Case Conceptualization of Narrative Therapy

Fashion Brand Louis Vuitton Essay Example

Fashion Brand Louis Vuitton Essay Example Fashion Brand Louis Vuitton Essay Fashion Brand Louis Vuitton Essay The anatomy of the luxury fashion brand Received (in revised form): 9th September 2008 Antoinette M. Fionda is a PhD student specialising in Luxury Fashion Marketing at Heriot-Watt University. Previously, Antoinette worked in both the Fashion and the Luxury Fashion sectors in a variety of areas from design to management and consultancy. Christopher M. Moore is Chair in Marketing and Head of Fashion, Marketing and Retailing at Glasgow Caledonian University. Prior to his appointment at GCU, he was Professor of Marketing and Director of the George Davies Centre for Retail Excellence at Heriot-Watt University Edinburgh. A graduate of the universities of Glasgow and Stirling, his doctoral research was in the area of fashion retailer internationalisation. His current research interests include business models for luxury fashion retailers; fashion brand management issues and trends in fashion retailer internationalisation. ABSTRACT Purpose: To explore the critical dimensions necessary to create and maintain the success of a luxury fashion brand. Design/methodology/approach: This study adopts a qualitative approach in the form of case studies of 12 international fashion retailers. This involved semi-structured interviews with management to explore their knowledge and experiences, supported by secondary research such as internal documents and media reports. Findings: Identi? es nine interrelated key luxury fashion brand attributes that are crucial in the creation and maintenance of the brand proposition. The management of the luxury fashion brand is complex, and requires a consistent and coherent approach. Originality/value: An empirical understanding of the luxury fashion brand’s critical dimensions will assist in effective and ef? ient luxury fashion brand management. Journal of Brand Management (2009) 16, 347–363. doi:10. 1057/bm. 2008. 45 Keywords: luxury fashion branding; brand management INTRODUCTION The luxury goods market is signi? cant, not only in terms of its market value (estimated to have exceeded US$130 billion in 2007),1,2 but also in terms of its rate of growth – which has in the past 10 years signi? cantly outpaced that of other consumer goods categories. The rate of growth has been driven by a variety of factors, the most signi? cant of which has been the : Correspondence: Antoinette M. Fionda School of Management and Languages, Heriot-Watt University, Edinburgh, UK increase in the number of high-net-worth individuals with an appetite for luxury brand consumption. In response to signi? cant consumer interest and demand, the suppliers of luxury fashion goods have developed business strategies that seek to better service consumer demand by increasing availability through the extension of their geographic coverage and their market accessibility via the opening of  © 2009 Palgrave Macmillan 1350-23IX Brand Management Vol. 6, 5/6, 347–363 www. palgrave-journals. com/bm/ Fionda and Moore dedicated points of sale. 3–5 Fuelling and supporting this development of the luxury market has been increased media interest in luxury goods consumption, and the emergence of luxury brand awareness as an integral element of consumer culture. Consequently, a variety of studies have noted that luxury brands are among the most recognised and res pected of consumer brands the world over. 5,6 Within the luxury offer, there is an everexpanding offer of luxury categories. There are four principal categories of luxury goods: fashion (couture, ready-to-wear and accessories), perfumes and cosmetics, wines and spirits and watches and jewellery. 7 More recently, the categories of luxury automobiles, hotels, tourism, private banking, home furnishing and airlines have been added. 8 The focus of this study is the luxury fashion goods category. Firstly, this focus is justi? ed on the basis that it accounts for the largest proportion of luxury goods sales, with a 42 per cent share in 2003,9,10 and the strongest product category growth in 2007. 1 Secondly, previous studies have suggested that the branding of luxury fashion goods is more complex than other sectors by virtue of the speed of change within the sector (the majority of luxury fashion goods are dormant at the end of the fashion season),2,7,12,13 as well as the scale and number of fashion items that are marketed using a single luxury brand name. Thirdly, the marketing of fashion goods is typically more complex and costly as a result of differences in product numbers, operating scale and the tendency for luxury fashion companies to take direct control of the distribution of their goods within markets. As such, these costs and the complexity of managing the marketing of this category of luxury goods have previously been shown to exceed those of the other luxury brand categories. 8,12,14,15 Yet, despite the signi? cance of the luxury sector in terms of the insights that it could provide with respect to contemporary business practise and the nature of consumption, it has been recognised that the sector has been under-represented within the academic literature. ,12,16 Furthermore, although the literature relevant to the branding of consumer goods has grown hugely in the past decade, the application of branding within the luxury goods sector has received minimal attention. In particular, although various recent studies have sought to delineate the form and function of consumer brands, there have been very few empirical studies that have sought to identify and understand the processes that support the creation and maintenance of the luxury fashion brand. This study is based on the propo sition that the luxury brand – and speci? ally the luxury fashion brand – is distinctive because of its application to diverse, ever-changing product assortments (from underwear to business suiting), that it invariably operates as an experiential brand (within the retail space), and that it functions as a means of creating and communicating an identity for the brand user. As such, it is suggested that the delineation of the form and dimensions of the luxury fashion brand will not only contribute to an understanding of the nature of luxury marketing, but will also offer further insight into the functioning of branding in general. Therefore, it is within this context that the aim of this study was to provide a framework incorporating the dimensions of the luxury fashion brand. Given this uncertainty and neglect, and mindful of the opportunity to contribute to a wider debate concerning the nature and characteristics of product branding, two principal objectives were identi? ed for this study: 1. to identify the dimensions of the luxury fashion brand; 2. to create a framework depicting the luxury fashion brand. 348  © 2009 Palgrave Macmillan 1350-23IX Brand Management Vol. 16, 5/6, 347–363 The anatomy of the luxury fashion brand RELEVANT LITERATURE De? ning the luxury fashion brand Conceptualisations of luxury are typically derived from either a consumption perspective5,17–20 or from an application as a product branding device. 7,21–23 There has emerged a strong strand of literature that seeks to explain luxury consumption, particularly in terms of having a symbolic function that operates at the individual and collective level. As such, luxury is identi? ed in terms of its psychological value,5 its function as a status symbol20,24,25 and as a highly involved consumption experience that is strongly congruent to a person’s self-concept. 7 From a product perspective, luxury brands are frequently de? ned in terms of their excellent quality, high transaction value, distinctiveness, exclusivity and craftsmanship. 21,23,26,27 Jackson7 proposes the following as the core characteristics of the luxury product: ‘†¦ exclusivity, premium prices, image and status which combine to make them more desirable for reasons other than function’. (p. 158) Research on luxury brands Research relevant to the creation and development of luxury brands is limited,12,16,26 and previous studies have recognised a lack of clarity with respect to what de? es a luxury brand. 5,17,28 Instead, the research examining the marketing of luxury goods has tended to take a consumer perspective,1 speci? cally in terms of motivations for purchasing luxury goods. 20,29,30 These studies are often criticised for their over-reliance on student samples and lack of appropriate external controls. 16 Other key research areas within luxury include the development,12,31,32 the protection33–36 and the brand extension. 37–39 More recently, great attention has been given to a consideration of the dimensions of the luxury brand (Table 1). Nueno and Quelch23 highlight the importance of product excellence to the development of a credible luxury brand, in addition to the signi? cance of controlled distribution. Bernard Arnault, the chief executive of? cer (CEO) of LVMH,41 emphasises the signi? cance of corporate identity, culture and spirit, and furthermore indicates the importance of creative excellence in luxury brand development. Similarly, the Morgan Stanley Dean Witter40 model considers the dimensions from a practitioners’ viewpoint. Phau and Prendergast28 highlight four key luxury attributes, although indicating that their identi? d attributes of recognised brand identity, quality, exclusivity and customer awareness are critical elements of the luxury brand. Beverland16 maintains that this is not an exhaustive list. Indeed, he proposes that these are instead the characteristics of any successful brand and not only that of a luxury brand. Consequently, Beverland provides additional dimensions within his frame work, and these include elements such as external endorsement, corporate culture, brand/corporate heritage and product integrity. In 2003, Alleres22 suggested six characteristics of a luxury fashion brand that is derived from the strong in? ence of the French luxury heritage brands. Considering the Italian model, Moore and Birtwistle12 examine Tom Ford and Domenico De Sole’s strategy for the repositioning of Gucci as an authentic luxury fashion brand. They identify dimensions that all require careful management to develop and create a successful brand. Although the authors make no claim that the Gucci template can be universally applied, they argue that it serves to provide a more comprehensive account of luxury brand development when compared with other studies. One of the most recent models is provided by Okonkwo,2 in which she identi? s 10 core characteristics of the successful luxury fashion brand.  © 2009 Palgrave Macmillan 1350-23IX Brand Management Vol. 16, 5/6, 347à ¢â‚¬â€œ363 349 350 Fionda and Moore Table 1: Overview of the key models identifying the luxury fashion brand dimensions Arnault (2000)26 Phau and Prendergast (2000)28 Marketing The brand name Critical mass; Global recognition Product integrity Quality Recognition symbols; Creations Marketing; Value driven emergence Alleres (2003)22 Morgan Stanley Dean Witter (2000)40 Beverland (2004)16 Moore and Birtwistle (2005)12 Oknokwo (2007)2 Critical dimensions Nueno and Quelch (1998)23 Brand/marketing strategy Well known brand identity Relevant marketing programme; Global reputation A distinct brand identity; A global reputation; Emotional appeal Product and design Premium quality; Heritage of craftsmanship; Element of uniqueness to each product; Recognisable style or design; Ability to time design shifts when category is fashion intensive Brand image; A drive to reinvent oneself to be the best Product quality; Creativity Core competences and other products Product integrity; Iconic products/ design; Control over product manufacturer Premium price Innovative, creative, unique and appealing products; Consistent delivery of premium quality; Heritage of craftsmanship Price Exclusivity Powerful advertising Evoke exclusivity Increase brand awareness Limited production run Communications strategy Premium price Exclusivity in goods productions High visibility Brand leadership/ designer Personality and values of its creator Company sprit  © 2009 Palgrave Macmillan 1350-23IX Brand Management Vol. 16, 5/6, 347–363 Distribution strategy Immaculate ? agship stores Superb customer service Endorsement Endorsement; Fashion shows, store displays, PR, product packaging The creators Culture Culture Designer PR face of the brand Locations Flagship store and Tightly controlled store brand concept distribution Controlled distribution of the brand History History Heritage Heritage . Adapted from references 2,12,16,22,23,28,40,41 The anatomy of the luxury fashion brand And although Okonkwo2 states that this is not a de? nitive model, she does maintain that it provides an insight into the management of a luxury brand. Key luxury fashion brand characteristics As Table 1 highlights, there are a number of reoccurring and divergent identi? ed key attributes within the literature, in order to create and maintain luxury fashion positioning. Within the luxury proposition, the concept of brand – speci? cally the brand name and identity – is considered fundamental. 2,7,22,42 The luxury brand requires a relevant, clear and de? ned marketing strategy. 12,16,23 The strategy is formed to assist in developing the global reputation and presence of the brand, and to leverage the brand status and awareness. 8,28 In conjunction with the concept of brand, various ther attributes are considered crucial for creating a luxury brand, including product and design attributes of quality,2,7,9,12,16,21,23,25,27,28,42 craftsmanship,2,7,19,21,23,26,42 and innovative, creative and unique products. 2,12,22,23,40,42 Bruce and Kratz13 highlight the fact that the iconic coveted products are central to the luxury product offer. These iconic products are typi ? ed by authentic, quality and exclusive characteristics26,27,38 that are aspirational. These key products often epitomise the brand signature or ‘brand DNA’,23 as they can assist in portraying the personality and values of the creators. ,13 The appointment of the high-pro? le fashion designer enhances the appeal of the products,7,13 and subsequently increases their relevance to a current market. The premium price of luxury goods is only explicitly referenced in two of the frameworks within Table 1. 2,12 Although it has been acknowledged previously that a high price positioning need not necessarily equal a luxury positioning, there is a consensus in the literature that luxury goods typically command a premium price differential when compared with other products within the same category. 1,26,43 The components of rarity and exclusivity are considered a signi? cant trait of luxury brands. 21,23,26,27,44–48 The Nueno and Quelch23 and Okonkwo2 models both identify th at limited production is fundamentally linked to the maintenance of the brand exclusivity. The aura of scarcity adds to the appeal of luxury brands. 49 Managers can sustain the exclusivity of the brand through advertising, endorsement, controlling distribution and price,49 and producing limited editions lines. 2,23 The environment and service provided by luxury brands are considered a crucial attributes in the luxury proposition. ,12,22,40,50,51 Luxury stores are considered shopping cathedrals52 that use architecture to convey a sense of splendour,13 and de? ne the shopping experience for wealthy customers. 13,52 The luxury environment and experience of a brand is showcased in the ? agship store, which is de? ned as a major outlet generally located in a capital city, retaining the full collection of a fashion brand’s merchandise. 52 These stores typically enjoy signi? cant ? nancial investment, and are considered crucial to a brand’s marketing communication process and reputation, and as a support for the wholesale business. 3 Company own-stores allow the companies to manage the customer experience at the point of sale. 7 Customer service is also vital in the luxury consumption experience. 2,24 Within fashion, branding has become as much about branding the experience as the product. 54 The consumption experience provides an insight into the brand lifestyle by making it a reality. 8 Along with the control of the consumer experience, Moore and 12 2 Birtwistle and Okonkwo also state the importance of controlling the manufacturer, particularly within license agreements, to ensure that the brand positioning is not compromised. 2009 Palgrave Macmillan 1350-23IX Brand Management Vol. 16, 5/6, 347–363 351 Fionda and Moore Brand heritage is considered prevalent in Alleres’,22 Beverland’s16 and Moore and Birtwistle’s12 models. Many luxury brands have a long history, which adds to the authenticity of the brand,21 and is considered one of the hallmarks of a luxury brand. 49 The retention of heritage has the ability to create nostalgia and credibility for a brand,55 and is often correlated to the heritage of the country of origin. 6 Powerful marketing co mmunications are considered key to building the luxury brand image. 2 Relevant advertising can provide support in establishing the brand image, which consequently assists in creating identity and attraction,53,57 and generates awareness. 58 Other means of luxury brand communication are celebrity endorsement, public relations (PR), events and direct marketing. 2,12,16,52 Finally as highlighted in Arnault’s model (cited in Kapferer),26 the company spirit is considered key to luxury fashion brand success. The investment in the spirit or culture of a ? m allows the support for a brand to extend to the internal as well as an external commitment to the brand. 59 Internal branding assists the employees in understanding desire, and encourages them to deliver on the brand promise. 60–62 Despite the fact that many of the dimensions of luxury branding are identi? ed in the literature, it is unclear whether and how these attributes are connected. Nor is it clear whether this is a de? nitive listing. Furthermore, as highlighted in the review of the frameworks of the luxury brand, there is a dearth of research that empirically considers the dimensions. Beverland’s16 paper, the only empirical investigation in Table 1, is considered narrow in its scope and therefore in its application. 12 Given this uncertainty and neglect, and mindful of the opportunity to contribute to a wider debate concerning the nature and characteristics of product branding, this study will identify the dimensions of the luxury fashion brand and depict within a framework. METHODOLOGY In order to investigate these issues, an interpretive qualitative case study research methodology was adopted, as it is considered to be the most appropriate for an exploratory theory building approach. 6,63–65 Furthermore, the number of research studies adopting case study design is increasing within a marketing context66–68 and within a luxury marketing/branding context. 12,16 There are three main reasons that support the implementation of a case study design for this research. Firstly, as the key aim of this study is to investigate the means and methods of l uxury fashion brand creation and development, the use of the case study method assists in providing in-depth descriptions and illustrations rather than surface-level observations. 6,68 Thus, within this context, the close proximity with those involved in the management of luxury fashion brands provides the opportunity to obtain an intimate understanding. Furthermore, the case study method can provide contextual and historical dimensions to research,65,69 thus providing a means to consider the unique history and heritage of each brand and how these in? uence their decision-making today. 16,70 Secondly, because of the lack of empirical work in the area, this approach provides a means of extracting rich and relevant data. Both Yin71 and Perry67 suggest that the case study method can assist in compensating for a lack of established theory and/or where accepted principles and constructs have not been established and are clearly inadequate. Thirdly, there is a dearth of conceptual development within this ? eld. The case study data facilitate the identi? cation and construction of conceptualisations of the luxury brand building process. 352  © 2009 Palgrave Macmillan 1350-23IX Brand Management Vol. 16, 5/6, 347–363 The anatomy of the luxury fashion brand Preparation for data collection Case companies were chosen based on literal replication following strict criteria. The study focuses on British luxury brands because of access restrictions. The criteria for case study selection were established as follows: 1. The cases should be identi? ed as luxury fashion brands through both the ? rms and established databases, principally Walpole, Mintel and Euromonitor, positioning the brands as a luxury fashion proposition; 2. The potential selected brands should have been in existence for a minimum of 2 years. This allows for a historical review of the luxury fashion brand development; 3. The ? agship stores should operate in prestige locations; 4. The potential companies should operate at least one luxury fashion store in the UK. In order to identify companies that meet these requirements, four resources were consulted: Walpole, a British luxury association;74 Mintel’s9 ‘Luxury Goods Retailing’ report; Euromonitor,3 ‘The World Market for Luxury Goods’ report; and various leading fashion journals including Vogue, Elle, Marie Claire, Arena and GQ. From these, 26 British luxury fashion brands were identi? d. Initially, all 26 companies were contacted, allowing them all an equal opportunity to take part in the study. This became a process of self-selection. Out of the 26 companies contacted, 12 agreed to participate. To preserve anonymity in report ? ndings, companies were coded (Table 2). The case brands differed in their luxury brand orientation towards heri tagebased image ‘history’ or a design ‘story’based image, corporate size and the product offering. Multiple sources of evidence, documentary evidence and interviews, were used in the data collection phase to protect the research from bias. 5–77 In all the cases, a tape-recorded interview with the CEO, managing director or marketing director was conducted, which lasted between 1 and Table 2: Key to case companies and similarities and differences Company Interviewee Country of parent origin America British Japan British France Japan British France Italy Japan Japan Japan Sector A B C D E F G H I J K L Managing Director Marketing Director Managing Director Managing Director Marketing Director Managing Director Brand Manager Marketing Director Managing Director CEO CEO CEO Heritage Brand; Jewellery extended into fashion (menswear and womenswear), accessories and home Heritage Brand; Accessories extended into fashion (menswear and womenswear) Lifestyle purist brand; Fashion oriented (menswear, womenswear and childrenswear) Savile Row Tailor; Fashion and accessories (menswear) Heritage Brand; Fashion and accessories Heritage Brand; Fashion (menswear and womenswear), and accessories Savile Row Tailor; Fashion and accessories (menswear) Heritage Brand; Fashion and accessories (menswear) Fashion oriented; Fashion (menswear and womenswear), and accessories Department Store and own fashion brand; fashion (menswear and womenswear), accessories and home Savile Row Tailor; Fashion and accessories (menswear) Heritage Brand; Fashion and accessories (menswear and menswear)  © 2009 Palgrave Macmillan 1350-23IX Brand Management Vol. 16, 5/6, 347–363 353 Fionda and Moore 2 hours. In order to ensure the quality of the research design, Yin71 suggested four criteria: construct validity, internal validity, external validity and reliability, which were jointly considered at each stage. This investigation, as an exploratory case study, satis? ed Yin’s criteria (Table 3). The interview questions focused on the history and origins of the brands; the characteristics that differentiate the selected case companies as a luxury brand; the marketing actions and investments that they invest in to assure, maintain and protect the brand over time; their manufacturing and distribution policies; and how these affect their brand management strategy. Finally, the interviews considered the critical success factors relevant to a luxury fashion brand. The interviews were transcribed, and all the data and case materials analysed, so that a general sense of the data could be established. The important themes, the frequency of occurrence, relative importance to the interviewee, emergent patterns and areas of contradiction were identi? ed in accordance with established protocols. 82 The analysis Table 3: Case study tactics for four design tests Phase of research which tactic occurs Research design/ preparation of data collection Case study topic Tests was conducted on a case-by-case basis and then by cross-case analysis. 3,65 Thereafter, the conclusions were all veri? ed and con? rmed. The ? ndings and themes were compared with the literature on the subject area and through case report veri? cation by the interviewee and other academics. RESULTS AND ANALYSIS The cross-case analysis revealed a number of key themes that emerged from the d ata. The proposed themes are identi? ed as the principal dimensions of a luxury fashion brand. Within each of these key themes, various sub-themes illustrated within the cases exist (Table 4). The following presentation of the key research ? ndings is developed from nine principal luxury brand dimensions and the evidence from the case data, which is identi? d by quote number (Q1, Q2, and so on). Clear brand identity The importance of a clear brand identity and a clear understanding of the brand Reference Use theory in single-case studies Use replication logic in multiple case studies Use multiple sources of evidence Establish chain of evidence Use case study protocol Develop case study database External validity External validity Construct validity Construct validity Reliability Reliability Internal validity External validity Construct validity Yin (2003)71 Data collection Data analysis Do pattern-matching Comparison of evidence within the literature Have key informants review draft case study report Yin (2003),71 Riege (2003),72 Eisenhardt (1989)63 and Parkhe (1993)73 Yin (2003),71 Riege (2003),72 Flick (1992)76 and Perakyla (1997)77 Yin (2003),71 Riege (2003) and Hirschman (1986)78 Yin (2003),71 Riege (2003) and Eisenhardt (1989)63 Yin (2003),71 Riege (2003) and Lincoln and Guba (1985)79 Yin (2003),71 Riege (2003) and Huberman and Miles (1994)80 Riege (2003) and Yin (1994)65 Yin (2003),71 Riege (2003) and Le Compte and Goetz (1982)81 Composition Source: Adapted from Yin, 2003,71p. 34. 354  © 2009 Palgrave Macmillan 1350-23IX Brand Management Vol. 16, 5/6, 347–363 The anatomy of the luxury fashion brand Table 4: Case study evidence Case study evidence Components inherent to the creation of the luxury fashion brand Clear brand identity Emotional appeal/ aspirational Brand values/DNA Global marketing strategy Q1: ‘Our brand has a strong aspirational appeal. Our customers want to buy us not just for our beautifully crafted products but for our prestigious image and to buy a piece of our heritage’ (Company, J) Q2: ‘All luxury fashion brands need to be clear on their DNA†¦ what makes it different and relevant as it is a very competitive ? eld out there. Everyone here works towards the blueprint for the brand and the brand values’ (Company, F) Q3: ‘(the designer) would consider us as a fashion orientated brand which has greater emphasis on classic than say avant-garde’ (Company, C). Q4: ‘We create trends- we are fashion! That is why out customers comes to us’ (Company I)S Q5: ‘We have a three year plan to develop the (brand) further internationally as well as nationally though investment in directly-owned stores, advertising and our product offering’ (Company, L) Q6: ‘The communications strategy is critical within the luxury fashion sector. We use a combination of advertising, PR, celebrity endorsement and direct marketing to the customer. We need to be in the key magazines and broadsheets to ensure we are increasing awareness about the brand and the products’ (Company, H) Q7: ‘We need to show in Milan. It is vital for us. It is the place to show if you are serious about fashion’ (Company, I) Luxury communications strategy Direct marketing; Sponsorship; Fashion shows; Celebrity endorsement Advertising; PR Product integrity Functional, quality and craftsmanship Innovation and seasonal offer Q8: ‘Quality, it is all about quality. It should be the best materials, best craftsmanship and hand ? ished†¦ to me luxury is something I buy today and will have in ? fty years. ’ (Company, J) Q9: ‘We invest in craftsmanship. In our ? agship store in London we have a unique workshop on the top ? oor which our VIP can visit and see their investment piece be created. ’ (Company, A) Q10: ‘As a luxury fashion brand we need to develop both a fashion and a classic offer in our range – we introduced over 10 000 products obviously not just in clothing and accessories but the greatest level of involvement comes from fashion. We have classics pieces which re? ect our heritage but we also have fashion ‘show pieces’ which keep it fresh and exciting! ’ (Company A). Q11: ‘Compare us to luxury cars for example- we have to design, sample, manufacturer, distribute, create our own stores, sell and eventually discount on at least a bi-annual basis, although that is changing, literally hundreds of products, styles which is huge in terms of investment†¦ whereas luxury cars or hotels have in comparison a far easier job in my opinion’ (Company, F) Q12: ‘†¦we always have to consider the brand handwriting, to ensure it is in keeping with the brand image†¦ it is our iconic products which truly epitomize the brand. ’ (Company B) Q13: ‘We have just completely redesigned all of our packaging and packaging accessories as they were off-brand. It is so important that it (livery) enhances the luxury product’ (Company, B) Q14: ‘We have a very strong design handwriting. Our products and everything else for that matter must be inkeeping with that’ (Company, C) Q15: ‘For us the designers very muc h personify the brand- they are our spokesperson’ (Company, D) Q16: ‘†¦we have to be sure that prices are relevant to what they are today and to luxury’ (Company D) Brand signature Iconic products Brand livery Recognisable style Creative direction Prestige price Consistent with positioning Exclusivity Limited editions Controlled ranges and locations Q17: ‘†¦ Managed scarcity it is a game all luxury fashion brands are playing. We all must manage the availability and exclusivity ratio. In reality, this is the management of the pro? tability and luxury exclusive image’ (Company, F) Q18: ‘We had to close a number of licensees as they were not in keeping with our repositioned brand image. We also stopped selling to a number of our wholesale clients as they no longer matched our stockists criteria’ (Company, L)  © 2009 Palgrave Macmillan 1350-23IX Brand Management Vol. 16, 5/6, 347–363 355 Fionda and Moore Table 4: Continued Case study evidence Components inherent to the creation of the luxury fashion brand Luxury heritage Brand history and/or story Q19: ‘Our heritage is extraordinary so of course we are going invest in it and try to educate customers through our museum archives and website, and the products and product ranges. ’ (Company, H) Q20: ‘Everything is based around him (the designer) he controls everything. It is all about his personality’ (Company, I) Q21: ‘Our ? agship stores were designed by truly amazing architects, in an amazing building to create an amazing space to showcase our brand in a completely controlled environment which allows our customers to experience the lifestyle at our ‘Motherstores’. We aspire to create the ideal international luxury experience’ (Company A) Q22: ‘Service is key in the luxury environment thus our staff are carefully recruited and trained to be approachable and friendly to add to the (consumption) experience’ (Company, E) Q23: ‘†¦the culture of the company is important you can not create a successful brand without the right management team, internal commitment to the brand and the brand vision and right external partnerships’ (Company, C) Q24: ‘We have exceptional partnerships with our licensees and manufacturers. We are strict in our management and control but we are very proud of our partners and hopefully this is reciprocated’ (Company, K) Environment and consumption experience Globally controlled distribution Superior service Flagship stores Luxury culture Internal commitment to the brand External partnership commitment to the brand values were apparent in each of the case companies (Table 4, Q2). Nearly all of the brands discussed the importance of a clear brand identity and values that truly differentiate and entice the consumers on a functional as well as emotional level (Table 4, Q1). The ‘fashionability’ element was considered a brand value that was apparent in each of the brands, although with differing degrees of importance. The heritage in conjunction with the legacy of the original creator of the brand prompted the level of importance of each of the brands placed on this element (Table 4, Q3 and Q4). Each of the case companies had a developmental strategy to invest in the distribution, awareness and positioning of the brand over a 3- or a 5-year period (Table 4, Q5). proposition, the case companies employed all or a combination of the following marketing communication tools: fashion shows, advertising, PR, direct marketing and celebrity endorsement (Table 4, Q6). All of the brands considered direct communication with the customer on a personal level an area of growing importance. They all partook in direct marketing to ensure that a relationship was developed with the customer. The investment in PR made, ‘†¦ the brand interesting and attainable’ and raised awareness. A number of the brands also invested in catwalk shows and considered these a vital element of luxury fashion positioning (Table 4, Q7). These brands tended to place greater importance on the fashion element of the brand. Marketing communications All of the brands invested in a communications strategy. The methods differed between brands, however. To increase brand awareness and a luxury fashion brand Product integrity This key theme emerged as signi? cant in the case companies, and within each there were several sub-categories, which included ‘product quality’ (Table 4, Q8) ‘craftsmanship’ 356  © 2009 Palgrave Macmillan 1350-23IX Brand Management Vol. 16, 5/6, 347–363 The anatomy of the luxury fashion brand and ‘attention to detail’ (Table 4, Q9). To achieve their ‘fashion status’, each of the case companies invested in innovation and creativity. A parity between the classic luxury and the fashion directional pieces was achieved through balancing the collections (Table 4, Q10). Many introduced fashion ‘show pieces’ for press or VIP customers. Case Company J highlights the difference between managing luxury fashion and luxury goods which require higher levels of investment in management, time and resources (Table 4, Q11). of developing the luxury status of the brand. The price not only re? ected the handmade product and quality attribute associated with luxury, but also suggested the element of exclusivity of a product, as high price creates a barrier of entry (Table 4, Q16). A number of the cases employed strategies to increase exclusivity, including limited edition products and ranges, and through strategic alliances. Exclusivity Exclusivity is inherent to luxury brand positioning (Table 4, Q17) as de? ned by the literature. Each of the case companies strictly controls the distribution and accessibility of the brands to ensure exclusivity (Table 4, Q18). Furthermore, the ? ndings revealed that exclusivity can be controlled through limited production runs and the number and typology of distributors in each of the cases. Brand signature Each of the companies recognises the importance of the brand signature and iconic products, referring to them as the ‘designers’ style’, ‘handwriting’ or the ‘brand DNA’. Each considered these inherent to the luxury fashion brand. All of the brands produce or sell numerous product categories that need to be internal, consistent and coherent, which will minimise the damage of confusing the consumer (Table 4, Q12). Each of the brands ensured that the whole collection had a clear signature through comprehensible managerial direction initially, and then repeated meetings to ? nalise the products (Table 4, Q14). The iconic product epitomises the brand signature (Table 3, Q12). In a number of the cases, the iconic products have close connections to their heritage. The design is extended to the packaging and livery (Table 4, Q13). Each company considered it vital that the packaging cohered with the brand image. All of the case companies identi? ed the importance of a design team (Table 4, Q15) and invested in eminent designers to work on various products of their collections to ‘†¦ raise and punctuate the fashion element of the brand’ (Company D). Heritage All of the case companies have extremely interesting histories, and each has highlighted the value of remaining faithful to the historic positioning (Table 4, Q19) or the founding and current designer (Table 4, Q20) of the brand because this strategy has the ability to add and maintain the brand’s authenticity. For example, Company C produced a book illustrating its history, and retained original features from the leather production process; and Companies A, J and H preserved their history through an extensive exercise of attempting to buy back archive pieces and by reproducing products or design-based products from their archive collection. Luxury environment and experience All the representatives identi? ed the signi? cance of both the store environment and superior service to brand luxury creation. Firstly, the store environment is typi? ed by the ? agship store, which was considered Premium price The importance of price was clearly identi? ed by all of the respondents as a means  © 2009 Palgrave Macmillan 1350-23IX Brand Management Vol. 16, 5/6, 347–363 357 Fionda and Moore crucial by the Chief Executive of Company C, as ‘it is an important part of what the consumer is paying for’. Company A considered the London ? agship the ‘motherhouse’, as it is the home of the brand (Table 4, Q21). The ? agship was considered to require the greatest investment but it provided the paramount experience. A number of the representatives also highlighted the fact that the ? gship store actually assisted their licensing and wholesale business. For the business-tobusiness customer, the store provides an insight into the personality and soul of the company, which assists in the development of a working relationship. Other distribution methods included boutiques, wholesale and licensee. The level of investment decreased accordingly, however, as did the level of control. The service provided by all the case study companies was considered superior to other fashion brands and the more diffused luxury brands. The companies claimed to provide this level of service for their customer, as it added to the experiential dimension, which was considered essential for luxury (Table 4, Q22). Many of the brands offered personalised service, which included staff spending hours with a client, direct personal phone calls and merely ensuring the shopping experience is made as easy as possible. Clearly, each of the companies views this as an inherent quality that a brand should offer their consumers. Control over the distributors, suppliers, manufacturers and licensees was considered crucial in the creation and maintenance of the luxury fashion brand. nies recognise the importance of the right people working internally to create the brand, from management to the staff on the shop ? oor. Furthermore, within the organisation there is a need for honesty, integrity, morality and teamwork, as without these the message created would be false. In conclusion, each of these aforementioned components is considered important in the creation of a luxury fashion brand, as each add to the luxury brand image and positioning. The research ? ndings identi? ed the interrelated components of a luxury brand through an examination of the actions undertaken with each of the representatives of the case studies. This builds on the ? ndings of the literature, which either discussed luxury brands on a surface level or considered the concept from a generic perspective rather than speci? cally to the luxury fashion market. Discussion Figure 1 illustrates the various components inherent to the luxury fashion brand as derived from the ? ndings of the research. The model identi? es nine key components that are inherent to the creation of a luxury fashion brand. Each attribute consisted of a number of sub-categories, which all must be consistent in order to create the brand. The ? rst major dimension identi? ed was the clear brand identity. Clear brand identity relates to the symbolic nature and the intangibles of luxury brands and the future development and investment into the brand. The fashion element of each of the brands has a strong correlation to the brand values. Although each of the brands clearly has a fashion element, they place differing levels of importance on and investment into the fashion factor. The second component, marketing communications, refers to the common methods employed to create awareness, which include fashion shows, celebrity endorsement, advertising, direct marketing, events sponsorship and PR. Each of these Culture The management of the internal and external relationships with the brand was developed through the company culture (Table 4, Q23 and Q24). This aspect assisted in the luxury brand proposition authenticity, according to Case Company C. The culture of a brand refers to the expertise behind the brand. All of the Case Compa- 358  © 2009 Palgrave Macmillan 1350-23IX Brand Management Vol. 16, 5/6, 347–363 The anatomy of the luxury fashion brand Recognisable Style Brand Livery Direct Marketing; Sponsorship; Fashion Shows; Celebrity Endorsement Advertising; PR Innovation Seasonal Products Functionality, Quality Craftsmanship Global Marketing Strategy Creative Direction Iconic Products Brand Values/DNA Marketing Communications Emotional Appeal/ Aspirational Product Integrity Design Signature Consistent with positioning Clear Brand Identity Premium Price LUXURY FASHION BRAND Culture Exclusivity Internal commitment to the brand External Partnership Commitment to the brand Environment and Service Globally Controlled Prestige Distribution Superior Service Heritage Limited Editions History and/or Brand Story Exclusive Ranges DOS Flagship Stores Figure 1: The components of a luxury fashion brand. methods needs to be coherent and to work towards a common goal of increasing consumer awareness. The subsequent category considers the product integrity, and includes various elements such as quality, craftsmanship and attention to detail. The fashion element within the product is derived from investment in innovation, creativity and the appointment of an eminent fashion designer, which together allow a company to achieve the luxury fashion status and integrity in this attribute. Within the product range, the importance of design signature along with iconic products, eminent designers and brand livery was considered vital in the creation of a luxury brand. The importance of price relevance was clearly identi? ed in the literature19,26,43,83–86 and similarly by each of the case companies. The following component, exclusivity, relates to accessibility of the brand and the need for this to be strictly controlled, in terms of product availability and distribution, in order to be coherent with the rest of the attributes. The subsequent component relates to the history and heritage of a luxury brand, which  © 2009 Palgrave Macmillan 1350-23IX Brand Management Vol. 16, 5/6, 347–363 359 Fionda and Moore was considered crucial for the brand, as it brings an element of authenticity. The store environment and service appear together, as each of the case companies considered the store environment part of the service. The environment within the context of the luxury fashion market is encapsulated in the form of the ? agship store and the superior service, which provide customers with the ultimate brand experience. Culture, the ? al component, refers to the expertise behind the brand, which must be coherent and consistent from management, manufacturers and designers to th e sales staff, to ensure the success of the brand. All of these elements are interdependent and need to be maintained simultaneously, as independently they do not infer luxury status. In each of the cases, however, the ? rms placed varying levels of emphasis on each of the components illustrating the path-dependent nature of luxury fashion brand creation and development. ?agship experience and ? nally, Milan, New York, Paris or London fashion shows. All of these are considered vital in the quest to achieve ‘fashion’ status. The greater the emphasis placed in these characteristics, the greater the fashion orientation of the luxury brand. This study has identi? ed an empirically developed model, the elements of which are interdependent and cohesive. These attributes must be managed concurrently in order to create and maintain a luxury fashion brand positioning. Thus, the management of the luxury brand demands a consistent and coherent approach. Limitations and future research It is noted that this study has limitations, most notable of which is the scale of the research. Moreover, all of the case companies were British, because of accessibility issues, which results in the study being culturally narrow. Although the brands’ country of origin is limited to the British perspective, the parent companies of the brands are diverse, with representation from France, Italy and Japan. There are a couple of areas that could be considered for future research. Firstly, there is an opportunity to extend the study to a larger number of companies, which would help to identify the extent to which these ? ndings have a wider application. Secondly, investigating the brand crossculturally would provide an insight into any cultural differences in the marketing of luxury. CONCLUSIONS Despite the importance and growth of the luxury sector,3,5,16,19,42 investigation into the creation and maintenance associated with luxury fashion brands has received limited empirical exploration within the research literature. 6,28 The research that is available, despite Beverland’s16 study, which is con? ned to the wine sector, is not developed from an empirical basis or directly focused on the fashion sect or. Therefore, this investigation sought to address research neglect through the provision of a framework for luxury brand marketing in the fashion sector. Although these components could arguably be applicable to a generic luxury brand, the differences among luxury fashion brands stem from the emphasis placed on the speci? c elements, namely, the investment into innovative and seasonal new product development, the appointment of a renowned fashion designer as a creative director, directly owned stores and CONTRIBUTION OF THE STUDY This study has examined the issues intrinsic to luxury fashion marketing, and has identi? ed the areas that need to be considered by brand managers and marketers, although creating and maintaining the luxury fashion brand. The key ? ndings include nine inherent interrelated attributes crucial for creating a luxury fashion brand in the context of the luxury fashion market, and the 360  © 2009 Palgrave Macmillan 1350-23IX Brand Management Vol. 16, 5/6, 347–363 The anatomy of the luxury fashion brand successful management of the luxury fashion brand demands a consistent and coherent approach from the brand custodians. Furthermore, it can be concluded from the key ? dings that the process of creating and maintaining the luxury fashion brand is an extremely complex activity that requires continual planning and investment of resources in conjunction with coherent and consistent marketing and management decision making to generate the possibility of achieving success. Finally, thro ugh an in-depth analysis of the marketing issues inherent to luxury fashion branding, this study has contributed to the growing body of research available on luxury fashion brands.

Implementing Total Predictive Maintenance Essay

Implementing Total Predictive Maintenance - Essay Example It appeared that manufacturers with efficient and effective equipments where enjoying a competitive advantage over others. Traditional methods used by technicians were being labeled as passive and non-productive. The manufactures did not take long in realizing that proper maintenance management and control of machines and equipment have a stronger and direct relationship with organizational performance and productivity. This was the time when the concept of â€Å"Total Productive Maintenance (TPM)† (Seng, Jantan & Ramayah, 2005) appeared on the scene aiming at improving the efficiency and effectiveness of the equipment by using the skills and abilities of the human resource of the organization. The ultimate target is to improve the â€Å"Overall Equipment Efficiency (OEE) and reach to the level of Zero Defects and Zero Breakdown† (Seng, Jantan & Ramayah, 2005). The paper sheds some light on the optimum use of TPM in the Malaysian Manufacturing Industry and some implementation issues. The literature review reveals that the strategies concerning TPM can be divided into Human orientated strategies and Process orientated strategies. Human oriented have three important aspects. ... ing and education is another important factor for the success of TPM because it introduces employees to TPM in a systematic and educated manner, providing them with information before hand and preparing them for the upcoming issues and challenges. Process oriented strategies have their roots in the technical approaches. â€Å"The goal is identify all possible sources of losses and inefficiencies in the equipments due to breakdowns, time loss, shortage of equipments, defects, startup time and others† (Seng, Jantan & Ramayah, 2005). The simple three-point agenda process oriented strategy is to first, find such losses and analyze its causes, second, planning improvements to cope up with losses and third, confirming and building on the results. In short, process oriented strategies put all their energies in creating environments and processes where employees could be provided with an optimal environment to achieve satisfaction and higher productivity, which would ultimately lead t o higher organizational performance. The paper moves on with considering the problem of implementation of TPM in a developing country such as Malaysia (Seng, Jantan & Ramayah, 2005). Despite the fact that its implementation is imperative, at least for the manufacturing industry, however, resistance towards TPM has come from all directions. Non-conductive and unsupportive environments, lack of commitment and dedication from the top management, refusal of employees to take up extra training and responsibilities and others remain important causes marking the failure of TPM. In order to understand various dimensions of this problem, the paper moves forward with a structured survey approach where questionnaires have been used as the research tool. Industrial manufacturers from Northern and Central

Speech Essay Example | Topics and Well Written Essays - 250 words - 4

Speech - Essay Example As Danier specializes in the quality and expertise they put into their products, I would say that it would be best for them to position their company as a premium leather store that will bank on genuine leather materials and stick to a realistic premium pricing. I strongly believe that this will drive more sales as it will be more attractive to people who have affinity with leather products and will not create any doubts on the quality especially because real leather is practically priced premium. This will also drive loyalty once customers see that the products offered do not in any way compromise quality. I will measure the success of the campaign that centers on a strong brand positioning aside from sales monitoring by coming up with a loyalty privilege account where customers who see themselves doing constant business with Danier instead of a one-time purchase only can avail of this by just purchasing the loyalty privilege digital card which in turn will give them access to promos and discounts. This will surely push for future purchases by a strong niche of leather lover

The IKEA Business in the UAE According to the Market Demand Research Paper

The IKEA Business in the UAE According to the Market Demand - Research Paper Example In order to acquire the market share and to be labelled as one of the leading businesses in the world, IKEA has its control over the channels of production and distribution (BusinessWeek 2005). Due to the significance of marketing channels for market acceptance and profitability, developing a formal planning process for formulating and choosing channels is vital (Stern & El-Ansary 1982, p. 222). Much of this control is spelt out in its code of conduct that it calls â€Å"The IKEA Way on Purchasing Home Furnishing Products† (IKEA 2010). This code was launched in 2000 (IKEA 2010). It indicates what suppliers should look forward to from IKEA and suggests what IKEA should expect from its suppliers (IKEA 2010). It not only spells out its expectations in terms of legal requirements, working conditions, external environment, and forestry management but also puts a great deal of emphasis on the active prevention of child labour (IKEA 2010). These policies and guidelines will be utiliz ed when implementing the IKEA business in the UAE. As previously mentioned, IKEA’s biggest competitive advantage over other home stores is its low prices. The low prices are the single element that drives IKEA’s cost reduction strategy. This strategy provides the company with its greatest opportunity but also its greatest challenge. The firm is passionate about cutting costs and transferring savings to the customer. This cost-cutting governs the process of design. Therefore, unless a design can be made affordable, it will not end up in IKEA’s showrooms or catalogues no matter how otherwise marketable the item might be.

Mechanisms in the Cardiovascular System

Mechanisms in the Cardiovascular System The mechanism of the pumping action of the heart can be categorized in three phases- the generation of an action potential, conduction of the action potential and cardiac muscle contraction (action potential-contraction coupling). The action potential is generated the specialized autorythmic myocardial cells located at the Sino atria (SA) node. The potential spreads to the atria and enters the ventricles through the atria ventricular (AV) node from where it is conducted throughout the ventricles by the bundle of His and the purkinje fiber. The action potential triggers muscle contraction as it sweeps around the heart1. As the cardiac muscles contract and relax the heart beats repeatedly, in the process receiving and pumping blood, first to the lungs then to the rest of the body. As it leaves the heart, the blood carries with it oxygen and nutrients to the body and brings back metabolic wastes from the body cells 1, 2. However, much as it supplies blood to the rest of the body, the heart itself needs blood to support its metabolic activity. The heart is thus supplied by the coronary arteries which branch off from the aorta. Reduction in the volume of this coronary flow can greatly impair the pumping action of the heart and if not treated, can cause heart failure. A number of treatment options ranging from surgical to drugs are available2b. THE CARDIOVASCULAR SYSTEM The cardiovascular system is an organ system responsible for distribution of nutrients and oxygen to the bodys cells and removal of metabolic byproducts from the cells. It consists of the following: Blood which carries nutrients and oxygen to the cells and metabolic byproducts away from the cells The blood vessels which are the pathways through which blood flows The heart which receives and pumps blood. Embedded in the heart are valves that control blood flow and ensure that blood flows in a specified direction3,8. THE HEART In brief, the heart is a muscular organ enclosed in a double walled sack called the pericardium. It is about the size of a fist and weighs between 250 grams and 350 grams. It is located within the medial cavity of the thorax between the second and fifth intercostal space, just on the superior surface of the diaphragm, anterior to the vertebral column and posterior to the sternum7. The heart is divided in four chambers, the right and left atria, the right and left ventricle. The circulation process is such that the right atrium receives blood from the rest of the body through the venacavea and feeds it to the right ventricle which pumps it to the lungs through the pulmonary artery to be oxygenated. Blood from the lungs comes back to the left atrium through the pulmonary vein and finally to the left ventricle. The left ventricle pumps blood to the rest of the body though the aorta and arteries7,1. The Mechanism of Heart function The most important function of the heart is to pump blood. The mechanism by which the heart pumps blood can be understood by examining the events that lead to cardiac muscle contraction. The contraction process starts with the generation of an action potential from the sinoatrial (SA) node giving rise to a depolarization wave. The wave spreads through the atria, entering the ventricles through the atrioventricular (AV) node and is conducted throughout the ventricles by the bundle of His and the purkinje fibers1. Generation of action potential. The heart is composed of two kinds of cardiac muscle cells- the contractile and autorythmic cells. The contractile cells are responsible for the mechanical work of pumping and therefore form the bulk of the cardiac muscles. However, these cells need to be excited before they can contract. Highly specialized autorythmic cells are responsible for generation and conduction of the excitation signal-the action potential1,3. These autorythmic cells are found in specific regions of the heart that include: The SA node. This is a small region located at the upper wall of the right atrium. The AV node. This is a bundle of the autorythmic cells found at the lower wall of the right atrium, near the septum that separates the atria from the ventricles. The bundle of His. This is a bundle of specialized conductive cells that originate from the AV node and runs down the septum between the ventricles. It separates into the right and left bundles serving the respective ventricles. The purkinje fiber. These can be regarded as terminations of the bundle of His. They spread over the base of the ventricles.The locations of the autorythmic cells are the origin and pathways of the action potential3. The cardiac action potential The SA node is the pace maker of the heart. It sets the frequency at which the heart beats. Looking at the cardiac cell, the action potential starts by the reorganization of the intracellular and extracellular concentration of potassium, sodium, chloride and calcium ions due to changes in the cell membrane permeability. A graph showing a typical myocardial cell action potential is shown in figure 1 below. Figure 1: Cardiac cell action potential. Source4: As in the graph, the different phases represent different stages of depolarization of the cardiac cell. Phase 4: In this phase, the cell is at rest. In the resting state, the cell membrane is more permeable to potassium and therefore the resting potential is more or less equal to the potassium equilibrium potential (-90mV). Phase 0: As the potential slowly rises, the voltage-gated sodium channels open leading to a rapid influx of potassium into the cell causing rapid depolarization. At the same time, the membrane permeability to potassium slowly reduces as the potassium channels close. This process takes the membrane potential to around +20Mv before the sodium channels suddenly close. Phase 1: On inactivation of the sodium channels, potassium continues to leak out of the cell and chloride ions go into the cell causing a small downward deflection of the action potential. Phase 2: At this stage, there is increased permeability of the membrane to calcium ions. The inward calcium movement is balanced by an outward movement of potassium ions accounting for the relatively flat phase 2. Phase 3: An increase in the permeability of potassium outweighs the inward calcium current and eventually tips the potential of the cell. This is the repolarization phase and the cell goes back to its resting potential, phase 43,4. Excitation-contraction coupling As described in muscle contraction, the action potential-contraction coupling is due to the release of calcium from the cells sarcoplasmic reticulum. The calcium combines with troponin which regulates the tropomyosin, removing it from the binding site. This allows myosin to bind to actin thus making the muscle to contract3. The cardiac cycle The depolarization and repolarization of the cardiac cell described above triggers the contraction and relaxation to the atria and ventricles of the cell. The cardiac cycle is divided in two main phases, diastole which is the period of relaxation and systole which is the period of contraction. Systole. During this phase, the depolarization wave starts from the SA node, spreading first through the atria and causing the atria to contact first. This forces blood from the atria to the ventricles. At this time, the atrioventricular valves are open while the pulmonary and aortic valves are closed. The depolarization wave then enters the ventricles through the AV node, spreading over all the ventricles via the specialized conductive bundle of His and the purkinje network. This causes the ventricles to contract forcing the blood to the lungs through the pulmonary vein and the rest of the body through the aorta. Here the atrioventricular valves close while the pulmonary and aortic valves open5,3. Diastole. After contraction of the atria, the cells are repolarized. This allows the atria to relax thus allowing blood to flow into them through the vena cavea. After the ventricular contraction, the ventricles also relax awaiting to be filled with blood from the atria5. THE CIRCULATORY SYSTEM The circulatory system is part of the cardiovascular system and is divided into the pulmonary circulation and systemic circulation. The pulmonary circulation transports deoxygenated blood from the heart to the lungs and returns oxygenated blood from the lungs to the heart9. The systemic circulation transports oxygenated blood from the heart to the rest of the body and brings back deoxygenated blood from the body back to the heart9. Deoxygenated blood enters the right atrium from the vena cava and flows through the tricuspid valve into the right ventricle. It is pumped from the right ventricle through the  pulmonary semilunar valve  into the pulmonary arteries which go to the lungs. Oxygenated blood returns via the pulmonary veins and enters the left ventricle through the mitral valve. It is the pumped through the aortic valve, to the aorta then through the arteries to the rest of the body. It is evident that oxygen is very important in metabolic activity of the body cells 3,9. Transport of oxygen by the cardiovascular system The red blood cells. One of the functions of the cardiovascular system is to distribute oxygen around the body. Oxygen is carried in blood by the red blood cells. Understanding the structure of the red blood cells will help us to understand how it is able to carry oxygen. The molecule of a red blood cell is composed of four polypeptide chains with each polypeptide chain having an iron-containing heme group. Each of the four iron atoms can combine reversibly with oxygen according to the equation: O2+Hbà ¢Ã¢â‚¬  Ã¢â‚¬ HbO2. It is therefore possible that each molecule of hemoglobin can carry up to four molecules of oxygen1b,2b. Oxygen uptake Blood is pumped from the right ventricle to the lungs to be oxygenated. In the alveoli, the partial pressure of oxygen is higher than that in the blood and the partial pressure of carbon dioxide in the alveoli is lower than that in the blood. The pressure differences make it possible for oxygen to diffuse from the alveoli to the blood, thus binding to the iron in the hemoglobin. Carbon dioxide on the other hand diffuses from the blood to the lungs. Carrying oxygen, blood is returned to the left atria then to the left ventricle which pumps it to the rest of the body2c. Oxygen release: In the tissues and organs, the cells are undergoing metabolism, continually consuming oxygen and releasing carbon dioxide. This means that the intracellular partial pressure of oxygen is lower than that in the blood and the intracellular partial pressure of carbon dioxide is higher than that in the blood. Again the pressure differences make it possible for oxygen to diffuse from the blood to the cells and carbon dioxide from the cells to the blood, binding again with the iron in the hemoglobin. Therefore, as blood flows around the body, it continually distributes oxygen2c,6. BLOOD SUPPLY TO THE HEART Coronary flow In order to perform its functions, the heart an abundant supply of oxygen and nutrients and therefore needs a dedicated supply of blood. Coronary circulation is that part of the systemic circulation that provides blood supply to the heart. Just as the aorta leaves the left ventricle, it gives of the right and left coronary arteries9. The left coronary artery divides into smaller braches supplying blood to the apex and the posterior side of the heart, the ventricles and part of the anterior interventricular septum, the left atrium and posterior wall of the left ventricle. The right coronary artery supplies the lateral aspect of the right atrium and ventricle, the posterior wall of both ventricles and the SA node9,10. Effect of reduced coronary flow on cardiac function The energy demand of the cardiac muscle is so crucial that an interruption of blood supply to any part of the myocardium can cause necrosis within minutes9. A decrease in coronary flow to levels below normal is called myocardial ischemia. The ischemia can be caused by vascular spasms of the coronary arteries, atherosclerosis or increased activity of the heart beyond levels that the coronary arteries can supply10. Temporary or reversible obstruction of coronary blood flow can cause chest pain known as angina pectoris9. Chronic myocardial ischemia can lead to myocardial infarction where myocardial cells die and are replaced by scar tissue. Reduced coronary flow therefore can affect cardiac function in several ways. If the heart is not able to meet its metabolic demand, it can be understood that it will not be able to pump enough blood to the body. Reduced blood flow to the rest of the body can result in serious physiological and pathological conditions which are beyond the scope of this essay. With the death of some cardiac cells as in the case of chronic ischemia, several other life threatening conditions can arise which affect cardiac function. One of such dangerous conditions is ventricular fibrillation which is an abnormal pulse generation triggered by the damaged myocardial cells. The heart will not be able to pump blood but will just quiver around without any net output. Death can occur within minutes2b,6. Treatment of reduced coronary flow Other immediate effects like ventricular fibrillation caused by reduced coronary flow can be treated by defibrillation. However, the main cause of reduced coronary flow is coronary artery occlusion or restriction and the following treatment options are available: Coronary bypass: This is a surgical technique where the occluded coronary artery is cut and replaced by a new blood vessel, usually a vein taken from somewhere in the patients body2b. Coronary balloon angiography (cardiac catheterization): This is another surgical procedure where a catheter containing a balloon at its tip is passed into the occluded artery. The balloon is enlarged thus stretching the artery and opening it in the process2b. The use vasodilator drugs such as nitroglycerine: These drugs dilate the coronary artery thereby lowering the total peripheral resistance. This reduces the work the heart must do in ejecting blood. This is usually given to people who have already suffered myocardial infarction to reduce the risk of another occurance2b,10. A person at risk of myocardial infarction can be put a low cholesterol, low fat diet to reduce the risk of atherosclerosis and takes aspirin to reduce the risk of blood clot formation. Conclusion The cardiovascular system is one of the most important systems of the body. All the other systems and organs of the body depend on it for supply of oxygen and nutrients and removal of metabolic wastes. The heart acts as a pump to make sure blood is circulated to all parts of the body through pulmonary and systemic circulations9. However, the heart itself needs supply of blood in order to perform its main function of pumping blood and the heart is supplied by the coronary circulation. Reduction in coronary flow means the heart will not be able to meet it metabolic needs and therefore cannot pump enough blood. This can adversely affect normal activity of the body and cause death10. References Sherwood L. Fundamentals of physiology a human perspective. St. Paul Minn: West publishing company; 1991.190-199 1b. Sherwood L. Fundamentals of physiology a human perspective. St. Paul Minn: West publishing company; 1991.263-266 Vander A, Sherman J, Luciano D. Human physiology, the mechanisms of body function, seventh edition. Boston: McGrow-Hill; 1998. 387-389. 2b. Vander A, Sherman J, Luciano D. Human physiology, the mechanisms of body function, seventh edition. Boston: McGrow-Hill; 1998. 374-377. 2c. Vander A, Sherman J, Luciano D. Human physiology, the mechanisms of body function, seventh edition. Boston: McGrow-Hill; 1998. 479-483. Koeppen M B, Stanton A B. Berne and Levy physiology, sixth edition. Philadelphia, PA: Mosby/Elsevier; 2008. 289-303 Serguei Semenov (2009): Lecture notes. Physiological measurements, ecg/pacemakers/defibrillators. Cohen J B, Wood L D. Structure and function of the human body, seventh edition. Philadelphia: Lippincott Williams and Wilkins; 2000. 195-204. Vandegriff K.D, Benazzi L, Ripamonti M, Perrella M, Tellier Le Y.C, Zegna A, Winslow R M. Determination of the rate and equilibrium constants for oxygen and carbon monoxide binding to R-state human Hemoglobin,199: The journal of Biological Chemistry ; 266 (26): 17049-17059 Elaine N M, Katja H. Human anatomy and physiology, seventh edition. Menlo Park: Benjamin Cummings; 2007.674-681 Sherwood L. Human physiology: from cells to systems, sixth edition. Belmont, CA: homson/Brooks/Cole; 2007.300-304 Saladin K S. Anatomy and physiology: The unity of form and function, fifth edition. Maidenhead: McGraw-Hill Higher Education; 2009.683-755 Stanfield C L, Germann W J, Niles J N, Cannon J G. Principles of human physiology, third edition. San Francisco: Pearson/Benjamin Cummings; 2009. 361-366 Skeletal Muscle Question: Describe the structure of skeletal muscle and how it contracts (90) and discuss a disease that may arise from this system (10) The structure of skeletal muscle and the mechanism of muscle contraction including muscle disease (1553 Words) 1.0 ABSTRACT Skeletal Muscle is a form of fibrous tissue with the fibers arranged parallel to each other. A muscle fiber (cell) is surrounded by the endomysium. A group of these cells is wrapped by fascicles. Bundles of fascicles are covered by the perimysium and bundles of the perimysium are wrapped by the epimysium to form a muscle. The muscle fibers have contractile properties which enable them to move bony levers in order to produce skeletal movement1. The functional unit of the muscle fiber is the sacomere which consists of most importantly, actin and myosin. The actin and myosin are arranged such that during contraction, they can slide over each other thus shortening the muscle2. Muscles suffer from many diseases, one of which is polymyositis. This is an inflammatory myopathy that affects mainly the muscles of the thorax and those around the torso. It affects all age groups but has been noticed mainly in late childhood and early adulthood. The sypmtomps are nonspecific but results in general muscle weakness and the cause, though believed to be an invasion by the white blood cells, is not very clear10. 2.0 The Structure of Skeletal Muscle. In daily life, structures and arrangements of designs are dictated, to a large extent by the purpose and function for which the design is meant for. Knowing that skeletal muscle is made up mainly of fibrous tissues, the arrangement of these tissues and how they are bound together to maintain a particular shape in order to accomplish different purposes (mainly to generate force and produce movement) may to a large extent, define the structure of the muscle4. At a macro level, the skeletal muscle is composed of bundles of individual muscle fibers, the supporting structure called the basal lamina, and the connective tissue sheaths as shown in figure 1. These connective tissues bind the cells together giving them strength and partly providing mechanical protection2. We can examine these connective tissues and their functions as follows: 2.1 The basal lamina. This is an extracellular matrix that acts as a scaffold on which a cell sits. It has been realized that apart from providing structural support, the basal lamina can orient and constrain cell during the process of regeneartion3. 2.2 The endomysium. This is a fine sheath of connective tissue that surrounds each individual muscle cell. The endomysium consist of loosely interlacing fibers composed mainly of collagen4. 2.3 The perimysium and fascilces. The individual muscle fibers wrapped by the endomysium, are grouped together in what is called fascicles. A layer of fibrous tissue called the perimysium wraps each fascicle4. 2.4 The epimysium. This is the outside layer that finally wraps the whole muscle. It is composed of dense irregular connective tissue4. Figure 1 Source: http://www.web-books.com/eLibrary/Medicine/Physiology/Muscular/muscle_structure.jpg 3.0 The muscle cell Having described how individual muscle cells are organized into a muscle, it is imperative that we look at the structural composition of the cell itself. Just like many other cells in the body are specialized according to their functions, skeletal muscle cells are specialized to produce force and movement5. The skeletal muscle fiber is thus composed of mainly three structural elements:-the myofibrils, the sarcoplasmic reticulum and the mitochondria, each contributing a unique aspect of muscle function. The entire function of the muscle can be attributed to the shifts in proportions of these three structures6. 3.1 The Myofibrills. These are cylindrical specialized sub-units within the muscle fiber. They consist of two types of contractile protein filaments-the thin filaments referred to as actin and the thick filaments referred to as myosin. The two most important parameters of the myofibrils are their diameter which determines its strength and the fiber length which determines it contraction velocity and distance over which the fiber can contract. The myofibril consist of two filaments-actin and myosin6,2. 3.1.1 Actin (thin filament). Actin filaments are responsible for regulation of contraction. The actin filament is formed by a helical arranged of actin monomers which is an ambiguous protein2 (figure 2). Because of the helical nature, a long grove is formed along the filament and the protein troponin is located at intervals along the length of the actin filament. It is troponin which is responsible for turning on contraction2,7. Figure 2.The actin molecule. Source: http://www.ucl.ac.uk/~sjjgsca/Muscleslidingfilament1.gif 3.1.2 The Myosin (thick filament). Myosin filament is about 150nm long. It has a tail and two heads. The tail is formed by two helical shaped fibers that coil around each other. A collection of several of these helical tails together form a myosin filament (figure 3)4b. Figure 3. The myosin molecule. Source: http://webanatomy.net/anatomy/myosin.jpg. 3.2 The sarcoplasmic reticulum (SR). Groups of about 200 thick and thin filaments constitute a myofibril. Each myofibril is thus enclosed in a membrane called the sarcoplasmic reticulum8. The SR membrane stores and releases calcium during muscle contraction and relaxation. The SR can therefore be thought of as the functional unit of the myofibril9. 3.3 The mitochondria. Found within the cell cytoplasm, the mitochondria are responsible for generation of most of the cells energy by the production of adenosine triphosphate (ATP). There are several mitochondria distributed along the length of a myofibril4. 4.0 The mechanism of muscle contraction Muscle contraction can largely be attributed to the structure of actin and myosin, their arrangement within the SR and the interaction between them in order to produce force (Figure 4). This type of arrangement allows the thin actin filaments to slide in and out by the action pull of the myosin heads8b. Figure 4. Actin and myosin arrangement: Source: http://www.exrx.net/Images/ActinMyosin.gif Muscles are composed of a number of actin and myosin filaments arranged in series in a basic unit called the sacomere. The sacomere consists of a thick filament in the meddle and two thin filaments, one overlapping on each side. The heads of the thick filament attach to the thin filament at the overlap and these heads allow movement in only one direction. When activated, each thick filament head rachets repeatedly along the actin, pulling the two actins closer together. Since the actin are attached to the Z line (The distance between two Z lines form the sacomere), ends of the sacomere (Z lines) are pulled in and the sacomere shortens. The sacomeres are arranged in series so that when the muscle fiber contracts, all the sacomeres contract simultaneously transmitting the force to the end of the muscle. The whole process of contraction described above occurs when the muscle is electrically stimulated2b. 5.0 Muscle stimulation. Skeletal muscle cells are stimulated by the motor neurons of the somatic nervous system. The reception of the motor stimulus (action potential) opens the calcium channels allowing calcium which is stored in the SR to be released. The release of calcium causes the release of acetylcholine-Ach (neurotransmitter). The calcium binds to the troponin on the actin filament. Troponin then regulates the tropomyosin which obstructs binding sites for myosin. This allows the tropomyosin to move, unblocking the bonding site. Myosin then binds to the unblocked site on the actin and applies a pull. This will pull the Z bands towards each other thus shortening the sacomere, causing muscle contraction2b. However, as calcium is released, the ATP-dependent calcium pump is activated and it continuously pumps calcium back to the SR to be stored again. This leads to a drop in calcium level within the cytoplasm. When the calcium level is too low, the calcium binding action to troponin is terminated, releasing tropomyosin which again blocks the binding site. This stops the interaction between actin and myosin thus relaxing the muscle2b. 6.0 Muscle Diseases There are a number of muscular diseases and disorders ranging from acquired, familial to congenital. Limiting ourselves to one of the acquired disorders of the muscles, lets look at polymyositis. 6.1 Polymyositis (PM). PM is a type of muscle inflammatory myopathy. Just like the name suggests, this disease causes inflammation of the muscle fiber. Although the causes of the disease are not well understood, it is believed that PM begins when white blood cells, spontaneously invade muscles. This can result in severe muscle weakness. Polymyositis is a persistent disease characterized by periods of increased and reduced or no symptoms. PM affects mainly the muscles of the thorax and is more common in women than men. It is said to affect all age groups although is it commonly noted in early childhood or 20s10. Key pathologic and diagnostic features of the disease. Endomysial inflammation. This is the inflammation of the outer connective tissue that surrounds the muscle fiber. This is done by the white blood cells that leave the blood and enter the tissue, somehow confirming the earlier assertion that the PM begins when white blood cells invade muscles. Invasion of myofibers by autoaggressive lymphocytes. This is when the T lymphocytes begin to attack the intact myofibers. Unlike in muscle dystrophy where inflammation is associated with degenerating myofibers, the invasion of T lymphocytes causes inflammation of health myofibers in PM.This causes inflammation of healthy myofibers. Other diagnostic features that may not be exactly specific to PM include myofiber necrosis, myophagocytosis, myofiber atrophy and fibrosis, a feature of chronic PM10,11. 7.0 Conclusion Human movement is only possible because of the action of muscle contraction. Voluntary contraction of muscle is made possible by the somatic nervous system which sends out an action potential activating the contraction process. The process is accomplished by the sliding of myosin and actin over each other. Many diseases and disorders affect muscles, prominent among them is muscular polymyosis which causes inflammation of the muscles mainly around the torso. Its believed to be caused by the unwanted action of the white blood cells and the symptoms include muscle weakness.

Is Tiger That Great? :: essays research papers

There has been a vast amount of media exposure on Tiger Woods. The media made Tiger Woods out to be some sort of golf god that nobody could beat and he was totally reshaping the way the game was played. We did not believe that that Tiger Woods was really as good as the media said he was.   Ã‚  Ã‚  Ã‚  Ã‚  First off, we went to http://www.pgatour.com and http://www.tigerwoods.com to collect our data. We found the average scores of the top 100 PGA tour players. We found that Tiger Woods was actually ranked in second place, one spot behind the scoring average leader, David Duval. However, there are currently somewhere in the neighborhood of 400 players playing the PGA Tour. It’s not too bad to beat 398 of them! As a second to this incredible piece of information, came Woods’ biography and career statistics. Astounding considering his short professional career. All of these observations combined with our own calculations have changed our earlier mentioned view. After hours of research and study we have found Woods to be a great player. This change of heart led to our hypothesis: Even without the media hype Tiger Woods has proved himself, statistically, to be a great player.   Ã‚  Ã‚  Ã‚  Ã‚  This hypothesis is backed by a great deal of statistical information and factual, proven input through our own calculations. After finding our data online it was already clearly evident that Woods’ was a good player, but we wondered how much better he would seem after the math was done. We hope some of the following numbers impress you as much as they did us. The mean score of a PGA Tour Top 100 player is currently 70.63. Woods’ mean score is a dazzling 69.21. The total number of observations in our experiment was 104, because of certain PGA Tour ties within the averages. Our standard deviation, which is the measure of the spread of a distribution, was found to be .52 for the Top 100 scores. The inner quartile range (middle 50%) of the data is .81. This is the difference between quartile 3 and quartile 1, which are 71.06 and 70.25 respectively. The median, or middle of all 100 scores was 70.8, with a minimum score of 69.13 (#1 David Duval), and a maxim um of 71.24 (#100 Lee Rinker). To return to the basis of our project we found Woods’ standardized z-statistic, or how many standard deviations from the mean he lies, to be a –2.

Thrasymachus’ Views on Justice

The position Thrasymachus takes on the definition of justice, as well as its importance in society, is one far differing from the opinions of the other interlocutors in the first book of Plato’s Republic. Embracing his role as a Sophist in Athenian society, Thrasymachus sets out to aggressively dispute Socrates’ opinion that justice is a beneficial and valuable aspect of life and the ideal society. Throughout the course of the dialogue, Thrasymachus formulates three major assertions regarding justice. These claims include his opinion that â€Å"justice is nothing other than the advantage of the stronger,† â€Å"it is just to obey the rulers,† and â€Å"justice is really the good of another [†¦] and harmful to the one who obeys and serves. † Socrates continuously challenges these claims using what is now known as the â€Å"Socratic method† of questioning, while Thrasymachus works to defend his views. This paper seeks to argue the implausibility of Thrasymachus’ views through an analysis of his main claims regarding justice, as well as his view that injustice brings greater happiness. In Book I of Republic, Socrates attempts to define justice with the help of his friends and acquaintances. After a number of suggestions prove false or insufficient, Thrasymachus tries his hand to define the term, convinced that his definition rings true. Thrasymachus begins in stating, â€Å"justice is nothing other than the advantage of the stronger,1† and after prodding, explains what he means by this. Thrasymachus believes that the stronger rule society, therefore, creating laws and defining to the many what should be considered just. He pertains, however, that the stronger create said laws for their own benefit and therefore in acting justly, the ruled are performing for the rulers benefit and not their own. This argument is not feasible for a variety of reasons. One of the key characteristics of justice is fairness, which can also be defined as being reasonable or impartial. 5 Impartiality means that you do not favour one side over another6, and therefore implies that if one were to act justly and therefore impartially, they would not act in a way to benefit only a select few. Furthermore, justice in its true form cannot be used solely for the advantage of the stronger without the masses acknowledging the injustices being imposed upon them, as Thrasymachus suggests is the case. For justice is one of the many characteristics of morality, which is considered to be intrinsic based on an inner conviction. 7 Therefore, if the many were acting against said inner conviction wholly for the benefit of the stronger, would they not experience a natural feeling of injustice? This argument alike can be used to refute another of Thrasymachus’ primary claims that â€Å"justice is really the good of another [†¦] and harmful to the one who obeys and serves. †3 In addition to his definition, Thrasymachus argues the value of justice as a human or societal characteristic, claiming that injustice is far more beneficial to the individual. Thrasymachus asserts that tyranny: makes the doer of injustice happiest and the sufferers of it, who are unwilling to do injustice, most wretched. †¦] injustice, if it is on a large enough scale, is stronger, freer, and more masterly than justice. 5 To decide whether an unjust man finds more happiness than a just man does, one must understand the true meaning of the word. The dictionary defines happiness as â€Å"characterized by pleasure, contentment, or joy. †8 Thrasymachus typifies the unjust man as someone who is constantly seeking self-fulfillment, pleasing their desires no matter what the cost to others. It is in their nature to never be satisfied with what they have, and therefore it is unlikely that the unjust man could ever experience true contentment. In contrast, the just man is content upholding laws and acting for the greater good and is therefore capable of experiencing a greater happiness than one who partakes in injustices. The dictionary goes on to state that happiness can also be defined as â€Å"feeling satisfied that something is right or has been done right. 8 Thus, an unjust man could never truly be happy, as they are aware of the injustices they have committed unto others in order to benefit themselves. In addition, if one is to look to the cardinal virtues, not only is justice itself included, temperance is as well. Temperance, meaning â€Å"restraint in the face of temptation or desire†9 is not a characteristic of an unjust man. In fact, Thrasymachus argues that one should always seek to fulfill their own desires exercising injustice as a way to do so. Virtue is said to be a measure of one’s worth, therefore, in turning their back on it, an unjust man could never be as self fulfilled and happy as a virtuous one. The first book of Republic illustrates a diverse range of views in reference to the definition of justice. None, however, evokes such controversy and analysis as Thrasymachus’ dialogue. His point of view calls to the forefront a number of important questions regarding the issue, and is an essential piece to Plato’s puzzle of defining justice. Thrasymachus’s arguments in and of themselves, however, are implausible as discussed above. Not only does his claim that â€Å"justice is nothing other than the advantage of the stronger,†1 go against morality and assume the masses naive, but his attempt to prove that the unjust man is happier than the just man is insufficient and untrue. Works Cited Encarta World English Dictionary. 2004 Plato. The Republic. Translated by G. M. A. Grube. Revised by C. D. C. Reeve. Indianapolis/Cambridge: Hackett Publishing Company. 1992. 382c

Writing Press Releases

Writing Press Releases Writing Press Releases Writing Press Releases By Sharon Writing press releases is big business for freelance writers and it’s easy to learn the basic skills. Press releases inform people about the products and services that individuals and companies wish to promote. Their purpose is to make the news and they’re easy to write if you learn the basic techniques. The two key elements to consider are structure and content. Structure The structure of a press release is identical to that of a news story. It follows the inverted pyramid, leading with the most important information and ending with the least important information. The lead of your press release contains the six W’s – who, what, where, why, when and how. These six elements form the basis of your story. The rest of the press release expands on these by providing background information and quotes. Press releases are short and usually fit on one page. The top of the press release usually contains either the words â€Å"For immediate release† or an embargo date that tells editors when it’s okay to publish the news in the release. The end of the release usually includes contact details so people can get more information if they need it. Content So what do you put in a press release? The key to writing a good press release is to emphasize the people aspect of your story. News is about people and that’s what other people are interested in. Another important aspect is the what’s in it for me factor. When writing a press release, emphasize how people will benefit from the product or service being promoted. These tips will get you started with press release writing. A useful and detailed example can be found here. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Freelance Writing category, check our popular posts, or choose a related post below:What is the Difference Between "These" and "Those"?Story Writing 101Educational vs. Educative

Chinese Wedding Gifts

Chinese Wedding Gifts If youve been invited to a Chinese wedding, you may have some confusion about the customs and etiquette involved in choosing a gift. For most weddings, all you need to bring is a red envelope with enough money to cover your expenses at the wedding. Special circumstances may require a different gift, though. The tips below will help ensure you make the appropriate selection. Red Envelopes: The Standard Gift Picking out a gift for a Chinese wedding is usually pretty simple. Thats because, in lieu of gifts, Chinese wedding guests typically give a red envelope called  hà ³ngbÄ o (ç ´â€¦Ã¥Å'…). If you go to a wedding, the money in the red envelope should have a value equivalent to a nice gift that would be given at a Western wedding. It should also be enough money to cover your expenses at the wedding (for example, your meal and drinks). If a wedding dinner costs the newlyweds $75 per guest, then the money in the red envelope you bring should be at least $75. However, you want to make sure to give your gift in the currency that the couple actually uses- for example, the Thai Bhat. Selecting the right amount of money to give is not as simple as learning how much the wedding venue charges per plate, however. Customarily, the amount of money gifted is also relative to your relationship to the recipient. The closer your relationship to the bride and groom, the more money that is expected. Immediate family, such as parents and siblings, should give more money than casual friends. In addition, it is not uncommon for business partners to be invited to weddings, and business partners often put more money in the envelope to strengthen the business relationship. In Chinese tradition, some numbers are considered luckier than others. If youd like, you can give an amount with lucky figures such as eight or nine (avoid unlucky numbers such as four, though). An amount such as $88, for example, is thought to bring good fortune. Other Gift Options As Chinese weddings have become infused with Western traditions, traditional Western wedding gifts have become more acceptable. But unlike at Western weddings, couples will rarely have a registry or release a list of wanted gifts. That means unless you know exactly what the couple needs or wants, sticking to a red envelope might be your best bet. Be careful when selecting a gift, as there are certain gifts to avoid in the Chinese culture. While many would make odd wedding gifts in any culture, it can be helpful to at least be aware to avoid a faux pas. Off-limits gifts include:   ClocksHandkerchiefsTowelsUmbrellasSharp objects (that means a new set of cutlery is out of the question)Cut flowersGifts in sets of four (the Chinese word for four is similar to the word for death)ShoesGreen hatsAnything in white or black If you choose to select your own gift rather than a red envelope, it may be helpful to coordinate with other guests to avoid duplicate gifts.

Wall Street Journal Executive Summary Essay Example | Topics and Well Written Essays - 750 words - 2

Wall Street Journal Executive Summary - Essay Example The European Central bank decided to charge the commercial banks to avail money on deposits. To extenuate unnecessarily huge amounts of capital into the nation, the Central Bank of Denmark violently decided to print kroner. Countries that were in landmark of collapse, such as Spain, are able to recover their hope by selling treasury bills that are short-term. These treasury bills offer back to investors in the country less principals than they began with. A number of European countries, within and out of the Eurozone, sold away civil liabilities with maturities of not more than five years at a negative yield. This held investors responsible for the payment of privileges in holding it. If only they would sell the bonds at even higher prices, they would enjoy profits. Switzerland was not left behind either, as it sold out an aggregate of bonds maturing in 2025 and 2049. Ten years down the line, the yield was at a negative level as compared to the most modern similar bond around two months ago. Prices of Swiss bonds which were maturing up to eleven years in the days to come have moved up in the secondary market, in such a way that their yields have drafted into the negatives. Switzerland later got disturbed about the results that would follow the purchase of large amounts of euros to maintain the suppression of franc and so it chipped its upper limit on the franc and reduced the deposit rates by 0.75%. The foreign market therefore, was subjected to agitation. The fact that it took money to add cash as deposit renders the modest in negativity yield of the current ten year bond as appealing. An identical situation happens to be experienced in the Eurozone, as the Europe Central Bank has adjusted its deposit rates and reduced them by 0.2% then belligerently purchased bonds. This happened in January. Investors were scared away by the fact that deflation would possibly occur in the nation. They were also discouraged by the way

Wells Fargo & Company Bank Term Paper Example | Topics and Well Written Essays - 1250 words

Wells Fargo & Company Bank - Term Paper Example Wells Fargo & Company is â€Å"a diversified financial services company providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores and 12,000 ATMs and the Internet across North America and internationally. It is headquartered in San Francisco but has been decentralized so that every all our customers’ financial needs are satisfied. It has $1.3 trillion in assets and approximately 280,000 team members across our 80 plus businesses; ranked fourth in assets and second in market value of our stock among our U.S. peers as of December 31, 2010† (wellsfargo.com).Wells Fargo & Company is â€Å"a diversified financial services company providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores and 12,000 ATMs and the Internet across North America and internationally. It is headquartered in San Francisco but has been decentralized so that every all our custome rs’ financial needs are satisfied. It has $1.3 trillion in assets and approximately 280,000 team members across our 80 plus businesses; ranked fourth in assets and second in market value of our stock among our U.S. peers as of December 31, 2010† (wellsfargo.com). Wells Fargo has a good financial background and reputation over the years by exhibiting stability and permanence.In fact, in 2010, â€Å"Fortune has ranked Wells Fargo in 19th place in Revenue Among All Companies in All Industries and the World’s 39th Most Admired Company.... The first banking and express office opened in the gold rush port of San Francisco, and Wells Fargo’s trustworthy agents soon moved into other mining camps and settlements† (wellfargo.com). â€Å"Wells Fargo agents provided essential banking services, reliable transportation of gold and goods, and dependable mail delivery across the frontier. They purchased gold dust, took deposits and offered convenient and safe transport of money over long distances. Merchants used Wells Fargo checks to send payments to suppliers, while miners and business owners especially liked reliable mail delivery by Wells Fargo’s letter express. Wells Fargo sent gold, mail and express shipments by the fastest means possible stagecoach, steamship, railroad or Pony Express. According to one newspaper editor, â€Å"it has been the universal business agent of the entire region from the Rocky Mountains to the Pacific Ocean.† Its trademark is a stagecoach pulled by a six-horse team was t he symbol of frontier commerce. In 1858, Wells Fargo helped finance and operate the nation’s first regularly scheduled long-distance stage line. Stagecoaches of the Overland Mail Company, known as the Butterfield line, after company president John Butterfield, carried mail and passengers on a three-week journey between Missouri and California, by way of Texas and the Southwest† (wellsfargo.com) Wells Fargo-Wachovia Merger In order to infuse more capital to intensify its service to existing and future customers, Wells Fargo entered into a Merger Agreement with Wachovia. â€Å"The integration of Wells Fargo is the largest, most complex banking merger in U.S. history. This merger ensures added earnings and capital growth for the