human trafficking Essay - 778 Words

human trafficking issues: the article starts out with a clear emphasis on the cooperation between the different segments of society; cooperation between the state, civil society , and religious groups and institutions on the issues of human trafficking and prostitution, stating how they are immoral, illegal, unethical and how they should be considered as a taboo by societies in Europe, especially Cyprus since the exploitation of women has been rapidly increasing recently. Where all the 800bars and 70 cabarets take advantage of uneducated, poor, unlucky and socially corrupted women at the cost of reasons such as profit and pleasure, which may seem as lame reasons when compared to the life and future of a young woman. The article also†¦show more content†¦Another solution was the campaigning proposal, where protectors of human rights helped increase public awareness of exactly what is going on and to what extent women are exploited. the article was completely pro the abolishment of trafficking and pros titution practices and there were no arguments or debates in defense of the practices taking place in society. There are a number of measures that should be undertaken by society for the improvement of the existing situation before it gets any worse, making it harder to fix later on, which would lead to a degraded corrupted society in the possible near future. as the article mentioned, churches should be a big part in the process of helping the exploited woman with the trauma their jobs brought to them. Also, the public should be made clearly aware of the situation, and all the details included in the issue of prostitution and how traffickers force it upon their employees. Also, more patrollers should be made available to try and control the situation by arresting traffickers, which may also scare off other traffickers involved in similar situations. These among many other solutions deal with the short term perspective of these issues, but more extreme issues should be taken into deep consideration for the general prevalence of such isuues to be significantly reduced in the Cypriot society. But these major global problems are unfixable due to the mereShow MoreRelatedThe Trafficking Of Human Trafficking1061 Words   |  5 Pagesare approximately twenty to thirty million slaves in the world today. Unfortunately due to trafficking being a fast growing crime it is very difficult to identify and locate these organizations and victims. Although there are many groups created to support victims, not enough awareness is being made and not enough action is being applied to stop human trafficking. Sex trafficking is a form of human trafficking that has been a worldwide issue since ancient times, but regularly forgotten, due to it beingRead MoreThe Trafficking Of Human Trafficking886 Words   |  4 Pages(Attention catcher)What if somebody came into your life and guaranteed a better lifestyle, but instead you were enslaved into human trafficking? Human trafficking is when a person is abducted from their current situation and mostly likely used for sex slavery. Furthermore, did you know human trafficking increased over the years? (Listener relevance) Although you may not be as aware in your comfortable surroundings, you should always be aware of suspicious vehicles and people. Even though we enjoyRead MoreThe Trafficking Of Human Trafficking930 Words   |  4 Pagesman. Regardless of the reasons, there are nearly 30 million victims of human trafficking globally. There are more slaves now than ever before. Trafficking of persons is not a subject that should be ignored or tak en lightly. In order to fully understand the enormity of this crisis, we will examine the root causes, facts, and the impact of human trafficking throughout the world. There are several factors to why human trafficking exists: poverty, governmental instability, natural disasters, addictionRead MoreThe Trafficking Of Human Trafficking3494 Words   |  14 Pagesended, never to return, they go back and sneak into our communities in severe forms by human trafficking crimes. When humanity eliminated the phenomenon of human slavery, it returned in different pictures and forms, combining them enslaving people, through the recruitment, transportation, transfer of people by force and threat, and using and exploiting them in different ways. Among the victims of human trafficking crimes, there are those who are subjected to sexual exploitation, labor exploitationRead MoreHuman Trafficking And The Trafficking901 Words   |  4 PagesHuman Smuggling and trafficking continues to be a worldwide plague that has been, thus far been largely ignored by the international community. The paramount reason human trafficking and smuggling has festered and grown roots and spread globally. It started as a grassroots effort on the local level where women and girls (it affects boys as well) would be used and sold for sex. Eventually, greed and corruption tagged along for the ride and at that point the crimes became an organized enterprise. AtRead MoreThe Human Of Human Trafficking Essay1235 Words   |  5 Pagesin 1865, the practice of it is still very alive today. Human trafficking, a form of modern slavery, is the buying and selling of people, whether it s for forced labor or commercial sex. Every year, thousands of adults and childre n, especially girls, are forced into the endless trafficking ring. â€Å"The International Labour Organization estimates that there are 20.9 million victims of human trafficking globally† (â€Å"The Facts†). The human trafficking industry is a worldwide network that is worth an estimatedRead MoreThe Trafficking Of Human Trafficking Essay1752 Words   |  8 PagesIn this essay, the history of human trafficking will be examined, followed by who is affected by trafficking. Next the scope and types of exploitation will be discussed. Human trafficking is an issue that affects countries all over the world. Governments have made an effort to curb trafficking, however these efforts have been very narrowly focused. American ignorance has led to poor handling of the issues by policy makers. Finally the essay will discuss a proposed solution and set some goals forRead MoreHuman Trafficking1355 Words   |  6 PagesRigdon November 16, 2014 Human Trafficking and its Dire Effects. Human Trafficking in the United States is something not a lot of people discuss. Most think it is only something that happens in third world countries, but in fact could be happening in their hometown. According to Protocol to Prevent, Subdue and Punish Trafficking in Persons, human trafficking in the modern world entails transfer of persons by use of applied force. Other methods used to enforce the trafficking include use of deceptionRead MoreHuman Trafficking And Human Sex Trafficking1850 Words   |  8 Pagesof human sex trafficking come to one s mind. The United States of America is not immune to this type of horrific behavior. America is the land of the free and yet something as awful as human sex trafficking occurs in our very own backyard each and everyday. According to the Department of Homeland Security the definition of human trafficking is â€Å"modern day slavery that involves the use of force, fraud, or coercion to obtain some type of labor or commercial sex act† (â€Å"What Is Human Trafficking?†)Read MoreSex Trafficking And Human Trafficking Essay1243 Words   |  5 Pages Human trafficking brings in billions of dollars into the U.S and all around the world. â€Å"The prime motive for such outrageous abuse is simple: money. In this $12 billion global business just one woman trafficked into the industrialized world can net her captors an average $67,000 a year† (Baird 2007). The laws around human trafficking are not strict and vary depending on what country it is happening in. Human trafficking is not something that is strictly foreign, it

The Montessori Theory Of Education - 1674 Words

The Montessori approach to education takes its name from Dr. Maria Montessori, an Italian physician and educator. The first Montessori school was s established January 6.1907 in the Casa dej Bambin in Rome. Dr. Maria Montessori did her study with young child, and gradually in countries such as Spain and India. Dr. Maria, basic principle behind the Montessori methods is that Children teach themselves she came to this conclusion after observing children from a variety of different of setting and utilizing her background in psychology and medicine. Through this interaction and experience, the children s developed an extraordinary high level of intellectual and social ability at young ages. She constructed to organize and leaning to the†¦show more content†¦There were several separated areas in the classroom. There was a section for every subject to learn. All the children had personal space to be free or if they liked they could pick a partner to do group works. For children wh o enjoyed reading and English they were a location for them to work on that topic. In the English and reading is the language area where children where the children learn how to read, in this part of the room there is a book self’s, where they learn beginning sounds, They also have a animals for each a letter within the Alpha the letters hand on, there are no ABC chart hanging on the wall. Geographic had placed in the room with space where they were flashcard, globes, flags that they could hold for example a flashcard would say â€Å"The truck is a support for the halyard at the top of the flagpole â€Å".And that was involving the earth and landmarks. The sciences area there were plants, eggs, visual drawings of animals folders with part of all animals that were labeled part of trees that are labeled, and leaves that were labeled. Practical life throughout using the visually things to touch table’s plates, and thing those everyday things we learn every day. They are things such as beading, pouring, sorting, and motor skills. In the math Area, there was stick that does into going a box that allowed for the children self-correctional themselves as well as self-assessment. If the child did not get it correct, there was only the amount to allow themShow MoreRelatedMaria Montessori : Education Of Children And Developed A Clear Concept Of A Planned Environment1489 Words   |  6 Pagesâ€Æ' While Maria Montessori expressed multiple convincing theories regarding the education of children that included ideas such as sensitive periods, the role of independence and a planned environment in the classroom, some theories contradicted each other and in practice. She compiled her beliefs into a Montessori Method that described how to teach young children in a way that fulfilled their full potential. McClure’s magazine recognized Montessori as a â€Å"wonder worker in education† (Tozier, 1911)Read MoreLearning Is Viewed As One Of The Most Important Interactive Activities1643 Words   |  7 Pages Learning Theory Paper Kimberlyn Boddie EDUC 2130: Teaching Learning Professor: George Darden November 1, 2015 Learning is viewed as one of the most important interactive activities in which children engage. Although most learning occurs outside of the school setting, it is the heart of the educational process. Psychologists and philosophers searched to understand the true nature of learning, why and how learning occurs at different stages in life and how it can haveRead MoreMontessori : History And Developmental Theory1043 Words   |  5 PagesRunning head: Maria Montessori Maria Montessori - History and Developmental Theory Kelsie Nesbitt Georgian College Abstract This paper will explore Maria Montessori and her theories on early childhood education. Using information that I find online and through the Introduction to ECE textbook, I will create an organized research report describing how and why Maria Montessori has had such a huge impact on early childhood education today. After furthering my knowledge with research on MariaRead MoreMaria Montessori Education Essay1052 Words   |  5 PagesMaria Montessori was born on August 31,1870†¯in†¯Chiaravalle, Marche, Italy to a financial manager father and an educated mother who highly valued education. Due to this, Montessori was a properly educated woman with a talent and passion for†¯higher education†¯which was extremely unusual for an Italian woman during her time. In†¯the†¯19th†¯century there was much controversy on whether children belonged in the work field or in the classroom. Based on their families†¯social class†¯a child would either go workRead MoreMontessori vs. Piaget Essay1477 Words   |  6 PagesMaria Montessori’s Theory Vs. Jean Piaget’s Theory Maria Montessori and Jean Piaget are two educational philosophers whose theories are still being used and influence today’s educational system. Their theories and methods were revolutionary for their times, but they came to be greatly respected. Both of these theorist developed their own stages of child development and were able to base education on these stages. Although in many ways Piaget and Montessori were very similarRead MoreMontessori : Born On August 31, 31 Years Old At The Age Of 61374 Words   |  6 PagesMontessori was born on August 31, 1870 in Italy. Her father, Alessandro Montessori, 33 years old at the time, was an official of the Ministry of Finance working in the local state-run tobacco factory. Her mother, Renilde Stoppani, 25 years old, was well educated for the times and was the great-niece of Italian geologist and paleontologist Antonio Stoppani. While she did not have any particular mentor, she was very close to her mother who readily encouraged her. She also had a loving relationshipRead MoreHow John Locke Inspired Maria Montessori1459 Words   |  6 Pagesmother was a simple tanners daughter. Both his parents were Puritans and as such, Locke was raised that way. His early life was spent at home in the country, where he was taught by his father; this explains why he favored the tutorial form of education. Early Adulthood In 1647, John Locke enrolled in Westminster School in London where he earned the distinct honor of being named a â€Å"Kings Scholar†, a privilege that went to only select number of boys and paved the way for Locke to attendRead MoreThe Education System And The Learning Process1608 Words   |  7 PagesMaria Montessori was a fundamental character in the education system and the learning process. Her revolutionary philosophy on learning and how it should be introduced works so well that it is still being used over a hundred years after she invented it in 1907. She was born in 1870 and went to an all boys technical school to be an engineer. After that, Maria tried for the University of Rome to become a medical professional but was rejected. She later became a teacher, physician and innovator whoRead MoreJean Piaget And Marie Montessori1124 Words   |  5 Pagesand Marie Montessori. In addition to a biography it compares and contrast the two educators. One was more focused on t he development of children, while the other specialized in the way children learn. They both were crucial components in the development of how teachers and professors educate their students regardless of their age. There are many people that have made a great impact on education throughout history. Two of the more prominent educators are Jean Piaget and Marie Montessori. Both PiagetRead MoreDevelopmental Theorist: Dr. Maria Telca Montessori849 Words   |  3 PagesDr. Maria Telca Montessori was the founder of the Montessori method of education. Maria, an Italian physician and educator, was born in Ancona, Italy on August 31, 1870 and died May 6, 1952. She was born to Alessandro and Renilde Montessori. Marie’s father was a soldier when he was young, and her mother was well educated. As a child Maria was seen to be self confident, positive, and extremely keen in change and helping people. Maria would knit things for the poor, and she enjoyed taking her neighbor

I have absorbed and utilized m... free essay sample

I have absorbed and utilized more information in my first semester of college than any other period in my entire life. Tackling classwork, applying for internships, learning the ropes of a new institution; the thrill that taking on so many fresh challenges gives me is unmatched by anything else I have ever experienced. The will to not just pass my courses, but also thoroughly succeed in them has allowed me to recognize my true potential as a student- something that was never apparent to me until after my senior year of high school. Taking Calculus III was a task beyond my comprehension just over a year ago, let alone passing with an A. I may have only one semester out of the way with several more ahead of me, but now I realize that Im capable of achieving most anything I set my mind to.Many students have a desire to transfer to a particular school because they are attracted to its prestige, rigor, and the programs it offers. We will write a custom essay sample on I have absorbed and utilized m or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page For me, the University of Michigan is no exception, possessing a top-tier Mechanical Engineering program that is unrivaled compared to my current school, Oakland University. My reasons for transferring arent only academic though; I consider them to be significantly deeper. I understand why the pride that comes from sporting maize and blue extends far beyond the classroom and athletic fields. There is a particular honor behind being a Michigan Wolverine, a duty to achieve and excel as a human being and to exert a deep passion for pursuing ones own interests. This is part of what makes Ann Arbor and U-M so special, because the goals of the students and the University coexist in harmony.I confidently exercise this same mentality, with a desire to shine academically and never shy away from becoming involved in ECs that interest me. I want to stand out as a mechanical engineer, and I am counting on my push for excellence to make that happen. Michigan is all about excellence, and it is becoming increasingly obvious to me that Oakland is not. While a great school, most of the student body possesses a certain get in, get out attitude towards academics. This is to be expected from a commuter school, but not at all what I anticipated for my college experience. Therefore, I am finding it difficult to find and collaborate with individuals who share my constant press for improvement. I need an environment where I can learn and grow from each course I take, as well as work alongside students who share my passion for being the best I can be.Come graduation, I demand to have gained much more than a particular set of skills and a diploma. Earning a degree from Michigan certainly represents the expectations Ive set for myself- to blossom as a student, an engineer, and most of all a person. If admitted, Im confident my ambition and passion for engineering will help bring a lasting impact not only to Ann Arbor, but also the future workforce Ill be a part of.

Marketing financial services Essay Example

Marketing financial services Essay SECTION 1: Identify and review some of the strategies that the company uses to deal with the difficulties presented by the specific features of financial services marketing. SECTION 2: What market segmentation approaches does the company use and how effective do you think these are? SECTION 3: In what ways do the forces within the Macro OR the Micro marketing environment affect the companys ability to market its products successfully? SECTION 4: Select 2 components of the marketing mix and review the ways in which the company addresses these and incorporates them into its marketing approach. We will write a custom essay sample on Marketing financial services specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Marketing financial services specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Marketing financial services specifically for you FOR ONLY $16.38 $13.9/page Hire Writer REFERENCES Note: I will be using the Bank of Scotland for examples in each section. INTRODUCTION The financial services sector is one of the most competitive markets in the UK. There are now many companies (providers) offering many similar products. This makes it difficult for the providers to distinguish their organisation and their products from the competition. If this is not done successfully then they will not attract and retain customers thus not generate profits. This also makes the market confusing from a consumer point of view. This is a big challenge for the providers to overcome. Firstly what do we mean when we mention financial services? The meaning of the term financial services, as it is applied in the UK, is broadly understood to include banking, insurance, building societies, stockbroking and investment services (Anderton, 1995) A market is a pool of potential customers sharing a particular need or want, and who may be willing to do business to satisfy that need or want. Each of these potential customers will be different so, can be divided into groups on the basis of their needs and wants, (market segmentation). This also makes the marketing process more manageable. SECTION 1 Marketing is very important, especially in financial services. Deregulation and technological developments (such as the telephone and Internet) have helped make entering the market easier. Subsequently there are many new entrants capitalising on this and intensifying competition. Marketing is an ongoing process that companies must do. Marketing of financial services is slightly different to that of soft drinks products for example. The main differentiating features are: * Fiduciary Responsibly. This is an important feature of the financial service sector. Mckechnie (1992) regarded fiduciary Responsibility as being peculiar to financial service marketing. The implicit responsibility of financial service orgainisations for the management of their customer funds and the nature of the financial advice supplied to their customers (Mckechnie, 1992) People expect to be able to trust financial service providers. They expect their funds to be safe and managed reliably. If providers do not provide this then they will not attract and retain customers. If they are successful at this then customers will remain with them and also tell friends about them, the importance of word-of-mouth. This is very important in todays competitive market. Surveys show that the Bank of Scotland is enjoying high levels of customer satisfaction and has an increase of 14% on profits. This shows that they are attracting and retaining customers. Consumers believe that they will be able to rely on well known financial services organisaitons taking all the steps necessary to ensure that they recognize and meet their fiduciary responsibility. There are substantial regulations in place to ensure this. Although in light of recent press the issue of miss selling has been highlighted, especially in pensions and endowment policies. Because of this new regulations where brought in, the Financial Services and Markets Act 2000. The Bank of Scotland groups marketing strategy is very important here, as is the role of people. The employees must have good product knowledge and customer service skills. Technology is increasing within the industry. Consumers can now purchase services over the Internet and telephone and some believe that the reliability and consistancy of information provided is preferable. Bank of Scotland offers telephone, Internet, branch, and post banking. . * Two-Way Information Flows. This emphasis the amount of contact between the customer and the provider. This point also acknowledges that with such contact there is opportunity for the bank to give and obtain information to the customer, helping them meet customers needs. The bank of Scotland decided to restructure use of its data warehouse in order to focus its marketing strategies more successfully and better understand customer lifestyle patterns and behavior. So far, more accurate data analysis has led to increasingly successful marketing campaigns. Customer response and take-up of promotions tripled, saving them 10% cost savings on direct marketing and advertising resources. The bank of Scotland also has one-to-one communications with customers allowing them to tailor a package to suit that customers need, almost to an extent that they are dealing with one segment. Bank of Scotland wants to maintain its excellent customer relations and emphasese the importance of effective use of targeted direct mail as an aid to communication and the relationship building process. Bank of Scotland gives customers has other ways of contacting them via the branch, telephone, HOBS (Home and Office Banking Service) and email. * Intangibility. Financial products cannot be seen, touched or experienced until they re purchased, which makes it harder to market to consumers. Companies get round this by good, clever advertising, they have to produce adverts, and leaflets direct mail etc. that lets consumers see what products are available. As mentioned Bank of Scotland has proven success in this. Employees also play an important role in overcoming this problem. Employees are the only physical contact that the consumer has with the provider. They have the ability to influence the consumers buying behavior. The bank must give good training to employees, so that they have excellent customer service and product knowledge. The employees must listen to the consumer wants and be able to recommend and explain the product/service. Customers tend to rely on the experience of others here i.e. word of mouth, what provider informs them. So, good publicity, reputation etc. is needed. * Inseparability. Where the consumer and provider generally have to be present during service delivery. There is three main parts to this. Firstly the environment. You will notice that banks dà ¯Ã‚ ¿Ã‚ ½cor has changed over the years. They are trying to create a friendlier, open environment that invites consumers to come in. Secondly the people, Consumers and employees. This again emphasises the role of the employee. Thirdly, the invisible orgainisation, the systems, processes and procedures. These need to be speedy and efficient. As mentioned Bank of Scotland has updated its data warehouse. The use of technology now allows consumers to purchase over the Internet and phone. There is no longer a need for employees to be the physical connection, SMILE Internet banking for example * Heterogeneity. When marketing service there is a lack of ability to control the service quality before it reaches the consumer. The service will also vary between different orgainisations and even from different employees. Organisations overcome this by trying to standardize the service. Done through training. Technology such as the ATMs, telephone and the Internet reduces variability by almost cutting out the human element. This is also lower cost for the organization. * Perishability. This is not so important in financial services. It means that if a product is not purchased at particular point in time, it is no longer available. SECTION 2: As mentioned before organisations have a market segmentation process. Where the market is split into groups of consumers with similar needs. Once the market is segmented the organisation needs a marketing strategy. There are three main approaches for this: * Undifferentiated Marketing. Where the market is not really segmented. The provider tries to satisfy the whole market with one product. An example of this is Coca-Cola, they market the drink to the whole of the world. This is not common for the financial sector. * Concentrated Marketing. Where the provider concentrates on one market segment and designs a marketing mix which matches the needs of the individuals in that segment. This allows providers to focus on an area they have some expertise. E.g. private banks concentrate there marketing on high net worth individuals. * Differentiated marketing is where providers develop different marketing approaches/mixes and targets them at each specific segment. To do this the provider has to have enough products and expertise that will enable them to differentiate between groups of consumers on a profitable basis. E.g. different type of accounts differences in financial needs across personal, corporate, small business etc. banking customers. Also Internet, telephone banking all of which bank of Scotland has. The bank can then take consumer characteristics into account. Demographic is a popular option. Where they assess consumer needs gauged on income, gender and family circumstances. As people will have different financial needs at different stages in there lives. Psychographic approach may be used to, this assess peoples lifestyles. When bank of Scotland restructured their data warehouse it gave them a better understanding of customers lifestyle patterns and behavior, which allowed them to market more successfully. For example students may be a market segment. Bank of Scotland offer interest free overdraft limits and credit card account for students. Parallel 56 provided strategic marketing consultancy services in the area of Women into Business. The consultancy included consideration of channels and propositions for attracting new women business customers. This is an example of a market segment. By segmenting the market the bank can exploit their strengths. It allows them to have better more focused marketing campaigns at a cheaper cost, they can identify gaps in the market. This all helps keep the customers happy, which means profits. Each segment must be worthwhile and profitable for the bank to consider a marketing strategy for it. Each segment must be accessible, stable, unique, large enough and profitable. SECTION 3: The external environment is made of many different parts and has a major impact on organizations. In terms of marketing, the external environment is split into the Macro and Micro marketing environments. The macro environment is a more external or the wider environmental factors that may have an impact on the organization. While the Microenvironment consists of more internal or the organizations more immediate environment that may affect its ability to serve its markets. I will be concentrating on the Microenvironment, which are mainly: * Suppliers. The organizations or individuals so supply the resources needed for the bank to serve its customers. This might be the supply of equipment i.e. Computers. Sources of finance and employees also come into this category. The organization must keep a close eye on costs, levels of supplies etc. They should also keep an eye out for alternative sources. The suppliers co-operation is essential as if they are not efficient and cost effective then this will lead to the bank not supplying new products and meeting customers requirements. In a competitive environment this will lead to loss of customers thus profits. * Customers. Without them the bank will not make profit, so they are very important. In order for the bank to attract and retain customer they must meet their needs and encourage them to purchase products. As mentioned before bank if Scotland are successful at this. They have been banking for over 300 years and have increased profits and customer base over last year. the bank must know; what consumers want, what they are buying from whom and why. They must be aware of changes in consumer wants and how consumers view the banks products and services against those of its competitors. Restructuring the use of its data warehouse help bank of Scotland understand customer lifestyle patterns and behavior. Which led to successful marketing campaigns. * Competitors. They must be kept under constant review and they provide an alternative to your products and services. Within financial services products can be introduced very quickly and it is now easier for new competitors to enter the market, so keeping up-to-date is imperative. The bank must know what competitors are doing within the market and their strengths and weaknesses. Their weaknesses may be an opening for bank of Scotland to enter the market. One way Bank of Scotland has combated this is the joint venture project between J.S. Sainsbury and Bank of Scotland. This mutually beneficial move gives the Bank of Scotland a greater presence in England while Sainsburys benefits from Bank of Scotlands banking expertise. Bank of Scotland is also a Group, which includes Halifax, Bank of Western Australia, Capital Bank, Bank of Wales and British Linen Bank and many more companies including insurance companies etc. From a consumer point of view this gives the impression of variety, but although different names all the banks come under the same group. However, the bank must be wary, and this is where good knowledge comes in. If competitors are not providing a certain product it may be the case that they have done research and found that it is not profitable supplying it, or it may be that they do not have the capability to do it or they just havent noticed the opportunity. Again due to the fast paced and competitiveness of the market if one organizations supplies a successful product/service it will not be long until competitors release a similar one. * Publics. It is essential for the bank to produce good public relations and image. As there are large groups, other than customers and competitors, who take an interest in the bank. The media, government, market analysts, the financial community etc. all can influence the banks ability to successfully market there products and services. Bank of Scotland undertakes public relations activities and tries to build goodwill with these publics. The Bank of Scotland support charities and encourage staff to participate in charity events. They also invest in the community and take part in the princess trust etc. It is not just the outside publics that the bank of Scotland must care about. They have to look after there internal public. That is their workforce. They must have a good relationship with the workforce, keeping them happy will keep the customers happy. The workforce will also tell their friends what they think of the bank that will lead to word-of-mouth again. Which is why the bank offers good incentives such as bonuses, training, staff banking rates etc. SECTION 4 As mentioned the market can be split into segments and the banks can then market products/services to suit each segment. The marketing mix is a standard toolkit that helps them do this. The four main components are; Product, Promotion, Price and Place. There are also 3 additional components, People, Process and Physical Evidence. I will be focusing on Product and Customers dont actually buy products. What they actually want is a bundle of benefits that will satisfy there needs. The bank must know consumers needs and buying behavior. Each consumer is different which is why we have market segmentation. As mentioned Bank of Scotland also updated their data, in order to understand their customer behavior and needs. Different segments will want different benefits from broadly similar financial products. Which is why banks tailor their products differently for different markets (product range portfolio). A good example is mortgages; there are many different types of mortgages to suit different groups of people. The banks also keep its products, and competitors, under constant review to make sure they are meeting customers needs. The bank must also know what the customer wants the product/service for. Financial products or not usually purchased for the product itself, for another reason. This is known as derived demand. For example, a bank loan may be purchased to buy a car. Banks can tailor products and must constantly introduce new products (product life cycle and development process.) to suit consumer needs, however so can the competition. Banks must achieve product differentiation, where they have a product or characteristic that cant be easily copied. An example of how competitive the market is may be interest free credit cards. Once a provider brings out a 6month interest free period for example, competitors match this. Bank of Scotland now offer a 9-month interest free period. Price is very important in the marketing mix, as this is what directly generates revenue for the bank. Price takes a variety of forms over the different sectors i.e. in banking, setting interest rate, fee structures, banks charges etc. insurance is mainly premium charges. Banks have a number of strategies to determine price. they must look at; * Competitors prices, * The products life cycle, i.e. begin or end of its life cycle. * Banks marketing positioning policy. I.e. are they offering no frill cheaper service or aiming at top end clients. * How the market is developing, saturated, declining. Overall cost must cover banks costs, make a profit and cater for risks to ensure long-term survival. This will all depend on the banks capability and capacity. The bank has to also respond quickly to market conditions. Which involves a lot of environmental factors i.e. suppliers, competition etc. Price is also important from a consumer point of view. The consumer has to be able to afford it, they may think price is an indication of quality. It is up to the bank to concinve the consumer that the price is worth paying, done through customer service and good marketing. Price is arguably one solution to the problem if product differentiation mentioned earlier. Allot of people will seek out the cheapest price, Especially in motor insurance, mortgages etc. However, other arguments suggest that ongoing high quality of products and service can persuade customers to stay with the bank and buy from it. So price is probably a temporary advantage over good, reliable products and service.