Comparative Study On Housing Loans Of Sbm - Free Essay Example

Sample details Pages: 15 Words: 4538 Downloads: 1 Date added: 2017/06/26 Category Statistics Essay Did you like this example? This research article is aimed to compare and critically analyse the housing loan schemes offered by State Bank of Mysore and Union Bank of India, Bangalore Branch, India OBJECTIVE OF THE STUDY To recognize and evaluate literature relevant to the theories of home loans. Don’t waste time! Our writers will create an original "Comparative Study On Housing Loans Of Sbm" essay for you Create order To evaluate the general awareness of the various schemes currently offered by HFCs / banks and the purpose of which housing loan are given. To perform comparative analysis for housing loan schemes for State Bank of India and Union Bank of India. To study the documentation process in HFCs (Housing Finance Companies) and critically evaluate problem faced by clients during the process of lending housing finance in banks. To assess and suggest appropriate Conclusions and Recommendations with regards to housing loan schemes offered by SBM or UBI Bank to the customers. Introduction This article explains the housing loan schemes offered by banks in order to bolster the current housing finance situation in India and to taper down the margin between the housing demand and the availability of houses, The National Housing Bank was set up in the year 1988. This was done by keeping in mind that a home seeker though does have a desire for a house but lacks the resources for construction or buying it. To give an enhancement to private housing finance institutions the National Housing Bank came into the picture. It is a principal agency to promote housing finance institutions both at local and regional levels and to provide financial and other support to such institutions. While it is important to keep in mind that the National housing Bank itself does not give loans or finance individuals or a party as such. It is only a corporate body to promote, establish, support or aid the housing finance institutions.   India have been serving the people for around three decades and providing various housing loan schemes according to the customers various needs at attractive and reasonable interest rates. In order to facilitate the best housing loan schemes at the least interest rate this research article will help in critically evaluating and comparing the schemes of housing loan for two banks i.e. State Bank Of India and Union Bank of India, Bangalore, India in order to know the best offers provided by the banks as well their performances in order to retain in competition within marketplace. This research article analyses the effectiveness and efficiency of housing loan schemes provided by SBM and UBI bank which will provide its customers a attractive interest rates in on housing loan. Company Overview of SBM and UBI State Bank of Mysore was formed as Bank of Mysore Ltd. in 1913 under the benefaction of the former Government. Of Mysore, on the illustration of the banking commission headed by the great Engineer-Statesman,  Late Dr. Sir M.Visvesvaraya. Subsequently, in March 1960, the Bank became an Associate of State Bank of India. State Bank of India holds 92.33% of shares. The Banks shares are listed in Bangalore, Chennai, and Mumbai stock exchanges. Branch Network The Bank has a widespread network of six hundred eighty two only (682) branches (as on 30.09.2009) and 20 extension counters spread all over India which includes 5 specialised SSI branches, 4 Industrial Finance branches, 3 Corporate Accounts Branches, 4 specialised Personal Banking Branches, 10 Agricultural Development Branches, 3 Treasury branches, 1 Asset Recovery Branch and 8 Service Branches, offering wide range of services to the customers. Human Resources The Bank has a dedicated workforce of 9720 employees consisting of 3169 supervisory staff, 6551 non-supervisory staff (as on 31.03.2008). The skill and competence of the employees have been kept updated to meet the requirement of our customers keeping in view the changes in the environment. (Source: https://www.statebankofmysore.co.in/profile.htm) Union Bank of India UBI Bank is consistently dedicated to bind and maintain its distinctiveness as a foremost, pioneering cost-effective Bank, by means of a down to business approach to the shifting requirements of the general public. A extensive scale of goods and services has been resulted and also made accessible to its precious customers to cater the least of their requirements. Today, with its well-organized, value-added services, continual intensification, reliable productivity and expansion of innovative technology, UBI bank has ensured comprehensive shopper delight, keeping up its image,  Ãƒ ¢Ã¢â€š ¬Ã…“GOOD QUALITY POPULACE TO BANK WITHà ¢Ã¢â€š ¬?.   The key to the triumph of any organisation lies with its personnel or manpower. No wonder, UBI dedicated tem of dynamic and enthusiastic skilled personnel consists of 26000 thousand employee who contribute to the maximum in order to ensure growth for UBI. The bank went for Initial Public offer (IPO) on 20th august 2002 which was fol lowed by the public offer made on February 2006.Government of India holds fifty five percent (55.43%) share capital of Union Bank the current share capital holding of the bank is forty four point five seven percent 44.57 % which includes Individuals and Others. Reason behind choosing the topic for the study Housing is the one of the main priority sector needs a lot attention now days the interest rate of the housing loan is raising very high customers are worried about the rates due to indefinite fluctuation. This study is about the comparison of the various schemes and the interest rate of the two banks State Bank of Mysore and Union Bank of India. After this study we will be able to know that which bank is more convenient in the lending of loan. Different schemes of the bank are convenient in different manner according to customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s priority. The study is important also in case of comparison of the many other banksà ¢Ã¢â€š ¬Ã¢â€ž ¢ schemes to these two banks. Literature Review Meaning of Loan: Loan is a method of lending under which bank gives credit to a borrower for a fixed period and for a specific purpose. Loan are promises for future payment, they have to be repaid in periods beyond a year and are therefore long-term liabilities 3.3Types of Loan: Generally bank grant loans for different period like shorts, medium and long and for different purpose. Broadly, the loans granted by banks are classified follows Bank Loans (1) Short-term Loans: Short-term loans are granted to meet the working capital needs of the borrowers. These loans are granted against the securities of tangible assets mainly the movable assets like goods and commodities, share debenture, etc. (2) Term Loans: Medium and long-term loans are usually called term loans. These loans are granted for more than a year and are meant for purchase of capital assets for the establishment of new units and for expansion or diversification of an existing unit. Loan Procedure: Generally various banks adopt following procedure for loan. Appraisal of Loan Submit the Application Documentation Convene to loan applicant To Issue Draft or Pay order Submit the Application: First of all the loan borrower should submit application to the particular bank. The borrower is required to fill out a common application form, which seeks comprehensive information about proprietorà ¢Ã¢â€š ¬Ã¢â€ž ¢s and loan borrowerà ¢Ã¢â€š ¬Ã¢â€ž ¢s back ground and his business network and as well as his cost of project and economic consideration. Appraisal of Loan: The bank follows good appraisal system for effective lending and to make easy repay in future way. The main task of the lending bank is to make sure that the income generated from the loan is sufficient to repay the loan installments according to the terms and conditions of amortization. The risk involved in term lending is much more than the risk in short-term lending because the loans are given to new undertaking, or for the modernization and expansion of existing undertaking and for loan period. Before sanctioning any loan a banker should assure himself that the borrowing concern shall be able to earn sufficient income to pay the loan installments. The methods of analysis and standard to be adopted for an appraisal of loan are more similar to investment decision than to short-term lending. The appraisal of loan included projection of future trends of output, sales estimated of costs, returns and flow of funds. It is extremely difficult to have a clever cut formula for the appraisal of term loan since many factors have to be considered such as the type of borrowing bank and its activities, the markets potential, its management, and financial position. The amount of loan and the period of its repayment. Another important factor is whether to give weight age to profitability or to its broad economic significance in the development of the economy. A term loan may be appraised by considering four different aspects of the proposal. They are: Technical feasibility Economic feasibility Managerial competence Financial feasibility Documentation: After completing the step of submit the application and appraisal system of loan. Then loan applicant should collect the document for borrowing loan, every documents and requirement are needed according to the co-operative bank rate. If the loan applicant wants to borrow loan of huge amount, so at a time strong documents are presented by loan applicant against bank like evident of shareholders, original and photocopy of propertyà ¢Ã¢â€š ¬Ã¢â€ž ¢s documents, photocopy last three years income tax returns file, etc. if loan applicants has no any recommendation from share holder so firstly the bank becoming share holders of his bank by issuing share to them, so above types of documents are used to borrow loan and advances from the bank. Convene to Loan Application: After collecting the necessary documents, an officer of the recipient bank review it to ascertain whether it is complete for processing, when the application is considered complete. Then the co-operative bank held meeting of his loan applicant and sanctioned the particular loan. Generally this meeting is convened on Monday and Thursdays in every week. Otherwise expected it in other contingent situation and gives date, day and time for delaying particular meeting. To Issue Draft or Pay order: At the last stage is that, after convening of loan applicant and sanctioning loan, borrower should pay its stamp duty, margin and one installment of loan, then in the stamp document or stamp procedure. Then bank gives to them pay order or draft. If the any loan borrowers want to purchase machinery or vehicle from out of city so he need quotation of that particular company, and finally bank made draft of companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s name otherwise if the quotation of city area so at a time the co-operative bank made pay order of companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s name. Them it gives to company through loan applicant. Thus above procedure is followed by the loan applicant, who wants to borrow loan from banks and satisfied his goal or objectives. 1.) In December 2006 Fulbag Singh and Reema Sharma had studied about the housing Finance in India. Housing, as one of the three basic needs of life, always remains on the top priority of any person, economy, government and society at large. In India, majority of the population lives in slums and shabby shelters in rural areas. From the last decade, the Government of India has been continuously trying to strengthen the housing sector by introducing various housing loan schemes for rural and urban population. The first attempt in this regard was the National Housing Policy (NHP), which was introduced in 1988. The National Housing Bank (NHB) was set up in 1988 as an apex institution for housing finance and a wholly-owned subsidiary of Reserve Bank of India (RBI). The main objective of the bank is to promote and establish the housing financial institutions in the country as well as to provide refinance facilities to housing finance corporations and scheduled commercial banks. Moreover, f or the salaried section, the tax rebates on housing loans have been introduced. The paper is based on the case study of LIC Housing Finance Ltd., which analyzes region-wise disbursements of individual house loans, their portfolio amounts and the defaults for the last ten years, i.e., from 1995-96 to 2004-05 by working out relevant ratios in terms of percentages and the compound annual growth rates. A relevant chart has also been prepared to highlight the results. 2) In May 18, 2007 Michael La Cour-Little had studied about the Economic Factors Affecting Home Mortgage Disclosure Act Reporting. The public release of the 20042005 Home Mortgage Disclosure Act data raised a number of questions given the increase in the number and percentage of higher-priced home mortgage loans and continued differentials across demographic groups. Here we assess three possible explanations for the observed increase in 2005 over 2004: (1) changes in lender business practices; (2) changes in the risk profile of borrowers; and (3) changes in the yield curve environment. Results suggest that after controlling for the mix of loan types, credit risk factors, and the yield curve, there was no statistically significant increase in reportable volume for loans originated directly by lenders during 2005, though indirect, wholesale originations did significantly increase. Finally, given a model of the factors affecting results for 2004-2005, we predict that 2006 results will c ontinue to show an increase in the percentage of loans that are higher priced when final numbers are released in September 2007 3.) à ¢Ã¢â€š ¬Ã…“The housing finance market has been consistently exhibiting rapid growth in the past few years. Growth has been largely concentrated on urban areas and in the middle to high income groups, focusing on the salaried class. This growth was partly fuelled by the entry of commercial banks seeking asset growth in a sluggish business environment coupled with the tax incentives on housing loans. The banks, with their lower cost of funds, extensive branch network, capability to provide a range of personal banking services and aided by the average low default rates in housing finance, could expand the market considerably. They however, continued to focus on middle to higher income groups. Lower income groups, self employed and the rural population are by and large excluded. While the middle and higher income groups may continue to access conventional housing finance, increasing attention will need to be paid to the needs of the underservedà ¢Ã¢â€š ¬?. (Source: Saravanan P. Recent Experiences in the Housing Finance Sector A Study with Reference to India.  Housing Finance International  [serial online]. September 2007; 21(5):45-48. Available from: Business Source Complete, Ipswich, MA. Accessed June 17, 2010) 4.) The innovations in housing finance systems in advanced economies over the past two decades have altered the role of housing sector in business cycle and in the monetary transmission mechanism. It concludes that these changes have spilovers from the hosuing sector to the rest of the economy and have amplified their impact by strengthening the role of housing as collateral. This analysis suggests in economies were developed mortgage markets, monetary policymakers may need to respond over aggressively to developments in housing sectors, within a risk-management approach that treats house price dynamics as one of the key factors to be considered in assuming balnce of risks to output and influence. (Source: World Economic Outlook(International Monetary fund), 2008, ISBN 978-1-58906-719-6) 5.) Today, the housing finance market has evolved into an oligolpolistic structure (SSKI, 20606) with three dominant providers-DFC, the largest housing company, ICICI bank the largest private sector bank, State Bank of India the largest bank in country. According to SSKI India research estimation in 200, the three leading housing credit providers accounted for approximately 75 of the market. Only a few foreign banks are involved and they tend to focus on à ¢Ã¢â€š ¬Ã‹Å"High net worthà ¢Ã¢â€š ¬Ã¢â€ž ¢ individuals.Towards the end of 2005, India saw a graduate inching uo of interest rates. Despite this, close to 85 % of housing credit customers still prefer floating rate of interest.(Source: Housing Finance mechanism in India, 2008, ISBN- 978-92-1-131970-5, [emailprotected] United Nations Human Settlement Programme 2008) 6.) à ¢Ã¢â€š ¬Ã…“As per a article report published in wall street the trend in housing sector in India as on February 20,2008 were heading for a slowdown. The withdrawal of an Initial Public offering (IPO) by Emaar MGF Pvt. Ltd is an indication of difficulties companies worldwide are having in tapping market. (Source: Kilbinger, Sara Seddon. India Faces Housing Slowdown.  Wall Street Journal Eastern Edition  20 Feb. 2008: B7.  Business Source Complete. EBSCO. Web. 17 June 2010) 7.) à ¢Ã¢â€š ¬Ã…“The housing market in the Indian metropolitan city of Bangalore. Some problems of housing finance from the viewpoints of families and of public authorities are indicated. It is argued that it is these financial problems that make access difficult for the poorer half of the population of Bangalore to forms of housing other than inner city slums or urban fringe informal housing. Public housing with its unrealistic standards of service provision, but especially its high initial access costs is not well designed to meet the needs of the majority of families. The paper concludes that unless public housing authorities emulate the private housing market they will continue to play a marginal role in housing in a city such as Bangalore. There are signs that this is happening in India with experimentation in both housing finance and lower service standard. (Source: Blore, Ian. Housing and the working class in an Indian metropolis.  Public Administration Developmentà ƒâ€šÃ‚  9.5 (1989): 557-568.Business Source Complete. EBSCO. Web. 17 June 2010.) 8.) The housing sector in India for several decades faced a number of set-backs, such as an unorganized market, development disparities, a compartmentalized development approach and a deterrent rent control system. There was not even a concerted attempt to understand the housing problem let alone promote it. Reforms introduced in the sector during the 1990s, however, have overturned the situation to a great extent. The designing of a shelter policy, the organization of the housing finance market, the introduction of fiscal incentives, increased public investment, legal reforms and others initiatives have brought about a number of changes in the housing sector. Interestingly, these changes have been concerned with both reducing the housing shortage and increasing the number of quality housing stock besides increased access to various other housing amenities like safe drinking water, good sanitation and household electricity. However, the reform initiatives of the housing sector need t o take deep roots and to go a long way to address the growing incidence of sub-standard and dilapidated housing stock for further minimizing the deprivations of housing amenities. This paper considers a few policy options towards addressing the challenges of the housing sector. (Source: Mahadeva M. Reforms in housing sector in India: impact on housing development and housing amenities.  Habitat International[serial online]. September 2006;30(3):412-433. Available from: Business Source Complete, Ipswich, MA. Accessed June 17, 2010) OPERATIONAL DEFINITION OF THE CONCEPT EMI- Equated Monthly Installment is what a loaner pays the Banks every month towards repayment of loan. It is comprises of principle and interest. EMI = L * r (1 + r) n x 1 (1 + r) n à ¢Ã¢â€š ¬Ã¢â‚¬Å" 1 12 Interest rate- It is the amount which banks charge along with the principal amount per year on the basis of fixed rate or floating rate. UBI- Union Bank of India SBM- State Bank of Mysore HFC- Housing Finance Company METHODOLOGY The study dwells on both secondary and primary data. The primary data is collected through interviewing staffs of the banks, secondary data is collected through past details of the Housing finance structure, reports, pamphlets, brochures etc Primary research is form of research which includes the gathering of new data using an acknowledged research method. This could be in form of opinion poll, questionaaire, telephonic interviews or personal interview etc For this research article the author has chosen to carry out primary research by collecting data in form of questionnaire or by interviewing SBM and UBI with the support of bank officials or staff members of bank. Secondary Research is referred to data which is not a original creation. This form of data is already available to a researcher in order to carry out the research process in form of websites, journals or newspapers or company annual reports. How Primary data can be collected: 1.) Questionnaire or Opinion Polls: Questionnaire or opinion polls are intended to gather primary data from a sample taken into consideration, with a aim to critically evaluate or analyse the data in form of tabulated results e.g. stastical data or even by simplifying the results in form of a inference of the numeric data. Questionnaire can be performed in several ways such as telephonic interview, Emails, Online surveys or face to face. These methods of opinion polls are elaborated in broader perspective: Telephone interview: This is the most important and widely accepted method of collecting the original and accurate data for resolving the complex issues and providing the accurate solutions. Merit: From the author point of view the main merit of this method is that its more time consuming and a person can explain views more easily which they cannot do sometime face to f ace. Demerit: The demerit of this method could be that the rejection for telephonic interview which doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t allow the researcher to receive any data for the research. Online Surveys: Surveys nowadays most commonly and widely accepted method of research as it can be presented in many dimension and can be analysed and interpreted based on the requirement of the person and also can be presented in form of tabulation sheets or some analytical software. Merit: This method is very advantageous as a researcher can have a global access from the respondent and its more faster and accurate and easy to administer. Demerit: For this method to have access a user must be well versed with computers as well as its more global method a user should ahve access to internet so that could be a biggest drawback in order to collect data if the respondent donà ¢Ã¢â€š ¬Ã¢â€ž ¢t have knowledge or access to these resources. Personal interview: This form of method is acceptable by everyone as its being designed and implemented based on the convenience of the respondent. A respondent can choose their timing to answer the questionnaires as well its helps in solving the complex issues as it provides the accurate data as well a discussion about the analysis of data from the respondent Merit: The main advantage of face-to-face or direct interviews is that the researcher can accommodate the questions as necessary, classify doubts and ensure that the responses are properly understood, by repeating or rephrasing the questions. The researcher can identify nonverbal clues from the respondent. Disadvantages: The main disadvantage of face-to-face interviews is that geographical limitations may impose restrictions on the surveys and the vast resources that would be needed if such surveys need to be done nationally or internationally. Respondents may feel uneasy about their privacy of their responses when they interact face-to-face with the interviewer. Postal Interview: The most commonly used method of distribution which is fairly easy to administer. The questionnaire and the covering letter will be posted to the sample, usually with a prepaid envelope for returning the completed questionnaire. For this medium short questionnaire will be used. Advantages: A wide geographical area can be covered with the use of postal interview. The respondents use their convenience to fill the form at their own pace. Anonymity of respondents is high. Disadvantages: Any doubts that respondents have cannot be clarified. The return rates of mail questionarres are typically low. Follow up procedures for non responses are necessary in postal interviews. Sampling: Survey provides representative information about a group from which sample was drawn. This qualitative research will involve nonrandom sampling or non-probability sampling where everyone in the population will not have an equal chance to be chosen as part of a sample. The non-probability samples provide good estimates of a population characteristic. Target Population: The target population of my sample will include all bank employees of IS bank. The recruitment of individuals for participation will require the selection of individuals who are employees of IS bank. The sample for the research survey will be selected mostly by these methods: Convenience Sampling: This will be used to identify bank employees who are willing and available for the research survey. As most of the bank employees will be working and will not be available for questioning convenience sampling would be a better choice. Snowballing: This sampling method will be used to identify the first participant. Then that first participant will be asked to refer to other participants with similar characteristics. I have used this method to select bank employees and their friends. It is easier to get representatives for research through this method that has same characteristics. Secondary data can be obtained by: Comparative Case studies: I will go through case studies of competitors who are offering mortgage products in the Turkey market. This will help in understanding their strategies and policies. It will also help in understanding about how they achieve their goal. It will also help in identifying the challenges they faced during marketing their products. Comparative Case Studies helps in comparing two industries and understanding their shortfalls. Hypothesis Since the interest rate on home loan is frequently changing and it is expected that it will rise again by the end of the year 2010. Customers who want to take loan for a long time i.e. more than 15 years and also the big amount are really worried about the payment of high EMI. The problem is mainly for salaried class people who are unable to pay the EMI fixed by the banks on their monthly salary. As the fixed rate of interest is 12.5% now customers are suggested to take loan on floating rate of interest. So hypothesis will be based on the current and future trend of the interest rates of the banks. Analysis of Data Data for analysis will be present in following ways in order to carry out the research as well to do comparative analysis for the subject by giving information in different perspective. Frequency tables  Ãƒâ€šÃ‚   Bar charts, histograms and pie charts  Ãƒâ€šÃ‚   Contingency tables or cross-tabulations   Quantitative and Qualitative data: Qualitative data is form of data which includes the fact and figures such as financial report of a company and Quantitative data is a form of data which can be used analyse the data which is in form of questionnaire and surveys which help in order to analyse the current situation of company and provide the better solutions for company. For this research article author will be using both the data Quantitative as well Qualitative as the research includes both data collection numeric data as well survey or questionnaire data. 3). LIMITATION OF THE STUDY If there are advantages of study then obviously there are limitations of that study also. So, some limitations of this study are: This is basically an academic study suffers from time and money constraints. The other limitation includes the sample size, which is small. Analyses of only two banks are done rather than more banks Study is limited to local area of Bangalore, India Since banks are not willing to disclose their client details so the availed information is limited to report, pamphlet, brochure etc. SCOPE OF STUDY The study mainly deals with Housing Finance Sectors. The two important sectors identified for this purpose are companies and client of public and private Housing finance sector in Bangalore, India. AREA OF THE STUDY The study is limited to only one branch of both banks i.e. UBI and SBM situated in Bangalore due to time, money and information availability constraints. Ethics As the research article is focused on banking industry the confedentiaity of the data will be used for academic purposes within the field of study that is housing schemes of two banks and as per the accordance of business ethics.

The First World War A Brief History with Documents

The First World War, also known as the Great War, began in about 1914 and went on until 1918. This brutal war was an extremely bloody time for Europe and the soldiers that fought in it. These men spent their days in trenches holding down bases and taking in attacks from all sides. The soldiers only free time was consumed with writing letters to those on the home front. The letters they wrote contain heart breaking stories of how their days were spent and the terrible signs of war. The War consumed them and many of them let out all their true feelings of war in their letters to loved ones. In The First World War: A brief History With Documents we can find some of these letters that help us understand what the First World War might have†¦show more content†¦He touches on their tragic deaths compared to their hopeful letters of going home and seeing their loved ones. 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Does the Environment matter to Sociology Free Essays

Sociology is described as ‘the systematic study of human society’ (Macionis and Plummer 2005:4). Because of this, it is unlikely that ‘the environment’ is one of the key topics that sociologists naturally think of as part of their studies. Indeed environmental issues seem far removed from what is still largely the staple fare of sociology courses. We will write a custom essay sample on Does the Environment matter to Sociology? or any similar topic only for you Order Now ‘What have species loss, acid rain or ozone depletion to do with the mainstream social theory or key disciplinary concepts such as class, power and inequality? (Alan Irwin 2001:8) Until recently a sociologist would answer ‘nothing’ but since the emergence of modernity there has been a shift in sociological thinking towards globalisation. According to David Held, this is ‘the widening, deepening and speeding up of global interconnectedness’. More generally, it is known as a recent cultural and economical era that centres on universalism, homogeneity and progress. Undoubtedly globalisation is having a profound effect on the world but its specific effect on the environment has become a major topic across all of the social sciences. Until now sociology never included the environment but as environmental degradation increases affecting world population, cultures and lifestyles, awareness of the environment has now become necessary. ‘Environmental degradation is no longer a peripheral concern of the social sciences†¦. it is an unavoidable and pressing reality. ‘ (David Goldblatt, 1996:5) Substantial references to the environment are generally limited within classical sociology. Primarily, sociologists have focused on the evolution of social interaction and cultural change. In the first half of the 19th century both Auguste Comte and Herbert Spencer considered sociology to be epistemologically and ontologically dependent on, or subordinate to, biology. Comte drew on biological analogies and metaphors of form and function and to explore the interrelationship of individuals and institutions in modern society (David Goldblatt, 1996:2). Spencer’s work was the first of many attempts to marry Darwinian models of evolution, selection and change to social development. The work of the classical political economists, also directly examined the relationship between the natural environment and the human economic prospect. Classically, Thomas Malthus inquired into the social consequences of rapid population growth in the context of limited environmental resources with which to feed that population. By the end of the 19th century however, the pace of western industrialisation exploded and population growth continued unabated. All sociological and economical predictions were proved redundant. From this point of view it is perhaps no surprise that social thinkers bypassed further attempts to engage with the social and economic origins and consequences of environmental change, they didn’t want to be proved wrong. When looking at the classical trinity of Weber, Durkheim and Marx there is no marked difference. According to Goldblatt (1996:3), ‘Weber’s work conducts the most limited engagement with the natural world. There are some reflections on the environmental origins and implications of nomadism in his study of Judaism. Yet his historical investigations†¦ ielded little direct study of the historical impact and social implications of differing natural environments. ‘ Throughout his work Weber’s theoretical reflections on the environment go little further than a few brief paragraphs in ‘Economy and Society’, ‘in all the sciences of human action, account must be taken of processes and phenomena which are devoid of subj ective meaning†¦. favouring or hindering circumstances. ‘ In other words non-human, unintended processes, such as climate or water-levels, are of significance if they affect human action. However, Marx and Durkheim are more appropriate. In taking population density and its relationship with material resources to be the driving force behind the evolution of human societies, Durkheim made the natural world a decisive causal factor in human history. Similarly Marx placed the economic interface of human societies and the natural world at the centre of historical change. By contrast, Weber never gave demographics a central causal role in history, he defined action by reference to the ideal type of purposive rational action. In his opinion, the relationship between means and ends was more significant than the ontological relation between human subject and natural object. (Goldblatt 1996:4) Yet clearly, the works of Marx and Durkheim are of limited use to environmental sociology. The primary ecological issue for classical social theory was not the origins of contemporary environmental degradation, but how premodern societies had been held in check by their natural environments, and how it was that modern societies had come to surpass those limits or had separated themselves in some sense from their ‘natural’ origins. Yet it is possible to defend the classical thinkers, modern societies were unconstrained by natural limits and at the height of capitalism and industrialisation, it did not seem that economic growth would prove to be environmentally problematic in any way. From this point of view it is only since the advent of the modern era and particularly the onset of globalisation, that the environment has begun to be examined in a sociological sense. This is done in two main ways. Most obviously, social life is increasingly generating environmental problems leading to degradation. The levels of carbon dioxide in the atmosphere have dramatically risen since the invention of industry. Natural resources such as the fossil fuels are burnt in gigantic quantities releasing carbon dioxide into the atmosphere which in turn contributes to global warming and climatic change. Similarly the use of CFCs in refrigerators and aerosols has resulted in the depletion of the ozone layer which allows harmful UV rays from the sun to enter our atmosphere. Deforestation has also resulted in soil degradation and a loss of rainforest habitat which in turn has caused a global loss of natural animal habitat resulting in the extinction of over 10,000 different animal species. However, these environmental problems are not universally distributed and many sociologists argue that the serious environmental consequences flow from the global disparity of wealth and power, exasperated by globalisation. For example, the richest 20% of the world’s population account for around 90% of the world’s motor vehicles which are the primary cause of carbon emissions. Yet the world as a whole will suffer from global climate change. Similarly ‘the members of all high-income societies represent 20% of humanity but utilise 80% of all energy produced. ‘ (Connet, 1991) The causes of environmental degradation are distinctly uneven but the effects look to be even more so. As shown, the richest, most developed countries have contributed most to environmental degradation but studies have shown that the poor developing countries will be most affected. Global warming and climate change will result in the increase of floods, storms and harvest failures, and these will always most affect those living closest to their means of subsistence. One study predicts a decline in harvests of 30% in India and Pakistan by 2050. Similarly over 90% of global deaths from air pollution occur in the developing world where medical advances are far behind those of the developed world. As the world has become more aware of the effects that technology has had on the environment, rich, developed nations have had the capital to find alternative resources or to find cures to treat the medical conditions caused by environmental degradation but the poorer countries will have to suffer. Agricultural degradation and desertification is currently severest in Asia and Africa who rely most upon this primary industry and will become unable to diversify from lack of capital. Sociologists look to examine this highly uneven social stratification. Population is also an environmental matter that sociologists have begun to look closely at. Since 1960 the world’s population has increased by over 75% to around 6 billion and most of the current increases derive from the less-developed countries. The problem lies with the question of consumption. By 2050 the global population is expected to have reached 8. 5 billion people, all living with ‘western-style’ consumption. This is unsustainable, and this raises the question of social lifestyles. To curb the growth rate people will have to change their lifestyles. However, it is unrealistic to assume that people will conform to legislation that changes the way they live. Until now, social and political thought never included the environment, it was always assumed that it would continue to be able to sustain human lifestyles but this has changed. It looks to sociologists to suggest solutions Traditionally the environment did not matter to sociology, it was barely spoken about by the classical thinkers but the degradation of the environment has become a sociological issue, indirectly because of globalisation. The global homogeneity of western style industrialisation and production resulted in large-scale pollution which is now out of control. It has reached a stage where consumption outweighs production and humans are unable to look to the traditional optimistic views supported by all the classical, modernist thinkers. This believed that human technological innovations would always be able to be relied upon to support population growth. This is now impossible, the answer is no longer down to ‘science’ but down to values that people must choose. Sociologically this now raises questions of inequality. Both the causes and solutions of environmental degradation were initiated by western policies and the particular solutions do not suit everyone. Recently many less developed nations have refused to curb industrial emissions as they feel it is their turn to develop according to the pattern that the western world first started. At the same time, the existing developed countries fear the suggested environmental solutions as they fear the economical repercussions that a reduction of emissions, and therefore industry, will cause. Sociologists now look to examine the possibilities of adhering to the lifestyle change that environmental policy will now cause. How to cite Does the Environment matter to Sociology?, Papers

Marketing Communications Dynamic Business World

Question: Discuss about the Marketing Communications for Dynamic Business World. Answer: Introduction: In the modern dynamic business world, it is highly important for any business organization to communicate its brand effectively, so that the development of brand awareness of the product can help in creating valuable consumer relationship. Herein lays the importance of an Integrated Marketing Communication Plan (Percy 2014). In a highly competitive market, it is quite difficult for any organization to distinguish itself from its rival firms, and hence product differentiation, creation of stronger brand relationship, targeting the right audience, are very important factors that ultimately determine the success of a specific organization, and yet none of these factors can be accomplished without the support of a strong and effective Integrated Marketing Communication Plan. Dreamland bakery is a cake and retail bakery shop that is going to be set up at Melbourne. The organization is being established with the purpose of serving the consumer demand for a variety of cakes, pastry, buns, r olls and coffee products. Although the organization is being started with a minimal amount of capital, Dreamland bakery aims to earn an enormous amount of revenue, and hence the strategy chosen by the organization is to offer its products at highly competitive prices, and to ensure a high quality consumer service (Kotler et al. 2015). Discussion: Target Audience Segment Analysis: Identification of the target audience and subsequent process of market segmentation are highly important for the sustenance of any business unit. While conducting the consumer analysis, it is to be remembered that demographically speaking, the cake products and coffee items can be purchased by any man or woman living in Australia whose age may lie between 10 years to 65 years. However, since Dreamland intends to offer a variety of tasty confectionary products, such as sweet buns, candies, sorbets and ice creams, it is more likely to appeal to the consumers aged between 10 years to 30 years. Here, it has to be noted that Dreamland is not free from competition, and cake shops such as Brunetti, Monarch cake shop, Beatrix are some of the highly recognized shops that has already created a loyal customer base. Hence, Dreamland in order to earn recognition should rely on a strong Integrated Marketing Communication Plan that will communicate its unique selling points, such as heavy discounts and lucrative offers on every purchase, or a wide variety of products in a single shop (Mariotti and Glacin 2014). Communication (Advertising) Objectives: It has been noted that Dreamland is a very new and emerging organization that has not yet earned the recognition or the faith and goodwill of the consumers. Hence, the primary objectives of advertising the products are to promote the product, increase its awareness among the people, and to persuade them of its goodness (Sheehan 2013). Some of the unique features of the cake shop include, reasonable price, attractive vouchers on every purchase, and free gift items for repeat customers, and yet these facilities might fail to attract the attention of the consumers, if the organization does not advertise and promote the products on a public forum (Percy et al. 2016) . Further, it is absolutely undeniable that Word of Mouth Marketing (WOMM) is an emerging, and yet very innovative and effective marketing idea that successfully influences the consumers purchasing decision. It is to be noted here that according to a research conducted by Nielson, 92% of the consumers rely on word of mouth publicity, while purchasing a product or availing a service, and hence the importance of social media and digital media is undeniable (Buil et al. 2013). The social media platforms can be effectively used for connecting with the consumers, who will recommend the service of the new cake shop to their friends and consumers. There is no gain stating the fact that though Dreamland as a cake shop has great potentiality in future, at present, the organization is not free from major rival organization, such as Beatrix, who have already earned the goodwill of the consumers, and have a loyal customer base. In such a situation the challenge for Dreamland would be to develop its brand awareness among the public, encouraging trial and usage of their products and services, and hence it must advertise its products by adopting effective strategies, such as offering special incentives to the first-time buyers (Moriarty et al. 2014). Stimulating a want or desire among the consumers to try the delicious products or avail the service offered at Dreamland is also one of the important objectives of communication strategy. However, this is only possible when the organization will be able to project a unique image of its products and the superior quality of its service before the consumers, and hence shaping the consumer attitudes is an important objective as well (O'guinn et al. 2014). Selected Creative Advertisement and the Justification of the Choice There is no point stating the fact that an average Australian is usually exposed to as many as 5000 advertisements a day, and hence unless the advertisement strategy chosen is able to leave an indelible impression in the mind of the student, Dreamland will not be able to catch the attention of a single consumer (Sin and Tse 2013). Hence, going the creative and innovative way is most important here. As it is being previously discussed, the organization already has a few rival cake shops that are well-established and highly recognized among the consumers for the unique taste of its products, the variety of each item served, and the fresh quality of the ingredients used . Hence, advertising about the same qualities will not attract public attention. Consequently, Dreamland needs to add a creative, original and highly innovative element in its advertising campaign. The organization will not only offer good taste, but will exhibit noble purpose of conducting business. The tagline to be us ed will clearly state Have a bite and offer a bite, that will promote the goodwill of the organization, by explaining how a consumer ordering products above $50 from Dreamland, will provide an opportunity for a poor person to avail any product of his choice absolutely at free of cost (Kim and Joo 2015). The banners and the placards promoting the products of Dreamland cake shop, will have picture of a generous consumer feeling proud and content after feeding an impoverished man . The opportunity of performing a philanthropic activity while satiating ones hunger will draw a huge number of consumers to Dreamland cake shop. Further, it is to be noted here that a consumer is not only willing to perform charitable act, but may also be eager to be recognized for the same. Hence, it would be a good idea if the cake shop would also arrange to take a photograph of the consumer offering or feeding the confectionary products to the unprivileged person, and stick the photograph on the wall of t he cake shop (Kitchen and Thorp 2013). Media Plan Developing the media plan is one of the most important, crucial and discreet decisions an organization is required to take. There is a huge variety of media channels available in the market, and hence it is highly important to select the most cost- effective and consumer friendly channel that will help the organization gain exposure to maximum consumers against a minimum amount of investment (Katz 2014). It is to be noted that Dreamland cake shop while developing its media plan, must consider the following points: Knowing the media objectives Identifying and evaluating the most effective media channel Justification of the chosen form of media channel Determining the media budget plan (Fotis et al. 2012) As far as the media objectives are concerned, Dreamland cake shop intends to employ media channels for reaching the maximum number of people within a short span of time. Further, it often happens that an organization intends to reach out to a specific target audience, and yet fails to appeal to them due to the absence of proper media channel. Hence, drawing the attention of the target audience is the next objective of media plan. Last but not the least, Dreamland is a recently emerging organization, and hence it will require a media plan that fits its budget. Celebrity marketing via television, or promotion through the Public Relations (PR) strategy will not be a discreet choice for the organization (Tuten and Solomon 2014). According to the Sensis Social Media Report of 2015, almost every Australian uses social media channels at home, or even outside. Hence, incorporating the use of social media in media plan will be most advantageous. The virtual presence of an organization is highly beneficial, and hence Dreamland will be required to open up a Facebook business page, a Twitter account and an account on Instagram as well. The media plan should necessarily involve activities on the social media platform, that will encourage the consumers interact about the brand, and explore more about the features that Dreamland cake shop has to offer. The organization is selecting the social media marketing strategy as a part of its media plan, as the social media tools such as Facebook and Google Analytics will help the organization select its target audience, so that their promotional activities reach the most relevant audience, who take interest in confectionary products. Further, the organization does not have a h uge amount of investment, and hence the social sites are the best media platforms that can promote the product at a highly affordable price (Thorson and Moore 2013). However, a strong marketing team of at least 3 employees have to be set up, who will be responsible for updating the consumers about the latest offers, discounts or lucrative gift vouchers offered by the organization. One of the main disadvantages of social media tools is that if the negative feedback goes unchecked, the social sites can end up tarnishing the reputation of the organization. Hence, it is highly important to control, supervise and regulate the activities of consumers and clients on the social sites (Scott 2015). However, apart from the Internet Media, it is important to consider Broadcast media channels as well. Advertisement is an important component of the communication mix process, and hence advertisement on both television as well as radio is required. While the social media advertisement will be comparatively cheaper, promoting a product on television shows and radio channels can prove to be relatively expensive. Dreamland has a specific target audience, and hence it must select the popular children and youth channels of Australia, so as to reach the relevant audience. Besides, while promoting the product on a radio channel, the cake shop must choose the radio channel most popular among the youth population of Australia (Uddin 2014). Evaluation Strategy of the IMC Plan It is not only sufficient to introduce an IMC plan meant for promoting the unique products or service of an organization, it is equally important to assess, evaluate and critically analyze the effectiveness of the strategy as well. Understanding the response of the consumers, and analyzing their feedback on the social sites can be beneficial in assessing the effectiveness of the IMC plan adopted. The response metrics will be employed by the authority of dreamland cake shop, to measure the brand attitude, preference and expectation of the consumers. The cognitive as well as the affective impact of the advertisement of a product can be evaluated by employing the advertising response hierarchy models, such as HOE Model or DAGMAR models. A review committee will be set up which will be responsible for evaluating the sales promotion program in terms of their direct impact on sales (Breitsohl et al. 2014). Conclusion: To conclude, it must be remembered that Dreamland is anew, emerging organization that has a huge prospect in future, provided the suitable promotion strategies are being adopted by the authority of the organization. The idea of Integrated Marketing communication plays an important role in bringing organizational success of any company, and hence embracing the IMC program is going to be highly beneficial for Dreamland as well. It is to be noted here that the shift towards the IMC plan has been seen as a significant change in the history of advertisement and promotion, and hence the adoption of the most effective IMC plan, and proper evaluation of the same, can bring about huge success for Dreamland cake shop. Reference List: Breitsohl, J., Khammash, M. and Griffiths, G., 2014. 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