The Musuo Of Chin Matrilineal Kinship - 902 Words

The Musuo of China: Matrilineal Kinship The practice of matrilineal kinship is considered a myth by some cultures, but it is indeed very real for the Musuo of China. Matrilineality is the practice of linear descent through the ancestry of females. Many Western civilizations have a misconception of what is considered normal on a global scale, but many practices do, in fact, differ widely between different cultures. To illustrate this, the Musuo’s traditions and values in regards to marriage and family are based solely on matrilineal kinship, while America’s â€Å"melting pot† ideation encourages unilineal descent, in which the ancestry line can be traced to the wife and/or the husband. In the paper I will discuss the cultural nature of the Musuo, and the way that marriage and family norms in Musuo differ from the typical American ideation of family. One indication that Musuo traditions differ from the American culture in terms of marriage is the lack of a formal u nion between wife and husband, as well as the American idea of father and child. According their article â€Å"Land of the Walking Marriage† (2000), Lu Yuan and Sam Mitchell explain that Musuo fathers do not raise their own children, but instead cater to their sister’s children’s needs. American cultural norms include the belief that blood relatives have a biological attachment to each other, which makes this type of kinship unacceptable to many conservative-minded Americans. Moreover, the dynamics of marital behavioral

Reflection Introduction To Sociology - 790 Words

Introduction to Sociology- Class Reflection This semester I took Introduction to Sociology. This was one of the last classes for my prerequisite to the nursing program. I put this class off because I failed to see how it would apply to my degree. However, despite my doubts, I found nearly all of the materials and concepts to be applicable, to a certain agree, to my life, job, and education. WHAT I LEARNED Two topics within this sociology course stood out to me: the sociological function of the family and the control theory that describes crime and social conformity. The control theory (Giddens 2016: 177) is the idea that crime and social control are like a tetter totter. Hirischi, a control theorist, says that all crime is thought out†¦show more content†¦This is thought to keep a person’s personality healthy especially when family members may not be geographically close to one another. IMPACT ON MY FUTURE Currently I am studying to be a registered nurse and I work as a nurse aide at a hospital. Many subjects covered in this class related to what I am doing and hope to be doing in the future. Chapter eighteen talked about health, illness, and sexuality. This chapter defined the term sociology of the body, which is â€Å"a field that focuses on how our health and illness are affected by social and cultural influences† (Giddens, 2016: 583). As a nurse aide, I see a lot of different people from very different social and cultural background. Each handles illness in very different ways, some choose to endure their illness alone while others have family beside them at all time. So people refuse to have male nurse and others refuse to allow female nurses perform certain procedures. All of these things reflect their social and cultural upbringing. HOW SOCIOLOGY CAN HELP How can sociology help people be better citizens, workers, and family members? First and foremost is by understanding what sociology is and why people study it. Next people need to understand culture and how culture is one of the main reasons people grow up so differently and why there are so many different groups of people. The definition of culture is â€Å"the values, norms, and material goods characteristic of a given group†Show MoreRelatedDefinition Of A Social Institution1281 Words   |  6 Pagesin all societies and relate to general factors of social life and life overall. The chosen article relates to salary matter of males and females that is a part of the economic institution. General information In the textbook ‘Introduction to sociology’ stated that in sociology, economy refers to the social institution through which a society’s resources are exchanged and managed. In past years economies were considered as a trade, i.e. a general exchange when people traded goods with each other. ClearlyRead MoreA Critical Study Of Lareau s Reflection931 Words   |  4 PagesAccording to Lareau, class positions have a very strong influence and control over the life of the family precisely childrearing. In the critical study of Lareau’s reflection, the language that we use, the time that we spend, and the influence of kin ties are very important in the upbringing of our children. Basically she focused on the middle class, working class, working poor, for blacks and whites. Sociologist have defined this classes: â€Å"Middle class is composed of â€Å"white collar† workers withRead MoreIs There A Sociology Of Love?1046 Words   |  5 PagesTopic: Can There Be A Sociology Of Love? The word love has different meanings depending on what context it is used in, sometimes it means having deep affection towards someone or something, love for but here I am going to try and answer the question, â€Å"Is there a sociology of love?†. In my essay I am going to discuss a sociology of love referring to the article of the study conducted by Gabb and Fink, in which they use multiple research methods relationships behaviours and personal lives. They haveRead MoreSociology : A Sociological Perspective1292 Words   |  6 PagesOrigins of Sociology Ashley Drees Ivy Tech Community College Professor Brosmer April 10,2016 What is Sociology Sociology  is the  study of  social behavior or society, including its origins, development, organization, networks, and institutions. Sociology is a social science that uses various methods of empirical investigation and critical analysis to develop a body of knowledge about social order, disorder, and change. Three Main Theoretical Perspectives in Sociology Functional Perspective Read MoreWhat Do Sociologists Mean by Social Stratification?1506 Words   |  7 Pagesindividuals within each society must believe in the system for it to function. 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Macroeconomics Policy and Sustainable Development in Nigeria Free Essays

string(92) " the problem of high interest rate spread because of excess risk taken by commercial banks\." MACROECONOMICS POLICY AND SUSTAINABLE DEVELOPMENT IN NIGERIA INTRODUCTION In normal economic condition, macroeconomic policy drivessustainable development of anation. The two main branches of macroeconomics policies are based on monetary and fiscal economics. Central Bank, the nationalapex bank controls the monetary policy while the Ministry of Financeplays major role in national fiscal policy. We will write a custom essay sample on Macroeconomics Policy and Sustainable Development in Nigeria or any similar topic only for you Order Now However, most economists concur that, synergy exists between micro-and macro-economics variables and two policy agents of government: the CBN and Ministry of Finance determine the success or the degree of sustainability of macroeconomic development. In support of theimportance of central bank in macroeconomic policy, Ampong(2005) posits that non-artificial central bank independency has beena source of great success for the management and stabilisation of macroeconomic variables in countries like Norway, Sweden, Israel, Iceland, Denmark, New Zealand, United Kingdom, etc. In essence, there is theory gap among economists onthe level of central bank’s independence, especially in developing economy such as Nigeria where there have been constant agitating for curtailing of the CBN’s autonomy. Nigeria economy has passed many phases since the introduction of SAP by Babangida Government in 1986. The Abacha Government came up with Vision 2010, the Obasanjo with NEEDS, the Yar’dua with Nigeria Vision 20:2020 and presently, the Jonathan’s Transformation Agenda. From 1986, Nigeria had total of four CBN Governors plus the incumbent, MallamSanusiLamidoSanusi. CBN Bulletin (2011) enumerated policy contents of SAP with major objectives to remove the controls of interest rates, enhance the institutional structure and supervision. Most importantly, to strengthen the money and capital markets through policy changes and distress resolution measuresand to improve the linkages between formal and informal financial sectors. The removal of the control of interest rate through inflation targeting is somewhat the main focus of SAP. The concernsof the financial operators, the real sectors managers, the economists, and the policy analysts are the effectiveness of macroeconomic policy instruments of the CBN and the Ministry of Finance. Then, the impact in GDP growth rate,the stability of macroeconomic variables and the economic growth policy sustainability. In essence, citizens want to see how growth in GDP results to increase in employment, equal distribution of wealth, enabling business nvironment, and improvements in Human Development Index(HDI). National Bureau of Statistics, NBS (2013) data presents positive outlook of the annual macroeconomic variables in Nigeria as reported by CBN. From 1980 to 2012, the data depicts constant increase in GDP Growth Rate,stable money supply, controlled inflation Rate, favourable interest Rate, etc. The Monetary Policy Committee(MPC) has maintained interest rate at doubl e digits since 2009. Many economists and policy analysts question the integrity of NBS macroeconomic data and the CBN reports on the state of the economy. Ojomaikre(2012) questions the rationale of a statement he accredited to Nigeria’s Finance Minister,NgoziOkonjo-Iweala that Nigeria is one of the fastest growing economies in the world. Ojomaikre argues that Nigeria is not growing but broke. He asserts that government survey found out that, unemployment had increased across the country and was higher in rural than in urban areas. Similarly,he argues that the absolute poverty level had leapt from 54 per cent in 2006 to 70 per cent in 2010. The contradictions and argumentsregarding the growth of Nigeria economy and sustainability continue unabated. Obafemi(2013) supports some policies already implemented by the CBN in the last few years. He, however,questions the effectiveness of these policies in achieving the desired results and their sustainability. Sustainability in his opinion is about policy reversals when the present CBN Governor leaves office. Hoover(1988), posits that policy ineffectiveness theorem of New Classical school can be used to describe the current economic quagmire in Nigeria. PROBLEMS OF MACROECONOMIC POLICY AND SUSTAINABLE DEVELOPMENT IN NIGERIA Nigeria’s financial sector witnessed seemly tremendous innovations preceding the SAP  in 1986. Objectives of SAP are to provide a liberalised and level playing field for the emergency of effective and efficient institutions that would serve as an engine of economic growth. As part of the reforms, CBN liberated the operating licenses of commercial banks. Their number rose from 40 in 1986 to 120 banks in 1992. The reforms led to the emergences of other financial institution such as discount houses and bureaux de changes which were non-existence prior to 1986. Importantly, CBN data (2012)depicts the increases in the capital base of banks since the introduction of reforms. The capital base of all bank and financial institutions was raised in 1998, from 10 million to 500 million. Presently, after recapitalization in 2005, the capital base rose to 25 Billion Naira. However, the major negative economic effects of reform were excess liquidity, unstable exchange rate, high inflation and volatile interest rates. According to IndexMundi publication on Nigeria economy, inflation increased from 6. 26% in 1986 to about 49% in 1989, and reached the peak of 72% in 1995, depicting the highest rates recorded in Nigeria economy since 1986. CBN statistical data depicts macroeconomic indicators of money supply, inflation, and interest rates from 1986 when SAP was introduced. Money supply increased from about 24 Billion Naira in 1986 to 370 Billion Naira in 1996, and by 2006 money supply rose to four trillion Naira. The extreme volatility of inflation data within these periods demonstrate the instability of Nigerian economy which monetarists refer as monetary policy trap. On interest rates, CBN data shows that interest rate which was 12% in 1986 jumped to 24% as of 1989. Since late 1990s to 2004, interest rates in Nigeria have remained above 20% and even reached 30% in 2002. What is the cause of interest rate variability and what is the determinant of interest rate in economy? Blanchard(2003) examines domestic factors such as inflation, money supply, GDP growth rate and exchange rates as key factors. Factors that distinguish developed and developing countries in interest rate regime are efficiency of macroeconomic policy, its operation and implementation strategy. Some weaknesses associated with developing economies are weak institutional and weak legal frameworks. In developing economy, there is always the problem of high interest rate spread because of excess risk taken by commercial banks. You read "Macroeconomics Policy and Sustainable Development in Nigeria" in category "Essay examples" Excessive risk has potential to stall economic activities and GDP growth. In the case of Nigeria, combined with these characteristics of developing countries, has also problem of systemic corruption which tends to reduce the efficiency of macroeconomic policy QUESTIONS OF MACROECONOMICS POLICY AND SUSTAINABLE DEVELOPMENT IN NIGERIA This study will seek to provide the answer to the following questions. . What are the institutional frameworks for implementation ofmacroeconomic policy in Nigeria? b. What macroeconomic variables are the determinants of interest rate? c. What is the linkage between macroeconomic policy and macroeconomic variables? d. What are the challenges of macroeconomic policy and sustainable development in Nigerian? e. What policy recommend ations and implementation strategies are required for macroeconomic policy and sustainabledevelopment in Nigeria? AIM, OBJECTIVE, SCOPE, AND LIMITATIONS OF THIS STUDY The aim of this study is to identify and examine the two essential elements of Macroeconomics: the fiscalandmonetary policy. Different macroeconomics variables will also be surveyed and their impact on sustainable development in Nigeria. The broad objective of this study will beto assess the macroeconomic policy and sustainable development in Nigeria. The specific objectives are: a. To examine the institutional frameworks and implementation ofmacroeconomic policy in Nigeria. b. To identify the macroeconomic variablesthat are the determinants of interest rate in Nigeria c. To determine the linkage between macroeconomic policy and macroeconomic variables. d. To evaluate the challenges of the macroeconomic policy and sustainable development in Nigeria. e. To recommend and proffer implementation strategies for effective macroeconomic policy and sustainable development in Nigeria? The scope covers the process of assessing the macroeconomic policy and sustainable development in Nigeria from 1980 to 2012. This involves the evaluation of institutional framework and monetary policy of CBN. The following variables will be analysed: interest rate, real interest rate, inflation rate, exchange rate, risk premium, to determine their relationships with GDP growth rate and sustainable development in Nigeria. The limitations will be encountered as the study progresses. There might be some difficulties in assessing some documents from CBN and to compare CBN data with that World Bank and IMF. These  problems can be solved through the availability of reliable secondary data in the internet. THE SIGNIFICANCE, POLICY RELEVANCE, THEORETICAL FRAMEWORK OF THIS STUDY Major concern of policy makers and monetary authorities regarding macroeconomic variables are not about the existence of these variables themselves but their sizes, which fluctuate in response to volatility of other variables. The result of this study will add to the theory of interest rate and existing body of knowledge in macroeconomic policy by assisting the CBN to conduct effective monetary policy that can drive sustainable development in Nigeria. The policy-maker will be well-informed to make appropriate macroeconomic policy. Technical language of macroeconomics will be simplified for the benefits of individuals in their financial transactions. The knowledge of financial operators and their entrepreneur acumen will beenriched with the introduction of risk premium as a macroeconomic analysing tool. Proper Information is necessary to create Macroeconomic awareness. This research will survey different theories of macroeconomics with special focus on macroeconomic policy of CBN. The survey of various definitions of macroeconomic variables will be carried out. The classical theory Adam Smith(1776),  author of the Wealth of Nations and his follwers; also the Keynesian theory of, Keynes(1936),and the new classical theory of Hoover(1988). These theories have differing views on which institution or policy instruments thatare more effective than the other. However, Blanchard(2003) will be helpful in definition of interest rate theory which includes how inflation rate, expected inflation rate, money supply, and exchange raterelate to macroeconomic growth and stability. Barro(2008) will compare term structure of interest rate. Ackley(1971)will establish investment theory with emphasis in real interest rates. Very important in this research is risk premium which will be defined with Perloff(2007) theory on federal and capital market bonds. To compare relationship among monetary economic variables and complementary policy instruments of CBN, Udaba(2002) identifies Open Market Operations(OMO), Nigerian Inter-Bank Rate(NIBOR), Reserve Requirement(RR), Moral Suction, Special Deposit, and the activities of Monetary Policy Committee(MPC). There is also the Anyanwu and Oaikhenan(1995)model used to analyse the macroeconomic policy sustainability in Nigeria. Finally, for this study, Blanchard (2003) model will be used to analyse the institutional frameworks, macroeconomic variables and macroeconomic policies. METHODOLOGY This research work will be analysed through the combination of quantitative and qualitative research methodologies. It will apply both the primary and secondary sources of data collection. For estimation procedure, the study will employ Vector Autoregressive Model(VAR) and Autoregressive Conditional Heteroscedasticity(GARCH). The VAR model was developed by Sims(1980) and will be usedto capture the second objective while GARCH method by (Engle, 1982; Bollerslev, 1986) will be applied to capture third objectives. VAR model is theory-free model because some countries exhibit particular characteristics that sometimes are devoid of any economic theory. The choice of this model was because of its unique feature to bring out dynamic behaviour of macroeconomic variables. In the model, every variable is seen as endogenous variable that can be explained by its lagged value and lagged values of all other variables in the model. The GARCH model is a popular method in financial literatures used as reliable model for volatility. The model takes the form of a univariateAutoregressive (AR) process of variables in question and the variance as a function of squared innovations from this AR process. Unit Root Test and Co-Integration Test will be conducted to know the stationary position of the macroeconomic variables, their order of integrations, and to identify the number of equations that exist in the model. The Augmented Dickey Fuller(ADF) and Johnasen Method, Gujaranti and Porter(2009)are current statistical method for this research. Primary sources of data will be collected through pre-arranged oral interviews and solicitation for filling of questionnaires to knowledgeable individuals and experts in the field of monetary policy and financial institutions. There are needs to visit the headquarter of CBN, some banks,interact with policy makers and Nigerians from all walks of life. The secondary data will come from CBN Statistical Bulletin, NBS, World Bank and IMF Economic Outlook, economic journals, internet and electronic media. The NIPSS library will facilitate assess to some books and unpublished researchers. A sample size primary data source which will not be less than 50 respondents and willbe random collected from relevant offices and institutions. To conduct oral interviews and serve questionnaires, there are needs to visit the headquarter of CBN, some banks, interact with policy makers, Nigerians from all walks of life. The computer application will be E-view 3. 1 or above. This application handles Time-series data more efficiently. DEFINITION OF TERMS/CONCEPTUAL CLASSIFICATIONS Generalised Autoregressive Conditional Heterscedasticity(GARCH) Generalised Autoregressive conditional heterscedasticity used in measuring volatility in macroeconomic Time Series. Limited to more of financial time series. Vector Autoregression(var) Vector Autoregressive, used to estimate the lagged value of a variables and its lagged value to other variables. Helps in solving multiple equations problems among macroeconomic variables and to identify bilateral causality between variable: e. g. nterest rate effect inflation and inflation effects interest rate. United Root Test A statistical instrument used to test the stationarity (or non-stationarity) of time series variables. United Root Test resulthelps to reject or accept the null hypothesis. Co-integration Test If two variables have long term or equilibrium relationship between them, they co-integrated e. g. Fisher’s quantity theory of money. In its application, the parameter of estimated variables is compare with its critical significance. Policy Ineffectiveness Theorem(PIT) The theorem based on New Classical economics that money is neutrality on money in macroeconomic policies. Conclusions This work is organised into five sections. Section One present the Backgrounds, Problems of Macroeconomic Policy and Sustainable Development in Nigeria, Research QuestionsAims of Study and Objectives of Study, the Scope of the Study, Limitations, the Significance of the Study/Policy Relevance, Theoretical Framework, Hypotheses of the Study and Methodology. Section Three, discusses the historical development of macroeconomic policy and sustainable development in Nigeria. The focus here will be Monetary Policy of Central Bank of Nigeria, with specific study in interest rate determinant. Section Four will present data, content analysis and interpretations. Section five will display the overview of the research work include summary of findings, conclusions, recommendation and implementation strategies. References Ackley, G. (1971), Macroeconomics. UK: Macmillian Adam Smith, (1776). â€Å"Masterpiece:An Inquiry into the Nature and Causes of the Wealth of Nations. †Edited by Edwin Cannan. Chicago: University  of  Chicago  Press,  1976. Available  online  at: http://www. econlib. org/library/Smith/smWN. html, 14/3/2013 Ampomg, K. O. (2005), â€Å"Inflation Targeting Monetary Policy-the Way Forward†,www. ghanaweb. com/ghanahomepage/features/artikel. phd? ID=80363. 12/3/2013 Anyanwu, J. C and H. E. Oaikhenan(1995),Modern Macroeconomics:Theory and Application in Nigeria. Onitsha:Joanee Educational Publishers Ltd. Blanchard, O. (2003), Macroeconomics. New Jersey: Prentice Hall. Bollerslev, T. (1986), â€Å"Generalised Autoregressive Condition Heteroscedasticity. †Journal of Econometrics, 31, 307-327. Barro,R. J. (2008), Macroeconomics. New Jersey: Prentice Hall. CBN, (2011), â€Å"Monetary Policy Reform. † www. cenbank. org/monetarypolicy reforms. asp. 13/3/2013. Engle, R. F. (1982), â€Å"Autoregressive Condition Heterscedasticity with Estimates of the Variance of United Kingdom. †Econometrical, 50, 987-1000. Gujarati, D. N. And Porter, D. C. (2009), â€Å"Basic Econometrics†. New York: McGraw-Hill Education. Hoover, Kevin D. (1988), The New Classical Macroeconomics: A Sceptical Inquiry. Oxford: Blackwell IndexMundi, (2011), â€Å"Consumer Price†, www. indexmudi. om/nigeria/inflation rate%28consumerprice%29. html. 12/3/2013. Keynes, John M. (1935). The General Theory of Employment, Interest, and Money. London: Macmillan. Obafemi,O. Thisday, â€Å"CBN and Financial Policy Implementation. †16 February, 2013. Ojomaikre, A. Guardian, â€Å"Nigeria is not Growing and Broke(1). † 25 June, 2012. Perloff, J. M. (2007), Microeconomics. New York: Pearson/Addison Wesley. Sims, A. A. (1980), â€Å"Macroeconomics and Reality. †Econometrical, 48, 10. Udaba, S. I. (2002), An Introduction to Nigerian Public Finance. Enugu:Linco Press. How to cite Macroeconomics Policy and Sustainable Development in Nigeria, Essay examples Macroeconomics Policy and Sustainable Development in Nigeria Free Essays string(92) " the problem of high interest rate spread because of excess risk taken by commercial banks\." MACROECONOMICS POLICY AND SUSTAINABLE DEVELOPMENT IN NIGERIA INTRODUCTION In normal economic condition, macroeconomic policy drivessustainable development of anation. The two main branches of macroeconomics policies are based on monetary and fiscal economics. Central Bank, the nationalapex bank controls the monetary policy while the Ministry of Financeplays major role in national fiscal policy. We will write a custom essay sample on Macroeconomics Policy and Sustainable Development in Nigeria or any similar topic only for you Order Now However, most economists concur that, synergy exists between micro-and macro-economics variables and two policy agents of government: the CBN and Ministry of Finance determine the success or the degree of sustainability of macroeconomic development. In support of theimportance of central bank in macroeconomic policy, Ampong(2005) posits that non-artificial central bank independency has beena source of great success for the management and stabilisation of macroeconomic variables in countries like Norway, Sweden, Israel, Iceland, Denmark, New Zealand, United Kingdom, etc. In essence, there is theory gap among economists onthe level of central bank’s independence, especially in developing economy such as Nigeria where there have been constant agitating for curtailing of the CBN’s autonomy. Nigeria economy has passed many phases since the introduction of SAP by Babangida Government in 1986. The Abacha Government came up with Vision 2010, the Obasanjo with NEEDS, the Yar’dua with Nigeria Vision 20:2020 and presently, the Jonathan’s Transformation Agenda. From 1986, Nigeria had total of four CBN Governors plus the incumbent, MallamSanusiLamidoSanusi. CBN Bulletin (2011) enumerated policy contents of SAP with major objectives to remove the controls of interest rates, enhance the institutional structure and supervision. Most importantly, to strengthen the money and capital markets through policy changes and distress resolution measuresand to improve the linkages between formal and informal financial sectors. The removal of the control of interest rate through inflation targeting is somewhat the main focus of SAP. The concernsof the financial operators, the real sectors managers, the economists, and the policy analysts are the effectiveness of macroeconomic policy instruments of the CBN and the Ministry of Finance. Then, the impact in GDP growth rate,the stability of macroeconomic variables and the economic growth policy sustainability. In essence, citizens want to see how growth in GDP results to increase in employment, equal distribution of wealth, enabling business nvironment, and improvements in Human Development Index(HDI). National Bureau of Statistics, NBS (2013) data presents positive outlook of the annual macroeconomic variables in Nigeria as reported by CBN. From 1980 to 2012, the data depicts constant increase in GDP Growth Rate,stable money supply, controlled inflation Rate, favourable interest Rate, etc. The Monetary Policy Committee(MPC) has maintained interest rate at doubl e digits since 2009. Many economists and policy analysts question the integrity of NBS macroeconomic data and the CBN reports on the state of the economy. Ojomaikre(2012) questions the rationale of a statement he accredited to Nigeria’s Finance Minister,NgoziOkonjo-Iweala that Nigeria is one of the fastest growing economies in the world. Ojomaikre argues that Nigeria is not growing but broke. He asserts that government survey found out that, unemployment had increased across the country and was higher in rural than in urban areas. Similarly,he argues that the absolute poverty level had leapt from 54 per cent in 2006 to 70 per cent in 2010. The contradictions and argumentsregarding the growth of Nigeria economy and sustainability continue unabated. Obafemi(2013) supports some policies already implemented by the CBN in the last few years. He, however,questions the effectiveness of these policies in achieving the desired results and their sustainability. Sustainability in his opinion is about policy reversals when the present CBN Governor leaves office. Hoover(1988), posits that policy ineffectiveness theorem of New Classical school can be used to describe the current economic quagmire in Nigeria. PROBLEMS OF MACROECONOMIC POLICY AND SUSTAINABLE DEVELOPMENT IN NIGERIA Nigeria’s financial sector witnessed seemly tremendous innovations preceding the SAP  in 1986. Objectives of SAP are to provide a liberalised and level playing field for the emergency of effective and efficient institutions that would serve as an engine of economic growth. As part of the reforms, CBN liberated the operating licenses of commercial banks. Their number rose from 40 in 1986 to 120 banks in 1992. The reforms led to the emergences of other financial institution such as discount houses and bureaux de changes which were non-existence prior to 1986. Importantly, CBN data (2012)depicts the increases in the capital base of banks since the introduction of reforms. The capital base of all bank and financial institutions was raised in 1998, from 10 million to 500 million. Presently, after recapitalization in 2005, the capital base rose to 25 Billion Naira. However, the major negative economic effects of reform were excess liquidity, unstable exchange rate, high inflation and volatile interest rates. According to IndexMundi publication on Nigeria economy, inflation increased from 6. 26% in 1986 to about 49% in 1989, and reached the peak of 72% in 1995, depicting the highest rates recorded in Nigeria economy since 1986. CBN statistical data depicts macroeconomic indicators of money supply, inflation, and interest rates from 1986 when SAP was introduced. Money supply increased from about 24 Billion Naira in 1986 to 370 Billion Naira in 1996, and by 2006 money supply rose to four trillion Naira. The extreme volatility of inflation data within these periods demonstrate the instability of Nigerian economy which monetarists refer as monetary policy trap. On interest rates, CBN data shows that interest rate which was 12% in 1986 jumped to 24% as of 1989. Since late 1990s to 2004, interest rates in Nigeria have remained above 20% and even reached 30% in 2002. What is the cause of interest rate variability and what is the determinant of interest rate in economy? Blanchard(2003) examines domestic factors such as inflation, money supply, GDP growth rate and exchange rates as key factors. Factors that distinguish developed and developing countries in interest rate regime are efficiency of macroeconomic policy, its operation and implementation strategy. Some weaknesses associated with developing economies are weak institutional and weak legal frameworks. In developing economy, there is always the problem of high interest rate spread because of excess risk taken by commercial banks. You read "Macroeconomics Policy and Sustainable Development in Nigeria" in category "Papers" Excessive risk has potential to stall economic activities and GDP growth. In the case of Nigeria, combined with these characteristics of developing countries, has also problem of systemic corruption which tends to reduce the efficiency of macroeconomic policy QUESTIONS OF MACROECONOMICS POLICY AND SUSTAINABLE DEVELOPMENT IN NIGERIA This study will seek to provide the answer to the following questions. . What are the institutional frameworks for implementation ofmacroeconomic policy in Nigeria? b. What macroeconomic variables are the determinants of interest rate? c. What is the linkage between macroeconomic policy and macroeconomic variables? d. What are the challenges of macroeconomic policy and sustainable development in Nigerian? e. What policy recommendations a nd implementation strategies are required for macroeconomic policy and sustainabledevelopment in Nigeria? AIM, OBJECTIVE, SCOPE, AND LIMITATIONS OF THIS STUDY The aim of this study is to identify and examine the two essential elements of Macroeconomics: the fiscalandmonetary policy. Different macroeconomics variables will also be surveyed and their impact on sustainable development in Nigeria. The broad objective of this study will beto assess the macroeconomic policy and sustainable development in Nigeria. The specific objectives are: a. To examine the institutional frameworks and implementation ofmacroeconomic policy in Nigeria. b. To identify the macroeconomic variablesthat are the determinants of interest rate in Nigeria c. To determine the linkage between macroeconomic policy and macroeconomic variables. d. To evaluate the challenges of the macroeconomic policy and sustainable development in Nigeria. e. To recommend and proffer implementation strategies for effective macroeconomic policy and sustainable development in Nigeria? The scope covers the process of assessing the macroeconomic policy and sustainable development in Nigeria from 1980 to 2012. This involves the evaluation of institutional framework and monetary policy of CBN. The following variables will be analysed: interest rate, real interest rate, inflation rate, exchange rate, risk premium, to determine their relationships with GDP growth rate and sustainable development in Nigeria. The limitations will be encountered as the study progresses. There might be some difficulties in assessing some documents from CBN and to compare CBN data with that World Bank and IMF. These  problems can be solved through the availability of reliable secondary data in the internet. THE SIGNIFICANCE, POLICY RELEVANCE, THEORETICAL FRAMEWORK OF THIS STUDY Major concern of policy makers and monetary authorities regarding macroeconomic variables are not about the existence of these variables themselves but their sizes, which fluctuate in response to volatility of other variables. The result of this study will add to the theory of interest rate and existing body of knowledge in macroeconomic policy by assisting the CBN to conduct effective monetary policy that can drive sustainable development in Nigeria. The policy-maker will be well-informed to make appropriate macroeconomic policy. Technical language of macroeconomics will be simplified for the benefits of individuals in their financial transactions. The knowledge of financial operators and their entrepreneur acumen will beenriched with the introduction of risk premium as a macroeconomic analysing tool. Proper Information is necessary to create Macroeconomic awareness. This research will survey different theories of macroeconomics with special focus on macroeconomic policy of CBN. The survey of various definitions of macroeconomic variables will be carried out. The classical theory Adam Smith(1776),  author of the Wealth of Nations and his follwers; also the Keynesian theory of, Keynes(1936),and the new classical theory of Hoover(1988). These theories have differing views on which institution or policy instruments thatare more effective than the other. However, Blanchard(2003) will be helpful in definition of interest rate theory which includes how inflation rate, expected inflation rate, money supply, and exchange raterelate to macroeconomic growth and stability. Barro(2008) will compare term structure of interest rate. Ackley(1971)will establish investment theory with emphasis in real interest rates. Very important in this research is risk premium which will be defined with Perloff(2007) theory on federal and capital market bonds. To compare relationship among monetary economic variables and complementary policy instruments of CBN, Udaba(2002) identifies Open Market Operations(OMO), Nigerian Inter-Bank Rate(NIBOR), Reserve Requirement(RR), Moral Suction, Special Deposit, and the activities of Monetary Policy Committee(MPC). There is also the Anyanwu and Oaikhenan(1995)model used to analyse the macroeconomic policy sustainability in Nigeria. Finally, for this study, Blanchard (2003) model will be used to analyse the institutional frameworks, macroeconomic variables and macroeconomic policies. METHODOLOGY This research work will be analysed through the combination of quantitative and qualitative research methodologies. It will apply both the primary and secondary sources of data collection. For estimation procedure, the study will employ Vector Autoregressive Model(VAR) and Autoregressive Conditional Heteroscedasticity(GARCH). The VAR model was developed by Sims(1980) and will be usedto capture the second objective while GARCH method by (Engle, 1982; Bollerslev, 1986) will be applied to capture third objectives. VAR model is theory-free model because some countries exhibit particular characteristics that sometimes are devoid of any economic theory. The choice of this model was because of its unique feature to bring out dynamic behaviour of macroeconomic variables. In the model, every variable is seen as endogenous variable that can be explained by its lagged value and lagged values of all other variables in the model. The GARCH model is a popular method in financial literatures used as reliable model for volatility. The model takes the form of a univariateAutoregressive (AR) process of variables in question and the variance as a function of squared innovations from this AR process. Unit Root Test and Co-Integration Test will be conducted to know the stationary position of the macroeconomic variables, their order of integrations, and to identify the number of equations that exist in the model. The Augmented Dickey Fuller(ADF) and Johnasen Method, Gujaranti and Porter(2009)are current statistical method for this research. Primary sources of data will be collected through pre-arranged oral interviews and solicitation for filling of questionnaires to knowledgeable individuals and experts in the field of monetary policy and financial institutions. There are needs to visit the headquarter of CBN, some banks,interact with policy makers and Nigerians from all walks of life. The secondary data will come from CBN Statistical Bulletin, NBS, World Bank and IMF Economic Outlook, economic journals, internet and electronic media. The NIPSS library will facilitate assess to some books and unpublished researchers. A sample size primary data source which will not be less than 50 respondents and willbe random collected from relevant offices and institutions. To conduct oral interviews and serve questionnaires, there are needs to visit the headquarter of CBN, some banks, interact with policy makers, Nigerians from all walks of life. The computer application will be E-view 3. 1 or above. This application handles Time-series data more efficiently. DEFINITION OF TERMS/CONCEPTUAL CLASSIFICATIONS Generalised Autoregressive Conditional Heterscedasticity(GARCH) Generalised Autoregressive conditional heterscedasticity used in measuring volatility in macroeconomic Time Series. Limited to more of financial time series. Vector Autoregression(var) Vector Autoregressive, used to estimate the lagged value of a variables and its lagged value to other variables. Helps in solving multiple equations problems among macroeconomic variables and to identify bilateral causality between variable: e. g. nterest rate effect inflation and inflation effects interest rate. United Root Test A statistical instrument used to test the stationarity (or non-stationarity) of time series variables. United Root Test resulthelps to reject or accept the null hypothesis. Co-integration Test If two variables have long term or equilibrium relationship between them, they co-integrated e. g. Fisher’s quantity theory of money. In its application, the parameter of estimated variables is compare with its critical significance. Policy Ineffectiveness Theorem(PIT) The theorem based on New Classical economics that money is neutrality on money in macroeconomic policies. Conclusions This work is organised into five sections. Section One present the Backgrounds, Problems of Macroeconomic Policy and Sustainable Development in Nigeria, Research QuestionsAims of Study and Objectives of Study, the Scope of the Study, Limitations, the Significance of the Study/Policy Relevance, Theoretical Framework, Hypotheses of the Study and Methodology. Section Three, discusses the historical development of macroeconomic policy and sustainable development in Nigeria. The focus here will be Monetary Policy of Central Bank of Nigeria, with specific study in interest rate determinant. Section Four will present data, content analysis and interpretations. Section five will display the overview of the research work include summary of findings, conclusions, recommendation and implementation strategies. References Ackley, G. (1971), Macroeconomics. UK: Macmillian Adam Smith, (1776). â€Å"Masterpiece:An Inquiry into the Nature and Causes of the Wealth of Nations. †Edited by Edwin Cannan. Chicago: University  of  Chicago  Press,  1976. Available  online  at: http://www. econlib. org/library/Smith/smWN. html, 14/3/2013 Ampomg, K. O. (2005), â€Å"Inflation Targeting Monetary Policy-the Way Forward†,www. ghanaweb. com/ghanahomepage/features/artikel. phd? ID=80363. 12/3/2013 Anyanwu, J. C and H. E. Oaikhenan(1995),Modern Macroeconomics:Theory and Application in Nigeria. Onitsha:Joanee Educational Publishers Ltd. Blanchard, O. (2003), Macroeconomics. New Jersey: Prentice Hall. Bollerslev, T. (1986), â€Å"Generalised Autoregressive Condition Heteroscedasticity. †Journal of Econometrics, 31, 307-327. Barro,R. J. (2008), Macroeconomics. New Jersey: Prentice Hall. CBN, (2011), â€Å"Monetary Policy Reform. † www. cenbank. org/monetarypolicy reforms. asp. 13/3/2013. Engle, R. F. (1982), â€Å"Autoregressive Condition Heterscedasticity with Estimates of the Variance of United Kingdom. †Econometrical, 50, 987-1000. Gujarati, D. N. And Porter, D. C. (2009), â€Å"Basic Econometrics†. New York: McGraw-Hill Education. Hoover, Kevin D. (1988), The New Classical Macroeconomics: A Sceptical Inquiry. Oxford: Blackwell IndexMundi, (2011), â€Å"Consumer Price†, www. indexmudi. om/nigeria/inflation rate%28consumerprice%29. html. 12/3/2013. Keynes, John M. (1935). The General Theory of Employment, Interest, and Money. London: Macmillan. Obafemi,O. Thisday, â€Å"CBN and Financial Policy Implementation. †16 February, 2013. Ojomaikre, A. Guardian, â€Å"Nigeria is not Growing and Broke(1). † 25 June, 2012. Perloff, J. M. (2007), Microeconomics. New York: Pearson/Addison Wesley. Sims, A. A. (1980), â€Å"Macroeconomics and Reality. †Econometrical, 48, 10. Udaba, S. I. (2002), An Introduction to Nigerian Public Finance. Enugu:Linco Press. How to cite Macroeconomics Policy and Sustainable Development in Nigeria, Papers

Computers in our society Essay Example For Students

Computers in our society Essay Don’t know anything about computers? Don’t think they are a big part of your life? Think again! Computers are wondrous machines that improve our lives in many areas like education, entertainment, and work.(Paragraph)The use of computers in and out of school has made improvements in the way we learn. For instance, â€Å"the use of computers in the classroom has freed up some of my time so I can give more individualized instruction to the needy,† says Instructor Mary S. Teachemall of a local neighborhood grade school is a definite improvement over not having computers as a way of learning. Also, college students having easy access to computers for various school related tasks’ like changing complete blocks of text on a term paper in a split second, using graphics to better express a particular point or idea, and being able to tap into the world wide web where vast amounts of information is at the fingertips of the user is a marked improvement from 10 years ago. Furthermore, the use of computers in the home has extended the hours we can learn at a higher level without the environmental pressures of school or work thereby improving the way we learn.(paragraph)Also, the use of computers has expanded our choices for entertainment. As an example, the all-American game of Monopoly can be played by a single person and a computer and the need for several people has been obsoleted is one way our choices for entertainment have been expanded. Another example of our expanding choices is that you can not only watch movies on DVD (Digital Video Disc) but re-edit them with your own sound tracks and special effects, listen to music on CD-rom’s, even manufacture your own cartoons or even your own movies all on a computer. Moreover, the ability of the computer to link a person with others from far away places where conversations without inferences are sparked and ideas are exchanged internationally is a popular selection for millions everyday as a choice for entertainment.(paragraph)I also think the working environment where computers are used is becoming more and more diverse. As an example, farmers have computers in their tractors hooked up to GPS (Global Positioning Satellite) systems that not only tell them where to spray their pesticides but are programmed to take care of the task for them as they drive along all because a digital image from a satellite some 23,000 miles away saw too many bugs in a certain part of one of his fields is very diverse. Another way diversity is becoming the norm is with the influx of wireless technology that has made it possible for mobile â€Å"laptop† computers to be linked up to a global network, not just for the mobile office, but for the person sitting on a beach on some south pacific island and still being able to attend a meeting in London England is diversity at the extreme.(paragraph)Computers are really fascinating and becoming more and more amazing everyday as they weave their way into our lives. Don’t think you know anything about computers? You really do, without knowing it maybe you have been us ing them for a long time. Don’t think they are a big part of your life? Without even realizing it computers have worked their way into just about every aspect of our everyday lives. From waking in the morning, to the food at the dinner table, to the movie afterwards, computers have influenced the way we live and will continue to do so for the foreseeable future.

Albany Plan of Union free essay sample

A lot of uneducated people in today’s time think that the colonies always worked together before the French and Indian war. But sadly the people who think this are wrong. In fact the only connection between the colonies, other than the fact that they were all part of England, was through trade. With this loose connection there would never be any hope of defeating the French in the French and Indian war. But luckily Ben Franklin had a great idea to unite the colonies called the Albany plan of union. Even though it was not passed, the Albany Plan of union was a genius idea because it brought every colony under the control of one council, allowed the collection of taxes for military purposes, and united the colonies so that they could actually defeat the French. First off, throughout America the only thing governing the colonies besides England was each colony’s own colonial assembly. We will write a custom essay sample on Albany Plan of Union or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This kept each of the colonies very diverse and independent from each other. With the Albany Plan each of the colonies would be under control of a Grand Council, which would be headed by a President General appointed by the king. This would keep all the Colonies together and following one order. With this the Colonies could easy be ready for war if anything were to happen. Secondly, another big problem with the separated colonies was the fact that barely any money was sent to help the war effort. Without money for support there would be no way for supplies. Under the Albany Plan for Union, the grand council would have the right to collect taxes to go towards the war effort. One of the disagreements about this part of the plan was that the larger colonies became angry because they would be paying more taxes then the smaller colonies. This would prove to be Benjamin Franklin’s most daring part of his plan. Finally, one of the most important parts of this plan was that it united all the colonies as one. Before this plan the militia was state based and not very professional. Also state militia would not leave the boundary of their own state. This made the Militia weak and unable to defeat the French. With this union of colonies, the militias could come to the war in minutes earning them the nickname, Minutemen. In conclusion, The Albany Plan of Union was truly a genius idea. Each part f the plan was what the colonies needed to be united and to defeat the French forces. Sadly though, The Albany Plan of Union needed an approval from parliament and the colonial assemblies. In the end it was not passed because the British saw it as a threat and the Assemblies liked there power. Even though it was not accepted it was a great idea. Even though it was not passed, the Albany Plan of union was a genius idea because it brought every colony under the control of one council, allowed the collection of taxes for military purposes, and united the colonies so that they could actually defeat the French.

All Truth About Worlds Most Powerful Universities

All Truth About Worlds Most Powerful Universities All Truth About Worlds Most Powerful Universities Every person who wants to be successful understands that one of the main preconditions is a good education. It might not always be necessary, because self-education in the era of Internet is of a huge importance, but it surely plays a significant role in everyone’s life. That’s why in the high school we plan to enter one of the most prestigious universities. We dream about studying in Ivy League schools or other elite colleges and order application essays from research paper writing services to get a better chance to enter. We have gathered some interesting information about most powerful universities of the world. Number 1 college in the world since 2003 is Harvard. It is situated in Cambridge, Massachusetts. They are the best in Social Science, Biology, History, Mathematics and History. However, their acceptance rate is only 6%, so you have to work hard in order to study in Harvard. But it’s definitely worth it. They have the biggest number of Nobel winners (151), fortune 500 CEO’s (25) and degrees (31). Among their alumni there are Barack Obama, Franklin D. Roosevelt, John F. Kennedy, Bill Gates, Mark Zuckerberg and Lloyd Blankfein. The world’s â„â€"1 school in the annual QS world university rankings list 2013 is Massachusetts Institute of Technology (MIT). It is the best place to study Engineering, Physical Science, Economics, Biology or Linguistics. Their acceptance rate is 8.2% and undergraduate fees are $43,720. Only the best students study at this college, that’s why their total enrollment is not huge – 11,331. And we can never forget about the oldest university in the English-speaking world – University of Oxford. They accept 17.2% of all the applicants and you can study Politics, Economics, Science, Mathematics, Literature and Philosophy. Among their graduates there are David Cameron, Tony Blair, Bill Clinton, Margaret Thatcher, J.R.R. Tolkien and 58 Nobel winners. University of Cambridge is the 3rd oldest university in the world and â„â€"3 in university rankings list 2013. With a total enrollment of 19.938 their acceptance rate is 21% and undergraduate tuition and fees are  £9000. They offer following programs: Mathematics, Science, Humanities Science, Computer Science and Biology. Among their most influential alumni – Isaac Newton, John Milton, Charles Darwin, Francis Bacon, Henry Cavendish and Salman Rushdie. Another university that made a huge contribution to science is University of California. It is also a founder of American Universities Association. 69 of their alumni are Nobel winners and their majors are Science, Literature/Art, Chemistry, Engineering, and Economics. If you want to study ecosystems and ionosphere you should definitely choose the best university in these fields – Stanford University. It is also affiliated with the Hoover Institution. That’s where Larry Page met Sergey Brin and then founded Google, William Hewlett became friends and partners with David Packard, and thanks to the fact that Mike Krieger studied with Kevin Systrom in Stanford University we have Instagram. Another one of the Ivy League schools situated in New Haven, Connecticut, is Yale University. It has a huge influence on American politics. It also offers programs in Arts/Humanities, Science/Medicine, Natural Sciences, Engineering/Technology, Social Science Management. One of the youngest elite universities is the University of Chicago. It’s in the top 10 of the world’s schools since 2004. Since 1890 89 Nobel winners graduated from this university and you have definitely heard about their famous alumni – Kurt Vonnegut Jr., John Ashcroft, Jesse Jackson and John Paul Stevens. The exclusive Ivy League Research institution is Princeton University. It is the 4th oldest and one of the richest schools in the world. Their acceptance rate is only 7.4% with a total enrollment of 8,138. Here you can study Humanities, Natural Sciences and Social Science, like 37 Nobel winners did in their times. But not all of the world’s most powerful universities are situated in the USA and UK. Another great university is ETH Zà ¼rich, Switzerland. It’s the 8th world’s best technology school and the top university in Continental Europe. If you want to study Mathematics, Engineering/Technology or Science and want to study in Europe you should definitely enter this university like Albert Einstein did. As you can see these universities are definitely the most influential ones and play a huge role in science and politics development. For more details and useful data check out the infographic given below.

Youth Prostitution In Canada Essay Example | Topics and Well Written Essays - 2500 words

Youth Prostitution In Canada - Essay Example They believe they had to run as they find home life intolerable. None of these push factors alone; explain why they turn to prostitution. How and why they turn to be prostitutes is not that important as the importance of independent street life to them. What is attractive about street life is that it allows the runaway or disaffiliated youth a sense of belonging, a feeling of autonomy, and a means of financial independence. Most important of all, street prostitution provides a means of subsistence. And the fast and substantial money that it does bring to a core group of prostitutes symbolizes much that is cherished in mainstream materialist Western culture. (Davis, 1993, p. 72) According to the Canadian Women's Health Network, Prostitution and sex business in Canada is a multi-billion dollar market, which is developed annually on the basis of maintaining prostitution business at the rate of $400 million. (CWHN, June 2006) Prostitution alone does not refer to the social international issues, which are at continuous ignorance since 1980s in Canada, but it includes the involvement of male as well as females as customers, pimps and prostitutes. The dilemma is that after 20 years of implementing the policies for prostitution, it is still on a growing trend, where youth is deeply influenced by this profession. The matter of concern is what attracts the younger generation to get involved into sex trade and entering and exiting of youth into this profession are those facts, which are also responsible for health issues. According to factbook on Global sexual exploitation in Canada, "Most of the young girls that are trafficked and forced into prostitution in Canada are transmitted from city to city, from Seattle to San Francisco to Oakland to Phoenix to Honolulu and Portland. The pimps move them every 3-4 weeks". (Portland Police Officer Doug Kosloske, The Province, 19 December 1997) Statistics According to a report by Duchesne D., fluctuations are seen every year in the prostitution trend, which highlight the implementation of law and order according to jurisdiction. While giving example, she concludes, "between 1994 and 1995, the total number of prostitution incidents in Canada rose 29%, largely due to a substantial rise in communicating offences in Vancouver. But this increase followed two years of steep declines, mainly traced to Toronto, Edmonton and Calgary (in 1994), and Vancouver (in 1993)". (Duchesne, 2006) Due to the leniency of Canadian jurisdiction towards penalizing men in prostitution, since 1980s Canadian men are more motivated towards working in this profession either in the form of pimps, customers or male young prostitutes. Street Prostitution There are many concerns related with "sex work on streets" among which the major problem, which the public is confronted to, is its elimination from the public areas. Most of the people consider it private and so they support the view that "street prostitution" should not be in public places. Of course there are many reasons affiliated with the concern. Street Prostitution has been the most common problem in Canada since the actions, which were taken in 1980s. Those actions were not taken keeping in view the major reasons for as to why youth is getting involved into the

Report Research Paper Example | Topics and Well Written Essays - 1500 words

Report - Research Paper Example .. 7 3. Summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 9 4. References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 10 APPENDIX The Brazilian Economy 1. Executive Summary Brazil has maintained considerable economic difficulties from 1900 to 2012 due to ineffective financial policy construction, government reforms, and an over-reliance on commodities to drive economic sustainability and growth. Historically, coffee and oil have been staple export products; however, these commodities are subject to unpredictable spikes or decline in prices. At the same time, the CPI in Brazil is affected by higher-than-average inflation due to rising supply chain prices and interest rate fluctuatio ns that limit consumer spending and investment. It is recommended that Brazil diversify its economy and return to the crawling peg monetary policy now that industrialization and consumerism are beginning to develop effectively in this country. 2. Background on Brazil and its Economy Brazil is currently experiencing significant economic growth due to changes governmental and economic reforms as well as its current position as a major contributor to the global trade system. The country, once overly reliant on coffee production and rail system transportation to promote economic growth and job security, now maintains a growing industrial base in consumer products, industrial products and commodity development that contributes to a high GDP comparatively to other countries around the globe. Sixty seven percent of total GDP is attributed to the service sector, as it relates to health care, hospitality, beauty provision and restaurant (to name only a few). The rest of gross domestic produc t is allocated in agricultural development and industrial-based employment. Unfortunately, Brazil currently has a debt to GDP ratio of approximately 50 percent, which is much higher than that of other emerging or developing nations (Blanchard, 2005). At the same time, the inflation rate in Brazil is approximately four percent annually which impacts disposable income for consumers and also cash flow availability for companies in the industrial and agricultural sectors. High prices throughout the commodity supply chain, as one example, are offset by rising prices on corn, coffee and other commodity products used in the household sector. High inflation occurring annually since 2003, when the country experienced over 17 percent hyperinflation, continues to erode the government’s ability to stimulate more economic and job growth. The provision of public services, such as electric, telephone services, and water consumption experienced inflation rates of 8.38 percent with supplement ary tariff increases of over 15 percent on all of these services (Business News Americas, 2004). Brazil has not, even during years where inflation was reduced through economic policy and infrastructure development, experienced any significant decreases from these cost levels. As such, consumerism is reduced due to lowered disposable income for consumer products. From 1990 to 1997, Brazil experienced inflation to the level where gross national product was consumed up to 40 percent due to rising prices (Selva, 2010). Further, credit card companies, in response to decreased consumer savings in banking institutions, began charging upwards of 25 percent for consumer and industrial purchases (Selva, 2010). The lack

Expansionist Sport Development in Establishing Social Values Essay

Expansionist Sport Development in Establishing Social Values - Essay Example There are those who say that the relatively recent debates around the concepts of "development of sport" and "development through sport" is at least 25 years too late, as the total concept of sports development has always had the two strands running through it. There is no denying that there is some truth in what they say. Returning to the Far East, let's consider that "before the introduction of Western sports, Japan had made progress in traditional sports called budo, which was born in the twelfth century and flourished mainly among the warrior classes the Edo period (1600-1868), these sports, which put stress on their mental aspects, were established as martial arts...The traditional budo has been handed down from generation to generation and is still flourishing" (Japan Access, 1997). Moreover, "the tradition of regarding sports figures as heroes goes back to ancient Greece. The Greek term for hero literally meant someone who was semi-divine and born from one mortal and one divin e parent, and eventually, Greek society went on to view sporting champions as 'born of the Gods'... Heroes emerged from war and gained their title of hero by sacrificing themselves or risking their lives to save others. But sports allow heroes to emerge in times of peace" (Warner, 2004). Fast-forwarding to the timelines of the last 25 years, there is an untold amount of sports development going on. The 1980s especially, and most predominantly but not exclusively in The United States, saw the beginnings of explosive growth in personal sports development. Individual awareness of the benefits of sport and athletic participation grew exponentially throughout the population of Western culture. Significantly, groups that had previously been apathetic or marginalized with regard to sports exploded onto the development scene. The United States Olympic hockey team employed a rigorous, Eastern-European-inspired training program and a relentless commitment to a pride of performance to "miraculously" defeat the "invincible" Soviet Union Olympic ice men in 1980 at Lake Placid. The Women's Sports Foundation of the US tells us that "women's athletic participation rates mushroomed during the 1980s and 1990s, and sports are now central to many girls' and women's lifestyles" (2005). W ith the newfound interest in personal sports development and health care industry growth. From the late 1980s to now in the US, "personal fitness training continues to be the strongest growth segment of the fitness industry, and this trend is expected to continue as personal trainers offer a variety of services that go beyond a general exercise program" (IDEA, 2005). Scientific studies of the effects and benefits of participation in sports became more frequent and more intense.  

Kellers Model Of Customer Based Brand Equity Marketing Essay

Kellers Model Of Customer Based Brand Equity Marketing Essay How do consumers evaluate service brands: An investigation of the performance of Harrods as a service brand to get their brand image Background of the Research Branding has been one the most exciting yet phenomenal marketing concept of the 21st century. A brand can be viewed as a promise made with consumers, the promise of providing consistent quality and satisfaction (Balmer Greyser, 2003). Therefore the term brand can be defined as a name, symbol, design or a combination of these to identify a product in the marketplace (Keller, 2006). Brands have become very important in recent years and are part of our everyday life and with so much choice available it becomes difficult to choose a particular branded product. Usually consumers tend to select products that are familiar to them, products that tend to have a clear meaningful set of values, attributes and brand names that are trusted (Keller, 2006). Both physical goods and services can be branded, however there has been a vast focus towards the branding of physical goods and very little work carried out on the branding of services (OCass Grace, 2004). The growth of services has been rapid across the world and it has become important to understand the tools that can be used to brand a service to initiate differentiation. Branding of physical products tends to be simpler because the consumer is able to hold, touch and feel the end product. Branding a service is slightly more complicated due to its intangible nature, because youre not going home with an item but more of an experience that occurs with services. Many scholars such as de Chernatony and DallOlmo Riley (1999), Berry (2000), McDonald, de Chernatony and Harris (2001) and OCass and Grace (2003, 2004) have taken an approach to create a framework that can be used towards branding a service. Most of these frameworks are created to measure services that are intangible such as banks, hotels, airline, financial and consultant services. This study will be focusing on the branding of Harrods services. The study has been motivated by the nature of service branding and the frameworks that have been created by scholars previously mentioned. However not all of these frameworks are applicable for this study and therefore will be concentrating only on the framework created by OCass and Grace (2004). The main reason being the framework created by OCass and Grace (2004) is the only one that measures service brands from the consumers point of view. The service brand model by OCass and Grace (2004) will be used against services being offered by Harrods. Harrods is basically famous for the luxury and high class products it offers, however this research emphasises on the services it offers. The main services Harrods offers are as follows: Karim Fayed hearing centre Beauty Sports Fitness Financial and property services Home lifestyle The studio Interior Design Innovation Furniture and interior design Food Fashion and accessories Fine Jewellery Weddings Occasions Corporate gifting services Healthcare Airport Services This research is not particularly focusing on one service it provides, rather it takes all these services in general and the respondents would be the customers of Harrods who have used any of its services. Aims and Objectives The main aim of this project is as followed. What are the service branding factors taken into consideration by consumers when selecting a luxury brand service provider; Harrods? The following objectives have been suggested and need be reached for a successful achievement of the project aim a) To identify, examine and discuss the relevant service branding associations consumers hold towards service brands b) To identify and discuss all the relevant service branding associations directly linked towards Harrods Services c) To examine how important are the service brand association for Harrods service consumers d) To evaluate the influence these associations have on the purchase of services from Harrods Literature Review Overview What is Brand? A brand is basically a trademark or a distinctive name of a product or manufacturer, it conveys and portrays the image of the product; word brand refers to a name, term, symbol, sign or design used by a firm to differentiate its offerings from those of its competitors, to identify a product with a particular seller, Kotler, (1999) stated. Developing a good brand has become a major task for many organizations today because it provides a number of advantages. Strong brands help the firm establish an identity in the market place (Aaker, 1991). A successful brand has a recognizable name which provides specific attributes to the consumer (i.e. quality, elegance, value). According to The Economist (1988) the basic purpose of branding is to build the products image, this image will influence the perceived worth of the product and will increase the brands value to the customer, leading to brand loyalty. From the marketing perspective, Kotler (1994) believes brands convey a few meanings to th e consumers like: Benefit: The help and benefit sought provided by the firm to its consumers, which is transformed by its attributes Culture: The brand reflects an organizations image and equity Personality: The brand is regarded with certain characteristics Users self-image: The brand reflects or consistent with consumers self-image Brand Value: Both physical and mental values provided by the brand to its customers Attribute: The functions of the product brand provide Companies normally develop brands as a source or mode to attract and keep customers by promoting value, image, prestige, or lifestyle. Hence, a brand is not just a symbol but comprises of core product, packaging and marketing communication, which includes many important meanings and values of a firm; the objective of brand building is to develop more valuable profits and benefits to the company. Relationship of Brands and Their Equity According to Motameni and Shahrokhi (1998) today brands play an important part in marketing strategy because it has become an important marketing component for the company and a source of information for the consumers. Branding and brand equity has been a key topic of interest to the researchers of marketing for many years. The term brand can be explained as a name, term, sign, symbol, or design, or a combinations of them which is intended to identify the goods and the services of a seller or a group of sellers to differentiate them from those of competitors (Kotler, 2005. pp 42). This topic of branding and brand equity has been a detailed research topic in the marketing literature. Aaker (1991) and Keller (1993) have gave some thorough insight into brand equity, and both have provided theoretical schemes that link brand equity with various consumer response variables. Brand equity has emerged as a marketing imperative, so too has the need to fully understand and manage brand associations (OCass Grace, 2003). Aaker (1996) has defined brand equity as a set of assets (and liabilities) linked to a brands name and symbol that adds to (or subtract from) the value provided by a product or service to a firm and/or that firms customers. Aaker has also identified five assets of brand equity: brand awareness, brand loyalty, perceived quality, brand associations and other proprietary brand assets. Aaker (1996) also presented brand isentity model which is very important in elaborating the concept of brand identity. Fig. 2.1 Source (Aaker 1996) The brand is a very important tool for marketers as consumers use it as a reminder to conclude certain product attributes such as quality (Krishnan Hartline, 2001). Lim OCass (2000) stated that brands are seen to be valuable assets and sources of differentiation that plays a vital role in marketing strategy. Branded goods make it simpler for consumers to identify the product in the marketplace (Lassar et al, 1995), brands also reduce the consumers search costs, perceived risk and signals the quality of the product (Keller, 2006). Kellers Model of Customer Based Brand Equity On the hand Keller (1993, 1998) has proposed a knowledge based framework which is a customer based brand equity model. The framework consists of two dimensions commonly known as brand awareness and brand image. The model consists of product related and non product related attributes (OCass Grace, 2003; Keller, 2003). The product related attributes are explained as the components of the core product or service wanted by consumers (Keller, 1993). The related attributes of service can be described as the process that takes place before, during or after receiving the service. For example when a customer uses a dry cleaning service they are paying for getting their clothing cleaned and the price charged is usually for the unseen elements such as the use of premises, detergent, cleaning equipment and employee expertise (OCass Grace, 2003). The non product related attributes refers to all other attributes that are external to the function or the process of the service offering (Keller, 1993). The four non product related categories are: price, user and usage imagery, brand personality and feelings and experiences. Price is considered a non product related attribute as it remains external to the purchase or consumption of a service (Keller, 1993, 1998). In terms of branding the price does not directly reflect the service or performance. Moreover price is established as an important association in brand image evaluation and a strong quality indicator (OCass Grace, 2004, Keller, 1998). User imagery is related to the type of person who is going to use the product or service (Keller, 1998). The attributes are usually formed by the consumers own experience via contact of brand users or by the image represented by marketing communications. On the other hand usage imagery illustrates the situational factors in which the brand is used (Keller, 1998). For example time of day, week or year, location, or type of activity. The user and usage imagery typically reflects the conventional users of a product or service in the context within which it is used. Brand personality has been defined as set of human characteristics or traits that consumers attribute to a brand (Keller, 2006, p.369). In simpler terms brand personality can be expressed by both demographic and psychographic characteristics, providing a concept upon which the brand can be positioned in the consumers mind. Brand personality or personality characteristics are used to target consumers, hence attracting that particular market where the people can relate themselves to how they see their ideal self (Keller, 2006, p.66). A well established brand personality has the ability to increase emotional ties with the brand along with developing trust and loyalty. According to Keller (1998) feelings and experiences which are also non product related attributes, have become important in terms of consumer evaluations of brands, often occurring through the evaluation of advertising. In the context of services, it is important to evaluate the feelings and experiences of service brands. For the reason that production and consumption occur simultaneously in services, the service experience is the active structure of meanings associated with the behaviours, thoughts and feelings that occur during consumption, which directly impacts on the consumers perceived brand image (Keller, 1998, 2006). The measurement of brand equity has also been a high interest area of study. There are direct and indirect measures for brand equity. The direct approach is an attempt made to assess the value added by the brand to the product (Keller, 1993). The indirect approach focuses on the identification of the potential sources of brand equity (Aaker, 1991; Keller, 1993). Both these approach can be given a merit, however Keller (1993) argues that direct and indirect approach to measuring brand equity are complementary and should be used together. Concept of Service Branding in the Marketing Literature Basically branding is basically an effective marketing strategy, tool and technique which have been utilized with great results for organizations and enormous success in the past (Rooney 1995). Nowadays, branding is facing a new popularity due to new and innovative applications. Though there have been times when branding was less than successful. Now marketers are working to get the appropriate applications in the given settings. All the problems regarding branding strategy in current time include the selection of a proper brand name. Coonan (1993) stated that this fundamental issue will impact on the success of a branding strategy. Marketers have to choose the advertising strategy to support and communicate the name, once a name is selected. Hence keeping the brand in a strong position is a critical concern. New areas of branding include corporate, industrial, and service branding. These non-traditional branding environments are becoming the future for marketers using branding strategy. To add to the new branding areas, there are new branding techniques. These techniques include brand extensions and ingredient branding. New strategies, techniques, and arenas for branding have to be managed. The organization must support and identify with the strategy. The goals, objectives, and mission of any organization should be in line with the branding strategy employed. There has been a lot of work carried out on branding and brand equity by academic researchers like Keller (1993, 1998) and Aaker (1991, 1996), but majority of their work has been focused on physical goods branding. In the last decade there has been many frameworks created to assist marketers to realise how consumers think about, and respond to brands, as a result enabling marketers to implement effective consumer centred marketing activities. Turley and Moore (1995) have stated that there is an increased growth of service economies throughout the world, but the branding literature has mainly explored branding in terms of physical goods, whereas the branding of services has been minimal and left out of the picture. Several researches have been done on services marketing that has focused on topics such as measuring service quality, service failure to service switching but the examination into branding of services has not been undertaken (OCass Grace, 2004). Keller (1993, 1998) and Aaker (1996) have suggested branding frameworks that can be applied to measure brand equity, however these frameworks are excellent when used towards physical goods but are not fully adaptable for service brands as some attributes need to be taken out or completely adjusted. Keller (1993, 1998) has created a construct known as dimensions of brand knowledge which is an in-depth analytical view of the brand from the perspective of the consumer. The model has been criticised because only a small section of the model has been empirically tested to date and the model overlooks the variations found in the area of consumer evaluation concerning goods and services (OCass Grace, 2003). Keller (1998) has however argued that hi s model can be applied to both branding of goods and services. With respect Berry (2000) has criticised that these models by Keller (1993, 1998) and Aaker (1996) have some aspects in common across the two domains of goods and services, but the application of these models can be questioned. The reason being the marketing principles of goods and services are inconsistent because the difference between the two domains. The core offering of goods is different from the offerings of a service, because core service offering of a service is more complex and largely compromises of elements such as processes, people and physical facilities (Tax Stuart, 1997 cited in OCass Grace, 2004). As a result the evaluation of service brands by consumers maybe different as there maybe the need for more or newer attributes required in examining service brands than physical goods brands, hence the models by Keller (1993, 1998) and Aaker (1996) are inconsistent and cannot be completely relied on when eval uating consumer perceptions of service brands. Service When exploring the concept of service Youngs contribution is very important. Youngs (2000: P 43) says, A service, combined with goods products, is experienced and evaluated by customers who have particular goals and motivations for consuming the service. Gronroos (1990) stated that service is an activity or series of activities of more or less intangible nature. He also stated that service normally, but not necessarily, takes place in interactions between the customers and the service employees and/ or physical resources of goods and/or systems of the service provider, which are provided as solutions to customers problems. Young (2000) has mentioned three areas of service, to elaborate it in much better way. First is that service takes place via interaction of consumers and the service provider, it can be a company or an individual. The other factors are the physical resources or the environments playing a vital medium role in the process of service production and consumption. Third service is needed by consumers to provide certain functions such as problem-solving. Boone and Kurtz (1994) have worked on services and according to them each of service characteristics is as follows: 1. Intangibility: Customer cannot sample a service before purchasing it that appealing to customers sense of sight, hearing, smell, taste, and touch. 2. Inseparability: Customer perceptions of the service provider become their perceptions of the service itself. Often Customers are unable to judge the quality of a service before purchase. 3. Perish-ability: The organization cannot put an unsold service into storage. 4. Difficult to Standardizes: It is mostly impossible to standardize offerings among sellers of the same service or even to standardize the service of a single seller. 5. Buyer Involvement: It is very important that buyers are often involved in the development and distribution of services. 6. Service quality is actually high variable in all aspects. When goods and services are compared on the grounds of their characteristics following table can be helpful in doing comparison. Fig. 2.2 Comparison of products and services and service branding implications (Source Grace and OCass 2003) Kristen (2008) stated that when its about providing service, knowing the expectation of customers and the customers perception of the service encounter is a vital component to delivering superior service. Delivering superior service, especially in the hospitality industry creates a myriad of opportunities for the service organization to surpass the competitive and become a recognized leader in the service industry. It only stands to rationalize that the concept of the service encounter directly affects satisfaction, loyalty and future behavioural intensions; which in turn, has a direct affect on the organizations success and financial stability. There are four basic unique features of services: intangibility, inseparability of production and consumption, heterogeneity and perishability. Heterogeneity of Service Brands The advertising that positions the brand should be met by frontline staff as if imitating the brand. Regular planning, control, automation and regular reviews of performance improvement and consumer reaction should be made use of to overcome heterogeneity and quality control difficulties of service brands (Chernatony Riley, 1999). The human element in service condition cannot be subjected to quality control measures as a product from a factory, thus each service experience is potentially distinctive, where consistency can prove difficult to achieve on a regular basis (Berry, 2000). Berry (2000) believes the concurrent product and consumption of services can enable to customise the service brand to serve the needs of particular consumers better, thereby making the practice of marketing the responsibility of every employee. The previous branding strategy is unlikely to accommodate differing consumer needs because of the rigid structure and almost inflexible approach. By making brandin g an internal as well as external activity, may help ensure consistency across time and differing situations (Chernatony Segal-Horn, 2003). Internal branding also known as internal marketing, has received great deal of attention and an area of vast interest, which has created a consistent organisational culture revolving around the brand concept. Within the service company the brand concept needs to be understood, which allows the brand to become an internal cohesive device, enabling employees to retain flexibility to deal with different people and situations, while conforming to the brand concept. As a consequence employee relations and internal communications are essential means to motivate and retain consumer conscious employees and ensure greater consistency in service quality (Chernatony Riley, 1999). Employees with positive attitudes and behaviour can increase consumer satisfaction with the service brand, which results in increased market share and sales. Intangibility of Service Brands The factor of intangibility of the services of the organization makes it hard for customers to identify and assess the quality of a service and differentiating between other competing brands. There is also a concern to firms as they find it difficult to set accurate prices for services. To overcome this problem number of branding strategies can be implemented. It has been suggested the size and reputation of companies, which are perceived associations of the firms brand name, that are used by consumers as an indicator to measure the quality when selecting between very intangible services (Chernatony Riley, 1999). It has also been noted by Balmer and Greyser (2003) that consumers are willing to pay higher premiums for services of a company with a strong reputation. Moreover firms that recognise the company name as the brand name, categorised by a distinctive corporate identity, personality and image is considered an important service branding strategy, providing endorsements recognit ion and acceptance as well as making the service more meaningful hence tangible (Balmer Greyser, 2003; Berry, 2000). Another service branding strategy that has been encouraged is the use of unique logos or physical facilities that consumers can immediately associate with specific service providers by offering relevant tangible clues (Chernatony Riley, 1999). Many researchers have considered the branding of goods and services have their similarities; however specific nature of services requires tailored approaches (McDonald, de Chernatony and Harris 2001). Since every service is based on series of performances, service brands become a target of being perceived as commodities. To overcome this problem McDonald, de Chernatony and Harris (2001) have taken a different approach and recommended to make service brands more tangible to provide consumers with favourable set of perceptions. The authors have distinguished an effective way to carry this out is by using physical components associated with the service. For example making changes to the physical elements associated with the brand such as staff uniform, consistent office decorations to the type music played in store. However making these changes doesnt assure that consumers will have a positive view when assessing the service, because the actual service the company provides cannot be imp roved due to these changes being made. Inseparability of Service Brands As consumers are involved in services production, their expectation usually differ between encounters, mainly due to the fact how they interact with different service providers. The main influence of satisfaction with a service brand is caused by the similarity between expected and perceived behaviour, making it complex to control service quality (Summers, 1996 cited in Chernatony Riley, 1999). Moreover there is an increased emphasis towards selecting and training staff to provide a service that is consistent, however it has been argued firms should emphasis the use of corporate branding to establish a favourable consumer nature towards the company (Balmer, 1995). According to this perspective, the company brand provides consistency to the employees behaviour while maintaining consumers expectations. On the other hand it has been stated that by involving consumers in the production process, firms are better able to adapt services to individual needs. Perishability of Service Brands Service brands face a great challenge not only does the firm have to build a strong image and reputation to attract consumers (Balmer Greyser, 2003), but also preventing competitors from making promises that attract consumers away, even before the service brand has been experienced. Services cannot be stored and the service encounter often does not involve any transfer of ownership. In services such as life insurance or pensions the service is purchased long before the benefits have been received and evaluated. To overcome these difficulties it has been suggested the company should build strong brand image and reputation as one of the branding options available. Another problem arising from the characteristic of perishability is the difficulty in synchronising supply and demand. Service firms need to formulate strategies either to cope with fluctuating demand or make adjustments to match capacity and demand more closely, or they will not only face financial problems but branding iss ues as well (Chernatony Riley, 1999). The brand as recognised by consumers, encapsulates both the quality of the service and the efficiency with which the service is provided. Chernatony Riley (1999) have provided an example that the brand image of a supermarket chain depends not only on the price and the product they stock , but also how quickly and efficiently customers can pay for the good and exit the store. Long waits at queues can adversely affect the image, unless ways are found to speed up the queues or persuade consumers to shop outside peak times. Therefore organisation systems become part of the branding process that enable the delivery of promises with regards to service quality, speed and efficiency. Frameworks of Branding of Services Because of the unique features of services, consumers have a complex time evaluating the content and quality of a service prior to, during and after the usage of the service. It has been stated by Krishnan and Hartline (2001) branding is more important in services due to the complexity faced by consumers in assessing the purchase of a service. Branding of services is critical for the reason that consumers view services as a commodity. Branding of services has not been a well researched area; hence the literature is slow in development and primarily basic in nature (de Chernatony Segal-Horn, 2003; Grace OCass, 2002). Berry (2000) has suggested service brands should be distinctive, relevant, memorable and flexible and should be named same as the company rather than another name. The intangibility of services makes it difficult for consumers to evaluate the quality of the service. Regarding the growth of services across the world and the incompatibility of brand equity frameworks used for services, academics such as Berry (2000) Chernatony and Riley (1999) McDonald, Chernatony and Harris (2001) have tried to resolve this issue by creating a framework that can be examined towards consumer service branding. Chernatony and Rileys model Chernatony and Riley (1999) have carried out research with brand consultants about what they thought the difference is between goods and service brands and how they address this issue and in doing so they have come up with the double vortex brand model. The study was implemented using qualitative approach consisting of semi structured in-depth interviews with selected brand consultants in the UK. The purpose of the interview was to find out how brand consultants make sense of brands and do consultants have similar views regarding the components of the brand. The aim of this model is to find out can branding be equally used towards goods and services, and consultants perceptions towards the principle of branding a service is similar to branding for goods. In order to describe in simple terms the complex nature of brands the authors Chernatony and Riley (1999) had discovered that all participants had adopted a mental model of some description. Brand elements such as functional capabili ties, symbolic features, signs of ownership, distinctive name, service, shorthand notation and legal protection were all referred by consultants that were interviewed and these elements are used to make the double vortex model. Service Branding of Service Brand Equity Berry (2000) has taken a different approach by analysing strategies of 14 mature service companies and has created the service branding model of service brand equity. Berry (2000) believes that brand equity is made up of two components: brand awareness and brand meaning (brand image). The following has also been argued by Berry (2000) that the most important source of brand awareness is the companys presented brand, being the companys controlled communications. The controlled communications typically consists of advertising, service facilities, the appearance of service providers, the company name and logo (Brassington Pettitt, 2006). The secondary impact on brand awareness is the external communications, which is usually information consumers receive about the service that are uncontrolled by the company. Brand meaning on the other hand is said to be mainly influenced by customers experience with a particular service company (Berry, 2000). The reason being service businesses are sa id to be labour intensive, consisting of human interactions and performance, rather than machinery. Berry (2000) has emphasised that this construct plays a critical role in building the brand. The secondary influence on brand meaning is said to be the companys presented brand and the external communications. The service brand model by Berry (2000) has introduced new conceptual elements such as servicescapes, controlled and uncontrolled communications, which are significant towards branding of services. These are the typical elements which are missing from the brand knowledge model constructed by Keller (1998). Service Brand Model In response OCass and Grace (2003, 2004) have created their own version of the service brand model. This model has been constructed by adopting various measures from other branding models and potential branding dimensions applicable for services to create an integrated approach to resolve issues in consumer service branding. The authors believe by identifying the dimensions within the consumers consciousness they can gain greater knowledge of what brands mean to consumers as well as begin to understand to what extent such dimensions impact on the brand attitudes and purchase intentions of service consumers. This construct specifically gathers first hand responses of consumers evaluation of service brands in terms of how they see the brand, what expectations they have and overall feelings attitudes towards the service brand. This model by OCass and Grace (2004) includes the following dimensions: core service, interpersonal service, perceived values, se