British Economic History, 1952-1963 - 2420 Words

Assess the period of 1952-1963 The period of 1952-1963 was in the heart of what is known as ‘the golden age , which saw wide scale growth of GDP and investment in Western Europe. The distinguishing features of the post war period as identified by Matthews was of full employment, chronically rising prices, an abnormal ratio of domestic investment to income and relatively high growth in income per capita by historical standards. In this epoch of British history government policy principally tried to manage the level of inflation, the balance of payments, the level of investment, the rate of growth and the level of employment. The tools available to the government can broadly be divided into two categories manipulating the level of†¦show more content†¦The success of the policy should not be overestimated due to the fact that comparisons of UK investment levels, fig 7, and those averages in Western Europe, fig 8, reveal that the UK is still comparatively lagging. The increase in the investment rate d id however hold significance for the level of inflation during the period which was attributed to the shortage in the labour market. Sargent argues that the higher levels of investment, fig 7, in new machinery led to a greater requirement of labour than was released through the scrapping of old equipment and the growth of the labour market, leading to wage push inflation. The period of 1952-1963 saw chronic rises in, prices as illustrated in fig 4 and though the threat of inflation was of significant concern in the implementation of policies the conservative government never really managed to control the rate of increases. There were consecutive attempts to bring the level of inflation down with the government maintaining a current account surplus throughout the period. Many of the policies were still deemed as having too high of an inflationary risk, such as the expansionary policies of 1952-1955 where tax cuts were offered during a period where the economy was overheating suf fering chronic inflation. The most successful of the deflationary policies employed during this epoch was that of Thorneycroft and Amory in 1957 andShow MoreRelatedThe Foreign Policy Failures of British Governments, 1959 to 19641185 Words   |  5 Pagesï » ¿The foreign policy failures of British governments in the years 1959 to 1964 were due to a lack of realism about Britain’s position in the post-war world The years 1959- 1964 saw the occurrence of several foreign policy failures within British Politics. The failures include the formation and downfall of a rival group to the EEC called EFTA, as well as the occurrence of the Suez showing British the loss of the British Empire which previously allowed Britain to stand as a dominating world power. ThoughRead MoreThe Soviet Leader Vladimir Lenin And The New Millennium Essay1548 Words   |  7 Pagesout from the woodworks. Sixteen years into the 21st Century, this catchphrase seems to be the running theme, or perhaps joke, of the new millennium. The internet has connected all of humanity in ways that have never before been seen throughout the history of mankind, yet it also opened the door for cyber terrorism, illegal surveillance, and the efficient propagation of dangerous hateful ideologies. Progress in the field of medicine races forwards at the speed of light, but pharmaceutical companiesRead MoreHistorical Development of Risk Manageme nt1354 Words   |  6 Pagesarise in tracing the history of risk management in Kenya, but from various sources of information we have come up with some report about it. Historical development of risk management in Kenya is categorised in three periods; 1. Pre colonial period-where strong African social insurance programs (A.S.I.P.) were used 2. Colonial period-the A.S.I.P. were weakening and British insurance programmes were introduced 3. Post colonial period-A.S.I.P. disintegrated and strong British insurance programmesRead MoreA Far Cry from Africa: Divided Loyalties1682 Words   |  7 Pagestimeless artistic criteria, but as products of the economic and ideological determinants specific to that era. Literature reflects an authors own class or analysis of class relations, however piercing or shallow that analysis may be (Abrams 149). The cultures being examined in this piece are African and European and the author presents an analysis of each class in both piercing and shallow ways. The poem is the product of the British ideologies in the 1950s regarding the Mau Mau: TheRead MoreEssay on John Fitzgerald Kennedy1719 Words   |  7 Pagesnbsp;nbsp;nbsp;nbsp;nbsp;On the sunny morning of November 22, 1963 the United States lost a great leader, man, and the 35th president, John F. Kennedy. No one really knows the reasons behind the assassination or who actually killed JFK. JFK was one of the most liked presidents by the people because of his age and his looks. If, on that friday morning, no one had pulled a trigger we may have had a change in our current history. The United States may have never become as involved in the VietnamRead MoreThe Fall Of The Second British Empire1702 Words   |  7 PagesThe Second British Empire was once so large it was said that â€Å"The sun never sets on the British Empire†. The Second British Empire refers to British rule after 1783. Following World War I, the Empire was at its most powerful; the territories it held were alm ost one fourth of the earth’s surface, which consisted of 25 percent of the world’s population; approximately 448 million people (Dolan 1-2). However, following World War II to the late 20th century, the empire’s holdings had been severely dismantledRead MoreBackground of Kentucky Fried Chicken1333 Words   |  6 Pagesside dishes and desserts. Outside North America, KFC offers beef based products such as hamburgers or kebabs, pork based products such as ribs and other regional fare. The company was founded as Kentucky Fried Chicken by Colonel Harland Sanders in 1952, though the idea of KFCs fried chicken actually goes back to 1930. The company adopted the abbreviated form of its name in 1991. Starting in April 2007, the company began using its original name, Kentucky Fried Chicken, for its signage, packagingRead MoreBackground of Kentucky Fried Chicken1322 Words   |  6 Pagesside dishes and desserts. Outside North America, KFC offers beef based products such as hamburgers or kebabs, pork based products such as ribs and other regional fare. The company was founded as Kentucky Fried Chicken by Colonel Harland Sanders in 1952, though the idea of KFCs fried chicken actually goes back to 1930. The company adopted the abbreviated form of its name in 1991. Starting in April 2007, the company began using its original name, Kentucky Fried Chicken, for its signage, packagingRead MoreHistory of Great Britain from 1950-Today2135 Words   |  9 PagesHistory of Great Britain from 1950-Today The first two years of the 1950’s were very eventful for Great Britain. After leading the British people through a devastating war Winston Churchill was reelected Prime Minister (he would serve for another five years) and the much loved King George VI would die in 1952. As the second son of George V, Prince Albert (as George VI was known then) had not expected to be King. It was his older brother Edward VIII who was in line to become the next king,Read MoreLabor Unions And The American Labor Relations Act Of Canada Essay1715 Words   |  7 Pagesmade them an industrial union. The UAW represents different types of workplaces from multinational corporations, small manufacturers and state and local governments to college and universities, hospitals and private non-profit organizations (â€Å"UAW History†). They have six main objections for the workers they represent. 1) To improve working conditions by creating shorter hours, higher wages, health care, and pensions. 2) To have one organization, regardless of religion, race, creed color, sex, political

Kate Chopin s The Awakening - 882 Words

The article I have chosen to respond to was â€Å"Adele Ratignolle: Kate Chopin’s Feminist at Home in â€Å"The Awakening†Ã¢â‚¬  by Kathleen M. Streater. In this article, Streater argues that the feminism of Adele Ratignolle was overshadowed by the radicalism of the main character, Edna Pontieller. Although Ratignolle was not as extreme or romantic as Pontieller, Streater argues that Ratignolle was more of an equal in the home than readers would suggest. Introduced as the â€Å"mother-woman,† Adele Ratignolle chose to employ the borders of living as a wife and mother assigned by men. Streater argues that Chopin uses Ratignolle to identify the dream-like gender roles set for women in this society that were unrealistic. Streater proves her thesis by showing how Chopin adds a mystical and satirical element to Ratignolle’s character to emphasize the unnaturalness of gender roles in society. However, once readers look past the submissiveness of Ratignolle, St reater highlights the assertiveness and boldness that can be found within Chopin’s writing for Ratignolle. The article examines how Adele Ratignolle refuses to be silenced, she argues society within the institution of the gender roles, and although far less extreme then Edna, she fights the gender role battle from the middle ground. Streater also provides shocking evidence between Edna Ponteiller and Adele Ratignolle that suggests the two women had much more in common to fight for than readers realize. One of Streater’s main beliefs in herShow MoreRelatedKate Chopin s The Awakening935 Words   |  4 PagesKate Chopin’s â€Å"The Awakening† can arguably be considered a feminist piece, but regardless of whether it is or not, the short story unmistakably describes how life was for women in the late 1800’s. Her story is a great example of the sexist views of the time and existing social roles for each gender. The literature includes a large interplay between society and gender roles, which affected the reader’s response to the plot and other literary devices such as imagery back then and even today. ChopinRead MoreKate Chopin s The Awakening Essay1450 Words   |  6 Pagesâ€Å"The beginning of things, of a world especially, is necessarily vague, tangled, chaotic, and exceedingly disturbing† (Chopin 67). Change: the most frightening word in the English language; it has never came quickly, never came easily, never come without casualties. Throughout history, countless revolutions have fought with blood, sweat, and tears for the acceptance of new ideas to foster change within mainstream culture. Naturally, there is always a resilient resistance to revolution, the norm thatRead MoreKate Chopin s The Awakening1553 Words   |  7 Pagesare evident throughout The Awakening by Kate Chopin. Chopin uses contrasting characters such as Edna Pontellier and Adele Ratignolle to further embody the differing aspects of feminism. Adele Ratignolle represents the ideal woman of the time period, a mindless housewife working to serve her family, whereas Edna signifies an independent and daring woman who does not conform to society’s beliefs. These two women’s differing characteristics and personalities allow Chopin to further compare and contrastRead MoreKate Chopin s The Awakening1497 Words   |  6 PagesEdna Proves that Society Does Not Control Her In Kate Chopin s novella, the awakening, Chopin portrays a story of how the protagonist, Edna Pontellier, undergoes a realization that she has been dumbfounded by the way society assert roles for women. Mrs. Pontellier s awakening stirs up issues in her marriage with her husband. For Mr. Pontellier does not understand why his wife is acting different as someone who does not share the values and duties that society withholds women to. Edna even fallsRead MoreKate Chopin s The Awakening1875 Words   |  8 Pageswomen s rights on the grounds of political, social, and economic equality to men.† The Awakening, by Kate Chopin, was written in 1890 during the height of the women s suffrage movement, and essentially the public felt that the author â€Å"went too far† due to â€Å"the sensuality† of the protagonist (Toth 1). The â€Å"male gatekeepers† that scrutinized her work saw her piece as a statement that â€Å"the husband is a drag†, and that tradition al American values should be forgotten (Toth 1). In truth, Chopin did notRead MoreKate Chopin s The Awakening2531 Words   |  11 PagesDress to Impress Kate Chopin’s novel, The Awakening depicts sexual affairs, inner struggles, and the conquest of motherhood that most women face today. The conquest of motherhood involves the battle between being a supportive wife and selfless mother. The story revolves around the characters’ dialogue and appearances described beautifully throughout the novel by Kate Chopin. The story is a familiar one that, sadly, most women can relate to: A woman is married without knowing what true love is. HerRead MoreKate Chopin s The Awakening1981 Words   |  8 Pagesthe 1800s The Awakening by Kate Chopin published in 1899 is a novel that can teach the true meaning of family, the importance of friendship, and the value of independence. Chopin teaches the true meaning of family by showing how Edna receives no support from her own family and struggles to succeed without them. Chopin shows the importance of friendship when Edna has no one by her side until she meets a woman named Adele and a man named Robert. The primary area that Chopin focuses on is the satisfactionRead MoreKate Chopin s The Awakening1685 Words   |  7 Pagesconforms, the inward life which questions† (Chopin 18). The Victorian Era created a clear distinguishment between male and female roles in society, where women were expected to behave feminine-like, be responsible for domestic duties and have little involvement in society. This created a heavy oppression upon females and as a result forced many of them to remain entrapped in a male dominant society, in fear of being outcaste d. In the novel The Awakening, Kate Chopin depicts how Edna’s defiance of VictorianRead MoreKate Chopin s The Awakening1198 Words   |  5 Pageswoman’s freedom is the driving force behind Kate Chopin’s contextual objections to propriety. In particular, The Awakening and â€Å"The Story of an Hour† explore the lives of women seeking marital liberation and individuality. Mrs. Chopin, who was raised in a matriarchal household, expresses her opposition to the nineteenth century patriarchal society while using her personal experiences to exemplify her feminist views. Katherine O’Flaherty, later Kate Chopin, was born to Eliza and Thomas O’FlahertyRead MoreKate Chopin s The Awakening1870 Words   |  8 Pagessymbolizes the Marxist cause. A multitude books throughout history and the current day are representing the groundbreaking thoughts of Marxism, and they help to demonstrate how vile Capitalism truly is. In Kate Chopin’s The Awakening there lie countless subtleties of Marxism and its standards. Chopin skillfully injects the ideals into the novel through characters’ actions and behaviors. Three characters in particular represent the evils of Capitalism in the teachings of Marxist, and those characters

Understanding Theories Free Essays

string(164) " that business structures should be developed according to each individual organization, rather than upon some universal principles or procedures \(Proper, 1979\)\." In addition, this essay examines different stakeholder perspectives in relation to the harries and their issues, and it concluded by focusing on what type of knowledge, capability, and skills a manager requires in order to deal with these specific issues. Coca Cola was founded during the year 1887, by Doctor John Phenomenon, a pharmacist from Atlanta. John established a company which immediately began building its global network, he was known as the man who achieved a â€Å"global success through an intelligent risk†. We will write a custom essay sample on Understanding Theories or any similar topic only for you Order Now Over the years, the company’s success rate continuously increased, and the deep emotional bond between Coca-Cola and its consumers grew even more powerful and more global (Coca Cola, 2014). In 2014, Coca-Cola advised that the previous year $2. 8 billion in stock was purchased, however they had planned to increase that amount to between $3. 0 billion and $3. 5 billion for the full year, due to positive sales, this is a clear indication of the company’s success (Reuters, 2013). The Coca-Cola Company, is the world’s largest beverage company, operating in more than 200 countries, across America, Europe, Eurasia, Africa and the Pacific. This multinational beverage corporation and manufacturer, retailer and marketer of non- alcoholic beverage concentrates and syrups, is headquartered in Atlanta, Georgia (Coca Cola, 2014). The secondary sector, international organization, has not been owned by a single individual in almost 100 years. It is a public company that trades its shares on the New York stock exchange – meaning it is ‘owned’ by thousands of shareholders and investors worldwide (Coca Cola, 2014). Coca Cola is known as one of the world most successful beverage companies to date, currently operating with over 700 000 employees across the globe, including Mutter Kent; the chairman of the board and chief executive officer (Coca Cola, 2014). The agency and contingency theory are both of significance to Coca Cola. The Contingency theory is a class of behavioral theory that claims that there is no â€Å"one best way’ to lead an organization, organize a corporation or make a decision. Instead, the appropriate organizational structure depends on the contingencies facing the organization (Travis Spread, 2012). Coca cola does not have control over the contingencies that are continuously arising within its internal and external environment; this includes political changes, such as the increased health standards for bottling. The contingency theory was chosen as it typifies that implementation of the appropriate organizational structures, depending on the contingencies the organization is facing, will result in business success. The managers at Coca Cola are aware that companies whose characteristics fit with the contingencies in the current situation will perform more effectively compared to an organization whose characteristics do not. Hence, implementation of this theory has allowed managers to adopt certain characteristics of the organization, such as the structure, to suit contingencies within their environment. The agency theory is concerned with resolving problems that can exist in agency relationships; that is, between principals and agents of the principals (Investigated, 2013). Generally, in large companies, with managers acting on behalf of their owners, many issues will arise in relation to the principle and the agent. Managers tend to misbehave if the interests of them and the company owners diverge (Eisenhower, K. M, 1989, page 58). The agency theory is of crucial importance to this study, as it highlights ethical and commercial issues which arise from an agent/principal relationship. As seen with Coca Cola, 2013 entailed substantial pay cuts to most top executives, due to over one fourth of the shareholders voting against them. As a result, many executives became denominated to work in favor of shareholders, who they believed were only acting in their own self-interests. In the article â€Å"Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure† Jensen, M. C Neckline state that if both parties to the relationship are utility maximizes, it is almost certain that the agent will not act in the best interests of the principal Nonsense, M. C Neckline. W. H, 1976, Page 5). The authors propose that many complications can arise as a result of a number of costs, including monitoring costs, in such a relationship. Jensen and Neckline then typify, that the principal may limit these divergences by implementing appropriate incentives for the agents and â€Å"and by incurring monitoring costs designed to limit the aberrant activities of the agent† Nonsense, M. C Neckline. W. H, 1976). â€Å"The Academy of Management Review’ by Kathleen M. Eisenhower, is a second study on agency theory, which states that there are two main problems that the agency heron is concerned with resolving. The first problem is the problem of risk sharing, which is the problems that arise when the principal and agent have different attitudes towards taking risk (Eisenhower, K. M, 1989, page 64). Due to different risk tolerances, the principal and agent may each be inclined to take different actions, which will result in the â€Å"agency problem†. The second problem, known as the agency problem, is the problems which arise, when the goals of the principle and the agent are not aligned. These problems both arise as a result of ‘information asymmetry. Eisenhower highlights these problems in order to remind us that regardless of what we think, organizational life is based on individuals acting in their own self-interest (Eisenhower, K. M, 1989, page 64). Leg Donaldson, in his 2001 paper ‘The contingency theory of organizational design’, provides a comprehensive, in depth analysis of the contingency theory. He states that a successful organization is not one that adopts the maximum level, but instead, the appropriate level of structural variables, that depend on some level of the contingency variable (Donaldson, 2001). He then proceeds with explaining that a company may only increase its performance levels by adopting strategies depending on the contingencies the organization is facing (Donaldson, 2001). Similarly, in his paper, ‘Complex Organizations: A critical essay, Charles Proper also stresses the importance of the contingency theory within organizations. According to Proper, organizations should adopt organic structures, based on the internal and external contingencies the company is faced with (Proper, 1979). He states that business structures should be developed according to each individual organization, rather than upon some universal principles or procedures (Proper, 1979). You read "Understanding Theories" in category "Papers" Proper strongly believes that complying with the contingency theory will result in the business achieving utmost success. A number of issues in relation to management and the organization have been raised, as a result of the agency and contingency theories. The agency theory was initially designed in order to assist in the understanding of the agent/principle relationship. Williamson (1985) identified opportunistic behavior as a norm within organizations, stating that agency problems are more than likely to occur. He specified that managers often act opportunistically, and that trustworthiness is no longer common. Jensen and Neckline (1976), supported Williamson claim, they believe it is generally impossible that management will act in favor of the principle, as their main focus is to maximize their own wealth. Coca Cola proved this to be true in 2013, when Californian managers were sued for underpaying their employees in order to reduce expenses (D. Blackburn. 2013). Jensen and Neckline (1976) also believe that the agency theory may also initiate moral issues between the agent and other takeovers, such as the public. As seen with Coca Cola, India, 2002 entailed an agency issue between management and the public. Communities across India living around Coca-Cola’s bottling plants experienced severe water shortages, as a result of Coca-Cola’s massive extraction of water from the common groundwater resource. The public criticized the company, stating that Coca Cola is willing to damage the nation, for their own â€Å"self-interest† of cost cutting. The company refused to amend their procedures until they were forced to by government. (Blackburn, 2013 ) Drain and Van De Even (1985) believe that environmental uncertainty can occur as a result of the contingency theory. They believe that an issue with the theory is that there are no pre-developed structures that an organization can adopt if internal and external contingencies, unexpectedly occur. In order to avoid these issues, Drain and Van De Even (1985) state that an organization must develop structures that it can quickly implement if internal and external contingencies, unexpectedly occur. In 1981, Coca cola began to lose market share to Pepsi, as the company had developed a new racketing procedure, which did not appeal to the public. Coca Cola failed to develop alternate plans if contingencies within the external market, such as increased competition occur. As a result, by 1983, Coca Cola’s market shared, decreased to an all-time low of Just below 24%. Due to this disastrous situation, Roberto Goutiest, Coca Cola’s chairman at the time, decided that in the future, the company will rule out all contingencies and possibilities, and have further plans, if their current procedures fail. In his article â€Å"Contingency theory: Science or Technology’ Stephen C. Beets insinuates that over the years, many criticisms/limitations of the contingency theory have developed. He states that one criticism of the contingency theory is that â€Å"the causation of certain contingencies are assumed, but not explained† (Beets, 2011). The assumption is that because a set of environmental conditions and organizational design characteristics were found to be correlated that this is the best fit (Beets, 2011). Stephen (2011) then continues to explain that decisions should not be made based on this assumption, instead informed decisions must be made, based on glacial reasoning of each unique situation. Morehouse (2007), believes that the theory fails to explain why some people are more effective leaders in some situations than others. Shah (1979) adds on to Northerners claim, he states that the theory has not identified what an organization should do, when there is a mismatch between the managers and the current situation within the workplace. Similarly, in his text ‘Management and organizational theory, Jeffery A. Miles makes aware many limitations of the agency theory. Miles suggests that empirical research as failed to support basic tenets of the theory, including ways to mitigate the agency problem (Miles, 2012). Hence, researchers are now asking for re-examination of the theory so that research can move into new and different directions. Miles (2012), made reference to Proper (1986) who claimed that the agency theory does not clearly address any organizational problems, as well as Hirsch and Friedman (1986) who invited agency theory as excessively narrow, focusing primarily on organizational stock price. Different stakeholders have different views regarding the contingency ND agency theories. Assassinates (1989), highlights that perspectives will differ amongst all stakeholders, regarding risk sharing, which is one of the main problems within the agency theory. Assassinates (1989) stated that managers tend to avoid taking risks, as they fear the possibility of failure, which may result in damaging the organization. On the other hand, other stakeholders, such as shareholders of the company, may support the idea of ‘risk sharing, as certain risks may result in increased profits for the company, hence, maximizing their shares. As stated prior, Jensen, M. C and Neckline (1976) believe that managers (agent) tend to make decisions that will result in maximizing their own utility. In doing this, agents will significantly benefit, as their own wealth may substantially increase. On the other hand, shareholders of the company (principles) will generally oppose these decisions, as they fear that they aren’t receiving a fair share and getting the best possible investment from the company. Similarly, Woolworth, being the agent of Coca Cola, attempted to boost its own profit margin, by decreasing Coca Cola’s prices, before lacing them on the shelves. Woolworth attempted to maximize their own utility, by decreasing costs of Coca Cola, with the intention of gaining more customers, hence improving their market share. Coca Cola felt as though Woolworth breached their contract terms, as they were gaining an unfair leverage http://www. Afar. Com/p/ business/companies/clash_of_the_titans_woolies_coke_KJLlpFFlJfabEGgdeAnswO . Similarly to the agency theory, stakeholders also have opposing views in relation to the contingency theory and its issue of ‘environmental uncertainty. Managers may appreciate the idea of environmental uncertainty, as it creates a spontaneous environment, which may work in their favor. Managers are able to adopt the business strategies that they know will be effective, due to past experiences. On the other hand, other stakeholders, such as employees may not appreciate environmental uncertainty, as continuously changing management structures, may require employees to attain new skills. Hence, employees will be required to spend more time in the training and development process, thus, resulting in increased costs for the business, meaning less pay and/ or benefits for employees. In earlier years, Coca Cola in India saw that environmental contingencies, such as economic decline, were forcing other Indian companies to change their employee pay rates. As a result, Coca Cola changed their employee pay rates, in line with the other Indian companies. The Indian companies’ success rates began to increase due to cost cutting, however Coca cola experienced a significant level of employee’s voluntarily leaving the company, as they became denominated and felt mistreated (Coca Cola, 2012). Managers/leaders must ensure that prior to managing an organization; they have an understating that perspectives will differ, amongst all stakeholders within the company. Managers must ensure that they reason logically and fairly rather than emotionally, this will guarantee that they do not act in their own â€Å"self-interest’. Therefore, they must pay attention to his/her personal as well as other people’s assumptions, perspectives, and biases. This process should be approached with integrity, open-mindedness, honesty, and accuracy. It is also important for a leader/ manager to uphold ethical and moral standards, in doing so employees with feel as Hough they are being treated Justly. As a result, managers are not only increasing efficiency, but also nurturing skills, developing talent, inspiring results, and erasing all employee concerns regarding any issues of mistreatment, such as underpay. Further to this, managers must not only treat employees fairly, but also, all other stakeholders within their company, such as shareholders, customers, suppliers, and so on. In doing so, leaders will ensure that they gain positive relationships, which will result in improving the market share of the company, hence, gaining a significant nominative advantage. How to cite Understanding Theories, Papers

Research Proposal Assignment - A Stable Customer Service In Banking

Project Title Impact of a stable Customer Service on Loyalty of Clients in the banking domain Abstract With banking being part of a technology driven industry, banks operating in this domain differentiate themselves on other parameters like Customer Services, variety of the products etc. It is the duty of the banks to use these factors effectively to retain the clients for a time long enough to help it to cover the cost of acquiring the clients and a chance to cross sell its products to a larger client base. We wish to examine if a strong customer service really adds value to customer satisfaction and customer loyalty in any way. We wish to map the feedback of many clients using different banking servicesindicating the different factors which have added value to them. The scope of this project is very wide and would help us examine myriadaspects that add value in terms of customer satisfaction and customer loyalty. This study can further help the various banking institutions to understand what are the services that clients value the most and what are the areas where in the services have to be augmented so that they can achieve the goal of improving customer satisfaction. Literature Review The keenness of banking service providers to focus on the clients is one of the most challenging dilemmas faced by them at the beginning of 21st century. There is a dearth of research on the customer service and satisfaction evaluation in the banking arena. But the each banking institution does collate data about customer satisfaction and they analyse their data on their own for their respective firms. Customer satisfaction is taken as full health for the banking service providers and includes value for money, adequate loyalty, service provision and relationship management. The precursor to well being of the firm is taken from the contact points between the customers and the service themes of the banking institutions. Customer satisfaction is the main tenet of managerial decision taking across the globe for the last 2 decades. There are remarkable business excellence tools such as the Malcolm Baldrige Award and the European Foundation of Quality Management that concentrate on the importance of both evaluating customer satisfaction and utilizing sound evaluation techniques for such work. Customer satisfaction has already achieved a huge publicity through the National Customer Satisfaction Indices designed from the knowledge of Andersen et al. (1994). These indices are used for simultaneous noting in USA, Sweden and Denmark. Since then, the concentration on customer fulfilment has moved from just a small evaluation problem to a strategic must that impacts firm competitiveness, Schneider and Bowen (1999a, 1999b). Customer contacts are segregated into 3 groups- intimacy, communication time and information richness (Chase (1981) and Soteriou and Chase (1998)). The experimental evidence from the service segregation has proved that the customer contact dimensions may be utilized as precursor of customer response in answer to their observed service quality levels from the famous 5 verticals of the ServQual model- empathy, reliability, tangibles, responsiveness and assurance. A typical bank might take its clients coldly according to the cash they deposit or borrow. Various banks have been using control and security as issues for their very slow and pathetic services. Recently, many service firms such as airlines and fast-food have shown that customer services could be a quick and fun experience for both customers and workers without giving up costs, control and profits. Many banks have now implemented these contemporary service benchmarks and started comparing with non banking institution to explore about the best practice. For example, BayBanks of Massachusetts has used the mail orders firm L.L. Bean, popular for its good orders taking and services delivery system as its prototype for future. A big impact of this functional benchmark is the introduction of 24 hours customer service centers that answer the questions and issues and encourage and give the banks product and service. The center enables clients to have a checking account anywhere or get an overdraft at anytime. The ATM is reprogrammed to act from just a cash giver to a different and easy account helper. It could buy and sell mutual fund now. Seeing L.L. Bean, Bay Banks gave a 50 pages catalogue to aid clients learn and have over 160 financial services from it. Seattles Seafirst Bank, popularised itself to a retailer from a retail bank and has compared with retailer having for best customer services such as airlines and fast food restaurants. Seeing these prototypes, Seafirst designed a 5 minutes promise which said that- Waitingover five minute in line will make the bank give $5 inthe clients account. Additionally, when the client complains of any problem, they get $5. The banks branches have official people to guide and greet clients to the right teller similar to the guest relation officer or receptionist of five star hotel. The greeter sees an outlet at the entry of the banks. To focus this services psychology, branch manager is rated on sale as well as on services goal. Getting or even overshooting sale target without getting client satisfaction goal would not make branch managers to get the banks honoured Gold Club medal. Officials from the CEO office are motivated and asked to go to branch frequently to see services and experience the workings personally. To re-layout and redesign its branches to augment services, Seafirst got the service of a known person from the Godfathers Pizza chains. One benefit was building the teller see waist high. It was now more open and personal as compared to the old slab that is threatening and builds a roadblock between the customers and the tellers. Similar to Seafirst, Citicorp considers itself less of a bank and more of a production unit which makes raw material in the style of application form, document and customer request and the big product is a gratified client. Office, department, desk and other work station help as the machine and equipment of the documents production unit. In rebuilding the bank into a efficient and good services hub, the CEO John Reed, engineer, used the learning he learnt from his tours to Cummins Engine, Ford Motor, Core Industries, General Electric and Exxon. The primary step he reengineered was the backroom operation that comprises of various repetitive steps. Back offices of bank are popular for slow bureaucracy that inhibits frontline operation and the final client services. By using the theory of mass production, standardization and streamlining of steps, Citicorp wants to take out this major roadblock. The bank compared itself with Chrysler in having its functional department to work efficient ly as team. Different bank giving up their old finances and controls image have similarly had new service strategy and practice. Banco Frances made an information centre or encyclopaedias in the wait place where clients could go in many small and big lumps of data of major data on service such as the average resources to end transactions and the firm's product and service. Data on the busy day or days of the branches are shown to make the customer want to prevent this period. In the recent branch of Garanti Bankasi, phone line just for customerservices was put. A client could pickup the phone and tell his complaints, questions or difficulties. This help was made to give the firm's promise to service and also serve as the customers only chance if everything else does not work. Likewise, ASB Banks Limited made a phone centre to get, do and solve customers complaint. It also contains customers feedbacks programmes where whomever the customers complain to-staff employees or managers would be account able for getting the customer answers about the working and whereabouts of his or her complaints. The banks customers service centre has made 2 client flow or line to give service more efficiently. One is for loan and same product that need customized and personal service. The other line was for the repetitive and standard services like deposits and withdrawals. By making 2 services environment that refer to 2 separate forms of requirements, services are augmented and fastened. Bank Pertnian Malaysia has given the theory of mobile banking. For the ease and fun of clients staying in longhouses on the river bank of the Sarawak River, the banks have given floating branch on boat which gives whole branches banks service. To augment services, BPM has reengineered its ATMs to give cash as well as commodity price and data on its product and service too. The Korean Technology Bank Corporations set up a Technology Finance data centre to give the different requirements of its customers, many of whom are making joint venture abroad. The Centre would have a large database of data examined from different information from internal and external source. By getting the databases, client would have data on local information, particular technology and other information linked to the mergers they are putting up. To help process and develop financial institution such as the Industrial Development Bank of India needs borrower to give loan applications form in electric floppy dis k. Many bank and financial institution have made such a major progress in augmenting and reengineering client services that they themselves became the benchmark of other company outside the bank sectors. For example, American Express- the credit cards firm is a popular limit to copy when it is to improve a firm's billing step. Amex's billing is considered the quickest and most correct in the globe in all industries. Xerox, the model for various quality waysutilised the Amex prototype in improving its billing system. In China, the model for customers services and customers courtesy is alarmingly a bank: The Industrial and Commercial Bank. Many retail places and department store go to the banksbranch to know about a few results on gratifying and amazing clients. Pre major alteration, the Industrial and Commercial Bank was called for bad services and pathetic frontline workers too. One of major and largely efficient policy it placed was getting up on a trail of word their workers were not to use when dealing with clients. For example the frequent clause- When you would stop complaining was there in the prohibited list. While other bank might ignore to alter or have torn currency note, the banks would substitute these without doubt. Also clearing house has implemented the new services guidelines to aid the banks objectives. For example, the Singapore Clearing House Association stopped the clearings of US dollar check given in Singapore from 2 week to three day. The new system needs indulging banks to have US dollar account with Citibank to cater to the required customers. Innovative services in banks in customer services are definitely a good and much awaited development. It is hoped that other bank and financial institution would follow soon. Gratified clients are the best promise of growth. Like in other services sector, banking customer want the best. In previous years, bank has seldom served customer as person, rather treating them as passbook, accounts number and loan application. Customer service unlike customer processing is a theory whose arena has emerged for the bank industries throughout the globe. The communication amongst the customers and the delivery system is impacted through alternative contact points. Each of the contact point would be looked for its impact on the whole customer satisfaction. The service delivery system may be segregated into alternative customer contact points that design clients opinion about the firm. Every contact point might have independence linked with concept of customer satisfaction such as speed, personnel, reliability and pricing. The contact point enabled loyalty raises the evaluation veracity since customers give their feedback based on their conversation with the bank service providers which is closer to their heart. In a firm where customer communications could be segregated into 6 divisions, it is not easy for a client give a satisfaction level about the workers of the firm since they talk to a different employee each time. For the past 2 decades, a lot of literature has come up elaborating on the evaluation and examination of the customer loyalty covering various fields of practice and data (Wirtz 1993; Parasuraman and Grewal 2000) to talk about the managerial impact of customer satisfaction evaluation (Schneider and Bowen 1999a). The marketing literature has been a major part in customer satisfaction study and on problems of building apt scales of construct evaluation (Smith 1999). The operations management literature has done a separate positioning in the problem of customer satisfaction concentrating majorly on the execution linked problems which effect customer satisfaction such as service profit chain (Hessket et al. 1997) without concentrating particularly on the evaluation of customer satisfaction. Objectives This research focuses on the following objectives: 1.To examine whether a strong customer service really adds value to customer satisfaction and customer loyalty in any way 2.To map the responses of different clients using different banking services indicating the different factors which have added value to them Hypothesis The hypotheses which we would be testing are: H1: High degree of satisfaction will result from a strong Customer Service. H2: High degree of satisfaction leads to loyalty of the customers. H3: Highly satisfied clients of the Customer service will be loyal to the service provider Defining Variables Customer Satisfaction is taken to be the dependent variable Customer Service is taken to be independent variable Age is taken to be the moderating variable Respondents motivational level is also the moderating variable Project outcomes a. Impact of customer service on customer satisfaction and customer loyalty b. Responses of various customers using various banking services c. Different factors which add value to clients resulting in customer retention Need for the study There is a lack of research in the international context specifically exploring the customer retention in the banking industry. However, the competition in many sectors has intensified with the liberalization and privatization policies of successive world governments. The Customer service provided by the banking service determines the degree of satisfaction of the customer while using his banking services. A satisfied customer is a loyal customer and hence is drawn to the same service again. It is this impact that a strong Customer Service would have on customerloyalty the study aims to measure. Research Questions a. Will high degree of satisfaction result from a strong Customer Service? b. Will high degree of satisfaction lead to loyalty of the customers? c. Are highly satisfied customers of the Customer service loyal to the service provider? Data Sources The analysis would consider primary data collected through the questionnaire containing 35 questions that govern customer loyalty and then check their dependence. Secondary data sources will mainly be used for literature review. Research Methods The questionnaire will be presented to the respondents who use different banking services. The concepts are highly subjective as the standing varies from person to person. To measure the extent of variation in the responses we have used Likert scale. This is a 5 point scale from strongly disagree to strongly agree. The total number of respondents taking part in this study will be 105. Most of them, if not all would have used the banking services in some or the other way as it is readily available. Thus the work would yield a good approximation of measure of the impact of customer services on loyalty. The questionnaire data will be later entered in SPSS (version 16) to evaluate through Factor Analysis. Later, correlation and regression analysiswill also be used to come up with results. SAMPLE The population for this study is chosen across all age groups who have experienced banking services. The analysis would consider primary data collected through the questionnaire containing 35 questions relating to the traits corresponding to the customer service in banking domain. The questionnaire data will be entered in SPSS (version 16) to examine the customer satisfaction through Factor Analysis. The aim is to measure the customer satisfaction by finding out the key factors and their relationship with loyalty of the customers in the banking domain. The reliability test to ensure the adequacy of data will also be carried out. The research design is descriptive (cross-sectional design) in which survey and observations are used to test our hypothesis. The observation method used is structured and undisguised. Ethical Considerattions There might be a few ethical considerations during the time of this dissertation. The researcher has to take the information present in the annual reports on its face value. There might be some anomalies in the figures quoted. However, the aim of this research is not find the anomalies. As a result, the secondary data might be biased and not reflect the true picture of the customer satisfaction and the linked revenues. Also, there might be discrepancy in the responses collected from the clients thereby making it difficult in the final analysis where the researcher might have to ignore/extrapolate some facts to come out with results which might not truly reflect the scenario.

Research Proposal Assignment - A Stable Customer Service In Banking

Project Title Impact of a stable Customer Service on Loyalty of Clients in the banking domain Abstract With banking being part of a technology driven industry, banks operating in this domain differentiate themselves on other parameters like Customer Services, variety of the products etc. It is the duty of the banks to use these factors effectively to retain the clients for a time long enough to help it to cover the cost of acquiring the clients and a chance to cross sell its products to a larger client base. We wish to examine if a strong customer service really adds value to customer satisfaction and customer loyalty in any way. We wish to map the feedback of many clients using different banking servicesindicating the different factors which have added value to them. The scope of this project is very wide and would help us examine myriadaspects that add value in terms of customer satisfaction and customer loyalty. This study can further help the various banking institutions to understand what are the services that clients value the most and what are the areas where in the services have to be augmented so that they can achieve the goal of improving customer satisfaction. Literature Review The keenness of banking service providers to focus on the clients is one of the most challenging dilemmas faced by them at the beginning of 21st century. There is a dearth of research on the customer service and satisfaction evaluation in the banking arena. But the each banking institution does collate data about customer satisfaction and they analyse their data on their own for their respective firms. Customer satisfaction is taken as full health for the banking service providers and includes value for money, adequate loyalty, service provision and relationship management. The precursor to well being of the firm is taken from the contact points between the customers and the service themes of the banking institutions. Customer satisfaction is the main tenet of managerial decision taking across the globe for the last 2 decades. There are remarkable business excellence tools such as the Malcolm Baldrige Award and the European Foundation of Quality Management that concentrate on the importance of both evaluating customer satisfaction and utilizing sound evaluation techniques for such work. Customer satisfaction has already achieved a huge publicity through the National Customer Satisfaction Indices designed from the knowledge of Andersen et al. (1994). These indices are used for simultaneous noting in USA, Sweden and Denmark. Since then, the concentration on customer fulfilment has moved from just a small evaluation problem to a strategic must that impacts firm competitiveness, Schneider and Bowen (1999a, 1999b). Customer contacts are segregated into 3 groups- intimacy, communication time and information richness (Chase (1981) and Soteriou and Chase (1998)). The experimental evidence from the service segregation has proved that the customer contact dimensions may be utilized as precursor of customer response in answer to their observed service quality levels from the famous 5 verticals of the ServQual model- empathy, reliability, tangibles, responsiveness and assurance. A typical bank might take its clients coldly according to the cash they deposit or borrow. Various banks have been using control and security as issues for their very slow and pathetic services. Recently, many service firms such as airlines and fast-food have shown that customer services could be a quick and fun experience for both customers and workers without giving up costs, control and profits. Many banks have now implemented these contemporary service benchmarks and started comparing with non banking institution to explore about the best practice. For example, BayBanks of Massachusetts has used the mail orders firm L.L. Bean, popular for its good orders taking and services delivery system as its prototype for future. A big impact of this functional benchmark is the introduction of 24 hours customer service centers that answer the questions and issues and encourage and give the banks product and service. The center enables clients to have a checking account anywhere or get an overdraft at anytime. The ATM is reprogrammed to act from just a cash giver to a different and easy account helper. It could buy and sell mutual fund now. Seeing L.L. Bean, Bay Banks gave a 50 pages catalogue to aid clients learn and have over 160 financial services from it. Seattles Seafirst Bank, popularised itself to a retailer from a retail bank and has compared with retailer having for best customer services such as airlines and fast food restaurants. Seeing these prototypes, Seafirst designed a 5 minutes promise which said that- Waitingover five minute in line will make the bank give $5 inthe clients account. Additionally, when the client complains of any problem, they get $5. The banks branches have official people to guide and greet clients to the right teller similar to the guest relation officer or receptionist of five star hotel. The greeter sees an outlet at the entry of the banks. To focus this services psychology, branch manager is rated on sale as well as on services goal. Getting or even overshooting sale target without getting client satisfaction goal would not make branch managers to get the banks honoured Gold Club medal. Officials from the CEO office are motivated and asked to go to branch frequently to see services and experience the workings personally. To re-layout and redesign its branches to augment services, Seafirst got the service of a known person from the Godfathers Pizza chains. One benefit was building the teller see waist high. It was now more open and personal as compared to the old slab that is threatening and builds a roadblock between the customers and the tellers. Similar to Seafirst, Citicorp considers itself less of a bank and more of a production unit which makes raw material in the style of application form, document and customer request and the big product is a gratified client. Office, department, desk and other work station help as the machine and equipment of the documents production unit. In rebuilding the bank into a efficient and good services hub, the CEO John Reed, engineer, used the learning he learnt from his tours to Cummins Engine, Ford Motor, Core Industries, General Electric and Exxon. The primary step he reengineered was the backroom operation that comprises of various repetitive steps. Back offices of bank are popular for slow bureaucracy that inhibits frontline operation and the final client services. By using the theory of mass production, standardization and streamlining of steps, Citicorp wants to take out this major roadblock. The bank compared itself with Chrysler in having its functional department to work efficient ly as team. Different bank giving up their old finances and controls image have similarly had new service strategy and practice. Banco Frances made an information centre or encyclopaedias in the wait place where clients could go in many small and big lumps of data of major data on service such as the average resources to end transactions and the firm's product and service. Data on the busy day or days of the branches are shown to make the customer want to prevent this period. In the recent branch of Garanti Bankasi, phone line just for customerservices was put. A client could pickup the phone and tell his complaints, questions or difficulties. This help was made to give the firm's promise to service and also serve as the customers only chance if everything else does not work. Likewise, ASB Banks Limited made a phone centre to get, do and solve customers complaint. It also contains customers feedbacks programmes where whomever the customers complain to-staff employees or managers would be account able for getting the customer answers about the working and whereabouts of his or her complaints. The banks customers service centre has made 2 client flow or line to give service more efficiently. One is for loan and same product that need customized and personal service. The other line was for the repetitive and standard services like deposits and withdrawals. By making 2 services environment that refer to 2 separate forms of requirements, services are augmented and fastened. Bank Pertnian Malaysia has given the theory of mobile banking. For the ease and fun of clients staying in longhouses on the river bank of the Sarawak River, the banks have given floating branch on boat which gives whole branches banks service. To augment services, BPM has reengineered its ATMs to give cash as well as commodity price and data on its product and service too. The Korean Technology Bank Corporations set up a Technology Finance data centre to give the different requirements of its customers, many of whom are making joint venture abroad. The Centre would have a large database of data examined from different information from internal and external source. By getting the databases, client would have data on local information, particular technology and other information linked to the mergers they are putting up. To help process and develop financial institution such as the Industrial Development Bank of India needs borrower to give loan applications form in electric floppy dis k. Many bank and financial institution have made such a major progress in augmenting and reengineering client services that they themselves became the benchmark of other company outside the bank sectors. For example, American Express- the credit cards firm is a popular limit to copy when it is to improve a firm's billing step. Amex's billing is considered the quickest and most correct in the globe in all industries. Xerox, the model for various quality waysutilised the Amex prototype in improving its billing system. In China, the model for customers services and customers courtesy is alarmingly a bank: The Industrial and Commercial Bank. Many retail places and department store go to the banksbranch to know about a few results on gratifying and amazing clients. Pre major alteration, the Industrial and Commercial Bank was called for bad services and pathetic frontline workers too. One of major and largely efficient policy it placed was getting up on a trail of word their workers were not to use when dealing with clients. For example the frequent clause- When you would stop complaining was there in the prohibited list. While other bank might ignore to alter or have torn currency note, the banks would substitute these without doubt. Also clearing house has implemented the new services guidelines to aid the banks objectives. For example, the Singapore Clearing House Association stopped the clearings of US dollar check given in Singapore from 2 week to three day. The new system needs indulging banks to have US dollar account with Citibank to cater to the required customers. Innovative services in banks in customer services are definitely a good and much awaited development. It is hoped that other bank and financial institution would follow soon. Gratified clients are the best promise of growth. Like in other services sector, banking customer want the best. In previous years, bank has seldom served customer as person, rather treating them as passbook, accounts number and loan application. Customer service unlike customer processing is a theory whose arena has emerged for the bank industries throughout the globe. The communication amongst the customers and the delivery system is impacted through alternative contact points. Each of the contact point would be looked for its impact on the whole customer satisfaction. The service delivery system may be segregated into alternative customer contact points that design clients opinion about the firm. Every contact point might have independence linked with concept of customer satisfaction such as speed, personnel, reliability and pricing. The contact point enabled loyalty raises the evaluation veracity since customers give their feedback based on their conversation with the bank service providers which is closer to their heart. In a firm where customer communications could be segregated into 6 divisions, it is not easy for a client give a satisfaction level about the workers of the firm since they talk to a different employee each time. For the past 2 decades, a lot of literature has come up elaborating on the evaluation and examination of the customer loyalty covering various fields of practice and data (Wirtz 1993; Parasuraman and Grewal 2000) to talk about the managerial impact of customer satisfaction evaluation (Schneider and Bowen 1999a). The marketing literature has been a major part in customer satisfaction study and on problems of building apt scales of construct evaluation (Smith 1999). The operations management literature has done a separate positioning in the problem of customer satisfaction concentrating majorly on the execution linked problems which effect customer satisfaction such as service profit chain (Hessket et al. 1997) without concentrating particularly on the evaluation of customer satisfaction. Objectives This research focuses on the following objectives: 1.To examine whether a strong customer service really adds value to customer satisfaction and customer loyalty in any way 2.To map the responses of different clients using different banking services indicating the different factors which have added value to them Hypothesis The hypotheses which we would be testing are: H1: High degree of satisfaction will result from a strong Customer Service. H2: High degree of satisfaction leads to loyalty of the customers. H3: Highly satisfied clients of the Customer service will be loyal to the service provider Defining Variables Customer Satisfaction is taken to be the dependent variable Customer Service is taken to be independent variable Age is taken to be the moderating variable Respondents motivational level is also the moderating variable Project outcomes a. Impact of customer service on customer satisfaction and customer loyalty b. Responses of various customers using various banking services c. Different factors which add value to clients resulting in customer retention Need for the study There is a lack of research in the international context specifically exploring the customer retention in the banking industry. However, the competition in many sectors has intensified with the liberalization and privatization policies of successive world governments. The Customer service provided by the banking service determines the degree of satisfaction of the customer while using his banking services. A satisfied customer is a loyal customer and hence is drawn to the same service again. It is this impact that a strong Customer Service would have on customerloyalty the study aims to measure. Research Questions a. Will high degree of satisfaction result from a strong Customer Service? b. Will high degree of satisfaction lead to loyalty of the customers? c. Are highly satisfied customers of the Customer service loyal to the service provider? Data Sources The analysis would consider primary data collected through the questionnaire containing 35 questions that govern customer loyalty and then check their dependence. Secondary data sources will mainly be used for literature review. Research Methods The questionnaire will be presented to the respondents who use different banking services. The concepts are highly subjective as the standing varies from person to person. To measure the extent of variation in the responses we have used Likert scale. This is a 5 point scale from strongly disagree to strongly agree. The total number of respondents taking part in this study will be 105. Most of them, if not all would have used the banking services in some or the other way as it is readily available. Thus the work would yield a good approximation of measure of the impact of customer services on loyalty. The questionnaire data will be later entered in SPSS (version 16) to evaluate through Factor Analysis. Later, correlation and regression analysiswill also be used to come up with results. SAMPLE The population for this study is chosen across all age groups who have experienced banking services. The analysis would consider primary data collected through the questionnaire containing 35 questions relating to the traits corresponding to the customer service in banking domain. The questionnaire data will be entered in SPSS (version 16) to examine the customer satisfaction through Factor Analysis. The aim is to measure the customer satisfaction by finding out the key factors and their relationship with loyalty of the customers in the banking domain. The reliability test to ensure the adequacy of data will also be carried out. The research design is descriptive (cross-sectional design) in which survey and observations are used to test our hypothesis. The observation method used is structured and undisguised. Ethical Considerattions There might be a few ethical considerations during the time of this dissertation. The researcher has to take the information present in the annual reports on its face value. There might be some anomalies in the figures quoted. However, the aim of this research is not find the anomalies. As a result, the secondary data might be biased and not reflect the true picture of the customer satisfaction and the linked revenues. Also, there might be discrepancy in the responses collected from the clients thereby making it difficult in the final analysis where the researcher might have to ignore/extrapolate some facts to come out with results which might not truly reflect the scenario.