How to Choose a Financial Planner

How to Choose a Financial Planner Do you have a vision for your future life?Do you dream of a better life than the one you are currently living?If so, then you have to take action. As great as dreams are, they are nothing unless accompanied by action.If you know this, you may have started the work in one way or another.Yet there is one way you may need to consider in case you haven’t.That is engaging the services of a financial planner.Financial planners are experts who can help you achieve your financial goals more easily than you could by yourself.Yes, it is your money and you probably know best what to do with it.But just take a step back and check again.Do you really know best what to do with your money?Of course you can spend it the way you want; you can buy the trendiest clothes, never eat dinner at home but in hotels, buy a luxury car etc.There is so much you can do. In any case, it is your money.But if you are wiser than that, you understand that living for the present is not a very good idea.In the long ru n, it will prove to be a costly mistake.To avoid this, you have to ask yourself some questions. What kind of a life do you want to live in the next 10 years? What about 20 years from now? What kind of school do you want your kids to go to? How can you be best prepared for emergencies?These questions and others like them will help you realize that you have to set measures in place for a better future.And what better way than to invest for it?“The time to repair the roof is when the sun is shining.”  John F. KennedyAnd this is exactly where financial planners come in.It is important to note that financial planners are not necessarily stock brokers, investment managers or a consultant in such fields.Although a financial planner can do all these things, his primary interest is in helping individuals plan for their future.This usually involves you explaining to him your goals and letting him in on your financial status.Depending on your agreement, he may give you a one-off solution o r you may have a long-term working relationship. It largely depends on your needs.If working with him for an extended period of time, he might follow up on you at different intervals.He will be seeking to check and confirm that you are abiding by what you agreed to do.This becomes a boost for you if you are struggling to adopt a new habit.To get the best financial planner, first of all realize that there are two types of planners.Robo-Advisors vs Human AdvisorsRobo-advisors can easily be recognized as a term connected to robots.That is true and it is exactly what they are. Though you will not meet human-like robots said to be financial planners, they are increasingly becoming more common.Robo-advisors are software programs which help you with your financial planning needs. They operate by getting information from you.With this information, they use some algorithms to create a plan for you.Advantages of Robo-advisorsRobo-advisors have certain advantages which you can enjoy. Here are a few:1. They are cheap â€" robo-advisors offer good services at lower costs compared to human advisors. This might however be as a result of the simple accounts they are intended to handle.Rarely will these advisors handle accounts with huge sums of money. They will also not be best if you have a more complicated situation e.g. you want help managing your estate.2. They are becoming mainstream â€" many financial planning organizations are making an effort to launch their own robo-advisors. They offer financial plans and advice fast and affordably.Moreover, they often have a means by which you can contact a human advisor. This is for those times when you feel like you need an alternative advice.3. They are quick to use â€" these advisors are not difficult to use. They are operated from an online portal and so you just have to create an account and start talking to the robot behind the scenes. You can interact with some here.Human advisors on the other hand are real humans. They do a dvice you just like the machines do although differently. They will spend time with you to understand your situation then guide you appropriately.Also, they are more flexible and the face-to-face conversation can be helpful.This is especially the case if you have questions.Unless what you are looking for is some simple advice on finances, you should always go with a human planner.QUESTIONS TO ASK YOURSELF BEFORE DECIDING ON A FINANCIAL PLANNERAnd now to what really matters.You have decided to work with a human being as opposed to a software program.What next?It is time to choose the right one. How do you do that?You just have to get an answer to each of these questions.If both your mind and gut feeling are okay with him, then he is the one. Work with him.1. Is he certified?The first thing to check with anyone claiming to be a financial planner is certification. Keep in mind that certification is very different from qualification.He may have gone to school, gotten his degrees and any other document showing that he is knowledgeable.But theoretic knowledge is not what you are looking for here.Certification comes from specific organizations which have a mandate to enforce certain rules. In the context of financial planning, there is one body which stands tall in this work. It is called the CFP Board. CFP stands for Certified Financial Planner.Any financial planner who is not certified by CFP should not be on your list of preferred planners.One of the biggest things CFP ensures is that the planners operate in integrity.Any financial planner who is not working with integrity risks disciplinary action.2. Is he talking your language?The financial industry, like any other industry, has its own jargon.Professionals, experts and would-be experts all use certain terms to discuss subjects which pertain to the industry.Generally, this is fine, as long as the discussion is between people who work in the industry.But what happens when an outsider joins the discussion?You are an outsider, but engaging in talks with an insider.The question you should ask yourself here is, do you understand what he is saying?If you have to ask him to explain a term he used, then you are allowed to question whether he is the right person.If you ask him for an explanation twice, start being concerned. If thrice, then be afraid.Very afraid and just run. Not for your life but your money.That is evidence enough that he is not able to connect with you at your level.The best planner to work with is one who can explain everything to you in simple language.He should be able to break down investment concepts to simple ideas so that you can understand what he is saying.If this is not happening, you can be sure that your relationship with him will not be a good one. Communication is always at the core of every relationship.And for communication to take place, there must be understanding. If you don’t understand what he is saying, how will you know what he is doing with your money?3. How much will he cost you?The cost of his services is most likely one of the things you have in mind. It is indeed important to consider it.However, you need to understand that this is a consultation you will be making. As such, there are several ways you could be charged.a. Commission â€" some planners charge you a percentage of the value of your investment. Investment in this case is simply what you are giving them to handle for you. This is usually your total asset value deposited with him.If you want him to manage your estate and any income-generating activity involved, then the cost will be a percentage of the total value. In most cases, this percentage is 1%. This is not a fixed charge as it can change depending on your unique situation but rarely will it go down.b. Flat Rate â€" those who charge a flat rate will normally calculate it after considering the amount of work involved. The more complicated your situation is, the higher the cost. This could seem expensive especiall y if you are to pay upfront but can also prove to be a relief later on.c. Hourly Rate â€" this type of charge is best if you are just seeking some advice on the best thing to do. You may want to do things by yourself but prefer some occasional advice. If this is you, then this can be a good option.Nevertheless, if you make many visits to the planner, you might end up paying more. There is also a downside to this arrangement. Since you have not completely committed to the planner, he may not give you as much information as needed.This may not necessarily be an integrity issue. It may simply be caused by the nature of the working relationship. Hourly charges are reserved for consultation type meetings. As such, you will often be getting answers to the questions you have.d. Retainer-based charge â€" this is for the situations which require a mid to long-term working relationship. In this case, there is a fixed amount of money payable to the planner every set period of time as per your agreement.This keeps him totally committed to you but isn’t to mean he cannot handle another client’s account.As long as you are having long-term plans and prefer to have someone walk with you all the way, this is a great option. Your planner would always be available to answer any question you have. If you two connect well, this could be a good friendship.4. Does he have a code of ethics?A code of ethics is what guides a person on the kind of conduct he should have.It stipulates the Dos and Don’ts.Anyone with a code of ethics which he abides by, is likely to be a better person to work with.This is because they have subjected themselves to the authority of some rules.They have basically sworn to work by those rules.If the planner you are considering has a code of ethics, he should be able to show you a copy of it.If he doesn’t offer to show it, just ask him.He should not be hesitant about it unless he is afraid of being held accountable.There are at least two things you shou ld check for in that code of ethics.a. Fiduciary â€" fiduciary is a term used to refer to trust. It’s meaning is actually to show or provide trust or simply to be trustworthy. In other words, the planner abiding to this will be one who acts in integrity.This is important because of two things. First, he will not be lying to you about what he does. He will be open and transparent. The second thing is equally important. He will act in your best interest.This is the biggest “part” of fiduciary. This is important because some planners earn a commission from the product they advice you to buy.For example, they may advice you to buy a particular investment product. Whereas it may be good for you, they may not tell you that they are getting a commission out of the transaction.The question which arises is this, could he ask you to invest in something simply because he will get a higher pay out of it? If he swears by fiduciary, he won’t.b. Sustainability standards â€" these are volun tary standards and values which different people subscribe to.They are generally good for the situation at hand but not necessarily the best for that particular situation. Basically, it’s a case of someone being good while he can be better.As such, although these are good to have, they are not what you should be going for.If for some reason you are unable to have a certified planner abiding by fiduciary, you can go with the one sticking to sustainability standards.In practice, these standards will mandate the planner to advance his skills so as to be in tune with the changes in the industry.He will also be updated on the best practices so as to benefit his clients. But all in all, fiduciary is what you should be looking for.5. What is his investment philosophy?A philosophy is a way of thinking or operating.You can look at it as a guide. In the context of financial planning, an investment philosophy is the guideline of making investments.Considering that investments are at times no t guaranteed to bring the exact returns you expected, it is wise to find out how your planner approaches those opportunities.Of significance here is the risk factor. And the question is simple. Is he aggressive or too risk averse? This is what will guide him in the investment decisions he makes.If he is too aggressive, then he might make risky investments.Although these normally hold the potential for the highest returns, they also carry a potential of loss. Much expertise is needed for these.On the other hand, he may be too risk averse, meaning he is afraid of the risks involved in investments.In that case, he may postpone making a move as he waits for an assurance of the returns and ultimately lose out on opportunities.You want a planner who is balanced. One who has an eye for the relatively stable investments but who can also pick up a great opportunity.Still, just as he has to speak your language, you have to be in agreement with him on this.If you are the kind of person who tak es opportunities aggressively, then you might want one who operates like you. If you are more of the “wait and see” type, then go with the risk averse type.Alternatively, agree with him that he should confirm with you whenever he is not sure.6. What type of clients does he have?The type of clients a planner has will tell you a lot about them. If he works with the wealthy, then you know where he stands and what kind of services he is inclined to offer.The same applies to the one working with people of average wealth.This helps you know the cost of working with him and also how well he might treat you.For example, if he works with the wealthy and you are not, he may not value your account.He may prioritize the wealthy clients and handle you after he is done with them.This will not be an ideal situation for you because he may not even have time to talk with you as often as you may want.You may be in need of some advice yet he is handling a priority account because of the money it b rings him.At the same time, if you are wealthy and settle for a planner who handles less wealthy clients, he may not be able to serve you adequately.A lot of wealth brings a degree of complexity to the account and he might not have the experience for it.This will make his services not the best for your interests.7. Does he have a criminal background?One very important checkbox to tick is that of the background check.Whether the planner is experienced, talks your language, has clients in the same social class as you or not, his background matters. It matters a lot.Do not ignore this vetting process for whatever reason.Lack of time? Unless your money is not important to you.Lack of resources? You actually need very little resources to carry out a background check.Much of what you need is time and rarely any money unless you want someone to do it for you. You don’t know where to check? We have you covered on that.The first place you should check is the CFP Board. CFP maintains a reco rd of all the members against whom disciplinary actions have been taken.You can easily check out the planner by his last name and state. If he is clean, that’s good. If not, you have a good reason to keep checking.Although a previously-disciplined planner may have changed for the better, one with no disciplinary record at all is best.It means he has been very keen to do what is best for both client and industry.If you however decide to go with one who was previously disciplined, it’s still fine. Just make sure your gut feeling is on your side.8. What does his previous work say about him?Every professional or company has some testimonials.These can also be seen on most websites. But since you are in a face-to-face conversation with him, ask him to show you some of his work.This will most likely be in the form of progress reports and graphs of clients’ success.These success stories can help you decide how good the planner is. Everyone should be able to show the results of the wo rk they do.As a test for privacy, check whether the on-screen or printed document will have the name of the client.The planner should be careful enough to either remove the name of the client or hide it in some way.The privacy of client data is of utmost important.Can you imagine someone showing up to consult the planner and being shown how well your profile is performing?How with the help of the planner, you moved from $500,000 to $800,000 in six months?9. What does the contract’s fine print say?After going through all these and settling for him, there is one last thing to check: the fine print. Do not be quick to sign the contract.In fact, ask him for the contract form so you can read it for yourself instead of asking him the terms and conditions.The last thing you want is to be surprised because you were not aware of an action which has been taken.If the terms are many such that it may take you time to read them, ask to take the form home.If they are few, just go through them w hile with him.Anything which is not very clear should be explained. Ensure you have all the information you need and are comfortable to work with him.If you have followed all the above steps, then you should end up with someone who is true to you. He should be comfortable giving you the information you ask for and even explaining further to make you comfortable as well.In the fine print, check for clauses touching on terminating the agreement, payment mode, penalties, who has the final word in a discussion etc.Anything you feel is worth getting clarity on, ask about it. If need be, have a notebook and take notes so as to remember what he said.CONCLUSIONRemember that a financial planner is supposed to help you achieve your goals.And for that to happen, you need to have the confidence that he is the right person.Otherwise, even if you make good progress, you may not enjoy the journey, probably due to suspicions.

A Struggle With Procrastination - Free Essay Example

Sample details Pages: 6 Words: 1802 Downloads: 10 Date added: 2019/05/28 Category Psychology Essay Level High school Topics: Procrastination Essay Did you like this example? Procrastination is a big problem that many people struggle with, whether its putting off an essay or not getting a presentation done for work. Often, this can stem from not having your life together and can turn into a vicious cycle, causing life to become chaotic. Even though these two topics dont seem to be linked, they are in fact closely related, but most people dont realize it. Don’t waste time! Our writers will create an original "A Struggle With Procrastination" essay for you Create order I have struggled with both issues and have strived to get better at both over the years. Although procrastination and getting your life together seem like something people cant control, there is a science behind overcoming procrastination, as well as simple strategies to help get life back on track. SUBTOPIC #1 First what are those two ideas, Procrastination most psychologist see as a sign that, our brains are attempting to take the least painful rout possible. This is a coping mechanism that our brains have, although in the case of procrastination it has gone haywire give in to feel good, says Timothy Pychyl, a professor who studies procrastination at Carleton University, in Ottawa (Swanson). To avoid the pain (unpleasant task or fear of dread) our brains often choose to do a more pleasant tasks such as play video games, scroll through Pinterest or do something we enjoy. This tactic makes us feel good for a time but in the long run comes back to bite in the end. To put this in the terms of Urban he statist Procrastinators all have an Instant gratification monkey in their heads, in the beginning to monkey seems fun but, can get into a load of trouble. Making suggestions of what would be fun, but not beneficial in the long run. As this goes on the panic monster comes out spurring the procras tinator into action(Swanson) I have found myself choosing to putt of anything that I think will is remotely difficult in favor of following the monkeys suggestion, doing something that I enjoy, usually since in still in school that choosing to watch TV, play music, or any number of things to avoid the pain of homework or chores. After the reality of the impending deadline sets in, procrastination turns in to gilt or sham. But these feelings dont stop procrastination they are just another reason to put off the task even longer. With this continuing on and on in a self-deprecating cycle. Our brains search for instant gratification, like a monkey and that usually means putting off a task to do something that makes us happy not focusing on the long-term results. Although there are different kinds of procrastinators, there are the people who use their time to look up GIF.rs on the internet ,and the ones who clean their house. There is a graphic that shows exactly this in The Seven Habits of Highly Effective People. Itrs named after Dwight D. Eisenhower, the famously productive president. Eisenhower thought that people should spend their time on what was truly important to them † the tasks in Quadrants 1 and 2 (Swanson). This illustrates the different types of tasks, Urgent, Not urgent, important and unimportant and how they correspond. If these quadrants are flowed correctly they can be helpful to get stuff done and not put if off. But unfortunately, most people who procrastinate dont follow this, instead, they tend to doing things that may be urgent, but are not important. Occasionally, when the panic monster takes over, they take a very brief detour to Quadrant 1 (Swanson) Our brains are constantly searching for instant gratification, preventing us from focusing on whats important in the long run, even though the task might seem harder at the time the lasting effects self-satisfaction that is called by psychologists eudaimonic pleasurer(Swanson). I have found myself seeking instant gratification and doing thigs that my brain deems as urgent in the moment but not at all important. Such as telling myself that it is hilly urgent need to finish the last few episodes of my show because I must find out the ending. But by doing that Im putting off studying for the test thatrs worth 60% of my grad. I would rather have that small moment of satisfaction and just put off the freak out until later. This is a clear procrastination, but in the moment seems like a good idea. SUBTOPIC#2 The topics of procrastination and getting your life together might seem disconnected but there not. Getting your life together and procrastination are intertwined together. The problem with getting your life together is that most everything in life that has some value takes effort and some discomfort. were deeply wired to avoid pain, which the body reads as mortally dangerous, and to move toward pleasure, the more immediate the better (Schwartz) This is the same as procrastination, avoiding pain is one of the things that our brains do well, even though itrs not the most helpful at times. Avoid pain at almost all costs and to move towards what our brains deem as more pleasant tasks. We are exposed to so many temptations, the world is literally at our fingertips Itrs forever beckoning us, like the Sirens singing to Odysseus, who lashed himself to the mast of his ship to resist their call. The sirens sing to us, too: Have the dessert. Skip the workout. Put off the hard work. Surf the we b. Checking email. Indulge whims. Settle for the easy way out (Schwartz) People tend to procrastinate hard work, instead focusing on the easy way out with as little work as possible. Over the years I have found myself doing this more and more. As I have gotten more work over the years I tend to take the easy way out more times than not. One example for me would be, in 9th grade I had a 5-page essay proving the existence of God. But I chose to put it off until the very last possible moment. The least to say it was not my finest work and I ended up getting a poor grade on the assignment. This is just to show that choosing the easy way out may work but it will not get the results that are desired. To be able to put your life bake together people must see the similarities between the tow, in both situations people tend to take the easy way out seeking instant gratification and not wanting to put in the work to have the long-lasting effects. To have productivity one must have their life together; Make more behaviors automatic, remove yourself from harmrs way, whatever you feel compelled to do, dont and so on. SUBTOPIC #3 This might seem like a lot and a bit overwhelming, trying to tackle two problems that seem so big. But there are some useful tips that can help to start. Tim Urban points out that the typical advice for procrastinators † essentially, to stop what theyre doing and get down to work, is ridiculous, because procrastination isnt something that extreme procrastinators feel as though they can control (Swenson). Even, though this seems like the most obvious plan of action its not that easy to stop habits just like that. But there are some simple tips that researchers have proven can help procrastinators get to work. Things that can reduce procrastination as well as get your life together in the process are; Do the most important thing first in the morning, Eat energy rich foods in small doses at frequent intervals, Do one thing at a time, Work in sprints, Whatever you feel compelled to do, dont, Take yourself out of harmrs way, Make more of your behaviors automatic (Schwartz) these are just a few things that can help remind throughout the day to reduce procrastination and help get your life together. One of the best things that procrastinators can do to help, is to start forgiving themselves for procrastinating. A study by Pychyl states, students who reported forgiving themselves for procrastinating on studying for a first exam ended up procrastinating less for a second exam. This works so well since procrastination is directly linked to the negative feelings gained while procrastinating. By forgiving people reducing the overall negative feelings, which is what cases procrastination in the first place, stopping the cycle from repeating again. Also, recognizing that most people will not feel like doing that task at all, instead, of waiting for a time to do the unpleasant task. Dont focus on feelings towards that task but think about the next action. Pychyl says He counsels people to break down their tasks into very small steps that can actually be accomplished (Swenson). Dont focus on the big task at hand and instead, on a small portion of it and work from there. This can also go back to getting your life together, focusing on small portion of life can make everything look a lot easier to handle. Rather than taking one look at all the problems compiled together and just putting it off, procrastinating once again. A Master Plan for Taking Back Control of Your Life states that, 98% of us, need at least 7 hours of sleep a night ( Schwartz). The lass sleep we get the more likely we return to instant-gratification, which in turn causes procrastination. Other than going to bead at a decent time, also people need to wind down 30 minutes before going to bed, this will help reduce procrastination and be more focused through the day. Often, when I get less than 7 hours of sleep I find myself returning to self-gratification, since getting less sleep cause self-control to be thrown out the window. But after staying on a strict schedule for a moth trying to get the right amount of sleep I found that I was more productive, focused and could say no to distractions. CONCLUSION Procrastinators as well as people who struggle with getting their lives together., need to understand that these two things can affect everyone and anyone. Although it should be easier to understand now that the science behind procrastination is understood. There will always be those tasks and situations that people will try to avoid doing until the last possible moment. But just keep in mind, whatever you feel compelled to do dont Mark Twain said, If your job is to eat a frog, eat it first thing in the morning, and if your job is to eat two frogs, eat the big one first, (Swanson) which states that there will always be a task that is unpleasant but, instead of procrastination, do the it first and then do everything else. Always do the urgent and important tasks first rather than the urgent but, not important tasks. learning that people will not feel good all the time but, just must get on with their lives, and hopefully making strides to change their habits.

U.s. Government Legislation And Policy Environment Essay

Overview This case study provides a brief overview of the U.S. government legislation and policy environment as well as impacts on an organization. The essential legal policies for instituting an information security policy for any organization, regardless of tax status, such as commercial, non-profit entity or a federal agency and how those policies, both governmental and organizational, can impact an organization’s ability to ensure the integral information security triad of confidentiality, integrity and availability. Current Legal and Policy Environment A sound information security policy begins with an understanding of what is the current climate, which can consist of policies, regulations, and laws. It is imperative to understand what legislation your line of business must comply with as well any applicable governance requirements. Beginning with defining what is a policy, a guideline and a standard: a policy provides specific requirements or rules to abide by, which can be either at the governmental level, meaning a statute and/or organization-specific directive; also known as administrative law. According to the SANS Institute (n/d), a leading cooperative research and education organization, a standard can be an amalgam of requirements that is applicable to the user body; and a guideline can be considered akin to a recommendation for a best practice (SANS Institute, n/d). Current government policies can be issued by federal, state, local and/or tribalShow MoreRelatedCuba And Its Effects On The World1328 Words   |  6 Pages environmental objectives a priority. 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The buyers decide whoRead MoreFirst Along The River - Short Answer Take Home Exam1243 Words   |  5 PagesMathew Elazegui Klein History 3-C March 2015 First Along The River - Short Answer Take Home Exam 1. A good example that support the theory that â€Å"Western Society assumes that humanity and nature are disconnected and that the environment is subordinate to human needs.† are first, Puritans belief that they had the God given right to subdue both nature and any Native Americans they saw, which was all for the glory of expanding the Christian society. A second example is the key beliefs of d’Holbach’s

Graffiti Art Free Essays

Brandon Salcido Art Graffiti is defined as the act of inscribing or drawing on walls for the purpose of communicating a message to the general public. The term comes from the Greek term â€Å"Graphein,† which means ‘to write. ‘ It has been around since men first started drawing pictures in caves. We will write a custom essay sample on Graffiti Art or any similar topic only for you Order Now The question as to whether any forms of graffiti can be considered art is controversial. Is it vandalism when it is placed on the side of a building or car and art when it is on a canvas on someone’s wall or in a gallery; what’s the difference? Graffiti can be considered art because it contains artistic elements. It communicates the artist’s expression to the viewer, and the traditional art community has already accepted it. Since the root of the word â€Å"graffiti† is â€Å"to write,† then it can be interpreted as a human need for communication. Motives for producing this art vary immensely from artist to artist. Graffiti artists who are drawn to the art form for individual expression are much more creative with their work. They turn to it because they believe that the hip-hop style is the closest representation of who they are as a person. This type of artist usually works to master intricate designs of graffiti that say more than just their street names, but offer very appealing aesthetics. Without a better understanding of why artists turn to graffiti, it is not surprising that the average person’s image of this type of artist is far from accurate. A majority of people tend to associate graffiti with vandalism. They think most of these artists are hoodlums or gang-bangers with nothing better to do with their time, when statistics now show that more than one-half of graffiti artists come from white middle- and upper-class homes in the suburban areas. Vandalism and graffiti derive from very different motives and environments. I believe there is a fine line between the two. How to cite Graffiti Art, Papers

Strategic Marketing Issues for Virgin

Introduction Adored, respected, and coveted by customers and global organisations alike, Richard Branson’s Virgin brand symbolises one of the most captivating phenomena of the business environment in contemporary times.Advertising We will write a custom case study sample on Strategic Marketing Issues for Virgin specifically for you for only $16.05 $11/page Learn More From its humble beginnings in the 1970s, Virgin has gone against all odds in the competitive business environment to create over 200 companies worldwide with interests in diverse products and services, including but not limited to planes, trains, finance, beverages, music, mobile phones, online gaming, cars, wine, publishing, resort clubs, and even bridal wear (Kotler Keller 650). The present report uses a case study approach to analyse Virgin’s strengths, weaknesses, opportunities and threats, establish its uniqueness in being a socially responsible and sustainable company, e xamine the pros and cons of its â€Å"green† message, as well as discuss important issues related to the company’s holistic marketing strategy. SWOT Analysis Strengths Strong brand name – the Virgin name is the third most respected brand in Britain, not mentioning that the brand is well recognised in international business environments (Kotler Keller 650) and has become a household name (Kets de Vries 9). Stable and growing capital base – available literature demonstrates that the over 200 companies under the Virgin brand name had a combined revenue of over â‚ ¬11.5 billion (about $16.2 billion) in 2009 (Kotler Keller 650), with projections demonstrating that the revenue base has continued to grow over the years. Diversified portfolio – trendy and highly visible products and services spanning across diverse business interests, leading to substantial economies of scale (Kets de Vries 9). Flamboyant Branson personality – The CEO of Virgi n is â€Å"a genius at promoting his company through his daring personal exploits† (Kets de Vries 9). Worldwide business operations Operational excellence and minimal integration, implying that companies under the Virgin flagship are more flexible and hence more competitive when compared to others. Technical capability and infrastructure Elaborate marketing expertise using strategic publicity stunts (Kotler Keller 650). Weaknesses Possibility for brand dilution – It is generally felt that the Virgin Group is currently covering too many businesses in diverse areas of the economy, hence the possibility for brand dilution (Kotler Keller 650). Too loose supervision practices and informal management structure due to Branson’s â€Å"friendly, egalitarian, non-hierarchical, family-like atmosphere in all of his companies† (Kets de Vries 9). Consumer confusion about identifying with the Virgin brand name due to the introduction of too many companies. Image cha llenges for the company due to its immense expansion and a mixture of diverse businesses in distinctively dissimilar market sectors. Weak financial structure and dependency on the Branson personality Opportunities Expansion opportunities particularly â€Å"in markets with underserved, overcharged customers and complacent competition† (Kotler Keller 650). New market entry in overseas markets particularly in the developing and emerging markets due to the advantage of strong brand recognition. Threats Intense competition The virgin group is not a leading brand or a market leader in any of its businesses; the brand may have international acclamation, but some of the group’s products and services are not internationally recognised (Kets de Vries 10). The Virgin Group has been criticised for not introducing new innovations, but rather creating a product similar to an already existing product and selling it at a hugely discounted price, implying that the group has merely followed its competitors rather than acting as a trailblazer (Kets de Vries 11). Issues of Social Responsibility and Sustainability Today, more than ever before, corporate social responsibility and sustainability have become a mantra for corporate success as firms the world over grapple with the short-term and long-term effects of their marketing strategies (Karna, Hansen, Juslin 848-849). Indeed, according to available marketing scholarship, â€Å"effective internal marketing must be matched by a strong sense of ethics, values and social responsibility† (Kotler Keller 629). These authors argue that social responsibility demonstrates a firm’s resolve to abide by a code of serving people’s interests before their own, becoming more environmentally friendly and practicing other higher-order corporate social responsibility activities, including rising customer expectations, growing employee objectives and ambitions, tighter government legislation and pressure, i nvestor attention on the social criteria, enhanced media scrutiny, as well as shifting business procurement practices. Elsewhere, it has been reported that there is no alternative to sustainable development within organisational settings as the component has increasingly gained currency in aligning firms to engage in activities that meet the needs of the present without unduly compromising the capacity of future generations to meet their own needs (Johan, Joffre Simon 212-213).Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More From the case study, it is clear that the Virgin Group is unique in its quest to become a socially responsible and sustainable company, in large part because of the strategies it employs toward becoming socially responsible and sustainable. For example, instead of dealing with shallow corporate social responsibility activities such as sponsoring community football tournaments, the company has created a not-for-profit foundation called Virgin Unite, which is charged with the broad responsibility of addressing global, social, and environmental challenges using an entrepreneurial approach (Kotler Keller 650). In such a setup, a group of scientists, entrepreneurs, innovators, and environmental supporters consult openly with the Virgin Group about what it needs to undertake on a grassroots and global level with the view to aligning the businesses and the social sector together and providing an avenue for business to act as a force for good. The Virgin Unite concept demonstrates that business has duties to society and that corporations should be judged not just on their economic success, but also on their non-economic criteria (Lantos 596). Branson not only cares about Virgin’s customers and the impacts his vast business interests have on people and the planet but also prioritises corporate responsibility and sustainable development as cri tical in assisting his network of companies to act in a socially responsible manner and minimise their carbon footprint (Kotler Keller 650). This line of thought is supported by existing literature which suggests that, in their quest to become both socially responsible and sustainable, companies must demonstrate economic responsibilities (e.g., satisfy customers with goods and services of real value, earn a fair return on investor funds, create new wealth, create new jobs, promote innovation), legal responsibilities (e.g., comply with the law and play by the rules of the game), and ethical responsibilities (e.g., respect people’s moral rights, avoid harm or social injury, and do what is right, just and fair) (Lantos 596-597). Additionally, the Virgin Group has categorised its core businesses into eight socially responsible and sustainable groups, with each of the groups expected to do remarkably good things in its industry as well assist in the alleviation of bad things rela ted to the category (Kotler Keller 650).Advertising We will write a custom case study sample on Strategic Marketing Issues for Virgin specifically for you for only $16.05 $11/page Learn More It is reported by these authors that the Virgin Wines category, for example, endeavours to make purchases only from small farms and promotes responsible drinking, while the Virgin Games category encourages responsible gambling and assists in the identification and alleviation of gambling addiction. According to existing literature, the incorporation of corporate social responsibility and sustainable development to the marketing strategies of firms make the two concepts to become a source of competitive advantage and a key determinant in the adoption by firms of critical management practices, including environmental management, quality management, sustainable logistics, the loyalty effect, reputation, corporate ethics, and talent management (Bouglet, Joffre, Simon 213). Lastly, Virgin is unique in its quest to be a socially responsible and sustainable company in terms of implementing the components in each of the companies under the Virgin flagship with the view to enabling people enjoy healthy and fulfilling lifestyles whilst substantially reducing the negative impacts that the Virgin-branded companies may have on the world (Kotler Keller 650). Upon the realisation that â€Å"consumers have a higher expectation of brands and want to know what they are doing for the world† (Kotler Keller 629), Virgin has done much to meet its social responsibility and sustainability obligations, hence the company can be referred to as a Firm of Endearment that actually spends less on marketing as a percentage of sales yet proceed to earn immense profits because customers who are deeply satisfied with the company’s social responsibility and sustainability practices do most of the marketing (Kotler Keller 630). Pros and Cons of Virgin’s â€Å"Green† Message After the realisation that Virgin Aviation represents 7 million of the 8 million tonnes of CO2 the Virgin Group emits into the environment each year, Richard Branson â€Å"announced that all dividends from Virgin’s rail and airline businesses will be invested into renewable energy initiatives to tackle emissions related to global warming† (Kotler Keller 651). The effort, according to these authors, â€Å"has evolved into the Virgin Green Fund, which invests in renewable energy opportunities from solar energy to water purification and is estimated to reach $3 billion in value by 2016† (Kotler Keller 651). Additionally, the Virgin group propagates the â€Å"green† message by not only establishing the Earth Challenge to award $25 million to any individual or group who develops a safe, long-term, commercially viable avenue to remove greenhouse gases from the atmosphere, but also ensuring that the airline’s brand new fleet is one of the most fuel and carbon efficient fleets being operated worldwide.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More One of the underlying advantages of these â€Å"green† initiatives concerns the fact that Virgin will continue to attract more customers and enhance their satisfaction levels, which in turn will facilitate the productivity and performance of the company. Available literature demonstrates that contemporary consumers have become increasingly environmentally conscious and most of them like to be associated with socially responsible and sustainable companies (Karna et al. 850). Another advantage of the perceived Virgin’s green message concerns the fact that the company will increasingly use fewer resources to market its products and services as much of the marketing is undertaken by its loyal customers. Here, it is important to define green marketing as â€Å"the process of planning, implementing, and controlling the development, pricing, promotion, and distribution of products in a manner that satisfies the following three criteria: customer needs are met, organisationa l goals are attained, the process is compatible with ecosystems† (Baverstam Larsson 1). Consequently, it is safe to argue that customers are more likely to become loyal and satisfied, hence market the products and services provided by Virgin through positive word of mouth and other channels when their needs are successfully met using a methodology or process that is compatible with ecosystems. Another advantage of Virgin’s â€Å"green† message entails amassing a reputable orientation among consumers and other players in the industry. Evidence demonstrates that companies that use the earth’s resources and systems in a sustainable manner are always carried in high esteem than companies that do not (Baverstam Larsson 2), and that consumers are integrating their concern for the environment into their purchasing behaviour (Mendleson Polonsky 4), implying that a company’s reputation cultivated on the basis of practicing effective environmentally susta inable practices will go a long way in influencing consumers to purchase more from such a company. Indeed, the Virgin Group’s thrust to take into consideration sustainability in the business decisions though the various â€Å"green† initiatives highlighted in this report is both noble and remarkable and will go a long way in ensuring a high company’s reputation and standing in the society. Still, Virgin’s â€Å"green message particularly in the Virgin Earth Challenge initiative will go a long way in facilitating technological advancements that will, in turn, enhance sustainability and welfare of mankind. It is reported in the literature that â€Å"the Earth Challenge [will] award $25 million to any person or group who develops a safe, long-term, commercially viable way to remove greenhouse gases from the atmosphere† (Kotler Keller 651). Technological advancements and sustainability through green marketing and other green initiatives can allow com panies the opportunity to become competitive, not mentioning that they can facilitate firms to reposition existing products without product composition, modify existing products to be less environmentally harmful, as well as modify the entire corporate culture to ensure that environmental concerns are integrated into all operational aspects (Mendleson Polonsky 4). At the human welfare level, the facilitation of technological advancements through Virgin’s green initiatives is instrumental in not only ensuring effective deployment of available resources while ensuring the needs of future generations are taken into consideration, but also in guaranteeing a future whereby people will have the capacity to enjoy healthy and fulfilling lifestyles while considerably minimizing the negative impact of their activities in the world (Kotler Keller 651). Among the cons of Virgin’s â€Å"green† message, some quarters may generally feel that the green initiatives being imple mented by the company undermine the profit-seeking purpose of the firm, resulting in wastage of shareholders’ money. Additionally, critics may argue that Virgin may not have the capacity to implement important business initiatives in key areas such as research and development (RD) if the company continues to commit huge sums of money to its â€Å"green† initiatives (Kotler Keller 629). Another disadvantage of Virgin’s â€Å"green† message is predicated upon the fact that the company’s green or sustainability programs may be focussed on the short-term rather than on the long-term. Available literature demonstrates that many companies are unable to break even in their sustainability initiatives due to their focus on short-term goals and results informed by the need to make immediate profit, establish contractual relationships, or guard against high levels of competition (Karna et al. 850). Lastly, it can be argued that some of the Virgin Groupâ€⠄¢s â€Å"green† initiatives are neither inclusive nor aligned with the most critical needs of customers in line with a holistic marketing approach. For example, although Richard Branson’s Earth Challenge seems ambitious, action-oriented and collaborative in its promise to award $25 million to any individual or group who develops a safe, long-term, commercially viable way to remove greenhouse gases from the atmosphere (Kotler Keller 651), it nevertheless fails to align itself with the most critical needs and environmental concerns of contemporary customers, such as pollution by industries, substandard products and services, greening supply networks and ensuring sustainable use of resources, among others. In my opinion, the company is in line to progress its sustainability programs such as the Earth Challenge though it has such a negative environmental impact on the world (via air and rail) owing to the fact that it has taken substantial efforts to reduce its carbon fo otprint and also invested a lot of resources in coming up with alternatives to reduce the negative environmental impact arising from its activities. The company is not only consciously aware of its contributions to environmental degradation but has also attempted to come up with interventions to address the situation, implying that it does not view sustainability programs as an impediment to the profit-seeking behaviour as demonstrated by other companies. Virgin’s Holistic Marketing Strategy Available marketing scholarship demonstrates that â€Å"the Virgin Group’s core businesses include retail operations (a chain of megastores in Australia, Britain and Ireland, continental Europe, Hong Kong, Japan, North America, and South Korea), hotels, communications (video games, book publishing, radio and television production), and an airline† (Kets de Vries 9). Such a broad range of businesses requires a holistic marketing strategy which not only demand Virgin marketers to engage in a host of carefully planned, interconnected marketing practices aimed at substantially satisfying a broader set of constituents and objectives, but also to consider a wider range of effects of their actions (Kotler Keller 621). These authors are in agreement that, now more than ever before, marketing professionals must not only think holistically and employ creative win-win solutions to balanced conflicting demands but must also develop fully integrated marketing programs and meaningful relationships with a range of constituents. Conversely, Virgin marketing professionals must perform all the right things inside their organisation and put into consideration the wider ramifications of their actions and activities in the marketplace (Kotler Keller 623). It is reported in the literature that â€Å"marketing no longer has sole ownership of customer interactions; rather, it now must integrate all the customer-facing processes, so customers see a single face and hear a si ngle voice when they interact with the firm† (Kotler Keller 623). Such an integration of all customer-facing processes, in my view, will be beneficial for the Virgin Group as the company attempts to address the issue of brand dilution in its marketing strategy. Available management scholarship demonstrates that â€Å"company responsibilities are often divided into economic, social, and environmental categories similar to the categories proposed in the popular concept of sustainable development† (Karna et al. 849). Although the Virgin Group has well established social responsibility and sustainability programs across its various areas of operation, it needs to integrate these components into its holistic marketing strategy with the view to making unified business decisions related to ethical values, compliance with legal requirements, and respect for people, communities and the environment. Indeed, as acknowledged in the literature, â€Å"corporate social responsibilit y and sustainability have become a priority as organisations grapple with the short-term and long-term effects of their marketing† (Kotler Keller 621). It is evident from the many social responsibility programs and sustainability initiatives undertaken by Virgin that the company has embraced this new vision of corporate enlightenment; however, it needs to fully integrate the concepts in its holistic marketing strategy so that the components serve as the very core of what the company does. Such an orientation, in my view, will not only attract more customers and ensure that customers are always satisfied with the company’s product and service offerings, but will also transform the customers to become active marketers for the company due to its quest to work with employees, their families, the local community and society at large to enhance quality of life. Additionally, Virgin needs to allow its marketers to not only achieve a larger influence in the organisation, inces santly generate new innovations and endeavour for customer insight by treating customers diversely but appositely, but also to create their winning brands more through performance than promotion, and to go electronic and win through the creation of superior information and communication systems (Kotler Keller 643, 646). To accomplish these changes and become really holistic, according to these authors, it would be the function of Virgin’s senior management to train the company’s marketers on a new set of skills and competencies in customer relationship management (CRM), partner relationship management (PRM), database marketing and data mining, contact centre management and telemarketing, public relations marketing, brand-building and brand-asset management, experiential marketing, integrated marketing communications, as well as profitability analysis by segment, customer, and channel (Kotler Keller 646). Lastly, Virgin’s holistic marketing strategy also needs to be sufficiently market-focussed and customer-driven, not mentioning that Virgin marketers need to fully understand their target markets as well as define and monitor existing competitors. The company must develop effective strategies not only to manage relationships with stakeholders but also to find and exploit new business opportunities. Overall, for Virgin’s holistic marketing strategy to become a success, the company must be organised for effective and efficient marketing, not mentioning that it must make optimal use of technology to improve its processes (Kotler Keller 647). Conclusion This report has undertaken a SWOT analysis for the Virgin Group, established its uniqueness in being a socially responsible and sustainable company, examined the advantages and disadvantages of the company’s green message, as well as discussed underlying issues related to the company’s holistic marketing strategy. From the findings, it is clear that Virgin has a lot of st rengths and opportunities, but needs to develop strategies to deal with brand dilution and intense competition in the marketplace. Some of the reasons provided to justify Virgin’s uniqueness in its quest to be a socially responsible and sustainable company include demonstration of a strong sense of ethics, values and social responsibility, strategies employed toward becoming socially responsible and sustainable, care for people and planet, as well as categorization of core businesses. The report has also comprehensively discussed the benefits and drawbacks of Virgin’s â€Å"green† message as well as recommendations for Virgin’s holistic marketing strategy. These recommendations are critical in ensuring that Virgin remains competitive and honours its social responsibility and sustainability obligations in the increasingly turbulent times characterising today’s business environment. Works Cited Baverstam, Oscar and Maria Larsson 2009, Strategic Green Marketing: A Comparative Study of How Green Marketing affects Corporate Strategy within Business to Business. PDF file. Web. Bouglet, Johan, Olivier Joffre and Eric Simon. â€Å"How to Reconcile Business with Sustainable Development: An Innovative Approach.† Society and Business Review. 7.3 (2012): 212-222. Emerald. Web. Kets de Vries, Manfriend F.R. â€Å"Charisma in Action: The Transformational Abilities of Virgin’s Richard Branson and ABB’s Perey Barnevik.† Organisational Dynamics. 26.3 (2008): 7-21. Business Source Premier. Web. Karna, Jari, Eric Hansen and Heikki Juslin. â€Å"Social Responsibility in Environmental Marketing Planning.† European Journal of Marketing. 37.5/6 (2003): 848-871. Emerald. Web. Kotler, Philip and Kevin Keller. Marketing Management. 14th ed. 2012. Upper Saddle River, NJ: Prentice Hall. Print. Lantos, Geoffrey P. â€Å"The Boundaries of Strategic Corporate Social Responsibility.† Journal of Consumer Marketing. 1 8.7 (2001): 595-630. Emerald. Web. Mendleson, Nicola and Michael Jay Polonsky. â€Å"Using Strategic Alliances to Develop Credible Green Marketing.† Journal of Consumer Marketing. 25.2 (2005): 4-18. Emerald. Web. This case study on Strategic Marketing Issues for Virgin was written and submitted by user Teagan E. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Hiring Manager Essays

Hiring Manager Essays Hiring Manager Essay Hiring Manager Essay As a goal-oriented research professional with an A.M. degree in Regional Studies from Harvard University, I have developed a strong interest in the consulting industry and in particular am very impressed with Bain’s results-based business approach and corporate culture of apprenticeship for young professionals. Thus, I would like to apply for a position as Associate Consultant. I am certain that upon your review of my qualifications you will find that I will be a valuable asset to your company. With over seven years of academic and professional exposure, living in and conducting interdisciplinary academic work on China, India, the US, Russia and Central Asia, and currently holding responsibilities working in a multinational corporate environment in Hong Kong, I have accumulated extensive knowledge of language, culture, politics, economics and business practices across several countries and regions, developed excellent skills in critical thinking, quantitative and qualitative research, and effective multilingual communication, and obtained abilities to work efficiently with diverse individuals, create strong rapport with clients, and successfully manage multiple tasks in demanding environments. I am an initiative-driven team player with a multilateral focus fortified by a global perspective. Particulars of my qualifications are on the attached resume. Excellent references can be provided upon your request. I am available to discuss the details of my application with you through an interview.

All About Escape Literature

All About Escape Literature As the name suggests, so-called escape literature is written for entertainment, and to let the reader become totally immersed in a fantasy or alternate reality. Much of this kind of literature falls into the guilty pleasure category (think romance novels). But there is a wide variety of different literary genres that could be labeled as escapist: science fiction, westerns, magical realism, even historical fiction. Its worth noting that just because something can be categorized as escape literature doesnt necessarily mean it doesnt have higher literary value. Why Escape Literature Is Popular Its not difficult to understand why escape literature, in all its formats, is well-liked. Being able to immerse oneself in a fictional reality, where troubles and problems are easily recognized and solved, is a comfort provided by movies, books and other forms of entertainment. Truly good works of escape literature create a believable alternate universe, whose inhabitants struggle with dilemmas that the reader might encounter. Its a crafty way to explore moral and ethical themes within an entertaining framework. Examples of Escape Literature The most compelling escapist literature includes works that describe characters in an entirely new, fictional universe. J.R.R. Tolkiens  The Lord of the Rings trilogy is an example of a canonical literature series, complete with its own history and completely made-up languages, that follows elves, dwarves and humans through a mythical quest to save their world. In the series, Tolkien  explores the themes of right versus wrong and how small acts of bravery can be significant. He also pursued his fascination with linguistics by developing new languages such as Elvish for the majestic elves in the stories. Of course, there are plenty of examples of escape literature that are little more than pop culture entertainment. And thats fine too, just as long as students of the genre can differentiate between the two. When Escapism Is Just Entertainment The Twilight series by Stephenie Meyer, which grew into a massive movie franchise with a cult following is a good example of lowbrow escapist literature. Its themes of love and romance between a vampire and a human (who happens to be friends with a werewolf) is a thinly-veiled religious allegory, but not exactly a canonical work. Still, the appeal of Twilight  is undeniable: the series was a top seller in both its book and movie forms.  is undeniable: the series was a top seller in both its book and movie forms. Another popular fantasy series often compared with the Twilight books, is theHarry Potter series by J.K. Rowling (although the quality of the latter is generally considered superior). While some may argue that Harry Potter is an example of interpretive literature, which compels a deeper exploration of the real world through literary themes, its themes of magical workings in a school for wizards offers an escape from reality. Difference Between Escapist and Interpretive Literature Escape literature is frequently discussed alongside interpretive literature, and at times the line between the two genres becomes a little blurry. Interpretive literature seeks to help readers understand deeper questions of life, death, hate, love, sorrow and other elements of human existence. While interpretive literature can be equally as entertaining as its cousin escape, in general, the goal is to bring readers closer to understanding reality. Escape literature wants to take us away from reality, immersing us in a whole new world (but often with the same old problems).