Strategic ability of Hong Leong Bank

Strategic ability of Hong Leong Bank Hong Leong Bank Berhad was found by Ji Chiew. The bank starts operations in 1905 in Kuching, Sarawak. In 1 January 1982, the Head Office relocated from Kuching to Kuala Lumpur. The consolidation of banking institution to meet the requirement of Bank Negara Malaysia marks another milestone for Hong Leong Bank Berhad. Hong Leong Bank Berhad was listed on Kuala Lumpur Stock Exchange on 17 October 1994. The market capitalization as of recent days is RM 470 million, according to bank website. Hong Leong Bank has diversified the businesses into financial services, manufacturing, and property and infrastructure development. The services available are personal financial services such as credit cards, investment, loan, deposits, insurance, priority banking, personal banking and Hong Leong Club Rewards for customer loyalty (Hong Leong Bank, 2009). Industry Analysis 2.1 Why Porters 5 models Porters model determines the competitiveness of an organization using the five different forces and shows how the forces are related. To develop business strategies effectively, organizations must understand and act in response to those forces. (Porter, 1985) (Fornell and Wernerfelt, 1987) Rivalry Among Existing Competitors There are 37 banks, which are recognized and licensed to operate in Malaysia and more financial institution are opening soon. The trend of increment of the number of banks within the industry is fast and there are great challenges for HLB to create and maintain a good market share. Other banks are seems to be more aggressive to get and retain customers. This force is not in favor of Hong Leong Bank. (BNM, 2009) Threat of Substitute Products and Services Even though there are many financial institutions available, some unique facilities can only be obtained from the bank only. American Express facilities, co-branded products (e.g. MTV), higher interest rate, club rewards, junior/senior savings, overdraft are the few products which only available to this bank. Thus this force is in favor to the bank. (Hong Leong Bank, 2009) (BNM, 2009) Bargaining Power of Buyers Having the whole range of financial players apart from the retail banks, it is evident that customers can move within the 40 operators and can also decide to switch to the other non-banking institutions. Their choice can even extend to the insurance companies, depending on the nature of the product. For instance if a customer is looking for a small amount of loan, he/she can even get the said product from organizations like AEON, etc. The close location of various banks is also giving customer a very high bargaining power too. For instance in a location of Puchong Jaya, along the street of Jalan Kenari it is easy to find at least 9 banks within 100 meters Maybank, Public Bank, Eon Bank, CIMB Bank, HSBC, Alliance Bank, Bank Simpanan Nasional, UOB. With this concentration the bargaining of customers always goes high before customers start looking on a differentiated service. For the said bank, this is absolutely a negative favor since the potential customers can shift easily to differ ent point. (BNM, 2009) Bargaining Power of Suppliers The core business of the Hong Leong Bank is product and services which mainly focuses on safety of monetary management. The suppliers provide some tangibles like checkbooks, lockers, private banking, priority banking. The impact of these in HLB is not much significant since they are not really like the raw material. (Hong Leong Bank, 2009) Threat of New Entrants The Bank Negara Malaysia has set a minimum capital requirement of RM5 billion for a bank to be registered. The conditions set for registering a bank are not difficult to obtain, hence entry barriers become low. Thus more foreign owned financial firms are keen to open their business in Malaysia. Certainly these institutions will pose threat on existing banking business as theyll have unique products and services. This force is not in favor of Hong Leong Bank. . (Hong Leong Bank, 2009) From the above analysis of HLB 5 forces analysis, the diagram below will provide a summary of the banks overall industry analysis. Threat of New Entrants (-) Threat of Substitute Products and Services (+) Bargaining Power of Buyers (-) Rivalry among existing competitors (-) Bargaining Power of Buyers (+) 2.2 Limitations of the Porters Model Porters 5 force analysis talks about the external forces applicable to the outside of business. Todays business is much more vast and robust requiring dynamic approaches which should be an integration of different approaches rather than depends on a single analysis. Internal factor analysis requires much analysis as external. Designing, visioning and learning approaches should be considered when an industry analysis is done. Proters 5 forces are lack of these factors. (Porter, 1985) (Gronroos, 1997) Strategic Capability Analysis 3.1 Stakeholders Stakeholder Analysis identifies important groups of people or individuals that can have an influence on the Project. These Stakeholders can have their own objectives and views, which may differ and conflict with other Stakeholders. A Stakeholder Analysis is required to identify all the parties who are directly or indirectly affected by the enterprises operations. This includes not only the traditional shareholders, but also some new groups that the insights of sustainable development tell us must be consulted in decisions that affect them. (Roberts, Varki, and Brodie, 2003) (Fombrun and Shanley, 1990) In an organization, internal stakeholder is the employees or people who work inside the organization. External stakeholders exist outside the organization but have a direct interest in what it does (e.g. shareholders, governments, customers) etc. (Roberts, Varki, and Brodie, 2003) 3.2 SWOT Analysis 3.2.1 Why SWOT Analysis? SWOT analysis is a tool for auditing an organization and its environment. It is the first stage of planning and helps marketers to focus on key issues. SWOT stands for strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors. Opportunities and threats are external factors. (Spreng and Chiou, 2002) In SWOT, strengths and weaknesses are internal factors and opportunities and threats are external factors. 3.2.2 Hong Leong Bank SWOT Analysis Strength Hong Leong Bank Berhad (HLB) principal activity is providing consumer-banking services including credit cards, investment, mortgage, deposits, insurance and priority banking. Other activities include business banking, trade financing, working capital facilities, treasury, foreign exchange, money market operations, capital market securities trading, investment, and takaful business. It has been recognized as one of the most profitable bank in Malaysia. (Hong Leong Bank, 2009) It has 186 branches, 17 business centers with talented and motivated employees throughout Malaysia making it one of the most widened banking sectors in Malaysia. Their first award year 2004, an acknowledgement for their active participation in spurring the growth of the SMEs in the country. This award certainly spur Hong Leongs strength to bring more value added financial services to customers and the SMI community and to help them face the extremely challenging and competitive business environment both locally and globally. Launched in October 2005; the Hong Leong Mobile Credit Card is the first of its kind, allowing customers who are provided with a six-digit personal identification number (PIN) to pay for goods and services using mobile phones via short messaging service (SMS). This offering is the result of Hong Leong Bank tie-up with technology provider Mobile Money International Sdn. Bhd. This unique method of payment, known as Mobile Money is speedy, convenient and cost effective. Using only the mobile phone for approval of transactions and payments, there is no longer a need for the physical plastic card, merchant terminals or Internet terminals. Payment requests are delivered via SMS. There is no need for card members to be present at the point of sales or at the merchant outlets. Payments can therefore be made from wherever card members are, at whichever place where there are mobile phone signals. (Hong Leong Bank, 2009) In 2007, Hong Leong Bank bagged the Asian Bankers Best e-Banking Project 2007 with its Internet banking offering, Hong Leong Online. The award recognizes the best emerging technology practices and benchmarks in Asia Pacific banks. Apart from the Asian Banker award, Hong Leong has also been ranked as the third most popular Malaysian online banking site. Online banking transactions helped the bank save about RM24mil from March to October 2007 as each online transaction cost about 20% compared with about RM3.50 for every over-the-counter transaction. Weakness In line with its strong customer service culture, the HLB continues to maintain its superior delivery standards which have been behind against international ISO standards. HLB is yet attained bank-wide ISO 9001:2000 certifications for customer service at the front office of its branches and bank-wide loan delivery service. This is a major drawback for the HLB to have a better customer base. (Hong Leong Bank, 2009) As to compete in the industry of banking, interest rate is a major challenge as customer will choose for a higher interest rate for savings account and for the lowest interest rate for the loans that the customers are seeking for their financial assistances and better service for the customer. Hong Leong Bank needs to change according to the environment as to compete and remain as the market leader. (Hong Leong Bank, 2009) As Hong Leong Bank has moved ahead to the Electronic banking or transaction there is greater risk or security threats circulated to the users of online banking or transaction. There are non technical threats such as phising whereby it is the act of tricking someone into giving them confidential information or tricking them into doing something that they normally wouldnt do. The common applications of this approach is to send fake emails (email spoofing) to a victim purporting to come from a legitimate source and requesting information (such as the bank account number and the password) or directing the victim to a fake internet website where this information can be captured. Opportunities The bank may recruit young and talented staffs and provide them proper training to create a talent base as well as provide job to those who are in need. This may also reduces the unemployment rates in Malaysia. This talent base is able to adopt with internal formation and usually stay with the bank until the end. (Hong Leong Bank, 2009) As the banking industry grows and provides opportunities for the local customers indirectly it also given an opportunity to the foreigners who stays in Malaysia. They tend to use banking services more frequently to have different types of account. This additional customer base will bring more money inside the bank and of course banks will gain profit from various types of transactions. (Hong Leong Bank, 2009) Bringing the bank closer to the consumer could be the vital opportunity. Providing a payment gateway where ATM card could be used as like a credit card for everyday usages. Since these customers will use won money, bank may encourage them to save more to get more benefits. Establishing more ATM and branches and electronic features (e.g Western Union money transfer) will definitely bring more customers in. (Hong Leong Bank, 2009) Threats Ease of distributing credit card could be a disturbing role the bank is playing. While credit card repayments are depends fully on customer payment, if it is not paid, bank has to go long way. (Hong Leong Bank, 2009) The bank is not really in forefront position to introduce new products and service as market demand changes. It if often seen that the bank introduces the products in different name when the service is already available in the market by other bank. (Hong Leong Bank, 2009) 3.2.3 Limitations of SWOT Analysis SWOT analysis usually very subjective. It simply looks at the negative factors first in order to turn them into positive factors. So it is advisable to use SWOT as guide and not as prescription. (Spreng and Chiou, 2002) Strategic Choices 4.1 Generic Strategy 4.1.1 Why Porters Generic Strategy Generic strategies are widely used today even though it was invented in 1980s. Three options are available for organizations to adopt to achieve sustainability which are cost leadership, differentiation and focus. Each of the three options are considered in two aspects of the competitive environment: (i) Competitive advantage talks about the prices (high or low) of the products, (ii) Competitive scope talks about the market size (narrow or broad). (Porter, 1985) (Chen, 1999) (Sanzo et al, 2003) Overall Cost Leadership The low cost products are the product leader in the market. It may also included the time required to built and delivery the products to customers. As it is mentioned earlier, using online banking, it would help the bank as well as customers to save more. Developing and maintaining online business is not low-priced itself. Yet it could provide vital thumbs-up to banks generic strategy. If more customers opt for online transactions, bank wouldnt have to spent time on serving customer physically thus itll requires less resources (e.g. less branch, less employees). These less resources will push ahead the bank with extra finance to improve other services. (Harris and Goode, 2004) (Sanzo et al, 2003) Differentiation Differentiated goods and services are designed to satisfy the customers with the lowest price/cost available for similar kind of products. HLB Flexi FD is a fixed deposit product which gives higher interest rate to the customer. Thus the bank will be in risk of loosing money. So it has to bring and retain much customer to cover the loss. The loss must be cover to be competitive. Since banking industry changes rapidly, HLB will have to customize the products and services over times to hold ensure customer satisfaction. (Dannenberg and Kellner, 1998) (Jones, Mothersbaugh, and Beatty, 2000) Focus In focus an organization can afford neither a wide scope cost leadership nor does a wide scope differentiation strategy, Here an organization focus effort and resources on a narrow segment of a market. Competitive advantage is generated specifically for the niche. A company has two options to choose: use either a cost focus or a differentiation focus. Taken example of HLB structured investments. Invested amounts are 3rd-party transactions and bank itself doesnt provide any guarantee of returns of money to the customer. In this segment, HLB is a low profile character. Even though bank is charging some commission on the investments, customers who are willing to invest are to do so at own risk. (Jarvelin and Lehtinen, 1996) (Evans and Beltramini, 1987) 4.2 Strategic Directions 4.2.1 Why Ansoff Matrix The Ansoff Growth matrix is a strategic direction tool that helps businesses decides their strategies for growth. Ansoffs product/market growth matrix discuss about the strategies on which the business deliver new or current products in new or current markets. Overall output of Ansoff product/market matrix is sets of strategies that set the direction for the business growth. (Auh et al, 2007) (Sanzo et al, 2003) These are described below: Market penetration Market penetration is a general name of selling current products into current markets. The bank continuously introduces loan and credit products to customers to leap ahead. Since the banks most incomes come from loan and credit facility, reshape of current products will ensure market growth and increase of usages by existing customers. Market penetration for HLB will be focused on the central markets that it is very familiar with, competitors are known, customer needs are defined and returns are potential. (Gustafsson, Johnson, and Roos, 2005) (Agrawal, 2001) http://strategyiseverywhere.files.wordpress.com/2007/12/ansoff_matrix.png Market development Market development tells about the distribution of current products in new market. With its existing banking facilities, the bank introduces private banking for the customers who loves personal banking. For everyday needs of banking, investment, loan, protection a dedicated personal banker is always there to serve the individual customer to fill their needs. These personal banking is nothing different than existing policies; focus goes to its loyal customers which puts big amount inside the bank. (Dannenberg and Kellner, 1998) (Filotto, Tanzi, and Saita, 1997) Product development Product development is the name given to a growth strategy where a business aims to introduce new products into existing markets. Saving multiplier plans is recently introduced by the bank. Hong Leong Savings Multiplier Plan is a unique investment tool that utilizes the powerful concept of Dollar-Cost-Averaging and offers a customized solution to tackle the distinct financial challenges throughout different life stages be it to secure a comfortable retirement or to ensure a steady flow of pension-like funds or for putting aside adequate funds even for childrens education. Islamic banking is another example of product development. (Metawa and Almossawi, 1998) (Haron, Ahmad and Planisek, 1994). Diversification Diversification is the growth strategy where new products are to be delivered in new market. This strategy is more risky for business growth as often business takes longer time to survive in a new market. HLB recently spread their business in Vietnam. Since Vietnamese culture differs from Malaysia, the bank has to adopt the culture as well as compete with well established Vietnamese banks. (Shankar, Smith, and Rangaswamy, 2003) (Evans and Beltramini, 1987) 4.3 Method for Pursuing Strategic Direction Forward Looking Policy Monetary policy management needs a forward-looking policy due to the time gap between policy actions and their intended effects on output and inflation. HLB built a macro model which would determine the impact of policy actions. Understanding the microeconomic factors are important too determine the inter-linkage of monetary policy mechanism. (Fornell and Wernerfelt, 1987) Deepening of Financial Markets New financial products are traded in the Money/Bonds market by the introduction of Hong Leong Banks Debt Capital Markets Structured Finance (DCM/Structured Finance) unit within Wholesale Banking provides innovative tailor-made solutions to financial institutions, corporate, agencies and high net-worth individuals through comprehensive offerings in the debt capital markets. (Dannenberg and Kellner, 1998) Strong Foreign Currency Reserve Foreign exchange reserves form part of the national assets and these needs to be deployed rationally keeping in mind the principles of safety, liquidity, and return. The reserves, which are currently deployed by the HLBs in-house reserve management treasury dealers, are in short-term high quality bank deposits. (Naser, Jamal, and Al-Khatib, 1999) Reliable and Secured Payment Systems To reduce the settlement time significantly and increase cost effectiveness the bank plans to establish an electronic clearinghouse to do almost every transactions online with tighten security and handy usability. Opening an account, apply for credit cards are already in place. The bank further steps in mobile banking for dedicated user. Recently the bank introduces e-broker services (HLeBroking). HLeBroking allows the flexibility of placing orders either through a phone call to our trading hub or via the internet. Professional dealers centralized in the hub are always on hand to execute transactions and monitor shares investment portfolio. (Shankar, Smith, and Rangaswamy, 2003) (Harris and Goode, 2004) 4.4 Implication and Evaluation of Analysis During this analysis it was assumed that strategies are reasonably orderly and knowable and, in turn, that evidence can help to evaluate theories that claim to explain these strategic positions. Data and information often founded confusing and imperfect. It seems almost certain that no single study can validate or invalidate a theory. Besides, there is a good chance that a large number of studies will not generate consistent results. (Agrawal, 2001) The methodology were used in analysis is not about developing a foolproof system; it is at least partly an art. There is no mechanical system that will escape judgment, sense, and intelligence. But this does not eliminate the need for techniques and standards. Product delivery approaches, geography, demography does plays role in strategic position which were missing in the analysis done. (Hong Leong Bank, 2009) The strategic planning process adopted by HLB was participative, consultative and result oriented. But the takes time to achieve results. While some important factors the bank missed out during strategic choices, individual departments must do their respective environmental scans through a SWOT analysis whereby they identified their internal strengths and weaknesses as well as the external opportunities and threats. (Hong Leong Bank, 2009) Business trends changes randomly. Todays product may not be available tomorrow. Thus no strategic plan could be exactly fit into business strategy. However, HLB could consider a more diversified strategy which would be more beneficial to determine strategic stand. Justification of a Strategy As the strategic position and strategic choices are different from the matrix analysis, a better strategic growth model is optimal solution. 5.1 McKinsey Growth Pyramid McKinsey growth pyramid is an upgraded version of Ansoff Matrix with broader discussing of important strategic factors. With every possible action there are certain alternatives (e.g. acquisition, joint ventures, alliances etc) with risk measurement from low to high. Existing products to existing customers This is considered lowest risk options go on businesses with current asset and current customer. But itll not be much beneficial for bank in long terms. Existing products to new customers Introduce existing products to new customer which may help them meet their daily financial needs so that they dont look for other financial choices. Consumers always look for much return while bank always looks for low give-away. New customers can be a turning point for any bank. Demographical (e.g. adult, children, senior) products would be vital products to attract new customers. (Harris and Goode, 2004) New products and services Over time, new products must be channeled into banking business. Broader distribution if Islamic banking could be a important factor. It is seen that many nom-Muslims adopted for Islamic banking. Since there is trend of Islamic banking growth, the bank should not take the risk to risk the potential customers due to lack of proper preparation. Some of the products may be delivered to existing customers. Risk may incur if the products doesnt appeal the customers. (El-Bdour and Erol, 1989) (Gerrad and Cunningham, 1997) New delivery approaches Todays consumer seek more convenient service provider. Banks are not exempted indeed. Many banks had adopted special facilities for different customers. Priority banking could be one solution. In priority banking everyone is unique and therefore has very specific financial needs. Thats why bank will offer a comprehensive range of privileges for convenience. Setting up special services only for young generation can be another important product delivery approaches. Dedicated services will invite more young generation to adopt the services. However, it could cost the bank some extra amount and if the products are not selling well, bank will face loss of resources. (Yoon, Guffey, and Kijewski, 1993) (Mols, 2001) http://www.filecluster.com/screenshots/61893.gif New geographies Geographical expansion is one of the most powerful options for growth but also one of the most difficult. The bank already went global opening branches in Singapore and Vietnam. This strategy is proven fine for well reputed bank (e.g. Citibank) but it has to be cautious in business. Geographical movement may bring new customers with solid financial needs but the bank has narrow down the scope of services due to high risk. (Sanzo et al, 2003) New industry structure The bank may re-assert the liquidity franchise and continue to address the yield challenge. While economics of the business have changed, unlike other countries, pricing and credit spreads did not adjust in tandem in the Malaysia. The quality of strategic asset-liability management, liquidity and capital management differentiates. Re-asserting core businesses with efficiency, unit cost management, operating leverage, dynamic pricing as well as customer value or returns on each customer relationship. Cross-selling and customer service are key success factors. (Agrawal, 2001) New competitive arenas Using competitive arena, business may transfer their resources and knowledge to new industry using vertical integration. This may pose immense risk to bank itself. Bank may loose it all investment. Despite the risk, this will help the bank grows rapidly and spread their products throw many distribution channels. (Gronroos, 1997) Conclusion The pre- and post-crisis strategic postures are a tale of worldwide economic fall down. The postures are characterized by the scaling up of the business, refining value propositions in each business, responding to competition and price war, building new capabilities and strengthening the risk and IT infrastructure as the bank sought to incrementally improve our market share and positioning. (Hong Leong Bank, 2009) (Gustafsson, Johnson, and Roos, 2005) The era ahead is more opportunistic in nature, with a rapidly changing eco-system and higher regulatory and prudential requirements. The shadow of the state on the sector globally is more pronounced. (Auh et al, 2007) Overall, the banks competitive strategy has to pivot on a competitive delivery, consisting of quality people, knowledge base and result oriented capability, market intelligence and local community embedment, entrepreneurialism and how it organize itself to scale and build new names. As it emerges from the crisis, it needs to re-segment the customers to market changes and re-build a compelling proposition on how to scale sustainability while staying opportunistic tactically. (Auh et al, 2007) References Auh, S., Bell, S.J., McLeod, C.S., Shih, E. (2007), Co-production and customer loyalty in financial services, Journal of Retailing, Vol. 88 No.3, pp.359-70. Fombrun, C., Shanley, M. (1990), Whats in a name? Reputation building and corporate strategy, Academy of Management Journal, Vol. 33 No.2, pp.233-48. Gustafsson, A., Johnson, M., Roos, I. (2005), The effects of consumer satisfaction, relationship commitment dimensions, and triggers on consumer retention, Journal of Marketing, Vol. 69 No.4, pp.210-18. Harris, L.C., Goode, M.M.H. (2004), The four levels of loyalty and the pivotal role of trust: a study of online services dynamics, Journal of Retailing, Vol. 80 pp.139-58 Roberts, K., Varki, S., Brodie, R. (2003), Measuring the quality of relationships in consumer services: an empirical study, European Journal of Marketing, Vol. 37 No.1-2, pp.169-96. Sanzo, M.J., Santos, M.L., Và ¡zquez, R., à lvarez, L.I. (2003), The effect of market orientation on buyer-seller relationship satisfaction, Industrial Marketing Management, Vol. 32 No.4, pp.327-45. Shankar, V., Smith, A., Rangaswamy, A. (2003), Customer satisfaction and loyalty in online and offline environments, International Journal of Research in Marketing, Vol. 20 pp.153-75. Spreng, R.A., Chiou, J. (2002), A cross-cultural assessment of the satisfaction formation process, European Journal of Marketing, Vol. 36 No.7-8, pp.829-39. Yoon, E., Guffey, H.G., Kijewski, V. (1993), The effects of information and company reputation on intentions to buy a business service, Journal of Business Research, Vol. 27 pp.215-28. Porter, M E. (1985) Competitive Advantage: Creating and Sustaining Superior Performance, New York: The Free Press. Gronroos, C., (1997) Value-driven Relations Marketing: From Products to Resources and Competencies. Journal of Marketing Management, Volume 13, Number 5, p. 407-419. Agrawal, P. (2001), The relation between savings and growth: co-integration and causality evidence from Asia, Applied Economics, Vol. 33, pp. 499-513. Chen, T.Y. (1999), Critical success factors for various strategies in the banking industry, International Journal of Bank Marketing, Vol. 17 No. 2, pp. 83-91. Dannenberg, M. and Kellner, D. (1998), The bank of tomorrow with todays technology, International Journal of Bank Marketing, Vol. 16 No. 2, pp. 90-7. Filotto, U., Tanzi, P.M. and Saita, F. (1997), Consumer needs and front-office technology adoption, International Journal of Bank Marketing, Vol. 15 No. 1, pp. 13-21. Mols, N.P. (2001), Organising for the effective introduction of new distribution channels in retail banking, European Journal of Marketing, Vol. 35 No. 5/6, pp. 661-86. Fornell, C. and Wernerfelt, B. (1987), Defensive marketing strategy by customer complaint management: a theoretical analysis, Journal of Marketing Research, Vol. 24, November, pp. 337-46. Jones, M.A., Mothersbaugh, D.L. and Beatty, S.E. (2000), Switching barriers and repurchase intentions in services, Journal of Retailing, Vol. 76 No. 2, pp. 259-74. Evans, K.R. and Beltramini, R.F. (1987), A theoretical model of consumer negotiated pricing: an orientation perspective, Journal of Marketing, Vol. 51, pp. 58-73. Jarvelin, A. and Lehtinen, U. (1996), Strategic integration in industrial distribution channels: managing the interfirm relationship as a strategic asset, Journal of the Academy of Marketing Science, Vol. 27 No. 1, pp. 4-18. Hong Leong Bank (2009), last accessed on 10th Dec 2009, Available at El-Bdour, R. and Erol, C. (1989), Attitudes, behaviour and patronage factors of bank customers towards Islamic banks, International Journal of Bank Marketing, Vol. 7 No. 6, pp. 31-7. Gerrad, P. and Cunningham, J.B. (1997), Islamic banking: a study in Singapore, International Journal of Bank Marketing, Vol. 15 No. 6, pp. 204-16. Haron, S., Ahmad, N. and Planisek, S. (1994), Bank patronage factors of Muslim and non-Muslim customers, International Journal of Bank Marketing, Vol. 12 No.1, pp. 32-40. Metawa, S.A. and Almossawi, M. (1998), Banking behaviour of Islamic bank customers: perspectives and implications, International Journal of Bank Marketing, Vol. 16 No. 7, pp. 299-313. Naser, K., Jamal, A. and Al-Khatib, K. (1999), Islamic banking: a study of customer satisfaction and preferences in Jordan, International Journal of Bank Mark

Explain how each of the 4 settings has a profound effect on the charact

Explain how each of the 4 settings has a profound effect on the characters in the novel. Each of the 4 settings in the novel persuasion by Jane Austen holds a profound effect and Question: explain how each of the 4 settings has a profound effect on the characters in the novel. Each of the 4 settings in the novel persuasion by Jane Austen holds a profound effect and significance on the characters of the novel. Firstly we have kellynch hall, the inhabitants and owners of kellynch hall are the Elliot family, Sir Walter Elliot and his two daughters, Elizabeth and Anne Elliot. Kellynch in the novel is described as a rather exquisite setting, ‘Mrs Croft was impressed with the furnishings’. Lawns and flower gardens, from the owners personalities, obsessions with appearance, desire to have a high social stance and ostentatious outlook on life we can only gather that kellynch is a rather exquisite site. The setting heavily reflects on the characters of kellynch hall- Sir Walter Elliot, a man for whom "vanity was the beginning and end of [his] character." His favourite book, the reader is told, is the Baronetage, a book which holds record of the most important families in England, and which, most importantly records Sir Walter's own personal history, And Elizabeth, who is beautiful, yet vain like her father and Anne, who has a sweetness of character, but is often overlooked by her family. Kellynch appears to be more then what seems on the surface, lavish furniture and ornaments ‘impressive furnishings’ the ornaments and furnishings almost to cover up for an underlying truth. As kellynch is an old building there are sure to be a few cracks and broken aspects of kellynch hall. Similarly the truth of the ... ...th and wealth, but on one's accomplishments, manners, and interests. In Somersetshire, the Elliot family is considered the very best; here in Bath, they could be understood to be socially beneath their cousins, the Dalrymples. Anne has pride, and she is offended at the thought that such unaccomplished and uninteresting people could be ranked above her. Anne is unaccustomed to being thought beneath anyone, and in some ways, she has more pride than her father and sister. She cannot bear the thought that such a respected, landed family such as hers must live in rented rooms in a city, while their home is inhabited by others. Anne is further dismayed at the small degree to which her father and sister seem to be upset by this. Austen is expressing that a certain amount of pride can be a good thing, if it is based upon true merit and not false appearances.

Rocket and Evolution

History of Rockets Our time there has been an evolution in our history of rockets. It has been one man-kinds greatest invention for thousands of years. Rockets date back to 400 B. C in the city Tarentum from a roman writer named Aulus Gellius as he tells a story of a Greek, named Archytas. Archytas used his invention to amuse and baffle the people by flying a wooden pigeon using steam to propel the bird suspended off wires.Couple three hundred years later after the invention of Archytas flying pigeon another Greek, Hero of Alexandria invented a something similar rocket device called an aeolipile, also using steam as gas to make it rise off the ground. Hero described using the device by mounting a sphere on top of a water kettle, as the fire below the kettle, turned the water into steam, making the gas travel through the pipes to the sphere. On too two L-shaped tubes on opposite sides of the sphere which allowed the gas to escape, and that so gave trust to the sphere causing it to rot ate.It is still unclear when the first rockets appeared. There have been stories, of such rocket type inventions from time to time through records of various cultures. Could be that the first true rockets could of came from anywhere. Chinese records have indicated that in the first century A. D, reportedly used gunpowder. To create explosives for religious festivals, using bamboo tubes and adding the gunpowder to make it propel. Later on the Chinese began experimenting with the tubes and attaching them to arrows launching them and making them explode, this making the first rocket.The date reporting the first true use of rockets was in 1232. During this time there was a war between the Chinese and Mongols in the battle of kai-keng, the Chinese repelled the invasion using a bombardment of â€Å"arrows of flying fire† said kai-keng. The rocket was a tube containing gunpowder on one-half, and the other a long stick. As soon as the powder was lighted it launched using the stick as a guidance flying through the air hitting its target. All through the 13th to the 15th centuries there were many reports of rocket experiments all the way through Europe.As in England a monk named Roger Bacon worked on increasing the range of the rockets. In France, Jean Froissart found a technique to make the flight of the rocket by launching those using tubes. Froissart idea was the forerunner of the modern bazooka. Not only were rockets used for weapons of war, but for a firework display. A German fireworks maker, Johann Schmilap inventor of the â€Å"step rocket† it was a rocket designed to go to higher altitudes and showering the sky with sparks. Johann was a true pioneer in the idea of rockets of today that go into outer space.During the latter part of the 17th century, the scientific foundations for modern rocketry were laid the great English scientist sir Isaac Newton (1642-1727). Newton gave his fundamentals on understanding the physical motion of a rocket, into thr ee laws. These laws explain how rockets work and why they are able to work. Newton’s laws were used on the design of rockets. This would lead up to the evolution of rocket engines. A Dutch professor, Willem Gravesande, thought of such an idea by building model cars propelled by jets of steam.Germany and Russia began on working with a 45 kilogram rocket. During that time rockets were so powerful that the flames will make deep holes in the ground as soon as it lifts off. Coming toward the 18th century and 19th century it was more common that rockets were use as war weapons. A British colonel William Congreve, he set a design of rockets that would be the highly successful in battles. Used by British ships to pound Fort McHenry in the War of 1812, which inspired Francis Scott Key to write â€Å"the rockets' red glare,† words in his poem that later, became The Star- Spangled Banner.By 1898, a Russian school teacher, Konstantin Tsiolkovsky (1857-1935) was one of the first to propose the idea of space exploration by a rocket. In a report published in 1903, hos idea was the use of liquid propellants for rockets in order to get a greater range. Such ideas had to be carefully researched in order for a greater vision. Tsiolkovsky was the father of the modern astronautics. An American Robert H. Goddard (1882-1945) used ideas like Tsiolkovsky in a way of achieving higher altitudes, by 1919; his idea lead a method of reaching extreme altitudes.It was a mathematical analysis of what today we call the meteorological sounding rocket. Goddard continued his experiments, convincing him that a rocket could be propelled better by liquid fuel. Although it was a much more difficult task than building a common solid rocket this liquid fuel rocket consisted of fuel and oxygen tanks, turbines, and combustion chambers that would be needed. In spite of the difficulties, Goddard achieved the first successful flight with a liquid- propellant rocket on March 16, 1926.Goddardâ⠂¬â„¢s rocket was the forerunner of a whole new era in rocket flight. His experiments continued for several years becoming bigger and going higher making his achievements to be called the father of modern rocketry. A third great space pioneer, Hermann Oberth (1894-1989) published a book in 1923 about ricket travel into outer space. His Writings were important because of them; many rocket societies sprang up around the world. Such like the society the Verein fut Raumschiffart (Society for space travel), that led to development of the V-2 rocket used for WWII.Rocket like the V-2 Germans designed such a weapon for advanced missiles capable to hit the U. S. but with the fall of Germany, many unused V-2 rockets and components were captured by the Allies. Many German rocket scientists came to the United States. Others went to the Soviet Union. Both the United States and the Soviet Union realized the potential of rocketry as a military weapon and began a variety of experimental program, le ading to long-range intercontinental ballistic missiles development like the Redstone, atlas, and titan that would eventually launch astronauts into space.This became the starting point of the U. S space program. On October 4, 1957 man-kind finally achieved to launch an earth-orbiting artificial satellite launched by the Soviet Union. It was called the sputnik I, being successful for the race for space between the two superpower nations. Few months later the United States followed in launching one of its own rockets (explored I) on January 31, 1958, then United States formally organized its space program by creating the National Aeronautics and Space Administration (NASA).NASA became a civilian agency with the goal of peaceful exploration of space for the benefit of all humankind. Soon, many people and machines were being launched into space. Astronauts orbited Earth and landed on the Moon. Robot spacecraft traveled to the planets. Space was suddenly opened up to exploration and com mercial exploitation. Since the earliest days of discovery and experimentation, rockets have evolved from simple gunpowder devices into giant vehicles capable of traveling into outer space. Rockets have opened the universe to direct exploration by humankind.Hero of Alexandria kai-Keng Rockets Sir Isaac NewtonBritish rocket battles Robert H. Goddard Rocket design References http://library. thinkquest. org/J0112188/history_of_rocketry. htm http://inventors. about. com/od/rstartinventions/a/Rockets. htm http://en. m. wikipedia. org/wiki/History_of_rockets http://www. smithsonianmag. com/ideas-innovations/The-History-of-Rocket-Science-187941951. html? device=android http://www. history. com/this-day-in-history/first-liquid-fueled-rocket http://www. luna-city. com/space/rockets. html

The United States Food Stamp Program - 1708 Words

With $30 you can buy the following: 2 pies of Frozen Freschetta 12† Pizza, 1 box of Kellogg’s cereal of your choice, 3 boxes of Barilla Pasta, 2 jars of Barilla Pasta Sauce, 1 pound of turkey breast cold cuts, 1 package of salad blend, 1 and a  ½ crown of broccoli, 5 tomatoes on the vine and 8 slices of store-made angel food cake (â€Å"ShopRite of Poughkeepsie Weekly Ad Week of April 20 through April 26†). Can you survive on that for a week? The average single able bodied, unemployed Supplemental Nutrition Assistance Program (SNAP) recipient in New York receives around $30 a week to purchase food (â€Å"Supplemental Nutrition Assistance Program†). The food stamp program was made national by the Food Stamp Act of 1964 by President Lyndon. B. Johnson (â€Å"Food Stamps in the U.S†). Today, over 47.6 million Americans rely on the government to buy groceries (â€Å"Supplemental Nutrition Assistance Program†). The food stamp program is a staple part of our society. However, there was a time when the program was so unpopular that it shut down for almost two decades. In the recent years, food stamp benefits have been on a trend of expanding not only the amount of recipients, but also the amount each recipient receives in benefits. Why has the food stamp program become so popular and supported over the years? And what is the fate of SNAP? The analysis of trends of the policy changes and public moods shows that the size of the food stamp program has changed with the shift in America’s attitude towardsShow MoreRelatedThe s Policy Analysis Model1328 Words   |  6 Pagesincludes among its goals to increase food security and reduce hunger by increasing access to food, a healthful diet, and nutrition education for low-income Americans. (Caswell, 2003) Now that the program has been around for many years we need to ask ourselves how effective it is. Does it really help the people it is targeted to help? Is the mission of the policy being carried out? This case study will go in depth and look at the Supplemental Nutritional Assistance Program (SNAP) to analyze its effectivenessRead MoreFood Stamps to SNAP Essay1030 Words   |  5 PagesFood Stamp is a government-funded program in the United States. This is a program that helps people buy food for their families; in other words, it is a very important program to families living in poverty. It is the nation’s most important program in the fight against hunger. This program was developed in the 1960’s; it is made to improve the nutrition level and food purchasing power of people with low-income. This program is offered to people who cannot afford to buy groceries for their familiesRead MoreSupplemental Nutrition Assistance Program ( Snap )1668 Words   |  7 PagesIn spite of the United States being among the most developed economies in the world, poverty and hunger continue to be a major challenge affecting part of the population (Plume r, 2013). According to American Diabetic Association, millions of people live without enough quantity of food consumption while others survive on food with poor nutritional levels (Drago Goody, 2010). Almost 50 percent of overall food stamp recipients are children, and over 80 percent of the overall benefits are allocatedRead MoreSupplemental Nutrition Assistance Program Essay1276 Words   |  6 PagesSupplemental Nutrition Assistance Program (SNAP). Through this program, 47 million Americans are given federal financial aid to purchase fresh groceries (Plumer). One of the highly debated provisions of the SNAP program is what participants should be allowed to use their food stamps for. As of right now, food stamps can only be used to purchase food that can be cooked or eaten at home, preventing families from spending the federal aid at restaurants (USDA). Recently, the fast food corporation YUM!, which ownsRead MoreFood Stamps For The United States1273 Words   |  6 Pagesgrocery store with only $29.00 worth of food stamps for the month. In the year 2015, more than 46 million people face poverty in the United States (Whitley 36). Prices of groceries rise almost every day in this country. A family of five has to feed a household on $29.00 a month, but a package of hamburger costs eight dollars. Yet, Republicans propose new cuts, by February of this year, to the Food Stamp Program that will reduce or terminate food stamps for 11 million people in America (Andrade-Rhoades)Read MoreHas your Welfare Benefits Been Shut Down?784 Words   |  3 PagesHas your welfare benefits been shut down? Food stamps are a stimulus to people who are unemployed and homeless. It’s also a way for people who are working part time making low wages to receive additional assistance from the government. Hardships like this affect our communities with low income or no income. The city of Atlanta, for instance, is rapidly growing. The United States Census Bureau says, â€Å"19.2% of Georgians are in poverty today.† Increased from last year, although there are many factorsRead MoreFood Stamps706 Words   |  3 PagesWriting to Inform - Food Stamps The government has many funds going across the United States to help support the residents of its country. Food stamps, also known as SNAP (Supplemental Nutritional Assistance Program) or TANF (Temporary Assistance for Needy Families) is a resource that provides people with a way to buy food if they don’t have the money to do so. This aid is given in different forms such as a LINK card, cash and/or paper that resembles money but can be redeemed for food.Most peopleRead MoreFood Stamps, And There Importance Within Society. Food1047 Words   |  5 Pages Food stamps, and there importance within society Food stamps or other words known as Supplemental Nutrition Assistance Program, or SNAP play a critical part in today’s society. More than 46 million American’s rely on food stamps to get through their everyday life. This program kept 4.9 million people out of poverty in 2012 not to mention the over 2 million kids. Food stamps are a voucher from the government for those on low income, exchangeable for food. Many families that haveRead MoreThe New Welfare Program ( Tanf )1632 Words   |  7 Pageschildren in the United States, so in 1935 the program as we know today welfare was created. What exactly is welfare? Welfare is a program that helps families with low incomes receive assistance for a temporary time. One of the programs is TANF which is Temporary Aid to help Needy Families is the largest federal cash federal program in the nation. This new program replaced the original program that was created in 1935 called (AFDC). Why was there this change? The new welfar e program (TANF) has stricterRead MoreFood Stamps: An Important Government Transfer Program Essay1382 Words   |  6 PagesFood Stamps: An Important Government Transfer Program Food Stamps are an important subsidy for poor families in the United States. The program began (in its most basic form) in the 1930s in response to the Great Depression and has seen many transformations since. Its original goal was to redistribute agricultural surpluses to needy individuals. It gained popularity in the early 1940s and in 1961, Congress launched a pilot program. The program became permanent under President Johnsons Food Stamp