Press Kit Format - How to Make a Proper Press Kit for Events Essay Example for Free

Press Kit Format How to Make a Proper Press Kit for Events Essay The materials that make up a press kit are usually assembled in a standard two-pocket folder. Choose folders that have slots for your business cards, and in a color that complements your companys printed literature. Press kit materials typically used include the following information pieces: Insert, on the right side of the folder, from front to back: †¢ Business Card Place a copy of the contact persons business card in the slot inside the folder, usually on the right inside flap. †¢ Press Release Announce your big news! A press release contains information in printed form, is written like a newspaper story and is issued to media representatives and reporters. †¢ Article Reprints Samples of past press coverage your company or the person in the news release has received can help sell the newsworthiness of your story. †¢ Copies of Speeches or Presentations given in association with your company or business can also make an impression. Insert, on the left side of the folder, from front to back: †¢ Photographs typically a 5x7 black and white glossy photo of your product or a person mentioned in your press release †¢ Company Profile and Fact Sheets A concise summary of your companys history, initiatives and goals, including a description of your products and services. If you are introducing a new product or service, include a separate fact sheet highlighting its features and benefits. †¢ Testimonials and Case Studies Positive statements or success stories about your business and its products and services from satisfied customers and clients can illustrate your companys significance. †¢ Biographies Profiles of yourself and key employees provide details about the people behind the business. †¢ Statistical Data Charts, graphs and line art can help illustrate your story. Some companies include a comparison chart of their products and services compared to their closest competitors. †¢ Brochures, Catalogues, Newsletters or other Business Literatur e Smaller brochures may be placed in front of other materials.

Effects of Betrayal in Hurston’s Their Eyes Were Watching God :: Their Eyes Were Watching God Essays

Effects of Betrayal in Hurston’s Their Eyes Were Watching God The first time one experiences betrayal from a close friend is the hardest situation to go through. Betrayal is clearly defined as to break the faith of an enemy, or to disclose a violation of confidence; but more specifically, and with less clarity in real life situations, betrayal is a complex action that occurs to everyone at some point in life. For a person that has been betrayed before, the simple definition does not do justice to the effects betrayal has on their life or how one can be betrayed. Apparent examples can be seen in Their Eyes Were Watching God, for the main character is clearly betrayed many times in her life. The end product could potentially be worse than the act of betrayal. The person could feel that they cannot trust the person that deceived then, or might feel like they are unable to trust anyone else. They could have mixed feelings about keeping a friendship or being around that person on a daily basis. If it were something that had major consequences or really hurt that person, one would feel anger towards that said person, especially if it were embarrassing in front of a large amount of people or was suppressing one for a long time. People can be betrayed in a variety of ways for different reasons, by anyone in their lives. A close family member or a best friend could betray one. They may go behind one’s back in order for more personal gain, but sometimes they commit betrayal in the interest of one’s benefit. A not so close friend could betray one’s trust by telling a secret or situation that was told or seen in confidence that was broken for a juicy story or just slipped unnoticed. Some people betray their friends or enemies in order to make them look bad; such as spreading a rumor about said person. More than once was Janie betrayed; the main character from Their Eyes Were Watching God tells her life story to her friend and explains the things that were not so good in her life. Many people through the course of her life betray her, most recognizably she is constantly the talk of her town, and some townspeople that are jealous are the mouth of that gossip. They talk about her behind her back to make themselves more assured that she is not better than them.

Luxury Brands Essay

ATTITUDES TOWARDS THE CONCEPT OF LUXURY: AN EXPLORATORY ANALYSIS Bernard Dubois, Groupe H. E. C. Gilles Laurent, Groupe H. E. C. Even though recent years have not been extremely favorable for the luxury industry (the ComitT Colbert which includes many prestigious French names – Chanel, Dior, Yves Saint-Laurent, etc†¦ – reports a 1. 5% increase in real terms for 1993), its growth rate, considered over a longer period, remains impressive. Colbert companies have more than doubled their sales over the last eight years (ComitT Colbert, 1991, 1993). In 1993, they achieved a global turnover of about USD 5. 5 billion. The Pacific Rim countries represented 28% of that amount (21. 6% in 1988), equally divided between Japan and the other Asian countries. Interestingly enough, however, such growth in demand has not been matched by an equivalent progress in consumer research and what was estimated by McKinsey (in 1990) to be a USD 60 billion market largely remains unexplored territory (McKinsey, 1991). Some studies obviously have been conducted and published in the past but they tended to focus on relatively narrow aspects. For example, the consumption habits of the affluent have been investigated regularly since Veblen’s seminal work (Veblen, 1899) and, today, anecdotal reports (Stanley, 1988, 1991) as well as in-depth monographies of specific segments such as upper class wasps (Hirschman, 1988) or nouveaux-riches (LaBarbera, 1988) are available. Limiting the investigation of the luxury market to the analysis of privileged consumers however would fail to recognize that, under the influence of diffusion strategies adopted by many luxury goods companies (for brands such as Dior or Yves Saint-Laurent, accessories may represent up to two thirds of their sales), today’s demand for luxury goods primarily consists of â€Å"ordinary† consumers who, from time to time, transform their desire to acquire a luxury item into reality. Similary, a few studies have been published on luxury brands, for instance on issues such as their relative positions in people’s mind (Dubois and Duquesne, 1993 ; Weber and Dubois, forthcoming) or their adopters’ characteristics (Andrus, Silver and Johnson, 1986) but many luxury goods (houses, diamonds, furniture, etc†¦ ) belong to product categories where branding is not a salient dimension, while, at the same time, a few brands (such as FabergT) which were in the past considered as luxury names seem to have lost their affiliation to the luxury world, usually because they have overdiffused their products. Finally, some research has also been published on the determinants of the acquisition of luxury products, emphasizing economic (Leibenstein, 1950 ; Mason, 1981) socio-demographic (Dubois and Laurent, 1993) or cultural aspects (Dubois and Duquesne, 1993 ; Mason 1993) but no overall conceptual scheme, model or theory has been developed yet. Paradoxically, one of the untapped research areas concerns the very nature of perceptions and attitudes attached to the word â€Å"luxury† itself. This is somewhat surprising because even casual conversations reveal that the word â€Å"luxury† evokes rather strong connotations among people. Some attach to it very positive feelings while others are quick to express their disdain, but few are left indifferent. The absence of research on the word â€Å"luxury† also is unfortunate because, in several product categories, the luxury adjective is used routinely to segment markets and to position products. In the car industry for example, both manufacturers and consumers clearly identify luxury models (Mercedes, BMW, Lexus, Infiniti, Cadillac, etc†¦ ) usually advertised as such. The same holds true for such services as hotels or restaurants. The objective of this paper is to report on an exploratory analysis of the perceptions and attitudes attached to the word (and underlying concept of) â€Å"luxury†. It is hoped that the results presented below will stimulate further research in the area and eventually contribute to the development of a theory of luxury acquisition and consumption behavior. METHOD In order to explore the meanings attached to the word â€Å"luxury†, a two-step survey methodology was adopted. Other approaches such as semiotics could also have been used but were left less appropriate to explore, and to some extent, quantify consumers’ attitudes towards the luxury concept (Wargnier, 1985). First, in-depth interviews were conducted by a professional psychologist with sixteen consumers selected for their widely different (and complementary) profiles. Both males and females were equally represented in the panel and age varied from 17 to 70 years. Occupations were also strongly contrasted, ranging from sales rep to student and from opera singer to mechanic. All interviews were conducted at home, on a face-to-face basis, and taped. On the basis of results obtained from such qualitative research, a battery of attitudinal items was developed and administered to a sample of 440 French consumers. Although not randomly drawn, the sample was chosen according to quotas set in terms of sex, age and geographical location. Given the nature of the topic under investigation, it was decided to overrepresent female respondents and to underrepresent lower income categories. All interviews were conducted by professional interviewers on a face to face basis. Although the questionnaire included many questions about specific product categories such as perfumes, jewelry, etc†¦ only the results connected with qualitative research and the general attitudinal statements are reported in this paper. RESULTS www. acrwebsite. org/search/view-conference-proceedings. aspx? Id=11539 1/4 3/4/13 Attitudes Towards the Concept of Luxury: an Exploratory Analysis by Bernard Dubois and Gilles Laurent From the results obtained through qualitative research, several important themes emerge in relation to the concept of luxury. First, the world â€Å"luxury† itself is spontaneously associated with other terms such as (in decreasing order of frequency) : â€Å"upscale†, â€Å"quality†, â€Å"good taste†, â€Å"class†, but also â€Å"flashiness† and â€Å"bad taste†. All of these terms overlap in meaning to a certain extent but also have distinct connotations. For example, the key perceived difference between upscale and luxury products is that the former imply a relative position on an evaluative scale while the latter correspond to a self-contained entity. Upscale products also are naturally connected with material goods while the concept of luxury encapsulates symbolic and cultural values. During interviews, many respondents referred to abstracts concepts such as space, time, or freedom to convey their perceptions of luxury. The fact that both good taste and bad taste are associated with luxury, sometimes by the same people, clearly reveal the ambivalent nature of respondents’ feelings, a theme which has been recently investigated in the context of gift giving behavior (Sherry, McGrawth and Levy, 1993). Typical contrasts emerge on dimensions such as : essential/superfluous, decent/indecent, quality/gadget†¦ Given this ambivalence, it is not surprising to find that luxury items often provoke avoidance/attraction reactions. For many respondents, luxury products are desirable when contemplated at a distance, at a day-dreaming level : when a specific purchase is considered (sometimes â€Å"ruminated†), guilt feelings arise however and the buying act is experienced by many as a transgression, a not totally excusable attempt to break off daily routine and run away, at least temporarily. TABLE 1 (/volumes/ap01/01274t01. gif) (/volumes/ap01/01274t01. gif) ATTITUDINAL STATEMENTS ABOUT LUXURY (/volumes/ap01/01274t01. gif) At the same time, the luxury transgression can also be a regression, a trip back to one’s idealized childhood, when everything was warm and smooth. This would explain why the concept of luxury was felt by many to be relative and idiosyncratic. During interviews, a number of respondents spontaneously started to describe â€Å"their† luxury, as if they were talking about a secret garden, only known to them. The dual nature of luxury-a world in itself and a world for me-certainly accounts for a large proportion of the ambivalence of feelings. Without oversimplyfing too much, one could say that many negative feelings are attached to â€Å"others’ luxury†, while the positive ones are kept for â€Å"my† luxury. On the basis of such themes, a battery of 34 attitudinal items was developed, pretested and administered. The attitudinal statements as well as the overall frequencies are presented in Table 1 and discussed in the following sections. Overall results tend to confirm conclusions obtained from qualitative research about the ambivalent nature of respondents’ feelings. As far as the concept itself is concerned for example, a majority of respondents considers that luxury is synonymous with â€Å"good taste†, is â€Å"pleasant†, â€Å"not old-fashioned† and â€Å"useful† but also â€Å"flashy† and â€Å"too expensive for what it is. † When commenting on their personal rapport to luxury, most respondents express a positive attitude (â€Å"I like luxury,† â€Å"I’m interested in luxury,† â€Å"Luxury makes me dream,† â€Å"Luxury products make life more beautiful†) but also confess their relative lack of expertise (â€Å"I don’t know much about it,† â€Å"I could not talk about it for hours†) and infrequent purchase activity (â€Å"I almost never buy luxury products†). When asked (in a projective mode) to comment on others’ behavior, a vast majority subscribes to the hedonic motive (â€Å"One buys luxury goods primarily for one’s pleasure†) and refutes the snobbish argument, but more than 50% of those who express an opinion consider that â€Å"people who buy luxury products seek to imitate the rich† and, on issues like â€Å"people who buy luxury goods try to differentiate themselves from others† or â€Å"people who buy luxury products are refined people† the sample is totally divided. Similarly, one out of two respondents does not support the idea of a heavier tax but one out of three welcomes such a proposal! In order to improve our understanding of the underlying attitudinal structure, correlation and principal component analyses were performed. Rather than displaying the full 34 x 34 correlation matrix, not easy to read (1156 coefficients), we decided to attempt to graphically represent the underlying structure, even though we recognize that it is not always possible to completely eliminate arbitrariness in positioning the items on the resulting map. Figure 1 depicts the map obtained when only intercorrelations higher than 0. 4 are considered. To make it easier to read and to interpret, all items which imply a favorable predisposition towards luxury are positioned on the left side of the figure while â€Å"negative† statements appear on the right side. Coefficients between 0. 40 and 0. 50 are indicated by dotted lines while solid lines correspond to correlations above 0. 50. Obviously, all coefficients are statistically significant. It appears that the backbone of perceptions and attitudes evolves around the attraction-avoidance dimension mentioned previously. The two attitudinal statements â€Å"I like luxury† and â€Å"I’m not interested in luxury† exhibit a strong (negative) correlation, with an absolute value which is the highest one in the whole matrix. From such a map, a number of conclusions can be drawn : 1. – There are two basic reasons underlying the lack of interest in luxury. The first one is a negative perception of the luxury world, considered in an absolute, general and abstract sense. Those who adopt this perspective tend to describe luxury goods as useless, old-fashioned, too expensive and flashy. Since they fail to see much value in luxury items, they do not develop an appetite for them. 2. – The second reason is more linked to a perceived lack of fit between the individual and luxury. Those who feel this absence of connivence tend to explain it in terms of their own inexpertise, their uneasiness with luxury environments and an impression of artificiality when they wear their luxury items (in case they own some). All those factors logically result in a minimal involvement in both interest for luxury goods and acquisition behavior. 3. – Although not reported on the map, the correlations between, on the one hand, those two sets of items and, on the other hand, the group of three statements related to the perceived reasons why others buy luxury goods (located at the extreme right of the figure) are statistically significant, typically in the 0. 20 – 0. 40 range. Those who don’t feel at ease with luxury goods and admit their incompetence also tend to believe that â€Å"others† buy luxury items to imitate the rich or to differentiate themselves from the rest of the population. www. acrwebsite. org/search/view-conference-proceedings.aspx? Id=11539 2/4 3/4/13 Attitudes Towards the Concept of Luxury: an Exploratory Analysis by Bernard Dubois and Gilles Laurent Those who believe that luxury goods are too expensive and flashy have a similar perception of the behavior of â€Å"others. † But the factors underlying such perceptions are not the same for both groups. While the former find one more reason to deepen the gap which separates them from the world of luxury, it looks as if the latter have one more justification in support of their disdain of an environment perceived as sterile and futile. 4. – The two mechanisms underlying disinterest have their counterparts on the positive (left hand) side. Although not shown on the map, the correlation between â€Å"I like luxury† and â€Å"I could talk about it for hours† is highly significant (0. 32). People who like luxury also are people who feel knowledgeable about it, both in terms of expertise and familiarity (Alba and Hutchinson, 1987). The luxury world is â€Å"their† world and they move in it like a fish in water, as revealed by their strong opposition to the statement â€Å"I almost never buy luxury goods†. 5. – But the appetite for luxury goods can be also developed on a more abstract and symbolic dimension (upper left corner). Those who adopt this viewpoint see the luxury word as a source of fascination and enlightment. Luxury products make them dream and contribute, in their opinion, to a more beautiful life. This ethereal perception of luxury is also the most hedonic of all in nature, as revealed by the strong correlations obtained with the items related to pleasure. Luxury becomes a permanent source of inspiration and happiness, almost a goal for life, far beyond transient fads and fashions. All these facets of luxury are easily confirmed by the rotated factor structure. Applying the varimax procedure to the table of intercorrelations yields the matrix reproduced in Table 2. Ten factors were extracted explaining about 60% of the variance. While the last six correspond to specific items (or pairs of items) not directly linked with the core attitudinal structure but useful to illustrate such topics as price perceptions and their consequences (Factor 5), or the scarcity issue (Factor 6), the first four correspond rather closely to the structure discussed previously. Factor 1 expresses the lack of interest due to limited expertise and familiarity, while Factor 2 corresponds to the positive evaluation of luxury goods fostered by hedonistic motives. Factor 3 summarizes the negative perceptions attached to the behavior of others and Factor 4 corresponds to the mythical and symbolic values attached to the luxury â€Å"fairy tale†. Taken together, these four factors contribute to a better understanding of the underlying structure and can be helpful for someone interested in developing a short scale intended to measure attitudes toward the concept of luxury. As an illustration, the factorial structure of a subset of twelve items appears on Table 3 and is rather straightforward in its interpretation : While the first factor corresponds to perceptions related to the concept of â€Å"Luxury in general†, factor 2 expresses a more personal rapport to luxury, and the remaining two factors describe attitudes towards those who consume luxury items. CONCLUSIONS Despite the importance and growth of the luxury sector, the determinants of luxury acquisition and consumption have received very little attention in the consumer research literature. There is a distinct lack of systematic studies to model and test the processes whereby individuals develop an appetite for the world of luxury (or fail to do so). FIGURE 1 (/volumes/ap01/01276f01. gif) TABLE 2 (/volumes/ap01/01277t02. gif) (/volumes/ap01/01277t02. gif) FACTOR STRUCTURE (/volumes/ap01/01277t02. gif) Given its exploratory nature, the present research only represents a first step in the development of a model of luxury acquisition and consumption. Only the attitudes towards the concept in general have been investigated here. The dual nature of those attitudes has emerged as a major conclusion of both qualitative and quantitative data: The structure of people’s predispositions towards luxury, as a concept, are affected both by their perception of the luxury world in general and their perceived personal fit with such a world. Future studies could investigate: 1) the socio-demographic and psychographic elements associated with such predispositions; 2) the role of specific product categories in the development of attitudes towards luxury and 3) the evolution of these predispositions over time. A program of research on each of these topics is being conducted by the authors and its results will be reported in future contributions. TABLE 3 (/volumes/ap01/01278t03. gif) (/volumes/ap01/01278t03. gif) A TWELVE ITEM ATTITUDINAL SCALE ON THE CONCEPT OF LUXURY (/volumes/ap01/01278t03. gif) REFERENCES Alba, Joseph, W. and J. Wesley Hutchinson (1987), â€Å"Dimension of Consumer Expertise†, Journal of Consumer Research, 13, March, pp. 411-454. Andrus, David M. , Edward Silver and Dallas E. Johnson (1986), â€Å"Status Brand Management and Gift Purchase: A Discriminant Analysis†, The Journal of Consumer Marketing, vol. 3, Winter, pp. 5-13. ComitT Colbert (1993), Rapport 1992 – Perspective 1993, Paris : ComitT Colbert, and (1991), Rapport 1990 – Perspective 1991 – Paris : ComitT Colbert. Dubois, Bernard and Patrick Duquesne (1993), â€Å"Polarization Maps: A New Approach to Identifying and Assessing Competitive Position: The Case of Luxury Brands, Marketing and Research Today, vol. 21, n ¦ 2 (May), pp. 115-123 Dubois, Bernard and Patrick Duquesne (1993), â€Å"The Market For Luxury Goods: Income vs Culture†, European Journal of Marketing, vol. 23, n ¦1, pp. 35-44. www. acrwebsite. org/search/view-conference-proceedings. aspx? Id=11539 3/4 3/4/13 Attitudes Towards the Concept of Luxury: an Exploratory Analysis by Bernard Dubois and Gilles Laurent Dubois, Bernard and Gilles Laurent (1993), â€Å"Is There a Euro-Consummer For Luxury Goods? â€Å", in Fred Van Raaij and Gary Bamossy (Eds), European Advances in Consumer Research, vol. 1, Provo, UT, Association For Consumer Research, pp. 58-69. Hirschman Elizabeth (1988), â€Å"Upper Class Wasps as Consumers: A Humanistic Inquiry†, in Elizabeth Hirschmann (Ed), Research in Marketing, vol.3, pp. 115-147, JAI Press Inc. LaBarbera, Priscilla A. (1988), â€Å"The Nouveaux Riches: Conspicuous Consumption and the Issue of Self Fulfillment†, in Elizabeth Hirschman (Ed), Research in Marketing, vol. 3, pp. 179-210, JAI Press Inc. Leibenstein, H. (1950), â€Å"Bandwagon, Snob and Veblen Effects in the Theory of Consumers’ Demand†, Quarterly Journal of Economics, vol. 64, n ¦2, pp. 183-207 McKinsey Corp. (1990), The Luxury Industry: An Asset for France, Paris: McKinsey Mason,Roger (1981), Conspicuous Consumption, New-York, N. Y. : St Martin’s Press Mason, Roger (1993), â€Å"Cross Cultural Influences on the Demand for Status Goods† in Fred Van Raaij and Gary Bamossy (Eds), European Advances in Consumer Research, vol. 1, Provo, U. T. , Association for Consumer Research, pp. 46-51 Sherry, John, Jr. , Mary-Ann McGrath and Sidney Levy (1993), â€Å"The Dark Side of the Gift†, Journal of Business Research Stanley, Thomas J. (1988), Marketing to the Affluent, Homewood, Ill. :Irwin Stanley Thomas J. (1989), Selling to the Affluent, Homewood, Ill. : Irwin Veblen, Thorstein (1899), The Theory of the Leisure Class, New-York: McMillan Wargnier, StTphane (1985), â€Å"Analyse STmiologique des Produits de Luxe†, MTmoire de DEA en STmiotique – Paris : E. H. E. S. S.. Weber, Daniel and Bernard Dubois (forthcoming), â€Å"The Edge of Dream: Managing the Brand Equity in the European Luxury Market† in Lynn Kahle and M. Chiagouris (Eds), Values, Lifestyles and Psychographics, Hillsdale, N. J. : Lawrence Elbaum Associates.. —————————————- www. acrwebsite. org/search/view-conference-proceedings. aspx? Id=11539.

Discussion about the Growth Strategies Available to...

Growing a business is the process of having a greater market share by increasing customer base, thus increasing revenue, having more employees, and larger premises. Growth strategies are the theories to which a business may utilize to attempt to grow their business. The theories I will be discussing are evolutionary, classical, Schumpeter and mergers acquisitions. Overview There are two types of business growth, organic, and inorganic. Organic growth Organic growth is the process of expanding a business using internal sources. Retained profit is an example of funding for growth. Another method of Organic growth is through private finds, such as the owner’s personal savings. Marks and Spenser’s growth is primarily organic;†¦show more content†¦This is allowing their business to grow even further by selling more products where they wouldn’t have otherwise sold. 4 – Diversification Diversification is when an entity markets a new product to new markets. An example of this is a app company creating a new revolutionary app, this is a company creating a new product in a field that it understands. Another example is when a business launches into a new market that it isn’t specialized in or, for example Google is creating a contact lens for diabetes patients to monitor their sugar level. Google is launching into two new markets, first is contact lenses, second in health care/ diabetes, and the third market is one they know well and are specialized in, technology. The Ansoff matrix is a tool that helps businesses decide their product and market growth strategy. The Ansoff matrix looks at market change and technical change on the two sides and helps act as a framework to companies to evaluate whether they should be looking for new markets or new products. 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The Night At The Corner Of A Street - 1686 Words

In Chicago, Illinois, an expansive hotel stands gloriously at the corner of a street. Civilians crowd around it, looking for a place to stay as they visit the incredibly popular World s Fair. They are greeted by an attractive young man, who beckons a select few inside and offers them rooms to stay for the night. These unknowing guests make their way up to their supposed rooms, and are befuddled at first by the strange structure of the hallways. Paying no mind to this abnormality, they enter their rooms and rest for the night, yet they do not wake up the next morning. Other guests find themselves locked in a brick room with nothing in it, and slowly starve to death while visions of their families and lives fade before their eyes. Some are†¦show more content†¦His victims were killed and tortured in various gruesome ways, and their corpses were used in grotesque experiments and subsequently sold to black markets and universities. Holmes, like so many other serial killers, had a troubled childhood. Dr. Holmes was born to Levi Horton Mudgett and Theodate Page Price, under the original name of Herman Webster Mudgett, in Gilmanton, New Hampshire in 1861. His family was affluent, and he was considered very privileged for his time. He was also a very bright child who quickly surpassed his classmates academically. Despite his studiousness, Holmes lived a troubled life. His father was an abusive alcoholic, despite being a strict Methodist. If home life was not bad enough, Holmes suffered severe bullying in school, due to the other students’ jealousy of his intelligence. Mudgett possessed an abnormal amount of morbid curiosities involving the human body, which led him to attend medical school at a young age. Soon after, he traveled around the United States, and settled in Chicago, Illinois. The transition to Chicago marked the start of a new life for Mudgett, who introduced himself as the now infamous â€Å"H.H. Holmes†. Holmes did not begin his li fe anew to better himself, but rather to perform acts of murder and treachery. Due to his intelligence and cunning mannerisms, Holmes was aware that he must be careful, and carry about his plans with caution. He received a job at Elizabeth S. Holton’s Drugstore, and became the store

Emerging Issues in Human Resource Management - 2922 Words

EMERGING ISSUES IN HUMAN RESOURCE MANAGEMENT By MR. Vamsi Krishna Mumbai INDIA The management of Human Resources has now assumed strategic importance in the achievement of organizational growth and excellence. As globalization advances and we move into the information age, organizations need to adapt to the changes in technology and the changing issues in management of people. Some critical issues have clearly emerged - planning, acquisition and development of human resources, responding to the demands of the work place and, above all, evolving a strategy of dealing with industrial conflict. As a management practice, it covers all the conventional areas of personnel management†¦show more content†¦Recruiting and selection decisions are especially important for organizations that rely on knowledge workers. Employees responsibility and authority are given to make decisions regarding all aspects of product development or customer service. HR professionals can support organizational strategies for quality growth and efficiency. Organizations with international operations hire employees in foreign countries, where they operate, as they need knowledge of differences in culture and business practices. Now-a-days, information system has become a tool for more HR professionals, and often, these systems are provided through the Internet. The widespread usage of the Internet also includes HRM applications. Organizations search for talents, and screening candidates online. Employees may receive training online. The employment relationship takes the form of a psychological contract that describes what employers and employees expect from the employment relationship. The employees are looking for flexible work schedules, comfortable working conditions and greater autonomy, opportunities for training and development, and performance-related financial incentives. For HRM, the changes require planning for flexible staffing levels. 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Wealth Management Investment Free Essays

Wealth management is a crucial component in investing. It is a process that entails steps that organize the fundamental features of building a portfolio. An investor can deal with the uncertainty of financial markets; the uncertainty that markets were volatile last year, that they are volatile now, and that they will be volatile tomorrow, by regularly managing wealth. We will write a custom essay sample on Wealth Management Investment or any similar topic only for you Order Now The wealth management process provides a strategic approach to managing and building wealth and will help an investor turn his client†s goals into reality. In managing the investment process investors must determine their objectives, the resources for achieving them, and the process to go through to get there. Most importantly, it is essential for clients to be exposed to any new investment procedure or opportunity in the context of their individualized investment policy. The first step in the wealth management process is to establish objectives. This step includes analyzing the current situation, where all factors that may have a bearing on the decisions should be identified, analyzed, and integrated into the process (Brown, Underwood 248). Before making any financial recommendations an investor must build a detailed financial profile so that he can understand the client†s personal balance sheet, his current asset allocation, and help the client develop his investment parameters. The result of this process is attaining the assessment of the investor†s goals. With this, it is critical for the client to express five key factors: his total financial picture, his financial goals and objectives, his feelings and tolerance for risk, his time horizon associated with each of his goals, and if the client is building his wealth, preserving it, or passing it on to others (Brown, Underwood 247). Proper objectives will be established by these factors through the individualized analysis of the client†s current situation. The second important step in the wealth management process is to set a strategy. This is attained subsequent to the client assessing his goals. In setting a strategy an investor will compare fundamental investment principles to a client†s goals. The client may consider five key fundamental principles when developing his portfolio strategy: Asset allocation, diversification, planning, discipline, and patience (Groppelli, Nikbakht 401). This step also helps the client to select appropriate asset classes and distributions. A portfolio†s asset mix or asset allocation refers to the percentages that are invested in various asset classes, such as domestic stocks, domestic bonds, cash, real estate, international stocks, international bonds, and so on. A selection of well-diversified assets within these classes is perhaps the most effective way to manage volatility and portfolio risk in today†s markets. The investor should work with his client to identify the investor profile that fits his objectives and tolerance for risk. The second step of wealth management also includes determining the time horizon of investment objectives. One must consider the timing of the possible unexpected as well as expected requirements for use of the portfolio†s assets. Market timing can be an unreliable and hazardous practice. Missing only a fraction of time can have a profound impact on value (Groppelli, Nikbakht 392). An investor can also help a client determine a financial plan to address his goals. In order for a client to make informed decisions and ultimately reach his goals, the investor should help translate the client†s goals and objectives into a personalized financial plan. This will help the client to organize his finances, where it will provide a clear picture of his financial situation, and help the client to understand how his financial puzzle fits together. He will have the accessibility to evaluate his short and long-range goals and see how each piece of his financial puzzle can influence the other interlocking pieces. With this personalized plan, a client may also find solutions by putting his strategies into action by providing access to specialists in various financial disciplines, such as trust, credit, asset management, business planning, and insurance. Lastly, this step will help the client to uncover opportunities, where he can identify opportunities that could influence his overall financial well-being. The third step in the wealth management process is to implement solutions. An investor can help the client select and implement financial solutions according to his financial plan and asset allocation strategy. The essential ways an investor can achieve this is by helping the client identify financial strategies and solutions, allocate his funds, select investment products, and managers, and develop a rebalancing strategy (Conley, O†Barr 42-44). To meet a client†s goals the investor can explore and help a client execute appropriate investment borrowing. Depending on the client†s needs, an investor can explore various strategies. These strategies include investing from retirement, wealth transfer and estate-planning strategies, tax-minimization strategies, company stock option planning, managing concentrated stock positions, alternative investments, and other personalized solutions. An investor should also allocate the assets based upon the client†s specific goals and risk tolerance, and he should select a money manager by using specialists. This construction would result in a customized plan and solution for the client and his long-term objectives. The final step in the wealth management process is to review the progress. An investor must continue to monitor the client†s situation in order to remain current with his goals in relation to the movement in the market. This ongoing service would include monitoring portfolio performance and results to evaluate progress, reviewing objectives and strategies periodically, and altering and adjusting the client†s wealth management strategies based on changing goals, circumstances, or conditions (Conley, O†Barr 45). In addition, it consists of monitoring the resulting performance of selected money managers. An effective monitoring program should provide the investor with sufficient information to evaluate the program†s strengths and weaknesses, and to keep the program on track in achieving the portfolio†s objectives. The truly effective investor realizes that a crucial element of the decision-making process is establishing appropriate performance measurement standards. The standards for provide an ongoing monitoring service for clients includes facilitating good investor-money manager communications and confirming the mutually agreed-upon goals of the investment policy. Also, an investor must show whether the assets are being managed as directed by that policy with respect to the portfolio†s risk tolerance and expected return. Another measurement is to support the qualitative judgments about the continued confidence, or lack of it, in the money manager†s abilities. The last measurement standard is to support the periodic consideration of the continuing appropriateness of the investment policy. In the monitoring process, there are issues that should be addressed at specific times. Monthly, investors should analyze their custodian†s appraisal report containing the current market value of holdings and the previous month†s transactions and expenses. Particular attention should be paid to transactions initiated by hired money managers and compared against the manager†s stated investment strategy. Quarterly, the investor should compare the asset allocation of the portfolio and the performance of hired money managers to benchmarks, and at least annually, there should be a formal review to determine whether investment objectives have been attained or have changed. The investor should be particularly sensitive of the need to determine whether the investment strategy still holds the highest probability of meeting short-term liquidity needs and long-term objectives. The role of the investor is to maximize the benefits to be gained from the wealth management process. The degree of commitment to the necessary tasks outlined in the process will ultimately determine investment success. It will be the actions of the investor that will have the greatest impact on the value of the portfolio and mastering the wealth management process will assist the investor in creating the greatest outcome for his clients and their futures. How to cite Wealth Management Investment, Essay examples