Bone Marrow Transplant & Donation Essay Example | Topics and Well Written Essays - 1750 words

Bone Marrow Transplant & Donation - Essay Example ICU stay would usually be hectic with frequent monitoring, institution of mechanical ventilation, renal replacement therapy and continuous infusions. The conditions for doing bone marrow transplantations, selecting the donor if doing allogeneic transplants, the actual surgery, the prevention of immune suppression after the surgery and ensuring the survival of the patient have heightened the risk of the ominous event that is bone transplantation. This paper is exploring the biological features including the anatomy and physiology of bone transplantation investigated in the various researches. Initially the normal anatomy and physiology have been described so that the reader gets a better picture of what is intended by this research. Normal anatomy and physiology of bone marrow The soft tissue that lies in the spaces between the bone trabeculae of flat bones is bone marrow. Blood vessels, nervous tissue, phagocytes, stem cells and blood cells at different stages of maturation are found in the bone marrow (Elgazzar, 2004). The red marrow has hemopoietic cells which are active while the yellow marrow is mainly fat and hemopoietically inactive. The bone marrow is essential to the human life as it provides all the blood cells: red blood cells, white blood cells and the platelets. The manufacture of the blood cells depends on the needs of the body. Active bone marrow is found mostly in the flat bones of the vertebrae (28%), pelvis (34%), the cranium together with the mandible (13%), the ribs and the sternum, (10%) and the proximal ends of the femur and humerus (4%-8%) (Elgazzar, 2004). The manufacture of blood cells is termed hemopoiesis. It begins in the human body at the fourth month of the intra-uterine life of the fetus. Within two months it functions more than the liver in the hematopoietic action. By birth, the red bone marrow becomes fully responsible for the blood cell formation. The cartilaginous epiphyses which did not have the red bone marrow at birth soon had it in the first few months of life (Elgazzar, 2004). The adult bone has active red marrow in the various bones different proportions. The usual conversion of red marrow is to the yellow marrow. However in certain pathological conditions, the reverse process occurs. Alterations to the distribution of the red marrow could change in conditions which are traumatic to the human body like surgeries, trauma or infections or malignancy (Elgazzar, 2004). Immune response Lymphocytes were the natural killer (NK) cells which were significant role players in the immune responses, both innate and adaptive (Olson et al, 2009). Lymphocytes provided the response to virus attacks, microbes and some tumors. The NK cells were white blood cells produced in the bone marrow and then moved to the region of the spleen, liver, lung, blood and lymph nodes where they resided (Olson et al, 2009). The period of maturity from a bone cell precursor to maturity came to 28 days. When an attack from viruses or mi crobes or tumors occurred, signals reached the NK cells which then migrated to the sites of attack through the expression of inflammatory chemokine receptors by virtue of their homing behavior (Olson et al, 2009). At the key sites, the NK cells entered the lymphoid tissue in the lymph nodes and non-lymphoid tissue in

Markting Essay Example | Topics and Well Written Essays - 750 words

Markting - Essay Example The trend for such devices has become so in demand that companies are quick to develop products that will suit what the consumers are looking for in accordance with what is the latest that mobile companies have to offer. Gone are the days when colored-resolution cell phones and camera integrated phones already render people in awe. It is apparent that the popularity of smartphones is taking over the direction of where mobile communication is heading. This technology is getting more and more sophisticated over a short period of time and Nokia must move faster than it ever has before just to be able to catch up. Without a doubt Apple’s iPhone has become the trendsetter in the market for smart-phones. The more recent release of the iPhone4S, though not really an entirely new technology, has gained further success to establish its mark as the formidable standard in the market. With all of the accolades and the brand loyalty that Apple has gained, Nokia has been left behind over th e past few years that they seem to have just woken up only to find they are gasping for air. As founder of research firm Column Ideas Keith Woolcock puts it, â€Å"Nokia has spent the last 10 years facing the wrong way in a fast-moving market† (as cited by Faris, par.7). Drastic times call for drastic measures and to address the predicament it has found itself in, Nokia finds solution by instating a new CEO in Stephen Elop. The market for smartphones is equivalent to the new generation of mobile device consumers which is anchored upon a multidimensional product that is no longer delineated to mere calls and texting functions. These smartphones offer a lot more and its trouble-free connectivity to social internet media has only made it more appealing. From being the top brand for cellular phones, Nokia has dwindled into the background. A study by the International Data Corporation found that Nokia is now trailing behind Samsung and Apple in sales of smartphones. In the United States, Apple’s iPhone continues to dominate as the bestselling smartphone but Samsung takes the lead in global sales in the first quarter of 2012 with a total of 42.2 million units shipped against Apple’s 35.1 million and Nokia’s 11.9 million. While Apple’s numbers shot up by 88.7&, Nokia took a massive blow as it plummeted by more than 50% (Peckham, par.2). SWOT Analysis Strengths Weaknesses Nokia remains to be a global brand It has the resources to launch multiple products simultaneously The forged partnership with Windows gives it a new gateway to resource apps which makes smartphones popular Elop, as new CEO, provides for a fresh perspective to the company Nokia is yet to be identified for smartphones Despite the funding given to product research, they had been lacklustre or downright unsuccessful Some remain apprehensive with Elop as CEO which shows with investors backing out and a walk off by employees in Finland (Faris, par.4). Opportunities Threa ts Android has virtually no other close competitor out in the market for consumers to choose from The partnership with Windows may create enthusiasm for a different kind of smartphones New management translates to new direction for invigorated brand perception The brand appeals to a wider range of consumers which include middle range and even upscale clients Other mobile device companies have already saturated the market while Nokia is yet to be associated with smartphones Consumer acceptance of the new series is considerably slow The Windows operated models are only

Anthropology Concepts Derived from Functionalism and Culture

Anthropology Concepts Derived from Functionalism and Culture Malinowski: His approach to anthropology was based on functionalism and culture. Functionalism ascribes meaning, function, and purpose to the elements within a whole. Culture defines that whole, and it constitutes the entity in which the various functional elements act and are interdependent. Malinowskis understanding of functionalism was in large part derived from a system of balanced reciprocity that he observed while conducting fieldwork. This system is known as the Kula Ring and involves annual inter-island visits between trading partners who exchange highly valued shell ornaments. The goods used in Kula exchanges consist of two types: necklaces (soulava) and armbands (mwali). Neither trade item is particularly well made or crafted of rare materials. He inferred that the principal motivation for the enormous expenditure of time and effort involved in Kula expeditions to be non-utilitarian. In the system, each participant is linked to two partners. One partner trades a necklace in return for an armband of equivalent value. The other makes a reverse exchange of an armband for a necklace. While each Kula partner is tied to only two other partners, each contact has an additional connection on either end of the distribution chain. This eventually forms the Kula Ring and this links more than a dozen islands over hundreds of miles of ocean. Malinowski reasoned that the expense and preoccupation with Kula trade must be functional in nature and most likely served to solve fundamental spatial problems in the Islanders lives. He argued that Kula Ring served three functions in Trobriand society. First, it serves to establish friendly relations among the inhabitants of different islands and maintain a pattern of peaceful contact and communication over great distances with trading partners who might or might not speak the same language. It provides the occasion for the inter-island exchange of utilitarian items. These utilitarian items are shipped back and forth in the course of Kula expeditions. Finally, they reinforce status, since the hereditary chiefs own the most important shell valuables and it is their responsibility for directing ocean voyages. Sahlin Second, symbolic objects and gifts have long been recognized as a form of interartion that can create meaning for group memebers, especially in terms of fostering connection among group memebers or between groups. Polanyi (1944) and Sahlin (1972) showed how, until very recently in human history, was not about gaining profit but about forging and maintaining group solidarity. Marcel mauss: To give, to accept, and to reciprocate. Door Janet T. Landa Malinowski rejected the notion that Kula gift exchanges were motivated by economic considerations. Rather, Malinowksi emphasized that the motives were social and psychological. Thus began a long debate among anthropologists attempting to to unravel the puizzle of the Kula ring. As a result of subsequent work by anthropologists, a view began to crystallize that the instrumental function of the Kula Ring was the creation op political order via the creation of networks of alliances among stateless societeies so as to facilitate commercial trade. This view, implicitly or explicitly, attributed an underlying economic function to Kula gift exchanges and did much to explain a major puzzle of the Kula ring. The anthropological viewpoint – that the Kula gift exchange system creates primitive laws and order in a stateless societies – is consistent with modern PR PC theory, which emphasizeds the importance of institustions in facilitating exchange. Richard Posner (1980) in his ins ightful paper on the economic functions of institutions of primitive societeies, explains the Kula ringa as an institution that facilitated trade. Quoting Belshaw (1965), Posner says: â€Å" The Kula itself wsa not oriented to mindividual trade in ints ceremonial activities. But alonghside the kula persons visiting theru partners took advantage of the oppurtunities to engage in trade. Malinoswki makes point that kula partners would exchange gifts of a trade character in addition to vaygu ‘s (the ornamental objects exchanged in the kula ring), and the szecurity afforded by the partenership would make it possible for the visitor to make contact with other persons in the village and trade with them. An explanation of the Kula ring in terms of its role in facilitating trade, while explaining the major puzzle of the kula ring, leaves unanswered tow other major puzzles of the kula ring – not explained by anthropologist or anyone else. The two puzzled, which this paper will attempt to explain, are 1. Why is the Kula trade organized in the form of a ring of connected partners? and 2. why in the kula ring are there two different ceremonial goods circulating in opposite directions perceptually around the ring? In this chapter we on PR-PC theory of the economics od signaling to develop a theory of the Kula ring that will unravel the Kula puzzles. Fundamental to our theory of the Kula ring is the assumption that transaction costs are positive. The emphasis on the importance of the foundations of modern PR-PC theory and modern monetary theory. Recdently, the insoight that â€Å"institutions matter† in a world with positive transactin costst has been extended to explain certain institutions of primitive societies. The theory of the kula ring presented in this chapter is consisten with the transaction costst approach to intitutions in emphasizing that the kula ring is an institutional arrangement that emerged primarily in orde to economize on transaction costs of intertribal commercial exchange in stateless societies. WAY OF GIVE AND TAKE IN KULA A visiting Kula partner arrives with a â€Å"solicitary gift† (e.g. food) and is given an â€Å"opening gift†, say a necklace, from his host Kula partner, the must be reciprocated woth a counter-gift, an armshell, of equivalent value at a future date. It should be noted that no kula valuables are carried on overseas kula expeditions; the visiting kula partner visits his host partner in order to receive gifts and not to give them. Between any two kula partners, the is an institutionalized delayed reciprocity, involving two opposite kinds of objects. But at the same time, each of these two objects must be passed on in one direction only so that a chain of unidirectional trading kula partners is built up in the kula ring. The global structure of the kula exchange is one that is characterized by cyclical, indirect reciprocation between connected pairs of partners (levi-strauss 1969). Furthermore, a time limit is also prescribed for a recipient of a gift to pass it on to one of his partners: A man who is in the kula, never keeps any article for longer thas, say, a year or tweo. Even this exposes him to the reproach of being â€Å"niggardly† and certain districts have the bad reputationj of being â€Å"slow† and â€Å"hard† in the kula†¦ (Malinowski, 1961). In this Kula gift exchange the equivalence of the closing gift is left to the giver. What are the mechanisms for ensuring that the partners will honor the obligation to reciprocate? Four mechanisms can be identified. 1. Role of â€Å"intermediary gifts†: if a kula partner cannot repay his partner when the latter visits him, he must reciprocate the opening gift with a smaller gift, and â€Å"intermediary gift†, given in token of good faith, which itself must be reciprocated by his partner. Thus the time interval between receiving the opening gift and reciprocating the closing gift is bridged by a series of smaller gift exchanges between Kula partners. 2. Role of reputation: A kula partner who does not repay a gift will eventually lose his reputation and Kula partners. 3. Role of â€Å"give and take† moral code in which the wealthy man is obligated to share wealth: the higher the rank the greater the obligation 4. Role of public magical rites and ceremonial acts: magical rites and public ceremonial acts always accompany an overseas Kula expedition; these rites and ceremonies â€Å"act indirectly on the mind of ones partner and make him soft, insteady in mind and eager to give kula gifts†. Malinowski also suggested the use of sorcery by a kula trader against the defaulting partner. A third set of rules governs membership in the kula ring. Kula exchange is not free exchange between anonymous parties whenever the opportunity arises. Strict rules govern who can enter the Kula ring. To enter the ring, a man must inherit a kula object and magic from his father or mothers brother. Once he obtains a kula object, he can initiate a kula partnership with his fathers or mothers brothers partners or other partners in the kula ring. Once a kula partnership is established, it is a lifelong partnership and is passed on from generation to generation: â€Å" Once in the kula, always in the kula.† Not all East Papuo-Melanasionans in massim, however, can participate in the Kula ring. For example, ceratin â€Å"inferior† sub-clans in Kiriwana are excluded. A man can have few or many partners depending on his rank. A commoner in the trobriands would have a few partners who lived in nearby islands, whereas a chief would have hundreds of partners distributed over several islands. But there is a geographic limit beyond which no kula traders, not even the most influential chief, has any partnerd and the furthest limits of kula partnership are the same for all the memebers of the kula community. Thus, for example, no man in SIneketa has any partners in Kitiva, and no man in S.E. Dobu or Dobu island has Kila partners in Sineketa. Beyond the geographic limit , however, a kula trader still know the mnames of his indirect partners, i.e. the partnersfo his partners.. Participants of the kula ring regard the kula trade as acircular system (Damon 1983). The pattern of kula exchange is ver comples. The simplest structure of exchange would be one in which: If we were to imagin that in the kkula ring, there are many peopke who have only one partern at each side, the the ring would consist of a lartge number of closed circuits, on each of which the same article swould constantly pass. However, the actual structure of the kula exchange is much more complex since Every small kula man , as a a rule, has on one side or the other, the big one, that is a chief. And every chief plays the part of a shunting –station for kula objects. Having so many partners on each side, he constantly transfers an object from one strand to another. EIGEN TEKST (uit boven staande site ge parafraseert) Structure of intertribal commercial trade Anthropologists that studied Malinowskis account of the Kula ring (Campbell 1983; Dalton 1978); Mauss 1979; Sahlins 1969; Uberoi 1971) , feel that Malinowski underestimated the importance of the economical function of the Kula ring, and the way in which it made commercial exchange much easier. Looking closer at the trade process, it is noted that there is a division and specialization of work. Different parties have different specialties for which they are known (e.g. yams, wooden bowls, pots, sago, canoes, etc.), and there is a certain pattern in the different kinds of those finest products that are exchanged between islands in the Kula ring (e.g. yams from the Trobriands against pots from the Amphletts). MAIN POINTS ACCORDING TO MS KOMTER Its all about relationships, social capital. Kula the ring of power, identity/status Identity confirmed by what you receive Will the kula survive ïÆ'   essay question Right of passage Obligations (inner) Generosity ïÆ'   exoectations of return Magic Role of taking risks ïÆ'   negative more important than positive experiences, dare to be courageous. Going through all shit makes you a man. Classical anthropologists and ethnologists like Malinowski, Mauss and Là ©vi-Strauss studied the origins of social order by focusing at a very concrete habit that appears to be wide-spread in archaic society: the exchange of gifts. The principle of give-and-take, or reciprocity, proves to be the main underlying rule, and it is this principle that fulfills a crucial role in creating social ties, trust and community. The exchange of gifts makes possible other types of exchange: of material and nonmaterial goods, services, help and information. These anthropologists not only described the practices of gift giving in great detail but also pointed to their manifold – social, religious, psychological, esthetical, juridical – functions. The functionalist approach exemplified in the work of Malinowski is echoed in Durkheims views on the functions of mechanical and organic solidarity. From the anthropological studies a greater range of possible motives for solidarity can be dis tilled compared to the studies by sociologists. GOOD QUOTES Levi-Strauss: Goods are not only economic commodities but vehicles and instruments for realities of another order: influence, power, sympathy, status, emotion; and the skillful game of exchange consists of a complex totality of maneuvers, conscious or unconscious, in order to gain security and to fortify ones self against risks incurred through alliances and rivalry. Radin 1971: There is no such thing as a free gift Levi-strauss 1969: Exchanges are peacefully resolved wars and wars are the result of unsuccessful transactions.

Saturday Morning Cartoons :: Television TV Cartoons Essays

Saturday Morning Cartoons Saturday morning cartoons are on the verge of becoming extinct on the major networks. Year after year there are continually less and worse cartoons on Saturday mornings. It was painful and sad but I thought that they had hit rock bottom and they will only get better from here. However, it now seems that cartoons may very well slide out of existence. How did this happen? Where have all the cartoons gone? Is there any hope in the future or will we all lead a cold, miserable existence (ok it might not be that bad). First, it would probably help to start at the beginning of Saturday morning cartoons and give a history to find out how we got here. Saturday morning cartoons have been around since the 1950’s. Since many people who worked in radio knew that most kids programming does better on Saturday mornings than any other time. Like most television programming of this time most these cartoons seemed like radio programs with pictures and really didn’t utilize the medium. Nevertheless these cartoons were spearheading the way for future cartoons. This era gave birth to The Rocky and Bullwinkle and Popeye. The most popular cartoon, however, was Mighty Mouse Playhouse. The show had the ability to mix action with comedy, which seems to be the key to most good cartoons. In the sixties and seventies a lot things were changing in America and cartoons were no exception. These were the first â€Å"post-T.V.† cartoons and this era was referred to as the â€Å"golden-age† of Saturday morning cartoons. During this time some of the most influential and longest running cartoons debuted on Saturday morning. The one cartoon, however, that attracted the highest ratings was the Beatles cartoon. Fortunately, after its initial season the ratings dropped off dramatically and the show was canceled. Bugs Bunny first appeared on Saturday morning in 1960 and has continued to be shown on one station or another for the last 40 years. Scooby-Doo first started in 1969 and also continues to be shown today. The Jetsons, which originally started out in primetime, was very popular on Saturday mornings as well. This time period also gave birth to some the very first â€Å"action† cartoons on Saturday morning.

Indian Marketing Environment

Indian Marketing Environment Indian Marketing Environment For Global marketers India is not just a single country, it is further divided into tow different countries. India and Bharat. India is looked and appreciated by the whole world. It is growing at the second fastest rate, Its a outsourcing hub, skilled workforce, Nuclear and space power and everything to become a world power. On the other hand, Bharat invovles poverty, Illetracy at high levels, Corruption, Mismanagement, Violnce between releigions and like that. So in this way whosoever desires to enter in the indian market must realize both the faces of this country.They should realize the serious challenges of doing business here like segmenting the market properly, Understanding country's social and cultural issues, getting through government beaurocracy and understading economic and political situation. There have been bunch of examples of companies who have tried to enter in Indian markets without taking care of these issu es and have failed badly. Now before understanding Indian Marketing Environment, it is important to understand what is Marketing Environment. Marekting Environment consist of factors and forces outside or inside the organzation that affect its business in the market.The marketing environment is divided into tow different environments. 1) Micro Environment: It consist of factors lose to the company that have a direct impact on the organization strategy. This includes company's suppliers, distributors, customers and competitors. 2) Macro Environment: It consists of larger societal forces. And these are beyond the control of the organization. These shape the characteristics of the opportunities and threats facing a company. For example, Economic, Cultural, Political, Demographic and Technological. Demographics EnvironmentIt is the study of the peoplein terms of their age, gender, race, ethnicity, and location. Demographic characteristics strongly affect buying behaviour. The current po pulation of India is 1. 18 billion and it is the seond most populous country in the world next to China. And it is being projected that by 2010, it will overtake china with 1. 53 billion. Obviously that's not a good news but for marketers there lies lots of opportunities. Fast growth of population accompanied with rising income means expanidng markets. And among this 1. 18 billion population, more than 50% are below 25 years of age. and hat is the reason why why tere is tough ompetition in the area of soft drinks, networking sites, stylish mobile handsets, job portals and all. Estimated in 2008, around 71% population lives in rural areas even after so much migration to urban cities and that is the reason why low cost brands have started targeting rural cummunityites. They put Camps, Haat in melas to promote their products. Literacy rate, as estimated in 2009, for men it was 76. 9% and for women it was 54. 5%, thoug there is still wide gender disparity, but it has been observed that growth in women literacy rate is more than men's.So women is another big target for marketers. Specially for home based products, as we know women is the chief person to select them for her home. Now, In India diffrent behaviour of diffrent age group has been observed which is mentioned below. Adolescents: The new-age teens are marketers delight. They do no earn but they are fond of spending. They spend lavishly on clothes, eating out, latest gadgets and are very keen t keep up with their friends in terms of possessions and lifestyles. They do not feel guilty of spending their parents money and put pressure on their parents to shell out money for them.They feel they need to have a life of their own, and it should not be denied to them just because they are not earning. Youth: The current youngsters are growing in a more media-influenced, brand conscious world thn their parents. Companies have to take their messages to the places where these youngsters frequent, whether on the intern et, in a cricket stadium, or television. They do not mind information reaching them but they will reserve their right to make their choices. They know what they want from their lives and the product or servies they buy.They hate to be persuaded and influenced. therefore companies would do well to leave them alone to make thier choices. They create their own website, make movie with their own webcam, post their thoughts, pictures and writing online. Since they are sure about what they want, they prefer customized products and services. Companies are realizing that they have to provide something unique and deeply personal to in thier loyalty. People between 35 to 45: People in this age group are settled in their professions and have toddlers and growing children in thier home.The exert themselves in their profession because they realize that their career is likely to take off at this stage. They put in long hours at office and they have to juggle endlessly between their responsibiliti es as spouses and parents and growing responsibilities at work. Parents may be staying with them or they may be living in different city. Income of the people rises at a good rate and they are good spenders. Some of them may be buying their nfirst car while most of them thinking of upgrading their cars. They are also open to new gadgets for themselves and for households.People in this age group want to live a good life and are constantly on a buying spree to improve their lifestyles. They dress well, dine out frequently, and look for opportunities to go on holidays. These days they are also keen to buy new houses very early in thier lives. They also plan to retire early, and they plan thier finances accrodingly. People Between 45 to 60: Some people in this age group are at the peak of their careers while some others are struggling to keep thier jobs. Children beome major priority for people in this age group.They spend less as they save resources to fund the higher education of thei r children. They are also worried about their own future and make a last-ditch efforts to put a retirement plan in place. People above 60: People in this age group live on a steady income. Some of them live with thier grown-up children and are part of their household. They do not spend much on themselves. Their family looks after their requirements. Most of their money spent on buying gifts for their children and grand children. They have to spend a substantial part of their earnings on health-related issues and domestic help.Political Environment The political-Legal environment of a country is influenced by political structures and organizations, political stability, government's interventions, constitutional provisions, government's attitude, foreign policy. Businesses feel helpless in countries where contracts cannot be enforced by the judiciary of the land or it takes excessive timein the judicial proceedings. Governments will need to provide an environment in which businesses c an flourish. In turn, government needs businesses because the marketplace generates taxes. In this way government and businesses need each other.Also every aspect of marketing mix is subject to laws and restrictions. As in any part of the world, political influence is highly essential to start a business in India. Especially if you are planning to start a multi billion business, some sort of political patronage is an absolute necessity. Not only for safeguarding the interest of the company but even to begin the process of getting the required sanctions, one requires hold in the high echelons of politics and administrative circles. Indian society is highly plural. It is the biggest democracy in the world with multi party political system.During the last couple of decades, India has opened its market to world. It has absolutely become an open global market. Banking sector, Insurance sector and all fields of industrial and business are now open for multi national investment. Of course there are many obstructions to cross. And mostly all issues can overcome and establish business if you have the political patronage. India has a plural political system. With numerous political parties, national level and state level, it is very difficult to get a consensus among all parties for starting any business.Also these political parties have patronage of many factors, caste, creed and ideologies. There are political parties with left centric communist ideologies; they are totally against direct foreign investments. But other parties, who are main ruling coalition partners, have right centric ideologies and open for foreign investments. In most of the states, mostly local political parties are ruling. Political parties require financial patronage from big business establishments. Many constituent states have realized the need for foreign investments in their state for a growth oriented economic situation.Hence the climate has changed a lot in India. So many privileges are of fered to entrepreneurs to start business. With all these facilities, still political patronage is a must to start a business in India. Even after establishing the business, for a proper running of the business, political help is essential. It is mainly to sort out issues related to local taxes, labor problems and many such issues affecting the normal working of the companies. Some exapmles in which the government interfere has changed the way people did business †¢ India food items need to put Green dot for all vegetarian items and a Red dot for all non-vegetarian items. All the packaged products need to have MRP(Maximum Retail price) on their package. †¢ Auto industries had to introduce expensive emission control in thier car-Euro II compliance †¢ Public transport in delhi like autorickshaws and buses have to use only CNG in place of Petrol or Diesel. †¢ Introduction of VAT in Delhi †¢ RBI various guidelines to credit cards companies †¢ Introduction of 3G technology †¢ And very recently, India has asked RIM (Research in Motion), maker of Blackberry, to install its server in India for tracking its messenger & enterprise mail services. nd if they don't do so, there services will be banned, which will affect their business in India. Social-Cultural Factors Social factors influence the products people buy, the prices they are willing to pay, the effectivness of speific promotions and how, when and where people purchase products. They change gradually and some changes will be imperceptible if not watched closely. That is the reason why it is most difficult variable for marketing managers to forecast, influence and integrate into marketing plans.One thing India faces no competition is its varied culture and heritage. It has great diversity in cultural practices, languages, customs and traditions. In india people before starting a new business consult astrologers. Supersition are a part of life like they avoid eating non-vegetarian on Tuesdays due to some releigious reasons. People here consider cows a holy animal and it is worshipped and this is the reason behind failure of KFC in India in 1997 when they inroduced Beef items in their Menu. Values: A value is a strongly held and enduring belief.In India a person's values are key determinants of what is important and not important to him, how he reacts in a particular situation and how he behaves in a social situations. Today educated Indian consumer do not tolerate ineffective products and sloppy behaviour of marketers. He has become more inquisitive, discriminating and demanding. Comapnies should learn to expect tough customers. Time Starved Customers: Today many customers place value of non-material accomplishments, such as having control over their lives, and being able to take a day off when they want.As work life gets longer andstressful, people are spending their leisure time recuperating. Casual Frdiays and Home offices are further blurring the boundar ies between work and leisure. People will increasinly place more value on time than money. Multiple Lifestyles: Today People lead multiple lifestyles. They choose products and services that meet diverse needs and interests rather than conform to traditional streotypes. A person can be a teacher and also a a gourmet, fitness enthusiast and so many other things. Each of these lifestyles is associated with different products and services and is a otential customer for companies. This has increased the complexities of consumer's buying habits. A person may go on holidays to exotic holiday locations and may spend a fortune to travel, but may dine in very ordinary restaurants. Changing structures of Families: The growth in the number of working women means an increase in dual-income families. These families have greter household income but less time for family activities. More working women has meant an inreasing demand for time-savng devices and products, particularly for th kitchen.It i s being discovered that cost is more prominent in deisions made by women, whereas quality is relativly more important to men. This will have important influence when comapnies design marketing mixes for products where the women is prime decision maker. Some examples hwo this factor has affected the market: †¢ Hindustan Unilever limited markets different blends of tea under the same brand name to address the regional preferences of consumers. †¢ Gits India specialized in supplying gourmet mixes to housewives, knows the taste well of North & South India. MTV facebook, CNN, Discovery has completly changed the values of Indian consumers. †¢ Automobiles & Insurance companies potrays themselves as a family product in their advertisements. Natural Environment Natural environment includes factors such as seasonal variations, climatic differences, soil conditions and natural terrain. In consumer markets, the natural environment affects companies because of the differences in t he nature of products bought by consumers due to variations in seasons and climate. In difficult terrains like hilly areas, it is difficult and expensive to get products to the customers..It becomes more expensive to build distribution channels for companies whose target markets are geographically disperse. There are so many environmental issues in India for example Extinction of Tigers, Pollution in urban cities, Water shortages, Deforestation etc. So a company raising even a single issue could do well here. How can we forget to mention Idea's initiative to save paper by usine mobile phones. Its outstanding advertisements & promotional campaigns has really catched our attention. Government also doing thier best to save our environment like PUC(Pollution under control) is must for all the ehicles, soap industry must have to increase its biodegrability, strict laws against killing tigers, encouraging use of solar energy in big government head offices. Technological Environment Techno logy is practically everywhere today-it has changed the way we prepare food, we buy our clothes, and we build our homes. It has changed the way we send our posts, we take our exams, we fill up our forms and the way we resort to comfort and entertainment. Computers, the most visible impact of technology have come a long way from being huge machines locked up in a room to tiny palmtops with more features added everyday.It has all the functions of a calculator, a music player, a home theatre, a video camera and practically a better tool than a pen and a sheet of paper. With more features and functions, computers have led to loss of jobs for millions. In this context, we can look at the impact of technology, especially computers, in the Indian context. Cloud computing, Voice over internet, online social involvement, 3G technology, E-banking are some of the remarkable technological improvements that has changed the lifestyles of Indian consumers. Today companies offering outdated or obso lete technology couldn't survive.People are demanding up-to-date gadgets and gizmos. And this is something learned very well by Nokia in India, which introduces new and innovative handsets every month. In case of banking transactions, Earleir people used to go to banks for each transactions. Then they start doing it over the internet at home or offices and today they are demanding banking on the move i. e. on thier mobile phones. Also IT sector has made india one the biggest outsourcing hub in the world. So basically if a company wants to survive and stay ahead in India market, it needs to keep developing new products through its R.Econmic Environment The economic environment can have a major impact on businesses by affecting patters of Demand and Supply. Companies need to monitor these indicators to survive in the market. Income of Indian consumer has increased and now they are more and more high standard of living products. That is the reason why Harley Davidson, Porshe has set up thier showrooms here. After inflation next issue is Infation which is rising at constant speed increase in prices of fuel, Food items has really impacted producers here.

Securitisation

Outline the advantages and disadvantages of the securitisation of bank loans 1. 1 Introduction â€Å"The recent turmoil in credit markets has highlighted how securitisation has changed in only a few years from being a relatively niche market in the euro area to being a major force behind capital market developments†. This growth in securitisation reflects the increased pace of financial innovation in the financial markets.It is rational to say that this global trend of the growth in securitisation is a result of the advantages that are derived by the different parties engaged in the transaction. Securitisation has become an important tool for many companies and a key part of the global capital markets. However, while securitisation has benefited the financial system as a whole through enhancing its ability in performing its various functions, it has concurrently changed the underlying economics of the banking system, which brought consequences as those experienced in the 2007 financial crisis.Whether the gains exceed the losses is a debatable issue in itself as some intellectuals believe that securitisation has â€Å"contributed to the development of a far more flexible, efficient, and resilient financial system than existed just a quarter-century ago†, while others believe the opposite. The significance of securitisation has led to there has been talks by influential bodies about how securitisation can be regulated or changed as to maximise the benefits and minimize the costs.In this essay, to answer the above question I will define securitisation, explain its mechanics and nature and lastly discuss its advantages and disadvantages for the different parties engaged in it and the financial system as a whole. The scope of this essay is secondary securitisation, so the above will be discussed specifically to this type and not primary and tertiary. 1. 2 Definition of key terms Securitisation in general is the â€Å"creation and issuance of debt secu rities, or bonds, whose payments of principal and interest derive from cash flows generated by separate pools of assets†.There 2 types of securities that can be issued. When the securitised assets are mortgages, the securities issued are known as Mortgage -Backed Securities (MBS) and where it is other assets which are non-mortgage loans then Asset-backed securities (ABS) are issued. In the latter type, assets included are such as consumer loans, credit card receivables and car loans. These securities are marketable financial instruments, and tradable. In every securitisation transaction the capital markets are displacing the banks regardless of its type, whether primary secondary or tertiary, i. . disintermediation. Secondary securitisation is Asset Backed. Bank of England defines this type as â€Å"a transaction or scheme whereby the credit risk of an asset or a pool of assets such is transferred to an external undertaking (the securitisation special purpose vehicle or struc ture), which then transfers this credit risk onwards to investors in fixed-income securities known as asset backed securities issued by that undertaking. The investors in the securities may be either external investors or the institution that originated the underlying assets†.Another way to look at this process is through Professor Llewellyn definition which explicitly high lightens the benefits. He defines secondary securitisation as ‘the conversion of cash flows from a portfolio of assets into negotiable instruments or assignable debts which are sold to investors, are secured on the underlying assets and carry a variety of credit enhancement†. To clearly outline the pros and cons of the participants in the process, one needs to understand their roles as shown below in figure 1. Figure 1 1. 3 How it worksWhen a bank transforms a portfolio of loans that it is currently holding on the balance sheet into tradable securities issued by a bankruptcy-remote special purpo se vehicle it follows a basic procedure as seen in the diagram. A number of customers borrow from the bank. They all have to payback regular interest and principal payments to the bank as agreed upon on the contract. Starting from the originator in this case the bank, it pools together a number of these loans (assets) and constructs a portfolio of which it sells to the special purpose vehicle SPV.The SPV usually acquires the underlying assets from the originator in what is known as a true sale. It is critical that the transfer of assets from the originator to the SPV is legally viewed as a â€Å"true sale†. This is because it gives the investors rights over the specific assets of the originator, such that the investors are not affected by the performance, or bankruptcy of the originator. This would obviously necessitate that the investors, or the SPV which is a conduit on behalf of the investors, has legally acquired the assets.If it is not a true sale the investor will be vu lnerable to claims against the asset originator in this case the bank. The SPV then issues asset – backed securities to investors which investors can them trade in the financial capital markets. Investors then buy these securities and the SPV receives the regular interest and principal payments from the borrowers through the originator or servicer (if the bank does not retain the servicing function) who charge a certain fee. The SPV pays the originator for the portfolio in a lump sum rather than a stream of payments spread over time.It is important to acknowledge that the bank continues to maintain the relationship with the customer and it does not have a duty to inform this about this process. The credit quality of the securities issued by the SPV is rated by a rating agency before being sold to investors. Also another important participant though missing in figure 1:1, is a credit enhancer. This is either internally or externally done and it might take the form of â€Å"ov er – securitisation (placing a higher value of loan in the portfolio than the value of the sale), a third party guarantee or a guarantee from the seller†.This has the effect of limiting the risk to investors. The underwriter is usually an investment bank that serves as an intermediary between the issuer (SPV or the trust) and investors. The swap counterparty as seen in the diagram is normally involved to hedge the interest rate and currency risks on the pool and the trustee ensures that the money is transferred from the servicer to the SPV and that investors are paid in accordance with the promised priority. A crucial aspect of securitisation is the isolation of assets. After a true sale, the assets (collateral) are held by the SPV or equivalent.This protects the seller (originator) from the risk of the assets and investor from the risks of the bank, because even if the bank goes bankrupt, the payments on the assets will continue to be made, so investors still receive t he interest and principal payments. An SPV might be a completely independent entity or a subsidiary of the bank itself. In the crisis it was more of the latter. However, for it to be a subsidiary it will only work if the SPV is bankruptcy remote, as explained earlier. This is where under company law the SPV is immune to the bankruptcy of the ank. This makes their risk entirely different and this is how credit risk isolation and shifting is possible. Also an SPV might become a Structured Investment Vehicle. Often the SPV has a higher credit rating (most secure a AAA rating) than the originator. The SPV performing the asset-backed securitization(s) also usually has a backup liquidity facility in place provided by a stand-by commitment from a syndicate (group) of banks. This facility protects the investors who purchase the commercial paper issued by the SPV as the assets are being purchased and pooled.If for some reason the SPV cannot attract the same or new investors to roll over the commercial paper or there is insufficient cash flow generated by the pool to pay off maturing commercial paper then the SPV draws on the backup liquidity facility to pay off the investors and the bank group then become the owners of the assets held by the SPV (to either wait for the cash flow to improve or to liquidate the portfolio). Credit enhancements are required in order to receive higher debt ratings and thus improve marketability and financing costs.The credit enhancement of a securitization can be achieved by dividing it into tranches and allowing some tranches be exposed first to any loss from defaulting / under-performing individual asset or group of assets first. In this manner, these front-line tranches almost function like an equity piece such that the investors in the other tranches (Mezzanine tranches) are satisfied first before the lower tranches. These lower-rated (first loss) tranches usually receive a higher yield (due to their higher risk position) when the secur ity is first structured in order to attract investors when first brought to market. . Advantages of secondary securitisation There are different aspects to the benefits of securitisation, the benefits derived by the issuer (bank) and those derived by the investor and the financial system as a whole. 2. 1 The issuer Secondary securitisation benefits the banks by helping them generate more funds but also by allowing them to manage their assets and liabilities, risk and also capital. * A source of funding Securitisation enables banks to change the illiquid portfolio of loans into liquid tradable securities. It makes loans marketable.So the banks get funds immediately from selling the portfolio to the SPV. Also there being a secondary market for these securities in itself increases the attractiveness of investors to buy the securities meaning more funds. The funding source is also widened because as the risk are specific, asset –backed securities often appeal to investors who wou ld not normally make funds available to banks by themselves. This source of funding may also be cheaper for the bank. This is because banks do not need to increase their interest rates to ‘attract marginal deposits to fund their loan book’.Also because the banks transfer the asset to the SPV they do not need to hold capital against the loans (assets) which is a cost, making this type of funding cheaper. Ultimately this means that it can offer lower interest rates to borrowers, which could have the effect of increasing the quantity of loans demanded. This cheapness is not always possible; it only depends on the nature of the risks of the portfolio after and before securitisation. * Asset and liability management The fact that securitisation allows banks to shift the assets from their balance sheet allows them to change their asset composition on the sheet within a given total.They can change the structure of their assets and ‘reduce exposure to a particular loan ca tegory’ by securitizing those loans which also helps in managing risks. It also provides the balance sheet with flexibility and facilitates diversification of the loan portfolio. * Risk management As the definition implies, securitisation allows banks to transfer and shift credit risk from their balance sheet to those who are willing and more able to absorb them. Hence this allows banks to manage their risk and limit their risks by selling those loans.The transfer of risk allows banks to not hold any capital against the risks, so as earlier said reduces the cost of banking. It also allows them to manage interest rate risk. * Capital Management Due to the increasing competitive pressures, they cannot earn a sufficient return on the assets to service their capital base well. Securitisation saves them capital as explained earlier. * Other Banks can earn additional income by charging fees on originating loans that it does not intend to keep on its balance sheet.Also banks still g et to maintain their relationship with their customers and reduce the overall cost of intermediation by concentrating on their comparative advantages (originating loans). 2. 2 The investor * It gives investors the opportunity to earn a higher rate of return (on a risk-adjusted basis). Also the high liquidity of securities means that investors can trade them for cash at their own convenience. * Asset backed securities allows the isolation of credit risk from the originator.This could benefit investors in that they are not exposed to the banks risks of which could increase the credit rating of the underlying assets themselves. * Investors also get the opportunity to invest in a specific pool of high quality assets: Due to the stringent requirements for corporations (for example) to attain high ratings, there is a dearth of highly rated entities that exist. Securitizations, however, allow for the creation of large quantities of AAA, AA or A rated bonds, and risk averse institutional in vestors, or investors that are required to invest in only highly rated assets, have access to a larger pool of investment options. Investors can gain portfolio diversification as they tend to invest in securities that may be uncorrelated  to their other bonds and securities. 2. 3 The Financial System In general securitisation, being part of innovation has benefits for the financial system and the economy as a whole by contribution to the basic functions of the financial system: risk-transference, pricing of risk, liquidity-enhancement, credit-generation and financial intermediation, insurance, asset and liability management, an efficient allocation of financial resources, and the funding of financial institutions.Securitisation as a technique means that loans are assed more frequently and hence to current terms as when they are just on a bank’s balance sheet. In a way this allows the risks prices to be adjusted accordingly. Also another important direct contribution is the ability that it offers banks to lend more to the economy by knowing that it can sell the loans. This has its drawbacks which will be discussed later, but while it is possible, it helps the real economy as governments encourage more lending for the betterment of the real economy.In addition, securitisation allows different parties to concentrate on their comparative advantages such as banks being originators. It is in this ways that securitisation increases the efficiency of the financial system which is a social benefit to its people. The Bank for international settlements summarises this in ‘â€Å"the development of credit risk transfer [CRT] has a potentially important impact on the functioning of the financial system. It provides opportunity for more effective risk management, promises the relaxation of some constraints on credit availability, and allows more efficient allocation of risk to a wider range of entities.The pricing information provided by new CRT markets is al so leading to enhanced transparency and liquidity in credit markets. † 3. Disadvantages of secondary securitisation 3. 1 The issuer * The first transaction has to be significant and it can be costly also. There are compliance costs and reduced control by the originator of the assets sold to the SPV. * Though it the securitisation structure looks fairly simple, just like other CRS (credit shifting instruments), they are very complex in nature, to the extent that banks and other institutions did not fully understand the risks which they were taking and exposing themselves to.As seen in the crisis, the risk were not always shifted, sometimes they were just transferred, from credit risk to a liquidity risk and finally to a funding risk , which was evident in the crisis when Interbank Market almost dried up and there was no securities trading. This is what contributed to the financial crisis as while every bank was diversifying into this business, they financial system became less diverse. * If banks do this in large amounts, they could become dependent on the securities market which proved to have it consequences, when trading ceased. As the wealthy reader summarised; â€Å"Without risks, bank went crazy. Credit scores didn't matter, â€Å"liar loans† were common†. This proved to back fire for the banks themselves because they were also investing in securities issued by other banks and it led to huge losses for the banks. 3. 2 The investors Securitisation exposes investors to a number of risks such as * Credit/default risk when maintenance obligations on the underlying collateral are not sufficiently met as detailed in its prospectus. A key indicator of a particular security’s default risk is its credit rating. Different tranches within the ABS are rated differently, with senior classes of most issues receiving the highest rating, and subordinated classes receiving correspondingly lower credit ratings’ . However, the crisis has ex posed a potential flaw in the securitisation process; ‘loan originators retain no residual risk for the loans they make, but collect substantial fees on loan issuance and securitization, which doesn't encourage improvement of underwriting standards’. Prepayment/reinvestment/early amortisation: The majority of revolving ABS is subject to some degree of early amortization risk. The risk stems from specific early amortization events or payout events that cause the security to be paid off prematurely. Typically, payout events include insufficient payments from the underlying borrowers, insufficient excess Fixed Income Sectors: Asset-Backed Securities spread, a rise in the default rate on the underlying loans above a specified level, a decrease in credit enhancements below a specific level, and bankruptcy on the part of the sponsor or servicer. Currency interest rate fluctuations: Like all fixed income securities, the prices of fixed rate ABS move in response to changes in i nterest rates but floating rate securities are affected more. * Moral hazard: Investors usually rely on the deal manager to price the securitizations’ underlying assets. If the manager earns fees based on performance, there may be a temptation to mark up the prices of the portfolio assets. ‘Conflicts of interest can also arise with senior note holders when the manager has a claim on the deal's excess spread’ * There is also a risk that the payments will be late from the servicer. . 3 The financial system The consequences of securitisation that were experienced in the crisis were expensive as Sir Howard Davies inferred â€Å"[CDOs] are the most toxic element of the financial markets today† . Securitisation and Collateralised Debt Obligations (CDOs) are described as two major instruments at the centre of the financial market turmoil. European banks also took on board significant securitisation programmes. . They contributed highly to the global financial cri sis which has had massive costs to the tax payers, governments and central banks.An important aspect of securitisation is that it has changed the traditional model of banking and hence underlying economics of banking. With securitization banks accept deposits, originate loans, utilizes it comparative advantages, as it did traditionally. However with securitisation is does not accept risk, does not hold it on its balance sheet and therefore needs no capital backing and insurance, things which it traditionally did. This change of model have had severe implication for the financial system as banks stopped acting like banks, and it was clear that they did not quite understand the implications.Another big effect is the effect that this had had on the financial system stability of which in itself is an ambiguous issue. 4. Conclusion There has been a division in the overall effects of securitisation to the global economy and financial system. While influential people like Warren Buffet reg ard it as a lethal weapon, others think the opposite. Regardless of the costs there are substantial benefits for the system. It is now evident that when a securitisation gets beyond the critical device of market participants, however, it is capable of destroying value.The potential harm is greater in globally interconnected markets. Hence it would be beneficial for the whole system if regulators, supervisors and all participants learn the flaws of securitisation from the crisis and improve the process to form one which ensures that the benefits are derived at the minimum costs, or no costs. As Professor David Llewellyn states; â€Å"the baby (of securitisation) should not be drowned in the bathwater (of regulation)†. Bibliography * Llyewellyn. , T, David. , 2000,. Securitisation a technique for asset and liability management * Casu, B. , Girardone. , Molyneux P. 2006. Introduction to banking. Essex: Pearson Education Limited. * ECB financial stability review. , 2008. , securi tisation in the Euro area. Available at http://www. afi. es/EO/securitisation%20in%20the%20euro%20area. pdf [ Accessed 5/4/11] * http://www. banque-credit. org/EN/banks/advantage-securitisation. html[Accessed on 19/04/11] * Lederman, J. , 1990. , The Handbook of Asset-Backed Securities * Tarun, S. , Securitisation: Understanding the Risks and Rewards . Available at http://www. qfinance. com/contentFiles/QF02/gjbkw9a0/17/0/securitisation-understanding-the-risks-and-rewards. df [Accessed :01/05/11] * Llewellyn, T, D. , 2009. , the global banking crisis and the post crisis banking and regulatory scenario . Price Waterhouse Coopers. , 2011. , using transparency to thaw the securitisation market. * Available at http://wealthyreader. com/articles/securitization-good-idea-gone-bad-or-what-just-happened/ * Llyewellyn, T, David. , 2008. , Financial innovation and a new economics for banking * Bank of England. , 2007. , general notes and definitions. Available at http://www. bankofengland. co . uk/statistics/reporters/defs/def_gene. pdf . [Accessed 01/05/11] * ttp://ftalphaville. ft. com/search? q=growth+in+securitisation. [Accessed 30/05/11] ——————————————– [ 1 ]. ECB financial stability review. , 2008. , securitisation in the Euro area. Available at http://www. afi. es/EO/securitisation%20in%20the%20euro%20area. pdf [ 2 ]. Llyewellyn, T, David. , 2008. , Financial innovation and a new economics for banking. [ 3 ]. Price Waterhouse Coopers. , 2011. , using transparency to thaw the securitisation market. [ 4 ]. Llyewellyn. , T, David. , 2000,. 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