy and, therefore, can change the quantity of currency accordingly. It enables the central bank to exercise control over the creation of credit by the commercial banks. The central bank earns money by issuing currency notes and selling them to the public for interest-bearing assets, such as government bonds. Since currency usually pays no interest, the difference in interest generates income. In most central banking systems, this income is remitted to the government. Granting of monopoly right of note issue to the central bank avoids the political interference in the matter of note issue. Lender of Last Resort The central bank is the lender of last resort in cases of banking insolvency or illiquidity, which means that it is responsible for providing its economy with funds when commercial banks cannot cover a supply shortage. In other words, the central bank prevents the countrys banking system from failing by acting as a bank to commercial banks. By acting this way, central banks: Increases the elasticity and liquidity of the whole credit structure of the economy, Enables the commercial banks to carry on their activities, Provides financial help to the commercial banks in time of emergency, Enables the central bank to exercise its control over banking system of the country. Interest rate Interventions The central bank sets the official interest rate in order to manage both inflation and the countrys exchange rate and to ensure that this rate takes effect via a variety of policy mechanisms. Typically a central bank controls certain types of short-term interest rates. These influence the stock and bond markets as well as mortgage and other interest rates. Clearing agent As the custodian of the cash reserves of the commercial banks, the central bank acts as the clearing house for these banks. Since all banks have their accounts with the central bank, the central bank can easily settle the claims of various banks against each other with least use of cash. The clearing house function of the central bank has the following advantages: It economies the use of cash by banks while settling their claims and counter-claims. It reduces the withdrawals of cash and these enable the commercial banks to create credit on a large scale. It keeps the central bank fully informed about the liquidity position of the commercial banks. Banker, agent and adviser to the governments First As a banker to government, the central bank performs the same functions for the government as a commercial bank performs for its customers. It maintains the accounts of the central as well as state government; it receives deposits from government; it makes short-term advances to the government; it collects cheques and drafts deposited in the government account; it provides foreign exchange resources to the government for repaying external debt or purchasing foreign goods or making other payments; Second as an Agent to the government, the central bank collects taxes and other payments on behalf of the government. It raises loans from the public and thus manages public debt. It also represents the government in the international financial institutions and conferences; and finally As a financial advisor, the central bank gives advice to the government on economic, monetary, financial and fiscal matters such as deficit financing, devaluation, trade policy, foreign exchange policyà ¢Ã¢â€š ¬Ã‚ ¦ Banking Supervision and Regulation In some countries a central bank controls and monitors the banking sector. It examines the banks balance sheets and behavior and policies toward consumers. Apart from refinancing, it also provides banks with services such as transfer of funds, bank notes and coins or foreign currency. The subprime crisis Markets Pre-Crisis Situation Following the 2000 burst in the dotcom bubble, investors lost confidence in the equity markets and concentrated their investments in government bonds, and secure assets. However, this lack of confidence started to turn around at the end of 2003, fueled by: à ¢Ã¢â€š ¬Ã‚ ¢ The rise of real estate prices à ¢Ã¢â€š ¬Ã‚ ¢ improving figures of world economy and in particular the U.S. economy à ¢Ã¢â€š ¬Ã‚ ¢ the intervention of the Federal Reserve, helping banks by providing liquidity at particularly easy conditions (this liquidity injection by the Federal Reserve did not solve the problem, but only postponed it to blow up again in July 2007 in the form of the subprime crisis) à ¢Ã¢â€š ¬Ã‚ ¢ The short memory of investors To fully understand the origins and the impact of the current crisis on the world economy, it is crucial to understand the subprime loans and their use in the credit derivatives and structured products world. The term subprime lending refers to the practice of making loans to borrowers who do not qualify for market interest rates due to various risk factors, such as income level, size of the down payment made, credit history and employment status. Subprime loans are considered risky for both the borrower and the lender. Its risky for the lender because borrowers usually have lower incomes and a poor record of paying debt which increases their default probability. It is also risky for borrowers. To offset the risk of defaults, lenders will charge high rates of interest to offset the risk. The high interest rates however are strenuous for borrowers which further increases their likelihood of default. Two aspects of the subprime loans could give us a clearer image of the causes of the crisis. First, borrowers not being able to pay the interest rates on their mortgages have used the continuing rise in the value of their real estate to refinance their debt, thus taking on a higher debt. Second , every couple of years the interest rates on the subprime loans is reset in a way to take into account, the moves that have taken into the market. The final piece of the puzzle is the understanding of how these local loans issued by local brokers have made their way into the hands of Wall Street firms. Brokers match prospective borrowers with lenders who further lure borrower with exotic mortgages such as no doc mortgages, which do not require any evidence of income or savings. Bing banks and wholesale lenders buy the debt, repackage them and sell them to investment banks. These investment houses further repackage these loans in mortgage backed securities (MBS) and collateralized debt obligations (CDO). These structured products very often yield high rates of return and are sold to pension funds, hedge funds and institutions. It all started out in the end of 2006 and the beginning of 2007, when the rise of real estate that started in 1997 showed sign of slowing down. Not being able to refinance their debt, subprime borrowers found themselves in default, and faced foreclosure. In March 2007, General Motors announced that earnings plunged 90% during the first 3 months. The reason was due to losses at its mortgage loan subsidiary GMAC. UBS said that it will shut down its Dillon Read Capital Management arm after the hedge fund lost 150 million Swiss Francs on subprime investments. Finally, on June 21st 2007 data was released showing the record number of foreclosure, with biggest increase in the subprime sector. These signs are the start of a crisis that would cost investors, banks and almost all financial institutions enormous losses, thus forcing central banks around the world to intervene in order to maintain the grip on the financial system. Timeline of the subprime crisis: The pre-crisis 2001: Crises of confidence on the American Stock Exchange (Internet bubble, terrorist attacks of September 2009). The Fed lowered interest rates. 2002-2004: Invention of the subprime, low loan rate credit for 2 years, then variable rate based on the market rate: for households that have a high risk of non-repayment. if they cant reimburse it, their properties are seized by the bank. 2002-2004: The low interest rate allows an increase in the real estate purchases, which leads to higher market prices 2004: higher Inflation due to rising in oil prices. 2004-2007: interest rates increased by the Fed. 2006: real estate prices went down 2007: Increase in foreclosures in the United States due to the non-repayment of subprime loans. The crisis of 2008: 8 February 2007: HSBC global investment bank was the first to announce a liquidity problem due to the non-reimbursement of the subprime loans. June 2007: Bear Stearns, the U.S. investment bank, closes two of their investment fund related to real estate market. October 29, 2007: Merrill Lynch, the U.S. investment bank, announced $ 2 billion losses. Few months later other banks (American Bear Sterns, the French Socià ©tà © Gà ©nà ©rale, UBS Switzerlandà ¢Ã¢â€š ¬Ã‚ ¦)will announce identical losses. March 16, 2008: Bear Stearns was saved from bankruptcy by JPMorgan with the help of the U.S. government. 13 July 2008: Henri Paulson announces the refinancing of Freddie Mac and Fannie Mae, the two funds that guarantee mortgages in the United States. 7 September 2008: Refinancing Fannie Mae and Freddie Mac by nationalizing them. September 15, 2008: Bankruptcy, the first of a long list started by Lehmann Brothers. Merrill Lynch was saved by Bank of America. September 16, 2008: AIG the American insurance went bankrupt.it was bought later by the U.S. government. September 26, 2008: Bankruptcy of the first retail bank, Washington Mutual was bought by JPMorgan. September 30, 2008: Dexia went bankrupt; refinanced later by the Belgian and French governments. October 3rd, 2008: American Congress Voted for the Paulson rescue plan to save the financial market. 6 October 2008: The historical fall of the CAC40 and the Dow Jones, this continued throughout the week. October 8, 2008: Major central banks have lowered their interest rates based on a mutual agreement. October 12, 2008: European Union announced a bailout of the financial market. October 15, 2008: The French Parliament voted for a bailout of the banks. Quick remind of the banks losses: Banks Losses % of total losses recapitalization Citigroup 55,1 11,0% 49,1 Merrill Lynch 52,2 10,4% bought by Bank of America UBS 44,2 8,8% 28,4 HSBC 27,4 5,5% 3,9 Wachovia 22,7 4,5% bought by Citigroup Bank of America 21,2 4,2% 20,7 Morgan Stanley 15,7 3,1% 5,6 IKB Deutched 15,1 3,0% 12,4 Washington Mutual 14,8 3,0% bought by JP Morgan Chase Royal Bank of Scotland 14,5 2,9% 23,8 JP.Morgan Chase 14,3 2,9% 9,7 Lehman Brothers 13,8 2,8% Bankrupt Deutsche Bank 10,6 2,1% 6,2 Crà ©dit Suisse 10,5 2,1% 3,0 Wells Fargo 10,0 2,0% 5,8 French banks Crà ©dit Agricole 9,0 1,8% 8,7 Fortis 7,3 1,5% Nationalized Socià ©tà © Gà ©nà ©rale 6,7 1,3% 9,6 Natixis 5,4 1,1% 12,1 BNP Paribas 3,9 0,8% 0 Dexia 1,7 0,3% Source: Bloomberg Nationalized Caisse dà ©pargne 1,2 0,2% 0 Total 501,1 352,9 What the ECB did during the crisis : 2 big phases The first phase of the turbulence During the first phase of the turbulence on the capital markets, which lasted from August 2007 to mid-September 2008 and was characterized by a systemic shortage of liquidity, the ECB has amended the terms of the provision of technical applying liquidity in normal times. It has, at the same time, fully utilizing the flexibility offered by its operational framework for the implementation of monetary policy. First, the Eurosystem has adjusted the distribution of liquidity during the period of reserve in advance by providing liquidity, compared to what it does in normal times. Thus, at the beginning of the maintenance period, ECB systematically allocated volume of liquidity than the usual theoretical reference in its main refinancing operations, while still aiming for balanced liquidity conditions at the end of the maintenance period. In this way, the total supply of liquidity throughout the period remained unchanged. These measures tended to take into account changes in the profile of the liquidity demand made by the banks. Second, the Eurosystem has also provided liquidity to the banking system through procedures open market that had been little or no use before the onset of turbulence. Particularly in response to the increased demand for bank financing in the longer term, the Eurosystem has significantly extended the average maturity of its loans to banks in the euro area. Accordingly, and to leave unchanged the total outstanding refinancing, the amount of liquidity provided through MROs in a week was reduced in corresponding proportions. The second phase of the turbulence In mid-September 2008, however, concerns about credit risk have greatly increased, tensions immediately propagated in the United States in the euro area, and the money market has virtually ceased to function. Therefore, the Eurosystem has intensified its efforts to allow solvent banks to continue their activities. And several additional measures were taken unprecedented in this direction. Thus, in mid-October, the ECB adopted as quite exceptional, a tendering procedure fixed rate full allotment for all main refinancing operations and the weekly refinancing operations more long term, with maturities ranging from one week to six months. This procedure will remain in effect as long as necessary in light of the market situation. It also increased the number and frequency of refinancing longer term by three months each additional refinancing operations, two for a term of three months and a period of six months, and introducing a special-term refinancing operation with a maturity corresponding to the duration of the period of reserve. Meanwhile, the ECB has implemented a new series of exceptional measures to temporarily expand the list of assets eligible as collateral in credit operations by the Eurosystem. Finally, the ECB has increased the supply of dollars in funding to its counterparties in conducting tenders fixed rate, full allotment and maturities from one week to three months, through swap agreements with the Federal Reserve System of the United States. These measures, which reflect the important role of strengthening intermediation taken by the Eurosystem during this turbulent period helped ensure the continued access of solvent banks to liquidity despite the monetary market failure. In addition, they have helped to reduce tensions in some segments of the money market. For example, the difference between the rates of unsecured long-term Euribor rate and index swaps on a daily basis is significantly reduced, even if it remains at a level high, significantly higher than the levels observed prior to September 2008. In practice, these measures imply that banks in the euro area can get as much euro liquidity they wish, through both our weekly operations as our futures, and this by using a wide range of assets as collateral. In total, the balance sheet of the Eurosystem increased by a total of approximately EUR 600 billion since the end of June 2007 until today, an increase in the size of 65%, the assets reflecting the sharp rise in the volume of liquidity provided and liabilities resulting from concomitant use banks to the deposit facility. These measures were effective to address the shortage of liquidity in the interbank market. They cannot, however, remove the heightened concerns regarding credit risk. In this regard, the money market conditions are not yet standardized and remain strongly affected by a high degree of risk aversion. The increase in the intermediation role of the Eurosystem has proved a necessary measure to cope with the current money market malfunction, but it can, and should, be considered as a temporary measure. The Eurosystem would naturally resume interbank lending and traditional intermediation activity of banks. The recent decision of the ECB to reduce the corridor of standing facility rates to 200 basis points around the interest rate on the main refinancing operations aims to stimulate interbank activity. That s why we observe, in this context, a reduction in the demand for bank refinancing operations during our open market and a corresponding decrease in the use of the deposit facility. We see a parallel increase in the volumes underlying the calculation of the EONIA. What the fed did during the crisis : 5 big phases Phase 1: 2007 / mid-March 2008 | From late spring, the Fed began to note that the growth in the U.S.is slowing down and targets need to be lowered. However, the inflation and underlying inflation are going up. The Fed believes that with this rate of inflation the Fed Funds rate should stay at 5.25%. But in August 2007, the subprime crisis and tensions within the bank market appeared. On 10 August 2007, the Fed announced the first corrective measures to the problems, by injecting liquidity into the market via refinancing operations. The liquidity crisis remains stable, and the Fed lowers the penalty on the discount rate. on August 17, Penalty decreased from 100 bp to 50 bp. The Fed lost any hope of a possible economic growth so they lowered their key lending rate despite a strong inflation. The rate reaches the 3% after his 5.25% in only 6 months which is one of the fastest decline the USA ever had. At the same time, the Fed put in place specific measures to facilitate access to liquidity for U.S. and international banks. Refinancing operations are going up. Then the Fed launches in December 12th the Term Auction Credit Facility (TAF). It consists in lending $ 60 billion within 28 days by accepting as collateral a large range of assets at a lower rate (discount rate). Line Swaps had been implemented with European banks. Nevertheless, the crisis has continued to expand, hitting after the interbank market, the Mortgage Backed Securities (MBS) guaranteed by Government Sponsored Enterprise (GSE, primarily Fannie Mae and Freddie Mac), and the credit and equity markets. From March 2008, the Fed further increases its liquidity loans with the creation of the Term Repurchase Transaction ($ 80 billion) and the TAF increased from $ 60 billion to $ 100 billion. Then they created the Term Securities Lending Facility (TSLF) which can lend up to $ 200 billion. In 14 of March, the Fed saved the Bear Stearns bank which was one of the best news since the beginning of the crisis. Its the first time that the Fed intervenes directly on the market, since 1929 and rescues a bank on behalf of the Too big to fail. Disturbances become wider for that time, so the Fed decided to gives access to a last resort facility to the investment banks that remain. In addition, the penalty discount rate is reduced to 25 basis points against 100 bp before the crisis. Finally, the Fed decides to lower its key lending rate, from 3% to 2.25% in March and 2% in May. Then follows minor adjustments to the lending facilities (TAF increased to $ 150 billion, with an extend in the loans maturity, larger swap lines with other central banks). The Fed believes that the financial situation has stabilized and that the U.S. economy does not need more monetary stimulus. The rate is stable until September. we should notice that the money lent by the Fed do not inflate the monetary base: they sell bonds to finance its loans. Phase 2: September 2008 / February 2009 In September 2008, the market turmoil began with the announcement of the tutelage of Freddie Mac and Fannie Mae on September 7. Between Monday 8 and Friday 12, a lot of rumors alarmed the financial markets about financial stocks and a fall in prices. Sunday 14 September 2008, the announcement of the Lehman bankruptcy, but also the acquisition of Merrill Lynch by Bank of America and the profound difficulties of AIG and Washington Mutual, will be the trigger of one of the most tempestuous financial crisis. The Fed will react very quickly to ensure market stability and mitigate systemic risks. Then, to counteract deflationary pressures, it prepares the transition to an unconventional monetary policy. Without going into the details of all measures taken between September and December 2008, the Fed will support Fannie Mae and Freddie Mac, to participate in the rescue of financial institutions significantly expand the scope of collateral accepted for loans, buy directly from financial assets (MBS, GSE debt, short-term debt) and lower at lower interest rates. The risks to the global economy is now cataclysmic Fed with the ECB, SNB, Bank of Canada and the Riksbank (Sweden) undertake the first rate cut concerted history (-50 bp), the October 8, 2008. The U.S. rate is brought to the lowest in December (band 0% / 0.25%). Remember that this phase is that the Fed reduces interest rates to a minimum and that the liquidity injected quickly becomes unsterilized. Is to do quantitative easing without saying. From September 2008, the liquidity injected exceeds the amount of Treasuries (debt U.S. State) remaining on the balance sheet of the Fed. At first, the U.S. Treasury this imbalance, but the beginning of October, the dam broke. The Fed then engages in a policy of balance sheet expansion unsterilized, with an increase in the monetary base (reserve money). It passes 900 billion to $ 1 $ 800 billion between September 2008 and March 2009. Phase 3: March 2009 / July 2010 | 1 quantitative easing QE 1 From early 2009, the Fed began to wonder how to stimulate the economy with rates at 0%? In a speech on 13 January 2009, the Bernanke Doctrine is exposed. It is anchored rate expectations at low levels, changes in the composition of assets held by the central bank to increase the size of the balance sheet of the central bank (quantitativism). At the FOMC March 18, 2009, the central bank crossed the Rubicon and one announces quantitative easing targets for unsterilized purchases of debt: debt GSE ($ 200 billion), MBS ($ 750 billion) and debt (300 billion $). The program runs until the end of 2009. In addition, the Fed introduced the famous sentence The Committee will Maintain the ranks for the target federal funds rate at 0 to 1/4 percent and anticipates economic terms That are Likely to warrant exceptionally low levels of the federal funds rate for year extended period . It is committed over a long period (years) to keep rates low. Until late 2009, the U.S. economy out of the recession, there will be more movement towards monetary policy. Speech on growth becomes increasingly positive. The amount of purchased debt agency will even reduced to $ 175 billion. From the spring, the FOMC no longer evokes purchases in its communiquà ©s. It should be noted that liquidity injections become less important, quantitative easing 1 (EQ 1) resulting in an excess supply of liquidity growing. Loan facilities are largely removed. Phase 4: August 2010 / August 2011 | First fear of double dip QE 1.2 and QE 2 The Fed noted that the growth was not as strong as expected, that the labor market remains very poor and that underlying inflation plunges more. She decided in August not to allow its balance sheet to deflate some debt maturing (ie destruction of money injected). She reinvested the money recovered in U.S. government bonds so that the long-term balance sheet size remains unchanged. There is no additional injection, just a re-investment (EQ 1.2). Continuing economic deterioration (rising unemployment, inflation at its lowest for 50 years), the Fed launches quantitative easing 2 (QE2). She decided in November 2010 to buy $ 600 billion of debt] b (from November 2010 to mid-2011) and continue to reinvest. The balance begins to swell until June 2011. FOMC releases are progressively more positive, even if economic activity is considered at best a phase of moderate recovery. Then, from the late spring, it deteriorates again. Following the August 2011 FOMC, the Fed announced that it will keep the Fed Funds rate unchanged until mid-2013 (at least 2 years). The idea is to anchor expectations on Fed Funds, thus lowering the rate to maturity longer. Phase 5: September 2011 / | The twist, QE 2.2 Fear of double dip continues to strengthen. At the end of September 2011 FOMC, the Fed announces a twist. It extends the maturity of its holdings of U.S. government bonds. This operation twist is to sell the bonds in the short term (less than 3 years) to buy long-term loans (between 6 and 30 years). The Fed will twister for $ 400 billion. This was already implemented in the 60s (1961-1963). The Fed will now reinvest the money recovered on refunds of MBS and agency debt and MBS in more in bonds to support the mortgage market in the USA. The idea is to lower interest rates in the long term, short-term ones are already almost at its lowest. These two transactions will not generate inflation balance as purchases will be offset by sales or repayments (no printing money, no QE3 but QE 2.2). Comparison  : ECB vs FED Similarities: The European System of Central Banks and the US Federal Reserve are the two biggest and most active central banks. Although they present many apparent differences, they still have several similarities: à ¢Ã¢â€š ¬Ã‚ ¢ They are independent from any direct political authority and hence are protected from political interferences. à ¢Ã¢â€š ¬Ã‚ ¢ They have decentralized structures: a system of national/regional banks coordinating with a central entity, i.e. the Board of Governors. à ¢Ã¢â€š ¬Ã‚ ¢ They modify the interest rate structure by targeting short-term money-market rates, specially the Marginal Lending Rate in the EU or the discount window in the US and the inter-bank rates (Federal Funds rate in the US). à ¢Ã¢â€š ¬Ã‚ ¢ They use the basic monetary policy tools to achieve their objectives: reserve requirements, discount window lending and open-market operations. à ¢Ã¢â€š ¬Ã‚ ¢ They share the s

Changing the System :: essays research papers

The "system" is something that people are always out to change. You see people trying to change it all the time, but few are actually successful at changing the system. The system can be a variety of things. In some cases it is the government, it can be the a boss or basically anything or anyone that has some type of control or authority. For some people fighting the system is their livelihood, their mission in life. They try to change the system because of the corruption, because of unjust actions, because they were a victim of it or to seek the truth. In the novels One Flew Over the Cuckoos Nest by Ken Kesey and Fahrenheit 451 by Ray Bradbury, the main characters are out to change the system. Based on the novel by Ken Kesey, it seems that his perspective on this issue is that the system is in dire need of change. Even if you are not successful in changing the system, it is still very effective that you tried and you set an example for others to follow. Kesey also seems to believe that persistence is key when fighting the system. Kesey believes that even if you change a small aspect of the system it was well worth the fight. One Flew Over the Cuckoo's Nest, the main character, Randle Patrick McMurphy, fights to change the system in a mental hospital. McMurphy is outgoing, a leader and a rebel. There was a constant power struggle in the novel between the patient's new found savior McMurphy, and the evil Nurse Ratched who rules their wing of the hospital with an iron fist. McMurphy fights to change the system to try to win back the patients' rights and in the process gain more privileges for the patients and himself. McMurphy also seems to get pleasure out of fighting the system. His motives are simple, he wants to help out his fellow patients, his friends, to make their lives better. McMurphy was successful in changing many of the rules and regulations that were imposed upon them by Nurse Ratched. McMurphy was a very inspirational speaker and during the regularly occurring meetings between the patients and the doctors he would rally the patients to fight against Nurse Ratched. Thus he was able to win back some of their rights. McMurphy also uses his cunning wit and his skills as a con man to persuade the doctors into giving the patients more rights and activities. McMurphy is able to con Dr.

Huckleberry Finn :: essays research papers

Many people think that Huckleberry Finn is a racist novel and they have even gone as far as banning the novel from certain schools. They base this view on the fact that the word â€Å"nigger† is used very often and they see the black people being portrayed in a degrading way to show that they are inferior to the white society. Contrary to this idea, Huckleberry Finn is not a racist novel. Mark Twain actually attacks racism by satirizing the lifestyle of the white people and shows that they have no reason at all to think that they are better than the blacks. This satirizing of the white people is effectively seen in the portrayal of the king and the duke. Mark Twain starts to mock the king and the duke as soon as they are first introduced in the novel. Their appearance gives a negative impression right from the start. The king is described as having, â€Å"an old battered-up slouch hat on, and a greasy blue woolen shirt,† and he’s wearing, â€Å"ragged old blue jeans britches stuffed into his boot tops.†(Pg. 121) The duke is described as much the same. This first impression makes us feel as if these men are scum and we don’t have a very good perception of them. The second thing that these men do also is used to mock society in two ways. The first man (the duke) makes up a story that he was actually the Duke of Bridgewater. He said that he was the son of the infant duke that was ignored to take over a position. Not to be outdone, the second man (the king) makes up a story that he was actually the rightful King of France. Mark Twain uses Huck Finn to show what he thinks of these two men. â€Å"It didnâ€℠¢t take me to long to make up my mind that these liars warn’t no kings nor dukes at all, but just low-down humbugs and frauds.†(Pg.125) These men are putting up a false front just like society does and Mark Twain shows through Huck that he can see right through this false front. The second thing that is mocked is the fact that these people pretend that they are royalty. Jim wonders why these men carry on so much and Huck tells him, â€Å" . . .because it’s in the breed. I reckon they’re all alike,† and he also says, â€Å"all kings is mostly rapscallions, as fur as I can make out.

Effect of cashless police in nigeria Essay

Vol. 1 (2), pp. 040-043, April 2013. Research Article Impact of Cashless Economy in Nigeria *Omotunde Muyiwa1, Sunday Tunmibi,1 and John-Dewole A.T.2 1 School of Computer Science, Mathematics and Information Technology, Houdegbe North American University, Republic of Benin. 2 Department of Computer Science with Electronics, Faculty of Information Technology and Applied Sciences Lead City University, Ibadan. Nigeria. *Corresponding Author’s email: folatunde2004@yahoo.com ABSTRACT This paper studied the impact of cashless policy in Nigeria. The policy was introduced by Central Bank of Nigeria (CBN) in December 2011 and was kick-started in Lagos in January 2012. Survey research was adopted with questionnaire as data collection instrument. Responses from the respondents show that cashless policy will increase employment; reduce cash related robbery thereby reducing risk of carrying cash; cashless policy will also reduce cash related corruption and attract more foreign investors to the country. The study, therefore, shows that the introduction of cashless economy in Nigeria can be seen as a step in the right direction. It is  expected that its impact will be felt in modernization of Nigeria payment system, reduction in the cost of banking services, reduction in high security and safety risks and also curb banking related corruptions. Keywords: Cashless economy, Cashless policy, Lagos State, Nigeria. INTRODUCTION Cashless economy is an economy where transaction can be done without necessarily carrying physical cash as a means of exchange of transaction but rather with the use of credit or debit card payment for goods and services. The cashless economy policy initiative of the Central Bank of Nigeria (CBN) is a move to improve the financial terrain but in the long run sustainability of the policy will be a function of endorsement and compliance by end-users (Ejiro, 2012). The CBN cash policy stipulates a daily cumulative limit of N150, 000 and N1, 000,000 on free cash withdrawals and lodgments by individual and corporate customers respectively in the Lagos State with effect from March 30, 2012. Individuals and corporate organizations that make cash transactions above the limits will be charged a service fee for amounts above the cumulative limits. Furthermore, 3rd party cheques above N150, 000 shall not be eligible for encashment over the counter with effect from January 1, 2012. Value for such cheques shall be received through the clearing house. All Nigerian banks were expected to cease cash in transit lodgment services rendered to merchant-customers from January 1, 2012. The policy through the advanced use of information technology facilitates fund transfer, thereby reducing time wasted in Bank(s). Wizzit, a fast growing mobile banking company in South Africa has over three hundred thousand customers across South Africa. Likewise, M-PESA was introduced in Kenya as a small value electronic system that is accessible from ordinary mobile phones. It has experienced exceptional growth since its introduction by mobile phone operator (Safaricom) in Kenya in March, 2007 and has already been adopted by nine million customers, which is about 40% of Kenya’s adult population. Wizzit and other mobile financial services including MPESA in Kenya are helping low income Africans make financial transaction across long  distance with their cellphones, thereby reducing their travel cost and eliminating the risks of carrying cash and also avoiding most banking charges (Akintaro, 2012). It is assumed that the proper implementation of mobile phones and other technologies can aid the implementation of cashless policy and hence, the growth of cashless economy in Nigeria. The introduction of the implementation of cashless policy (policy is program of actions adopted by government) began in Lagos State, Nigeria. Why Lagos? According to Central Bank of Nigeria (CBN, 2011) Lagos state accounted for 85% of POS and 66% of cheques transaction in Nigeria. Cashless economy aims at reducing the amount of physical cash circulating in the Nigeria economy and thereby encouraging more electronic–based transaction. According to Central Bank of Nigeria (CBN, 2011) the policy is expected to reduce cost incurred in maintaining cash-based economy by 90% upon its full implementation in Nigeria. This study aims to look at the impact of cashless economy in Nigeria. www.gjournals.org 40 Greener Journal of Internet, Information and Communication Systems Vol. 1 (2), pp. 040-043, April 2013. 2. BRIEF LITERATURE REVIEW Cashless economy is not the complete absence of cash, it is an economic setting in which goods and services are bought and paid for through electronic media. According to Woodford (2003), Cashless economy is defined as one in which there are assumed to be no transactions frictions that can be reduced through the use of money balances, and that accordingly provide a reason for holding such balances even when they earn rate of return. In a cashless economy, how much cash in your wallet is practically irrelevant. You can pay for your purchases by any one of a plethora of credit cards or bank transfer (Roth, 2010). (2004) observed that developed countries of the world, to a large extent, are moving away from paper payment instruments toward electronic ones, especially payment cards. Some aspects of the functioning of the cashless economy are enhanced by e-finance, e-money, e-brokering and e-exchanges. These all refer to how transactions and payments are effected in a cashless economy (Moses-Ashike, 2011). Marco and Bandiera (2004) argue that increased usage of cashless banking instruments strengthens monetary policy effectiveness and that the current level of e-money usage does not pose a threat to the stability of the financial system. However, it does conclude that central banks can lose control over monetary policy if the government does not run a responsible fiscal policy. Echekoba and Ezu (2012), in a research carried out in Nigeria, observed that 68.2% of the respondent complained about long queues in the bank, 28.9% complained of bad attitude of teller officers (cashiers) while 2.89% complained of long distance of bank locations to their home or work places. Likewise, in her 24th NCS national conference in December 2011, CBN data shows that 51% of withdrawal done in Nigeria was through automated teller machine (ATM), while 33.6% was through over the counter (OTC) cash withdrawals and 13.6% through Cheques. Payment was also done through point of sales machine (POS) which accounted for 0.5% and web 1.3%. Therefore, if the introduction of ATM in Nigeria cash withdrawals system reduced OTC withdrawal; then it will implies that introduction of cashless policy supported by application of information technology can achieve more to reduce over dependent on cash payment in Nigeria economy system. However, Akhalumeh and Ohioka (2011) observed some challenges with the introduction of cashless policy. Their findings show that 34.0% of the respondents cited problem of internet fraud, 15.5% cited problem of limited POS/ATM, 19.6% cited problem of illiteracy and 30.9% stayed neutral – the respondent not been sure of problem been expected or experienced. While in some quarters there was fear of unemployment, some believe it will create more jobs especially when companies manufacturing POS machine are cited in Nigeria. More so, data sourced from Central Bank of Nigeria portal shows that Lagos state, with a population of 17 million people, only has sixty one  Point Of Sales, twenty bank branches and twenty four ATMs per 100,000 people which are far less to satisfy the needs of the population. These data verify the claim of Echekoba and Ezu (2012) on the problem of cash based economy and cashless policy in Nigeria. For effective cashless implementation in Nigeria availability of sufficient and well-functioning infrastructure (notably electricity), harmonization of fiscal and monetary policy, regular assessment of the performance of cashless banking channels, consideration of the present state and structure of the economy, redesign of monetary policy framework and greater efforts towards economic growth whilst managing inflation should be considered (Odior and Banuso, 2012). 3. RESEARCH METHODOLOGY This study was carried out, using accidental sampling method, in Lagos state, Nigeria. A total of 500 traders, students and civil servants were sampled. Questionnaire was used as data collection instrument, with questions on demographics and benefits of cashless economy in Nigeria. The major statistical technique used was descriptive (use of frequency tables and charts). 4. RESULT 4.1 Demographics responses on gender show that male respondents accounted for 55.6% while the female respondents are 44.4%. Figure 1 and Figure 2 presents the responses on age and occupation, respectively. For age, majority of the respondents are between 18 to 25 years, this is followed by those between 26 to 40 years while the least number are between 41 to 60 years. For occupation of the respondents, the highest percentage (44.4%) is traders, followed by students (33.3%) and civil servants (22.2%). www.gjournals.org 41 Vol. 1 (2), pp. 040-043, April 2013. Greener Journal of Internet, Information and Communication Systems 41-60 years 22% 18-25 years 45% 26-40 years 33% Figure 1: Age of Respondents 45 40 35 30 25 20 15 10 5 0 Traders Students Civil servants Figure 2: Occupation of Respondents 4.2 Benefits Table 1 shows the view of respondents on benefits of cashless economy in Nigeria. The lowest percentage, 11.1% of the respondents, believed that cashless policy will increase employment. A higher percentage, 22.2% of the respondents, believed that cashless policy in Nigeria will reduce cash  related robbery thereby reducing risk of carrying cash. The highest percentage of the respondents believed that cashless policy will reduce cash related corruption (33.3%) and cashless policy will attract more foreign investors to the country (33.3%). Table 1: Benefits of Cashless Economy in Nigeria Benefits of Cashless Economy Increase employment Reduce cash related robbery Reduce cash related corruption Attract more foreign investment Total Percentage (%) 11.1% 22.2% 33.3% 33.3% 100% www.gjournals.org 42 Greener Journal of Internet, Information and Communication Systems Vol. 1 (2), pp. 040-043, April 2013. 5. CONCLUSION The study, impact of cashless economy in Nigeria, focused on the three major categories by which Nigerians can be divided – traders, students and civil servants. More number of traders was sampled, compared to students and civil servants, because they are more into business and financial transactions. More so, a higher number of respondents within the age bracket of 18 and 25 years show that apart from students, quite a number of Nigerian youth are  also into trade. This study shows that the introduction of cashless economy in Nigeria can be seen as a step in the right direction. It is expected that its impact will be felt in modernization of Nigeria payment system, reduction in the cost of banking services as well as reduction in high security and safety risks. This should also include curbing banking related corruptions and fostering transparency. It is also assumed that the introduction of cashless policy in Nigeria will help to reduce the amount of bills and notes circulating in the economy. This should, therefore, reduce handling operation cost incurred on conventional money, as well as reduction in cash related crimes. It should also help to provide easy access to banking services for Nigerians. REFERENCES Akhalumeh, P.B., and Ohiokha, F. (2011): Nigeria’s Cashless Economy; The Imperatives. International Journal of Management & Business Studies. vol.2 pp. 12 – 17. Akintaro, S. (2012): Going Cashless. IT & Telecom digest, online magazine, august,2012 CENTRAL BANK OF NIGERIA (2011): Towards a Cashless Nigeria: Tools & Strategies. Nigerian Journal of Economy. 3(2), 344 – 350. Echekoba, F.N., and Ezu, G.K. (2012): Electronic Retail Payment Systems: User Acceptability & Payment Problems in Nigeria. Arabian Journal of Business & Management Review. vol.5, pp. 60 – 63. Ejiro, O. (2012): What Nigerians Think of the Cashless Economy Policy. Nigerian Journal of Economy. 4(6), 97 – 102. Humphrey, D. B. (2004): ―Replacement of cash by cards in U.S. Consumer Payments, Journal of Economics and Business, 56, 211–225. Marco, A. and L. Bandiera (2004): -Monetary Policy, Monetary Areas and Financial Development with Electronic Money, IMF Working Study, IMF. Moses-Ashike, H. (2011),â€Å"Cashless Economic can Reduce Risk of Carrying Huge Cash†, [Online] Available: http://www.businessdayonline.com/†¦/22217. Odior, E.S., and Banuso, F.B. (2012): Cashless Banking in Nigeria: Challenges, Benefits & Policy Implications. European Scientific Journal. Vol 8, pp. 12 – 16. Roth, B. L. (2010). â€Å"The Future of Money: The Cashless Economy – Part 1†. [Online] Available: https://www.x.com/†¦/future-money-cashless-economy—part-i. Woodford M. (2003). â€Å"Interest & Price: Foundation of a Theory of Monetary Policy†, Princeton University Press. www.gjournals.org 43