The Rise and “Fall” of Xerox Organization

In 1960 the Xerox Corporation was in a position where it could corner the copy machine industry for the next 15 years. Xerox had practically invented the copy machine, and had secured its dominate stake in the copy machine industry with patents. However, this security backfired on Xerox because it didn't allow them to focus on new product development. During this period, their research and development goals diminished, and the quality of their products remained the same if not worsened. The strategy Xerox had remained stagnant. Xerox found itself in the mid 1970's with a loss in profit, market share, and competitive stance. By effective supply chain management, Xerox would be able to revamp its structure. In order to confront new competitors such as Ricoh and Canon, Xerox was going to have to make major changes within its organization. First, Xerox management sought to simplify the purchasing process. By consolidating its supply base, it was able to reduce overhead, pass lower costs onto customers, improve quality of its products, and work better with suppliers. Next, the â€Å"commodity teams† were designated to reduce defect parts per million through a five step program it developed. Thirdly, internal restructuring brought about the â€Å"circle groups† which resulted in a new system of competitive benchmarking and customized products. Finally, with a new research and development approach Xerox was able to delve into new product development, bringing them brand recognition. And, with a new â€Å"central logistics and asset management† program the company was able to reduce excessive inventory and related costs.  · Determine how Xerox's strategies transformed from the late 1970's to the 1980's.  · Determine how the change in strategies and organization allowed Xerox to be competitive.  · Identify the source of guidance it received for its restructuring , and what this revealed about the advantages of a multinational firm.  · Determine how taking a global perspective make it more competitive in the global marketplace.  · Evaluate the role of global manufacturing, materials management, and R & D in better performance in the 1980's. Once Xerox found themselves in a poor competitive position in the mid to late 1970s, they were forced to make general changes in strategy and structure or organization. In the late 70s, the copier environment consisted of just a couple of competitors with a rapidly declining market share. Xerox's new strategy was segmentation-to keep their three main legs (Fuji, Rank, and Xerox) as separate entities. Therefore, structural and organizational areas were decentralized. In the 1980s, the copier environment consisted of even more competitors who had superior products at lower prices. The market was more hostile, and if Xerox didn't make a significant change in its strategies, they would lose the battle. At this stage, Xerox's strategy was aimed at streamlining supply ties and reduce production costs by improving the supply chain. Bringing together the three entities was the new centralized approach for structure and organization. Moreover, by using Fuji-Xerox as a guide to restructure, Xerox benefited by having various cultural organizations to choose from and achieving global learning. In addition, by taking on a singular identity rather than a three leg multinational, Xerox was able to capitalize on location economies in relation to the product life cycle. Therefore, both Xerox and the local suppliers were able to achieve economies of scale. Also, a global perspective resulted in more uniform products. In regards to performance, restructuring global manufacturing allowed them to deal with suppliers more effectively and to get one or a few suppliers for one global product. Effective materials management helped Xerox gain closer supplier and customer ties, which in turn reduced inventory costs. By staying in sync with customer demands and needs, Xerox's R & D division was able to come out with customized product lines, which in turn gave Xerox a first mover advantage and resulted in a stronger competitive position. Finally, the internal restructuring regarding the â€Å"quality circles† involved all areas of the company. With an encompassing implementation of the Leadership Through Quality groups, Business Area Work Group, and â€Å"Quality of WorkLife† Circles, Xerox increased in performance. By allowing workers to find quality shortfalls and generate ideas about problems, these programs allowed them to find better solutions to those problems, for example, via the process of competitive benchmarking. Our team consensus is that Xerox shouldn't have relied solely on their patents and previous technological know-how to maintain their large market share. Because of this reliance, Xerox paid less attention to quality and new product development. If they would have focused on developing newer, higher quality products, their market share would have remained the same or better once the patents expired. They should have foreseen the expiration of the patents, and been better prepared with a stronger product line and global strategy to confront the competitive market in which they were going to enter in the 1970s. The competitive benchmarking allowed them to integrate the most efficient practices of other global companies. This integration, as well as the efficient supply chain management and emphasis on quality, was a smart move which enabled Xerox an efficient structure for years to come.

Daniel X: Demons and Druids

Daniel X: Demons and Druids Over two hundred thirty million copies of the Daniel X series have been sold worldwide. The author James Patterson wrote Daniel X: Demons and Druids in collaboration with Adam Sadler. The publishing date is July 2010. In the book, Daniel X is an alien hunter who is looking for number three on his alien list of outlaws, Phosphorius Beta. â€Å"Think of a million or so angry wolves-on fire, that’s a pretty good approximation of number three†, well that’s how Patterson puts it. The epic battle between alien hunter and fire has begun.I enjoyed Daniel X because of the author’s action and how he weaves myths and fiction into the story, but I disliked Patterson’s writing style and several other points of the book. James Patterson’s novels are known for full on action, and adrenalin. An example of action and adrenalin is when Daniel X is caught by alien number forty-three on the alien list of outlaws; he turns back time an d explodes number forty-three with a bomb. This is pure action because Daniel puts his life on the line to fulfill his mission to kill aliens.Another example of action and adrenalin is when Daniel X and his friends are get caught by vampirus sapiens. In the example of action and adrenalin, the action takes place when he transforms, but the adrenalin kicks in when the vampirus sapien loosened his grip on Daniel X’s hands. James Patterson excels at making abnormal events seem normal or regular. I liked how James Patterson placed Merlin the sorcerer and Arthur Pendragon in the story, and how he made Stonehenge, merely a monument a big part in his story. It is ironic that Patterson weaved Stonehenge, merlin, and druids together.When I think of druids I think of aliens or demons. Stories, Myths, and books say that druids built Stonehenge, but there isn’t any evidence that proves that they did. Druids are actually high priests of the Celts. The only reason why people believe that they built it is because they were alive during that time. Yet legend has it that merlin built Stonehenge. Merlin brought the stones to Salisbury Plain from Ireland. Sometime later there was a massacre of three hundred noble men and a memorial was needed. Merlin then moved Stonehenge to Britain to bury them.However in the book Merlin and his mentor help a group of people build Stonehenge. Even though James Patterson is a genius when it comes to Science fiction he still needs to work on writing his books. Even through James Patterson is a great author, I don’t always enjoy his books. Two things I didn’t like about the book, was that Patterson didn’t introduce well in the beginning and that he made the chapters too small. I expected him to explain Daniel X‘s history in the prologue so that the readers could understand things about his background and understand what he’s been through.Since, Patterson made the chapters in his book so small it real ly takes time to make or figure out what’s going to happen. If Patterson had made the chapters longer he would have had wasted less time trying to make a point, but the only difference would be that the book would be smaller. Patterson introduces Daniel X’s history in chapter nine; all the chapters in the book are small and even the epilogue has a small chapter. I loved the book because of all the action and adrenalin that James Patterson put in it, and the abnormal or irregular events that occurs , but I disliked the introduction and Patterson’s idea of short chapters.I enjoyed Daniel X because of the author’s action and how he weaves myths and fiction into the story, but I disliked Patterson’s writing style and several other points of the book. I’d recommend this book to preteens, I would give this book a three out of five, but if you are not satisfied, there are several other series that James Patterson has made. For example Maximum Ride, Witch and Wizard, Alex Cross and the Women’s murder club, and the rest of the Daniel X series.

Case The Coffee Shop Market Starbucks Marketing Essay

Case The Coffee Shop Market Starbucks Marketing Essay Starbucks Corporation is an international coffeehouse chain, founded in 1971 in Seattle, Washington. Starbucks serves a variety of beverages including brewed coffee, tea, hot chocolate, espresso and a selection of bottled drinks. Starbucks also sells whole bean coffee and a variety of ready-to-eat snacks. The first Starbucks location to open outside of North America was in Tokyo in 1996; and from then on Starbucks became an international brand, expanding both nationally and globally. This report will attempt to examine the situation of Starbucks in Japan. It will bring out the marketing strategy to be adopted for a rise in profitability of Starbucks Japan in the next two years. In addition, it will attempt to explain the use of marketing mix to aid the chosen strategy. SWOT ANALYSIS: 1.1 STRENGTHS: 1.1.1 Strong brand image: Starbucks brand name, quality customer service and store ambience are its key strengths. It has maintained its international operations to ensure consumer recogn ition. Starbucks is renowned for its high quality products and has maintained a consistently positive consumer experience that has helped Starbucks build a strong brand image. Starbucks spends less than 1% of revenue on advertising and promotion each year which indicates they rely on an established company image (P. Ghauri, International marketing case study: Starbucks-Going Global Fast). Starbuck’s key competitor in Japan-Doutor coffee, had taken advantage of Starbuck’s brand image and copied its logo, while replicating the experience rendered to customers in its retail outlets. (Ono, 2003). This shows that the Starbucks image is a strength worth mimicking. With a well-established brand image in America, it was sure to expect recognition in the Japanese market, because the consumers there have a fondness for everything western. (http://azjatycka.wordpress.com/2009/11/05/international-marketing-strategy-of-starbucks-in-japan-success-or-a-failure/) 1.1.2 Commitment to c ommunity: Starbucks contributes a considerable amount of its resources to corporate social responsibility programs (Kotabe & Helsen, 2004). According to Butler (2006)-â€Å"CSR programs influence 70% of all consumer purchasing decisions, with many investors and employees also being swayed in their choice of companies†. As a result, Starbucks involvement in the CSR programs helps its competitiveness in the business world. 1.1.3 Widespread Presence in International Markets: Starbucks has ventured into foreign markets with astonishing pace opening its outlets in 40 countries with 2068 stores worldwide. This widespread expansion has allowed its presence to be felt across the globe. 1.1.4 Retail outlets present at convenient and accessible locations: Starbucks has opened a number of coffee shops at convenient locations like shopping malls, libraries, university campuses, office buildings etc. They are typically located in high traffic, high visibility locations.(Starbucks annual r eport, 2008) 1.1.5 Presence of a variety of food items & Beverages in addition to Coffee: Starbucks stores offer a choice of regular and decaffeinated coffee beverages, a broad selection of Italian-style espresso beverages, cold blended beverages, iced shaken refreshment beverages and a selection of premium teas. Starbucks stores also offer a variety of fresh food items, including healthier choice selections focussing on high-quality ingredients, nutritional value and great flavour. 1.1.6 Well Developed Corporate Strategy and Good Marketing skills. Weaknesses: 1.2.1 Lack of internal focus: Starbucks focuses too much on over-expansion, at times tending to ignore the problems arising within–consistent employer dissatisfaction.

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

Homicide - Research Paper Example Many have identified that the actual number of the criminals and serial killers are increasing by challenging he laws and the authorities. As such, the study of homicide deserves greater importance for the researchers and the general public. An overview of the various books and other writings published on this issue unveils that there has been many attempts to identify murder and homicide. However, even after various studies over this issue, one can still view it as an argumentative issue among the researchers and the intelligentsia. Only a thorough wider analysis and research, one can make clear certain issues regarding homicide and or murder. Homicide is the killing of one human being by another. If the killing is not excusable or justifiable, then it is called criminal homicide. Murder and Manslaughter are the two general categories of criminal homicide. In most countries, First Degree Murder is the most serious crime that people can commit, where manslaughter is a less serious cr iminally homicide. Considered the most heinous crime that could be committed in society, the intentional or unintentional act of murder brings lasting affects to the families of the victims and the murderers and their families. The consequences of these heinous actions have the potential to also affect the current laws that are in place, possibly having them amended. The proposed research seeks to explore certain realities concerning homicide and will conclude by analyzing the various types of homicides and the negative effects which may hamper the lives of modern people. 1. HOMICIDE - KILLING OF ANOTHER Homicide has often been identified as the killing of one human being by another human being due to various factors. Homicide is broader in scope than murder, though it has often referred as synonymous it. An overview of homicide reveals that murder is a variety of criminal homicide which is punishable where other forms of homicide might not constitute criminal acts. Other forms of h omicides are often accounted as justified and excusable. Law has clearly defined or categorized various types of homicides which includes killing intentionally, murder for self-defense, planned murder, and so on. Individuals may engage in murder for self-defense, ‘kill a person who threatens them with death or serious injury, or they may be commanded or authorized by law to kill a person who is a member of an enemy force or who has committed a serious crime’ (The free dictionary, 2011). As per the laws existing in majority of the world nations, it is the circumstance surrounding a killing that decides whether a man is a criminal or not. The more specific legal terms takes into account the intent of the killer to regard his/her action as criminal homicide which is generally considered as murder or man slaughter. Regarding homicide, it can be brought under two main categories called Lawful killing and Unlawful killing. a. LAWFUL KILLING As per the legal statutes, English courts developed the body of Common Law on which U.S. jurisdictions already depending to develop their verdicts concerning homicides. The legal dictionary identifies the two types of homicides when it writes thus, â€Å"Early English common law divided homicide into two broad categories: felonious and non-felonious. Historically, the deliberate and premeditated killing of a person by another person was a felonious homicide and was

Acute coronary syndrome Essay Example | Topics and Well Written Essays - 2000 words

Acute coronary syndrome - Essay Example tients with ACS is quick and accurate, risk stratification is done and management is commenced as early as possible to achieve good outcomes in the short and long turn (Housholder-Hughes, 2011). The role of nurses in the management of ACS is crucial in all aspects, be it diagnosis and assessment, triage, pharmacotherapy, perioperative management, critical care, postoperative care, discharge and rehabilitation. All nurses should have evidence based knowledge so that they can make informed decisions in the management of an ACS patient. This review aims to describe the pathophysiology, nursing diagnoses and assessment, and nursing interventions of acute coronary syndrome. Current research and articles relevant to the aforementioned topics were reviewed and analyzed in order to provide a base for evidence based practice. The literature was retrieved by performing a MEDLINE and Google/Google Scholar search on the internet combined with a manual search for journals and books pertaining to the above mentioned topics. The keywords and their combinations that were used were acute coronary syndrome, nurse, nurse practitioner, ACS, pathophysiology, diagnosis, pharmacotherapy, unstable angina, STEMI, NSTEMI, myocardial infarction, MI, management, nursing assessment, and nursing interventions. Although, the articles identifying assessment, interventions, and their impact on the management of ACS specifically in the context of nursing are few, the guidelines targeting healthcare practitioners in general have been adapted for nurses by most authors in their recommendations. According to Hansson (2005), deposition of atherosclerotic plaques in walls and lumens of arteries (atherosclerosis) is an inflammatory process resulting from an interaction of immune and metabolic risk factors. Acute coronary syndromes occur when reduced blood flow causes sudden myocardial ischemia. This happens when a thrombus is formed on the surface of the atherosclerotic plaque as a result of plaque

MARY DOUGLAS' NATURAL SYMBOLS Research Paper Example | Topics and Well Written Essays - 1750 words

MARY DOUGLAS' NATURAL SYMBOLS - Research Paper Example According to Douglas, natural symbols are an important determinant of the nature of social and religious rituals practiced by all cultures worldwide. These natural symbols could be derived from â€Å"blood, breath or excrement† and each one of them has a social meaning and implication. Using these bodily symbols, the choices, preferences and perceptions of every culture can be studied. According to Mary Douglas, the way a person treats his/her body explains his/her perception of the society. The hierarchies existing in a society are very much similar to how a human treats his various organs. She explains: According to one, the body will tend to be conceived as an organ of communication. The major preoccupations will be with its functioning effectively; the relation of head to subordinate members will be a model of the central control system, the favorite metaphors of statecraft will harp upon the flow of blood in the arteries, sustenance and the restoration of strength. Accord ing to another, though the body will also be seen as a vehicle of life, it will be vulnerable in different ways. The dangers to it will come†¦ from failure to control the quality of what it absorbs through the orifices; fear of poisoning, protection of boundaries, aversion to bodily waste products and medical theory that enjoins frequent purging. Another again will be very practical about the possible uses of bodily rejects, very cool about recycling waste matter and about the pay-off from such practices. The distinction between the life within the body and the body that carries it will hold no interest. In the control, areas of these society controversies about spirit and matter will scarcely arise. But at the other end of the spectrum †¦ a different attitude will be seen. Here the body is not primarily the vehicle of life, for life will be seen as purely spiritual and the body as irrelevant matter. Here we can locate millennial tendencies from our early history to the pr esent day. For these people society appears as a system that does not work. (Douglas 1996, 16-17) The Body, Religion and Anthropology In her book, Douglas explains how the ritualistic patterns of a culture can be derived through their body symbolism. This book examines religion from an anthropological perspective, explaining the ritualistic and socialistic norms existent in all cultures. Thus, in order to understand a culture truly, a thorough study of the natural symbols occurring in the society is mandatory. Sarah Coakley writes in Religion and the body: Anthropologists have long been interested in ideas about the body. Thus, in the nineteenth-century anthropology, the centrality of the notion of ‘race’ involved detailed studies of the bodies of ‘primitives’. European imperialism made possible, and evolutionary theories of progress encouraged and fed on, the detailed description and classification of types of European and non- European bodies.1 As is evid ent, the body forms an important element of all anthropological studies that aim at a proper analysis of a given culture. According to Coakley, by the end of the nineteenth century, studies focusing on the â€Å"symbolic aspects of the body in primitive cultures† became increasingly prevalent. It was believed that such a study would tell us â€Å"something profound of the human mind†2. Mary Douglas is not the only one to have elaborated on the significance of bodily symbols in anthropology. Many other works, like those of Benthall and Pohemus, Blacking etc. have brought out the importance of the â€Å"Anthropology of the Body†. However, Douglas’ work remains the most popular in terms of both its academic value and interesting notions. Harries (1993) interprets natural symbols as follows, By natural symbols, I

Equity and trusts Essay Example | Topics and Well Written Essays - 2000 words

Equity and trusts - Essay Example pective of property relations such that even if married couples lived together in a property owned by one of them prior to the marriage and used the same as family home after the marriage the law does not deem the newcomer as a part owner of such property. Albeit the courts enjoy wide discretion under the Matrimonial Causes Act of 1973 to distribute the properties between divorced husband and wife, a declaration dividing the matrimonial home equally between the ex-spouses cannot be made ipso facto because courts usually take into account legalities and legal requirements in adjudicating such property. Thus, in Pettitt v Pettitt [1970] AC 777 HL, the Court declared that the husband has no equitable interest in the couple’s family home despite the fact that he contributed labour and money in the improvement of the property. The Court held that the wife is the legal and equitable owner of the property because she used her own money in its purchase. This decision was held despite the fact that the husband relied on the provision of s 17 of the Married Women’s Property Act 1882, which allowed the Court discretion to distribute properties between contending husbands and wives. In another interesting case, Lloyds Bank v Rosset [1991] 1 AC 107, [1991] All ER 1111, a married couple purchased a farmhouse out of family funds. The sellers, however, insisted that the purchase should be made in the name of the husband alone but the wife had a significant role in supervising the extensive repairs over the property. The family funds, however, were not enough to pay for the entire purchase price of the property and the husband, without the knowledge of the wife, sought loan from a bank and secured the same with a legal charge over the property. When the payments for the loans defaulted, the bank moved to foreclose the property over the objection of the wife who claimed beneficial interest over it. The Court disagreed holding that the wife had no beneficial interest over it

Describing a depth experience Essay Example | Topics and Well Written Essays - 1000 words

Describing a depth experience - Essay Example . . 1 For those of who still maintain religious belief in these troubled times, this formulation sounds very familiar. It is far too easy to lose ourselves in the material world and forget that there is something more out there—something that means more than what we can see around us. Accordingly, in this essay, I will try to describe my own experience with â€Å"depth.† When I was around sixteen years old, I was very troubled. I had many doubts about myself and about the world in general. I was confused and somewhat unhappy. I had lots of friends and played many sports, but nevertheless I was sometimes left at a loss as to how to explain the world to myself. Some days everything would just seem to be too much for me, and I would go to a quiet place to be alone and think about things. One spring my family and I took a vacation to the island of Malta. Malta is a small island in the Mediterranean near Sicily. It is only about 300 square kilometres in size but there are many people living there. The island is very historic, with many old churches and a deep and abiding faith in Catholicism. When I first arrived in Malta, I didn’t like it very much. It seemed too cramped and small. Although the weather was sunny and warm, the food was not very good and many of the cars and buildings seemed old and decrepit. So I had gone to Malta with a closed-mind and it was hard for me to appreciate it. One day, when I was walking by myself on a beach, I stopped to buy a soda from an old man who was selling drinks near the water. He must have been in his eighties; the skin on his face looked like battered leather. As I was paying for the soda, the man asked me, â€Å"Tell me, son, why do you look so lonely and lost.† I was a bit taken aback. I told him I was just walking along the beach for fresh air. He said, â€Å"Have you come to Malta on a pilgrimage? Did you know this is a very holy place? Many famous men have come to his island to discover something about themselves.

Summary Essay Example | Topics and Well Written Essays - 1000 words - 6

Summary - Essay Example The differences identified by the authors through a review of available literature are based on major qualities like independence, risk-taking ability, tolerance of ambiguity, self-efficacy, innovativeness, market orientation and leadership qualities. The study methodology is, therefore, aligned to these characteristics through administration of ability questionnaires to sampled hospitality operators in the Netherlands. The main argument and conclusion is that entrepreneurs are high in the mentioned qualities and therefore there is need to classify business owners based on the activities they carry out as well as their goals. Anderson and Hughes (2010) conducted a study entitled â€Å"the business of caring: women’s self-employment and the marketization of care†. The study by the two is conducted in view of increased commercialization of care giving services by women since the authors have pointed out that there is a research gap on self employed paid care workers. The main aim of the study is to explore how women’s paid care giving is shaped by their employment status; whether self employed or an employee and the nature of care provided (direct/indirect). The study analyses qualitative interviews carried out in the summer of 2004 with 20 self-employed women in western Canada. SPSS has been used as the main analytical tool. The findings are then compared with existing data on employed caregivers. The study finds that self-employed caregivers are more dedicated in their work. Employment status and nature of care have been concluded to shape experiences of care workers. The third study in is on â€Å"Doing Gender, Doing Entrepreneurship: An Ethnographic Account of Intertwined Practices†. Bruni, Gheradi and Poggio (2004), contend that there is a connection between entrepreneurship and culture apart from it being an economic activity. The study picks onto gender as a result of the increased institutionalization of value and symbols that can be related to this social component in the operation of enterprises. The study relies on two selected ethnographic observations conducted in small enterprises in Italy. The methodology therefore involves a study of historical data on the issue of exceptional figures, which has a connection to gender roles in enterprises more specific to feminine gender. The two companies are Welder and Atlantis. Five processes are used in the analysis of these roles. They include managing dual presence, doing ceremonial and remedial chores, boundary keeping, footing and gender commodification. The study confirms that there is a relationship between entrepreneurship and masculinity. As such, it concludes that performing entrepreneurship involves gender positioning. Hjorth (2004) brings another perspective in the importance of entrepreneurship through his study: â€Å"Creating Space for Play/Invention Concepts of Space and Organizational Entrepreneurship†. The study examines the role of ent repreneurship in the various functions of management in organizations. This is based on the observation that management should be able to integrate innovation process of entrepreneurs into the organization’s main strategy. The purpose of this study is therefore is to bring into focus the nature of the relationship between management and entrepreneurship. This focus is analyzed in the context of creating space for innovation and

Consumer buying behaviour blogs and portfolio Essay

Consumer buying behaviour blogs and portfolio - Essay Example However certain experience annoys customers in context of purchasing a branded good or service. I usually preferred branded products because I thought money value of the brand is worthwhile. In terms of behavioural sciences of consumer behaviour it is clearly evident that psychological needs usually influence an individual to purchase a brand. I had a bitter experience with two well known brands Samsung and Levis. These two brands were my favourite and I was ready to pay premium prices for these brands. In my college days I used to wear Levis jeans because I felt that its quality or texture will not degrade. I was literally shocked when I saw my perception about the brand was totally wrong. There are two or three Levis outlets nearby my locality and I usually purchase jeans from these outlets from past many years. Recently some new sales person was hired in this retail outlet and they did not have friendly behaviour. I purchased two jeans and it was expensive but my shopping experien ce was more pathetic. None of the sales person in the outlet helped me to select the best product and I had to find the best fit for myself (Cheryl and Thuhang, 2007). This in turn had drawn a negative image about the brand in my mind. However after sales service of Levis jeans were worse because one of the jeans turned out to be of low quality and I had to return it back. I nearly spend half day resolving issue at the outlet since they were not ready for cash back. From that day I have decided that I will avoid any form of branded items. Samsung was another brand which had annoyed me to a great extent. I purchased an electronic item of Samsung few months back but it failed to deliver desired service level. On the other hand one of my friends had bought same electrical device from not so well known brand and it performed well. Customer perception is difficult to change since it is based on attitudes and beliefs.

Sony Corporation Essay Example for Free

Sony Corporation Essay From the time high definition televisions (HDTV) made its appearance into the market in the year 1998 the demand for high capacity storage DVD has increased. Regular DVDs turned out to be insufficient for this application. DVDs support resolutions up to 720480 pixels whereas HDTV will work with the resolution of 19201080 pixel format. The above definition approximately means that to run a two hour video on a HDTV requires storage capacities of 22GB where as the maximum capacity of the DVDs that are available in the market are 17GB. This has led for the development of the DVD with higher storage capabilities suitable for HDTVs. This development ultimately resulted in two DVD formats with huge storage capability, one from Sony Corporation called as Blu Rays and other from Toshiba called as HD-DVD with the support from their technology partners. Evolution of Blu Rays: Sony started two new rewritable disc storage systems: ultra density optical UDO and DVR Blue. The first DVR Blue prototype was released in the October 2000 CEATEC exhibition. In February 2002 the project was officially announced as Blu-Ray Disc(or simply BD) and Blue Ray Disc Association was founded with initial nine members at consortium made by the companies that include Apple, Dell, Hitachi, HP, JVC, LG, Mitsubishi, Panasonic, Pioneer, Philips, Samsung, Sharp, Sony, TDK and Thomson. HD-DVD, on the other hand, was created by Toshiba and got support from Microsoft, HP and Intel. The regular DVDs use red laser (wavelength of 650nm) to read and write whereas blu-ray uses a blue-purple laser to read and write data. As the wavelength is smaller for Blue –purple laser (450nm) this allows for a higher recording density. While recording the blue-purple laser is used to burn pits on the disc surface. The areas that weren’t burnt are known as lands. While reading blue-purple laser with lower intensity is thrown on the disc. When a pit is encountered the light is reflected with a lower intensity compared to the land. This is how a Blu-ray detects pits and lands. The physical dimensions of the Blu-ray are same as the regular DVD. This is from the blue laser that is used the named Blu-Ray has been derived. On April 10th 2003 the first Blu-Ray devices were released. It was Sony BDZ-S77 a BD RE recorder which was made available only in Japan. The physical dimensions were finalized only ion 2004. In the year 2005 TDK made an announcement that a polymer coating has been developed for the Blu-Ray discs. BD-ROM specifications were finalized in the year 2006. In the year 2004, a consortium is formed which has been developing the DRM platform that is used to securely distribute movies to customers. The first BD-ROM players were released in June 2006. Blu-Rays titles were first released on June 20, 2006. Initial releases used MPEG-2 video compression similar to DVDs. September 2006 viewed first release of newer VC-1 and AVC codec. First movies using dual layer discs which have storage capacity of 50GHz was released in October 2006. The first mass market for Blu-ray Disc was seen in July 18 2006. The prices are as large around US$699. The Table below shows the Physical dimensions and storage capacity of the BD in comparison with the regular DVD. Competition from HD DVD: A forum was set up in the year 1995 for the exchange of hardware and software updates of the regular DVD. From the initial stage of the development of blue laser DVD committee has different opinions. In August 2002, Toshiba and NEC made an announcement about their competing standard advanced optical devices. DVD forum finally adapted it and the next year it was renamed as HD DVD. There was though competition between the Blu-Ray and HD DVD. The support from the technology partners from both the sides increased the competition among Blu-Ray and HD DVD. Both Blu-ray and HD DVD have same physical dimensions their storage capabilities and other supporting differences are listed in the tables below. Blu-Ray HD DVD ROM single layer: 23. 3/25GB ROM dual layer: 46. 6/50GB RW single layer: 23. 3/25/27GB RW dual layer: 46. 6/50/54GB Highest test: 100GB Theoretical limit: 200GB Single layer: Dual layer: Highest test: Theoretical limit: 15GB 30GB 45GB 60GB 15GB 30GB 45GB 60GB Table-1 Comparison of the capacity of Blu-rays and HD DVD Attempts were made to avoid the confusion over the format between Blu-ray and HDDVD in the year 2005. Blu Ray supporters opted for Java Based platform for interactivity where as HD DVD opted for Microsoft’s HDi. In august 2005 they both disagreed for a common format and the negotiations failed. And by the end of September Microsoft and Intel announced their support to HD DVD. In March 2005 Toshiba released the first HD DVD player months in advance than Blu- Ray. It made its appearance in US market in April 2005 at US$499. The price is small compared to that of the Blu-Ray so as the storage capacity. The difference between Blu-Ray and HD DVD is shown in the table below (Tab-1) and the technology partners of each format are shown in Fig-II.

Discuss The Importance Of Copyright Media Essay

Discuss The Importance Of Copyright Media Essay The highly digitalised era that we live in has had a profound effect on the way we all access music, were over exposed to it, many of the traditional boundaries have been eroded and attitudes to consuming music are constantly being changed . Music today is a mere commodity and obtaining any aesthetic value such as we saw a generation ago with the LP or CD is extremely hard. Indeed, it is extremely hard to fix music to a source in its current MP3 format and the speed of access of technology is serving to create a hypermodernity nature  [1]   The dramatic rise in music piracy via the internet networks correlates directly with the decline in of traditional formats and in general the downturn in music sales. The intangible nature of the format and the decline in fair use  [2]  threatens to undermine the frameworks of copyright which is essentially the currency in which artists operate and can make a living, as Greenfield and Osborne note, copyright is the vehicle that drives the music industry  [3]   With large record companies such as EMI constantly postings losses  [4]  coupled with their reliance in exploiting their publishing subsidiaries copyright of back catalogues, is the music business now unsustainable? Have we moved into the era of the independent label and start-ups like sliceofthepie.com, indeed is the very structure of the record company under threat and can a copyright actually work in a digitalised world? Speaking with key up starters within the industry and analysing up to date documents and policy I which to establish the relevance of copyright In the current climate, and more importantly whose interests does it serve the musician or the company? Has copyright become outdated in the digitalised world or is new legalisation able reclaim rights that have been eroded by the huge expanse in the digitalised MP3 format. The UK background In 1709 the statute of Anne, whose full working title was conceived as An Act for the Encouragement of Learning, by vesting the Copies of Printed Books in the Authors or purchasers of such Copies, during the Times therein   [5]  sought in an elementary manner to provide a basis of rights protection to the producer of a literary piece and of equal importance set the very foundations of modern intellectual property law. This framework protected the authors work for up to 14 years and after the expiration of the term, it became part of the public domain of work and operated primarily on a publisher-to-publisher basis. A key point of discussion in the legal framework of copyright as a product stems from the story of the French composers in a Parisian cafe.  [6]  Not only does it capture the notion of modernity but it also generated much discussion. Essentially the message outlined in this instance remains the same today. How can a composer keep his work his own and protect from o ther would be entrepreneurs especially if they witness an opportunity for profit overseas. In some part the Berne convention deals with this, essentially, it requires signatories to act multilaterally in recognition of copyrighted works; therefore, a UK song would be protected in a country who has signed up. So this really expanded the initial ideas and provided a western union which currently has the signatories of 164 countries  [7]   Domestic UK law 1911 the law was extended to include early forms of music and sound recordings, indeed, in chronological analysis of copyright, its apparent that the legal system keeps a close reign on new forms of emerging media, alternatively speaking; copyright is heavily connected with the market for information and new innovation  [8]  This suggests that the law may have been connected with technological advancements but there has been countless examples of a transient phase in which the law has been slow to react. Individuals and publishers look to capitalise on the interim period between legislation and use it to their advantage for example i Finally then we arrive with the 1988 copyright designs and patterns act of the United Kingdom which with its amendments are the current statutes in operation. The 1988 framework sought to develop a number of key factors; chiefly it provides value to the industry in the sense that musical work is theoretically bound for 70 years and sound recordings and broadcasts 50 years. So in effect, this added a limit to exploitative life of a piece of creative work falling subsequently into the public domain whilst balancing the public and private domain. In relation to the explosion in the digital market, especially the internet, the law did not provide adequate protection for authors, artist, and the creative sector as a whole. The European Unions copyright directive of 2001 in particular article 6  [9]  led to a formal amendment in the domestic law The idea of fair use in first generated here, in essence means that certain use of a copyrighted material in certain circumstances does not constitute as infringement  [10]  and as outlined in PIP law that sufficient acknowledgement is required when using a copyrighted item.  [11]  So for example if an individual was researching or providing a critique of a particular act and required a copy of their material to formulate thought ,then under the concept of fair use one would be able to copy for personal home use. Such a concept does to an extent relies on the good will of the individual not to make duplicate copies and profit from them, especially as since 1988 the pace that one can access and distribute a piece a music has advanced tenfold, I continue with looking to see if fair use can be more encompassing, in the digital world late on but firstly I feel its important to establish the value chain of the entrepreneur in the digitalised world. Adding Value Firstly, the overwhelming problem when applying IP to the digitalised world of music is what exactly is the value in copyright and how can you accurately measure it. Large consultancy companies such as intangible businesses  [12]  seek to unravel the value IP. A key consideration  during the process of copyright valuation is to understand the notion of what drives the value of the copyright. For instance, a living musician generally supports their back catalogue of recordings through personal appearances and new releases, buoying their copyright valuation. After their death or after the musician stops recording their copyright  value  may diminish more rapidly than expected, as the support is no longer there.  [13]  Today the control of works in tyied up in a ever decreasing number of companies. 80% of the world market in sound recording is controlled by five record companies  [14]  who also all have extensive publishing arms and who part of large multinational companies. For example, Time Warner also owns AOL  [15]  So The traditional model in value attribution and copyright is demonstrated in figure 1 (see appendix). An artist creates a composition and then can strike a deal with a music publisher who effectively purchases a stake and in turn offers various channels of promotion in return or can give 100% rights to the Performing Rights Society (PRS) and go it alone. As Roger Wallis discusses music, publishers in the past were concerned with printing and distributing sheet music and sought to persuade artists and record companies to perform and record the songs that they represented.  [16]  As sheet music production deteriorated so the economic value that a composer could possibly receive from a collection agency fell too, essentially any particular format is dictated by its social importance at any given time. Therefore, for a popular artist to produce sheet music today is likely to produce only limited revenue, many publishers only seek to produce in order to broadcast the technical value of their work and provide authenticity and technique to the artists current catalogue. In reference to the traditional value chain of IP the use of mechanical rights needs clarifying. If a track is used on a physical product released by the record company then potential returns can be up to 8.5% of the wholesale price of the product, this distribution process is overseen in the UK by MCPS now a part of PRS. Although this initially appears a high rate of return, I would argue that these high figures of return are unattainable for the vast majority of artists and that the whole distribution royalty system is symbolic of a top-heavy pyramid. In 2005 2,700 composers and songwriters earned  £328m, this is an average of  £121,481 per person.  [17]  Clearly, a select few artists are obtaining most of the money. This is very much an area where we have all witnessed a huge loss in potential earnings for the artist at the bottom of the pyramid, because of digitalisation has taken hold copyright value in relation to the tangible product. Been lost and although one can still expect earnings from royalties there very much now limited Although such amounts from use of an artist property appear drastically diminished with the emergence of new technologies, new collecting societies for the distribution of revenues have emerged an example being iTunes. Any artist regardless of whether they are signed to a publishing deal can expect to receive royalties if their music is downloaded and as ill discuss later I believe The traditional model of value attribution is becoming more fragmented and hard there is a series of new value chains emerging which are replacing the traditional model. The situation today Im dealing with small band as the entrepenuer My first case study focuses on Johnny Tams, guitarist, songwriter and producer with Gold Teeth The band have enjoyed a successful period of late. Their debut single has featured on national radio networks such as Radio 1 and digital networks such as XFM, NME Radio and BBC Radio 6 and subsequently they have been on two nationwide tours. The band have a management deal and as a part of this a percentage of revenue generated from royalties goes to them also worth noting is the band have no record or publishing deal. What I am aiming to establish is whether in the digitalised world copyright has any incentive in the creation of music. Firstly the bands management company, monster music management, do not seek to exploit the bands rights instead they are focused on taking a cut from live performance and online music sales; indeed they actively promote the free download of their songs using websites such as MySpace. Since an incalculable amount of people can get access to the songs the ban ds reputation could rapidly expand, indeed as the internet is global the band could tap into emergent markets a decade a go that would have been unknown to them. For a young band member like Johnny the internet is an additional market without the constraints of copyright and a way of opting out of the highly exploitative nature of a publishing deal. It provides a new model, a type of counter culture and is an ever increasing trend even amongst established acts. Radiohead for example pioneered this new terrain. The release of 2004s In Rainbows marked the beginning of an internet only pay what you like model. Having fulfilled a 6 album contract with EMI which started in 1994,  [18]  Radiohead no doubt felt the constraints of an old system were affecting their creativity. In the following quote, Thom Yorke, the lead singer of Radiohead points to not only the tired rights model but to an industry on the verge of disaster ; I like the people at our record company, but the time is at hand when you have to ask why anyone needs one. And, yes, it probably would give us some perverse pleasure to say Fuck you to this decaying business model  [19]   With the pay what you want release of In Rainbows, Radiohead received and were in full control of direct rights. They used publishers Warner Chappell as a consultancy to create a new distribution and rights model and begin to reorder the traditional value chain. In a press statement the CEO of Warnel/Chappell says; These new ways are iconoclastic in nature; they acknowledge the realities of a digital society and they challenge existing commercial assumptions. It is in this spirit that band and publisher are working together.  [20]   For Radiohead it was perhaps the combination of their leftist persona and of a large number of other situational factors that contributed to the emergence of this particular model. They were well aware of the current situation and that their work is widely circulated using P2P networks. Radiohead cleverly packaged the product by adding an additional experience, in this case a countdown website and a Speight of cryptic emails. In doing this they were able to draw upon the fact that human beings will actually pay for something if they deem it of value, as data gathered by gig wise suggests Radiohead actually recouped on average  £4 per download.  [21]  It is also testament to the inginuentive trailblazing nature of the model that the band was able to generate revenue from a particular moment in the constant changing process that is digitalisation. In suggesting this its easy to imagine a small band with out the financial clout really struggling to adopt such an approach. At the time of release all of the appropriate measures were taken to ensure that traditional collection methods with PRS were in place although the band has their own studio, these proved key to covering distribution cost which the band had funded themselves. The band also generated a significant income from an extensive world tour which since their last tour in 2004 has significantly higher ticket prices. Many theorists have suggested that creating such a model leads to a large amount of positive externalities  [22]  in which revenue can be potentially generated from the free distribution of music. For example the short term sacrifice in costs associated with making an album and releasing it for free may giveaway to unprecedented media exposure and Tours which venture into new territories. In the digital world many bands rely on these externalities to suvuve. In recent years major global labels have caught on to the potential revenue in externalalitie such as image rights and many larger acts are viewed as a brand image. This is defensive measure in securing revenue in an age when value once associated with copyright protection of works is no longer present. Its now commonplace for record companies to adopt an exploitative approach as a defensive measure in the climate of perceived threat of lost revenue. This happens in both in terms of minor and major artists and has been dubbed the 360 deal  [23]  Its increasingly commonplace for a small aspiring young band to be offered this type of deal. Labels play upon a young artists naivety by offering them a large sum of cash up front. In return labels demand a cut of their future earnings as a brand, everything from merchandise to tour revenue. A similar process but with more at stake happens with major recording artists.  [24]  Subsequently there has been a call for independent legal advice body as a necessary intermediately channel before the signing of contracts. Although well established superstar acts such as Radiohead have successfully pioneered a way of generating revenue, cutting out the middle men and protecting their rights, Johnnys band Gold Teeth may find it considerably more of a challenge in protecting their intellectual property by moving in such channels. Firstly, and most obviously, they simply dont have the mass audience or level of resource that established bands have. Secondly, copyright today, is viewed by many as actually putting an unnecessary constraint on young artists. Photographic orality  [25]  an idea developed by Toynbee suggests that putting young artists under the constraints of copyright is actually counterproductive in generating creativity. Artists at the early stage borrow and draw upon other musical influences to establish their particular sound. This well may be true; indeed Gold Teeth as soon as their first and most popular  [26]  single was recorded and distributed were formally advised by a major label to change a 12 second rhyme section as it sounded too similar to a band they manage the right for. They werent purposefully adopting a bands sound more subsconsiously adopting an influence. The problem of unknowingly sampling without adopting due consent may become more prevalent especially if we couple the rigidality of current copyright with the financial situation major labels are in. Gold Teeth are entrepreneurs of their times, digital in every sense the band have never released anything physical, and they view the internet as a new field of opportunity. Their music is readily available to download for free on MySpace or via ITunes, where an individual track costs 79p. Gold Teeth havent received any revenue from Apple instead relying on live gigs and PRS for rights based revenue  [27]  . Although it prides itself as a digital medium no money has actually filtered back to the smaller artists who make it work. Sceptism arises with Apple and ITunes as the chief rights holder for music on the internet. Unlike publishing companies Apple has no legacy in music. Its chief goal is in the development of hardware and is clearly driven by the profits associated with this, Acquiring the permission to sell music online is only present to enhance the ITunes experience. Apple also has the ability to manipulate an artists work without infringing copyright for example Apple puts emphasis on the download of single songs therefore destroying the feel of an album. It also uses the AAC format to stop the copying and sharing of its files. This file is unique to ITunes and requires an apple product to play it, although this protects against copying it also privatizes the digital economy If digital transactions are inevitably to become the standard way of operating in music then a new procedure in balancing the rights of the consumer and the artist have to be put in place. Also a level of regulation is required to protect New distribution models for a digitalised world At the beginning of the last decade Lawrence Lessig developed the creative commons model. It seeks to weaken copyright for the creative good of the artist, offering alternative ways of licensing. As part of the copy left licensing movement it builds upon the ideas of fair use, first brought into the legal jurisdiction of the UK in the EU directive of 2001. Essentially it allows artists to protect their work in the digital world, with which the required level of copyright protection that they see fit. Some artists may be aware of the inefficiencies of the current laws and do not want an All Rights Reserved printed on their works. Some might want a Some Rights Reserved or even a No Rights Reserved  [28]  Drawing upon this the model has four choices in licensing their music these are, Attribution, No Derivative Works, Non Commercial and Share Alike. A well informed music entrepreneur, in this case Gold Teeth are aware that potentially file distribution and mass circulation of ones m usic is not only inevitable has the potential to actually gain more financial success in the long run. If they chose the No Derivative license they would centrally register their work with creative commons, any sharing or distribution of their work wouldnt count as infringement as long is it remained true to the original sound. These labels offer clear and consise boundaries in which consumers and bands can operate. The model also offers founders copyright, this relates to the statute of Anne and offers 14 years of rights protection. Upon expiration, another single term of 14 years can be obtained therefore the model that work entering the public domain in a reduced time period gives rise to creative expression and adaptation. Adoption of such ideas would allow artists to be more expressive, sample and operate efficiently because of a more flexible attitude to protecting their property. Finally, given the economics of the digital world and the Attitudes to file sharing small bands should actively adopt digitalisation simply because distribution methods are much more efficient. Radiohe ad have successfully proved that promoting musical works over the internet is a positive updated method. If more bands follow the growing suit the major inefficiency of the respective deadweight loss through a copyright monopoly would be abolished at least in this end-consumer market and thus the dilemma be ameliorated a lot.  [29]   Within the past few years, there has been a huge surge in online music start-up companies. Where as the creative commons approach provides an alternative way in licensing ones music, Sliceofpie.com brings the whole processes of AR, Marketing and Financing a band onto one centralised domain whilst providing a high level of transparency to proceedings via a social networking platform. It allows a user to invest in a band by buying shares, the band upload tracks to increase popularity and eventually release an album, which is available for investors. Investors can adopt the role of an entrepreneur by watching their investment grow, The band and investors are therefore entered into a mutual partnership with an investors cut taken from any future externalities. This benefits the artist as it eliminates the exploitation of rights by the publisher, much like the model Radiohead pioneered but also provides finance for the band. The bands the Alps from Greenwich received  £21,000 to record their debut album from fans on slice the pie and were the first band to release an album using the process. The Alps own their own record label Elusive Music, are self-managed and oversee most of their business internally.  [30]  Speaking with lead singer and songwriter Daniel Hepinstall , its clear that protection of his IP is paramount. In this day and age what can one do? We decided to go all out and step out the box of the old music model and try something new. I have been in bands before where labels and publishers have hounded us for a piece of our rights. This models different, the fans choose, its more fair. The ability of a fan base to pave an artists career is not necessarily the ideal solution, but instead a mere step in the right direction. Music fans notoriously switch allegiances and loose interest, just ask any reader of trendsetter NME. Secondly, the main problem is that any alternative approach in protecting rights for the artist has to directly compete in an environment dominated by a dying model. As unsustainable as they are, the large fees put upfront and the PR avenues on offer from record labels are still impossible to match by sites such as slicethepie. Many of the acts from slicethepie achieve success but its relatively moderate in comparison to traditional methods, although more acts are give the chance to express their music to a digital audience with protected rights . Its important not to over criticise the potential in sites such as slicethepie as they are very much in their infancy. As I mentioned earlier, the industry, technology and legislation function together, If much needed copyright reform eventually occurs, then a new method would be able to capitalise. What is important to remember is that investors with slicethepie are believers in the music, they actively seek success for the bands. With the resulting rise in digitalisation, this notion has all too easily been eroded. Digital Rights Act, a missed opportunity? Downloading today and the systemic disregard for copyright law has reached widespread level. A recent Panorama investigation  [31]  suggests that 61% of 14-21 year olds download music on a regular basis and as a result,  £200 million a year in revenue is lost.  [32]  These figures directly correlate with the financial position we see many of the major labels in today, as a result there has been a huge move to tighten up copyright law even further.. Indeed, in a recent UN report suggests that on a multilateral the problem requires urgent attention, the following quote highlights this. Naturally, the control of illegal entrepreneurs with factories producing pirate CDs and recorded cassettes must be a major priority in all countries  [33]   Increasing the law past the 1988 and 2001 statutes is something that many industry bodies have been lobbying the government to do. Change in legislation is the only way to recoup lost revenue, Laura Marling: Illegal downloaders shouldnt be criminalised

Causes of the Development of Pakistans Banking Sector

Causes of the Development of Pakistans Banking Sector ABSTRACT The objective of this paper is to examine the determinants of development of banking sector from the perspective of Real GDP, Discount rate, Trade openness and Financial Liberalization by using annual data from 1970 to 2007. In this study, Liquid Liabilities, Private sector credit and Domestic credit are used as indicator of banking sector development. The finding of this research shows negative relationship between Trade openness and development of banking sector development. Discount rate is having a significant impact on banking sector development when Private sector credit and Domestic credit is used as the indicator while Real GDP is found significant when Liquid Liabilities and Domestic credit is used as indicator of Banking sector Development. Generalized form of data has been used in this study. Keywords: Banking Sector development, Real GDP, Trade openness, Discount Rate, Financial Liberalization INTRODUCTION The financial sector of Pakistan has shown a substantial growth in past few years, however there is still need for continuous development. The financial sector of Pakistan consists of a variety of specialized financial institutions à ¢Ã¢â€š ¬Ã¢â‚¬Å" commercial banks, DFIs, NBFCs, micro finance banks, Islamic banks, Modarbas, Stock Exchange and Insurance companies. Thus the whole financial sector of Pakistan offers a wide range of products and services to its customers. (Zaidi, 2005) states that growth of financial sector is significantly related with economic growth therefore, country needs well developed financial sector in order to fully utilize the financial resources. Banking system has a significant importance in financial market. Banking Sector of Pakistan is an important financial intermediary and responsible for the economic growth in the country. In 1990, Denationalization of Government owned banks have changed the overall scenario of the banking sector of Pakistan. After the amendments in banking companiesà ¢Ã¢â€š ¬Ã¢â€ž ¢ ordinance, Muslim Commercial Bank (MCB) and Allied bank Limited (ABL) were denationalized in 1991 and 1993 respectively. The process of denationalization remains suspended for numbers of years and was restarted in early 2000s, when United Bank Limited (UBL) was privatized. In 2004, Habib Bank Limited (HBL) was also denationalized and due to which, the asset share of public sector banks was reduced to 25% at that time. In the last decade, state bank of Pakistan has made several efforts in promoting the Islamic modes of financing. In 2002, the first Islamic bank was established under the name of Meezan bank. Since then, the number of Islamic banks has been opened. Various traditional ban ks are now opening Islamic specialized branches. At the end of 2009, total assets of the Islamic banking have reached to 366.3 billions and the deposits in Islamic banks have reached to 282.6 billions  [1]  . At the end of calendar year 2009, there are 9522 total branches of banks in Pakistan which shows an increase of 376 branches in banking sector from the 3rd quarter of 2009. Moreover, the asset base of banking sector has shown a growth of 7 percent over the last quarter. (Yasmin, Jehan, Chaudhary, 2006) explains that after independence in 1947, Pakistan avoided trade openness because of weak industrial structure. In 1960à ¢Ã¢â€š ¬Ã¢â€ž ¢s, industrial base was laid and manufacturing industry expanded widely in Pakistan. However, industrial expansion face setback in 1970à ¢Ã¢â€š ¬Ã¢â€ž ¢s due to nationalization of industries. In 1980à ¢Ã¢â€š ¬Ã¢â€ž ¢s, IMF and World Bank provided facilities to the Pakistan in order to initiate the financial restructuring in country. A loan of $150 million and $200 Million was provided for this purpose under à ¢Ã¢â€š ¬Ã…“Financial sector adjustment loanà ¢Ã¢â€š ¬? in 1989 and 1997 respectively. Another project named as financial sector deepening and Intermediation project was initiated in 1995. The estimated worth of that project was $216 million. (Hanif, 2002) Despite of the remarkable performance since last two decades, the banking sector of Pakistan is less developed and remains small in relation to the economy, when it is compared to the other banking sectors of the world. This shows that a number of financial and banking needs are still ignored and that much of the economic potential of Pakistan is not achieved yet. LITERATURE REVIEW (Christopoulos Tsionas, 2004) states there is no one opinion of economist on the issue of financial development and growth of economy. (Pagano, 1993) describes that savings are mobilized towards the productive investment due to financial deepening which helps in improving corporate governance. (Khan Qayyum, 2007) says there are three major channels through which financial development can affect economic growth (i) marginal productivity of capital can be increased (ii) savings are directed towards the investment (iii) level of private saving rate can be increased. The relationship of economic growth and financial development was first discussed by (Goldsmith, 1969), (McKinnon, 1973) and (Shaw, 1973). Their study shows that there is a positive relationship between financial development and the level of output i.e. when the financial market will increase the credit level, the investment will increase thus, showing that real income and real interest rate is a positive function of financial development. (Yu Gan, 2010) study shows that due to positive real interest rate, the mobilization of savings of banks increases and it also increases the growth with the increase in volume and productivity of capital. (Yanikkaya, 2003) argues that trade openness has a significant impact on the GDP share. In developing countries, trade openness creates new opportunities to increase the growth process and hence the unemployment level decrease. (Jin, 2000) states that trade openness facilitates in establishing the development process. Moreover, local technology and production process can be improved through trade liberalization. One school of thoughts is of view that the financial liberalization is also a major contributor towards the financial development in developing countries. à ¢Ã¢â€š ¬Ã…“Financial liberalization means the deregulation of domestic financial markets and liberalization of the capital account.à ¢Ã¢â€š ¬? (Attaullah, Cockerill, Le, 2004) empirically shows that the effectiveness of banking sector is improved following the financial liberalization. (Bekaert, Harvey, Lundblad, 2005) Suggests that there is a significant relationship between financial liberalization and economic growth. However, (Stiglitz, 2000) argues that increase in financial liberalization enhances the macro economic vulnerability of nations and chances of crises becomes significant. The study of (Gong, Lee, Chen, 2004) supported the fact that increase in financial liberalization can cause crisis. (Wyplosz, 2001) suggested that financial liberalization is effective if the objective is to increase the competition and d ecrease the monopoly powers. However, financial liberalization is quite risky for developing countries. Many developing countries in Asia and Europe have grown faster even with strong financial restraints. MODEL SPECIFICATION Based on the above literature, we can propose that in Pakistan, banking sector development is a function of real Gross Domestic Products (RGDP), Discount date (DR) and Trade openness (TO) and Financial Liberalization (FL). This can also be shown as BSD Pak = f (RGDP, RI, TO, FL) Where, BSD Pak = Banking Sector Development of Pakistan In this study, we have used following models which are estimated by using least square techniques. In model 1, we will use Liquid liabilities as the indicator of banking sector development. In model 2, Private Sector Credit will be used as the indicator of banking sector development where as in model 3, domestic credit will be used as the indicator of banking sector development. (Yu Gan, 2010) ln LL= ÃŽÂ ²o+ÃŽÂ ²1ln RGDP+ ÃŽÂ ²2 DR + ÃŽÂ ²3TO+ ÃŽÂ ²4FL + e ln PRI= ÃŽÂ ²o+ ÃŽÂ ²1ln RGDP+ ÃŽÂ ²2 DR + ÃŽÂ ²3 TO+ ÃŽÂ ²4FL+ e ln DC= ÃŽÂ ²o+ÃŽÂ ²1ln RGDP+ ÃŽÂ ²2 DR + ÃŽÂ ²3 TO+ ÃŽÂ ²4FL+ e where, ln LL= Natural logarithm of liquid liabilities ln PRI= Natural logarithm of Private sector Credit ln DC= Natural logarithm of Domestic Credit Data source: We have used annual data from 1970 to 2007 in this study. The data is obtained from the World Bank database and international financial statistics. However, Financial Liberalization Index of Pakistan, constructed by (Waliullah, 2010) is used in this study. Real GDP (RGDP) is calculated by using following formula EMPIRICAL METHODOLOGY In this study, Ordinary Least Square (OLS) technique has been used. In order to run the OLS model, order of integration of every variable is determined. There are two methods to examine the order of integration i.e. Augmented Dickey-Fuller (ADF) test and Phillps-Perron test. In this study, we will use ADF test for examining weather the data is stationary or non-stationary. We will run co-integration test when all variables becomes stationary at same level. The generalized form of data has been used in this study. In model 1, liquid liabilities have been used as an indicator of banking sector development. Table 1 show that Real GDP, Financial Liberalization and Trade openness are statistically significant and Discount rate is not statistically significant to the development of banking sector in Pakistan. However, Trade openness is inversely related with liquid liabilities which means that increase in trade openness will eventually affects the development of banking sector. While, Real GDP and Financial liberalization have a significant impact on the banking sector development i.e. higher Real GDP and Financial Liberalization in Pakistan will leads towards development of banking sector. R square is (.99) which shows substantial explanation of independent variables in dependent variables. Table 2. OLS Results of Model 2 (Private Sector Credit) Dependent Variable: PRI Method: Least Squares Date: 01/24/11 Time: 16:16 Sample: 1970 2007 Included observations: 38 Variable Coefficient Std. Error t-Statistic Prob. RGDP -7.684614 5.715274 -1.344575 0.1879 TO -7.525119 3.603842 -2.088082 0.0446 DR 25.87713 9.222809 2.805775 0.0084 FL -0.204028 1.108112 -0.184122 0.8550 C 0.033118 0.090551 0.365739 0.7169 R-squared 0.343149 Mean dependent var 0.041883 Adjusted R-squared 0.263531 S.D. dependent var 0.648747 S.E. of regression 0.556741 Akaike info criterion 1.788644 Sum squared resid 10.22868 Schwarz criterion 2.004116 Log likelihood -28.98424 F-statistic 4.309923 Durbin-Watson stat 1.880175 Prob(F-statistic) 0.006483 In model 2, we have used Private sector credit as an indicator of development of banking sector in Pakistan. Results of table 2 indicate that discount rate and trade openness have significant impact on the development of banking sector. However, Trade openness is inversely related to the banking sector development. Financial liberalization and Real GDP are not found statistically significant. R square of model 2 is (.34) which shows that independent variables are explaining 34 % of the dependent variable. OLS Results of Model 3 (Domestic Credit) Dependent Variable: DC Method: Least Squares Date: 01/24/11 Time: 16:20 Sample: 1970 2007 Included observations: 38 Variable Coefficient Std. Error t-Statistic Prob. RGDP 0.289400 0.002316 124.9755 0.0000 TO -0.007190 0.001983 -3.626526 0.0010 DR 0.014020 0.005240 2.675496 0.0115 FL 0.001211 0.000307 3.938439 0.0004 C -6.23E-06 4.61E-06 -1.351692 0.1857 R-squared 0.999939 Mean dependent var -1.15E-05 Adjusted R-squared 0.999931 S.D. dependent var 0.003380 S.E. of regression 2.80E-05 Akaike info criterion -18.00387 Sum squared resid 2.59E-08 Schwarz criterion -17.78840 Log likelihood 347.0735 F-statistic 134392.7 Durbin-Watson stat 1.559156 Prob(F-statistic) 0.000000 In model 3, we have used domestic credit as an indicator of banking sector development. Results of table 3 indicate that all variables are statistically significant to the development of banking sector of Pakistan. R square of model 3 is (.99) which shows that independent variables have a significant impact on the dependent variable. (Goldsmith, 1969) As mentioned above, generalized form of data has been used in this study and numbers of tests have been applied on these three models and there is no serial correlation, heteroscedasticity. CONCLUSION AND DISCUSSION The results of this study shows that Trade openness is inversely related to the development of banking sector in Pakistan in all three models which validates the findings of (Siddiqui Iqbal, 2005) that Trade openness negatively affects the economic growth of a country. However these results are not according to the findings of (Miller Upadhyay, 2000) which states that trade openness leads to the development of financial sector. Moreover this study also does not support the findings of (Yu Gan, 2010) which states that trade openness have no impact on the development of banking sector. In case of Liquid liabilities as indicator of banking sector development, it is clear that Real GDP and Financial liberalization have the significant impact on the development of banking sector of Pakistan. This result is according to the findings of (Yu Gan, 2010) and (Attaullah et al, 2004) which show that Real GDP and Financial Liberalization significantly impact the banking sector development. It means that increase in Real GDP and Financial Liberalization will lead the banking sector of Pakistan towards prosperity. In case of Private sector credit as the indicator of banking sector development, it is found that discount rate is statistically significant to the banking sector development. It means that increase in discount rate will lead towards increase in private sector credit which will eventually results in financial sector development. However, financial liberalization was found inversely related to the banking sector development and Real GDP was not found significant which is against the findings of (Yu Gan, 2010) which identifies that Real GDP has a significant impact on the development of financial sector of Pakistan when Private sector credit is taken as indicator of banking sector development. In case of Domestic credit as indicator of development of banking sector, results shows that all four variables are statistically significant to the financial sector development which are according to the findings of (Rajan Zingales, 1998), (Cetorelli Gambera, 2001) which states that Financial Liberalization and Real GDP significantly impact the development of financial sector. PRACTICAL IMPLEMENTATIONS FOR BANKING SECTOR On the basis of the findings of this study, we can conclude that trade openness is having inverse relationship with the banking sector development. As a result of Trade openness, the less developed banking sector of Pakistan faces tough competition from the developed financial sector of other countries. Moreover, increase in trade openness increases the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s exposure to international shocks i.e. if any economy faces will suffer a crisis, there will be more chance of transferring crisis in Pakistan. Discount rate is also found significant in this study when Private sector credit and Domestic credit was used as an indicator of banking sector development. When the discount rate will be high, financial institutions will be encouraged to get loan from state bank of Pakistan. Banks usually uses discount rate as benchmark interest rate when they further lend the money to borrowers. So increasing the discount rate will eventually lead the banking sector to development.

new york stock exchange Essays -- essays research papers

The New York Stock Exchange traces its origin back 200 years. Centuries of growth and innovation the NYSE remains the world’s foremost securities marketplace. Over the years its commitment to investors has been unwavering and its persistent application of the latest technology has allowed it to maintain a level of market quality and service that is unparalleled. The NYSE has grown to become the global marketplace of today. Each day on the NYSE trading floor and auction takes place. Open bid and offers are managed on the trading floor page of NYSE.com by exchange members acting on behalf of institutions and individual investors. Buy and sell orders for each listed security meet directly on the trading floor in assigned locations. The NYSE trading floor contains 20 posts with more that 400 trading positions. Prices are determined through supply and demand. Stock buy and sell orders funnel through a single location ensuring that the investor no matter how big or small is exposed to a wide range of buyers and sellers. The NYSE is an agency auction market. This means The essential point is that trading at the NYSE takes place by open bids and offers by Exchange members, acting as agents for institutions or individual investors. A member firm is a company or individual who owns a "seat" on the trading floor. Only member firms are allowed to buy and sell securities on the trading f...

Ulysses Alighieri Essays -- Dante Inferno Essays

Ulysses Alighieri In Dante’s â€Å"Inferno†, among many other sins, in Canto XXVI the â€Å"counselors of fraud† are being punished. These people are being constantly consumed by flames, and more importantly, as Dante points out, are forced to speak through the â€Å"tongues† or fire, which pains them greatly. This follows Dante’s idea of punishment that is the same as the sin -- just as they spoke falsely at ease, they should have great difficulty speaking now. The most prominent man in this bowge is a legendary figure -- Ulysses. The description of his sin, which Dante creates for Ulysses, is an account that conflicts with some of the previous works about him, like Homer’s, so we are forced to assume that Dante’s Ulysses is completely, save for his name, the author’s creation. The beginning of Canto XXVI is Dante’s reproach to the people of Florence, whom he places in almost all layers of Hell. Dante uses irony in his reproach: â€Å"Florence, rejoice, because thy soaring fame / Beats its broad wings across both land and sea, / And all the deep of Hell rings with thy name!† (Canto 26, 1-3), but after these few lines of insulting his fellow citizens, he completes the Canto without mention of any Flourentines. There can be many interpretations to this fact, and one of them is that Dante wanted to show that evil in men has existed since much earlier times, and it is not only their generation of Florentines that goes to Hell, but many legendary figures from other great nations as well. Also I believe Dante is also trying to have all sides â€Å"represented† in Hell -- the Italians, as well as their legendary enemies -- the Greeks who conquered Troy, and tried to destroy their ancestors. However Ulysses is not placed with Brutus into the m outh of ... ...by his utter shame in his position, for in the next Canto, another â€Å"flame†, Guido da Montefeltro, is very anxious to speak to the poet. I think that Ulysses does not talk freely because he does not completely deserve to be punished for his sin, since he did not fully intend to fool his crew into killing them, but rather he was driven by the desire for good, for searching out a new way, which Dante holds in high esteem, but he accomplishes this through sin, and must therefore be punished. He is therefore reluctant to speak of his sin, for he believes there was none. I believe that in part of Ulysses, Dante is trying to see himself, with the difference that Ulysses strives for the exploration of the forbidden, while Dante strives for the exploration of the divine and righteous, but otherwise the same, with the same desire to explore previously untouched territory.

An American Jew :: essays papers

An American Jew In this large city of ours situated on big spinning ball, inside a vast galaxy, and even larger universe. We sometimes tend to leap out into the unkown embracing and fearing life on other planets, when we can not embrace life or learn not to fear life on our own planet. We as a society have formed our own barriers when those placed upon us have been removed. We rarely see mixed neighborhoods outside of large cities. Even in our own borough we can see this; for example Borough Park is mostly Religious Jews, the area surrounding Brooklyn College is mostly black, and Gerritsen Beach is mostly Italian. When someone who doesn't belong in a community invades that community, that community then will fear and reject the invaders. The community is like the indiginous people of an island, when the island recieves its first visiter from the outside, the indiginous people fear the visiter and fear the change they may bring. My family was the first Russian family to move to an all Italian neighborhood, I was told to go back to where i cam from "damn rooskies", the children used to yell and taunt my sisters and myself. They would scream go back to Russia eventhough we had never been there. But soon I made freinds with a local girl who accepted me for me, not for being Russian, but for being Diana. My parent's didn't want me to get involved with the wrong kids and they also feared my friendship with people of different backgrounds. But our families began to talk and then we went over to each others houses for dinner and pretty soon, we were having block parties and backyard BBQ's. We weren;t Russian anymore, and they weren't Italian we had met somewhere in the middle. My mom now makes an amazing lasagna and the Laura's mom (the girl I befriended) makes a great Chicken Kiev. We didn't belong to any one class, our neighborhood was no longer Italian and it didn't become Russian it just was. It was just a neighborhood, no classification, just a middle class neighborhood, it was gray. Gray is that color inbetween black and white, its not black, and its not white, its just in the middle. If you think about there are a lot of colors like that; take pink for example its a mix between red and white, its not red and its not ehite, its just in the middle its just pink.

Analysis of Bbc at the Time of Greg Dyke

EMBA Organisational Behaviour Coursework – Analysis of BBC 1. Analyse the culture of the BBC at the time that Dyke took over. To what degree is it facilitating the success of the BBC? The BBC was set up in 1922 as a public service broadcaster. The BBC quickly became a household name and played a part in shaping British culture. Company culture is the values and beliefs shared by the members of a ‘group’ and the BBC is a ‘group’ which has both internal (BBC employees) and external (general public) members.The BBC is financed by a TV license fee paid by each household and represents the cultural artefacts: the concrete aspect of the BBC which is its ability to maintain its ‘independence and impartiality’ (Keys, 2006) due to public funding and a not for public service ethos. The BBC’s biggest critic: the UK press, are always at the helm of every attack and question over the quality – guarding the BBC on behalf of every person. The public values and principles that the BBC is based on were publically declared by the first director general.The BBC’s role was in ‘inform, educate and entertain’ and to ‘bring the best of everything to the greatest number of homes’ (Keys, 2006) and this became the espoused values for BBC culture. The culture of the BBC is so deeply ingrained in its employees that Dyke commented that what the BBC ‘does has enormous value and helps to define culture. People work at the BBC because of this value. Their commitment to the BBC, not necessarily to management, is very strong-at a level other companies would only dream of’ (Keys, 2006).These basic underlying assumptions of unconscious commitment to the organisation result in an unwillingness to tolerate change, whether good or bad, as it is an unconscious belief that it is interfering with the national heritage that belongs to each and every British person. The BBC culture is so strong that it has the ability to transport the general public on the same journey as its employees. They to, feel that the BBC is national heritage that they own a little piece of. It has a strong external identity of independence and impartiality which creates a sense of nshakable commitment by many employees that what they do is more than a job. When Dyke took over the BBC it had been through a period of cost cuts, staff cuts, implementation of new management controls and the formation of an internal market for services. While the new structure and aggressive cuts left the organisations morale low, the managerial reforms had not affected the core culture which under pinned the ethos of those who worked for the BBC. There was a strong belief by BBC employees ‘that what they achieved, they achieved despite management’ (Keys, 2006).This strong culture had facilitated continued success through a period of uncertainty for both employees, during cuts and managerial reforms, and the ge neral public, during a period of technological advancement in the digital space. However, with strong cultures can come dysfunctions and the BBC shows warring factions of low levels of agreement (with management) but high levels of intensity (believing they achieve without management) which if not addressed could become a barrier to future success. 2. What source of power does Dyke have? How do you predict he will manage in the upcoming political battles that he faces?Dyke has three forms of power: decision making, symbolic power and process power. One of the main sources of decision making power is the formal power of authority. Charisma is one of the forms of authority and Dyke is described by his own friends as ‘commercial, colourful and charismatic’. People with decision making power have the ability to inspire and to attract followers and this can be supported by Carolyn Fairbairn, director of strategy and distributions description that those who knew him ‘we re excited [by] his reputation as an inspiring leader†¦ who was instinctive†¦.. (Keys, 2006). Dyke’s showed symbolic power in his method of gaining a sound understanding of the business situation in his first weeks in post. Dyke undertook an extended ‘walkabout’ away from the BBC’s corporate centre in London in a bid to get to the grass roots of the business. He met with employees and asked ‘How can I make a difference? ’ and he listened to what people had to say and did not express any opinions. He also quickly gained respect at the top of the organisation using similar tactics and Mark Byford described what he really liked about ‘†¦ im and me is we talk a lot about the wider BBC together, not just World services. He doesn’t say everything he does is right, he asks, ‘what do you think’. ’ On his appointment Dyke was not a popular choice as Director-General only gaining his position on a 7-5 vote so his ability to influence at all levels was important. Those with symbolic power can change people’s understanding of a situation so that they adopt your goals as their own. Dyke’s process power due to his formal status held in the organisation hierarchy allows him to be able to stop/start or influence processes in order to achieve a desired outcome.Immediately after starting, Dyke launched an organisational review of the broadcast division and he later extended this to the whole of the BBC (Keys, 2006). Dyke’s process power is strong due to his position as Director General and his previous experience. Dyke’s ability to change peoples’ understanding of a situation and move them in the direction of his own goals, his charisma and ability to influence higher and lower in the hierarchy, and his innate understanding of the process of running a media company set him in a strong position to manage the upcoming political battles that he faces.Gaining t rust is essential after the tabloid attack due to share issues and history of working in the private sector. While Dyke is able to overcome these issues it is essential that he is transparent at all times and shows empathy to the public service ethos on which the BBC is based. 3. The organisational members that Dyke encountered on his walkabout were â€Å"despondent, down, and dismayed†. What underlying problems contributed to this lack of motivation?Herzberg’s Two Factor Theory can be used to analyse the underlying problems which caused the BBC employees to feel ‘despondent, down and dismayed’. Herzberg suggests that motivation will be enhanced by maximising the motivator factors and minimising the hygiene factors (Stilbiger, 2005). There are three main categories people can sit within an organisation when referring to overall motivation: a) dissatisfied and de-motivated, b) not dissatisfied but not motivated and c) positively satisfied and motivated.To m ove those who reside under categories a) or b) it is essential to understand what hygiene and motivational factors are lacking and attempt to rebuild. On Dyke’s ‘walkabout’ of the BBC outside of London it became apparent that when he asked the question ‘how can I make a difference? ’ that the issues were ‘pathetically’ small. The hygiene factors such as ‘fix the roof, get new paint’ were provided by employees (Keys, 2006). Maslow’s hierarchy of needs also explains why tangible issues such as ‘fix the roof, get new paint’ are important to having motivation.Maslow refers to these needs as safety needs and unless you have ‘biological, physical and safety needs’ in place you are unable to move to ‘belongingness needs’ which include work groups. These hygiene factors are important for a business to avoid the feeling of unpleasantness at work. When employees feel these factors are inad equate they cause dissatisfaction and no matter how well the company addresses the motivational factors they cannot work with motivational factors alone – the two go hand in hand. Motivational factors were also contributing to the overall lack of motivation.Due to the period of cost cuts, staff cuts, implementation of new management controls and the formation of an internal market for services that the BBC had been through in the 90’s, the changes meant that divisions were ‘competing aggressively to get a larger slice of the pie’ (Keys, 2006). This was potentially affecting individual’s opportunities for advancement, recognition of their work within the BBC, and sense of personal achievement and growth in their position. This was all being exacerbated by a ‘very analysis based, almost obsessively so’ (Keys, 2006) business from the previous Director – General.On an individual level the motivational circle can be used to understand where an employee is personally affected. This can be split into four categories: satisfaction, effort, recognition and performance and they link to each other. If the link between effort and performance is affected people feel that no matter how hard they work their performance will not improve. This could be due to a lack of resources, knowledge, training, tools and skills and also an ineffective process within the company.This break in the motivational circle can be seen as a symptom of the formation of an internal market for the services of the BBC. The internal market was causing the commissioners to become ‘king’ and the impact of programme–makers on decision making fell dramatically causing producers to become unhappy and leave as they felt the move towards external, independent production was increasing and no matter how much effort they put in within the BBC the performance would never be enough. 4. Analyse Dyke’s initial steps as he begins the c hange process. How has he done so far?What do you think about his approach to organisational change? What do you see as his biggest challenges going forward and how would you suggest he tackle them? Dyke recognised that the organisation had been through a major change period of cost cuts, staff cuts, implementation of new management controls and the formation of an internal market for services that the BBC. While these changes were essential to improve efficiency and to make the finances more transparent the change had been pushed from the top down and not been embraced by the employees.Dyke’s approach to further change is very different to that of John Birt as he recognised that further major changes were needed within the organisation. Dyke begins his role as Director-General by putting distance between Birt and himself by going on a ‘walkabout’. Dyke chooses to use is charisma, understanding of process and influencing powers to begin the change process. Dyke u nderstands that as Director-General of the BBC you are ‘damned if you do, and damned if you don’t’ due the strong public service ethos and culture of the BBC that lives both within the organisation and within every stakeholder.Dyke begins his change process by building relationships with employees both high and low in what Dyke termed ‘were too many hierarchies’. By asking employees views and building relationships before announcing major changes Dyke is able to build a network of people to support him through the changes and in turn influence others within the organisation. Dyke uses this time to launch a review of the organisation and learn where the inefficiencies reside in the organisation. By using both the relationships and analysis, Dyke begins to establish himself as a credible Director-General.He quickly puts in place tactics which are quick wins: changing the internal competitive market and the use of resources. These high impact changes ar e important for Dyke to establish his power and leadership of the BBC. Dyke clearly recognises the employee ‘commitment to the BBC, not necessarily to management, is very strong-at a level other companies would only dream of’ (Keys, 2006). For Dyke’s success it is essential that he shows employees that he understands the underlying culture of the BBC and is able to listen to his employees.Dyke needs to build a team that are able to discuss, decide and do real work. Dyke needs to select team members for their skills and set clear rules of behaviour and address the strong belief by BBC employees ‘that what they achieved, they achieved despite management’ (Keys, 2006). If Dyke can build a team within the BBC he has a very strong chance of success. 5. Analyse the structure of the BBC at the time Dyke took over. How appropriate was the structure given the goals of the BBC at that time? The structure of an organisation should follow strategy and for this r eason company structure can change often.The structure of an organisation should exploit the core competencies of its employees and managing organisational behaviour. John Birt had created an organisation based on bureaucracy due to the resistance to change that he met when restructuring the BBC. He found the internal resistance to change and the press hostility difficult and his management of staff became ‘defensive, solemn, businesslike’ and his style became rationalised and methodical without regard for people. Bureaucracy has positives which are its efficiency and fairness – this can be seen in the formation of an internal market for services that the BBC which brought inances under control and improved transparency. On the other hand it can be inflexible, restrict innovation and de-motivating – this can be seen with the loss of talented producers. The BBC at the time Dyke took over is divisional. The BBC network operations were split into two major di visions: broadcast and production. However, the broadcast division became more powerful as they were the division that set the strategy and content. The structure created unhappy programme makers who began to leave the BBC and set up their own companies to tender for the production from the outside.The structure was important to begin the re-structuring process of the BBC to make it a more transparent and accountable for its spending. However, the structure was causing the BBC to lose talented people and losing its internal innovation and intellectual property by pushing it outside of the BBC. When Dyke joined the BBC the external market place was rapidly changing. Digital, pay TV and the internet were making the average consumer more needy than ever and the BBC was required to stay at the forefront of the changes as it was funded by households.Audiences were becoming more and more fragmented and every new channel was gaining fewer viewers. For the BBC this meant that it was becomin g difficult to provide programming for all and the BBC mission from 1922 was – to ‘bring the best of everything to the greatest number of homes’ (Keys, 2006). The structure at the time Dyke joined was causing the BBC to become reliant on outside talent and leaving it open to flounder in the future. Keys, T, 2006. Greg Dyke: Taking the helm at the BBC (A). IMD286. International Institute for Management (IMD). Silbiger, S, 2005. The 10-day MBA. 3rd ed. Piatkus Books Ltd.