Hagia Sophia Research Paper Example | Topics and Well Written Essays - 2000 words

Hagia Sophia - Research Paper Example It was built by the first Christian emperor, Constantine, who was also the founder of the city Constantinople. This he built including other several great churches during his emperor. After the fall of Constantinople to the Ottomans, it was converted to become one of the principal mosques of Istanbul. Its influence became widespread and that which lasted lasting both in the architecturally and liturgically spheres. A bit of some history of the Hagia Sophia indicated that the building had first been constructed in a Christian capital and was then referred to as the church of the holy wisdom. It then represented the epicenter of the Christian churches and a series of their cults. It became first inaugurated in the February of 360 under the reign of Constantious II. After some time this first basilica was destroyed in Nika riots leading to a construction of the second Hagia Sophia. This was then built by the emperor Justinian with the help and experience of two architects, Anthemius and Isidore the Elder. They made the use of a lot of precious materials which were brought in from all corners of the Empire. This included some columns which were brought from the temple of Artemis at Ephesus. It was then crowned with a dome. The building was constructed in much haste and was completed in less than six years. Its walls were covered either with marble or in lavish mosaics that consisted of the most ex quisite color and workmanship. This new Hagia Sophia was inaugurated on December 27th, 537, five years after the work started. Over the years, it suffered a lot of damages leading to the partial collapse of some of its structural elements. The dome roof that was supported using a system of piers particularly provided the major challenge and collapsed after some decades. It was later reconstructed adding some supports and its shape in particular made the building look magnificent (Aydoğmus, Tahsin and Kleinbauer 22) In 1453, after the ending of the

Classic knitwear Essay Example for Free

Classic knitwear Essay INTRODUCTION Classic Knitwear was established in 1995 as a manufacturer and distributor of unbranded casual knit apparel it was operated by Brandon Miller- Chief Marketing Officer, Robert Ortiz-CEO and Sandra Chong-CFO. Classic operated in the category of non-fashion casual knitwear, all the revenues were earned on U.S. sales. Seventy five percent of classic revenues were by screen-print channels (customized t-shirts and other knitwear with logos of everything from rock bands to small businesses to tourist destinations), the other twenty five percent was sold through mass retail channel as a private-label merchandise. By late 2005, Millers marketing team began researching a number of proposed product innovations. In February 2006 they landed on an interesting prospect: knitwear treated chemically to repel insects. After this the team set out to analyze the viability of a new national brand of high-quality mens and boys insect-repellent shirts. The opportunity arose to negotiate a licensing partnership with Guardian, a manufacturer of insect repellents that offered odorless protection against mosquitoes, ticks, flies and no-see ums. The potential alliance would allow Classic to use the Guardian name on a line of insect repellent shirts. PRODUCT-COMPANY FIT Guardian Brand had a patented insect-repellant clothing technology. And the product was very innovative, this gives them a good market potential. The opportunity of the market potential combined with the production efficiency of the company, could make a sustainable competitive advantage They had a cost advantage over the other US producers because of the high-volume and low SKU (stock keeping unit) production runs. With the new Repellent knitwear the SKU will have 16 and they probably had to deal with inefficiency problems on the production. PRODUCT-MARKET FIT Classic operated in the category if non-fashion casual knitwear which represented $24.5 billion. From the total of the non-fashion casual knitwear marketing, T-shirts represented a fifty third percent. Due to its focus on the screen-print sector Classic invested more heavily in t-shirts than in the overall industry. The direct competitors of Classic were little-known firms like BB Activewear and The Big Tree. Also had competitors for private label business, JamesBrands was the leader, followed by FlowerKnit and Greenville Corporations TopTops Division, this three firms operated on gross margin of 30 40% RESPONSE OF THE TRADE AND CONSUMERS The retailers were provided with 50% margin on branded knitwear and 40% margin on private label knitwear with the new product will provide 45% margin. The company has a projection on sales for 10,000 displays in the next two years after the product is first offered to the market, they decided to put 50% in discount stores, 25% in general merchandise stores and 25% in sporting goods and apparel clothes. They need to invest a considerable  amount of money in resources to help them develop the channel, because they had no experience in those retail channels. They had made a research with an online survey they send one thousand e-mail invitations to the people from the website Consumer.com to answer the survey and they got one hundred and eighty five respondents. And based on the results 60% of the respondents who indicated they would definitely try the product, would do so within the two-year introduction period. Also the company predicted that at least 50% would buy an additional shirt the following year. MARKETING PROGRAM They decided not to include the name of Classic Knitwear on the product; it will be called Guardian Apparel. Also they havent done an extensive market research, they are just based on the survey, and probably the numbers wont be fully reliable for making big decisions. LICENSE AGREEMENT The agreement forced Classic Guardian to meet a series of steadily rising annual net sales target over the first four years, and the target fir year four must be met in each subsequent year. If they failed to meet the requirements the license would be cancelled. There are weaknesses in the branding of the product one of the most relevant is that only guardian logo is being used on the product, this might create problems for Classic if there is any conflict between the companies in the future. The determined marketing investment has been reduced to $3 million from the initial of $8-$10 million.

Effects of the Stock Market on Economic Development

Effects of the Stock Market on Economic Development Over the last few decades world stock markets are growing enormously and the stock markets particularly in developing countries represent a large share of this boom. Investors are venturing into the world s newest markets and some are seeing handsome returns but are developing countries themselves reaping any benefits from their stock markets? The evidence indicates that they are. Over the past 10 years, the total value of stocks listed in all of the world s stock markets rose from $4.7 trillion to $15.2 trillion, while the Share of total world capitalization represented by the emerging markets jumped from less than 4 percent to almost 13 percent. Trading in the emerging markets also surged: the value of shares traded climbed from less than 3 percent of the world total in 1985 to 17 percent in 1995. The emerging markets have attracted the interest of international investors while raising a number of critical questions for policy makers in developing countries: Do stock markets affect overall economic development and, if so, how? What is the relationship, between stock markets and banks in fostering economic growth? And, how can developing countries benefit from stock market growth? Impact on development: Do stock markets affect overall economic development? Although some analysts view stock markets in developing countries as casinos that have little positive impact on economic growth, recent evidence suggests that stock markets can give a big boost to economic development. Stock markets may affect economic activity through the creation of liquidity. Many profitable investments require a long-term commitment of capital, but investors are often reluctant to relinquish control of their savings for long periods. Liquid equity markets make investment less risky and more attractive because they allow savers to acquire asset equity and to sell it quickly and cheaply if they need access to their savings or want to alter their portfolios. At the same time, companies enjoy permanent access to capital raised through equity issues. By facilitating longer-term, more profitable investments, liquid markets improve the allocation of capital and enhance prospects for long-term economic growth. Further, by making investment less risky and more profitable, stock market liquidity can also lead to more investment. Put succinctly, investors will come if they can leave. There are alternative views about the effect of liquidity on long-term economic growth, however. Some analysts argue that very liquid markets encourage investor myopia. Because they make it easy for dissatisfied investors to sell quickly, liquid markets may weaken investors commitment and reduce investors incentives to exert corporate control by over- seeing managers and monitoring firm performance and potential. According to this view, enhanced stock market liquidity may actually hurt economic growth. The empirical evidence, however, strongly supports the belief that greater stock market liquidity boosts or at least precedes economic growth. To see how, consider three measures of market liquidity three indicators of how easy it is to buy and sell equities. One commonly used measure is the total value of shares traded on a country s stock exchanges as a share of GDP. This ratio does not directly measure the costs of buying and selling securities at posted prices. Yet, aver- aged over a long time, the value of equity transactions as a share of national output is likely to vary with the ease of trading. In other words, if it is very costly or risky to trade, there will not be much trading. This ratio is used to rank 38 countries by the liquidity of their stock markets in four different groups. The nine countries with the most illiquid markets are in the first group; the nine countries with the most liquid markets that is, with the largest value-traded-to-GDP ratios are in the fourth group; the second and third groups, each of which contains 10 countries, fall between the two extremes of liquidity. As Chart 1 show, countries that had relatively liquid stock markets in 1976 tended to grow much faster over the next 18 years than countries wi th illiquid markets. The second measure of liquidity is the value of traded shares as a percentage of totals market capitalization (the value of stocks listed on the exchange). This turnover ratio measures trading relative to the size of the stock market. Chart 2 indicates that greater turnover predicted faster growth. The more liquid their markets in 1976, the faster countries grew between 1976 and 1993. The third measure is the value-traded-ratio divided by stock price volatility. Markets that are liquid should be able to handle heavy trading without large price swings. As Chart 3 shows, countries whose stock markets were more liquid in 1976 countries with higher trading-to-volatility ratios grew faster over the next 18 years than countries with less liquid markets. As demonstrated in the series of papers on which this article is based (see back- ground note), the strong link between stock market liquidity and economic growth continues to hold when controlling for other Economic, social, political, and policy factors that may affect economic growth, and when using instrumental variable estimation procedures, various periods, and different country samples. The basic conclusion that emerges from this statistical work is that stock market development explains future economic growth. What is important is that other measures of stock market development do not tell the same story. For example, stock market size as measured by dividing market capitalization by GDP is not a good predictor of economic growth (Chart 4), while greater stock price volatility does not necessarily predict poor economic performance (Chart 5). Empirically, it is not the size or volatility of the stock market that matters for growth but the ease with which shares can be traded. Countries may be able to garner big growth dividends by enhancing the liquidity of their stock markets. For example, regression analyses suggest that if Mexico s value-traded-to- GDP ratio in 1976 had been the same as the average for all 38 countries in our sample (0.06 instead of Mexico s actual ratio of 0.01), the annual income of the average Mexican would be 8 percent higher today. This type of forecast does not explain how to enhance liquidity, but it does give an indication of the potentially large economic costs of policy, regulatory, and legal impediments to stock market development. Is there really a link between stock market liquidity and economic growth, or is stock market liquidity just highly correlated with some nonfinancial factor that is the true cause of economic growth? Multiple regression procedures suggest that stock market liquidity helps forecast economic growth even after accounting for a variety of nonfinancial factors that Influence economic growth. After controlling for inflation, fiscal policy, political stability, education, the efficiency of the legal system, exchange rate policy, and openness to international trade, stock market liquidity is still a reliable indicator of future long- term growth. Stock markets versus banks: Is there and independent link between stock market development and growth, or is stock market liquidity correlated with banking development and is the latter the financial factor that really spurs economic growth? Although countries with well-developed banks as measured by total bank loans to private enter- prises as a share of GDP tend to grow faster than countries with underdeveloped banks (Chart 6); the effects of banks on growth can be separated from those of stock markets. To evaluate the relationship between stock markets, banks, and growth, our 38 sample countries were divided into four groups. Group 1 had greater-than-median stock market liquidity (as measured by the value- traded-to-GDP ratio) in 1976 and greater- greater-than-median banking development. Group 2 had liquid stock markets in 1976 but less-than-median banking development. Group 3 had less-than-median stock market liquidity in 1976 but well-developed banks. Group 4 had illiquid stock markets in 1976 and less-than-median banking development. Countries with both liquid stock markets and well-developed banks grew much faster than countries with both illiquid markets and underdeveloped banks. Furthermore, greater stock market liquidity is associated with faster future growth no matter what the level of banking development. Similarly, greater Banking development implies faster growth no matter what the level of stock market liquidity. Thus, it is not a question of stock market development versus banking develop- mint each, on its own, is a strong predictor of future economic growth. Why might stock markets and banks both, independently of each other, boost economic growth? Although the empirical evidence is consistent with the view that stock markets and banks promote economic growth independently of each other, the reasons are not fully understood. One argument is that stock markets and banks provide different types of financial services. Stock markets offer opportunities primarily for trading risk and boosting liquidity; in contrast, banks focus on establishing long-term relationships with firms because they seek to acquire information about projects and managers and enhance corporate control. (There is, of course, some overlap. Like stock markets, banks help savers diversify risk and provide liquid deposits. Like banks, stock markets may stimulate the acquisition of information about firms, because investors want to make a profit by identifying under- valued stocks to invest in; stock markets may also help improve corporate governance by simplifying takeovers, providing an incentive to improve managerial competency.) Is greater stock market liquidity associated with more or better investment? Both Chart 7 shows that countries that had more liquid stock markets in 1976 enjoyed both faster rates of capital accumulation and greater productivity gains over the next 18 years However, although liquid equity markets imply more investment, new equity sales is not the only source of finance for this increased investment? Most corporate capital creation is financed by retained earnings and bank loans. Although this phenomenon is not wholly understood, greater stock market liquidity in developing countries is linked to a rise in the amount of capital raised through bonds and bank loans, so that corporate debt-equity ratios rise with market liquidity. Stock markets tend to complement not replace bank lending and bond issues. Economist believes differently regarding the importance of financial system and its impact on economic growth. Walter Bagehot (1873) and John Hicks (1969) viewed role of financial system as a critical factor for the mobilization of capital. Joseph Schumpeter (1912) explains that a well developed financial system stimulates funding for entrepreneurs; According to his view, Economic development fabricates demand for financial arrangements, and the financial system automatically counters these demands. Besides this, some economists just do not believe the role of finance development is crucial to economic growth. Among those (Robert Lucas, 1988) reasoned that economists poorly over-stress the role of financial development for economic growth. A growing body of work would push even most skeptics toward the belief that the development of financial markets and institutions is a critical and inextricable part of the growth process and away from the view that the financial system is an inconsequential side show, responding passively to economic growth and industrialization. There is even evidence that the level of financial development is a good predictor of future rates of economic growth, capital accumulation, and technological change. This research paper is based on an existing papers by (Garcia and liu; 1999) and (Julia Losseva, 2006). The main objective of this paper is to find the relationship between stock market development and the economic growth in developed economies. However there is an effort made to address the role of liquidity in the development of stock market which hasn t been given much of the attention. Some researchers argue that there is no influence of stock market development on economic growth. Recent evidence confirmed that Stock markets may affect economic development by providing liquidity to the market. Usually a profitable investment require long term commitment of the capital however Investors are apprehensive in holding up there capital for long time. Liquid equity market makes facilitates investment and offer quicker ways to alter portfolios so it s vital to both the investor and stock market development. (King and Levine, 1933) provide mechanism to enhance the economic activity they highlighted that financial system is better able to evaluate and finance the profitable prospective investor. The study explicate that financial institution provide the mechanism of evaluation and monitoring less costly and more efficiently, than the individual investors. Additionally the financial system provides better mobilization of capital and financing to the investors. Therefore promotes the growth by productivity improvements. Besides this financial system also assist in risk diversification for investor in relation to uncertain innovative improvements despite of the fact that financial system distortion result in a reduction over the rate of economic growth. It is stressed that the more developed financial system including banks and stock markets enhances the productivity and stimulate economic growth. Government policy on financial systems may have crucial influence on long run growth. (Levine and zervos, 1998) proposed that a well functioning stock market and banks enhance long run economic growth. In light of these conflicting views, this paper uses existing theory to organize an analytical frame work of the finance-growth nexus and then assesses the quantitative importance of the financial system in economic growth. In light of these conflicting views, this paper uses existing theory to organize an analytical frame-work of the finance-growth nexus and then assesses the quantitative importance of the financial system in economic growth. Although conclusions must be stated hesitantly and with ample qualifications, the preponderance of theoretical reasoning and empirical evidence suggests a positive, first-order relationship between financial development and economic growth. Broad problem area Is there a Causal relationship between stock market development and economic growth? Literature Survey: Financial development and economic growth: the role of stock markets: Economists Hold startlingly different opinions regarding the importance of the financial system for economic growth. Walter Bagehot (1873) and John Hicks (1969) argue that it played a critical role in facilitating the mobilization of capital. Joseph Schumpeter (1912) contends that well functioning banks spur technological innovation by identifying and funding those entrepreneurs with the best chances of success. In contrast, Joan Robinson (1952, p. 86) declares that, economic development creates demands for particular types of financial arrangements, and the financial system responds automatically to these demands. The relationship between financial development indicators and economic growth has received a considerable attention in recent empirical literature. Many authors have concluded that the development of the financial system has a positive effect on the rate of economic growth. And the volume and efficiency of investment Fry, (1997), McKinnon (1973) Shaw 1973, and others such as Kapur (1976), Matheson (1980) and fry (1989) and (1997) have presented the theoretical backward of the relationship . Financial intermediation has positive effect on economic growth. McKinnon, 1973 and Shaw, 1973; emphasis the role of financial liberalization to increase saving and investment they argued that financial deepening improve not only productivity but also capital and saving. Therefore it improves prospects for investments and growth. Second by reducing the information and transaction cost the financial intermediaries. The main policy implication of the McKinnon/ Shaw frame work is that government restriction on the financial sector such as interest rate ceilings, high reserve requirements and directed credit policies distort the process of financial development and reduce economic growth. Greenwood and Jovanovic (1990) and king and Levine (1993) argue that the government intervention in the banking system reduces the growth rate of the economy because of the high transaction cost. Gurley and Shaw 1955, 1960, 1967; centred their theme on the importance of financial intermediation to direct saving to investment. Further to their research Atje and Jovanovich; 1993, link stock market development as a positive sign for economic growth and efficiency. Similarly Levine and zervos; 1998 and Singh; 1997 proposed stock market development as a positive function to the long term growth. (Gold smith; 1969) emphasized that the well structured financial system facilitates the growth economy and explained the overall positive impact of financial structure on economic growth. Pagano, 1993; identify that there is an increased risk sharing benefits in larger stock markets through market externalities while Levine and bencivenga smith and Starr, 1996; show that the stock market may affect economic activity through the creation of the liquidity similarly Devereux and Smith, 1994; and obstfeld 1994 shows that the risk diversification through internationally integrated stock markets is another vehicle through which the stock markets can effect economic growth. In the early researches carried out by (Greenwood and jovanovic s, 1990) emphasized the argument that well functioning financial markets lowers the transaction cost which help in directing the capital to most favourable project in terms of returns therefore promotes growth. Both (McKinnon/ Shaw and Gurley and Shaw 1955, 1960, 1967) stress the role of financial intermediaries on economic growth and they concluded that the easy transfer of funds gears the high social return for economic growth. (King and Levine, 1933) provided empirical evidence by observing financial intermediaries and their role in economic growth by using a cross country data of 80 different countries establish a direct relationship between a well developed stock market, banking system promotes economic growth. (King and Levine, 1933) provide mechanism to enhance the economic activity they highlighted that financial system is better able to evaluate and finance the profitable prospective investor. The study explicate that financial institution provide the mechanism of evaluation and monitoring less costly and more efficiently, than the individual investors. Additionally the financial system provides better mobilization of capital and financing to the investors. Therefore promotes the growth by productivity improvements. Besides this financial system also assist in risk diversification for investor in relation to uncertain innovative improvements despite of the fact that financial system distortion result in a reduction over the rate of economic growth. It is stressed that the more developed financial system including banks and stock markets enhances the productivity and stimulate economic growth. Government policy on financial systems may have crucial influence on long run growth. (Levine and zervos, 1998) proposed that a well functioning stock market and banks enhance long run economic growth. Joseph Schumpeter s view financial intermediaries are crucial for innovation and economic development and the same argument was concluded in the empirical work by Goldsmith, 1969; McKinnon, 1973); However some economist like Lucas, 1988 believe that financial development is not important for economic growth and describe the relationship of financial development and economic growth as over stressed. King and Levine strongly hold the view that there is strong relationship between among financial development and real per capita GDP growth and the rate of capital Allocation. They also determined the financial development is robustly correlated with future rates of economic growth. As a result King and Levine supported the idea which was proposed by Schumpeter 80 years back. In another article (Levine, 1933) develop an endogenous model to clarify the relationship between growth finance and entrepreneurship. The study the role entrepreneurs in initiating economic activity there are two views of Schumpeter; the first one which states that innovation are the motivation to seek temporarily monopoly profit. The second view which less popular is financial intermediary play a vital role in economic growth because of the fact that these financial intermediaries provide fund to the entrepreneur for their innovative activity and facilitate development of new product in the market. Previously the economist such as (Schumpeter, 1911) and (Walter Bagehot, 1873) emphasize the role of banking system in economic growth. Beside this historical emphasize on banking system there are few researches on the relationship between stock market and long run growth. Therefore (Levine and zervos, 1998) focused on stock market by using 47 countries data from (1976 -1993). The study empirically investigates whether banking and stock market indicators are strongly correlated with the current and future rate of economic growth, capital accumulation and productivity growth. Te evidences are consistent with the views that service provided by financial institution and markets are noteworthy for long run growth as argued by (King Levine, 1933) finally the study summarizes that financial environment plays crucial role in the economic growth process. In recent papers by (Rajan and Zingales, 1998) contribute to the finance and growth literature by examining whether industrial sector requiring external finance, in countries with well developed financial markets grow faster compared to those less developed financial market. The results are consistent with the theory that financial markets and institution reduce the cost of external finance. For firms and promote industrial growth a emphasized this would imply that an industry in need of external finance such as pharmaceutical grow relatively faster than tobacco industry requires little external finance in countries with well developed financial system Rajan and Zingales ,1998. Similarly Demirguc-kunt and Maksimovic, 1966 found consistent results with Rajan and Zingales, 1998 that firms in countries with well functioning banking system and equity markets grow faster than it was predicted to sum up the study suggest that financial development may cause the rise of new firms and can improve the growth indirectly and also finding provide evidence that financial market imperfection have an important role in on investment and growth. Moreover, some economists just do not believe that the finance-growth relationship is important. Robert Lucas (1988, p. 6) asserts that economists badly over-stress the role of financial factors in economic growth, while development economists frequently express their skepticism about the role of the financial system by ignoring it (Anand Chandavarkar 1992). The link between liquidity and economic development arises because some high-return projects require a long-run commitment of capital, but savers do not like to relinquish control of their savings for long periods. Thus, if the financial system does not augment the liquidity of long-term investments, less investment is likely to occur in the high-return projects. Indeed, Sir John Hicks (1969, pp. 143-45) argues that the capital market improvements that mitigated liquidity risk were primary causes of the industrial revolution in England. The critical new is capital market liquidity. With liquid capital markets, savers can hold assets-like equity, bonds, or demand deposits-that they can sell quickly and easily if they seek access to their savings. Simultaneously, capital markets transform these liquid financial instruments into long-term capital investments in illiquid production processes. With liquid capital markets, savers can hold assets-like equity, bonds, or demand deposits-that they can sell quickly and easily if they seek access to their savings. Simultaneously, capital markets transform these liquid financial instruments into long-term capital investments in illiquid production processes. Informational asymmetries and transaction costs may inhibit liquidity and intensify liquidity risk. These frictions create incentives for the emergence of financial markets and institutions that augment liquidity. Liquid capital markets, therefore, are markets where it is relatively inexpensive to trade financial instruments and where there is little uncertainty about the timing and settlement of those trades. Before delving into formal models of liquidity and economic activity, some intuition and history may help motivate the discussion. Demirguc kunt and Levine; 1996 identifies the relationship between stock market development and financial intermediary development. They find that better developed stock markets also have better developed financial intermediaries. Levine and Zervos; 1998; proposes that liquidity of the stock market is significantly correlated with current and future rates of economic growth. They also discovered that stock market liquidity and banking development significantly predict future areas of growth. Demirguc kunt and Levine, 1996; investigated the relationship between stock market development and financial intermediary development they also found that those countries having well developed stock markets have better developed financial intermediaries. Therefore they concluded that stock market development goes hand in hand with financial intermediary development. The financial development and its impact on new firms creation are investigated by (Beck, Demirguc-kunt and Levine, 2001) and the impact of economic development and financial structure on industry growth are examined by using country industry panel based on work by Rajan and Zingales, 1998 it is questions that whether industries that heavily depend on external finance grow faster in market or bank based financial system. Whether the level of financial development is a matter for economic development , beck Demirguc kunt and Levine, 2001 found that the banks non banks financial intermediaries and stock market are larger more active and more efficient in richer countries. These characteristics of financial system develops as countries become wealthier also the result indicates that while countries become wealthier stock markets become more active and efficient relative to the banks the more important finding of the article is that externally dependent industries grow relatively faster in countries with better developed financial systems which is consistent with the financial services view predicting that industries that dependent on external finance grow faster in economies with a higher level of financial development grow relatively faster in countries with better developed financial systems, which is consistent with the financial services view predicting that the industries that dependent on external finance grow faster in economies with a higher level of financial development. Further to their research by using 44 industrial and developing countries they investigated that institutionally developed market with strong information disclosure laws, international accounting standards and unrestricted capital flows are larger more liquid markets with less volatility and are internationally integrated with smaller markets. (Levine and Renelt, 1992; Arestis and Demetriades, 1997; Luintel and khan 1999) regarded the presence of endogeneity which weakens the estimated effect of stock market indicators (Harris, 1997) as in case of cross country regression to establish the relationship between stock market development and economic growth. Thus our results may be indirectly valuable for less developed economies in way that may help policy decision relating to the adoption of specific types of financial system. Informational asymmetries and transaction costs may inhibit liquidity and intensify liquidity risk. These frictions create incentives for the emergence of financial markets and institutions that augment liquidity. Liquid capital markets, therefore, are markets where it is relatively inexpensive to trade financial instruments and where there is little uncertainty about the timing and settlement of those trades. The ability to acquire and process information may have important growth implications. Because many firms and entrepreneurs will solicit capital, financial intermediaries, and markets that are better at selecting the most promising firms and managers will induce a more efficient allocation of capital and faster growth (Jeremy Greenwood and Boyan Jovanovic 1990). Bagehot (1873, p. 53) expressed this view over 120 years ago. Acquiring Information about Investments and Allocating Resources It is difficult and costly to evaluate firms, managers, and market conditions as discussed by Vincent Carosso (1970). Individual savers may not have the time, capacity, or means to collect and process information on a wide array of enter-prises, managers, and economic conditions. Information acquisition costs create incentives for financial intermediaries to emerge (Diamond 1984; and John Boyd and Edward Prescott 1986). Assume, for example, that there is a fixed cost to acquiring information about a product-ion technology. Without intermediaries, each investor must pay the fixed cost. In response to this information cost structure, however, groups of individuals may form (or join or use) financial intermediaries to economize on the costs of acquiring and processing information about investments. Information costs, however, may also motivate the emergence of money. Because it is costly to evaluate the attributes of goods, barter exchange is very costly. Thus, an easily recognizable medium of exchange may arise to facilitate exchange (King and Charles Plosser 1986; and Williamson and Randall Wright 1994). The financial systems ability to provide risk diversification services can affect long-run economic growth by altering resource allocation and the saving rates. The basic intuition is straightforward. While savers generally do not like risk, high-return projects tend to be riskier than low-re-turn projects. Thus, financial markets that ease risk diversification tend to induce a portfolio shift toward projects with higher expected returns (Gilles Saint-Paul 1992; Michael Devereux and Gregor Smith 1994; and Maurice Obstfeld 1994). Furthermore, a growing literature shows that differences in how well financial systems reduce information and transaction costs influence saving rates, investment decisions, technological innovation, and long-run growth rates. If we will consider the discussion exist on the relationship between the financial system and economic growth; financial markets development is always considered as pivotal element for growth of economy through the diverse contribution of stock markets and banks. Stiglitz (1985) argues that, because stock markets quickly reveal information through posted prices, there will be few incentives for spending private resources to acquire information that is almost immediately publicly available. The absence of financial arrangements that enha

The change kaleidoscope

The change kaleidoscope Table of content Introduction Describe the strategic change context in 2002, at the start of the change process at Faslane. You should apply Balogun and hope Hailey’s change Kaleidoscope and discuss your findings. You should also briefly describe the type of change (use Balogun and hope Hailey’s type of changes model). You may additionally use any other relevant academic reading to develop and support your ideas. 1.1 Balogun and hope Hailey’s change Kaleidoscope. 1.2 The kaleidoscope Change Kaleidoscope 1.3 The contextual features of change in Faslane , (Kaleidoscope Model ) 2. Compare and contrast the internal features of the organizational when it was run by the MOD and Royal Navy (Up to 2001) with when it was run by Babcock Marine (2002-2010). You should apply McKinsey’s Seven S framework (do this twice – once for ‘up to 2001’ and once for 2002-2010) and discuss your findings. What, for example, where the most significant differences? You may additionally use any other relevant academic readings to develop and support your ideas. 2.1 McKinsey’s Seven S framework 2.1.1 Importance of McKinseys Seven S structure 2.1.2 McKinsey’s Seven S framework 2.2 Faslane run by the Royal Navy and MOD (up to 2001) 2.3 Falsane run by the Babcock Marine (2002-2010) 3.Critically evaluate the Faslane change using Kotter’s change steps. 4.Would you describe the strategic change process at Faslane as more â€Å"intended† or more â€Å"emergent†? You should use examples from the case and relevant academic reading to support your answer Conclusions Introduction The main aim of this paper is to focus on the strategic changes at Faslane from different perspectives of the Babcock marines and the Ministry of Defense (MOD). The objective is to understand the change and the studies of strategic leadership. Taking into consideration a number of different theories and models to analyze internal and external influences of the organization. In the year 2002 Faslane which was previously managed jointly by the Ministry of Defense and the Royal Navy decided to partner with Babcock Marine, a private sector company. The main aim of such partnering agreement was for the purpose of reducing cost and improving their services. Babcock Marine was given the responsibility to save the cost as well as to improve their operational effectiveness. They were given a target of  £76 million saving within five years. With a significant change Faslane was able to achieve the target and was considered best. Describe the strategic change context in 2002, at the start of the change process at Faslane. You should apply Balogun and hope Hailey’s change Kaleidoscope and discuss your findings. You should also briefly describe the type of change (use Balogun and hope Hailey’s type of changes model). You may additionally use any other relevant academic reading to develop and support your ideas. Balogun and hope Hailey’s change Kaleidoscope Change Kaleidoscope was produced by Hope Hailey Balogun (2002) to be a method for pulling together and arranging the extensive variety of logical highlights and usage choices that require thought amid change. In this sense Change kaleidoscope is even more a model than a strategy, however it is usable instrument for conceptualizing the way of progress. By its plan, the model speaks to an exhaustive system which manages the greater part of the variables that the creators regarded noteworthy by the writing. The kaleidoscope model was utilized interestingly to reflectively investigate a change project embraced in a first pharmaceutical organization. The kaleidoscope contains an external ring which is concerned with the highlights of the change setting that can either empower or oblige change, and an inward ring that contains the menu of usage choices open to change specialists. Comprehension of the context oriented highlights empowers change specialists to judge the fittingness of any methodology for their specific setting. 1.2 The kaleidoscope Change Kaleidoscope The kaleidoscope Change Kaleidoscope theory was developed by Hope Hailey Balogun has three rings: The outer ring relays to the broader strategic adjustment context. The central ring relays to specific contextual issues that need to be considered when expressing a revolution plan. The internal circle gives a set of choices of selections and interferences, design selections obtainable to change. Time -How rapidly is change required? Is the association in emergency or is it concerned with longer-term vital improvement? Scope -What degree of change is needed? Does the change affect the whole organization or only part of it? Preservation -What authoritative resources, attributes and practices need to be kept up and secured amid change? Diversity -Are the diverse staff, expert gatherings and divisions inside the association generally homogeneous or more various as far as qualities, standards and disposition? Capability -What is the level of authoritative, administrative and individual capacity to execute change? Is there a need to enhance this ability before the change methodology can be begun? Capacity -How much asset can orgnaisation INVEST in the proposed change as far as money, individuals and time? Readiness for change How prepared for change are the representatives inside the association? Is it accurate to say that they are both mindful of the requirement for change and roused to convey changes? Power -Where is the force vested inside the association? What amount of scope of carefulness does the unit expecting to change and the change pioneer have? 1.3 The contextual features of change in Faslane , (Kaleidoscope Model ) 2. Compare and contrast the internal features of the organizational when it was run by the MOD and Royal Navy (Up to 2001) with when it was run by Babcock Marine (2002-2010). You should apply McKinsey’s Seven S framework (do this twice – once for ‘up to 2001’ and once for 2002-2010) and discuss your findings. What, for example, where the most significant differences? You may additionally use any other relevant academic readings to develop and support your ideas. 2.1 McKinsey’s Seven S framework The McKinseys Seven S structure grew by well-known business specialist Robert H Waterman Tom Peters in 1980. McKinseys Seven S system is an administration model which incorporate Strategy, Structure, Systems, staff, style and style. McKinseys Seven S structure is habitually utilized as an Organizational examination instrument to quantify and screen changes in the inward state of an association. 2.1.1 Importance of McKinseys Seven S structure †¢ Examine the execution of an organization. †¢To rearrange authoritative change. †¢ To close how best to actualize arranged technique. †¢ Inspect the probable impacts of inevitable changes inside an organ 2.1.2 McKinsey’s Seven S framework Mainly McKinsey’s Seven S framework can be divided in to two major categories, they are hard elements and Soft Elements Strategy – The plan formulated to continue and build competitive benefit over the competition. Over-all, strategy is the one that’s obviously expressed, is long-term, helps to grasp competitive benefit and is reinforced by sturdy vision, mission and values. Structure Strategy signifies the way business divisions and units are planned and contains the data of who is responsible to whom. In other words, structure is the organizational map of the firm. It is also one of the most noticeable and easy to change fundamentals of the framework. Systems – Systems are the methods and actions of the organization, which expose business’ regular happenings and how choices are made. Systems are the zone of the firm that concludes how business is done and it would be the main attention for managers through organizational adjustment. Shared values – Share values can be highlighted as the core of McKinsey’s Seven S framework. Shared values are generating an organization that admirations each and every worker, committed to the environment and constantly attempts for waste elimination and perfection in everything it does. Skills Skills are the capabilities that firm’s workers accomplish very well. They also contain competences and capabilities. During administrative conversion the question often rises of what skills the company will really necessity to strengthen its fresh strategy or different construction. Staff – The general meaning of staff is the employees and their general competences. Staff component is apprehensive with what type or how many workers an organization will require and how they will be employed, educated, encouraged and satisfied. Style Style signifies the way the company is control by top managers and how they intermingle, what movements do they take and their representative value. In addition style is the administration style of company’s leaders. 2.2 Faslane run by the Royal Navy and MOD (up to 2001) 2.3 Falsane run by the Babcock Marine (2002-2010) Critically evaluate the Faslane change using Kotter’s change steps. Establishing a sense of urgency Faslane needed prompt change so Babcock assumed control over the administration framework and continue for change. They need to decrease cost and enhance operation proficiency without influencing administrations to Navy. Creating the guiding coalition They urge staffs to impart thoughts and insight additionally give energy to make own gathering and arrangement for division. They lessens administration layer to 4. Developing a change vision They make focus to attain to 76 million of expense sparing in 5 years period without influencing the administrations gave to the Navy. They help and bolster representatives to embrace the change process. Communicating the vision of buy in Babcock Marine decrease administration layer to 4and make association structure straightforward. They completely bolster representative for change and make a point to accomplish the association objective. Empowering broad based action They decrease political interference and administration layer. They likewise evacuate the trepidation of representatives for change process. Experience workers for change methodology were brought so that other existing representatives of Faslane will embrace change rapidly. Generating short term wins They effectively actualize change in low level and change impression of worker that change methodology is for good. They enhance execution and quality in administrations. They additionally break their 5 years plan and make yearly target which was to attain to 3 million however they had the capacity accomplish 14 million. Never letting up Babcock Marine discover positive change after lessen in worker view of apprehension and administration layer. New administration style was ideal to accomplish the focus of association. Incorporating changes into the culture The new administration and administration for Faslane was accomplishment to meet target. They enhance the quality and administrations for client. Thus, Faslane got opportunity to oversee whole UKs submarine armada. Would you describe the strategic change process at Faslane as more â€Å"intended† or more â€Å"emergent†? You should use examples from the case and relevant academic reading to support your answer Emergent Faslane was in requirement for quick change, so in 2002 they cooperate with Babcock Marine with understanding of acquiring positive change entire association. They have an arrangement to attain to  £76 million of expense sparing in five years of period without influencing the administrations gave to the Navy. Meanwhile for accomplishing their targets they apply distinctive expected and new technique according to needed. Change was not simple for Babcock in light of the fact that at first the client was not to support them. So to change individuals outlook Babcock begin to spurring for change as their acquiring was taking into account the sparing of the expense. Babcock urges to impart new thoughts and insight through entire day exchange. Babcock was knowledgeable about change process they knew the things need to decrease and enhanced in Faslane. They reengineer the structure of an association. By decreasing the administration layer from 7 to 4 they were accomplishment to decrease c ost and enhanced operational adequacy without influencing in nature of administrations. They concentrate on straightforward correspondence through and through level of administration. They decrease around 400 full-time equal posts. From distinctive explanatory apparatuses used to examine for inward and outside change environment make us straightforward the particular change prepare in Faslane. Babcock has admirably utilized their experience and method for change process which make them accomplishment to attain to their target furthermore more than desire CONCLUSION The contextual analysis demonstrated that particularly amid times of progress a trade of expertise is indispensable. This exchange must happen in the middle of new and experienced workers, generalists and experts, et cetera. Likewise, it got to be clear that cost decreases and administration upgrades are conceivable in the meantime. What is required is a reasonable objective (key pioneers obligation), a certain independence for representatives (constrained self-rule is liable to be ineffectual because of long choice making techniques) and the incorporation of every single influenced partner in the change process (clients, workers, nearby group, and so forth if there should be an occurrence of Faslane). Faslane has possessed the capacity to consent to all the five components of Successful and viable key authority. It had the capacity impart associations motivation to all the partners. It was additionally fruitful in keeping up moral standard and overseeing HUMAN RESOURCES. With its great execution, it had the capacity meet its target and had the capacity deal with the whole UK submarines armada. Proof for this administration style being successful can be seen in the choice that Faslane would turn into the home base for atomic submarines as well as for the whole UK submarines armada which means up to 2000 more JOBS. Faslane was extremely intriguing contextual investigation and considered associations MANAGEMENT and by what method can shrewd changes influence everything. Referencing A. Franken, C. Edward, and R. Lambert, ‘Executing Strategic Change’, California Management Review, (2009), pp. 49-71. Lynch, R., (2009) Strategic Management, 5th Edition, Prentice Hall J. Kotter, ‘What leaders really do’, Harvard Business Review, December (2001) Johnson, Gerry, and Kevan Scholes. Exploring Corporate Strategy. London: Prentice Hall Europe, 1999. Print. Johnson, Gerry et al. Integrated Business Applications. Frenchs Forest, N.S.W.: Pearson Australia, 2013. Print. Kotter, and Kotter International. The 8-Step Process for Leading Change Kotter International. Kotter International. N.p., 2015. Web. 3 Apr. 2015. Kotterinternatinal . 2014. The 8-Step Process for Leading Change. [ONLINE] Available at: http://www.kotterinternational.com/the-8-step-process-for-leading-change/. [Accessed 22 April 15]. Ambrosini, VeÃÅ' ronique, Gerry Johnson, and Kevan Scholes. Exploring Techniques Of Analysis And Evaluation In Strategic Management. London: Prentice Hall Europe, 1998. Print. 1

Explore Jane Austen’s attitude to marriage in Pride and Prejudice Essay

Explore Jane Austen’s attitude to marriage in Pride and Prejudice Looking at the social, historical and cultural context In the 19th century when Austen wrote ‘Pride and Prejudice’, the way in which marriage was viewed was very different. It would have been expected of a young woman to find a ‘suitable’ partner for marriage before they were thirty, as after this they could be seen as an embarrassment to their family. By suitable, it does not mean in the way in which marriage is viewed today. Today marriage is seen as an expression of deep love and respect for another person. In Austen’s time, a ‘good’ marriage was seen to be one where wealth and social status of the man and woman were socially suitable. There was very little, if nothing at all based on a good love match. This can be seen in Austen’s opening statement, ‘it is a truth universally acknowledged, that a single man in possession of a good fortune must be in want of a wife.’ Austen’s use of irony immediately indicates that she does not agree with this popular view of her time. Austen’s views are depicted throughout the book through the thoughts of characters, especially through the main character, Elizabeth Bennet. They seem to share the same view that social suitability is not enough for marriage, but it should be based on love and understanding. For Austen to hold this opinion in the time that she lived shows she was ahead of her time, as her opinion is the common view among today’s modern society. Austen illustrates two main examples of the ‘ideal state’ of marriage. These can be seen through the relationships and eventual engagements of Bingley and Jane, along with Elizabeth and Darcy. The way, in which Austen portrays these two relati... ...and compatibility and the feelings of the two people involved, were not high on the priority list for a good, successful marriage. However Austen thought this should be the other way around, as she believed that love and compatibility are one of the most important aspects of a good marriage and that money and social status should only play a part in marriage, not decide it. This can be seen where she shows her personal feelings towards each different type of marriage shown. In the marriages she sees as being ‘good’ marriages, we can assume that they will be happy when the marriage has been based on a balance of their personalities and their love. Throughout each she continually stresses the importance of love, equality and compatibility in a marriage. The reader is shown the alternatives to this, in both the positive and negative consequences of marriage.

Emotional Appeal Used in Visual Advertising Essay -- essays research p

In almost any commercial you watch today, you will notice that they rarely tell you something about the product being sold. Neil Postman stated, â€Å"The television commercial is not all about the character of the product to be consumed. It’s about the character of the consumers of products† (128). I find this very true. Commercials combine the use of sight, sound, color, motion, and often humor to put forth an effective message. Within a short period of time, these advertisements can capture one’s attention and convince one to buy their product. It doesn’t matter if the product has value, as long as the advertisers are able to make a consumer believe it does. Playing off of emotions is one of the most effective ways to lure people in because you can’t refute emotions. Commercials can effectively manipulate and create false perception using emotional appeal to further benefit the advertiser.   Ã‚  Ã‚  Ã‚  Ã‚  Television commercials are a persuasive form of communication. One sees tons of images of famous people, breath-taking scenery, fun vacations, and of happy families spending quality time together. But what is this telling a consumer about the product? It tells those who may buy them about their own fears, insecurities, anxieties, and dreams. They do this by constantly reminding them that their lives could be better if they buy this or that. These images are used for psychological purposes and to play off of emotions because we are emotional beings. People respo...

Events Management Case Study Big Day Out Essay

Conflicts of Interest and communications between founding partners Ken West and Vivian Lees can lead to internal organisational issues for example misguided and confused management, which could potentially hinder the whole event. (2) Host Community and Event Location: Big day out at the moment have a negative relationship Claremont council with the current councillor and mayor both believing that the music festival bringing more negatives to the region then positives. This also generates bad media for the event displaying it, as â€Å"detrimental† to the community and that it should relocate from the showgrounds. As the showgrounds is the only location in Perth that can safely house 40,000 people and is also close to public transport. Relocating to a more isolated and smaller venue would disinterest punters with greater cost of going to the venue and also a lower cap on ticket sales, which will lead to less revenue and inspire greater scalping margins. (3) New Management: With Lees leaving the event, Big Day Out management have to manage their first event working with new co managers C3 Presents. This is an issue because they will bring new techniques used over in America in the management of Lollapalooza which whilst being possibly effective, if the existing Big day out management isn’t dynamic, confusion and conflict could occur jeopardising the whole success of the event. (4) Maintaining Quality of event: Big Day Out organisers are under a lot of pressure to maintain the quality of the line up while dealing with higher and higher asking prices from headline performers, this makes it harder to obtain a higher number of â€Å"big name† acts as the event use to draw as the asking price of performers has risen greatly. Also because in previous years the Event has scored good quality bug name acts such as Nirvana, for a decent price, the pressure is on for the event to deliver equal too or greater than standards year after year. (5) Financing and Ticket Sales: Financing and Ticket Sales are somewhat complimentary in this case because even though BDO managers paid a lot to get headliner Kanye West it was not enough to spark the required ticket sales, not to mention cutting the line up for the Western and South Australia shows and abandoning New Zealand. Without high Ticket sales there is less profit and therefore lower finances to support the next years bill resulting in less headliners and less ticket sales. If C3 Presents had not bought into BDO this could have been the start of a relentless cycle for BDO, which could have resulted in its demise. (6) Competition: Apart from higher asking prices from performers, bidding against other events such as future and soundwave for headliners makes the asking price even higher. This can then determine who headlines which event, which can turn into a competition for punters. With the main demographic of music festivals being young low-income earners, generally they have to decide which one summer festival they would like to attend. This decision is generally made from how many big acts are on the line up. (7) Fan Loyalty: After completely scrapping the New Zealand leg of the even and cutting some headline acts fro the South and Western Australian legs of the event, Big Day Out managers have to work really hard to keep a loyal fan base and try make the regrettable cuts have as less impact as possible on the events fan bas and ticket sales. Will punters trust Big Day Out if it returns to New Zealand and will Western and Southern Australians pay the same price as the east coast for less of an event? (8) Bad Media: Big Day Out has recently come under fire from Claremont Councilman Peter Browne stated to the media â€Å"The benefits of such concerts are hopelessly outweighed by the intolerable noise, the late finish, the high level of criminal activity and general social misbehaviour in and outside of the grounds. This inspires a bad relationship with Big Day Out and the media because such a quote can trigger the media to produce stories that correlate the big day out with public disruption, un happy residence, criminal behaviour and delinquent youths. Which are all damaging to Big Day Outs’ public image. 3. What alternatives would you offer when recommending solving three of your major issues that you found in question 2? Be detailed in your answer. (10 marks each = 30 marks in total) (1) New Management- The Intro duction of C3 Presents to the management team of Big Day Out could be one of the best or worst things to happen to event. To ensure that it is a good thing a smooth integration must occur. Existing management must be willing to be dynamic and open to change whilst still employing standards and techniques that have shaped Big Day Out into what it is renowned as. Because C3 has shown to be very successful with Lollapalooza in the states they should be given quite a bit of control but given direction not to totally re shape the festivals image jeopardising its reputation and loyal fan base. C3 can bring a lot of good management traits to the table with the main two being effective HR and also industry contacts. With lollapalooza being such a large and successful even the managers at C3 Presents have been able to develop exception management and HR skills which would help BDO excel. The Managers at C3 would also have excellent contacts allowing possibilities for international growth and exposure, not to mention contacts with talent agents, managers and performers which leads to my next recommendation. (2) Competition – With Managers from C3 Presents at the helm of BDO the event can now excel in getting big name headliners at better prices and also reduce the risks of being out bid by other festivals such as Soundwave and Future Music. This is because of C3’s buying power and contacts. C3 can use past contacts from Lollapalooza to invite headline shows from their American festival to also tour as part of BDO. Almost every main headliner that has played BDO in the past has played at Lollapalooza and contract deals could be made where some headliners get paid to play both festivals, also knowing C3’s reputation acts could be inclined to take lower offers to play the event due to exposure and the chance to be asked to play at Lollapalooza after BDO. 3) Host Community – Although most venues are welcoming to the event, Claremont Council forced the event to relocate last year to Victoria Park. This venue is smaller and more isolated then the previous location of Claremont Showgrounds. To reclaim the Showgrounds as the venue for Big Day Out relationship with the mayor, council and local residents need to bee improved. Making the event more sustainable is a start as then there would be less environment al impacts on the venue itself. Improved Crowd controlling would also play in favour as most complaints come from how patrons of the event act outside the venue before and after. More external security and police presence should be employed after the event to make sure that public nuisance is reduced to a minimum and that the neighbouring community is kept safe. If the BDO managers can prove that they have a fortified and planned event that minimising impact on the host community they may have a chance of re hosting the event at the Claremont showgrounds, which would result in higher ticket sales due to the size and capacity of the venue. 4. Identify at least five main differences between marketing a product and marketing an event such as BDO (5 marks). Discuss and analyse five only in detail. (5 marks) (1) Lifetime of Marketing – The marketing of an event is only relative in its marketed regions until the event has ended and is marketed months before tickets go on sale sometimes even up to a year before the event is held. Marketing lifetime for a product is different because only some products are marketed before they are actually on sale and lifetime depends purely on the type of the product where the lifetime of a market campaign of events is generally similar. 2) Use of Media – Events are mainly marketed through newspaper magazines, social media and Internet, billboards and flyers with less frequent television advertisements. Products on the other hand generally have a lot more TV and catalogue advertisements placed. (3)Type of Marketing- Event marketing is normally very forward and will show part of an event or samples performers and activities where product marketing is generally more creative in use of characters, settings and narratives to help personify the inanimate objects. 4) Marketing Events – Events marketing especially in the case of music festivals employ the use of pre-events, for example stereosonic music festivals has a number of launch parties in venues with copious amounts of ticket and merchandise giveaways, this generates a lot of hype about the event and can increase ticket sales. Product marketers on the other hand generally don’t hold a lot of â€Å"Launch Party† type events to create hype and increase sales; although promotions are employed they are more of a rarity in product marketing. 5) Repetition of campaign – Events will use the same advertisement for the life of the campaign where several different advertisements can be produced to market one product 5. When it comes to planning for an event such as BDO, list at least ten aspects that event organisers need to take into account? Be as specific as you can. (10 marks) 1. Human Resources and Management. 2. Location of event 3. Marketing of Event 4. Auditing and Bidding for the Event 5. Event Insurance and Liability 6. Crisis Control and Crowd management 7. Sustainability 8. Host Community 9. Stakeholders 10. Financing and Sponsorship . From question 5, choose two aspects and go into detail with specifics relative to BDO. Topics can be chosen from the first 4 weeks of lecture topics and readings. (10 marks each = 20 marks in total) Sustainability of Big Day Out: In today’s day and age sustainability is one of the most important aspects in large scale event planning. Sustainability reduces the environment al impact of an event, which as a hole reduces the carbon footprint, reduces rubbish and waste litter, leaves less impact on the venue flora and fauna and also helps generate positive media and perception about the Event. Below I have listed ideas in detail, which would help make Big Day Out a more sustainable Event; Mobile App – This would include an E ticket QR code, event timetable and also an interactive music trivia app about the festivals band (to encourage use). This is app would reduce the use of printed tickets and timetables. Public Transport Tickets – Include public transport in the cost of ticket (as used for Suncorp Stadium events) reduce the amount of people who drive and cab to the event. Cup system- Make a system where either for every 6 cups you pick up off the ground and return you get a free refill or introduce a system where if you hold onto your cup you pay a cheaper rate for refills. Recyclable products – Make sure all disposable goods available from vendors, besides merchandise, are recyclable and have majority of bins at the festival recycle bins. Human Resource Management- Human resource management at a large-scale event has to be employed exceptionally for the event to run as smoothly and risk free as possible. The importance of HR’s contribution to the successfulness of events is shown through precedent such as case studies of the Sydney Olympics, which was deemed to be the most successful Olympics ever. For BDO managers and HR staff would be employed professionally, hopefully using staff from previous years. General vendors bar and cleaning staff would all be qualified volunteers working intermittent shifts allowing them to enjoy the festival after there shifts as there pay. A free festival ticket for a few hours work should be enough incentive to keep the workers motivated. Those who work till end of event would have monetary incentive, also enthusiastic employed managers should be able to keep their workers motivated. Crowd Controllers would be professionally hired, preferably those with experience, although they ask a higher wage one experienced festival crowd controller would be more beneficial then three rookies thrown into the mist of the Big Day Out. Police and professional Medical team will also be employed as per state law requirements.