The Censorship of Pornography - 1581 Words

Censorship of Pornography: Censorship is vital and takes place on a daily basis in the modern society even in nations that state their respect and maintenance of the freedom of speech. For instance, there are several regulations that restrict broadcasters in the kind of programmes to be transmitted as specific times of the day. The other ways with which censorship happens every day is through the laws that forbid people from expressing themselves publicly toward particular political or ethnic groups and those that restrict cinema-goers in the choice of film. In the past few years, censorship of pornography has emerged as key issue of public debate, especially whether such measures would be unjustified infringement of peoples basic freedom. Censorship of pornography is at the center of debate since its still uncertain on whether the government can legally ban citizens from viewing or publishing pornography. Understanding Pornography: Pornography is a term derived from Greek writing on prostitutes and is currently considered as any material such as words or pictures that is sexually explicit (West, 2004). Notably, this description includes different kinds of material in divergent contexts because of the different consideration of what sexually explicit material is from culture to culture. In some cases, pornography is described as sexually explicit material that is basically developed to produce sexual arousal in its viewers. Throughout history, pornography hasShow MoreRelated Censorship Essay - No Need to Censor Pornography1362 Words   |  6 PagesNeed to Censor Pornography      Ã‚  Ã‚   Pornography is often considered an ugly word and possibly an ugly act. The pictures and words of pornography can be vulgar and degrading to many of us, but is it the evil of all things? Is it, and it alone, responsible for sexism, rape, racism, battery, and child abuse? No! The media is loaded with many sexist, racist, violent material, and most of it is not considered pornography. The issue of violence and oppression is much deeper than pornography. Most peopleRead MoreCensorship of Internet Pornography is Unconstitutional Essay2385 Words   |  10 Pagesaccess to pornographic materials, one can pay a one-time fee of $9.95 to an Adult Check service (Levy 54). Also the Child Pornography Protection Act has been passed. It is to combat the use of computer technology that enables a pornographer to alter a picture of a child to make it seem as though the child engaged in an explicit sex act (Quittner 74). Rulings about child pornography have existed for years and will alway s enacted whether it is in the cyber universe or in magazine and movies. State lawsRead More Children and the Censorship of Internet Pornography Essay4060 Words   |  17 Pagesbackgrounds come together linked upon this network resembling a connection of one body in unity. Sadly, issues arise creating concern for users, focusing particularly on minors. Pornography is one of the inappropriate materials on the Internet for minors. This material is harmful to young impressionable minds. Pornography is tearing and disintegrating the foundations of our society can be described as follows, what was available to a small number of people willing to drive to the bad side of townRead MoreEssay about Internet Pornography Censorship vs Free Speech1671 Words   |  7 Pagesespecially when it comes to pornography, or cyberporn, as it is more commonly referred to when it is displayed on the Internet. Should cyberporn be censored? If so, who is responsible, parents or the government? Is Internet censorship the solution, or a violation of the first amendment? The citizens of a democracy must make these kinds of decisions while simultaneously maintaining freedom and responsibility on the Internet. BACKGROUND OF THE PROBLEM Pornography on the Internet and the easeRead MoreFeminism and Pornography: Differing Views1221 Words   |  5 PagesThe pornography debate has been an issue within the feminist movement that has been pushed to the periphery in recent times. It is not as widely seen on the main stage of the feminist agenda and this may be because of a division in feminist thought with regards to pornography. Generally speaking, there are â€Å"pro-sex† feminists who believe that women have the right to do what they wish with their bodies and there are â€Å"pro-censorship† feminists who believe pornography is inherently degrading and violentRead MoreEssay on Is Censorship Justified?1174 Words   |  5 PagesIs Censorship Justified? Ever wondered the reason behind racial discrimination, sexual discrimination, children committing crime or violence? The main reason is that censorship is not properly imposed or there is a need of censorship in the society. Censorship is the suppression of ideas and information that certain people, individual, groups or government officials find it objectionable, offensive or dangerous on others. There are varieties of other definitions but all have in common the conceptRead More Internet Censorship Essay802 Words   |  4 PagesInternet Censorship Internet Censorship. What does this mean to us? What is restricted? Censorship is summarily defined as the suppression of objectionable material. That means that material such as pornography, militant information, offensive language, anti-religion, and racism would be restricted in use. Freedom would not only be restricted to material placed on the web, but also what you could access, and where you could explore. Should the right of Freedom of Speech be taken away fromRead MoreInternet Censorship Essay994 Words   |  4 Pagesjust about everything is regulated in one fashion or another, many are calling for the censorship of Internet pornography. While some say it is a necessity when it comes to the industry, others argue it is downright unlawful. Internet pornography is a billion dollar industry that shows no signs of slowing down. Some argue that it may be high time to step in and slow it down for them in the form of censorship. A recent study concluded that there are around 4.2 million pornographic websites on theRead More Religion and Sexual Censorship in America Essay646 Words   |  3 Pagesâ€Å"Those of us who trust sexuality must not allow ourselves to be controlled by those who fear it (Marty Klein).† In America censorship has affected various mediums: print, art, television, and internet, as it pertain to sexuality. However the first amendment â€Å"protects† the right to free speak, and press. Congress has tried to pass bills to outlaw pornography, (but have failed) ban books for sexual content, and dictate what can be said on TV and radio. If the government is allowed to censor theseRead MoreEssay Censorship Is Wrong846 Words   |  4 Pages Censorship: an official authorised to examine printed matter, films, news, etc., before public release, and to suppress any parts on the grounds of obscenity, a threat to security, etc. (Dictionary, MS Encarta) Censorship is the removal of material from public viewing or the ability to withhold any material from being released. Using this definition, this issue of pornography seems to be in the grey area of the censorship debate. On the one side there are the people who want to protect their

Self-Fulfilling Prophecy The Choices MacBeth Made That...

A self-fulfilling prophecy is a statement that alters one’s actions and evokes a behavior from a person/character which makes the originally false statement come true (Wisegeek). For example, one might say, â€Å"Today is going to be a great day!† Which will alter a persons actions in a way that will actually make this prediction come true. William Shakespeare’s, The Tragedy of Macbeth, uses self-fulfilling prophecy in a subtle yet foreshadowing way to prepare and unfurl the thoughts and actions of his characters. This tragedy, written in the early 1600’s, was composed mainly to appeal new interests around London. It is a depiction of a noble, along with his wife, who brutally slaughters a King and his kinsman so that he may be the King†¦show more content†¦He realizes that if he want to start his own dynasty, then he will have to have control of all the variables. Then Macbeth began to think, â€Å"For Banquo’s issues have I filed my min d;/ For them the gracious Duncan I have murdered† (Shakespeare 85). He realizes that he has set himself up to fail. He is cleared a path to the crown for Banquo’s kin. Macbeth goes on to state, â€Å"He chid the sisters/ When first they put the name of king upon me† (Shakespeare 85). This give the readers the thought that Banquo is jealous of the king. Macbeth, not wanting to risk his crown, calls for some outside murderers. As I stated earlier, Macbeth knew he must get rid of Banquo and his sons. He succeeds in having Banquo killed, but Banquo’s son, Fleance (the one person Macbeth needed to kill), escapes. Going in a change of direction, here are some points of self-fulfilling prophecy with Lady Macbeth. After killing Duncan Lord Macbeth was guilt ridden, he was stricken with regret. Lady Macbeth told him just to forget it ever happened, â€Å"Using those thoughts which should have died/ With them they think on? Things without all remedy/ Should be with out regard. What’s done is done† (Shakespeare 93). She also said to him, â€Å"You face, my thane, is as a book where men/ May read strange matters, To beguile the time/ Look like the time. Bear welcome in your eye,/ Your hand, your tongue. Look like th’ innocent/ flower,† (ShakespeareShow MoreRelatedThe Tragedy Of Macbeth By William Shakespeare1205 Words   |  5 PagesThe play of Macbeth is a tragedy which led to his demise. Macbeth was an honorable solider whose life became one of a traitor and a coward. The conflict of light and darkness within Macbeth began after he receives a prophecy from three witches that one day he will become King. This prediction without a doubt consumes him with ambition and greed. In order to fulfill the three witches prophecy Macbeth is led down his treacherous path by his wife, Lady Macbeth who urges him to murder King Duncan and

Challenges of Inflation Targeting Market †MyAssignmenthelp.com

Question: Discuss about the Challenges of Inflation Targeting Market. Answer: Introduction Ceccheti and Schoenholtz (2015) defines inflation as a phenomenon where general price level in the economy increase overtime. The rate of inflation is the rate of continuous increases in general price level affecting household, firms and government. Obtaining a stable price level is a central objective of central bank in order to achieve a stable economic growth. It is a continuous process where price level goes on increasing at a continuous phase. Inflation does not refer to the event of sudden price rise at any specific point of time. Inflation in the economy is computed by considering price movement of a certain basket of goods and services in the given year. A price index is then constructed using the prices of the taken based and compared with price index of the base year. The inflation rate is finally calculated as a percentage change in the relevant price indices (UNISA 2017). The selected basket of goods and services differs depending on the categories of goods ad assigned weight on the goods in the basket. A number of price indices are available to compute the increases in price of the basket. Some common price indices used for the present paper are given as follows Consumer Price Index (CPI): The consumer price index intend to measure the cost of living in two different periods to maintain a balanced standard of living. The measured inflation rate using CPI is called headline inflation. Here, the goods and services used by the households are valued to measure the average price level of the household. The inflation targeting policy of central bank uses the measured inflation to stabilize price. Producer Price Index (PPI): Producer Price Index is used to trace the change in wholesale prices that is prices charged by the suppliers of the manufactured goods. As noted by UNISA 2017, PPI focuses on the prices of intermediate goods. The intermediate goods refer to the goods that are exchanged between firms. The basket includes mostly consumer goods that the retailers pay to the manufacturer. The index therefore measures the production cost. The inflation rate computed from consumer price index is compared with the core inflation rate. Core inflation is a more sustainable measure to trace the price level movement. There are several methods of computing core inflation in the economy. The ne used by the Reserve Bank of South Africa is the method of exclusion. In this method some of the goods are removed from the selected basket of good. These goods are energy, petrol and food. For these goods price level remains generally unstable and transitory (UNISA 2017). The paper discusses nature of inflation and inflation targeting in South Africa. After giving major definition related of inflation the paper analyzes the nature of inflation in describing conflict of income distribution. This then shows the importance of inflation targeting in framing monetary policy of the central bank. The issues are analyzed in context of South Africa and find the significance of exchange rate in inflation rate determination in South Africa. In this context the role of money in the inflation process, the significant role played by different sector of the economy to control inflation and major challenges that the emerging markets face in the phase of inflation targeting policy are evaluated. The nature of inflation as an indicator of conflict over income distribution The discussion of inflation needs a starting point. The inflation in an economy arises with increases in the set of goods or in a single good. Price in the market is a medium of exchange between the buyers and sellers. The price is the amount of money that needs to be exchanged at times of transaction of goods and services.The inflation therefore implies the situation where the suppliers raises price to raise their income and buyers still willing to make their purchase even ta a high price. The increase in the price level means suppliers are able to increases their income through a high price at the cost of the buyers. The trend of inflation starts with a price hike in a single good and then gradually transforms to other goods creating inflationary pressure. The inflation in the economy is explained either supply side factors or demand factors. The cost-push inflation arises because of an increase in the production cost. The producers raise their price to recover the increased cost. Suppliers often raise the price in order to increase their profit margin. This is called profit push inflation. Increase in the demand for a good creates upward pressure on price and the resulted inflation is called demand-pull inflation. The suppliers compensates the loss incurred in times of purchasing any good that they desire to purchase by raising the price of the goods supplied by themselves. The incidence of inflation affects all the economic agents in different ways, no matter whether they are participating in trade or not. This can be explained with a simple example. Workers demand for an increase in their remuneration because of inflation. This raises the wage cost to the firm, which then raises the price to make higher payment to its employee. If price raises and buyers continue to purchase goods without raising the price of their own supplied goods including labor then the motion of inflation stopped. There remains inflationary motion that can be put into force. In this situation, the overall price level stops moving and stays unchanged. In the other instance, where the goods that demander purchase experiences a hike and they compensate their loss from purchasing by raising the price of the goods that they supplied then the inflation spiral is in motion. Then, there is an indication towards conflict over income distribution. The next aspect to be discussed is identification of factors that makes an economy prone to inflationary pressure. Three factors play key role here. These are described as follows A sustained increase in the price of goods or services regarded as essential input of in the production process or importance for maintaining living standard. In this situation, demanders may decide to absorb the small increase in price without pass on the burden in terms of raising price or wages. In order to avoid inflation, essential items such as fuels, staple food, exchange rate and wages should have stability in price. In order to have cost-push inflation, major sectors such as firms, government and labor should be large so that they can able to protect their real income in the phase of increasing production cost by raising prices. In this case, inflation is realized because of lack of competition in goods and labor market. In this situation, business possesses enough bargaining power without concerning for losing sales volume. The labor union enjoys the bargaining power and can increase the wage without affecting level of employment and output. In case of government, it has the potential to raise taxes without fearing for any tax revolt. This is the situation where the major sectors in the economy instead of absorbing lower profit, lower tax income and lower real wage, pass on the burden to other by hiking price. This creates inflationary pressure, which perpetuates to price level of major commodities and prevents prices to come down. This is true for firms that are major exporters. In situation w here these firms are price takers in the international market and can give in high wage demand have incentives to prevent these demands (UNISA 2017). In situation where there are highly elastic money supply, then forces of demand-pull inflation easily transmitted to an increase in demand for credit and inflationary pressure is accumulated via credit demand. In a less elastic or rigid structure of money supply firms usually do not raise price to pass their cost burden on demander because of the fear of losing market share. If firms raise price, then buyers find it difficult to finance their spending because of increasing cost. A tight monetary policy aims at reducing inflation by creation of money through raising interest rate. The idea is when there is less money and falling demand for goods then firms are left with no other option but to absorb the increasing cost and prevents the wage demand. The role of money in the process of inflation Inflation reflects the changing value of money. Price of goods purchased today is several times higher than that in years ago. Irrespective of kinds of goods necessary or luxury, prices are higher today than they were before. There is a positive correlation between rate of growth in the money supply and inflation rate. Inflation is defined as the continuous rise in the general price level and hence is associated with the growth money supply. There are instances of countries where inflation moves in lines with money supply. Countries such as Ukraine, Turkey and Zambia during 2000 to 2010 have experienced high inflation and high money supply. The developed countries such as United States of America, Sweden are countries that experience low inflation along with low supply of money. This validates the assertion made by Milton Friedman that inflation is a monetary phenomenon. UNISA (2017) supports the claim made by the Friedman. It indicates the fact that a persistent increase in general price level requires an increase in total supply of money to keep the transaction volume not to shrink. It suggests inflation is a demand-pull phenomenon and accelerates with a rise in money stock. The supply side factors can also play a potential role in influencing inflation and sustain inflationary impulses (UNISA 2017). The quantity theory of money is not applicable in the short run as that in the long run as it assumes complete flexibility of prices and wages. It indicates a change in the price level because of a change in quantity of money (Mishkin 2013). In order to continue purchase at a higher price buyers need some additional financing capacity. The financing capacity can be increased only through monetary injection that increasing supply of money by the central bank or preventing monetary leakages such as selling of financial assets, dishoarding and others. Owing to financial limit with dishoarding increasing money remains only feasible option to boost purchasing power. This implies increase in money supply is the only way to promotes inflation in the economy. During inflation central bank faces the problem of bank debt because more money is required to support the aggregate demand gives boost to the price level. If credit supply does not increases with inflation then people reduces their demand which hurts the volume of sales and slows economic growth. The declining growth rate reduces output and employment and restricts further growth. The unchanged money supply in times of inflation means financial loss as same amount of goods and services are exchanged and maintained at a higher cost. This explains the rationale for allowing increasing money supply to support minimal inflation. However, the money supply is increased within limit. The reason for accepting all sectors in the society that real income cannot grow in excess of productivity gains to come down inflation Inflation has monetary implication in the form that those in the demand side charges a high price in times of behaving as producer to finance their additional cost of purchasing. Banks are the main source of credit expansion in terms of providing additional money supply. Therefore, supply of money needs to be increased to support inflation. There are some major sectors in the economy that has contribution to creation of more money in the economy. These sectors are the following Firms and household that involve in mortgaging to take loans from banks in order to make property purchase. Government, in times of financing deficit through selling bonds and treasury bills to the central bank. Household and small firms running with debt in form of bank overdraft and debt to credit card. Central and commercial banks through purchasing debt paper from non bank financial institution and public. The importance of exchange rate in determination of inflation in South Africa The central bank though can directly control money supply in the economy however cannot directly control the rate of inflation. However, there are other channels through which central bank can influence the inflation rate. One such channel is exchange rate. In South Africa, exchange rate alone is the most significant determinant of inflation rate. The reasons for importance of exchange rate in determining the inflation rate are the following The first reason is that a considerable portion of consumer goods in South Africa are imported from abroad. Secondly, a significant portion of domestic production coast comprise of imported raw material inputs such as machines, skilled labor, tools, fuels and other essential components. Therefore, price of domestic currency relative to its trading partners play is a vital component of the economy. Depreciation of currency makes import costlier. Because of heavy reliance on import for both consumer and producer goods depreciation of currency that raises price of imported manufactured goods and input6s raises cost of production in the nation. The rising production cost shifted to the households in forms of raising prices pointing to cost push inflation. For a small open economy like South Africa the sudden inflow or outflow of capital affects the balance of payment account by influencing the capital account and this affects the exchange rate. For example, fluctuation in inflation rate during recession in 2008-2009, in the middle of 2014 and important political decision in 2015 where Finance ministry considers various changes largely contributed to a decline in the value of rand. In this way, exchange rate plays a vital role in deciding the future price level. In order to reduce inflation a structural solution is required. To achieve this following requirement need to be met. Stability is required in the cost of major inputs such as wage and prices of oil. In addition prices of those goods necessary for leading a standard living such as bread, maize and clothes needs to be stable. Competition should be encouraged both in the goods and factor market. The money supply should be less elastic. As per UNISA (2017d, p.60), the central monetary authority has some counter inflationary measures to counter inflation. The inflation in the economy can only be reduced when major sectors such as labor, business and government accepts the reduction in the real income in forms of lower wage, profit and increase in payable tax in times as compared to that in times of inflation. Implication of inflation targeting in the framework of monetary policy and its application in South Africa Under the inflation targeting program of monetary policy framework, the central bank first sets a target inflation rate and then uses tools of monetary policies to achieve this target. The inflation targeting framework gives transparency to the central banks monetary framework (SARB Inflation Targeting Framework, 2017). Several countries adapt the inflation targeting policy with a varying level of targeted inflation. Some countries chose a range of inflation targets while others decide to stick on a particular targeted point of inflation. Some countries sort to the policy of setting inflation target in between an extreme point and a targeted range. Setting inflation target to a particular point has the flexibility of target setting. The inflation target within a range helps the nation to absorb shocks that the central authority cannot control. In 2000, South Africa made formal introduction to the policy of inflation targeting though the framework was already present informally. The announcement had made in August 1999. The policy was succeeded by a set of other policies such as discretionary monetary policy, targeting exchange rate, aggregate monetary target (SARB Inflation Targeting Framework, 2017). The inflation targeting policy decreases political duty. With set inflation target the pressure on the central bank is reduced as it no longer needs to take inflationary policy in the long run . this in turn reduces the likelihood of employment expansion in the short run. It helps general public to understand the inflation targeting and thereby reduces the uncertainty in times of discretionary monetary policy and helps to cope with interest rate, inflation. The SARB Monetary policy Committee informs public about the interest rate and corresponding inflation rate. It helps to regulate the monetary policy and thus increases accountability of the central bank. The transparent inflation target clears the objective of central bank to be met. Once the actual rate deviates from the targeted rate central bank needs to investigate the reason behind the deviation. In line with the advantages, followings are the main disadvantages of the policy It takes some times for the monetary policy to effectively achieve the inflation target. This time lag results in delayed signaling about the price level with revelation of set inflation target to the public considerable time lag. Then pre set inflation target is suspected to make the monetary policy rigid where the monetary authority is unable to deal with unforeseen circumstances. Too much focus on inflation when the prevailing inflation rate is beyond the target results in a restrictive monetary policy leading to high fluctuation in prices. A high inflation causes low growth of economies and employment- a situation similar to current economic scenario of South Africa. The Inflation Targeting Framework of SARB in 2017, states that monetary policy is unable to influence growth and employment creation in the long term. It can only provide a stable financial environment. This helps top fulfill the necessary pre condition of economic development. Importance of expected inflation in determining inflation rate and the role of inflation expectation in inflation targeting As mentioned by UNISA (2017) the inflation expectation plays a vital role in determining anti inflationary policy. In this regard, adaption of inflation targeting policy by the government of South Africa constitutes a clear example. At first, an announcement is made in public about the numerical inflation figure or targeted inflation rate. An institutional commitment is made stating inflation as the primary long term monetary policy goal and promise to achieve the announced inflation target. An approach including detail information about important macro variables to taker monetary policy decision is taken. There are increased means of communication to bring transparency in the monetary policy. The accountability of the central bank increases to achieve the objective of inflation. The central bank aims that public makes inflation adjustment in line with downward inflation pressure. It believes that the inflation expectation that is made today is the main driving factor for inflation rate in future. The households in the economy adjusts the inflation expectation wit their income demand. These adjustments tend to fulfill future inflation target (UNISA 2017 d, p.64). Inflation expectation thus turns out as self-fulfilling and at the same time threatens the long term policy goals of the economy. Therefore, in other countries the central bank adapts tight monetary policy using the instrument of increased interest rate without considering the adverse effect on state of economic growth. The workers demand a high wage to compensate the loss due to price rise. UNISA 2017 finds out that price rise firms often take place in pro active manner as the firms anticipate increasing cost of production from their inflation anticipation. This encourages the firms more to raise their prices. A declining inflation target is set in times when the inflation expectation in the economy is reduced (UNISA 2017). Therefore, it can be hoped that with a disclosure of inflation target to the public nad commitment of the central bank to achieve the target using its central power the inflation in the economy can be controlled. When public possess a downward inflation expectation then inflation target is set with a downward pressure price level. The major challenges that emerging countries like South Africa face in times of adapting framework for inflation targeting A successful implementation of inflation targeting policy needs to fulfill some basic requirement. As most of the developing or emerging economies unable to comply with this requirement, the inflation targeting turns out to be an inappropriate policy tool for these economies (Khan 2008). The emerging markets of developing countries are more vulnerable to economic shocks a greater flexibility is required on part of these countries to resist the shocks. The example countries include Brazil, Turkey, Ukraine and others. The mechanism for combating inflation targeting policy involves cost as stated by UNISA 2017. There are countries where such costs are so high that anti inflationary policy is opposed by most of the policymakers. Considering the high cost involved in the inflation targeting policy these countries chose to accept the high price with the hope that persistent inflation is not a permanent state and inflation will be reduced after some time and prevents the economy from experiencing a state of hyperinflation. High interest rate have adverse effect on the economic agents highly dependents on the bank credit for financing their activities. Example includes credit needs of the household in terms of mortgaging bonds to afford their property purchase. The tight monetary policy though intended to reduce the inflation rate adversely affected the growth rate of labor and business. The counter inflationary policy is not successful unless these agents cooperate with accepting the reduced income in form of reduced profit and wages. A deflation which is opposite to inflation and describes a decline in the general price level increases the value of bank debt in real terms. The indebted firms and household counter the situation by restricting expenditure to repay the debt. This leads to a shrink in economic activity and decreases money supply. The result is another round of deflationary pressure on prices. This is exactly what happened during great depression in 1930s. The mechanism through which a supply shock in the form of a considerable rise in settlements of real wages (nominal wages raise more than the current inflation rate) could affect the economy of South Africa in current situation and an appropriate policy response of SARB The study reflects that though inflation is indentified as a monetary phenomenon however it initially begins with the rise in a single commodity or a group of commodities and then gradually transmitted to the overall price level. The initial rise in the general price level when occurs at the initiatives of suppliers then it is called supply push inflation. The supply push inflation is then divided into two categories namely cost push inflation and profit push inflation. The cost push inflation occurs when suppliers raise the prices to recover the increased cost of production. Profit push inflation on the other hand occurs when suppliers raise price simply to increase their profit margin. These two are not the only reasons of inflation. Price may rise because of an increase in demand in the economy. Prices rise in response to a high demand and termed as demand-pull inflation. References Cecchetti, SG Schoenholtz, KL (2015): Money, Banking and Financial Markets. 4th edition. McGraw-Hill Irwin. Khan, B, 2008. Challenges of Inflation Targeting for Emerging Market Economies: The South African Case (presentation at a conference on challenges for Monetary Policymakers, South African Reserve Bank), 29-31 October. https://www.resbank.co.za/Lists/News%20and%20Publications/Attachments/51/Brian+Kahn.pdf Accessed on 21 October 2017. Mishkin, B (2013): The Economics of Money, Banking, and Financial Markets. 10th Edition. Pearson. The South African Reserve Bank Inflation Targeting Framework (2017) https://www.resbank.co.za/MonetaryPolicy/DecisionMaking/Pages/default.aspx Accessed on 26 October 2017. Kantor, Brian Kavoli, H. 2011. Inflation and Inflation Expectations in South Africa: The observed absence of second round effects. https://www.zaeconomist.com/wp-content/uploads/2011/04/Study-on-Inflation-and-Expectations.pdf Accessed on 27 October 2017. Unisa, 2017. The Basics of Inflation, Tutorial letter 105/2017, Pretoria: Unisa, pp.69 - 91

Swansea Metropolitan and University of Wales Trinity St Davids

Introduction Communication within organizations is vital for full attainment of goals and objectives to enhance customer satisfaction in terms of service experience. Company interactions with customers involve applying different methods that ensure that customers’ pieces of information reach the sales department.Advertising We will write a custom report sample on Swansea Metropolitan and University of Wales: Trinity St Davids specifically for you for only $16.05 $11/page Learn More Since this communication process involves many people, it requires appropriate management to guarantee best customer service to the present and future customers. Currently, organizations are adopting the use of Customer Relationship Management (CRM) software to improve quality of their service provisions to their clients. The software helps in organizing and tracking contacts of both the present and future customers. Just as other online applications, the software minim izes logistical requirements and time wastage since all employees in every department can view a customer’s information and respond appropriately (Murray 2013). At the same time, a customer will obtain timely response from the necessary departments hence saving productive time. The Database Management System that Swansea Metropolitan University and the University of Wales: Trinity Saint Davids included in their system will ease the logistics required in communicating to and managing their students. The report expounds on the benefits that will accrue to the two institutions after adopting CRM, especially in decision-making processes. In addition, it will discuss the principles of Big Data and metrics and examines the gains that the University of Wales is likely to realise in adopting CRM. Finally, the treatise will expound on the ethical and legal implications that may face the institution for storing students’ data for future marketing purposes. Customer Relationship Management (CRM) System Organisations interact with customers in three main ways: back office operations, front office contacts, and business contacts. In marketing, business contacts is where a company’s workforce intermingles with suppliers and customers through trade associations and various industry activities (Malhotra Birks 2007). Front office contacts entail straight connections that company workers have with dealers and consumers through mails and phone messaging. On the other hand, back office operations are sequences that aid phone call and e-mailing services such as marketing, promotion, and investment relations.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The use of CRM pays more focus to customers thereby enabling organizations to attract and retain customers through better service provisions, understand their customers, cut cost of managing customers and increase profit maximization. For successful service provision, CRM has different components such as campaign management, sales force automation, and customer service. Further, the process allows firms to communicate to their customers on marketing activities, sell goods and services to customers, and handle after-sales service necessities for customers. Markedly, the Customer Relationship Management software stores all communications with clients as they transpire so that any company worker can retrieve it in future in case need arises. Sales force automation component eliminates instances of effort duplication hence increasing efficiency. Moreover, it expands sales opportunities for current and new customers and even makes it possible for employees not in the sales department to access customers’ recent data easily. In essence, the element improves customer services, as all employees are aware of consumers’ current contact information. When sales representatives get prospecti ve clients, they often use a given set of decisive factors that centre at a drive of attracting new businesses. In the campaign process, the targeted customers receive inducements inform of special sales terms and marketing resources (Murray 2013). This Customer Relationship Management element takes into account all promotion trends, customers’ feedbacks and ultimate scrutiny from the initiative. Elements and Benefits of CRM CRM software has enhanced levels of business-customer engagement in its ability to manage contract wins, business contacts, and client’s information (Malhotra Birks 2007). Customer Relationship Management provides organisations with customers’ business information, which enables them supply products and services that meets customers’ needs. For that reason, CRM solutions enhance customer satisfaction. Additionally, the system allows effective cross-sell, up-sell, and provision of better customer services. Notably, organisations that understand the behaviours of their clients are highly likely to attract and retain current customers in the process.Advertising We will write a custom report sample on Swansea Metropolitan and University of Wales: Trinity St Davids specifically for you for only $16.05 $11/page Learn More Advancements in technology has presented numerous challenges to companies in identifying the tastes and preferences of a target market and completely altered consumers buying behaviours thus forcing them to use new ways of reaching their present and prospective customers. An effective CRM solution helps business leaders in making prudent and insightful decisions. At the University of Wales: Trinity St Davids, the management will be able to understand the nature and dynamics of their students. For instance, the management will be able to save data of students applying for first year courses thus offering effective platforms for the academics department to identify the st udents’ potentials and levels of interest in allocating the courses. Further, since the software allows for real time access of data in the dashboard, the university will be at an advantaged position to make right decisions at the right time. A marketing decision-maker having customers’ data at real time is able to monitor expected performances versus the actual results thus driving the marketing return on investments (Galligan 2012). The University will be able to process students’ requests and complaints in real time through the CRM dashboard. Evidently, the software reduces the costs of addressing students’ concern, as the administration will easily identify better processes at the contact centres. It makes student management easy since the administration can solve students’ issues on their first call given more in-depth data on the dashboard. Students’ service provision within the university will be quick and timely given that the admini stration will have students’ data in real time and even mitigate potential threats to students’ satisfaction. The CRM system will also improve the rate at which the university will carry out course-selection for the new students, which will enable it gain competitive advantage over other institutions in Wales and England. When the university departments are able to work together, they will not only have great insights into the objectives of the institution but also develop effective marketing strategies (Wilson 2006).Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Principles of Big Data and metrics Businesses that can handle Big Data are more likely to be competitive than their competitors who cannot (Hayes 2012). This concept involves bringing together vast quantities of data, analyzing and processing them to extract valuable information. When Swansea Metropolitan University and the University of Wales: Trinity Saint David merged, it is evident that there are abundant data that need re-organization and analysis for the benefit of the institutions. Since the two institutions have different management systems, data integration into a single system will be a challenging task, but through data federation and information integration, it will be possible. Here, data reside where they have been, instead of moving them to other applications. Big data involves fast analysis of varied and massive data that reflect on reality to gain the trust of other users. One has to understand first the reasons for acquiring Big Data. In other words, one has to kno w its importance and substantiate how he/she intends to extract valuable information from Big Data. This process will enable one to make substantial decisions regarding the functions of a business. For effective communication, a well-engineered and harmonised reporting system that removes information overload that can cause confusion for users is necessary. Data minimization is also a key principle of Big Data. This principle ensures that everybody get full data that they need for their work and not in excess of that (Hayes 2013). Data protection prevents exploitation and accessibility by unauthorised parties. Data in the university’s database are extremely sensitive and requires maximum protection for use in a specified purpose. In addition, a functional reporting system where the validity of information is not in doubt and set operational goals maximise customer satisfaction. For better services, organisations need to train their employees so that they can answer customersà ¢â‚¬â„¢ questions successfully. The process of data integration should be customer-centred to enable organisations create impact on their customers. In higher education, Big Data can focus on areas of student progress, institutional finance and budgeting, and resource optimisation. Benefits of Big Data to the University The University of Wales: Trinity St Davids stands to benefit immensely from developing Big Data Networks. For instance, the collected data will assist in addressing strategic issues, such as institutional finance management and budgeting. When the university hosts data at one point all employees can access it thus enhancing accountability and transparency in areas where funds are used. As a result, the university’s overall management will have clean sheets on financial management hence making it register positive image to current and prospective students. Other areas that the institution will preserve its data include enrolment management, progress of strategi c plan, student learning, library, research advancement, procurement and faculty teaching and research performance. The University of Wales: Trinity St Davids will also be able to understand the demographics and behaviours of its students, as all students will be in the Database. Notably, the entire university department will have full access of students’ details, such as characters, ages, religious affiliations, and nationalities. Essentially, the development will assist the institution in monitoring its students with ease. Additionally, Database Management System will benefit the university by optimising use of resources. This is possible since all departments will be monitoring and evaluating the expected results from all resources within the institution. Scrutiny of resources across all university departments will improve the usability and productivity of resources (Javalgi, Martin Young 2006). The initiative will also enable the university to recruit many students at ag o, as the process will not only automate all courses but also improve the relationship between new students and the university administration. In sum, the system will increase the efficiency and effectiveness of the university services. Ethical and Legal Issues In attempting to use customers’ data in marketing, the University of Wales: Trinity St Davids will be contravening the policy of individual privacy (Chisnall 1997). Since the institution may apply business-to-consumer marketing as a way of enticing other students to join its courses, the privacy concern is less clear on the context of internet development. Personal data like address, social security numbers, age, likes and dislikes are key concerns to customers. In the UK, the revised 1998 Data Protection Act helps in protecting personal data and marketers ought to be consistent with privacy law whenever they are marketing their products and services via the internet (Ethical Constraints n.d.). In addition, the Univers ity of Wales: Trinity St Davids will not be able to control those who will access the data, as it will be difficult to identify end-users. However, the institution can plant cookies in on the end-users computers to enable websites identify them. The university should also get the consent of the students to transfer data ownership to third parties. On the legal front, citizens expect their personal data and resources to keep them safe and secure. The Data Protection Act (DPA) assists in giving evidence in a legal proceeding involving unlawful sharing of personal data. The university will have to document the need for sharing data with other prospective consumers, information to share and the means of sharing it to avert situations of privacy violations (Ethical Constraints n.d.). Since the Welsh Government encouraged the need for higher institutions to adopt CRM, this does not guarantee the university to share customers’ information under a public sector as per the provisions of section 22 of the DPA. Conclusion The university’s option of adopting the use of CRM in its services presents numerous benefits its ways of handling students’ services and in its overall management. For long-term benefits, the institution should use widely packaged customer database management software applications since they are flexible and indispensable in meeting current marketing needs (Myers 2013). Moreover, rapid and flexible software will increase the security of customers’ data thus enhancing clients’ loyalty to the institution. On marketing, the university should comprehend the provisions of the DPA to help it in differentiating between readily available data and others that are under copyright protection. References Chisnall, P. 1997, Marketing research (5th ed.), McGraw-Hill, London. Ethical Constraints, Internet Studies.  Web. Galligan, F. 2012, Altmetrics for Librarians and Institutions: Part II, Content Management Services for Librarie s and Publishers. Web. Hayes, B. 2012, Big Data has Big Implications for Customer Experience Management | Business Over Broadway, Business Over Broadway: Transforming Business Through Customer Insight. Web. Hayes, B. 2013, Big Data has Big Implications for Customer Experience Management, The Big Data Hub | Understanding big data for the enterprise. Web. Javalgi, R., Martin, M., Young, R. 2006, ‘Marketing research, market orientation and customer relationship management: a framework and implications for service providers’, Journal of Services Marketing, vol. 20. no. 1, pp. 12-23. Malhotra, N. K. Birks, D. F. 2007, Marketing research: an applied approach (3rd ed.), Prentice Hall/Financial Times, Harlow, England. Murray, M. 2013, Customer Relationship Management (CRM), Logistics. Web. Myers, R. 2013, Legal and Ethical Issues in Obtaining and Sharing Information, Morris, Manning Martin, LLP.  Web. Wilson, A. M. 2006 Marketing research: an integrated approach (2nd ed.), Prentice Hall/Financial Times, Harlow, England. This report on Swansea Metropolitan and University of Wales: Trinity St Davids was written and submitted by user Duncan Mccall 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.