Financial analysis report Essay Example | Topics and Well Written Essays - 1500 words

Financial analysis report - Essay Example Some of the strategic business sales include sale of two European security hardware business namely Corbin and NEMEF during January 2004 and sale of DOM security hardware in November 2005. The analysis of the performance of Black & Decker Corporation is split into two parts. Part One deals with the company's situation for 10 years post acquisition of Emhart Corporation for $2.8 billion in 1989. Part two would deal with the performance of the company during more recent times, including the year 2005 and first quarter of 2006. The financial performance of Black & Decker post its acquisition of Emhart Corporation had been standard. A simple glance at the ten year consolidated financials would tell us that sales has grown only by an average of 42% ($1348 Million) during 1989 to 1999. A deeper analysis throws light on the fact that sales numbers have grown only from 1989 to 1994. Post 1994, though sales during 1996-1997 shot up to $4900 million mark, the rest of the period have only had a stable number revolving around the $4,500 Million mark. A quick glimpse at the 10year financials shocks the reader that the Operating Income has grown over 100% during 1989 - 1999 period. But analysis reveals that the average growth in Operating income over the 10 years has been very meager with negative growth being recorded in 3 out of the 10 years. Actual average stands at 9.4% growth as an average of 10 years. In the year 1998, the company recorded an earning (loss) from continuing operations at ($754.6) Million, but qu ickly took hold of the situation and revised its earnings from continuing operations to a profit of $300.3 Million the next year. A striking feature of the company is its large reduction in number of employees from 1989 to 1999. The company's employee strength stood at 38,600 during 1989, while it reported its employee strength at 22,106 during 1999. Ironic to a growing company, this gross reduction of 74.6% in 10 years is surprising. I believe the shareholder of the company would have been quite disappointed seeing the NIL or minimal growth in the dividends declared. The dividends declared stayed constantly at $0.40 per share from 1989 to 1995 and increase by a meager $0.08 to $0.48 from 1996 until 1999. Analysis of the ratios of the company for the period 1989 - 1999 reveals the following. The average of operating income ratio over the 10year period stood at 6.79% (CAGR 74%) with the highest recording at 11.86%(1999). Though this seems quite low, the company has posed a net profit record for the majority of the ten years. The net profit average stood at 0.48% (CAGR 5.30%). This had a positive impact of the stock prices, which is also evidenced by the growing prices of the company stocks during the period from $10 range (1989) to $60+ range during 1999. The average return on the total assets for the 10year period stood as low as average of 0.03%. This shows the in-effectiveness with which the company has deployed the capital though not a conclusive evidence. The average earnings per share (EPS) over the 10year period stood at 0.22 per share, which seems good for the average dividend of 0.40 to 0.48 per

Critical Literature review Example | Topics and Well Written Essays - 1500 words

Critical - Literature review Example Shareholders in a certain corporation take keen interest in the manner which the corporation carries out it business activities. In most cases, the shareholders focus on what the corporation has done, either positive or negative relative to its impact on the society (Subhabrata, 2007). Additionally, the shareholders show interest on how the corporation develops and takes care of its work force. Thus corporate social responsibility can be simply defined as the capacity of a company to build protractible livelihoods. The company upholds the cultural differences of the locals and finds opportunities in developing skills of employs, the public and the government thus gives back to the society. In fact, this model is much more convincing mainly because: a) Social responsibility forms an integral part of the society’s wealth creation process, which enhances competitiveness of a business hence maximization of wealth creation in society. b) In tough economic times, there are incentive s to implement corporate social responsibility and better as compared to other corporate social responsibility models. However, corporate social responsibility has had a philanthropic definition in the United States. In the philanthropic model, companies earn profits, unhindered with an exception of fulfilling their taxation responsibility. Then the companies give a certain amount of funds, which is a percentage of their profits as a donation to support charitable activities. Nevertheless, corporate social responsibility has been defined in different model referred to as the European model that is more oriented in how business is executed in a socially answerable way, harmonized by the investment in the local communities for justifiable business reasons. It is noteworthy that different corporations implement corporate social responsibility differently due to their varied nature of business. Depending on a business priorities and core values, a corporate social responsibility is mani fested in form of incentives and the business processes. Existing literature on corporate social responsibility has associated this practice to ethical ad moral conduct of business. Thus corporate social responsibility is perceived as an obligation not only to the law but also long term aims for the good of the community, which the business serves. In this sense, corporate social responsibility involves carrying out business in an ethically acceptable way in the interest of the society at large (Thomas, 2007). Thus a corporation is expected to: Respond in appositive in regards t o emerging societal priorities and prospects Willing take measures ahead of regulatory conflict Balance the interest of the shareholders against the interests of the society The main facets of corporate social responsibility: Economic responsibility to generate profit for the corporate owners Legal responsibility to strictly comply with all regulatory requirements Ethical responsibility not only to generate profit, but also act in just and a fair in business processes Voluntary and philanthropic responsibility to uphold human welfare and helpfulness In this paper, my chief focus on how the new policy published the European commission for the 2011-2014 action agenda has impacted business reorganization by the corporations so as to implement corporate social responsibility. The new policy was introduced to enhance a better alignment of European enterprises to better corporate social

Teenage Purchasing Decisions for Cosmetics

Teenage Purchasing Decisions for Cosmetics Chapter 1: Introduction This introductory chapter is divided into five subsections. Firstly, a brief background of the research will be presented. Thereafter, the problem discussion will be provided, which in turn will lead to the purpose and objectives of the research. Finally, the delimitations and summary of the dissertation will be set. 1.1 Research Background According to Kotler (2008), consumer behavior is the study of how people buy, what they buy, when they buy and why they buy. It is a subcategory of marketing that blends elements from psychology, sociology, socio psychology, anthropology and economics. It attempts to understand the buyer decision-making process, both individually and in groups. It studies characteristics of individual consumers such as demographics, psychographics, and behavioral variables in an attempt to understand people needs. He also stated that it also tries to assess influences on the consumer from group such as family friends, reference groups, and society in general for example while consumers purchase the shoe, then they go for family decision, comfort, satisfaction, price and quality (Kotler, 2008). According to Baker (2002), consumers are not aware of the products and usage but constantly they are choosing among the various products. They are intentionally procuring the various new brands without any knowledge about the new products. Additionally if new company enters into the market, for every consumer it is very complicated to understand the features of the news products and this makes confusion among the consumers to obtain the information. For example: If one local company enters into the market then to increase the knowledge about the features of the new product, it will take long time for the consumers to recognise. Baker (2004) stated that the consumer will respond according to the product quality and reliability, the fundamental understanding of products is necessary to understand the product features, products reliability and product benefits. The consumer is the end user for the product; consumers buy the products in market; in order to execute flourishing sales operations in the market an efficient distribution channel and networks are required for the organisations. He also stated that advertisement, distribution channels and networks play an important role in the consumer goods industry. Manufacturing companies, retailer and suppliers do not have an idea about the consumer behaviour in the local market. Thomas (2004) suggested that direct marketing activities should be left to the local market leaders, because the local market leaders have best idea of local market and local consumer behaviour. In the current literature, there are two major approaches to studying consumer decision-making involving screening and choice. One approach is to extend the single-stage choice models by adding an explicit choice set from which the final choice is made (Swait Adamowicz, 2001). Another approach studies the process of screening prior to choice (Teder, 2000). Understanding consumer decision-making is important. From a practical perspective, marketing managers are increasingly concerned that their products/brands may not be considered or chosen over those of their competitors. From a research perspective, a more representative model of the staged decision process may significantly improve our ability to predict consumer choices (Roberts Lattin, 1991). Recently, the growth of cosmetic industry in the global beauty market represents a slight slowdown due to a weakened economic state in the most developed markets and declining penetration of emerging markets. However, among the gloomy picture of the worlds cosmetic industry, the Asian market emerges as the brightest star as according to the Euromonitors report (2009), the Asia Pacific markets value is up to more than US$70 billion which is the second highest after the Western European market. Among the European markets, UK is the fastest growing market with the compound growth rate of fourteen percent over the period of 2000 to 2005. The economic growth of more than seven percent a year since 1990 could be the reason why the UKs cosmetic market has attracted a lot of the worlds cosmetic leaders like Unilever, LOreal, Johnson Johnson and PG. These cosmetic companies activities in UK help creating an exciting and competitive cosmetic market (Euromonitor, 2009). Consumers unique shopping patterns are developed and affected by socialization agents, which include family, peers, and the media. According to Lachance et. al (2003), these socialisation agents may often impact whether or not the adolescents will buy certain products or brands.. However Miller et.al (2003) claims that celebrity endorsements do not influence consumers purchasing behaviour. In contrast Boyd and Shank (2004) maintain that consumers, particularly teenagers, are likely to select products or brands that are endorsed by celebrities. Moreover, peers are likely to exert normative and informative influence. Lachance et. al, 2003 identified that they may influence the teenagers brand and product choices. Additionally, an individual is likely to conform to a group if he or she shares beliefs and norms with the group (Arnould et.al, 2004). Also, a group is likely to effectively exert influence on an individual if the individual is highly committed to the group (Hawkins et al, 2004). 1.2 Reason Behind Choose the Topic The main reason behind chosen this topic is previous studies have not precisely conducted a focused investigation into the influence of peers and celebrities on fifteen to eighteen year-old females purchasing behaviour in cosmetic products. Most researches on peer influence were conducted on general consumers with general products (Elliott and Leonard, 2004). Moreover, As for researcher, she always felt that â€Å"Consumer Buying Behaviour† is one of the most interesting subjects for her and as a female she thought to do a dissertation on the influence of celebrities endorsement on female teenagers would suitable for her to work on. Researcher did previous semester in LSC and she took a course on Research and Methodology (RM) which helped her to know the format of the research paper. Moreover her supervisor Dr.Fahads motivation and encouragement had helped researcher to select this topic. Researcher have studied out many articles of Consumer Buying Behaviour and annual reports of different cosmetic company and tried to sort out a topic, which is going to be suitable for her dissertation according to supervisors suggestion. This dissertation will help cosmetics firms and retail stores develop a precise marketing strategy to appeal to teenage consumers and to understand their purchasing behaviour. 1.3 Research Problem According to the website of BHB (2009), beauty and cosmetics are not innovations of the 20th century. It is known from reports of old Egypt and the Roman Empire that people have ever since attached importance to a cultivated appearance. Numerous up to date studies prove that today more than 60 per cent of women really care much about beauty, cosmetics, skin and body care. Even men show an increasing interest and demand in products such as skin care cosmetics, creams or anti aging lotions. To place and keep a cosmetic product successfully in the market, it is vital for companies active in manufacturing and selling cosmetics to have extensive scientific pharmaceutical and market research done. It is crucial for manufacturers of natural cosmetics or make up to know about consumer behaviour, trends and demands in the sector. Consumers might decide for a product because of its characteristics, its care factor, its sensitivity or its branding and attractive packaging. Cosmetics companies use the desires, senses and images consumers have or want to experience. More and more often, companies let celebrities and super models act as testimonials for fragrances, organic cosmetics or anti aging make up cosmetics. Colourful and exciting advertisements on TV, the internet or in print media tremendously influence consumer purchasing behaviour and desires. Packaging and the design of, for example, perfume bottles, let a cosmetics product appear even more desirable and trendy. This di ssertation will focus on beauty products in order to help cosmetics industry and retail stores develop a precise marketing strategy to appeal to female teenagers and to understand their purchasing behaviour. Previous studies have not precisely conducted a focused investigation into the influence of peers and endorsers on fifteen to eighteen year-old males purchasing behaviour in cosmetic products. Most researches on peer influence were conducted on general consumers with general products (Cited in Escalas and Bettman, 2003). However, some research has investigated this influence among children (Piacentini and Mailer, 2004). According to Klein (2001), teenagers are mostly influenced by friends and may not necessarily be influenced by celebrities. Additionally, no research has been conducted on symbolic consumption in relation to beauty products among the above-mentioned age groups. The researches were conducted on general consumers with general products (Piacentini and Mailer, 2004). 1.4 Research Aim and Objectives The purpose of this study is to investigate internal and external influences on teenagers purchasing decisions on cosmetic products in London. This research also investigates that how celebrities influence the brand choice of teenagers buying behaviour towards cosmetics in London market. The key objectives of this study are outlined as follows: To investigate how consumer buying behaviour factors influence female teenagers when purchasing cosmetic products. To explore the role of peers and celebrities and their influence on female teenagers purchasing decisions of cosmetic product. To analyse how celebrities influence the brand choice of youth females buying behaviour towards cosmetic products in London market. To give recommendation and conclusion. 1.5 Research Limitations The delimitations of a research study indicate its parameters; that is what the study will include and not include (Creswell, 2003). The scope of the study was limited to female consumers aged fifteen to eighteen living in the UK, specifically London city. This was due to time and budget constraints. In addition, the study only examines beauty products as opposed to general products. Further, the focus of the research was on symbolic consumption, peer groups and aspiration groups including beauty products endorsements rather than all internal and external influences. 1.6 Structure of the Dissertation Chapter 1: In this chapter mainly it talks about introduction of this dissertation, which also includes brief introduction of the topic, research background, rationale behind choose the topic, problem statement, aim and objectives and limitations of this research. Chapter 2: The second chapter is the literature review of this dissertation concerned about, the works of various authors and scholars who have highlighted and discussed about the theories of consumer behaviour and celebrities endorsement from different dimension. Chapter 3: This chapter will analyse the overall market overview of cosmetics products in UK Chapter 4: This third chapter will discuss the research method used in this research paper. Research method allows the researcher to plan and design the whole research in a proper way and shows the right direction to achieve an outcome. So the chapter explains the reasons behind the use of selected research method and the advantages by using the specified research approach. Chapter 5: This chapter discusses and analyses the market information and survey for the sake of the research. It also shows the data those have been gathered through interviews of customers, sales representative, and analyse the data to provide a fruitful meaning of the research finding. Chapter 6: This chapter has been discussed the research recommendations, limitations, further research on this topic and also describe how managers can get benefit or managerial implications of this paper. Chapter 2: Literature Review This chapter is the theoretical foundations that underpin this research study. In this chapter the theoretical framework relevant to dissertation purpose and questions will be presented. The chapter starts with a presentation of the brief discussion on consumer buying behavior, followed by purchase decision process and teenagers learning process and thereafter theories regarding factors influencing the purchase decision will be discussed. The following chapter presents the theoretical foundation of this research. The framework of the literature review is outlined. 2.1 Consumer behavior Consumer behavior is the study of consumers as they exchange something of value for a product or service that satisfies their needs (Well Prensky, 2003, p.5). The study of consumer behavior focuses on how individuals make decisions to spend their available resources (time, money, effort) on consumption related items (Schiffman Kanuk, 2004, p.5). In short, the company should study and create the marketing campaign for their target group. But in the product life cycle, due to the consumer behavior the image, target audience or function of this product can be in change. This group of consumers have a diversity of needs, such as a need for belonging, independence, approval, and responsibility, as well as having the need for experimentation (Solomon et al. 2004). Teenagers are increasingly given the task of buying products for the family. They not only have more spare time but also enjoy shopping more than their parents do. For this reason, marketers are targeting their ads mainly at te enagers. To gain teenagers attention more effectively, advertising campaigns must be honest, have clear messages, and used with humour. Moreover, teenagers tend to be inconsistent and are likely to switch brand preference quicker than any other age group, as they have a high need to be accepted by their friends (Blackwell et al. 2001). Finally, teenagers are â€Å"easier targets, because they have grown up in a culture of pure consumerism. Because of this, they are way more tuned into media because there is so much more media to be tuned into† (Bush et al. 2004, p. 109). Teenagers enjoy advertisements; a McCann survey shows that 75% of a sample of mixed 15-25 year olds felt that advertising was entertaining and 68% said that they found it a useful source of ideas about what to buy (Piper, 1998). When youths needs and desires are understood, marketers can show young consumers how products improve their lives. Harris Interactive, a Rochester, New York-based market research firm, estimates that teens spend on average $94.7 billion yearly ($3,309 per capita), while young adults between ages 20 and 21 spend $61.3 billion yearly ($7,389 per capita) (Schadelbauer, 2006). He also stated that interestingly, 69% of the U.S. youth respondents of one survey said that their parents pay their bills and they have little or no idea of who provides their telecommunications services or how much they cost. In the databases mentioned above, there are studies about ethical aspects of marketing to youth, whether regarding clothing, soft-drinks, cosmetics, technology, movi es, records, food, and tapes exchange. Some companies use â€Å"cool† appeal in their advertisements. The young people distinguish themselves among social classes to the detriment of their â€Å"natural† behavior by purchasing â€Å"cool† products. Misleading advertisements change the behavior of young people and can affect them when they grow up. In the 1980s, Nike and Calvin Klein brands began to focus on brand capital rather than on products themselves. Now, the brand names become the objective of the purchase in itself (Bergadaa, 2007). In particular, cigarette and alcohol producers are criticized by those who say that they are marketing to immature consumers (Schadelbauer, 2006). According to the Keynote UK marketing report (2008), respondents were asked if they had used any so-called ‘celebrity fragrances, as industry comment has been made on the popularity of such brands. Those who used fragrances endorsed by celebrities, who tended to be in the you ngest age group, were most likely to have chosen Britney Spearss fragrance; others of popularity included the Beckhambranded fragrances, and the Jennifer Lopez and Kylie Minogue fragrances The report also stated that the retail chain The Perfume Shop names Stunning by Katie Price (the glamour model formerly known as Jordan) as its most popular female fragrance of 2007, with Shh by Jade Goody in second position and Coleen by Coleen McLoughlin (the celebrity girlfriend of Manchester United football superstar Wayne Rooney) in fourth place. The Fragrance Shop, meanwhile, lists Coleen, Curious (Britney Spears) and Kate (Kate Moss) among its ten bestselling womens brands in 2007. 2.2 Consumer Decision making theories Acoording to Shao (2006), the decision literature can be classified into three broad categories: 1) normative 2) behavioural, and 3) naturalistic. In this section the differences between the three different approaches to studying consumer decision behaviour is identified. 2.2.1 Normative decision theory Normative Decision Theory originated in the economic discipline. According to Shao (2006), earliest researchers viewed decision-making as gambles and decision makers as â€Å"economic† men striving to maximise payoffs. The word ‘normative describes how decision makers should behave in order to obtain maximum payoffs. Examples of Normative Decision Theory include Expected Utility Theory adapted by Neumann Morgenstern (1947) and Subjective Expected Utility Theory adapted by Savage (1954) (Cited in Shao, 2006). An important addition of the Expected Utility Theory is the Subjective Expected Utility Theory proposed by Savage (1954). The main difference between the two is that the former uses objective probabilities, while the final uses subjective probabilities. By substituting subjective probabilities for objective probabilities, Subjective Expected Utility Theory proposes that the decision maker may be uncertain about whether the various outcomes (payoffs) will actually occur if the option is chosen (Beach, 1997). On the other hand according to Schoemaker (1982), Normative Decision Theory is actually a family of theories and at their core is a rational decision maker. The implied decision process is a single-stage process of consistent calculations of the options utilities. He also stated that consumer decision-making is a complex process. However, the normative assumptions are imposing an order on the complexity of decision-making (Beach, 1997). Over time, there has been growing discontent with the normative approach to studying consumer decision-making because the observed decision behaviour often violate the underlying assumptions of Normative Decision Theory. 2.2.2 Behavioural decision theory Behavioural Decision Theory emerged when decision researchers observed that decision makers seldom make explicit tradeoffs, let alone explicit use of probability and their preferences are constructed, not invariant (Bettman et al., 1998). The rational decision maker depicted by Normative Decision Theory was challenged by Simon (1955) who argued that decision makers have only bounded rationality and is seeking to satisfy. He also argued that Normative Decision Theory put â€Å"severe demands upon the choosing organism and those consumers do not necessarily search for all available alternatives, but choose the first feasible alternative that exceeds a given amount of payoffs. However he also proposed classic Satisfying strategy that was employed on decision makers in complex choice situations† (Cited in Shao, 2006) 2.2.3 Naturalistic decision theory Naturalistic Decision Theory originated from the discipline of organisational behaviour. According to Shao (2006), many researchers have developed various naturalistic decision models based on their observations of how decisions are made by individuals in natural environments. For example, a decision maker such as a fire ground commander will first recognize the fire situation, generate a few potential plans of actions, use cognitive imagination to assess the appropriateness of each plan to controlling the fire, and then act on the plan that he believes is the most appropriate (Cited in Orasanu Connolly, 2009). 2.3 The Buying Decision Process The consumer decision making process consists of mainly five steps according to most researchers within the field (Peter and Olson 2005, p.169). They also stated that the steps included in the model are; need or problem recognition, information search, evaluation of alternatives, purchase and the post-purchase process. However, not all purchased require every step. Consumer can skip the evaluation of alternatives when considering low involvement products (Peter Olson 2005, p.168). According to Hawkins et al. (2001, pp.26-27) there are more aspects than only decision making process that affect consumer behavior which are external and internal influences. 2.3.1 Problem recognition The consumer decision making process generally begins when the consumer identifies a consumption problem that needs to be solved (Hoyer MacInnis, 2007, p. 195). Problem recognition is the perceived difference between an ideal and actual state. Ideal state is the way consumers would like a situation to be or the way they want to feel or be at the present time. An actual state is the way individuals perceive their feelings and situation to be at the present time (Hawkins et al., 2001, p.508). It can be said that consumer encounter the dissatisfaction or inconvenience situation and they would like to move to other preferable ones, problem is therefore recognized (Hawkins et al., 2001, p.508). 2.3.2 Information search Once the problem is recognized, relevant information from the past experience or long term memory is used to determine if a satisfactory solution is known, this is called internal search (Hawkins et al., 2001, p.528) and if the solution cannot be found in internal search then the external information relevant to the problem will be sought. Normally after problem recognition has been stimulated, the consumer will usually begin the decision process to solve the problem, typically from internal search because each consumer has store in memory a variety of information, feelings and past experiences that can be recalled when making a decision (Hoyer MacInnis, 2007, p.195). However, the stored memory can be decayed overtime, then they will be uncertain about their recalled information they will be engaged in external search, acquiring information from outside sources. According to Hoyer and MacInnis (2007, p.205), consumers can acquire information from five major categories of external so urces such as from retailers, media, other people and independent sources, and by experiencing the product. After searching for appropriate evaluation criteria, the consumers would probable seek appropriate alternatives-in this case brands, or possibly stores. They also identified that brands are affected in internal search and external search. In the internal search, consumers recall the sets of brands from their memory wherever the problem recognition occurred. Normally two to eight brands are tended to recall at a time and if they cannot recall brands from memory, the set of external factors such as availability on the shelf or suggestion from salesperson will then affected consumers purchasing. Additionally, well-known brands are more easily recalled during internal search than unfamiliar brands because the memory links associated with these brands tend to be stronger (Hoyer MacInnis, 2007, pp. 203-204). 2.3.3 Evaluation of alternatives The next step in the process is an evaluation of the alternatives which consumer compares the available options and information that has been gather through the searching process (McCall et. al., 2002) and seem most likely to solve the problem. There are two methods that consumers use when evaluating alternatives, which are attribute-based choice, this choice requires the knowledge of the consumers to compare the attribute of each available alternative and tends to exploit more effort and time, thus to be rational in the evaluation. And the other method applied is attitude-based choice, this method occur when consumers use their emotion, such as attitude and impression, in their evaluation (Hawkins et al., 2001, pp.560-562). 2.3.4 Purchase decision Consumers evaluate the stores image such as merchandise, service, physical facilities, convenience, promotion, store atmosphere, institution and post-transaction factors and make a selection to purchase at that specific outlet. On the other aspect, amount of the purchase, it is common that the consumers enter to one outlet with an intention to buy a particular brand but leave the store with a different brand or additional items. This shows the influences operating in the store effect consumers purchasing decision (Hawkins et al., 2001, pp.609-618). 2.3.5 Post purchase behavior After purchase, the customers evaluate their level of satisfaction or dissatisfaction with the product. Buyer satisfaction is determined by how close the products performance came to meet the buyers product expectations (Hoyer MacInnis, 2007). They also stated that consumers can experience dissonance (anxiety over whether the correct decision was made) or regret after a purchase (pp.272-273). One way of reducing dissonance is to search for additional information from sources such as experts and magazines. With searching for information to support and make the chosen alternative more attractive and the reject ones less attractive, thereby reducing dissonance (Hoyer MacInnis, 2007, p.272). Additionally, information that supports the consumers choice acts to bolster confidence in the correctness of the purchase decision (Hawkins et al., 2001, p.628). 2.4 Consumer Learning Process Learning is a progression by which consumers systematize their knowledge and it evolved over time. Consumers attitude and their future purchasing activities can be influenced by the learning process constantly. For gathering information from the stimuli in their environment consumers use their perceptual processes. According to Ganassali et.al (2009), consumer behaviour is approached by researchers adopting a variety of interpretative models and with a wide array of multidisciplinary frames, from economy to sociology, psychology and anthropology. According to East (1997), a shared perspective the different approaches to the understanding of consumer purchase decisions can be grouped. 2.4.1 Cognitive approach According to Ganassali et.al, (2009), this one is deeply rooted in the economic science and assumes a sensible behaviour of the decision maker, based on the price of the goods and on its attitude to respond to functional needs. The critical variable under this approach is the availability of sufficient information about purchase alternatives (price, product functionalities) to support the decisional process. So, from this approach, a main block of determinants concerning product characteristics drives the buying process. 2.4.2 External conditioning approach According to Foxall, 1990 cited in Ganassali et.al, (2009), this approach, the purchase decision is a response to external stimuli .The significant variable under this approach is which kind of external stimuli can influence purchase decision. From this second approach, a group of external determinants can influence the buying process, for example parents opinions or ads exposure. 2.4.3 Experience social interaction approach According to this approach, the present consumer decision aims at the construction of personal identity (Ganassali et.al, 2009). Following this idea, two main streams have been developed. One focuses on individual consumption decisions based on â€Å"emotional† explanation of consumer behaviour (Holbrook and Hirschman, 1982). Ganassali et.al, (2009) also stated that the other stream concentrates on consumption as a means of social interaction, building on the pioneer sociological contribution of Veblen (1899 cited in Ganassali et.al, 2009). From both streams, the idea is that each prospective consumer has an individual internal value schema (based on internal emotions and external social interaction) that manipulates what he/she buys. 2.5 Teenage Learning Process for Shopping According to Solomon et al. (2004), teenagers are group of consumers that has a variety of needs. Such as, need for belonging, independence, approval, and responsibility, as well as having the need for experimentation. He also states that teenagers are increasingly given the task of buying products for the family. Since they not only have more spare time but also enjoy shopping more than their parents do. Therefore, marketers are targeting their ads primarily at teenagers. In order to gain teenagers attention more effectively, advertising campaigns must be honest, have clear messages, and humorous. Moreover, teenagers tend to be fickle and are likely to switch brand preference quicker than any other age group, as they have a high need to be received by their friends (Blackwell et al. 2001). According to Moschis and Moore (2001), as people grow up from childhood to adulthood, they obtain the skills, knowledge and attitude relevant to form purchase behaviour. The conceptual model of consumer socialisation presented in figure 2.5 demonstrates this. It claims that an individual learns from a socialisation agent through interaction and that changes his or her cognitive organisation with age. The socialisation agent (Churchill and Moschis, 1979), can be a family member, peers, teachers, the media, and media personalities like athletes, movies stars, and rock stars (Mowen and Minor, 1998). They can exert strong influences on the individual due to frequent interactions, superiority or control over rewards and punishments. The individual is influenced by the agent during the process of learning. However, this depends on the individuals cognitive development or life stage and structural variables, like status, sex, age, social class and religious background. Additionally, the ind ividual will develop cognitions and behaviour, learning properties, which will form his or her consumer behaviour (Moschis and Moore, 2001). In Moschis and Moore study on teenagers decision-making (2001), it was found that for low involvement products young people depend largely on the mass media for information. The results of the study imply that socialisation agents may affect the consumers decision-making cognitions. The study also found that low-involvement products are bought with peers rather than parents (Moschis and Moore, 2001). Furthermore, teenagers are more likely to stand on their evaluation on the brand name and the sale price in their buying decisions. Males are more motivated by social consumption and characterised by materialistic attitudes than females. This may be because status, power and respect are important among the peers (Churchill and Moschis, 1979). 2.6 Influencing Factors of Purchase Decision 2.6.1 Advertisement Advertising informs consumers about the existence and benefits of products and services, and tries to persuade consumers to buy them (MacKenzie, 2004). Moreover, Kotler et al. (2005), claim that advertising aims at attaining target consumers to either think or respond to the product or brand. As a method of achieving advertisement goals, advertisements as well as their contents play an essential role in the process of commercial Teenage Purchasing Decisions for Cosmetics Teenage Purchasing Decisions for Cosmetics Chapter 1: Introduction This introductory chapter is divided into five subsections. Firstly, a brief background of the research will be presented. Thereafter, the problem discussion will be provided, which in turn will lead to the purpose and objectives of the research. Finally, the delimitations and summary of the dissertation will be set. 1.1 Research Background According to Kotler (2008), consumer behavior is the study of how people buy, what they buy, when they buy and why they buy. It is a subcategory of marketing that blends elements from psychology, sociology, socio psychology, anthropology and economics. It attempts to understand the buyer decision-making process, both individually and in groups. It studies characteristics of individual consumers such as demographics, psychographics, and behavioral variables in an attempt to understand people needs. He also stated that it also tries to assess influences on the consumer from group such as family friends, reference groups, and society in general for example while consumers purchase the shoe, then they go for family decision, comfort, satisfaction, price and quality (Kotler, 2008). According to Baker (2002), consumers are not aware of the products and usage but constantly they are choosing among the various products. They are intentionally procuring the various new brands without any knowledge about the new products. Additionally if new company enters into the market, for every consumer it is very complicated to understand the features of the news products and this makes confusion among the consumers to obtain the information. For example: If one local company enters into the market then to increase the knowledge about the features of the new product, it will take long time for the consumers to recognise. Baker (2004) stated that the consumer will respond according to the product quality and reliability, the fundamental understanding of products is necessary to understand the product features, products reliability and product benefits. The consumer is the end user for the product; consumers buy the products in market; in order to execute flourishing sales operations in the market an efficient distribution channel and networks are required for the organisations. He also stated that advertisement, distribution channels and networks play an important role in the consumer goods industry. Manufacturing companies, retailer and suppliers do not have an idea about the consumer behaviour in the local market. Thomas (2004) suggested that direct marketing activities should be left to the local market leaders, because the local market leaders have best idea of local market and local consumer behaviour. In the current literature, there are two major approaches to studying consumer decision-making involving screening and choice. One approach is to extend the single-stage choice models by adding an explicit choice set from which the final choice is made (Swait Adamowicz, 2001). Another approach studies the process of screening prior to choice (Teder, 2000). Understanding consumer decision-making is important. From a practical perspective, marketing managers are increasingly concerned that their products/brands may not be considered or chosen over those of their competitors. From a research perspective, a more representative model of the staged decision process may significantly improve our ability to predict consumer choices (Roberts Lattin, 1991). Recently, the growth of cosmetic industry in the global beauty market represents a slight slowdown due to a weakened economic state in the most developed markets and declining penetration of emerging markets. However, among the gloomy picture of the worlds cosmetic industry, the Asian market emerges as the brightest star as according to the Euromonitors report (2009), the Asia Pacific markets value is up to more than US$70 billion which is the second highest after the Western European market. Among the European markets, UK is the fastest growing market with the compound growth rate of fourteen percent over the period of 2000 to 2005. The economic growth of more than seven percent a year since 1990 could be the reason why the UKs cosmetic market has attracted a lot of the worlds cosmetic leaders like Unilever, LOreal, Johnson Johnson and PG. These cosmetic companies activities in UK help creating an exciting and competitive cosmetic market (Euromonitor, 2009). Consumers unique shopping patterns are developed and affected by socialization agents, which include family, peers, and the media. According to Lachance et. al (2003), these socialisation agents may often impact whether or not the adolescents will buy certain products or brands.. However Miller et.al (2003) claims that celebrity endorsements do not influence consumers purchasing behaviour. In contrast Boyd and Shank (2004) maintain that consumers, particularly teenagers, are likely to select products or brands that are endorsed by celebrities. Moreover, peers are likely to exert normative and informative influence. Lachance et. al, 2003 identified that they may influence the teenagers brand and product choices. Additionally, an individual is likely to conform to a group if he or she shares beliefs and norms with the group (Arnould et.al, 2004). Also, a group is likely to effectively exert influence on an individual if the individual is highly committed to the group (Hawkins et al, 2004). 1.2 Reason Behind Choose the Topic The main reason behind chosen this topic is previous studies have not precisely conducted a focused investigation into the influence of peers and celebrities on fifteen to eighteen year-old females purchasing behaviour in cosmetic products. Most researches on peer influence were conducted on general consumers with general products (Elliott and Leonard, 2004). Moreover, As for researcher, she always felt that â€Å"Consumer Buying Behaviour† is one of the most interesting subjects for her and as a female she thought to do a dissertation on the influence of celebrities endorsement on female teenagers would suitable for her to work on. Researcher did previous semester in LSC and she took a course on Research and Methodology (RM) which helped her to know the format of the research paper. Moreover her supervisor Dr.Fahads motivation and encouragement had helped researcher to select this topic. Researcher have studied out many articles of Consumer Buying Behaviour and annual reports of different cosmetic company and tried to sort out a topic, which is going to be suitable for her dissertation according to supervisors suggestion. This dissertation will help cosmetics firms and retail stores develop a precise marketing strategy to appeal to teenage consumers and to understand their purchasing behaviour. 1.3 Research Problem According to the website of BHB (2009), beauty and cosmetics are not innovations of the 20th century. It is known from reports of old Egypt and the Roman Empire that people have ever since attached importance to a cultivated appearance. Numerous up to date studies prove that today more than 60 per cent of women really care much about beauty, cosmetics, skin and body care. Even men show an increasing interest and demand in products such as skin care cosmetics, creams or anti aging lotions. To place and keep a cosmetic product successfully in the market, it is vital for companies active in manufacturing and selling cosmetics to have extensive scientific pharmaceutical and market research done. It is crucial for manufacturers of natural cosmetics or make up to know about consumer behaviour, trends and demands in the sector. Consumers might decide for a product because of its characteristics, its care factor, its sensitivity or its branding and attractive packaging. Cosmetics companies use the desires, senses and images consumers have or want to experience. More and more often, companies let celebrities and super models act as testimonials for fragrances, organic cosmetics or anti aging make up cosmetics. Colourful and exciting advertisements on TV, the internet or in print media tremendously influence consumer purchasing behaviour and desires. Packaging and the design of, for example, perfume bottles, let a cosmetics product appear even more desirable and trendy. This di ssertation will focus on beauty products in order to help cosmetics industry and retail stores develop a precise marketing strategy to appeal to female teenagers and to understand their purchasing behaviour. Previous studies have not precisely conducted a focused investigation into the influence of peers and endorsers on fifteen to eighteen year-old males purchasing behaviour in cosmetic products. Most researches on peer influence were conducted on general consumers with general products (Cited in Escalas and Bettman, 2003). However, some research has investigated this influence among children (Piacentini and Mailer, 2004). According to Klein (2001), teenagers are mostly influenced by friends and may not necessarily be influenced by celebrities. Additionally, no research has been conducted on symbolic consumption in relation to beauty products among the above-mentioned age groups. The researches were conducted on general consumers with general products (Piacentini and Mailer, 2004). 1.4 Research Aim and Objectives The purpose of this study is to investigate internal and external influences on teenagers purchasing decisions on cosmetic products in London. This research also investigates that how celebrities influence the brand choice of teenagers buying behaviour towards cosmetics in London market. The key objectives of this study are outlined as follows: To investigate how consumer buying behaviour factors influence female teenagers when purchasing cosmetic products. To explore the role of peers and celebrities and their influence on female teenagers purchasing decisions of cosmetic product. To analyse how celebrities influence the brand choice of youth females buying behaviour towards cosmetic products in London market. To give recommendation and conclusion. 1.5 Research Limitations The delimitations of a research study indicate its parameters; that is what the study will include and not include (Creswell, 2003). The scope of the study was limited to female consumers aged fifteen to eighteen living in the UK, specifically London city. This was due to time and budget constraints. In addition, the study only examines beauty products as opposed to general products. Further, the focus of the research was on symbolic consumption, peer groups and aspiration groups including beauty products endorsements rather than all internal and external influences. 1.6 Structure of the Dissertation Chapter 1: In this chapter mainly it talks about introduction of this dissertation, which also includes brief introduction of the topic, research background, rationale behind choose the topic, problem statement, aim and objectives and limitations of this research. Chapter 2: The second chapter is the literature review of this dissertation concerned about, the works of various authors and scholars who have highlighted and discussed about the theories of consumer behaviour and celebrities endorsement from different dimension. Chapter 3: This chapter will analyse the overall market overview of cosmetics products in UK Chapter 4: This third chapter will discuss the research method used in this research paper. Research method allows the researcher to plan and design the whole research in a proper way and shows the right direction to achieve an outcome. So the chapter explains the reasons behind the use of selected research method and the advantages by using the specified research approach. Chapter 5: This chapter discusses and analyses the market information and survey for the sake of the research. It also shows the data those have been gathered through interviews of customers, sales representative, and analyse the data to provide a fruitful meaning of the research finding. Chapter 6: This chapter has been discussed the research recommendations, limitations, further research on this topic and also describe how managers can get benefit or managerial implications of this paper. Chapter 2: Literature Review This chapter is the theoretical foundations that underpin this research study. In this chapter the theoretical framework relevant to dissertation purpose and questions will be presented. The chapter starts with a presentation of the brief discussion on consumer buying behavior, followed by purchase decision process and teenagers learning process and thereafter theories regarding factors influencing the purchase decision will be discussed. The following chapter presents the theoretical foundation of this research. The framework of the literature review is outlined. 2.1 Consumer behavior Consumer behavior is the study of consumers as they exchange something of value for a product or service that satisfies their needs (Well Prensky, 2003, p.5). The study of consumer behavior focuses on how individuals make decisions to spend their available resources (time, money, effort) on consumption related items (Schiffman Kanuk, 2004, p.5). In short, the company should study and create the marketing campaign for their target group. But in the product life cycle, due to the consumer behavior the image, target audience or function of this product can be in change. This group of consumers have a diversity of needs, such as a need for belonging, independence, approval, and responsibility, as well as having the need for experimentation (Solomon et al. 2004). Teenagers are increasingly given the task of buying products for the family. They not only have more spare time but also enjoy shopping more than their parents do. For this reason, marketers are targeting their ads mainly at te enagers. To gain teenagers attention more effectively, advertising campaigns must be honest, have clear messages, and used with humour. Moreover, teenagers tend to be inconsistent and are likely to switch brand preference quicker than any other age group, as they have a high need to be accepted by their friends (Blackwell et al. 2001). Finally, teenagers are â€Å"easier targets, because they have grown up in a culture of pure consumerism. Because of this, they are way more tuned into media because there is so much more media to be tuned into† (Bush et al. 2004, p. 109). Teenagers enjoy advertisements; a McCann survey shows that 75% of a sample of mixed 15-25 year olds felt that advertising was entertaining and 68% said that they found it a useful source of ideas about what to buy (Piper, 1998). When youths needs and desires are understood, marketers can show young consumers how products improve their lives. Harris Interactive, a Rochester, New York-based market research firm, estimates that teens spend on average $94.7 billion yearly ($3,309 per capita), while young adults between ages 20 and 21 spend $61.3 billion yearly ($7,389 per capita) (Schadelbauer, 2006). He also stated that interestingly, 69% of the U.S. youth respondents of one survey said that their parents pay their bills and they have little or no idea of who provides their telecommunications services or how much they cost. In the databases mentioned above, there are studies about ethical aspects of marketing to youth, whether regarding clothing, soft-drinks, cosmetics, technology, movi es, records, food, and tapes exchange. Some companies use â€Å"cool† appeal in their advertisements. The young people distinguish themselves among social classes to the detriment of their â€Å"natural† behavior by purchasing â€Å"cool† products. Misleading advertisements change the behavior of young people and can affect them when they grow up. In the 1980s, Nike and Calvin Klein brands began to focus on brand capital rather than on products themselves. Now, the brand names become the objective of the purchase in itself (Bergadaa, 2007). In particular, cigarette and alcohol producers are criticized by those who say that they are marketing to immature consumers (Schadelbauer, 2006). According to the Keynote UK marketing report (2008), respondents were asked if they had used any so-called ‘celebrity fragrances, as industry comment has been made on the popularity of such brands. Those who used fragrances endorsed by celebrities, who tended to be in the you ngest age group, were most likely to have chosen Britney Spearss fragrance; others of popularity included the Beckhambranded fragrances, and the Jennifer Lopez and Kylie Minogue fragrances The report also stated that the retail chain The Perfume Shop names Stunning by Katie Price (the glamour model formerly known as Jordan) as its most popular female fragrance of 2007, with Shh by Jade Goody in second position and Coleen by Coleen McLoughlin (the celebrity girlfriend of Manchester United football superstar Wayne Rooney) in fourth place. The Fragrance Shop, meanwhile, lists Coleen, Curious (Britney Spears) and Kate (Kate Moss) among its ten bestselling womens brands in 2007. 2.2 Consumer Decision making theories Acoording to Shao (2006), the decision literature can be classified into three broad categories: 1) normative 2) behavioural, and 3) naturalistic. In this section the differences between the three different approaches to studying consumer decision behaviour is identified. 2.2.1 Normative decision theory Normative Decision Theory originated in the economic discipline. According to Shao (2006), earliest researchers viewed decision-making as gambles and decision makers as â€Å"economic† men striving to maximise payoffs. The word ‘normative describes how decision makers should behave in order to obtain maximum payoffs. Examples of Normative Decision Theory include Expected Utility Theory adapted by Neumann Morgenstern (1947) and Subjective Expected Utility Theory adapted by Savage (1954) (Cited in Shao, 2006). An important addition of the Expected Utility Theory is the Subjective Expected Utility Theory proposed by Savage (1954). The main difference between the two is that the former uses objective probabilities, while the final uses subjective probabilities. By substituting subjective probabilities for objective probabilities, Subjective Expected Utility Theory proposes that the decision maker may be uncertain about whether the various outcomes (payoffs) will actually occur if the option is chosen (Beach, 1997). On the other hand according to Schoemaker (1982), Normative Decision Theory is actually a family of theories and at their core is a rational decision maker. The implied decision process is a single-stage process of consistent calculations of the options utilities. He also stated that consumer decision-making is a complex process. However, the normative assumptions are imposing an order on the complexity of decision-making (Beach, 1997). Over time, there has been growing discontent with the normative approach to studying consumer decision-making because the observed decision behaviour often violate the underlying assumptions of Normative Decision Theory. 2.2.2 Behavioural decision theory Behavioural Decision Theory emerged when decision researchers observed that decision makers seldom make explicit tradeoffs, let alone explicit use of probability and their preferences are constructed, not invariant (Bettman et al., 1998). The rational decision maker depicted by Normative Decision Theory was challenged by Simon (1955) who argued that decision makers have only bounded rationality and is seeking to satisfy. He also argued that Normative Decision Theory put â€Å"severe demands upon the choosing organism and those consumers do not necessarily search for all available alternatives, but choose the first feasible alternative that exceeds a given amount of payoffs. However he also proposed classic Satisfying strategy that was employed on decision makers in complex choice situations† (Cited in Shao, 2006) 2.2.3 Naturalistic decision theory Naturalistic Decision Theory originated from the discipline of organisational behaviour. According to Shao (2006), many researchers have developed various naturalistic decision models based on their observations of how decisions are made by individuals in natural environments. For example, a decision maker such as a fire ground commander will first recognize the fire situation, generate a few potential plans of actions, use cognitive imagination to assess the appropriateness of each plan to controlling the fire, and then act on the plan that he believes is the most appropriate (Cited in Orasanu Connolly, 2009). 2.3 The Buying Decision Process The consumer decision making process consists of mainly five steps according to most researchers within the field (Peter and Olson 2005, p.169). They also stated that the steps included in the model are; need or problem recognition, information search, evaluation of alternatives, purchase and the post-purchase process. However, not all purchased require every step. Consumer can skip the evaluation of alternatives when considering low involvement products (Peter Olson 2005, p.168). According to Hawkins et al. (2001, pp.26-27) there are more aspects than only decision making process that affect consumer behavior which are external and internal influences. 2.3.1 Problem recognition The consumer decision making process generally begins when the consumer identifies a consumption problem that needs to be solved (Hoyer MacInnis, 2007, p. 195). Problem recognition is the perceived difference between an ideal and actual state. Ideal state is the way consumers would like a situation to be or the way they want to feel or be at the present time. An actual state is the way individuals perceive their feelings and situation to be at the present time (Hawkins et al., 2001, p.508). It can be said that consumer encounter the dissatisfaction or inconvenience situation and they would like to move to other preferable ones, problem is therefore recognized (Hawkins et al., 2001, p.508). 2.3.2 Information search Once the problem is recognized, relevant information from the past experience or long term memory is used to determine if a satisfactory solution is known, this is called internal search (Hawkins et al., 2001, p.528) and if the solution cannot be found in internal search then the external information relevant to the problem will be sought. Normally after problem recognition has been stimulated, the consumer will usually begin the decision process to solve the problem, typically from internal search because each consumer has store in memory a variety of information, feelings and past experiences that can be recalled when making a decision (Hoyer MacInnis, 2007, p.195). However, the stored memory can be decayed overtime, then they will be uncertain about their recalled information they will be engaged in external search, acquiring information from outside sources. According to Hoyer and MacInnis (2007, p.205), consumers can acquire information from five major categories of external so urces such as from retailers, media, other people and independent sources, and by experiencing the product. After searching for appropriate evaluation criteria, the consumers would probable seek appropriate alternatives-in this case brands, or possibly stores. They also identified that brands are affected in internal search and external search. In the internal search, consumers recall the sets of brands from their memory wherever the problem recognition occurred. Normally two to eight brands are tended to recall at a time and if they cannot recall brands from memory, the set of external factors such as availability on the shelf or suggestion from salesperson will then affected consumers purchasing. Additionally, well-known brands are more easily recalled during internal search than unfamiliar brands because the memory links associated with these brands tend to be stronger (Hoyer MacInnis, 2007, pp. 203-204). 2.3.3 Evaluation of alternatives The next step in the process is an evaluation of the alternatives which consumer compares the available options and information that has been gather through the searching process (McCall et. al., 2002) and seem most likely to solve the problem. There are two methods that consumers use when evaluating alternatives, which are attribute-based choice, this choice requires the knowledge of the consumers to compare the attribute of each available alternative and tends to exploit more effort and time, thus to be rational in the evaluation. And the other method applied is attitude-based choice, this method occur when consumers use their emotion, such as attitude and impression, in their evaluation (Hawkins et al., 2001, pp.560-562). 2.3.4 Purchase decision Consumers evaluate the stores image such as merchandise, service, physical facilities, convenience, promotion, store atmosphere, institution and post-transaction factors and make a selection to purchase at that specific outlet. On the other aspect, amount of the purchase, it is common that the consumers enter to one outlet with an intention to buy a particular brand but leave the store with a different brand or additional items. This shows the influences operating in the store effect consumers purchasing decision (Hawkins et al., 2001, pp.609-618). 2.3.5 Post purchase behavior After purchase, the customers evaluate their level of satisfaction or dissatisfaction with the product. Buyer satisfaction is determined by how close the products performance came to meet the buyers product expectations (Hoyer MacInnis, 2007). They also stated that consumers can experience dissonance (anxiety over whether the correct decision was made) or regret after a purchase (pp.272-273). One way of reducing dissonance is to search for additional information from sources such as experts and magazines. With searching for information to support and make the chosen alternative more attractive and the reject ones less attractive, thereby reducing dissonance (Hoyer MacInnis, 2007, p.272). Additionally, information that supports the consumers choice acts to bolster confidence in the correctness of the purchase decision (Hawkins et al., 2001, p.628). 2.4 Consumer Learning Process Learning is a progression by which consumers systematize their knowledge and it evolved over time. Consumers attitude and their future purchasing activities can be influenced by the learning process constantly. For gathering information from the stimuli in their environment consumers use their perceptual processes. According to Ganassali et.al (2009), consumer behaviour is approached by researchers adopting a variety of interpretative models and with a wide array of multidisciplinary frames, from economy to sociology, psychology and anthropology. According to East (1997), a shared perspective the different approaches to the understanding of consumer purchase decisions can be grouped. 2.4.1 Cognitive approach According to Ganassali et.al, (2009), this one is deeply rooted in the economic science and assumes a sensible behaviour of the decision maker, based on the price of the goods and on its attitude to respond to functional needs. The critical variable under this approach is the availability of sufficient information about purchase alternatives (price, product functionalities) to support the decisional process. So, from this approach, a main block of determinants concerning product characteristics drives the buying process. 2.4.2 External conditioning approach According to Foxall, 1990 cited in Ganassali et.al, (2009), this approach, the purchase decision is a response to external stimuli .The significant variable under this approach is which kind of external stimuli can influence purchase decision. From this second approach, a group of external determinants can influence the buying process, for example parents opinions or ads exposure. 2.4.3 Experience social interaction approach According to this approach, the present consumer decision aims at the construction of personal identity (Ganassali et.al, 2009). Following this idea, two main streams have been developed. One focuses on individual consumption decisions based on â€Å"emotional† explanation of consumer behaviour (Holbrook and Hirschman, 1982). Ganassali et.al, (2009) also stated that the other stream concentrates on consumption as a means of social interaction, building on the pioneer sociological contribution of Veblen (1899 cited in Ganassali et.al, 2009). From both streams, the idea is that each prospective consumer has an individual internal value schema (based on internal emotions and external social interaction) that manipulates what he/she buys. 2.5 Teenage Learning Process for Shopping According to Solomon et al. (2004), teenagers are group of consumers that has a variety of needs. Such as, need for belonging, independence, approval, and responsibility, as well as having the need for experimentation. He also states that teenagers are increasingly given the task of buying products for the family. Since they not only have more spare time but also enjoy shopping more than their parents do. Therefore, marketers are targeting their ads primarily at teenagers. In order to gain teenagers attention more effectively, advertising campaigns must be honest, have clear messages, and humorous. Moreover, teenagers tend to be fickle and are likely to switch brand preference quicker than any other age group, as they have a high need to be received by their friends (Blackwell et al. 2001). According to Moschis and Moore (2001), as people grow up from childhood to adulthood, they obtain the skills, knowledge and attitude relevant to form purchase behaviour. The conceptual model of consumer socialisation presented in figure 2.5 demonstrates this. It claims that an individual learns from a socialisation agent through interaction and that changes his or her cognitive organisation with age. The socialisation agent (Churchill and Moschis, 1979), can be a family member, peers, teachers, the media, and media personalities like athletes, movies stars, and rock stars (Mowen and Minor, 1998). They can exert strong influences on the individual due to frequent interactions, superiority or control over rewards and punishments. The individual is influenced by the agent during the process of learning. However, this depends on the individuals cognitive development or life stage and structural variables, like status, sex, age, social class and religious background. Additionally, the ind ividual will develop cognitions and behaviour, learning properties, which will form his or her consumer behaviour (Moschis and Moore, 2001). In Moschis and Moore study on teenagers decision-making (2001), it was found that for low involvement products young people depend largely on the mass media for information. The results of the study imply that socialisation agents may affect the consumers decision-making cognitions. The study also found that low-involvement products are bought with peers rather than parents (Moschis and Moore, 2001). Furthermore, teenagers are more likely to stand on their evaluation on the brand name and the sale price in their buying decisions. Males are more motivated by social consumption and characterised by materialistic attitudes than females. This may be because status, power and respect are important among the peers (Churchill and Moschis, 1979). 2.6 Influencing Factors of Purchase Decision 2.6.1 Advertisement Advertising informs consumers about the existence and benefits of products and services, and tries to persuade consumers to buy them (MacKenzie, 2004). Moreover, Kotler et al. (2005), claim that advertising aims at attaining target consumers to either think or respond to the product or brand. As a method of achieving advertisement goals, advertisements as well as their contents play an essential role in the process of commercial

Brutus, Caesar, and Antony as Protagonists in Julius Caesar Essay examp

A protagonist is the leading character or actor in a play, novel, or story. The leading character of a play is not easily interpreted. A protagonist does not necessarily have to be good or bad. Determining the protagonist is one of the many engaging issues presented in the play. Many characters exhibit the characteristics of a true protagonist in Julius Caesar, few stand out over all others. Caesar was a powerful, courageous, yet arrogant leader who is depicted in many different ways. Brutus friend of Caesar, loves Caesar greatly but does not think he possess leadership skills. Antony is loyal, trustworthy, and a devoted follower of Caesar, and proves to be a required character in Julius Caesar. All three of the protagonist must go through many highs and lows throughout the play. Brutus, Caesar, and Antony all qualify as protagonists in Julius Caesar because they all exhibit the required attributes. Caesar conquered Pompey in the beginning of his reign, his victory captured much support of the common citizens. He grew very popular, and powerful in some people?s eyes. Caesar turned down the crown three times when it was offered to him. Caesar deals with corrupt governments, and does what will be good for everyone rather than thinking about one?s self. Caesar was not of ?the blood of ordinary men?3.1:37. What this means is that he was a powerful, understanding, leader who had became too ambitious and arrogant, which led to his inevitable downfall. Caesar was arrogant in the way that on the ?Ides of March? he did not acknowledge the omens or the warnings of the soothsayer. There is a horrible storm on March 14 that goes on through the ?Ides of March?. His wife Calpurnia warns him not to go out because of the storm a... ...th half so good a will.5.5:50-52? Brutus possess all attributes of the protagonist and the play would not be the same without him. Brutus, Caesar, and Antony all qualify as protagonists in Julius Caesar because they all exhibit the required attributes. A play would not be a play if there were more than one main protagonist, it would be boring and have bad dialect. While Caesar, Brutus, and Antony can all legitimately be considered protagonists, Brutus is the best choice because he is actually in the entire play up to the very last scene, he has morals, and he is an honorable man. Julius Caesar was a great play it hit key points of events that actually happened. Brutus is truly an honorable man, without him the world would not be the same as we know it. Works Cited Shakespeare, William. Julius Caesar. Dover Publications, Inc.; New York. 2008.

The Necessity of Urban Local Government Institutions

Asia Research Centre Working Paper 19 Challenges for Urban Local Governments in India Written by Rumi Aijaz Rumi Aijaz was Visiting Research Fellow at Asia Research Centre in 2006. E-mail: [email  protected] com A section of this working paper has been accepted for publication in a forthcoming issue of the Journal of Asian and African Studies, by Sage Publications Ltd. Copyright  © Rumi Aijaz, 2007 All rights reserved.Apart from any fair dealing for the purpose of research or private study, or criticism or review, no part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means without the prior permission in writing of the publisher nor be issued to the public or circulated in any form other than that in which it is published. Requests for permission to reproduce this Working Paper or any part thereof should be sent to the author, and to the editor at the address below: Asia Research Centre (ARC) London School of Economics & Political ScienceHoughton Street London WC2A 2AE www. lse. ac. uk/collections/asiaResearchCentre Abstract Urban local government institutions/municipalities are constituted for the maintenance and planned development of urban areas. The objective is to ensure that suitable levels of infrastructure and services are available to the citizens. In many parts of India, the quality of life in urban areas is miserable and the citizens lead a difficult life. To overcome this problem, a series of reforms have been initiated by the Indian government to strengthen local-level governance.The main purpose of this working paper is to describe the major issues of governance at the local level and to identify some important challenges for urban local government institutions in India in the light of recent urban sector reforms. This assessment is based on data collected from six urban centres situated in three northern/north-western states (namely Haryana, Rajasthan and Uttaranchal) of India on key urban local government characteristics – constitution and governance, duties, composition, management and finance practices, state/local-level initiatives and problems.The findings of this study show that urban local governments in India continue to remain plagued by numerous problems, which affect their performance in the efficient discharge of their duties. These problems relate to the extent of participation and rule of law in the municipal decisionmaking process, transparency in the planning and implementation of infrastructure projects, and level of efficiency in various municipal management and finance practices. It is concluded that fresh thinking is necessary to resolve the problems confronting urban local governments in India. 7 7 H H P ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? G  ¤ ? ? ?   3   ¤ ?  ? ?   ¦  F   $   ? %   ¦ !   ! I E ! 8 & 7 ? ? ? ? ?  ¤ ?  %   ) ?  ¤ ? ( % ?   § ?  ? )    ¤   ?    ¦ ? $  #  ?  §  †  ? !  ¦    ¤  §    ¤   ¦ ?   § ?  ¦ ? ? (   ? B @ 0 9  %  ? 3 3 8 D 7 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? % ? C ? $  ¦ ?   %  ?  ? B ?  3  ? A       ?   ¦    @  9  %  ? 3 3 8 4 6 7 0 & ? ? 4 1 ? 0 & ?  ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?

Ateneo Entrance Exam Essay

Hazel Grace Lancaster (The Fault in Our Stars by John Green) This little line from one of my favorite books helped me start my journey of self-discovery. Before, I really did consider myself as someone very inexorability. To the world, I'm Just an average girl that nobody will ever notice. Maybe never will be noticed in an extraordinary way, but I'm determined to make my mark. But flirt things first, I had to discover myself and define who I really am. My first moment of self-discovery began, actually, when first developed my love for books.And that moment happened way, way back when I was still a young child. Nothing made me happier than going to National, Power Books or Fully Booked to go see what new storybook, magazine or novel was available. To this day going book shopping, an activity most people my age would find as agonizingly boring, is an opportunity to expand my knowledge and vocabulary. The only thing I need to improve on right now Is, admittedly, my book choices. My Dad constantly reminds me to move onto more young adult publications and cut back on the children's novels. Books are my flirt great love.Through them, I can go on fantastic adventures that become almost real in my imagination. I also relate to the characters In terms of their personalities and the things they do In the story. From the protagonist, antagonist and all the other characters in between, I can find someone or even something I can relate to in a book. My current favorite books are The Fault in Our Stars by John Green, where I have learned a great many deal of new words such as hamster, thyroidal, prototypical, narcissistic, bacchanalia and so many other terms that were once too sophisticated or me to understand until I looked them up In the dictionary.The Fault In our stars is a heartwarming and yet also heartbreaking love story of two young cancer-stricken teenagers who find their own little infinity together within their limited number of days. I'd tell you more but I would n't want to spoil the entire novel. Second in my favorites list would have to be The Book Thief by Markus Sake. Here, I saw World War II and the horrors of the Holocaust through a young girl like myself, who was unable to read and write until she was given to a foster family in Germany. Lies Impinge then later befriends Max Vandenberg, a Jewish man who hides in her family basement to escape the Nazis.Again, I will not spoil this great work and you will have to read it yourself. This book really strikes me as something that can really make us all question our humanity. As almost all of us know, the Holocaust in World War II was the most horrifying genocide in the entire world. Millions of men, women and children all executed Just because of their religion. If you ask me, Doll Hitler must have been both insane and blind. Did he not know that in World War l, approximately 96,000 Jewish soldiers fought for Germany? It pains me to think that Hitler did not remember that.The Book Thief is most definitely one of those war novels that will have you questioning mankind's humanity. As for a favorite book series, I would have to say that the How to Train Your Dragon series by British author Caressed Jewell. I admit, it's a children's books series but I really enjoy reading the 1 OFF imagination. In fact, this beloved series has been turned into two films and a TV show. But I'll tell you all about it later. Indeed, through reading books of all kinds I eave discovered things about myself I didn't even know were there. I discovered that I have a talent for writing and storytelling.And I have grown to love these two hobbies, which I hope that I can turn into a Job by becoming a writer or a Journalist when I grow up. Aside from reading, I have also experienced being in academic contests in my school where I have begun to define myself as an intellectual. One of those contests is the Essay Writing Contest the school has every year. I never really win any prizes for my composit ions but it's always so much fun to compete. Through essay writing contests, my writing ability is steadily honed and constantly improved with every essay I write.So part of my Journey of self-discovery has been accomplished through the means of books and writing. The other part is, honestly, what Vive been recently obsessing about. â€Å"Everything we know about you guys†¦ Is wrong! † – Hiccup Horrendous Haddock Ill (How to Train Your Dragon Movie) That line from an animated movie by Trademarks Animation has always been embedded in my memory. The first part of this essay focused on my love for books and how reading and writing eave helped me discover who I am in terms of what I can do in this world. This part will now focus on who I truly am as a person.How to Train Your Dragon is a 2010 animated film directed by Dean Edibles and Chris Sanders under Trademarks Animation. Its story revolves around a young Viking teenager named Hiccup (Yeah, I know. The name is pre tty unusual. ) who lives in the fictional dragon fighting island of Beer. In Beer, fighting dragons is as necessary as breathing air to live. However, Hiccup is the runt of the village and is physically unable to fight dragons and cannot vive up to his father's expectations. Incidentally, his father, Stoics the Vast, is the tribe chief.But when Hiccup creates an invention that shoots down an ultra rare dragon species known as the Night Fury and attempts to slay it, the young Viking then finds himself unable to do so. This then leads to him freeing it and establishing a forbidden friendship with the dragon, whom he names Toothless. In Hiccup world, befriending a dragon is the highest act of treason. And yet in the end, Hiccup and Toothless' amazingly strong bond enables them to change the relationship between he dragons and Vikings of Beer. Yes, it is an animated movie. But it is not strictly for kids only.I had a real moment of self-discovery and self-definition when I watched this at my best friend's recommendation. And I was immediately awestruck by the movie on so many levels. The detail on the animation was superb, the lighting was perfect, the music score was Just phenomenally beautiful. But what really touched my heart was the story. I really relate to Hiccup. He is left-handed, physically not in the best of shape, intelligent and extremely different from the rest of his peers. L, myself, am also left- ended, physically weak, mentally strong and†¦ Different.I often look at my friends and other people and I can't help but sometimes feel that I'm Just too different. I don't like all the things everyone else likes and sometimes I don't even understand current trends and stick to the things I know. Like Hiccup, I am different. And also like Hiccup, I have embraced my difference. Thanks to this film (and its TV series and sequel) I have figured out who I am as a person. Everyone discovers a new trend and they all zone. And when someone tries to change me , I steadfastly refuse to do so. I am an individual. And I am proud of it.I'm different from everyone else and that's okay. Truth be told, we're all different. We're Just scared to show the world our individualistic. That's why I try hard to stay true to myself and make sure nobody and nothing turns me into something I am not. But I also remind myself to keep an open mind and broaden my horizons. When I experience new things, it helps me discover more interesting characteristics that help define myself as a person. And that's exactly what Hiccup does. He accepts his individuality and tries to do things nobody has ever tried before.Throughout the film, TV series and sequel, Hiccup stayed true to himself and didn't allow anyone to change him. If you must know, I have recently watched How to Train Your Dragon 2 and had another great moment of realization. In the second film, Hiccup is now a young adult and is currently trying to find himself. This is exactly what I'm doing right now, e ven as I write this. I apologize if this essay may seem haphazardly constructed. I must admit, my writing style does tend to confuse some people. But that's essentially how I have defined myself as a person, through books, writing and argons.And to tell you the truth, self-discovery and defining yourself as a person never stops. As the years go by, you will have more experiences, more moments that help you realize that there's more to you than meets the eye. For me, I'm still pretty young so I still have a long way to go until I can complete my personal definition. In case some of you may not fully know me yet, allow me to tell you once again who I am. I am an individual with a love for writing, making stories, reading books, obsessed with dragons. And basically, I am different. And I am proud to be different.