Countering Terrorism Essay Example | Topics and Well Written Essays - 1750 words

Countering Terrorism - Essay Example Different quotas have used different methods trying to stop terrorism all over the world. In essence, the counter terrorism procedure incorporates both the exposure of potential acts and the reaction to related events (Maras, 2012). Counter terrorism is known to include standard police and domestic intelligence. It has both traditional and modern technology. In terms of traditional methods, there is interception of communication and tracing of persons. On the other hand, the new technology entails the range of military and law enforcement operations (Crenshaw, 2010). It is a common occurrence that terrorism has continued to cause pain and suffering on the lives of people all over the world. In fact, every single day does not go down without the act of terrorism being detected in a particular part of the world, as having affected innocent people who happen to be at the wrong place at the wrong time, this is one of the many unfortunate cases that has raised interest in one of the most renowned international defenders of Human Rights organizations, the United Nations, an agenda that is been discussed currently. According to Hughes, et al 2011, the impact of terrorism on human beings has devastating consequences especially on the right to life, liberty and physical integrity of the victims. Additionally, terrorism destabilizes most governments, undermine the freedom of civil society, tampers with peace and security in the conflict zones, as well as, those surrounding them, and further threatens the social and economic development of nations a factor that is tagged on the impact of enjoying human rights. Governments obligation such as security and protection of individuals, which is a basic human right is not respected as expected (Crenshaw, 2010). In the past years, numerous methods have been used by governments and states towards the curbing of terrorism. However, a high percentage of these measures and methods have continually posed challenges to human rights and the rule of law. In fact, some of these states have engaged in human torture and other ill treatments to counter terrorism disregarding the legal and watchdogs that have been put in place to prevent torture. Maras, 2012 argues that, other states and governments have deported suspected persons of engaging in terrorism to their mother countries where they are subjected to excessive torture, over and above, human rights abuse that is directly associated to violation of international legal obligations. Needless to mention, independence of the judiciary had been ignored and undermined by a substantial number of states and governments while the use of special courts to handle suspected persons of terrorism have seriously impacted the normal running of the general court processing. Some of the developing states and government have used resources that are allocated for social programmes and economic development for the security purposes, a situation that has affected the economic, social a nd cultural rights to many. Principally, combating terrorism has been hugely associated with the use of military, human torture, and the abuse of human rights. Apparently, it is essential that states and government should begin using other methods other than military engagement to stop terrorism all over the world. Crenshaw 2010 asserts that some of these methods include; counter terrorism strategy for

Agricultural Wage †Productivity Relationship Analysis

Agricultural Wage – Productivity Relationship Analysis A STUDY ON AGRICULTURAL WAGE – PRODUCTIVITY RELATIONSHIP WITH REFERENCE TO GROUNDNUT CROP IN CHITTOOR DISTRICT (ANDHRA PRADESH) Dr. E. Lokanadha Reddy, Abstract— The increase in production and productivity are influencing agricultural wages. But the results of empirical studies have shown a positive relationship between real wages and productivity. It is also observed that the real wages seem to have declined or remained stagnant in spite of increasing agricultural production. However, a close relationship may be found between wages and productivity. There are number of studies on the agricultural sector in Chittoor district. But the research on agricultural wage – productivity relationship is very limited. This paper aims to study the Agricultural Wage – Productivity Relationship with reference to Groundnut crop in Chittoor district, Andhra Pradesh. An attempt has been made to study the relationship between wages and yield, output price of major crop ‘Groundnut’ for entire district as a whole. A regression model is used to study the relationship. In the present study, the relevant secondary data fo r explanatory and explained variables is collected from the Census of India 1991 : Population Census and also from handbook of statistics and other unpublished official records of the Chief Planning Officer, Chittoor. The primary data required is collected through field survey : 1998-99. In case of female agricultural labour, regarding the lagged yields, the rate of increase in real wages (0.19) is twice as compared to that of money wages. This increase in real wages over money wages reveals that the economic position of the female agricultural labour may be increased due to raise in lagged yields. Owing to the lagged price, the rate of increase in real wages of female agricultural labour (0.39) as compared to the female agricultural money wages (1.41) is approximately one forth. This result shows that about 3/4th of the monetary gains of the female agricultural labour has been taken away by consumer price rise. From this rate of increase in real wages, it may be concluded that the real economic position of the female agricultural labour has been deteriorated marginally. The same variables for the male population is studied and analysed . Further, the same was calculated separately for the three revenue divisions of Chittoor District. Keywords- Agricultrual Productivity; Female Money Wagerate; Female Real Wagerate; Male Money Wagerate; Male Real Wagerate; Regression Co-efficients; I. Introduction The term agricultural productivity we mean the varying relationship between the agricultural output and one of the major input such as land. The most commonly used term for representing agricultural productivity is the average yield per hectare of land. After the introduction of modern agricultural technique along with the adoption of hybrid seeds, extension of irrigation facilities and application of intensive methods of cultivation in India, yield per hectare of all crops has recorded a steep rising trend. Agricultural productivity in India has undergone an abrupt change in the Post-Green Revolution period. But the fruits of green revolution were mostly available to some particular states only, as the introduction of new agricultural strategy was very much restricted into some particular states like Punjab, Haryana and Western Uttarpradesh. Thus while the agricultural productivity in all other states remained more or less static or increased slowly but the agricultural productivity of some crops in those particular states adopting new agricultural strategy has increased substantially. All these had led to a high degree of inter-state differences in agricultural productivity in the country. The condition of Indian agriculture still largely remains backward although it is considered as the backbone of the Indian economy. Agriculture productivity which is composed of both productivity of land and labour as well, is among the lowest in the world. Average yield per hectare in India is quite below the world average in all crops. It is much lower as compared with even the yield rates prevailing in less advanced countries of the world. With the introduction of economic planning in India, although some steps have been undertaken for improving the conditions of agriculture, its conditions have not changed much. In subsistence farming, the relation between wages and productivity is not like that in the modern sector where additional labour is employed to increase output and we imagine an employer equating wages with the marginal product. Wages and productivity are related in the sense that wages are paid out of total product, which depends upon productivity. The increase in production and productivity are influencing agricultural wages. But the results of empirical studies have shown a positive relationship between real wages and productivity. It is also observed that the real wages seem to have declined or remained stagnant in spite of increasing agricultural production. However, a close relationship may be found between wages and productivity. There are number of studies on the agricultural sector in Chittoor district. But the research on agricultural wage – productivity relationship is very limited. Hence an attempt is made to study the Agricultural Wage – Productivity Relationship with reference to Groundnut crop in Chittoor district, Andhra Pradesh. II. OBJECTIVES The following is the objective of the study: To study the Agricultural Wage – Productivity Relationship with reference to Groundnut crop in Chittoor district, Andhra Pradesh. III. METHODOLOGY An attempt has been made to study the relationship between wages and yield, output price of major crop ‘Groundnut’ for entire district as a whole. Therefore the following regression model is proposed to study the relationship. Y = a+ b X1 +c X2 (1) Where, Y = Real/money wagerate X1 = Lagged yield (Quintals per hectare) X2 = Lagged price (Rs. Per quintal) a, b and c are the constants. Both the linear and log-linear models have been estimated to the above model and it is decided that the log – linear model yields good results. Hence, the analysis has been carried out to log – linear model only. The log – linear model is as follows : logY = a+ b logX1 +c logX2 (2) In the present study, the relevant secondary data for explanatory and explained variables is collected from the Census of India 1991 : Population Census and also from handbook of statistics and other unpublished official records of the Chief Planning Officer, Chittoor. The primary data required is collected through field survey : 1998-99. IV. FINDINGS It is proposed to study the relationship between wages with yield and output prices per quintal of groundnut. Between the linear and log-linear estimates; log-linear model gives better results than the linear estimates. The equation (2) given in the methodology is estimated. The results were analysed based on log-linear estimates for the entire district as a whole. The estimated regression equation for female money wagerate is Y = -7.2169 + 0.0821 X1 +1.4356* X2 (0.2840) (0.1258) R2 = 0.9064 , F = 76.8136* * Significant at 5 per cent probability level. The two estimated regression co-efficients of lagged yield (X1) and lagged price (X2) are positive. It means, the effect of these two variables on money wagerate (Y) is positive. An increase in these two variables will increase the female money wagerate in Chittoor district. An increase in one unit of lagged yield will increase the female money wagerate by 0.08 units, but this increase is not significant. Similarly, an increase in one unit of lagged price will increase the female money wagerate by 1.44 units. This increase is significant. Hence, female money wages are influenced by changes in the yield and prices of output. One unit increase in output would result in more than one unit increase in money wage showing the improvements in real wages. With respect to the groundnut yield, the positive co-efficients of yield implying that wages are influenced by changes in the yields. It indicates that the benefits of technology has not reached the agricultural labourers at significant lev el. This indicates that the benefits which accrued to the groundnut farmers through a rise in the output prices also percolated to the agricultural labourers. The co-efficient of constant or intercept is -7.2169. It means the factors which are not considered in the model shows negative effect on female money wages. The collective effect of the two independent variables – X1 and X2 is shown by the value of R2. The value of R2 is 0.9064. It indicates that 90.64 percent of variation in female money wagerate is observed by these two independent variables. The value of R2 is significant. The estimated regression equation for female real wagerate is Y = -4.392 + 0.1886 X1 +0.3938* X2 (0.1505) (0.0666) R2 = 0.7541 , F = 51.4269* * Significant at 5 percent probability level. The two estimated regression co-efficients of independent variables – X1 and X2 are positive. It means the effect of these two variables on female real wagerate (Y) is positive. An increase in these two variables will increase the female real wagerate in Chittoor district. An increase in one unit of lagged yield will increase the female real wagerate by 0.19 units. But this increase is not significant. Similarly, an increase in one unit of lagged price will increase the female real wagerate by 0.39 units. This increase is significant. Hence, female real wages are influenced by changes in the yield and prices of output. The co-efficient of constant or intercept is -4.392. It means, the factors which are not considered in the model show negative effect on female real wages. The collective effect of the two independent variables – X1 and X2 is shown by the value of R2. The value of R2 is 0.7541. It indicates that, 75.46 percent of variation in female real wagerate is obser ved by these two independent variables. The value of R2 is significant. The estimated regression equation for male money wagerate is Y = -6.8562 + 0.0901* X1 +1.4094* X2 (0.0349) (0.0155) R2 = 0.8982 , F = 70.5855* * Significant at 5 percent probability level. The two estimated regression co-efficients of lagged yield (X1) and lagged price (X2) are positive and significant. It means the positive relationship is observed between independent variables X1 and X2 with dependent variable (Y). An increase in these two variables will increase the male money wagerate in Chittoor district. An increase in one unit of lagged yield will increase the male money wagerate by 0.09 units. But this increase is significant. Similarly, an increase in one unit of lagged price will increase the male money wagerate by 1.41 units. This increase is significant. Hence, male money wages are influenced by changes in the yield and prices of output. One unit increase in groundnut price would result in more than one unit increase in money wage showing the improvements in real wages. The positive and significant co-efficient of yield reveals that wages are influenced by changes in the yield. It mean the benefits of technology have reached the agricultural labourers at s ignificant level. It indicates that a rise in the output prices is beneficial to the groundnut farmers which in turn effects the agricultural labourers. The co-efficient of intercept is -6.8562. It means the factors which are not considered in the model show negative effect on male money wages. The collective effect of the two independent variables X1 and X2 is shown by the value of R2. The value of R2 is 0.8982. It indicates a variation of 89.82 percent in male money wagerate is observed by these two independent variables. The value of R2 is significant. The estimated regression equation for male real wagerate is Y = -0.2138 – 0.0513 X1 +0.3252* X2 (0.0189) (0.0835) R2 = 0.6702 , F = 16.267* * Significant at 5 percent probability level. The estimated co-efficient of lagged yield (X1) is negative and insignificant. It means the negative relationship is observed between X1 variable and male real wagerate. An increase in the lagged yield will decrease the male real wagerate in Chittoor district. The estimated co-efficient of lagged price (X2) is positive and significant. It means the effect of independent variable (X2) on male real wagerate is positive. An increase in the lagged price will increase the male real wagerate in the district. An increase in one unit of X1 variable will decrease the male real wagerate (Y) by 0.05 units. But this decrease is not significant. Similarly, an increase in one unit of X2 variable will increase the male real wagerate (Y) by 0.33 units. This increase is significant. Hence, male real wages are affected by changes in the yield and prices of output. The co-efficient of constant is -0.2138. It means the factors which are not considered in the model show negative effect on male real wages . The collective effect of the two independent variables X1 and X2 are shown by the value of R2. The value of R2 is 0.6702. It indicates that, 67.02 percent of variation in male real wagerate is observed by these two independent variables. The value of R2 is significant. V. CONCLUSIONS In case of female agricultural labour, regarding the lagged yields, the rate of increase in real wages (0.19) is twice as compared to that of money wages. This increase in real wages over money wages reveals that the economic position of the female agricultural labour may be increased due to raise in lagged yields. Owing to the lagged price, the rate of increase in real wages of female agricultural labour (0.39) as compared to the female agricultural money wages (1.41) is approximately one forth. This result shows that about 3/4th of the monetary gains of the female agricultural labour has been taken away by consumer price rise. From this rate of increase in real wages, it may be concluded that the real economic position of the female agricultural labour has been deteriorated marginally. Whereas for male agricultural labour, in case of lagged yield is observed that there is a decreasing trend in male real wages (-0.05) and an increasing trend in male money wages (0.09). This results indicates that the declining trend in real economic position of the male agricultural labour. With respect to the lagged price, the rate of increase in real wages of male agricultural labour (0.32) as compared to the male money wages (1.41) is just marginal. This results tells that about 3/4th of the monetary gains of the male agricultural labour has been taken away by consumer price rise. From this rate of increase in real wages, it may be concluded that the real economic conditions of the male agricultural labour has been decreased marginally. references Misra, V.N., and Gupta, S.B.L. (1974). Productivity, wages and its determination in Gujarat Agriculture : An Inter-District Analysis. Indian Journal of Agricultural Economics, vol.XXIX, No.3, July-September, pp.22-34. Pandey, R.K., and Dixit, U.N. (1974). Inter-Temporal Analysis of Productivity and Wages of Farm Labour in Ferozepur District (Punjab). Indian Journal of Agricultural Economics, vol.XXIX, No.3, July-September, pp.34-40. Pandey, V.K., and Pandey, R.N. (1974). Trends in Agricultural Wages in Uttar Pradesh. Indian Journal of agricultural Economics, vol.XXIX, No.3, July-September, pp.70. Sisodia, J.S. (1974). Trends in Agricultural wages in Madya Pradesh. Indian Journal of agricultural Economics, vol.XXIX, No.3, July-September, pp.73. Raju, V.T. (1974). Impact of Green Revolution on Wages and Incomes of Hired Labour in IADP District., West Godavari. Indian Journal of agricultural Economics, vol.XXIX, No.3, July-September, pp.74. Prudhvikar Reddy, P. (1998). Trends in Agricultural Wages : An Inter-Regional Analysis in Andhra Pradesh. Economic and Political Weekly, vol. XXXIII, No.13, March 28, pp. A.15-A.19. Sidhu, H.S. (1988). Wage Determination in the Rural Labour Market – The Case of Punjab and Haryana. Economic and Political Weekly, Review of Agriculture, December, 24th – 31st, pp.A.147-A.150. Kalpana Bardhan, (1973). Factors affecting Wagerates for Agricultural Labourers. Economic and political weekly, vol.VIII, No.26, June 30, pp.A.56-A.66. Pandey, S.M. (1973). Wage Determination in Indian Agriculture : An Empirical Analysis. Indian Journal of Industrial Relations, vol.9, July, pp.83-99. Singh, M.L., and Singh, K.K. (1974). Factors Determining Agricultural Wages – A Case Study. Indian Journal of Agricultural Economics, vol.XXIX, No.3, July – September, pp.54-60. Paramar, B.D. (1981). Wage Determination in Developing Economy : The case of Gujarat Agriculture. The Indian Journal of Labour Economics, vol.XXIII, No.4, January, pp.231-240. Pushpangdan, K. (1993). Wage Determination in a Casual Labour Market : The Case of Paddy field Labour in Kerala. The Indian Journal of Labour Economics, vol. XXXVI, No.1, January – March. Acharya, Sarthi. (1989). Agricultural wages in India : A Desegregated Analysis. Indian Journal of Agricultural Economics, vol.44, No.2. Gough, J.W. (1971). Agricultural Wages in Punjab and Haryana. Economic and Political Weekly, vol.VI, No.13, March.27. Grewal, S.S., and Bal, H.S. (1974). Impact of Green Revolution on Agricultural Wages in the Punjab. Indian Journal of Agricultural Economics, vol.XXIX, No.3, July-September. Jose, A.V. (1974). Trends in Real Wage Rates of Agricultural Labourers. Economic and Political Weekly, vol.IX, No.13, March. Jose, A.V. (1988). Agricultural Wages in India. Economic and Political Weekly, vol.23, No.26, June. Krishnaji, N. (1971), Wages of Agricultural Labour. Economic and Political Weekly, vol.6, No.30, September. Parthasarathy, G., and Adiseshu. (1982). Rural Wages of Agricultural Labour in Andhra Pradesh – Two Decades of Stagnation. Economic and Political Weekly, vol.XVII, NO.31. Rao, V.M. (1972). Agricultural Wages in India – A Reliability Analysis. Indian Journal of Agricultural Economics, vol.XXVII, No.3, July – September. Acharya, Sarthi, and Papanak, G.F. (1989). Agricultural Wages and Poverty in India – A model of Rural Labour Markets. Asian Centre Discussion Peer, No.3, CADS, Boston University, Boston, U.S.A. AUTHORS PROFILE

Cancer: The Costs, Causes, And Cures Essay -- essays research papers

Cancer: The Costs, Causes, and Cures Cancer is a major killer of people all around the globe. We do not have a definite cure, but the amount of research done on this one disease costs on the average of $1.2 billion dollars annually, and $20 billion annually in care of cancer patients. What is Cancer? Cancer is a broad ranging term that is used by many people, including medical professionals such as doctors. Cancer, in its most fatal and aggressive form, is of a larger class of diseases known as neoplasms. There are two forms of a neoplasm: benign or malignant. A benign neoplasm is encapsulated, or surrounded, so that it's growth is restricted, whereas a malignant neoplasm is not closed in. Malignant tumors grow much more quickly than benign forms and spread into the surrounding normal tissue, and virtually destroy it, (Grolier Electronic Encyclopedia, Cancer). The question is, what exactly is cancer? Cancer, is the break down and mutation of the cells of the body, when the DNA (Deoxyribonucleic Acid) sequences in those molecules are disrupted and errors form in the structures, (Grolier, Genetic Code). This mutation spreads through surrounding tissue until it disrupts major systems in the body (such as respiratory, digestive and waste management) cause that system to fail. What causes Cancer to become active? Since it is believed that almost all people have some type of cancer in their body, (although benign), any person that comes in contact with a carcinogen, (any cancer-causing agent), will cause these benign cells to become malignant. It is when the cells become malignant, that cancer actually occurs. Cancer, in this context, can be caused by many different agents; chemical, biological or physical. Chemical Agents Chemicals that can cause a benign cell to become active include things such as complex hydrocarbons, aromatic amines, certain metals, drugs, hormones, and naturally occurring chemicals in plants and molds. Hydrocarbons and nitrosamines can be found in cigarette smoke and may contribute to the condition called "lung cancer". Other chemicals that seem to cause incidents of "bladder cancer", such as 2-naphthylamine, were used in the dye industry for dyeing cloth, but when a number of cases of cancer turned up, its use was discontinued. Vinyl Chloride, a chemical gas, has also appeared, seeming to cause "liver can... ...ct the end of most major diseases early in the next century. Once we are able to read and modify the data and instructions found in our own DNA, we can directly access the way we as living beings will grow and evolve. However, we will have another problem, and that is of population. If there are no diseases to disrupt the growth of our population on this planet, we will soon overcrowd, and we may not yet have the technology to leave this world. However, I think we will still be better off without cancer. References Tetzeli, R. (1990). Can Power Lines Give You Cancer? FORTLINE Magazine, 49, 80- 85 Pitot, H.C. M.D. et al. (1992) Cancer. Grolier Electronic Encyclopedia,1992 ed. Search phrases: CANCER, GENETIC CODE, DNA, RNA Clarke, D. & Dartford, M. ( 1992). Cancer Treatment. How It Works: The New Illustrated Science and Invention Encyclopedia, 414-418 Abeloff, M.D. et al (1991) Cancer. Encyclopedia Britannica: Macropedia, 534-542 Drill, V.A. et al (1991) Drugs and Drug Action - Chemotherapy. Encyclopedia Britannica: Macropedia, 553-560 American Cancer Society et al (1992) Cancer. Compton's Multimedia Encyclopedia,1992 ed. Search phrases: CANCER, CHEMOTHERAPY, GENETICS

Deception & Ethics in Mediation

One of the basic tenets of the mediation process is that, as far as possible, everything that is said is truthful. Under this assumption, the mediation process will be an attempt to resolve two different views of the truth. However, what happens when there is intent to deceive on the part of one of the participants, or worse yet on the part of the mediator? This is a complex issue that cannot be determined solely by considering the foundations of ethics or of the practice of mediation. Instead, the issue must be understood from a dual perspective of the ethical appropriateness of deception and its potential usefulness within mediation. Ethically, there can be no question – neither a Kantian nor a utilitarian ethical approach allow for the use of commonplace lies in mediation. However, from the perspective of human relationships, it must be accounted for that people do deceive, and that it is part of our communications and social fabric. Thus, there is a dual ethical position for deception in the mediation process – while morally it is wrong, pragmatically it is commonly used and may be useful for helping negotiating parties to come to a decision. In order to clearly understand this argument, it is important to understand what deception is. A naive understanding of deception is that it is simply lying, which is certainly included. However, there are a number of other elements of deception, as well. One formal definition of deception that could be used is â€Å"a successful or unsuccessful deliberate attempt, without forewarning, to create in another a belief that the communicator considers to be untrue in order to increase the communicator’s payoff at the expense of the other side (Gneezy 386). This definition is useful because it includes a number of key characteristics for understanding deception. First, it is deliberate – that is, the deceiver is not simply misinformed or lacking in information. Second, is an attempt to create a belief in the other person; without this intent, it is difficult to say whether something is truly an expanse at deception. Third, it is an attempt to influence the outcomes of the decision, rather than simply being for no purpose or for some other purpose. Finally, the attempt at deception may be either successful or unsuccessful, and thus even if the negotiation partner figures out what information is being withheld, it is still incorrect. This definition can be extended by common knowledge examples of deception, such as lying actively; lying by omission; and manipulation of data and statistics. Krivis (1) identified a spectrum of deceptive practices that can be further used to understand this concept, including: â€Å"Honesty, Exaggeration, White lies, Partial Disclosure, Silence As to Other Party’s Mistake, False Excuses, [and] Fraud. These types of deception are of course not mutually exclusive, but may be seen in combination with each other. Also, as Krivis (1) noted, many of these behaviors are common within our society and do not even pose a significant moral quandary for the majority of those that undertake them. There are also distinct philosophical approaches to deception that address the ethical approaches and considerations. The two main ethical approaches to deception can be characterized as Kantian, or virtue-based, and utilitarian. In the Kantian view, lying is always wrong, because it violates the moral imperative (Alexander and Sherwin 396-397). That is, â€Å"lying is an offense to all humanity, and, most importantly, to the liar himself (Alexander and Sherwin 397)† because it promotes falsehood and uses the liar’s intellect in a debased manner. The utilitarian view is not as absolute, but it still does not cede that lying is an acceptable moral choice most of the time (Alexander and Sherwin 398). Specifically, the potential gain from the lie must be greater than the harm caused to society from the lie in order to be morally defensible. However, given that lies â€Å"degrade the background trust that supports human interaction (Alexander and Sherwin 398),† this is a very high bar for the benefits of lying to overcome its consequences, even under the utilitarian ethical structure. Thus, it is clear from a pure ethical analysis that the use of deception in negotiation is wrong. However, it should be noted â€Å"professional rules of ethics simply require negotiators to abide by the morality of the marketplace, rather than the rules of law (Krivis 3). † Thus, neither a strictly legalistic nor a strictly legalistic approach to deception is demanded. It should be noted that not all fields of study take an ethical approach to deception, but sometimes use a more pragmatic approach. For example, in classical economics deception is often seen as an attempt to increase the payout from n economic transaction, in which individuals will engage if the incentive is high enough to do so (Gneezy 384). This approach could best be described as a utilitarian or consequentialist approach, in which what is most important is the outcome, rather than the intent of the lie (Gneezy 384). This approach is similar to many such approaches used in mediation analysis, in which rather than taking a normative view regarding what people should do, theoretical and pragmatic approaches to deception deal with what people do – that is, they use deception routinely (Krivis 1). The use of deception is highly context-dependent and may not always occur, but it should always be considered in the range of possibilities for how a negotiation will occur (Krivis 2). The question of whether deception is ethical in a mediation context should be asked not only within the context of a philosophical framework that is applied generally, but also within the framework of mediation itself. Given the nature of mediation, it is natural that considerable research has been done into the area of deception and its effects. There is no question that deception is a commonly used tactic in mediation, and that it works. One study compared the uses of deception in negotiating dyads, comparing its use in competitive and less competitive negotiation frames (Schweitzer, DeChurch and Gibson 2123). The researchers found that competitive negotiators, or those that engaged in highly aggressive tactics intended to promote their own point of view, used both deceptive and non-deceptive negotiating tactics in order to achieve their goals. In particular, they were found to use deception both more aggressively and to a greater degree than cooperative negotiators (Schweitzer, DeChurch and Gibson 2137). Thus, this cannot be questioned. However, this finding does not make a clear statement regarding why this would be undesirable; there is nothing inherently wrong with one side or another prevailing in a mediation discussion, and so the evidence against deception must be stronger than it simply being a path to winning a negotiation. This evidence can be found in the effects of the deceptive behavior on perceptions and outcomes also found by this study. The study found evidence that the use of deception influenced the other party’s beliefs about the negotiating situation, leading to an estimation of the deceiver’s situation that was significantly different from reality (Schweitzer, DeChurch and Gibson 2137-38). Significantly, the researchers found that even though the negotiators paired with a competitive negotiator were disbelieving regarding the claims made, they still were not able to determine what the actual situation of the negotiation was. Finally, the use of deception on the part of one negotiator resulted in a less positive outcome for the other participant. Specifically, it resulted in a change in the ultimate decision of the non-deceiving negotiator, a transfer in the surplus received from the non-deceiving negotiator to the deceiving negotiator, and an increase in the amount of profit received by deceivers as compared to those that did not use a deceptive strategy (Schweitzer, DeChurch and Gibson 2139). This clearly demonstrates the shift in value that is seen in cases where mediation and negotiation is accompanied by deception. While one party has benefited, the other party, which has been exposed to deception without warning beforehand, has been harmed. Thus, there is a distinctly negative outcome that can be seen from the use of negotiation in this context. There are certainly problems in implementing an ethical prohibition against lying in the mediation context. This is not unique to mediation, however. In the legal context, deception is not treated as strictly as it could be. It is generally considered under a utilitarian ethic, rather than a Kantian ethic (Alexander and Sherwin 394); that is, there may be considered to be some justification for lying if the greater number of people is served. However, as Alexander and Sherwin (394) noted, the penalties for lying in a legal context are not commonly as strict as those that would be promoted by a pure utilitarian philosophy. Although there are a number of potential reasons for this, such as the cost and infeasibility of enforcement, Alexander and Sherwin (394) posited that this might also be because of the recognition that lying may at times be beneficial in a legal context. However, this does not mean that in an ethical sense, this position has to be accepted in mediation. In fact, if it is accepted that one of the purposes of mediation is to come to effective solutions without involvement of the legal system, and then this calls for a noticeably different approach to the use of deception. However, the legal approach to deception is actually highly relevant to mediation, because of the frequent use of lawyers by parties in the mediation process. As Krivis (2) notes, there are a number of specific approaches that lawyers use in order to achieve their negotiation goals, although these approaches need to be carefully managed in order not to venture into fraud. Some of the potential deceptions that may be found in this context include exaggeration (for example, exaggerating the strength of the case); being deceptive about intent to settle; and inflating the settlement expectation in order to achieve a better outcome (Krivis 2). It is clear that currently mediation practices and ethics do not prohibit the use of deception, as long as it does not venture into specific areas such as fraud. However, should this be prohibited? Evidence discussed above indicates that deception can be used to unfairly rich one party at the expense of another, offering one reason why this should be the case. Another reason for a stronger prohibition against deception is the cross-professional nature of many mediators, who also play roles as lawyers, social workers, and other professions (Laflin 479). Given that these professions have vastly different ethical standards and practices, it would be to the benefit of the mediation profession to have a specific set of ethical expectations that could be promoted. Laflin (480) notes that lawyer-mediators may have particular difficulty with the ethical concerns inherent in mediation, given the relative focus on adversarial rather than cooperative outcomes. The implementation of stronger prohibition against deception would certainly be one way in which the norms of mediation, rather than the norms of courtroom argumentation, could be enforced. However, this does raise the question of how this prohibition against deception could be implemented and enforced. Given the relatively accepted nature of deception in many of its more subtle forms, it would be difficult to determine how this could be implement with any great degree of success. Deception, commonly understood as lying, can be understood as a range of more subtle behaviors that reflect a range of potential manipulations of implementation. Deception is commonly accepted from an economic point of view and routinely engaged in, even though using a strict ethical evaluation it cannot be defended except under very severe circumstances. However, the mediation environment must deal not only with the philosophical question of correctness, but in the outcomes of mediation and the effects that are seen from deception. Research has shown that the use of deception in negotiation leads to a transfer of surplus from the non-deceptive party to the deceptive party, which provides a clear rationale for why, under a pragmatic viewpoint, deception would also be a negative activity. However, in practice deception is commonly accepted both within the legal system and within mediation practices, as long as this deception does not venture into fraud. There are a number of potential reasons for this, including the acceptability of deceptive practices such as exaggeration and white lies within the wider society and the requirement that lawyers should protect the interests of their client. There is certainly justification for reform of mediation norms and ethics in order to prevent the use of deception. However, given the difficulty that is involved in detecting fraud, this may be a very difficult reform to make. Deception is not acceptable in every situation. Deception in negotiation can provide a bargaining advantage. Deception in negotiation can also come at a cost.

Uses Of Vegetable Cooking Oil Environmental Sciences Essay

Vegetable cookery oil is a lipid rich, syrupy substances ensuing from vegetable beginnings, such as thenar meats and seeds, which is liquid at room temperature ( Merryweather et al. 2005 ) . Vegetable cookery oils contain high proportion of unsaturated fatty acids because they do non incorporate carbon-to-carbon dual bonds. Unsaturated fatty acids are classified into two viz. ; monounsaturated ( those holding merely one dual bond in the C concatenation, such as oleic acid ) and polyunsaturated ( those holding two or more dual bonds in the C concatenation ) determines the features of oil ( CAC 1999 ; Mistry and Khambete 2011 ; GEA Food Solutions 2013 ) . There are several types of vegetable cookery oil used for frying in the catering industries including Olive oil, Soya-bean oil, Sunflower oil, Groundnut oil, Maize oil, Cottonseed oil, Mustard-seed oil, Grape seed oil, and Palm oil [ Codex Alimentarius Commission ( CAC ) 1999 ; GEA Food Solutions 2013 ] . As we all know that vegetable cookery oil is basically used for frying operations in the catering industries.1.2 USES OF VEGETABLE COOKING OILCooking oil is used for frying operations at place and the catering industries. The catering industries are the major users of cooking oil for the readying of several nutrient merchandises such as the eggs, murphy, meat merchandises, veggies and related fried nutrients ( Fellows 2000 ) .1.3 Frying OPERATIONS AND THE USE OF VEGETABLE COOKING OIL BY THE CATERING INDUSTRYFrying is a unit operation which is chiefly used to change the eating quality of some specific nutrients listed supra. These nutrients are of import in catering applications and are produced on a commercial graduated table for gross revenues and distribution ( Fellows 2000 ) . There are two types of frying operations known with the catering industry viz. : Shallow sauteing, and Deep fat sauteing ( Fellows 2000 )1.3.1 SHALLOW FryingThis is besides called contact sauteing. This is suited merely for nutrients such as Warren burgers, eggs and other types of Pattie. In this type of frying operation, heat is transferred to the nutrient surface by conductivity from the hot surface of the pan through a thin bed of oil. It has a high surface heat transportation coefficient of 200-450 Wm-2 k-1. However, there is no even distribution of heat across the whole nutrient surface ( Fellows 2000 ) .1.3.2 DEEP-FAT FryingThis is a cooking procedure of nutrients at temperatures between 140 to 180 oC for a few seconds [ German Society for fat Science ( GBFS ) 2008 ] . This method of frying operation is suited for all sorts of nutrients irrespective of their form. In this method of frying operation, heat transportation takes topographic point by a combination of convection within the hot oil and conductivity to the inside to the nutrient. And all surfaces of the nutrient have a similar heat intervention that is equally distributed. The surface heat transportation coefficient of deep-fat sauteing are ranged between 250-300 Wm-2 k-1 before vaporization of wet from the surface begins but subsequently increased to 800-1000 Wm-2 k-1 due to the violent turbulency caused by steam go forthing the nutrient surface ( Fellows 2000 ) .1.4 EFFECT AND LEGAL REQUIREMENTS FOR COOKING OIL1.4.1 EFFECT OF FRYING OPERATION ON THE QUALITY AND SAFETY OF COOKING OILHeat and oil recovery systems are used to cut down energy and oil costs, particularly in the catering industry. Drawn-out warming due to recycle of oil at the high temperatures during frying operations, in the presence of wet and O released from nutrients, causes oxidization of the oil to organize a scope of volatile carbonyls, hydroxyl acids, keto acids and epoxy acids, which leads to unpleasant spirits and dark coloring material of the oil ; perchance could take to toxicity, decomposition and other nutritionary alte rations can every bit good occur in the oil ( Fellows 2000 ) . These can normally take to the formation of volatile decomposition merchandises and non-volatile decomposition merchandises. The volatile decomposition merchandises have lower molecular weight than the oil and are lost from the sauteing pan due to vaporization. While the non-volatile decomposition merchandises are formed by oxidization and polymerization of the cooking oil and signifier residues on the sides and at the underside of the sauteing container. Polymerization in the absence of O produces cyclic compounds and polymers with high molecular weight, which increase the syrupy features of the cooking oil. This lowers the surface heat transportation coefficient during frying operation and increases the sum of oil absorbed by the finished merchandise. Because of this cooking oil quality reduces if used for several times to fry nutrients ( Fellows 2000 ) . Therefore, there is the demand to command the usage of cooking oil in the catering industry to guarantee the safety and quality of fried nutrient merchandises for human ingestion.1.4.2 LEGAL REQUIREMENT FOR THE USE OF COOKING OIL IN THE CATERING INDUSTRYOil is an expensive merchandise ; managing it expeditiously saves processing costs and ensures invariably high nutrient quality for the consumer in the catering industries. In a extremely competitory catering concern, there is considerable force per unit area on caterers to supply first-class merchandises at the lowest possible monetary value, to fulfill consumers ‘ demands. As a consequence, many of these nutrient concern mercantile establishments are going progressively interested in efficient oil direction, which brings two valuable benefits ; maintaining oil ingestion to a minimal and keeping optimal merchandise quality and visual aspect ( GEA Food Solutions 2013 ) . From the above tabular array provided, polar compounds per centum is limited in all the states subjected to official ordinances although the values vary somewhat from one state to another. Apart from the initial standards of oxidized fatty acid and fume point, free fatty acids and polymer content, the most characteristic groups of compounds originated due to the wet of the nutrient and to the high temperature of the sauteing procedure, severally. And many other states have embraced specific recommendations or guidelines based on similar standards which reflect the increasing involvement in the control of used sauteing oils to better the quality and alimentary belongingss of fried nutrients ( Dobarganes and Marquez-Ruz 1998 ) .1.4.4 OIL USE AND MANAGEMENT IN THE CATERING INDUSTRIESMismanagement of oil can do several unwanted alterations in its features, such as the, coloring material which darkens with black musca volitanss looking ; viscousness which increases during frying ; fume po int which reduces as the oil is broken down doing the oil to develop smoke even under normal operating conditions ; sensory which affects the gustatory sensation and olfactory property of the frying oil becomes hapless ; oil pickup which increases with merchandises fried in debauched oil, and foaming, severally. In pattern, caterers adopt the best possible via media based on costs, market demands, oil direction patterns and frying oil stableness ( CAC 2011 ; GEA Food Solutions 2013 ) .1.4.5 MANAGEMENT OF FRYING OILThere is a demand to pull off frying oil for safety and quality interest by the catering industry. Rossell ( 1998 ) suggests as written below: Do non blend used oil with fresh oil ; Shop fresh oil in a suited storage system with equal cleansing modus operandi ; Do non air out oil ; Do non overheat oil during sauteing operation ; Do non salt nutrients before sauteing ; Do non fry wet nutrient ; Do non disrupt circulation of hot oil ; Do non fry nutrient with oil for over 12 hours without been discarded ; Discard WVO suitably and seasonably in the recommended armored combat vehicles such as steel armored combat vehicles and plastic armored combat vehicles specially designed for oil storage. The British Standards ( BS 799 ) portion 5 ( Reference 5 ) set a criterion for steel armored combat vehicles to be used for the storage of WVO ( Department for Environment, Food & A ; Rural Affairs 2011 ) .1.4.6 WASTE VEGETABLE OIL ( WVO ) MANAGEMENTThe term WVO refers to cooking oil which has been used in nutrient in nutrient production, such as sauteing, and which is no longer feasible for its intended usage ( Refaat 2010 ) . Proper disposal of WVO in the catering industry has been an of import waste direction concern, because on one-year footing about 500 million metric tons of WVO is produced by the big and little catering industry. Harmonizing to available statistics, China entirely generates between 200 and 300 million metric tons of WVO that are illicitly reused alternatively of been discarded by the catering industries, which poses a possible wellness jeopardy to the guiltless consumers. The generated waste ( WVO ) must be decently managed ( that is disposed and recycled ) in order to forestall possible environmental pollution ( Zhang et al. 2012 ) . WVO is normally disposed into sinks, taking to blockage of pipes ; and if acquire into the H2O organic structures ( rivers, seas and oceans ) doing the oxygenation of H2O hard. This act of illegal WVO disposal can ensue to asphyxiation and likely the violent death of the marine lives such as the fishes and other animate beings that live in the sea, rivers and oceans. Because of WVO disposal into the H2O organic structures, a individual liter of WVO disposed can pollute every bit much as 1 million liters of H2O ( Refaat 2010 ) . WVO contains about a 1000 portion per million of entire halogens but with the possibility of been recycled and used as a biodiesel if decently managed by the catering industry [ Texas Commission on Environmental Quality ( TCEQ ) 2012 ] . Therefore: Do rub and scraping used home bases, pans and utensils before lavation ; WVO should be stored in labeled containers and/or armored combat vehicles that are in good status ; Keep WVO storage containers covered and off from conditions ; Do non blend WVO with any other liquids, such as anti-freeze, interruption cleansing agent, gasolene, pigment dilutants, pesticides and chemicals ; Obtain all necessary training/education and certification on the direction of WVO from the relevant governments and experts ; Keep records of all WVO storage and recycling activities ; Send WVO for recycling to a registered and certified recycling company ; Do non dump WVO in the rubbish, on the land, or down a drain because it is illegal dispose used oil in that mode ; Do usage strainers in sink stopper holes, and empty contents trapped into the designated bin ; Make keep grease traps and enzyme dosing equipment on a regular basis ( TCEQ 2012 ; Water UK 2013 ) . Recently, it has been established that WVO can be used in the production of low monetary value biodiesel fuel with the possibility of executing really good like any other combustible stuffs ( Refaat 2010 ) . Even though Gbobadian et Al. ( 2009 ) stressed that the concentration of the carbonmonoxide and hydrocarbon emanations were significantly decreased when biodiesel was tested. However, burning efficaciousness of WVO used as a biodiesel remained changeless ( Refaat 2010 ) . More significantly, WVO is a renewable, biodegradable and environmentally friendly biodiesel with promising combustibleness ( Refaat 2010 ; Mistry and Khambete 2011 ) . Biodiesel from WVO can merely be used for energy production if purified decently and met the demand set by EN 12214 Standard. The liquid-liquid extraction method shows assuring consequence ( Berrios et al.2011 ) .1.5.0 REGULATIONS FOR WVO MANAGEMENTThere are many Regulations put in topographic point in UK for proper direction of WVO, fat and nutr ient waste ( Water UK 2013 ) : Animal By-Products Regulations EC 1774/2002 ( ABPR ) ; Building Act 1984, Section 59 ; Environmental Protection Act 1990 ( Duty of Care ) ; Environmental Protection Act 1990 ( Statutory Nuisance ) ; Food Safety Act 1990.1.5.1 Animal By-products Regulations EC 1774/2002 ( ABPR )Regulations EC 1774/2002 ( ABPR ) states that from 1 November, 2004 WVO from providing industries can no longer be used as an ingredient in carnal provender preparation to safe guard the nutrient concatenation. The aggregation of WVO must be through a accredited waste bearer. Besides from October 2007 liquid waste, such as WVO, may non be disposed of at landfill.1.5.2 Building Act 1984, Section 59Section 59 of the Building Act 1984 gives power to local authorization to necessitate satisfactory proviso for drainage of an bing edifice by service of a notice on the proprietor ; including a demand for the installing of a lubricating oil trap.1.5.3 Environmental Protection Act 1990 ( Duty of Care )This Act emphasizes that every commercial premises set uping aggregation and disposal of waste, such as WVO, must follow with the demands of Section 34 of the Environmental Protection Act ( Duty of Care ) Regulations 1991 as amended. The aim of the ‘Duty of Care ‘ is to guarantee that all waste is managed right from the point of production to the point of concluding disposal. The manufacturer of waste, such as the catering industry, should merely let ‘Registered waste bearer ‘ to roll up generated for disposal from their premises. Besides, they must maintain a record of all wastes aggregations, because failure to supply paperss can ensue in a ?300.00 fixed mulct or prosecution.1.5.4 Environmental Protection Act 1990 ( Statutory Nuisance )The local authorization ‘s environmental wellness section will cover with all reported ailments of ‘Statutory Nuisance ‘ that could happen due to blow botching, such as odors, wastewaters, garbage accretion and premises that pose menace to human wellness or a nuisance. And where a statutory nuisance exists the local authorization has to function an ‘abatement notice ‘ under Section 80 of the Act. But failure to follow can ensue in prosecution ; or emptying of the waste by the authorization and claim cost from the proprietor of the concern.1.5.5 Food Safety Act 1990This Act gives local authorization the power to inspect premises under the Food Safety Act 1990. Problems originating from the consequence of fat, oil and lubricating oil on drains ensuing in a failure to follow with the Food Hygiene Regulations could ensue in prosecution or an exigency prohibition order forestalling trading from the premises.1.6 DiscussionThe healthiest oil for cookery is one that is composed chiefly of monounsaturated fat. Processed oils incorporating a high measure of concentrated fats are considered the least healthy by most medical practicians, but saturated fats from natural beginnings can hold some benefits. Contrary to popular belief, fat is really a valuable portion of people ‘s diet, leting people to absorb foods that require fat in order to metabolise in the organic structure ( Tricia 2013 ) . Most oils from nuts are considered reasonably healthy, but one should be careful utilizing oil derived particularly from peanuts or walnuts as these are most often indicated in terrible nut allergic reactions. If one plans to utilize insignificant oil on a dish served to invitees, be certain to verify that no invitee has a peanut allergic reaction. Peanut oil contains high sums of monounsaturated fat. Olive oil is considered by some to be the healthiest oil because it provides a mix of monounsaturated and polyunsaturated. It can besides be obtained in really pure signifier, which most wellness experts recommend ( Tricia 2013 ) . Deep sauteing between the temperature ranges of 170 oC and 200 oC can take to the formation of Acrylamide when frying particularly starchy nutrient such as the murphies. Besides, there is likeliness that oil will undergo hydrolysis, oxidization and thermic polymerization ( Wai 2007 ) . These reactions can take to some nutrient safety and quality issues that would necessitate attending from the nutrient safety and quality experts. Because hydrolysis of oil is the dislocation of oil complex compounds to glycerol, FFAs, monoglycerides and diglycerides. While oxidization of used oil implies the dislocation of the triglyceride molecules to hydroperoxides ( due to primary oxidization ) , every bit good as into volatile and non-volatile compounds ( due to secondary oxidization ) causation increased in oil viscousity and stain. And thermic polymerisation leads to the production of high molecular cyclic fatty acid ( FA ) monomers ( Wai 2007 ) . Zhang et Al. ( 2012 ) suggested that: Governments should pay more attending to market-oriented policies on WVO disposal and direction towards guaranting developing biofuel from it ; Relevant authorities bureaus and stakeholders should work together to guarantee that the recycle and reuse of WVO and biofuel go a world by seting in topographic point feasible policy and system ; Certain rigorous legal steps and demands should be established by authoritiess to implement and supervise the policy and legal model refering ordinances on the direction of WVO in order to c heckmate the activities of the catering industry. This might cut down and forestall the reuse of exhausted oil ( WVO ) for another unit of ammunition ( s ) of frying operation ( s ) by the catering industry.1.7 DecisionIn decision, with the depletion of universe crude oil militias and the increased environmental concerns, the acceptance and usage of WVO as a biodiesel is timely and would be helpful. The production of biodiesel from WVO offers economic, environmental and godforsaken direction solutions to the catering industry and the greenish blue system as a whole ( Mistry and Khambete 2011 ) . Although before this immense dream of utilizing WVO for biofuel can be a world there is the demand for an integrated attempts between the relevant authorities bureau and the catering industry ( Zhang et al.2012 ) .

buy custom Use of Relationship Marketing as a Strategy for the Success of Investment Banks essay

buy custom Use of Relationship Marketing as a Strategy for the Success of Investment Banks essay Chapter 1: Introduction The success of a bank depends more on the perceptions and preferences of its customers (Yavas et al., 2004) identified the significant impact of customer perceptions and preferences on the growth of a banking institution. According to Chumpitaz Paparoidamis, (2004) analyzed markets based on the perceptions of the customers and designing a customer delivery system based on such analysis enables the banks to gain competitive advantages. Similarly when a bank follows the objective of meeting the customer needs and enhancing the quality of its services, the bank is sure to gain and sustain distinct competitive advantages. The development of information and communication technology has had significant influence on the way a bank or other financial services organization conduct its business and maintain the relationship with its customers (Dabholkar Bagozzi, 2002). The pressure on banks to enhance their profitability has forced them to move away from the traditional transactional and qui ck sale approach towards an improved relationship-based approach to market their products and retain the customers (Duddy Kandampully, 1999; Moria, 1997). Several studies have analyzed the relationship between service quality and customer retention in the context of banks and other financial institutions (e.g. Ranaweera Neely, 2003; Caruana, 2002). In this context, Bei and Chiao, (2001) identified the quality of service level as an important element in attracting and retaining customers by financial institutions. Reichheld and Schefter, (2000) concurred by affirming that by providing superior quality service through the use of automated services, the financial institutions could accomplish higher rate of customer retention. Within this context, this study analyzes the role of marketing strategies by Investment Management Institutions including Investment Banks in attracting and retaining customers. This study focuses on the concept of relationship marketing. 1.1 Investment Banking An Overview There exists a close relationship between banks, financial markets and the macro economy. This relationship has been studied in the past in detail by several researchers (Cameron, 1997; Goldsmith, 1969) ). These studies reveal that well-developed financial markets are necessary for the overall economic development of any nation. The Investment Banks form the foundation for the development of financial markets. In broad terms, Investment Management Companies consist of firms whose activities relate to issuing, distributing, selling securities and other related financial products. The activities of investment banks include underwriting, brokerage and market making. Commercial banks and several other financial institutions are involved in investment banking activities. The firms operating in this industry appear to have significant competitive advantage in undertaking investment banking activities and other brokerage related activities. Historically many of the securities firms have specialized in one or more of the product market areas, such as institutional brokerage, retail brokerage, exchange floor brokerage or corporate and municipal finance. Other firms have engaged in a relatively full range of securities activities, but have limited themselves to a particular region of the country (Hayes et al., 1983). Competition among the investment banking institutions has received great attention during the recent period. Proliferation of Internet and other information and communication technologies has increased the customer knowledge on the availability of various financial products, services, relative merits and demerits. Consequently, the customers have become well informed of the intricacies of investing their surplus funds and their choices and expectations of services from the investment banks have gone up tremendously. This has compelled Investment Banking Institutions to adopt suitable marketing strategies to market their products and services successfully. Economic globalization, cross-border activities and consolidation have made the investment banking industry go through incredible transformation. The business environment today witnesses a number of banks crossing international borders to market their products and services in various geographical locations across the world. The role and importance of investment banking can be seen from their engagement in public and private market transactions for corporations, governments and investors and in providing a number of benefits to these participants. Importance of investment banks is also enhanced because the services and efficiency of them affect the financial markets and ability of investment banks in minimizing the cost and maximizing profits is important for both the banks and their clients. Investment banks also contribute to the facilitation of various industry segments (Radic Fiordelisi, 2008). Investment banking can be defined as the service of intermediation between issuers of stocks and investors through their involvement in advisory, mergers and acquisitions, debt capital markets and equity capital markets. There are a number of factors, which have acted as key drivers for the proliferation of investment banking institutions and their expansion on a global basis. Some of these drivers include globalization initiatives aided by cross-border investment flows, increased accumulation of investment assets owned by large corporations, securitization and economic deregulation measures adopted by different countries in the wake of economic globalization. Gardner and Molyneux (1997) identified similar factors, which facilitated the evolution of the present day investment banking like the advancement in technology, changes in regulatory frameworks, distribution of property rights and other economic forces that have an effect on the investible funds of individuals and entities. Considering the scope of this research and the complexity of the investment banking business, the literature definition of investment banking is provided below: Investment banks business can be categorized into five main areas: broking (the broking of securities is commodity business in which firms appeal to customers mainly on price and integrity); trading (the trading of securities drives on market volatility); investment banking (represents the underwriting of new issues and advisory work also referred to as Mergers and Acquisitions); fund management (includes both retail and wholesale fund management); interest spread (derivatives income from borrowed funds) (Gardner Molyneux, 1997). Full service and boutique are the two kinds of investment banks. Full service investment banks provide clients a range of services to meet their specific needs. These services include underwriting, mergers and acquisition advice, trading, merchant banking and prime brokerage (Radic Fiordelisi, 2008). For example, Goldman Sachs is one of the investment banking institutions that offer services in investment banking, trading and principal investments, asset management and security service. In contrast to the full service investment banks, boutique investment banks offer specialized services in specific segments of the market and they do not form part of any larger financial services institutions. An example may be found in Greenhill, which specializes in Advisory services in Mergers and Acquisitions, financial restructuring and Merchant banking (Radic Fiordelisi, 2008). Similarly, Lazard offers Financial advisory and Asset Management services (Radic Fiordelisi, 2008). The role of marketing in investment banking can be seen from the fact that investment banking is mainly a revenue-motivated business. For most of the investment banks, earnings from the investment banking activity constitute only a part of total earnings. In order that the investment banks maximize the contribution to the total revenue from the investment banking activity, it becomes important that suitable marketing strategies are developed and implemented. 1.2 Marketing a Background Note The concept of marketing is the exchange process in which two or more parties give something of value to each other to satisfy perceived needs (Kurtz, 2008). Thus individuals trade money for product or services depending their perceived needs and preferences. Services rendered may be both tangible and intangible and the swap of money can take place in return for a combination of goods and services. Even though marketing has always been viewed as an essential part of a business, the significance of marketing has varied over time and the history of marketing has gone through, different stages relating to manufacturing, sales and customer relations. After the periods of Great Depression and World War II the marketing era emerged during which there had been a move from products and sales towards fulfilling customer needs. The shift from the sellers market to buyers market created the need for consumer orientation by businesses. The need for companies to market their products and services increased and this brought changes in marketing concepts. Marketing assumed a conceptual base in which a company-wide customer orientation to achieve a long-term success of the business became the primary element (Kurtz, 2008). Kurtz , (2008) the objective of marketing strategies has undergone major changes in the last decades towards building the commitment of the customer towards a brand or a dealer. The development has taken the forms of (i) creating customer satisfaction through the delivery of superior quality products and services, (ii) building brand equity, which is facilitated by factors like perceive quality, brand loyalty, association of the customer towards the brand, trademarks, packaging and convenience of distribution channels, and (iii) creating and maintaining relationships. Of these three forms, customer satisfaction by delivering quality products and services and creating and maintaining customer relationships have been particularly pursued by bankers. Relationship marketing enables financial institutions develop mutually beneficial and valuable long-term relationships with the customers (Ravald Gronroos, 1996). O'Mally and Tynan, (2000) observed that relationship marketing works more effectively in cases where the customers are highly involved in the services provided by the institution. More specifically in the case of investment banks and other financial institutions, customer oriented relationship marketing programs facilitate free and meaningful flow of information between the institutions and the customers. Such a flow of information enhances the positive feeling of the customers towards the bank, which leads to increased satisfaction and relationship strength (Barnes Howlett, 1998; Ennew Binks, 1996). Past studies provide knowledge about the nature and importance of relationship between customers and banks from the perspectives of customer and business (O'Laughlin et al., 2004; Madlill et al., 2002). Although relationship marketing can be extended to all types of customers of banking institutions, Carson et al., (2004) are of the view that it need not be directed towards all the customers. Usually, banks have both profitable and unprofitable customers and in most cases the profitable customers subsidize the unprofitable ones (Zeithaml et al., 2001). Investment banks find it difficult to retain profitable customers, because of the increasingly competitive environment. The financial institutions specialize in offering attractive services and prices to the profitable customers to lure and retain them. Since investments in all the customer segments are not likely to result in yielding similar returns, relationship marketing is directed towards the most profitable market segments only. The profitable segments are identified by the associated income and wealth (Abratt Russell, 1999). Within the realm of investment banking, relationship marketing has a significant role to play, as the present day customers are well informed about the level of service quality they can expect from the financial institutions offering various investment services and other financial services products. The objective of this paper is to analyze the role and function of relationship marketing as one of the marketing strategies of investment management companies especially the investment banks. 1.3 Aims and Objectives The central focus of this study is to evaluate the role of marketing in promoting the investment banking activities of investment banks and other financial institutions. In the process of studying this central aim, the research accomplishes the following goals. To study the impact of changes from the traditional transaction-based marketing towards relationship-based marketing on the business of investment banking. To examine and evaluate the different marketing strategies being followed by investment banks in managing their business including the product offerings and service offerings by the investment management institutions. To make a comparative study of the marketing strategies of HSBC and Citi Bank to compare and contrast the strategies for their effectiveness. 1.4 Research Questions The current research through a comparative case study and a review of the relevant literature attempts to find answers for the following research questions. What are the usual marketing strategies adopted by the investment banking institutions to market their products and services? What are the significant motivating factors for the investment banks to turn towards relationship marketing? What is the target population for the marketing strategies of investment management companies and how effective the marketing communications of these institutions in reaching the target population? 1.6 Significance of the Study In the present day competitive business environment and global exposure of investment management institutions, devising an appropriate marketing strategy has assumed prominence. It has become essential that managers should have a thorough understanding of the marketing concepts and latest developments in the application of marketing concepts in the field of investment management. Relationship marketing has been found to be of relevance in the context of marketing by the investment banks. From the customer perspective, the relationship with a particular bankbecomes important to decide and maintain such relationship for a longer period. From the banks perspective retaining of profitable customers is of prime importance and this involves the implementation of relationship marketing strategies in conducting the business. Therefore, the study of the role and impact of relational marketing strategies on the investment banking becomes important. To this extent, the current study attempts to add to the existing knowledge on the different facets of relationship marketing in investment management field. 1.7 Structure This dissertation is structured to have different chapters concentrating on the different aspects of research. Following the first chapter introducing the topic of study and laying down the research boundaries in the form of research aims and objectives and research questions, the second chapter presents a review of available literatures. Chapter three describes the research methodology. Chapter four contains the findings of the research from the case studies and an analysis of the findings. Concluding remarks, limitations and recommendations for future research are presented in chapter five. Chapter 2 Literature Review The objective of this chapter is to present a review of relevant literature on the topic of the role of marketing in investment banking. The review will add to the exiting body of knowledge by reviewing the past research findings and theoretical contributions on the concept of relationship marketing and its influence on customers for financial service products. The determinants of customer satisfaction and customer loyalty in investment banking are also reviewed. 2.1 Introduction The investment banking industry across the world has gone through significant transformation due to cross border activities and consolidation taken place in the industry (Radic Fiordelisi, 2009). Higher disposable income available to consumers increases the chance of marketing more investment products. Transformation in fiscal policies, deregulations and improvements in the financial services sector help the growth of the market for investment banking products (Radic Fiordelisi, 2009). Traditionally, the preponderance of these products is distributed through financial intermediaries who work on a commission basis. However, with the development of newer financial service product offerings and intense competition among market players, the necessity for evolving new techniques and strategies for marketing of these products has evolved (Kunst Lenmink, 2000; Stafford, 1996). In the modern customer centric competitive business environment, customer satisfaction, service quality and customer loyalty have proved to be the major factors in establishing a casual and cyclical customer relationship, which is vitally important for the growth of investment banking business (Jamal Naser, 2002). With a higher perceived level of service quality, the customer remains more loyal and satisfied which in turn increases the business of the investment banks (Lloyd-Walker Cheung, 1998). More specifically, financial institutions such as investment banks have increasingly understood the strategic importance of customer value. With this realization, the institutions are continuously striving to evolve and implement innovative strategies that could enhance customer relationships (Kunst Lenmink, 2000; Stafford, 1996). In this context, it is to be noted that the product offerings of many financial service products are almost similar and only slight product differentiation is p ossible (Lim Tang, 2000). This characteristic of the products makes the value of the loyal customers more important for the financial institutions. Such loyal customers are likely to use the services of the investment banks more, spread word-of-mouth, withstand the offers from the competitors and recommend the services of the particular banker to other potential customers. Developing close ties with clients is sure to result in the growth of business of business entities (Reichheld, 1993). In view of the excessive cost to be incurred in attracting new customers, the institutions seek to develop and maintain long-standing relationship with the customers, so that they can increase the profitability of the organization (Ennew Binks, 1996). The present day banks have started using relationship marketing in the place of transaction-based marketing, which considers the relationship with the customers as an important element. For developing sustained relationship, customer satisfaction h as been identified to be one of the essential prerequisite (Oliver, 1980). Crosby and Stevens (1987) attributed satisfaction in the service of organizational members, satisfaction at the quality level of customer service and satisfaction with the functioning of the whole organization as the determinants of better customer relationship. Within this context, this review presents an analytical description of relationship marketing and its influence on business growth of financial service providers including investment bankers. 2.2 Marketing Function an Overview The concept of marketing is the exchange process in which two or more parties give something of value to each other to satisfy perceived needs (Kurtz, 2008). A simple marketing model promoted by Kotler and Armstrong, (2000) explained marketing as the process of handing over goods and services against tendering of money in return. Effective marketing implies the transfer of details about the products from the trader to the potential purchaser as an important element. An effective advertising message informs the consumer, about the attributes of the product or brand of the company and the feedback from the consumer to the company will inform the company about the perception of the customers on the quality of the product or service marketed by the company. Consumer behaviour is one of the important determinants of marketing strategies. Blackwell et al., (2001) defined consumer behaviour as actions taken by people, when purchasing, using and getting rid of products or services. Consumer behaviour with respect to certain product or service is analyzed to ascertain the response of the potential customers to different advertising strategies of an organization. The firm makes an analysis of consumer behaviour for creating unique selling point. This selling point is developed to attract target audience so that the firm can reach its objective growth. The company must have a thorough understanding of the client attitude in order to maximize the return on its investment on sales promotion activities. Based on the analysis of the consumer behaviour, a company would devise and execute its marketing strategies tailored those factors, which would drive customer behaviour. There are a number of factors, which influence the buying decision of consumers. These factors include prior purchasing habits of the purchasers, their present preferences, impact of environmental factors and the influence of the advertising and sales promotion programs launched by the company. Other demographic factors like age group, profession, qualifications, personal traits and standard of living of the consumer influence the customers choice. Brand loyalty represented by the preconceived thoughts about the quality and functionality of the products or services also has influence on the buying decisions of consumers. Kotler, (2006) identified culture as one of the basic determinants of the consumer choices (p. 124). Culture in this context represents the norms and beliefs of the society. In addition, culture als o covers the customs learnt from the society, which ultimately become the value of the society (Fill, 2002, p. 83). Customer satisfaction with respect to the quality and utility of the product or service is another major factor, which needs to be considered in attracting and retaining customers for any product or service. In this context, relationship marketing is the new paradigm in marketing literature, which has challenged the existing marketing theories and philosophies (Kotler, 1991; Gronsroos, 2004; Gummesson, 1997). Relationship marketing is a strategic tool used to study the needs and preferences of the customers and their attitudes, so that a firm will be able to build long-term relationship with them. In the investment banking context, relationship marketing is of particular importance, as the investment banks have to establish and maintain successful relationships with customers to thrive among stiff competition. The following section presents a review of relationship marketing and its application to investment banking. 2.3 Review of Relationship Marketing Establishing, developing and maintaining successful relational exchanges characterize the process of relationship marketing. The essence of these activities is to decrease exchange uncertainty and to create customer collaboration and commitment through gradual development and ongoing adjustment of mutual norms and shared routines (Anderson, 2001). When the customers are retained over a number of transactions, there is the likelihood that both the buyers and sellers may profit from the experience gained through undertaking the previous transactions. The basic aim of relationship marketing is to enhance the profitability of the organization by accessing a larger proportion of specific customers lifetime spending instead of trying to maximize the profitability because of individual transactions (Palmer, 1994). The competitive environment of businesses forces the firms to find a different route to garner competitive advantage by forming relationships with the customers so that there is s ignificant improvement in business outcomes such as quality, efficiency and effectiveness (Nowak et al., 1997). The approach of relationship marketing involves a deviation from the traditional competitive approach to one that involves collaboration. Characteristic of relationship marketing involves collaboration, long-term focus, commitment to and trust in relationship among partners, establishing and achieving mutual goals and objectives, and a relatively fewer number of business partners and inter-dependence (Dwyer et al., 1987; Kanter, 1994; Iacobucci Ostrom, 1996; Nowak et al., 1997). Based on these characteristics, reciprocity can be identified as the core concept of relationship marketing. According to Bagozzi, (1995, p. 275) reciprocity is a disposition and a feeling that one should return good for good in proportion to what we receive. Gronroos, (1990, p. 138) has reflected the concept of this relationship in his definition of marketing as: Marketing is to establish, maintain, and enhance (usually but not necessarily long-term) relationships with customers and other partners, at a profit, so that the objectives of the parties involved are met (Gronroos, 1990). Relationship marketing in a conceptual context developed during the 1980s. The concept emerged as an alternative to the then prevailing transactional view of marketing, because of the realization that many exchanges particularly in the service industry were mostly relational in nature rather than transactional (Berry, 1983; Dwyer et al.,1987; Gronroos, 1994; Gummesson, 1994; Sheth Parvatiyar, 2000). Within the context of a banking setting, relationship marketing have been defined as, the activities carried out by banks in order to attract, interact with, and retain more profitable or high net-worth customers (Walsh et al., 2004 p. 469). Therefore, the objective of relationship marketing can be identified as increasing the profitability of the customer while ensuring the provision of a better service to the customers. A number of studies with their empirical findings established the positive association between relationship marketing strategies and effective business performance (e. g. Naidu et al., 1999; Palmatiyar Gopalakrishna, 2005). In the marketing of banks, relationship marketing have attained a significant position (Holland, 1994; Stone et al., 1996). In respect of banking services, Keltner, (1995) observed that German banks as compared to the American banks have been able to maintain a consistency in their market position during the 1980s and early 1990s by following the principles of relationship marketing concept. Nevertheless, it is important to understand that relationship marketing by itself will not automatically result in stronger customer relationships. When the financial institution follows the principle of relationship marketing, the customers will exhibit different levels of closeness in their relationship with the banks, which could strengthen the ties between the bank and its customers (Berry, 1995; Liljander Strandvik, 1995). Relationship marketing strategies will become more attractive when they are made to enhance the perceived benefits of engaging in relationships (O'Malley Tynan, 2000). H owever, O'Laughlin et al., (2004) argued that not all customers will like to engage in relationships with banks. The authors further argue that close customer relationships in banks are rare and the relationships are weakened by the increase in the proliferation of Internet and other self-service technologies. Several scholars studied customer satisfaction in the banking industry in detail (Ahmad, 2002). These studies focused on the integration of customer management with customer services and optimization of customer relations (James, 2004). Before the role of relationship marketing in investment banking is reviewed, the following section reviews the desired level of relationship outcomes, customer satisfaction and customer loyalty aspects as they apply in the context of banking in general. 2.4 Customer Relationship and Satisfaction Customer orientation and satisfaction is identified to be one of the basic tenets of relationship marketing. Saxe Weitz, (1982) argued that sales personnel who are customer oriented always strive to improve the customer satisfaction on a long-term basis. Subsequent research have shown that a firms relationship with its customers is influenced more by the customer orientation (Clark, 1997; Yavas et al., 2004). On the study of customer satisfaction in the field of marketing of financial services, it was observed that while customer oriented employees are able to evolve positive influence, sales oriented employees could develop only a negative impact on customers relationship satisfaction (Bejou et al., 1998). Customer relationship quality and customer relationship satisfaction are the customer evaluation measures normally used to reflect transactional and relational types of exchanges (Bejou et al., 1996; Crosby et al., 1990; Lang Colgate, 2003; Abdul-Muhmin, 2002; Rosen Surprenant, 1998). Research established a positive relationship between service quality and sattisfaction in the banking sector (Ennew Binks, 1999; Jamal Naser, 2002; Ting, 2004). However, the constructs in this context are highly correlated and sometimes it might become difficult to separate them to transactional interactions. This have been found to be even more difficult from a relational perspective. Therefore, it can be stated that in long-term relationships of banks with customers, perceived service quality and satisfaction are likely to be merged into one phenomenon, which helps in an overall evaluation of relationship satisfaction. In the context of service market, especially financial services, the market environment has become even more competitive, with the increasing intensity in price competition. This has made shifting of loyalty of customers as an acceptable practice. Many of the industries have started focusing on rearranging their marketing budgets such that more resources are diverted to defensive marketing with the intention to retain the customers (Patterson Spreng, 1998). According to Gummesson, (1998) there are a number of initiatives undertaken to improve customer retention, including value chain analysis, customer satisfaction and loyalty programmes. Customer satisfactions have been regarded as the basis for firm success as satisfaction is inextricably linked to customer loyalty and retention. Studies have established the link between customer satisfaction and customer retention and they have identified other factors such as the level of competition, switching barriers, proprietary technology a nd the feature of individual customers (Bloemer Lemmink, 1992; Bloemer Kasper, 1995; (Sharma Patterson, 2000). Fournier and Mick, (1999) observed the relationship between customer satisfaction and customer loyalty to be more complex than it was perceived earlier. Sharma and Patterson (2000) identified a significant impact of customer satisfaction on customer loyalty. Customer satisfaction as a direct antecedent leads to a greater commitment in business relationships (Burnham et al., 2003) and it greatly influences the repurchase intentions of the customers (Morgan Hunt, 1994). However, it is worthwhile to mention that the impact of satisfaction on commitment and retention is likely to vary in accordance with the nature of industry, product, service, or environment. Burnham et al., (2003) presented another view and argued that customer commitment cannot be construed to depend only on satisfaction. Relational switching costs are expected to strengthen the relationship commitment, since such costs represent a barrier to exit from the existing relationship. High switching barriers would force the customer to stay or to perceive that they have to stay with service providers who do not consider the satisfaction created in the relationship. On the other hand, Jones et al., (2000) observed that customer satisfaction is usually the key element in ensuring repeat patronage of customers and this outcome generally depends on the intensity of switching barriers in the context of providing effective service. Under certain circumstances, even though a customer maybe less satisfied with a service provider, they would still choose to continue with the same provider because of the higher perceived cost of leaving the services. The customer has to consider the co sts in switching a supplier. It involves set-up costs and termination costs. The set-up costs include the cost of finding the new service provider who would be able to provide the same or better performance as the previous provider or the opportunity cost of foregoing exchange with the incumbent. The termination costs include the relationship-specific idiosyncratic investments created by the customer, which might have no value outside the relationship (Dwyer et al., 1987). This is applied more particularly in the context of investment banking in the form of exit and entry charges on investments routed through the investment bankers. The service encounters can be viewed as a social exchange in the light of interactions between the service provider and customer becoming a crucial component of satisfaction. This provides a strong reason for the continuance of the relationship (Barnes, 2002). In a services context, considering the level of interpersonal contact needed to produce services, there is a range of psychological, relational and financial considerations that might act as a disincentive for a hypothetic change of service providers (Petruzzellis et al., 2008). 2.6 Relationship Marketing in the Context of Banking Fierce competitive trends and saturation in the financial service product markets have enhanced the need to garner effective competitive advantages by banking institutions. The growing demand for the banking products and service through new media like Internet have forced banks to respond quickly to new challenges in customer demand and to meet them, with new and improved business models (Methlie Nysveen, 1999; Jun Cai, 2001; Bradley Stewart, 2003). Gronroos, (1994) and Berry, (2002) identified the long-term relationship with customers as the key success factor in the service industry, which enormously increases with the electronic channels. The proliferation of new channels and the high demand for differentiated products has presented customers with a wide choice in terms of which service to use in order to profitably interact with the bank. (Petruzzellis et al., 2008) The latest extension in portfolios benefits both the customers and banks alike. Banks are provided with the opportunity of capitalizing on the beneficial characteristics of the newer product lines and channels of marketing. For example, electronic channels enable the banks to reduce the costs of interacting with the customers through the substitution of labor-intensive processes with the use of automated devices and sales processes (Campbell, 2003). In addition, the interactions resulting from face to face consultation enhance the opportunities for cross selling of the products (Clemons et al., 2002). It is imperative that banks undertake an active management of the usage of customer service so that the bank would be able to benefit from the different strengths of its portfolio. In this process, the banks are under an obligation to understand the ways the customers may adopt for choosing between the portfolios. The banks should also understand the circumstances under which the customers make these choices. This understanding will help the bank in identifying the factors that are relevant in influencing the customer choice and their relative importance in making the choice. Eastlick and Liu, (1997) observed that the decision by the customers to adopt a service is driven primarily by the perceived benefits and perceived costs of using the new product. The adoption of the product thus depends on the value the product can provided to the customer. The value in this case is represented by the service quality of the product Montoya-Weiss et al., (2003) and the convenience the customer can derive out of by using the product (Black et al., 2002; Devlin Yeung, 2003). The customers will also consider the risk involved in conducting the transaction using the product (Black et al., 2002; Grewal, Levy, Marshall, 2002; Reardon McCorkle, 2002) and the costs of carrying out the transactions through the product (Devlin, 2002; Fader, Hardie Lee, 2003). Perceived convenience, service quality and price are the key bank attributes which influence the perceived value of a service (Bhatnagar Ratchford, 2004). The perceived value of service therefore depends on the modera ting effects such as circumstances under which the customer chooses the service and the distinguishing features of the customer himself (Mattson, 1982). It is to be inferred that the importance of the bank attribute among convenience, quality and price for choosing a service is most likely to vary depending on the situations and customer features. In consistent with the literature, it is possible to distinguish between two dimensions of loyalty. They are: (i) a past loyalty that is more associated with the customers behavioral loyalty (Snehota Sderlund, 1998; Chaudhuri Holbrook, 2001). This loyalty represents the relative importance of a specific banking service in the previous transactions decision of the customer (ii) a cognitive loyalty, which implies the behavioural intention of using the banking service in future (Methlie Nysveen, 1999; Van Rail et al., 2001). The perceived service quality, satisfaction and past loyalty are antecedents of the intention of continuing to use the service or future loyalty. It is therefore important that the banks should ensure that they provide a service of high quality for surviving in the highly competitive market and for garnering a sustainable competitive advantage in the long-term, which cannot be replicated by the competitors (Mefford, 1993; Jun Cai, 2001). In the context of social capital effect on the usage or choice of banking service and its impact on customer loyalty, commitment on the part of the bank becomes a key construct as identified by the social exchange literature (Thibault Kelly, 1959) and the relationship marketing literature (Berry Parasuraman, 1991). As perceived by the customer, the relationship with a particular bank is so important that the buyer may decide that it is worth investing in specialeffort to maintain such relationship for an indefinite period of time (Tellefsen, 2001; Coote et al., 2003). Such long-term relationship enhances the exchange relationships and acts as stimulation for promoting the willingness of partnerscooperation and complying with mutual requests. The partners are able to share information and engage in joint problem solving exercises (Morgan Hunt, 1994). Commitment also acts to prevent the negative effects of switching costs (Fullerton, 2003). Thus, lack of commitment on the part of the customers will make them switch the service provider more frequently than the committed customers, and thus results as being a more powerful determinant in retaining customers than continuance commitment. 2.7 Relationship Marketing with respect to Investment Banking and Financial Products There are a number of factors, which influence marketing for financial service products. These products are service based offers and therefore are characterized by a high degree of intangibility and complexity. These characters in turn provide a high level of variability depending on the market situation. Factors such as type of demand, delivery style, duration, and significance to the client also influence the marketability of these products. The peculiarities of financial services products may lead to a conclusion that relationship marketing is the right approach applicable only within the financial services product categories. However, it must be emphasized that the specificity of relationship marketing to the financial services products is attributed mainly because of the high risk involved and the necessity for a long-term relationship in view of the involvement of the client for carrying out the service delivery process (Ennew Binks, 1996). In the case of investment banks, it becomes necessary to establish a balance between the transactional marketing and relationship marketing strategies for arriving at an optimal position. However, the point at which the investment bank balances both marketing strategies cannot be permanent because of the interaction of various factors enumerated above. The existence of the changing circumstances determines an instable area or a danger area for both parts of the optimal position, following the calculation difficulty or even impossibility at a certain time of the results generated by the different relationship or transactional strategies. The main risk arising out of the calculation of this optimal point between transactional marketing and relationship marketing can be described as below: With respect to implementing transactional marketing strategies, the bank may not be able to recognize the wishes of the customer for a higher level of involvement on the part of the organization (to be reckoned as the customer service type activities undertaken by the investment bank). With respect to applying relationship-marketing strategies, the bank is likely to overestimate the quality level of the service expectations by the customer. This might result in clients migrating towards a competing institution which offers a higher qualitative level to a lower price. A hybrid managerial approach can be thought as a possible solution, which might take into account the possible changes in the business situation. According to Gronross, (1995, p. 252) irrespective of the investment bank or the institution adopting mostly transactional or relationship marketing strategies, there may be situations when the company may have to address the needs and preferences of customers in different market segments. The hybrid managerial approach requires the application of multiple marketing strategies, which would provide for the development and maintenance of discreet changes necessitated by shoppers segments. In this case, the bank has to be satisfied with lesser degree of profitability. At the same time, the bank should strive for maintaining and intensifying the relationship with profitable clients. In conclusion, it cannot be possible neither profitable for an organization to create close relationships, personal and long lasting with all the clients, which inv olves a differentiated approach, based on segmentation principles that will combine elements of relational marketing and transactional marketing in accordance with the clients profile and its importance for the company (Filip Pop, 2007) Similarly, the clients may also adopt a differential approach depending on the type and complexity of the products involved. According to a study conducted in the banking market in the United States, there are differences between transaction oriented and relationship oriented clients (Quoted in Mohamed et al., 2002). Sixty-two percent of the clients interviewed confirmed that in general they tend to be confident, based on their own strengths acquired by searching and analyzing financial information. They also seemed to be price sensitive. The remainder 38% of the interviewed clients responded that they are mostly interested in personal service and are not sensitive to the price. A similar study conducted in the UK financial services market has developed a model that typifies the shopping behavior in the market in accordance with two basic factors, which are instrumental in motivating and determining individual choices. The two factors are (i) the level of involvement and (ii) the deg ree of uncertainty (that generates some level of trust in the banker) (Beckett et al., 2000). The following figure represents these customer behavioral patterns. Buy custom Use of Relationship Marketing as a Strategy for the Success of Investment Banks essay