HSBC and Foreign Market Strategies

HSBC and Foreign Market Strategies 1. Introduction With assets of US $1,502 billion, HSBC Holdings is one of the largest banking and financial services organisations in the world.1 It provides a comprehensive range of financial services including personal financial services, commercial and corporate banking, investment banking and markets, private banking, and other activities. HSBCs international network comprised over 9,500 offices in 76 countries and territories in Europe, the Asia-Pacific region, the America, the Middle East and Africa. 1. 2. Literature Review What determines foreign market entry strategies? To answer this question, most existing literature has focused on the characteristics of the entering firm, in particular its resources and capabilities (Barney, 1991; Anand and Delios, 2002) and its need to minimize transaction costs (Buckley and Casson, 1976; Anderson and Gatignon, 1986; Hill, Hwang, and Kim, 1990). While resources and capabilities are certainly important (Peng, 2001), recent work has suggested that strategies are moderated by the characteristics of the particular context in which firms operate (Hoskisson et al., 2000; In particular, institutions—the ‘rules of the game—in the host economy also significantly shape firm strategies such as foreign market entry (Peng, 2003; Wright et al., 2005). In a broad sense, macro-level institutions affect transaction costs (North, 1990). However, traditional transaction cost research (exemplified by Williamson, 1985) has focused on micro-analytical aspects such a s opportunism and bounded rationality. As a result, questions of how macro-level institutions, such as country-level legal and regulatory frameworks, influence transaction costs have been relatively unexplored, remaining largely as ‘background. However, a new movement in research posits that institutions are far more than ancillary elements, and that institutions directly influence what resources a firm has at its disposal as it strives to develop and launch strategy. Nowhere is this point more clearly borne out than in emerging economies, where institutional frameworks differ greatly from those in developed economies (Khanna, Palepu, and Sindha, 2005; Meyer and Peng, 2005; Wright et al., 2005; Gelbuda, Meyer, and Delios, 2008). Given these institutional differences, how do foreign firms adapt entry strategies when entering emerging economies? Focusing on this key question, it can be argued that (1) institutional development (or underdevelopment) in different emerging economie s directly affects entry strategies, and (2) investors needs for local resources impact entry strategies in different ways in different institutional contexts. In essence, we advocate an integrative perspective calling not only for explicit considerations of institutional effects, but also for their integration with resource-based considerations. An analysis of theory developed specifically out of changes to global markets shows little development of the standard theories of market segmentation, differentiated pricing and appropriate distribution channels which underpinned local and domestic marketing theory. However, the literature over the past five years has shown a particular set of theoretical models specific to global marketing. Hollensen, S (2007) discusses the Upsalla International Model which suggests a sequential pattern of entry into international markets with an increasing â€Å"commitment† to overseas markets as the international experience of the firm grows. He contrasts this with a traditional approach of what is termed as the Penrosian tradition which returns us to the economy of scale and a cost-led approach working from the firms core competencies. Dunning (1998) suggests a similar Ownership-Location-internalisation (OLI) framework identifying an â€Å"ownership advantage† of establishing overs eas production facilities, a locational advantage which builds a logistics network around the overseas production and, finally, an internalisation advantage where it must be economical for a firm to utilise the previous two advantages rather than sell them to a foreign firm. Similar to the development of the standardisation-localisation model emerging to deal with the specific choices related to international market entry the identification of risk mitigation factors salient to international marketing has developed rapidly. Baker, M (1993) recognises the risk mitigation inherent in internationalisation, protecting the firm from adverse fluctuations in the national economic cycle. Hollensen, S (2007) concurs, outlining the ownership, operating and transfer risk in being attached purely to domestic markets. All of the literature, in short, is strong on identifying the risks of domestic-based marketing, however there is scant coverage of the specific risks of internationalisation 2.1 Factors Affecting Market Entry Models Comprehensive models are easily identifiable in the literature and cover diverse entry modes, total product offer, and maturity models, Hollensen, S (2007). Earlier literature is more product-based than market-led, as with Majaro, S (1993) who presents three approaches to entering a product onto the international market: the development of new products, the deletion of weak products and the modification of new products. Hollensen, S more or less deals with market maturity as a key consideration of entry. Two distinct models suggested here are the waterfall approach where the product is disseminated from advanced through developing to less developed countries and the shower approach where all three are simultaneously targeted where early market penetration is a goal. Overall, the literature is consensual on the fact that shorter product lifecycles are the salient feature of internationalised markets. 2.2 Internal Factors With assets of US $1,502 billion, HSBC Holdings is one of the largest banking and financial services organisations in the world.1 HSBC provides a comprehensive range of financial services including personal financial services, commercial and corporate banking, investment banking and markets, private banking, and other activities. HSBCs international network comprised over 9,500 offices in 76 countries and territories in Europe, the Asia-Pacific region, the America, the Middle East and Africa. It was a pioneer of modern banking practices in a number of countries. A growth oriented company from its earliest days, in 2000, HSBC decided to launch concrete strategies to attain market leadership in all sectors it operated in. Though the company was amongst the leading players in areas such as consumer finance, personal financial services, commercial and corporate banking, it also wanted to establish its presence in areas such as investment banking, mortgage, insurance and credit card business. To strengthen its product portfolio and geographical reach, the company embarked on an aggressive acquisition strategy. The focus was on areas where HSBC was either weak or did not have a presence. Simultaneously, the company launched an aggressive branding exercise to complement its growth strategy. The geographical reach of the bank could be estimated by its presence in form of the subsidiaries and franchises. It has nearly 200,000 shareholders in some 100 countries and territories. The shares traded on the New York Stock Exchange in the form of American D epositary Receipts. HSBC was also listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges. In late 1998, the Group adopted the HSBC brand and the hexagon symbol as a unified brand in all the markets where it operated. The bank adopted the tagline ‘Your world of financial services in 1999. With the new tagline, HSBC hoped to acquaint customers with the extent and the range of its financial services. The tagline and the unification of the business under one name emphasised the global reach of the group. In early 2000s, HSBC vigorously worked towards developing its banking and financial services to gain market leadership. In 2002, the HSBC changed the tagline to ‘The worlds local bank, the tagline emphasised the groups experience and understanding of a great variety of markets and cultures. The group chairman said ‘We are committed to making HSBC one of the worlds leading brands for customer experience.1 as part of the ‘Managing For Value Strategy In 1998, HSBC launched the above strategy to set the conditions for future success in a fast-changing market. The company hoped to beat the total shareholder return delivered by competing financial institutions. To do so, it needed to enter areas that promised returns that were higher than the risk-adjusted cost of capital. It decided to offer wealth management services, personal asset management and insurance services to its customers. Its objective was to cross-sell a wide range of products around the globe, including mortgages, insurance, mutual funds, and credit cards. As a first step, the company decided to eliminate bad growth strategies i.e. those which had failed to cover the cost of capital. As a part of its value-based profitability drive, it adopted several measures which targeted higher-value creation at the bank. Managers and staff adopted behavioural practices such as targeting high-net-worth customers through several prestigious credit card schemes, strengthened the sales culture of staff by ways of incentives and promoting client cross-referral across the different business divisions, running more loyalty programmes for customers to capture a greater share of creditworthy customers. Like some other companies, HSBC has also developed international programs with their own incentive and compensation systems, performance metrics, and opportunities to groom managers for global positions (Exhibit 3, on the next page). Such programs, which often provide training focused on tolerance and cultural awareness, aim to produce managers who are well versed in a companys distinctive capabilities but flexible enough to deal successfully with novel situations. These managers learn to distinguish the nonnegotiable aspects of a business model from those that can be modified as necessary. Ranbaxy, whose current CEO is British, is one of the companies working to develop this kind of global cadre. Its country managers move to new locations as soon as they are ready to assume larger challenges. 2. 3. External Factors 3.1 Barriers to market entry 3.1.1 Regulation Firms in regulated industries face a significant strategic dilemma when expanding abroad. On the one hand, established theory and practice recommend following a gradual, staged model of international expansion so as to minimize risks and cope with uncertainty (Johanson and Vahlne, 1977; Chang, 1995; Rivoli and Salorio, 1996; Guill ´en, 2002; Vermeulen and Barkema, 2002), that is, to overcome the so-called liability of foreignness (Hymer, 1976; Zaheer, 1995). On the other, the regulated nature of these industries tends to require a strong commitment of resources anda fast pace of entry into foreign markets. This is the case for three interrelated reasons. First,these industries tend to be highly concentrated, and they often exhibit certain features of the ‘naturalmonopoly.1 Second, entry may be restricted by the government, frequently under a system oflicenses. And third, the government may own significant parts of the industry. Under these circumstances, foreign entrants face strong incentives to commit large amounts of resources and to establish operations quickly, whenever and wherever opportunities arise, and frequently via acquisition as opposed to greenfield investment (Sarkar et al., 1999). Thus, the regulated and oligopolistic nature of these industries generates strong first mover advantages (Doh, 2000; Knickerbocker, 1973). Recent research in strategy argues that firms in regulated industries follow ‘asymmetric strategies in that they seek to defend their home-country position by preventing rivals from competing on a level playing field while pursuing entry into foreign markets as deregulation occurs. Given that deregulation has taken place at different moments in time and to different degrees from country to country, firms in regulated industries tend to follow a multidomestic strategy of foreign expansion, namely, they pick and choose which markets to enter depending on the specific circumstances A natural monopoly emerges when it is possible to exploit economies of scale over a very large range of output. As a result, the optimally efficient scale of production becomes a very high  proportion of the total market demand for the product or service. present in each foreign country, arranging their operations with a local rather than a global logic in mind, and engaging in limited cross-border coordination (Bonardi, 2004). Another distinctive feature of regulated industries is the role of the state as a shareholder. Some of the most active firms in regulated industries expanding abroad are former monopolies in which the state has or has had a controlling stake (Doh, Teegen, and Mudambi, 2004). 3.1.2 Cultural Barriers By September 2000, the Hong Kong operations of HSBC were falling behind in implementing the MfV strategy. The strategy set the goal of the bank doubling shareholder value over a five years through growth in its core businesses in addition to a massive reduction in operating costs. One major cost-saving initiative was the migration of the banks Network Services Centre (NSC) in Hong Kong to its new global processing centre in Guangzhou, a Chinese city on the mainland. Implementing this initiative which involved moving staff and resources to the Guangzhou Data Centre (GZC) came up against major operational and public relations issues. (MB) Technically, there were no major obstacles to the bank following a global trend in financial services; seeking economies of scale by moving back-office operations to lower cost areas. The average salaries of staff in the GZC were only 20% of those in the NSC. From this angle, moving professional positions to GZC and to HSBCs other new Indian global processing centre seemed perfectly in line with MfV objectives. Most duties were highly routine involving few important decision-making duties. Nevertheless, The staff, who were initially offered a choice to move or risk losing their positions, felt betrayed by the bank, since there was an expectation among the workers that dutiful service should be recognised with job security. 4. Market Opportunities available to HSBC 4.1.1. Micro-Financing With significant operations in the emerging markets and expertise in transactional solutions, and supported by our office network, services, processes, capital, and customer relationships, HSBC are well placed to serve the micro finance sector. The banks approach to this sector is based on commercial viability with high social benefit, with the aim of creating self-sustaining, stable financial services to help people out of poverty. HSBC integrate micro-finance activities Global Business and Organizational Excellence DOI: 10.1002/joe January/February 2009 17 with local business capabilities rather than as a separate business line. Following pilot projects in 2005, HSBC has engaged more closely with micro-finance enablers and MFIs on the ground to understand the principal issues facing the sector, and the findings have informed and shaped our priorities. HSBC is currently working with MFIs in Argentina, India, Mexico, the Philippines, Sri Lanka, and Turkey through our operations in th ose countries. The bank is at the forefront in arranging foreign investments into the country and deals for Indian companies investing overseas, and it is custodian of more than 40 percent of the foreign institutional investments (FIIs) in India, with total assets under management in India that exceed $5 billion. Although HSBC in India has 47 branches and 178 ATMs in 26 cities, it lacks a branch network and accessibility in rural areas, where the majority of Indias empoverished population lives. The rural poor need a diverse range of financial services, including credit and safe and flexible savings services, to run their businesses, build assets, stabilize consumption, and shield themselves against poverty. However, access to quality financial services in rural India is still heavily inadequate. Eighty-one percent of villages in India do not have banks within a distance of 2 km (1.2 miles); 41 percent of the population does not have a bank account; and available credit in rural are as meets just 10 percent of the actual need. Microfinance established a foothold in India during the 1990s, but this decade has seen rapid growth, with a distinct shift away from a â€Å"welfare† model toward a â€Å"business model† for delivering these services.Since it is quite expensive for HSBC in India to provide services directly to the rural poor, it lends funds to microfinance intermediaries, the MFIs that further on-lend the funds to the ultimate clients. HSBC in India established a team for microfinance under its Commercial Banking division in December 2007 and plans to eventually create regional-level teams to facilitate initiatives in their respective parts of the country. 4.1.2 North America Market Entry HSBCs initial motivation for its acquiring retail banks in North America and the UK was to diversify away from its home in Asia. After it acquired Marine Midland Bank and Midland Bank, HSBCs motivation may have changed subtly. It is becoming increasingly difficult for banks that are large relative to their home markets to grow at home. In many developed countries banking has become quite concentrated (Marquez and Molyneux, 2002). In response, policymakers in these countries have started to bar the banks from further domestic mergers and acquisitions. Some recent failed attempts in Canada are a case in point (Tickell, 2000). The only remaining possibility for growth then is cross-border. Interestingly, each of the owners of the largest subsidiaries of foreign banks in the US is disproportionately often the largest bank in its own home country (Tschoegl, 2002 and 2004). Assessing the viability of this strategy is the classic question of how a foreign firm competes against local firms t hat do not face any liability of foreignness (Zaheer, 1995), that is, costs that come from operating in a  foreign environment or at a distance. One issue then is whether having operations in contiguous countries represents a competitive advantage. Tschoegl (1987) and Dufey and Yeung (1993) have argued that where markets are well developed and competitive, there is no reason to expect foreign banks in general to be better than local banks at retail banking. At the same time there is evidence for the existence of a liability of foreignness vis-à  -vis the foreign banks host-country competitors  (Parkhe and Miller, 2002). Of course, there is also evidence that suggests that the liability is minimal (Nachum, 2003) or wanes over time (Zaheer and Moskowitz, 1996). However, these last two studies examine the liability in the context of corporate and wholesale banking markets. The liability may be more salient in the retail markets, where national differences between the home and host market are likely to be more profound.Demirgà ¼Ãƒ §-Kunt and Huizinga (1999) and Claessens et al. (2001) found that foreign banks tend to have higher margins and profits than domestic banks in developing countries, but that the opposite holds in industrial countries. Similarly, Dopico and Wilcox (2002) found that foreign banks have a greater share in under-banked markets and a smaller presence in mature markets. The implication is that one should not expect much in the way of cross-border mergers in commercial banking within developed regions. We can speculate that on the production side, differences in products  across markets and privacy laws appear to be limiting parents ability to consolidate processing. As far as depositors are concerned, there seems to be little value to having an account with a bank that operates in other countries, especially now that travelers can draw cash from networked automated transaction machines (ATMs). HSBC does have a service for wealthy indivi duals-HSBC Premier-that provides for such crossborder advantages as transfer of an individuals credit rating when they relocate, and some other services. However, these facilities are not available to ordinary accounts. The literature on trade flows is instructive here; the evidence on NAFTA has shown that borders have a substantial damping effect on trade flows (McCallum, 1995). In North America HSBC is even poorly positioned to take advantage of the one form of cross-border retail banking that is currently drawing attention: remittance flows from Mexican workers in the US. Although HSBC now has a strong presence in Mexico, it has almost no offices in California or other US states with large populations of Mexican immigrants. By contrast, Bank of America, which is the largest bank in California and is present in many other US states, in 2002, bought a 25 percent stake in Santander-Serfin, Santanders subsidiary, which has amalgamated Mexicos oldest and third largest bank. If there is little reason to believe that HSBC benefits from cross-border demand or production effects, what is left as a source of advantage? One candidate is what Kindleberger (1969) has called â€Å"surplus managerial resources.† When a bank such as HSBC can no longer grow at home, it may find itself with a management team that is underemployed in terms of the demands on its time. The bank may then choose to grow abroad when it can combine these surplus resources with what Berger et al. (2000) call a global advantage. Berger et al. argue that some US banks succeed in the competition with local banks elsewhere in the world simply by being better managed. In their survey of the literature on productivity, Bartelsman and Doms (2000) draw several stylized lessons, among them that firms differ in their productivity and that this difference may persist for years. Obviously, not all US banks necessarily partake of the advantage of better management and by contrast some non-US banks may. HSBC may simply be one of these. As Nachum et al. (2001) point out, the competitiveness of firms depends on the kind of assets that firm s can transfer internally from country to country, but that are difficult to transfer from one firm to another, even within a country. Still, it is, unfortunately, extremely difficult to measure an intangible asset as subtle and hard to define as better management (Denrell, 2004), especially when, as recent events have shown, stock market performance or accounting measures are of doubtful reliability. HSBC began its growth in North America by acquiring failed and weak banks. In effect, shareholders lacking a comparative advantage relative to HSBC, with respect to owning and governing given banks or branches (Lichtenberg and Siegel, 1987), sold them to HSBC. Generally, growth by acquisition is difficult to execute and as a strategy it is vulnerable to problems of over-reach due to managerial hubris (Roll, 1986; Baradwaj et al., 1992; Seth et al., 2000). Peek et al. (1999) found that generally the US subsidiaries of foreign banks have not done well. The poor performance of foreign bank subsidiaries was a result of the foreign banks acquiring poorly performing US banks and being unable to improve their performance sufficiently within the period that the authors examined. (One cannot arrive at strong conclusions from studies of the profitability of subsidiaries. Banks transfer profits across borders (Demirgà ¼Ãƒ §-Kunt and Huizinga, 2001), and foreign banks may prefer to book some bu siness from their headquarters (Peek and Rosengren, 2000).) Still, HSBCs operations in the US and Canada are survivors of a winnowing process that saw other banks from Canada, Japan, the UK and the US sell their Canadian or US subsidiaries, in some cases to HSBC. As Mitchell and Shaver (2003) show with respect to firms in the US medical sector, firms differ in their ability to absorb and manage business on a continuing basis. They use the biological metaphor of predation and their evidence is consistent with the idea that some predators are better able to target desirable prey and better able to overpower the prey they target. HSBC appears to have found that it is one such successful predator. One may surmise that HSBC initially chose to acquire weak banks as much out of necessity as design. For any given size, a profitable bank will cost more than an unprofitable one, and to achieve its goal of diversifying, HSBC needed to acquire large banks. Now that HSBC is one of the worlds lar gest banks, whether one measures by market capitalization or total assets, it has more leeway. Conclusion Assuming that there is a positive relationship between marketing spend and market share, marketing activities, if well-targetted should have a incremental impact on market share. However, this does not always seem to hold true within the â€Å"big four† banks. Barclays and HSBC both developed their market share by 1% between 1995 and 2000, in spite of greatly varied levels of investment in marketing. Lloyds TSB market share fell by 2% although the bank spent significantly more than either Barclays or HSBC while NatWest and RBS have both declined by 4% despite having a collective expenditure of more than double Barclays. This perhaps, at least partly, explains why HSBC has adopted a highly acquisitive strategy, realising that, although the core brand is strong, customer recognition may have saturated, therefore integrating both fresh brands into subsidiaries in tandem with launching new, retail-focussed services, keeps the proposition fresh. Recommendations With the disproportionate focus on retail banking, HSBC has yet not come over as a major player in investment banking. However, with the wave of recent milestone deals during over the last three years, the bank is beginning to emerged as an investment banking brand. HSBC played a central role in two of Europes biggest-ever merger and acquisition deals i.e. Mittal Steels hostile bid for Frances Arcelor and German utility company E.Ons offering for Spanish rival Endesa. However, the development in the direction of investment banking requires some acceleration as the retail ban king sector continues to be heavily impacted by the sub-prime mortgage fallout and credit tightness. The bank has been planning to further enhance its business in the UK by investing  £400m in retail and commercial distribution network and setting up 500 new ATMs, 250 new Express terminals, however this is has not yet materialised and may be badly-timed if implemented within the year. HSBC has considered the Asian region as its major focus area and it can expect a bigger share from the Asia-Pacific region in the future. In early 2007, Asia-Pacific, the Americas (including South America) and Europe each contributed one third in HSBC groups overall bottom line. 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Agriculture & Industry

Industry, in general, is taken to be categorized into three types, which are the agricultural industry, the commercial industry, and the manufacturing industry. The highlight of this paper focuses on the first of the three, which is the agricultural industry.More specifically, the impact of shifts and price elasticity of supply and demand, positive and negative externalities, wage inequality, and monetary and fiscal policies are investigated in order to make a holistic assessment of the level of success that the industry has achieved and the economic influences that has affected it in a negative way.The agriculture industry is among the three categories that deal with the acquisition of resources from land and water that provide the necessities in life (Jackson, 1841). Likewise, it serves as the source from which raw materials could be taken and are subsequently passed on to the manufacturing industry for processing (Jackson, 1841).It could be remembered that the manufacturing indust ry is among the three industries that form an important part of the economy. It is considered to have an impact both in direct and indirect terms in achieving economic growth and the reasons behind this is two-fold (Faruqee, 1999).First, both the linkages in farm inputs, which includes equipment, fertilizers, and chemicals, and processing of food and fiber is considered as strong (Faruqee, 1999). Second, any increase in the income derived from the agriculture industry is also spent on locally-produced goods and services (Faruquee, 1999).An important economic aspect is that of the element of labor which is also present in this particular industry.   It is important to take note of this because of the important role it plays in the growth and success in achieving the intended purpose expected from the society.Labor, in this particular sector, is further categorized into three, which is composed of those whose task involve the collection of the products from â€Å"the land and water , animal, vegetable, and mineral†; those who preserve, augment, and process these products; and those who are associated with the production of agricultural tools and infrastructure (Jackson, 1841).Taking this into consideration, the agricultural industry is affected in such a way that overproduction or underproduction in relation to the consumption of people have to be weighed carefully in order for the commodities to be sold at a competitive price in the market. Likewise, the following shifts in the curves would help in determining the market price for the produce.However, an important aspect, which is referred to as elasticity, should be related to this as there are important impacts that it has over the equilibrium price and quantity in relation to the shifts in demand and supply curves.In situations where there is a shift in the demand for a good that has a greater value of elasticity in terms of supply, the change in equilibrium quantity is larger and the change in equil ibrium price is smaller (Lipsey & Harbury, 1992).On the other hand, the shift in the demand does not have impact on the equilibrium market price should the supply of the good being considered is perfectly elastic and there is no effect on equilibrium quantity should the supply be perfectly inelastic (Lipsey & Harbury, 1992).As for the supply curve, the shift in the supply leads to a larger change in the equilibrium quantity and a lower degree of change in the equilibrium price if the elasticity of demand is greater (Lipsey & Harbury, 1992).For goods with a perfectly elastic demand, the shift in supply has no corresponding impact on the equilibrium market price and there is no effect for the equilibrium quantity if the demand for the good is perfectly inelastic (Lipsey & Harbury, 1992).The consideration of the shifts in both the supply and demand curve together with that of the elasticity in terms of supply and demand of the good is particularly of great help in making decisions in t erms of the planning for the industry regarding the production of the goods and consumption especially in areas where there is hunger.

What does Eliza consider to be her real education

The play is an adaptation of the Greek myth of Pygmalion who fell in love with a statue as it was more real in the understanding of its own composition than the actual women he had observed and grown despondent to. It is a work that closely follows the relationship between society and linguistics, wherein the women is real, but has yet to have her manners sculptured. In particular, it highlights the role of convention and articulation in relation to identities, depicting this through the subject of Eliza.In this paper the author will be addressing the subject of the play and its central character, whilst examining the effects that learning the speech of, what was considered, correct English had on her. Main Body When first completing the text, it is clear that there is an irony in the play that brings forth the now famed social and political points to the surface. However, one may be forgiven for considering these points relevant in today’s society, though in a more fractured sense. This is because they relate to speech and language use in relation to social standing.// Although social standing in today’s liberal society is becoming an ever more redundant concept, using someone’s speech as an indication of someone‘s identity is still in evidence. This notion is apparent in the main plot line in which Eliza becomes entrapped to the perspective of a new language system. When adopting the role of the speaker, Eliza adopts a slowly differing identity that emerges with child like astonishment before she changes into what is essentially a different person. It does not continue to be a liberating and learning experience.Rather, the liberation of a woman hiding behind the veil of civility in a bid to expose it, perhaps showing the power of the human spirit over class in the process, is lost. That is to say, that on speaking the language through the conventions of class Eliza loses sight of the world through her former eyes and comes to view i t through her new language that cannot be escaped. Essentially, it is through this change in persona that the play delivers its moral warning and cutting implication in that the core of the human being cannot escape from the language that it uses to identify itself with.The language and convention used by those of high society is responsible for each of their perspectives and it is not the person or people‘s speaking the language. Essentially, if you are to change the person’s language, language use and perspective then they themselves will come to define themselves and their being according to the structural meaning inherent to the language that is used by that society. This is indicated throughout Eliza’s discussions and becomes the main rationale for all that she does.For example, in one part of the play she states that ‘’you know I can't go back to the gutter, as you call it, and that I have no real friends in the world but you and the Colonelâ⠂¬â„¢Ã¢â‚¬â„¢ (Shaw, 1998). This short extract shows the great division based upon the language being used and the fact that it is represented by a social reality, in this case being social standing. What is interesting about the use of language in relation to others is the way in which Eliza is accepted and rejected at different times during the play.For example, it first appears that Eliza is rejected from society as her language does not denote the correct social grouping, stock and/ or class. This is first justified as being because of her use of language, accent and the incorrect convention. However, it appears on later reading that the convention is of little consequence as she uses the same convention, but put to a different context. Rather, it is the response from others alone that make it something of note.At one point during the play she makes the assertion that speaking properly (meaning without a cockney accent) is simply learning to dance in a fashionable way, which acc entuates this point even further. Essentially, the assertion that she puts forward here relates to the realisation of the superficiality of language in its conventional format as both languages mean exactly the same thing from a pragmatic perspective.At this stage she is learning the meaning of language and the convention of getting from one thing to another via language use. She realises that the only difference is a superficial one as the functional meaning (cause and effect) is the same whichever language is spoken. Essentially, the only different in the language is the significance of the source of referents, which dictate a different context to convention.Therefore, her conclusion is that it is merely a state of fashion in which the dancer dances the same, but where one dancer adopts the fashionable style, the other is overlooked as being able to dance (Baudrillard, 1968). This conclusion relates to the elements of high society that come with the speakers of proper English and that are not afforded to those of a poorer language, such as cockney. Those that do not speak the language are simply those that do not speak of anything meaningful, when in reality there is simply a clash over the source of referential meaning.

Managing Communication in an Organization - 3049 Words

Managing Communication 1. Introduction Communication is very effective means for internal success of an organization. Communication is a thing which we normally do without any complexity that means reflexively like drinking water. It might be seen an easy task to do but effective communication is not that much easy as some social settings and workplace environments get into act. As trainer or working for a training organization it is more strategic than other perspectives. Miscommunication in the workplace lead to arguments. Encouraging and liaison like interpersonal roles make communication better. The Executive chairmen and managing director of Qian Hu Corporation Limited (A Singapore based company) places a heavy emphasis on creating and preserving a family style working environment and places more force on team effort that concludes a harmonious workplace. As a result a farm operator working under Qian Hu said, â€Å"I liked the work environment here as colleagues’ relations are positive and the superiors are very supportive†. As a result of family type workplace the workers turnover rate is very low and employee engagement is very high. 2. Communication Within the organization In case of internal communication within the organization, it is more important to disseminate information among the stakeholders. For the workplace communication there are several factors to consider for a parallel flow of communication and work. 2.1 Communication Defined: First of all we needShow MoreRelatedPractices of Leadership Contribute to Managing Communication in the Post Bureaucratic Era1415 Words   |  6 Pagesto discuss how practices of leadership contribute to managing communication in the post bureaucratic era. This essay shall discuss the effectiveness of leadership approaches in the post bureaucratic era in managing communication in organizations. 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