Wednesday, May 6, 2020

Biography of Mileva Maric Essay - 834 Words

Mileva Maric was born in 1875 in Titel, Serbia and died in Zurich, Switzerland in 1948 at the age of 72 years. She grew up as a bright, young lady who was very intelligent and had a curious mind, particularly in the area of mathematics and sciences. Mileva entered an all-male prep school when she was 15 years old. While the only female in the school, she quickly showed her intelligence by achieving the best grades in math and physics. After graduation, she was accepted at the Zurich Polytechnic, now known as Swiss Federal Institute of Technology, where she met the man who later becomes her husband, Albert. Much to her dismay, she failed her first round of exams in 1900 and prepared to take them again. Before she could complete†¦show more content†¦There is evidence both supporting and against Mileva working with Einstein. There are ideas that she did the math, corrected the math, and even aided his own work. I found two reasons saying that she contributed to his theories. One is that a man testified about the authors of the Annus Mirabilius Papers. In his testimony, it was suggested that she played a significant role in the research and writing of the paper. Additionally, a close friend of hers acknowledged publicly that she had worked closely with Einstein. A piece of evidence that I found could go both towards the supporting or going against her being his assistant and those are the letters Albe rt and Mileva sent to each other. The first piece of evidence is about Abram Fedorovich Joffe, a physicist as well. Einstein published a collection of papers in 1905 that had the relativity theory papers, the photo-electric effect, something explaining the Brownian motion and his famous formula E=mc2. Abram Joffe testified that the relativity theory papers had originally been signed Einstein-Marity. Marity is the Hungarian version of Maric. Then, when the published papers came out Mileva Maric’s maiden name was left out of the article. Joffe had seen the first 1905 manuscript and then told people that Maric’s name was initially onShow MoreRelated Mileva Marić Einstein and her contribution to Albert Einsteins work1293 Words   |  6 PagesWas Mileva Maric, the first wife of Albert Einstein, the well kept secret of Einsteins success? The relationship with Mileva Maric corresponds with Einsteins most productive period of life. In a single year, 1905, Einstein published four most important papers of his career, and won the 1921 Nobel Prize for that work. He spent the last 30 years of his life working on a unified field theory, but never succeeded. He was never again as successful as when he was with Mileva. Albert Einstein wasRead MoreAlbert Einstien: The Smartest Man in History Essay898 Words   |  4 Pagesthis essay, you will read about Alberts early life, family and marriage, his miracle year, his scientific career and theory of relativity, US contributions, and his later years. Did you know Albert Einstein failed an exam in his school years? (Biography Channel Website) Albert Einstein was born on March 14, 1879 in Ulm, Germany. His father was Hermann Einstein and his mother was Pauline Einstein, both of whom were non-observant Jews. At the age of one, Albert Einstein and his family moved to MunichRead MoreThe Life Of Albert Einstein923 Words   |  4 Pagesthe only woman in his physics class, Mileva Maric. The two of them thought about marriage, but Einstein’s family opposed any talk of marriage (â€Å"Formative Years†). In 1900, Einstein graduated from the Federal Polytechnic School. Soon after that, he became a Swiss citizen, but was unable to find a teaching position, so he accepted a job offer as a technical assistant in the Swiss Patent Office (â€Å"Albert Einstein – Biographical†). Three years later, Einstein and Maric finally get married, and in 1904,Read MoreThe Life of Albert Einstein837 Words   |  4 Pageswas to his college sweetheart Mileva Maric. They married in the 1905 and took a romantic honeymoon to Lake Como in Italy. When they returned from vacation Mileva discovered that she was pregnant. In that time illegitimate children weren’t uncommon but they still weren’t accepted by society. Since Einstein didn’t have the wealth to marry/support Mileva and the child, they were not able to marry until a year later when he got a job the patent job on January 6, 1903. Mileva went back to her family andRead MoreAlbert Einstein Essay1763 Words   |  8 Pagesthis time, Einstein had begun to fall in love with one of his fellow students. Her name was Mileva Maric, and unfortunately, his parents strongly disliked and opposed of their affair. Einstein was not only lacking in his family’s support, but also in financial stability, which prevented him from marrying Mileva. The couple proceeded with their relationship, and had an illegitimate child together. Mileva Maric gave birth to Einstein’s daughter, Lieseri, early in the year of 1902. As time passed andRead MoreThe Theory Of Albert Einstein1232 Words   |  5 Pages ¬Ã‚ ¬Albert Einstein Biography Albert Einstein was a German-American theoretical physicist, best known for developing the general theories of relativity. He is largely considered the most influential physicist of the 20th century. Earlier Years Einstein was born on March 14th, 1879, in Ulm, Wurttemberg, Germany, to Herman Einstein, an electrochemical factory manager, and Pauline Koch, a housewife. They were both Ashkenazi Jews, however they did not practice their religion (Whitaker). Einstein hadRead MoreAlbert Einstein: The Best Scientist529 Words   |  2 Pagesfled to the United States of America in 1933. If Albert didn’t move to the U.S he couldn’t have hold a position as a teacher at the University as a Jewish person. Then later Albert became a U.S citizen in 1940. Then later he married a lady named Mileva Maric in 1903. They had one daughter and two sons their marriage ended in 1919. The same year Albert got married his cousin named Elsa lowenthal, and then later died in 1936.then late Albert died in April 18, 1955 at Princeton, New Jersey. I’m goingRead MoreThe Contributions Of Albert Einstein1647 Words   |  7 PagesAlbert Einstein: Theoretical Physicist, Scientist Biography by Matthew Ling Though known today as the most influential physicist of the twentieth century, he was not always regarded as such. Seen as a â€Å"retarded† school dropout and an army draft dodger in his youth, Albert Einstein was never expected to be successful at all, and definitely not the accomplished physicist he is today. With his deep inquisitiveness and inquiry, he overcame the challenges of the society around him and gave great contributionsRead MoreAn Influential Physicist Of The 20th Century1906 Words   |  8 Pagesin Zurich, Einstein developed lasting friendships and alliances, also meeting his future wife, Mileva Maric, a Serbian physics student. After graduating from Polytechnic, Einstein faced major challenges in terms of finding academic positions, having alienated some professors over not attending class more regularly in lieu of studying independently. Meanwhile, Einstein continued to grow closer to Maric, but his parents were strongly against the relationship due her ethnic background. NonethelessRead MoreAlbert Einsteins Biography2256 Words   |  9 Pagesone of the most famous minds in the history of the known world, the great thinker Albert Einstein, was born in a small city in the WÃÆ' ¼rttemberg region of Germany on March 14, 1879. He was born in Ulm to Jewish parents Hermann and Pauline Einstein (Biography 1967). At birth, Einstein had a proportionately large head and his parents went to their doctor, fearing they had a deformed child and considered measures such as confinement in an institution as was normal for physically deformed children of the

An Assessment of the Impact of Corporate Social Responsibility Free Essays

Universal Journal of Marketing and Business Research Vol. 1(1) pp. 017-043, May, 2012 Available online http://www. We will write a custom essay sample on An Assessment of the Impact of Corporate Social Responsibility or any similar topic only for you Order Now universalresearchjournals. org/ujmbr Copyright  © 2012 Transnational Research Journals Full Length Research Paper An assessment of the impact of corporate social responsibility on Nigerian society: The examples of banking and communication industries Adeyanju, Olanrewaju David Department of Financial Studies Redeemer’s University, km 46, Lagos Ibadan Expressway Mowe, Ogun State E-mail: davfol@yahoo. om, Tel No. : 07037794073 Accepted 30 January, 2012 In the Nigerian society, Corporate Social Responsibilities [CSR] has been a highly cotemporary and contextual issue to all stakeholders including the government, the corporate organization itself, and the general public. The public contended that the payment of taxes and the fulfillment of other civic rights are enough grounds to have the liberty to take back from the society in terms of CSR undertaken by other stakeholders. Some ten year ago, what characterized the Nigerian society was fragrant pollution of the air, of the water and of the environment. Most corporate organizations are concerned about what they can take out of the society, and de-emphasized the need to give back to the society [their host communities]. This attitude often renders the entire community uninhabitable. A case in mind is the Niger Delta area of Nigeria. This translated to negative integrity and reputation on the part of corporate identity as people perceived this as exploitation and greed for profitability and wealth maximization within a decaying economy of Nigeria. However, the general belief is that both business and society gain when firms actively strive to be socially responsible; that is, the business organizations gain in enhanced reputation, while society gains from the social projects executed by the business organization. In modern day however, having seen the benefits and average favorable pay-back period of their investment in CSR, corporations are now seriously involved in this project, which had impacted in the society wonderfully and profitably. This study is therefore, intended to consider the imperative and benefits of CSR on the Nigeria society. The perceived gap supposedly created is harnessed and investigated for possible resolution, using the banking and communication industries as a case study. The research approach is both descriptive and analytical. Data collected for this study are from both primary and secondary sources, relying heavily on the relevant information available from both banking and communication sectors, and other sources. Tests were conducted using both regression and correlation analysis. The regression result reveals a strong and significant relationship between CSR and Societal Progress such that the relationship between CSR and Societal Progress is statistically significant. It is thus conclusion that CSR plays a significant role in Societal Progressiveness in terms of environmental and economic growth. The study recommends that, while improvement in the depth of participation by banking and telecommunication industries in economic and environmental development is desirable, they are encouraged to close ranks and forge common interest in addressing certain social responsibilities, especially those bothering on security and technological advancement of the polity. Keywords: Corporate Social Responsibility, societal Progressiveness, Banking, Communication, Environment. INTRODUCTION At an earlier point in history, societal expectations from business organizations did not go beyond efficient resource allocation and its maximization. But today, it has changed and modern business must think beyond profit maximization toward being at least socially responsible to its society. Today’s heightened interest in the role of business in society has been promoted by increased sensitivity to the 018 Univers. J. Mark. Bus. Res. awareness of environmental and ethical issues. It means our society has become increasingly concerned that greater influence and progress by firms has not been accompanied by equal effort and desire in addressing important social issues including problems of poverty, drug abuse, crime, improper treatment of workers, faulty production output and environmental damage or pollution by the industries as it has overtime been reported in the media. It is therefore very essential for all to realize that public outcry for increased social responsibility will not disappear if business organizations fail to respond to the challenges these had posed for the society. In view of the perceived information gap, it is therefore worthwhile collating and aggregating in a more organized manner, the contributions of Nigerian corporations [using banking and communications industries as a focus] to the well-being of the society. This is necessary if only to show, in a graphic and mathematical ways that the industries seriously identify with the aspirations of the communities and the general public. In the early years of this century, two Americans independently and without knowing of each other were among the first businessmen in the world’s history to initiate major community reforms. Andrews Carnegie preached and financed the free public library. Julius Rosenwald fathered the country farm agent system and adopted the infant 4-H CLUBS. Carnegie was already retired from business and one of the world’s richest men. Rosenwald who had recently bought a near bankrupt mail order firm called Sear Roebuck and Company, was only beginning to build both his business and fortune. The two held basically different philosophies. Carnegie believed that the sole purpose of being rich is to be a philanthropist, that is, the â€Å"social responsibility of wealth†. Rosenwald believed that you have to be able to do good to do well, that is, the â€Å"social responsibility of business†. J. Irwin miller of the Cummins Engine Co. Ltd in Columbus, Indiana, has systematically used corporate funds to create a healthy community which, at the same time is a direct, though intangible investment in a healthy environment for his company. Miller specifically aimed at endowing his small industrial town with the ‘quality of life’ that would attract to it the managerial and technical people on whom a big high-technology business depends. Only if business and particularly Nigerian business learns that to do well it has to do good, can we hope to tackle the major challenges facing developing societies today. The economic realities ahead are such that ‘social needs’ can be financed increasingly only if their solution generates commensurate earning which precisely is what business is known for. We can actually say firms involved in Corporate Social Responsibility are actually not regretting because of the increase it has made on their sales leading to profit and how they have impacted the environment. The significance of corporate social responsibility as a vital tool for the societal progressiveness cannot be over emphasized. This can be seen from the points of view of showing concern for the welfare of the community in order to reap peace, competent and cheaper manpower, a platform for a better community; by making the host community worthy of livelihood in terms of infrastructural development; and by boosting their image, reducing advert cost, gaining an edge over competitors, and making your name as a firm an household name in the society. Theoretical and Conceptual Framework Overview of The Concept of Corporate Social Responsibility The Bali Roundtable on developing countries in 2002 recognized the business sector as a primary driver of economic development and the World Summit For Sustainability identified business involvement as critical in alleviating poverty and achieving sustainable development. Corporate social responsibility has to do with an organization going out of his way to initiate actions that will impact positively on its host community, its environment and the people generally. It can be seen as a way of acknowledging the fact that some business fall outs have adverse effects on the citizens and society and making efforts to ensure that such negative impact are corrected. Posk, et al (1999) as a matter of fact, believe that corporate social responsibility means that a corporation should be held accountable for any of its actions that affect people, communities, and its environment. It implies that negative business impacts on people and society should be acknowledged and corrected, if possible. It may require a company forgoing some profits if its social impacts are seriously harmful to some of its stakeholders or if its fund can be used to promote a positive social good. Definition of Corporate Social Responsibilities There are a myriad of definitions of Corporate Social Responsibilities [CSR], each considered valuable in their own right and designed to fit the specific organization. The majority of definitions integrate the three dimensions to the concept, that is, economic, environmental and social dimensions. CSR had also been commonly described as â€Å"a demonstration of certain responsible behavior on the part of public and the private [government and business] sectors toward society and the environment†. Business for Social Responsibility (BSR), a leading Global Business partner, in a Forum held in 2006 defined Olanrewaju 019 CSR as achieving commercial success in ways that honors ethical values and respect people, communities, and the natural environment. For BSR, CSR also means addressing the legal, ethical, commercial and other expectations society has for business, and making decisions that fairly balance the claim of all key stakeholders. In its simplest terms, it is: â€Å"what you do†, â€Å"how you do it† â€Å"and when and what you say†. In this sense, CSR is viewed as a comprehensive set of policies, practices and programmes that are integrated into business operations, supply chain, and decision making processes throughout the company and wherever the company does businesses that are supported and rewarded by top management. It also includes responsibility for current and past actions as well as future impacts. The issues that represent a company’s CSR focus vary by business, size, sector and even geographical region. It is seen by leadership of companies as more than a collection of discrete practices or occasional gestures or initiatives motivated by marketing, public relations or other business benefits. Also, the World Business Council on Sustainability Development, 1998 described CSR as â€Å"the continuing commitment by Business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large†. CSR is the concept that an enterprise is responsible or accountable for its impact on all relevant shareholders† [European Union, 2006]. According to Macmillan [2005], â€Å"CSR is a term describing a company’s obligation to be accountable to all its stakeholders in all its operations and activities. Socially responsible companies will consider the full scope of their impact on communities and the environment when making decisions, balancing the need of stakehol ders with their need to make a profit†. â€Å"CSR is concerned with treating the stakeholders of the firm ethically or in a socially responsible manner. Since stakeholders exist both within a firm’s and outside a firm, hence, behaving socially and responsibly will increase the human development of stakeholders both within and outside the corporation† [Clarkson, 1995]. A reputable author, Kenneth Andrews Steiner (1977) defined Corporate Social Responsibilities (CSR) â€Å"as the intelligent and objective concern for the welfare of the society that retains the individual and corporate behavior from ultimately destructive activities, no matter how immediately profitable nd leads to the directions of positive construction of human betterment†. As an improvement on the above definitions, Koontz and O’Donnell (1968) defined social responsibility as the personal obligation of everyone, as he acts in his own interests, but he must always have due regard that his freedom does not restrict others from doing the same thing. He further noted that a socially responsible individual or organization will obey the laws of t he land because the rights of others are at stake. In emphasizing the ecological conceptualization of social responsibility, Buchholz (1991) noted that any good definition of social responsibility must contain if not all, most of the following; Responsibility that: †¢ goes beyond the production goods and services at a profit. †¢ helps in solving important social problems those that the organization are responsible for creating. †¢ makes corporations have greater constituency than stockholders alone †¢ makes corporations have great impacts that goes beyond marketplace transactions, and †¢ makes corporations serve a wider range of human values that can be captured by a sole focus on value. CSR can therefore be referred to as decisions and actions taken by organizations for reasons at least, particularly beyond the organization’s direct economic or technical interest. For many corporate bodies giving to charities is a struggle really, their objective do not usually build-in the strategic need to support the communities that they serve. The focus totally is to maximize profit or financial returns. The thrust of their arguments centre around balancing their obligations to stakeholders, especially the shareholders. Corporate social responsibilities should be strategic no doubt. Engaging in strategic philanthropy is done by even the best corporate bodies in the world. It should however have an underlying compassionate foundation. There should be a symbiotic relationship between corporate organization and the host communities, a sort of on-going reconciliation between the organization’s economic orientations. There should be an unwritten â€Å"social contract†, so that it should not be forced responsibility like Education Trust Fund tax but a voluntary social service based on the needs of the community. Socially responsible business practice implies that CSR is the social practice where the corporation adapts and conducts discretionary business practices and investments that support social causes to improve community well-being in order to protect the environment. Key distinctions include focus on activities that are discretionary, not those that are mandated by laws or regulatory agencies or are simply expected, as with meeting moral standards. Community is interpreted broadly to include employees of the corporation, suppliers, distributors, non-profit and public sector partners as well as members of the general public. And well-being can be referred to health and safety as well as psychological and emotional needs. It is also about capacity building for sustainable livelihoods, respect for cultural difference and finds a business in building the skills of employees, the community and the government. Indeed it is about business giving back to society. 020 Univers. J. Mark. Bus. Res. Generally speaking, Corporate Social Responsibility, whether in the banking sector or otherwise refers to: A collection of policies and practices linked to relationship with key stakeholders, values, compliance with legal requirements, and respect for people, communities and the environment. The commitment of business to contribute to sustainable development According to the European Commission, CSR involves companies integrating â€Å"social and environmental concerns into business operations and in their interaction with stakeholders on a voluntary basis†. The key to this definition lies in the word â€Å"voluntary†. According to Nigeria Social Enterprise Reports Vol. 2, CSR is generally understood to be the way a company achieves a balance or integration of economic, environmental and social imperatives while at the same time addressing shareholders and stakeholders expectations. It went further to say that CSR is generally seen as the contribution of business to sustainable development which has been defined as â€Å"development that meets the needs of the present without compromising the ability of the future generations to meet their own needs†. In Nigeria, the federal Executive Council (FEC) on Wednesday May 2008 approved the development of a CSR policy for the country, to instill ethical behavior in Nigerian Businesses. The minister of National Planning Commission, Dr Sanusi Daggash, who gave details of the memorandum, said it referred to the adoption of responsible business practices by organizations, to improve the society at large’’. He said the policy would include â€Å"beyond law commitment† and activities that would necessitate an expectatation to ‘give back’ to the society. He reiterated that the policy would ensure corporate governance and ethics, health and safety, human rights, human resource management, anti-bribery and anticorruption measures. One reckons that the policy formulators will take note of similar global policies that might point Nigeria in the direction of developing a viable CSR policy. Carrol’s Pyramid of Corporate Social Responsibility Although no single commonly accepted definition had been ascribed to the subject, which had evolved since 1970s, Archie B. Carroll had said that â€Å"there had been economic, ethical, legal and philanthropic aspect to the subject†. Therefore, one of the most used and quoted model is the Carroll’s pyramid of CSR, 1991. Carroll considers CSR to be framed in such a way that the entire range of business responsibilities is embraced. These four responsibilities can be illustrated as a pyramid. The economic component is about the responsibility to profit which serves as the base for the other components of the pyramid. With regard to the legal aspect, society expects organizations to comply with the laws and regulations. Ethical responsibilities are about how society expects organization to embrace values and norms even if the values and norms might constitute a higher standard of performance than required by law. Philanthropic responsibilities are those actions that are expected from a company as a good corporate citizen. Implicit Versus Responsibility Explicit Corporate Social Matten and Moon (2004) presents a conceptual framework for understanding corporate social responsibilities the, ‘implicit’ versus the ‘explicit’ corporate social responsibilities. Explicit CSR is about corporate policies with the objective of being responsible for what the society is interested in. Explicit CSR can for example be voluntary, self-interest driven corporate social responsibilities policies and strategies. Implicit CSR is a country’s formal and informal institutions that give organizations an agreed share of responsibility for society’s interests and concerns. Implicit CSR are values, norms and rules which result in requirements for corporations to address areas that stakeholders consider important. Business associations or ndividual organizations are often directly involved in the definition and legitimization of this social responsibility requirement. The Three Components of Sustainability – The Triple Bottom Line Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs (World Commission on Environmental and Development, 1987) Th e triple bottom line is considering that companies do only have one objective, profitability, but that they also have objectives of adding environmental and social value to society (Crane and Matten, 2004). The concept of sustainability is generally regarded as having emerged from the environmental perspective is about how to manage physical resources so that they are conserved for the future. Therefore, economic sustainability is about the economic performance of the organization itself. A broader concept of economic sustainability includes the company’s impact on the economic framework in which it is embedded. The development of the social perspective has not developed as fast as the environmental and economic Olanrewaju 021 perspectives. The key issue in the social perspective on sustainability is that of social justice. It can be seen from above that economic and environmental sustainability involved in the concept of externalities is mostly engendered in the importance placed by comparatives in the concept of social responsibilities. The European Foundation for Quality Management [EFQM] defines CSR as â€Å"a whole range of fundamentals that organizations are expected to acknowledge and to reflect in their actions. It includes among other things respecting human rights, fair treatment of the workforce, customers and suppliers, being good corporate citizens of the communities in which they operate and conservation of natural environment†. These fundamentals are seen as not only morally and ethically desirable ends in themselves and as part of the organization’s philosophy; but also as key drivers in ensuring that society will allow the organization to survive in the long term, as society benefits from the organization’s activities and behavior† (The EFQM Framework For Social Responsibility, 2004). CSR is the concept that an organization needs to consider the impact of their operations and business practices on not just the shareholders, but also its customers, suppliers, employees, members of the community it operates in, and even the environment. It is a way of saying thank you and expressing appreciation to all stakeholders in the business. It is a conscious effort to give back to the society in which the corporation has benefitted immensely. Characteristics of Corporate Social Responsibilities The European Foundation for Quality Management [EFQM] presents some common characteristics for CSR which are: †¢ Meeting the need of current stakeholders without compromising the ability of future generations to meet their own demand. †¢ Adopting CSR voluntarily, rather than as legal requirement, because it is seen to be in the long-term interests of the organization. Integrating social, environmental and economic policies in day to day business †¢ Accepting CSR as a core activity that is embedded into an organization’s management strategy. The three dimension of CSR with specific examples of areas particular to each dimension are: Economic Responsibility Integrity, corporate governance, economic development of t he community, transparency, prevention of bribery and corruption, payments to national and local authorities, use of local suppliers, hiring local labour and similar areas. Social Responsibility Human rights, training and developing local labour, contributing expertise to community programs and similar areas. Environmental Responsibility Precautionary approaches to prevent or minimize adverse impacts support for initiatives, promoting greater environmental responsibility, developing and diffusing environmentally friendly technologies and similar areas. Lohman and Steinholtz (2004) view the CSR concept as a combination of three separate agendas, namely Corporate Sustainability, Accountability and Governance. Corporate Sustainability derives from the United Nation meeting in Rio de Janeiro in 1992 and the Agenda 21. This refers to how we address and balance the social, economic and environmental areas in the world so that our long term survival is not threatened. Corporate Accountability focuses on the credibility of the organization and is used in situations where discussions are held about the ability of the organization to manage. Corporate governance is used in the discussion about how an organization is being run. It deals with transparency and in the long run trustworthiness. Bowen (1953) defined it as the obligation of business men to pursue those policies, to make those decisions, or to follow those lines of action which are desirable in terms of objectives and values of the society. A number of studies have been carried out on CSR since the idea was floated in the twentieth century. For, example, a Business week/Harris poll (1993) revealed that U. S. top-level corporate executives (69% of those polled) and MBA students (89%) believed that corporations should be more involved in solving crucial problems. Also in a study of 107 Europeans corporations, majorly of the chief executives cadre surveyed agreed that addressing social issues, such as substance abuse, health care and education, was needed (Mathison, 2003). Business in any society needs to take responsibility, for every decision that is made, every action that is taken, must be viewed in the light of that kind of responsibility. Social responsibility requires business organizations to balance the benefits to be gained against the costs of achieving those benefits. There is the general belief that both business and society gain when firms actively strive to be socially responsible. While business organizations gain in enhanced reputation, society gains from the social projects executed by the business organization. In the early 1970s, companies began to appreciate community service as a way to improve their images, internally and externally, as well as to serve the 022 Univers. J. Mark. Bus. Res. communities in which the business operates. A study carried out by the National Volunteer Centre in U. S. n 1977 shows that more than 1,100 major U. S. corporations had established structured activities to involve their workers in community volunteerism by 1990. A survey of 180 leading U. S. companies found that 79% of them had volunteer programmes. Also, a study conducted by IBM and the graduate of School of Business at the University of Columbia in 1994 showed a clear link between volunteerism and return on assets, return on investments and employee productivity. A company with a strong community involvement programme is likely to score high in profitability and employee morale. Social responsibility should, in fact, reflect cultural values and may differ in forms from one society to the other. What is socially acceptable in Japan may differ in forms from that of Germany, Brazil or Indonesia. Japanese firms have proved themselves models citizens on many dimensions of Corporate Social Responsibility. Their support of local community activities and other philanthropic endeavours have led to increased goodwill in the communities where they operate. The firms help society in areas directly related to the operations of the business. A survey conducted by the Japanese External Trade Organisation (JETRO) in 1997 shows that approximately 80% of Japanese affiliated operations in the United State which were covered by the survey engaged in corporate philanthropy. Making cash contributions was the most common form of philanthropy (about 91%). Community development and education were the primary beneficiaries of cash donations and encouragement of employee volunteerism was up to 36% from 1992. Over 95% of responding organizations maintained or increased both cash donations and other philanthropic activities since the last survey in 1992. Being socially responsible by meeting the public’s continually changing expectations requires wise leadership at the top of the organization. Miles (1987) observed that â€Å"corporate leaders who possesses this kind of social vision believe that business should help create social change rather than block it. With such attitude, they know that their own company will have a better chance of surviving in the turbulent social currents of today’s world†. Frooman (1997) further observed that companies which are socially responsible are guided by enlightened selfinterest, which means that they are socially aware without giving up their own economic self interest. Profit are the reward for the firm as it continues to provide true value to its customers, to help its employees to grow, and to behave responsibly as a corporate citizen. An emphasis on social responsibility can attract customers. A poll conducted by Opinion Research Corporation shows that 89% of purchases by adult are influenced by a company’s reputation. Social responsibility also benefits ompanies by enabling them to recruit a high quality labor force. The reputation of the firm and the goodwill associated with socially responsible actions attract talented prospective employee, that is, people seeking an employer for whom they would be proud to work. At Cadbury Nigeria plc, the concept of CSR is seen as a continuing commitment by business to behave ethically in ways that will contribute to economic development of the nation. It is also expected to improve the quality of life of not only the company’s workforce and families but also that of the local community as well as the society at large. Business Day, Newspaper, 13th October, 2003) Over the last decades there has been an apparent shift from adopting more responsible business practices as a result of regulatory citations, consumer complaints and special interest group pressures, to proactive research exploring corporate solutions to social problems and incorporating new business practices that will support these issues. This shift has been due to: †¢ increasing evidence being documented and shared, demonstrating that socially responsible business practices can actually increase profits. the fact that in our global market place, consumers have more options and can make choices based on the criteria beyond product, price and distribution channels. Research emphasized that consumer s are also basing their purchase decisions on reputation for fair and sustainable business practices and perceptions of commitment to the community’s welfare. †¢ the fact that Investors and other stakeholders may also be the driving force with increased public scrutiny and use of more sophisticated pressure tactics, including use of technology and power of internet. Interest in increased worker productivity and retention which has turned corporate heads towards ways to improve satisfaction and well being. (Cocacola bottler in South Africa launching an HIV/AIDS prevention program in the work place). †¢ Technology and increased third party reporting having been given increased visibility and coverage of corporate activities, especially when things go wrong, as with current corporate scandals that have made the public more suspicious of business creating the need for business to put a positive shine on their activities. This is even more critical today with instant access to twenty four (24) hours news channel such as CNN outline news articles and e-mail alerts. †¢ The bar for full disclosure appears have been raised, moving potential customers from a â€Å"consumer beware† attitude to an expectation that they will be fully informed as regards practices including product content, sources of raw materials and manufacturing processes. Advocate of CSR argues that companies with good social and environmental records will perform better in the long run than those that do not behave responsibly. This is because customers will like to patronize any Olanrewaju 023 company with good social and environmental records more than companies without such records as they will be seen to have identified with the community. It has been argued that since Corporate Social Responsibility can enhance a company’s image, it raises the question of whether or not CSR was embarked upon solely for corporate self interest, company or their chief executives may be politically motivated when making corporate donations. But Black (1989) objecting to this self interest motive maintains that in CSR, the company giving funds does not attempt to gain any advertising benefit or undue identification. The company is contented with the belief that CSR is good business. Responsibilities of a firm To achieve set objectives, every firm owes various duties to all the stakeholders, and these must be fulfilled. These responsibilities are discussed below: †¢ Duty to protect the well-being of people in its environment. A firm’s primary duty is to protect the well being of those living in its environment; its operations or practice. For example, a firm wishing to carry out banking business must first be incorporated under the Companies and Allied Matter Act (CAMA), 1990 and then valid licence from the governor of the Central Bank of Nigeria (CBN). Its operations should be in line with the provisions of the Bank and Other Financial Institutions Acts (BOFIA), 1991, the CBN Act, the Nigerian Deposit Insurance Corporations (NDIC) Acts, the Money Laundry Act 2004 and other banking laws. †¢ The firm should produce goods and services that are not harmful to the people. A manufacturing company should not produce goods that may cause death to people. Similarly, in the course of maximizing profit, a bank should not finance illegal projects, say, provide finance for the illegal purchase of ammunition, or abeit illegal transfer by unpatriotic citizens or politicians. A firm should not deceive others. Deception, in this way, can take various forms, namely; failing to include all the required quantities and quality materials for producing a particular product, but may still indicate on the package that the normal quality were involved; colluding with the external auditor to render false financial statements to shareholders, regulating authorities and members of the public, with a view to declaring false profit; preparing two sets of accounts or returns, i. e. ccurate and false accounts, and sending the false one to the regulatory authorities and the accurate one to the shareholders, to conceal some facts in the course of bank supervision and examination. †¢ An organization should enter into fair binding contract with its customers, creditors, employees, suppliers etc. all terms and conditions of the contract should be well stated by the firm and well understood by the parties concerned. It is important for a firm to discharge its duties under the contract at all times. For example, a customer granted credit facility should be allowed to repay under the agreed terms and conditions for which the loan was granted. †¢ Duty to make reasonable return to shareholders in accordance with the level of investment. The ordinary shareholder takes the highest risk in business, hence it is the duty of management of a company to utilize the resources of the company effectively to generate profit, the bulk of which should go to the ordinary shareholder. The firm should ensure that the market price of the company’s share is attractive to the public. When this is done, the owner’s economic welfare is maximized through high return on capital usually reflected on the market price of shares of the company. †¢ Duty to minimize harmful effect of substance. In the course of doing business, firms are bound to engage in activities whose effects may be harmful or distasteful to the members of the organization and the public. For example, hospital, police, radio, and television stations, telecommunication business provide twenty-four hours service to their customers and client, an indication that the employees of these organizations must be on duty every hour of the day. To be effective and efficient, there is need for shift duty. Although coming to work at night or very early in the morning might not be palatable with all employees, this is in evitable; thus, a fair compensation, in terms of shift hazards and inconvenience allowances, should be paid to the employees concerned. This will strengthen their commitment. Similarly oil and gas industries should pay high compensation to the people living in the area where oil and gases are produced, as this could compensate for the environment degradation of the area and other problems encountered by the people living in the community. Also bank staff that work outside the normal banking hours should be paid compensation allowance. †¢ Duty to pay reasonable salaries and wages to the employees. It is the duty of the firm to use the revenue generated from its business activities to pay fair and reasonable compensation in the forms of salaries and allowances to workers. This should be commensurate with the services rendered. However, it will be unethical, unfair and an act of irresponsibility for a firm to ask the workers to perform task that will expose them to serious danger, risk, or unprofessional practices, all in the interest of robust salaries and allowances. For example, a situation where banks set unachievable deposit targets for staff by employing ‘beautiful’ ladies and ‘handsome’ men to run after money-bags to attract deposits. This encourages fraud and prostitution. A staff that fails to meet the target knowing full well that he would be sacked might resort to stealing to raise more funds or resort to prostitution. In like manner, a firm that pays reasonable returns on capital will enjoy continuous investment of shareholders. †¢ Duty to use part of the firm’s profit to provide 024 Univers. J. Mark. Bus. Res. amenities that promote the common good of the community in which it operates. †¢ Duty to embark on projects that brings about the expansion and improvement in the company’s operations. Firms that expand create additional employment opportunities to the community, and this will lessen crime rates. Similarly goods are made available at affordable prices, thereby meeting the needs and satisfaction of the consumers. This encourages good standard of living of people in the community. †¢ Duty to honor obligations to the government in terms of payments of taxes an levies, thereby making fund available to the government to provide infrastructure facilities and meet the recurrent expenditures with a view to promoting national development. Social responsibility to stakeholders An organization should fulfill its social responsibilities to the following stakeholders for it to achieve its set objectives. For instance, using a Bank as a case study, the stakeholders will include: a. Customers market prices of the shares of the bank in the stock market; †¢ Ensuring safe investments through good and sound management to prevent distress; †¢ Issuing bonus share from time to tome; †¢ Keeping the shareholders informed of the bank’s performances through annual general meetings, newsletters and information bulletins. . Employees †¢ Offer efficient services †¢ Make savings and withdrawals of money less time consuming by reducing the waiting time; †¢ Ensure adequate liquidity so that cash withdrawals is met promptly; †¢ Pay competitive rate of interest on saving and deposit, in line with the CBN‘s credit and monetary guidelines; †¢ Charges reasonable interest rates and commissions; †¢ Ensure safety of deposit so much so that the customers can deposit his money in the bank and go to sleep; †¢ Provide a conducive environment for banking activities, e. g. pacious and well ventilated banking hall, security for valuables and vehicles within the bank premises’ and †¢ Make secret of the affairs between the bank and customers to protect the interest of the customers. b. Shareholders †¢ Provide a conducive working environment i. e. make available modern working tools and equipment, ventilated offices, good infrastructure, decent and official cars, health and safety equipment at the workplace etc; †¢ Pay competitive salary remuneration commensurate with the level of commitment †¢ Offer opportunities for career development, e. . inducement for taking professional examination; †¢ Train and develop employees through continuous learning at seminars, conferences, workshop, with the view to update their knowledge base, to meet rapid changes in the banking environment. ; †¢ Keep employees adequately informed on the policies, procedures and rules relating to day-to-day banking operations. This can be done through newsletters, bulletins, meetings, etc; †¢ Involve employees in decisions affecting them, to ensure their total commitment and loyalty; †¢ Maintaining equal opportunities among employees, i. . there should be no preferential treatment or favourism; †¢ Establish clear cut bargaining and grievance procedures that will be known and followed by all employees. d. Government †¢ Being a responsible corporate entity or citizen, provide credit facilities to various sectors of the economy, with a view to ensuring the economic development of the country; †¢ Comply with the laws and regulations rescribed by regulatory authorities like the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporate, etc; †¢ Assist government in funding and promoting social activities, such as sp onsoring sports programmes, contributions towards combating diseases e. g. AIDS, etc. e. The Public If banks are to guarantee continuous investment of their shareholders, they have the duty of: †¢ Ensuring effective performance by utilizing the capital invested in the bank to maximize profit. †¢ Paying good dividends, i. e. reasonable returns commensurate with the capital investment. Maximizing the owner’s wealth by ensuring good . Banks are socially responsible to the banking public, in general, and members of the community in which they are situated, in particular, in the following ways: Olanrewaju 025 †¢ Development of the environment through provision of basic facilities like good drinking water, donations to development associations, bringing banking services to the rural areas, indigenous lending, etc. †¢ Creation and maintenance of employment opportunities to qualified members of the community. This encourages loyalty, commitment and cooperation from the community. Participation in community activities, such as donations to community to celebrations, awarding scholarship to deserving members of the community, etc, and †¢ Using the skills of employees to develop charitable goods and services. MODERN CORPORATE SOCIAL RESPONSIBILITY Modern CSR was born during 1992 Earth Summit in Rio de Janeiro when United Nations sponsored recommendatio ns on regulation were rejected in favour of a manifesto for voluntary self-regulation put forward by a coalition of companies called the World Business Council for Sustainable Development (WBCSD). Its version of events was endorsed by the US, the UK and other Western governments. The British government for example, is still a vocal supporter of voluntarism. Such resistance to regulation seem to have left the worst corporate abusers effectively unrestrained and the victims of their actions adequate means of redress. Whatever responsible initiatives companies choose to carry out on their own behalf binding international standards of corporate behavior must be established to guarantee that the rights of people and the environment in developing countries like Nigeria are properly protected. It is hence recommended that there should be international regulation backed up by national legislation, to ensure the enforcement of real social responsibility on the corporate world. Introducing the threat of prosecution and legal action with resulting detailed disclosure of company documents would create powerful incentives for companies to behave responsibly. At a national level, Government should †¢ Adopt new laws to make corporate social and environmental reporting and disclosure mandatory for British companies including the disclosure of payments to overseas government, information on the social and environmental impact of overseas operations and details of legal actions against companies. †¢ Frame new responsibilities for companies directors to give them a ‘duty of care’ for communities and their environment, making them legally accountable for the actions of their companies overseas. Change the law to enable people harmed by British companies’ overseas operations to seek redress in UK court and to provide the resources to enable them do so. What Drives Corporate Social Responsibilities Defending public image If companies behave improperly, they can be got at through the court of international public opinion. The first CSR initiatives were a response to public pressure and media exposure of poor company b ehavior. CSR was supposed to show that companies were capable of cleaning up their act. Prof. Michael Porter of the Harvard Business School argues that CSR is all defensive effort, a PR games in which companies primarily react to deal with the critics and the pressure from activists. Attracting investors companies that proactively engage with sustainable development agenda and its advocate in the investment world should generate support, interest and understanding among investors. This will ultimately ascribe a premium to share price. CSR makes companies attractive to both mainstream investors and to the fast growing ethical-investment sector. Many investors now believe that social and environmental riskmanagement improves a company’s market value in the long term. Permission to operate CSR has, of late become a vital component in companies’ effort to gain approval for projects carrying significant political and social risks. Lobbying against regulations â€Å"one of the key functions of CSR is to enable further deregulations by pointing to the involvement of business in ethical and sustainable activities and to indicate that multi-stakeholder dialogue with civil society obviates the need for binding regulation† (David Miller, Sterling Media Research Institute). I believe that companies’ voluntary measures can help improve private-sector behavior. But voluntary activity is no substitute for regulation and there is evidence that companies that espouse voluntary approaches to meeting social and environmental standards are also involved in resisting external regulation, especially by government. Concept of corporate social responsibilities in Nigeria To be able to understand CSR from a Nigerian perspective it is of value to explore the drivers for, and 026 Univers. J. Mark. Bus. Res. the history and development of CSR in Nigeria. The World Business Council for sustainable Development has discussed CSR with business and non-business stakeholders in a number of countries in the world with the objective of understanding local perspectives better and to get different perceptions of what CSR should mean from a number of different societies. (http:www. cecodes. org. co). One important finding in this study was that people were talking about the role of the private sector in relation to a social agenda and they saw that role as increasingly linked to the overall well-being of society. Therefore the chosen priorities differed according to the perception of local needs. The key CSR issues identified in the study included Human rights, Employee rights, Environmental protection, Community involvement and Supplier relations. The book â€Å"Corporate Citizenship in Developing Countries† (Pedersen and Huniche, 2006) contains a chapter about revisiting Carroll’s CSR pyramid from a Nigerian perspective. Most of the research on Carroll’s CSR pyramid has been in an American context and in this report an attempt is made to look on how CSR manifests itself in a Nigerian context. In Nigeria, economic responsibility still get the most emphasis while philanthropy is given second highest priority, followed by legal and then ethical responsibilities. According to the report there are many reasons for this. Firstly, the socio-economic needs of the Nigeria societies in which companies operate are so huge that philanthropy has become an expected norm. Companies also understand that they cannot succeed in societies that fail. Secondly, many Nigerian societies have become dependent on foreign aid and there is an ingrained culture of philanthropy in Nigeria. A third reason, according to the report, is that CSR is still at an early stage in Nigeria, sometimes even equating philanthropy. It is important to stress that in Nigeria philanthropy is more than charitable giving. HIV/AIDS is an example where the response by business is essentially philanthropic but clearly in companies own economic interests. The low priority for legal responsibilities is, according to the study, not due to the fact that Nigeria companies ignore the law but the pressure for governance and CSR is not so immense. Ethical perspective seems to have the least influence on the CSR agenda. This is not to say that African businesses are unethical. For example, the King Report in 2003 (http://www. corporate compliance. org) was the first global corporate governance code to talk about ‘stakeholders’ and to stress the importance of business accountability beyond the interests of shareholders. Ajadi (2006), in a conference paper on Corporate Social Responsibility in Nigeria delivered at British Council conference on CSR in Nigeria, 2006, specifies some additional specific drivers for CSR in Nigeria: The failure of centralized, government controlled economy to develop the country †¢ The extraordinary transaction cost to business of corruption and other failures of social capital †¢ The history of conflict and waste in the extractive industry exemplified by the Niger Delta saga †¢ The Nigerian population whose majority is under the age of 25 and is largely ignored despite the fact that they are critical to the survival and future prosperity of business and the country at large. †¢ The potential benefit of a commercially active and productive country of over 140 million potential consumers. The drivers for CSR in the west are to be found within areas such as increased brand value, greater access to finance, a healthier and safer workforce, stronger risk management and corporate governance, motivated people, customer loyalty, enhanced confidence and trust of stakeholders as well as enhanced public image. These drivers may not necessarily be applicable to Nigerian companies. Most indigenous companies in Nigeria are privately held, family owned and operated. Local consumer and civil society pressures are almost nonexistent and law enforcement mechanisms are weak. (Amaeshi, Adi, Ogbechie and Amao. 006). There are numerous ways of implementing CSR in an organization. CSR practices can address environmental issues, social issues or both. The implementation can be done by integrating CSR in the business or it can be run as a project. Sometimes there are CSR strategies and policies framing the CSR agenda, sometimes there are not. According to world Business Council for sustaina ble Development (Lohman and Steinholtz, 2003) an active CSR work might include areas such as: †¢ The management of the organization clearly declares its views and obligations towards the society and its stakeholders. The organization develops and implements clear policies. †¢ The organization has rules for purchasing including social and environmental concerns. †¢ The organization reduces its â€Å"ecological footprints†, both in production and in the process of production. †¢ The organization has objectives with regard to environmental and social concerns. †¢ The organization shows an active engagement with regard to the development of its local society. †¢ Consumers are educated on how products ought to be used. †¢ The organization informs about all its different business areas in a transparent manner. For most businesses operating in Nigeria whether small or large, local or national, the transaction cost of operating is often unpredictable. At the heart of this difficulty is the obvious problem of operating in a low trust Olanrewaju 027 economy. For many businesses the cost of paying upfront on cash flow or delayed payment; the difficulty of investing in people development; the challenge of high volume cash transactions are all part of a severely eroded social capital. At the core of this issue is the role of business partnership with government and others to exemplify and model behaviors that restore optimism and improves trust. The challenges that face a business in Nigeria are unique because CSR can probably not be optional in such a climate. In a country where the social, health, education and environmental needs are so prevalent, where government resources are so stretched, where everyday people live on the breadline, business any other way is not only unethical, it is most probably not sustainable. Implementation of corporate social responsibilities in Nigeria Annually, limited liability companies in Nigeria give reports of their social responsibility efforts. These are in four major identifiable areas; viz: a. The immediate environment of the company where the interest of the neighbours of the given companies are taken care of as much as is practicable (Bello, 1988) b. Locating worthy national or state activities to support. In this respect, educational, sporting and cultural activities are sponsored by companies as forms of social responsibility. Also, scholarships, training facilities, and other forms of support are often provided for students. c. Responding to major disasters. Such disasters may originate from nature or it may be accidental like the bomb explosion at the Ikeja cantonment on Sunday, January 27, 2002. In the oil industry, there had been several reported cases of oil spills damage farmlands, crops, forests and water. Others like fire, flood, drought and erosion are also responded to. Various types of materials are made available to victims of such disasters. d. Diversification of activities to areas of importance in the nation’s economic development. For example, Guinness plc invested funds in two major eyeclinics in Nigeria, and Texaco Oil Producing and Marketing Company diversified into agricultural activities of cultivating cassava and processing Garri [Cassava flour]. Before the United Kingdom developed its CSR policy, Gordon Brown, prior to becoming the prime Minister said; today CSR goes far beyond the old philanthropy of the past, donating money to good causes at the end of the financial year and is instead an all year round responsibility that companies accept for the environment around them†¦ now we need to move towards a challenging measure of corporate responsibility, where we judge results not just by the input but by its outcomes: the difference we make to the world in which we live, and the contribution we make to poverty reduction† (Corporate Social Responsibility – A Government Update: www. Csr. gov. uk). There is no doubt the committee saddled with the responsibility of developing a CSR policy for Nigeria will learn from the countries (especially developing ones) that have adopted and are implementing such policies successfully. Prior to the above declaration of the Federal Government, Nigeria did not have a CSR policy. Several companies operating here took the initiative to develop a CSR guideline or code for themselves. It is not out of place for a study to have found that indigenous firms perceive and practice CSR as corporate philanthropy aimed at addressing socio-economic development challenges in Nigeria. This finding confirms that CSR is a localized and socially embedded construct, as the ‘waves’, ‘issues’ and ‘modes’ of CSR practices identified amongst indigenous firms in Nigeria reflect the firms’ responses to their socio-economic context† (Amaeshi et al: 2006) One of the leading telecommunication companies in Nigeria, MTN Nigeria, developed a CSR policy direction document in 2004 in conjunction with a consulting outfit. The company has since gone ahead to establish MTN Foundation to lead its CSR policy implementation locally. A search for Best Practices in Corporate Social Responsibility by indigenous firms in Nigeria by Dotun Atilade, mentioned that elements of social responsibility include investment in community outreach, employee relations, creation and maintenance of employment , environmental responsibility, human rights and financial performance. It is about producing and / or delivering socially and environmentally responsible products and /or services in an environmentally and socially responsible manner while openness, accountability and transparency are some of the new key words covering a vast range of issues. A sustained bench mark for studying CSR practice, as suggested by Moon (2002), emphasizes waves, issues and modes; ‘waves (1) community involvement (2) socially responsible production process and (3) socially responsible employee relations, issues CSR practices emphasizes e. g. nvironmental , education, employee welfare , health and safety and modes through which they are implemented e. g. philanthropy foundation and codes. The result of these activities has been discovered to be shaped by Nigerian corporate Governance framework and socio-economic conditions as reported in some research on the CSR activities of indigenous companies. The European Union’s Green Paper on CSR defines it as a concept whereb y companies integrate social and environment concerns in their business operations and in 028 Univers. J. Mark. Bus. Res. heir interactions with their stake holders on a voluntary base. Mark Maxwell and Siegel (2001) as actions that appears to further some social groups beyond the interest of the firm and that which is required by law while the CSR constructs is a new coinage, it is not a new practice. It could be traced back to such example as the th th Quakers in 17 and 18 Century whose business philosophy was not primarily driven by profits maximization but to add value to the society at large. Business was framed as part of the society and not separate from it. The resurgent interest in the practice provides a fertile ground for different discourses and actors which lends it to multiple and contested. (Moon, 2002). A common strand that runs through most of these studies suggests that meaning and practice of CSR is social culturally embedded. CSR in Nigeria would be aimed towards addressing the peculiarity of the social economic development challenges of the country (poverty alleviation, health care provision, infrastructure development, structure, education, etc and would be informed by social cultural influences (e. g. communalism and charity). This might not necessarily reflect the popular western standard/expectations of CSR (e. g. consumer protection, fair trade, green marketing, climate change concerns, and social responsible investments) etc. At Zenith Bank, Corporate Social Responsibility is not just a buzz word; it’s a way of life. To emphasize this belief Zenith Bank set up Zenith philanthropy, a fully functional department responsible for identifying areas, sectors and causes of the serving of philanthropic aid. Zenith philanthropy is the channel through which Zenith bank gives back to the society. Zenith bank sees giving back to society as a serious and passionate cause. Today CSR goes far beyond the old philanthropy of the past donating money to good causes at the end of the financial year, but rather, an all year round responsibility that companies accept the environment around them for the best working practices for their engagement in their local communities and for their local communities and for their recognition that brand names depends not only on quality, price and uniqueness but on how cumulatively they interact with companies work force community and environment. There are a lot of damages these companies are doing to the environment like local air pollution such as particulates, and the damage caused by the over-use and pollution of fresh water, the â€Å"social impacts† such as the migration of people driven out of affected areas , the toxic waste heavy waters users like food, drink and clothing companies are releasing into the environment. The aim of this study is to encourage and help investors lobby companies to reduce their environmental impact before concerned governments act to restrict them through taxes or regulations. The companies can give up the excess profit now, if they want a world in which it’s possible to make any money at all, later. If we go on failing to put a price on the environment, we’ll make the planet uninhabitable. The entire basis for freedom and for a sound economy is that if you want something, you have to pay for it. And right now, we’re not paying for the environment, we’re taking from it. What happens when the resources we have effectively doled out for free run out? We’re already getting an idea with the oceans, where CO2 pollution is making them so acid that it is literally dissolving the shells of shellfish and killing them off. Literally, Nigerian banking industry and telecommunication industry today operate in what can be described as the â€Å"enemy’s territory†, with hardly any identifiable friend in the polity. Everyone has an axe to grind with them, the fact that they are needed to foster individual and collective business growth notwithstanding. While government sees them as being selfish and responsible for most of the problems of the economy, the regulatory authorities look at them and their operators with suspicion. To the public, employees of banking industry and telecommunication are privileged, over-pampered and over-paid â€Å"cheats† and â€Å"liars† who thrive at the expense of the rest of the society. Banking industry and the telecommunication industry are seen as making â€Å"hugeâ€Å" profits in a depressed economy. In effect, they are milking the economy dry instead of growing it. This perception is in fact miles away from the impression of renowned economist of yester-years. They are believed to foster economic growth in any economy. Adams Smith (1910) left no doubt as to what the role of banks in economic growth should be. However, the allegations leveled against banking and telecommunication industries can never be wished away and these are impacting negatively on How to cite An Assessment of the Impact of Corporate Social Responsibility, Essay examples

Friday, April 24, 2020

Zaeem Jamal Marketing Strategy

Executive Summary Zaeem Jamal is a London based fashion designer who was recently named â€Å"best new designer of the year† at the Dubai fashion week. With shops located in the U.S., U.S. and Dubai, the Zaeem Jamal can be considered one of the latest up and coming high end fashion brands.Advertising We will write a custom essay sample on Zaeem Jamal Marketing Strategy specifically for you for only $16.05 $11/page Learn More The company specializes in utilizing high end materials composed of silk and similar expensive fabrics to create ethereal dresses which Mr. Jamal states is akin to â€Å"designing alchemy in motion.† The dresses themselves are quite distinguishable from other brands located within London as evidenced by their extensive utilization of symbolism and â€Å"magic† as defined by their designer. In essence, the dresses incorporate elements from multiple cultures such as Egypt, the Middle East and various aspects of Wes tern design elements in order to combine luxurious materials with present day aesthetic appeal while still retaining their old world details and symbols. Current Market Position While during the interview Mr. Jamal stated that: â€Å"Our clients come form a wide range of backgrounds, with wide ranging spheres of influence globally. Discretion is a key element of the Zaeem Jamal bespoke service, but of course some of our clients in the public spotlight are naturally seen in the brand!†. The fact is that in terms of popularity, the brand has a rather limited following that is based on word of mouth and lacks the extensive appeal that is associated with some of the more better known brands out there. Aside from this, the use of delicate materials and fabrics makes the outfits and accessories rather situational which limits their overall usability. Situation Analysis The main weakness of the Zaeem Jamal fashion brand is the fact that it is entering rather late â€Å"into the gam e† so speak when taking into consideration the presence of numerous international fashion brands from Europe and even the U.S. When taking into consideration the amount of time these brands have had in establishing their respective markets it can be seen that Zaeem Jamal has a long way to go into terms of establishing a proper niche in an already overly saturated fashion market. Another of the inherent problems with the brand is that it lacks a Fall/Winter collection.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Considering the fact that the U.K. is not a temperate country and often has extended periods of cold weather, this lack of a line of clothing that specifically caters to the local climate of the U.K. hampers the capacity of the brand to really take off locally since customers can only wear the outfits on a limited basis. Competitive Advantage Based on the interview conducte d with the proprietor of the Zaeem Jamal brand, it can be seen that the focus of the brand is oriented more towards wealthy high end consumers as evidenced by not only the price range of the gowns (1200 – 2400 pounds) but also its bespoke couture items which range from 3000 – 7000 pounds and beyond. The stylistic elements of the design itself are also oriented more towards women aged 30 and above due to the way in which the popular culture design of the dresses fit this particular age group. While it may not seem immediately apparent, the brand has a distinct competitive over local competitors due to the quality of the material (mostly silk), the uniqueness of the design (incorporating elements of Indian, Middle Eastern and Western designs) as well as the utilization of various international locations as their primary gown, dress, and outfit manufacturing locations. Adding to this is a recent report released by Mintel which indicates the population in the U.K. is exper iencing a boom in older consumers with higher rates of luxury good consumption between the ages of 35 to 55+. While such a shift would threaten most other brands that focus on younger clientele, Zaeem Jamal with its focus on high end luxury outfits specifically designed for this age set enables the company to position itself to take advantage of this growing consumer trend.Advertising We will write a custom essay sample on Zaeem Jamal Marketing Strategy specifically for you for only $16.05 $11/page Learn More Brand Management Brand management for the company takes the form of making the products more â€Å"unique† through elements that are considered â€Å"magical and mystical† by the designers. As explained through the interview with Zaeem Jamal: â€Å"In a physical sense, each piece is transformed when all of our signature elements, including expert artistic hand craftsmanship, specially dyed colours, intricate embroidery and drapery b ased on the golden ratio are combined. Each piece incorporates energetic elements and symbology along with some secret touches and tweaks to enhance each dress, shoe and handbag to meet its highest possible form and purpose†. What this means is that the design elements utilized in the dresses and designs are unique and standout from the rest of the other shops and designers in terms of incorporating symbols from an assortment of cultures. This is one of the reasons why Zaeem Jamal was named â€Å"best new designer of the year at the Dubai Fashion Week† due to the distinctly â€Å"mystical† and â€Å"fairytale† type quality of the dresses that incorporate fashionable sophistication into the design. Strategic Positioning The strategic position strategy of the Zaeem Jamal brand does not focus on the exclusivity of the merchandise (though due to the price only a select few can actually afford it); rather, it focuses only the quality of the design and the mater ials as a means of distinguishing itself as a high end luxury clothing line. As explained by Mr. Jamal during the interview: â€Å"As a luxury brand with a focus on craftsmanship excellence, we like to allow potential customers to have their own experience and interaction with our products and let them speak for them themselves. By feeling our silks, it is instantly apparent from the physical touch and sensation of wrapping it around oneself. â€Å" By utilizing some of the finest silks and materials in the world and combining it with unique and what Mr. Jamal defines as â€Å"mystical and sacred designs†, this helps to create a product that defines itself as artful elegance that stands out from the rest of the crowd in terms of how the designs incorporate the richest materials with a flowing and ethereal look.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Sustainability When it came to the concept of sustainability, Mr. Jamal stated that: â€Å"Sustainability is a wide term and can refer to many different elements and levels. As mentioned – it would be depend on which specific area of sustainability and which line.† While he did state that the brand would attempt to be one of the pioneers in sustainable fashion, the fact remains that it has not yet implemented such a strategy. Digital During the interview, Mr. Jamal mentioned that while the company did have elements of digital marketing (as seen in its website and videos) the fact of the matter is that they have not delved that much into this aspect of the marketing process. To explain why, Mr. Jamal stated that: â€Å"However it is also worth noting that in the real luxury sector many of our customers continue to approach and wear the brand because they see the product in reality†. It is in the opinion of this report that while Mr. Jamal does have a point regard ing the sale of his products, the fact remains that neglecting digital marketing in an age where people are increasingly â€Å"going digital† is a severe problem that needs to be dealt with in the future through a digital marketing campaign. Entrepreneurial When examining the entrepreneurial activities of Mr. Jamal in terms of utilizing different material suppliers and designs, it can be stated that he has been very creative in terms of developing a product that has a great deal of aesthetic appeal. External Analysis Business Environment The current problem with the fashion market within the U.K. and European economies is the fact that consumer spending is at an all time low due to the 2008 – present day economic downturn. Another global factor that should be taken into consideration when conducting business operations is the current debt crisis in Europe that was brought about through not only the reckless actions of various banks within region (as seen in the case of Ireland) but also through government mismanagement of finances (seen in the case of Greece) and exposure to a reckless housing market (the case of Spain) which has also adversely affected domestic manufacturing within the U.K. Such factors have taken a steep toll on the fashion market with up to 30% of profits effectively wiped out in period of 6 months immediately during the aftermath of the 2008 recession with only a marginal improvement on domestic sales within the U.K. and Europe since the latter half of 2012. While there has been a significant recovery in 2013 wherein the rate of sale of high end fashion goods has increased (25% since the start of the debt crisis), the fact remains that consumers within the U.K. are less willing to take risks when it comes to spending on high end goods. Opportunities and Recommendations for Fashion Marketing Fashion marketing for Zaeem Jamal will come in the form of developing a line of wool/fur cape/coats that is lacking in the companyâ€℠¢s current line of designs. This strategy focuses on addressing a distinct limitation in the current clothing line of Zaeem Jamal due to the necessity of having winter coats given climate of the U.K. Do note though that based on the previous section on the current problems in the external luxury brand market within the U.K., creating a line of wool/fur capes may place them at a price range that is far too expensive to make an immediate profit. Not only that, there are also issues associated with animal rights activism within the U.K. which quite is active resulting in a plethora of negative publicity for the brand should it utilize actual fur from animals. It is based on this that the brand will focus on the development of faux (i.e. fake) fur and wool capes and coats utilizing sustainable methods of production. By utilizing faux fur and wool, this helps to cut down on the costs of the product and make it more ethical for customers to purchase. Promotion for the fur coats and wool w ill take the form of advertising campaigns that focus on presenting the Zaeem Jamal as focusing on ethical methods of high end fashion production which would definitely appeal to a large percentage of high end luxury fashion buyers who are becoming more increasingly concerned over the ethical production of goods and services. Example of Coat Designs Strategic Directions The strategic directions of the company will focus on developing different types of faux fur coats in order to appeal to wide range of possible consumer tastes. These will range from the full body thicker coats as seen in the second example to the lighter more practical coats that can be seen in the first example. By diversifying the thickness of the coats and the design that is utilized, the company will be able to appeal to a wider range of consumers resulting in a higher sales rate. Developing Competencies and Competitive Advantage With low consumer spending and an atmosphere of economic uncertainty which pervad es the domestic markets within the U.K., this has resulted in low sales revenues for non top tier brands such Zaeem Jamal (i.e. this refers to brands that are not within the same level of popularity as Channel, Dior, etc.). The fact is the current consumer market situation within the U.K. is not conducive towards sales and, as such, it is recommended that Zaeem Jamal attempt to shift its focus towards areas that are more conducive towards sales. One possible avenue of approach that was determined by this market strategy was to shift resources towards foreign markets which have not been as adversely affected by the current economic downturn and focus efforts there instead of in cathartic local markets (The rise of no-name designers, 2012). Asian markets such as those within China, Japan and the A.S.E.A.N (Association of South East Asian Nations) presented themselves as viable consumer markets due to the fact that despite the slowdown of various western economies, eastern economies ha ve actually grown on average by five to eight percent annually. This is due to the fact that as the expense of doing business within western nations rises companies start to shift their manufacturing operations to other countries with far lower operational expenses (Kaiser, 2005). In response to this, various businesses have focused on expanding their product promotion strategies into such regions (Pahl et al. 2007). Aside from Asia, other possible international consumer markets could be Australia, Canada, and even South America given the increase in economic activity within such countries/regions (Lipke, 2006). In order to accomplish this potential shift, it is the recommendation of this report that the Zaeem Jamal brand utilize online social networking as a means of product promotion and sale in order to access these new markets while continuing to maintain a presence within the U.K. PR Strategies: Short and Long Term Short Term Public Relations Strategy – Promoting its New Line of Faux Fur Coats Mr. Jamal explained that one the company’s current marketing strategies was the use of collaborations with different brands and advertising within publications. While such a method is effective, it is the recommendation of this report that in order to promote the new line of faux furs and coats, utilizing celebrities would be an effective way of doing so. Through the dynamics of public interest in pop culture that extends into the realm of fashion, people become increasingly fascinated with various T.V. personalities, movie stars, sports stars etc. to such an extent that they attempt to emulate them in every way possible (Hakala, 2011). This has the result of them buying clothing in the same style and color as their favorite celebrity, buy products which that particular celebrity uses and even drink the same type of drink they see a celebrity drinking (Boshoff Gerber, 2008). All of this conforms with the inherent notion that if a particular celebrity is using it then it must be good (Westerbeek Linley, 2012). Our Zaeem Jamal can exploit this by utilizing sponsorships in the form of endorsement deals by having certain celebrities wear the company’s capes, dresses, accessories etc. Notable examples of this can be seen through British celebrities such as Victoria Beckham and her endorsement deal with Christian Dior, Chanel, etc., David Becham and his varied endorsement deals with Nike, EverLast and Gillette and lastly Naomi Campbell and her association with nearly hundreds of branding campaigns (Boshoff Gerber, 2008). The result of these endorsements has been to bring the branding and knowledge of the product beyond what can be seen in advertisements and print ads lending it an extra sense of credibility since audiences always see their favorite athletes utilizing that particular brand (Westerbeek Linley, 2012). Long Term Public Relations Strategy In the long term, Zaeem Jamal would need consumers to continuously buy its products and, as such, must rely on a certain degree of â€Å"continued prolonged effect† of an endorsement deal in order to encourage product patronage and buying behavior (Seringhaus, 2005). The purpose of all company sponsored endorsement deals after all is to make celebrities into walking advertising billboards by connecting that athlete to the image of the brand. Various studies examining the impact of particular advertising campaigns on consumers show that by and large not all advertising campaigns have a prolonged period of impact on the mindset of consumers (Carrillat, Harris Lafferty, 2010). Taking this into consideration, it can also be assumed that not all business endorsement deals connected to particular celebrity/athlete have the desired effect of prolonged exposure as compared to billboards and commercials (Boshoff Gerber, 2008). In fact, it can even be stated that since celebrities do not always sport the brands they are suppose to be endorsing, this results in a situation where business sponsored endorsement deals tend to lose their effectiveness over time (Carrillat, Harris Lafferty, 2010). It is based on this that the long term strategy of the company should focus on bringing the Zaeem Jamal brand into the forefront of the public’s consciousness. This can be achieved by establishing a contract with a local bank that supplies its clients with credit cards (Wang et al. 2013). Consumers love a bargain no matter the market demographic and some consumers continue to patronize the same types of stores for their purchasing needs (Gellers, 2004). With the holiday season closing in more customers will be using their credit cards more than before in order to make their purchases. By enabling local banks to send promotion material in connection with the Zaeem Jamal brand that enables consumers to purchase products from the store at reduced cost through a discount flyer or coupon, this will help to generate significant awareness of the brand to local consumers. Best of all, the company can utilize an already existing list of customers that it knows can afford its products since banks have different types of credit cards organized based on the affluence and credit limit of its clients (Nygaard, 2005). The company can just choose to concentrate its local marketing campaign on individuals with a history of expensive fashion item purchases as well as those with high credit card limits. It is expected that through this strategy Zaeem Jamal will be able to gain a significant amount of new clients and expand awareness of the brand. Conclusion What this report has shown is that while the products created by the Zaeem Jamal are of exquisite quality, the brand still needs to diversify its product range in order to take into consideration the climate of the U.K. The fact is that the brand really needs to develop a heavier set of coats in order to appeal to clients that would have to face the freezing temperatures that occur within the region from time to time. It should also be noted that traditionally, the buying and selling of products and services has always occurred either through a face to face transaction, a letter of intent or even a simple phone call where a person places an order and pays upon delivery. Yet due advances in technology where the scale and scope of the retail industry has come to encompass a global market place the traditional processes by which this industry has always followed has started to change. While Zaeem Jamal has continued to rely on word of mouth and advertisements in publications, it would definitely need to consider advertising through digital mediums given the current popularity of the internet and how it is a new frontier so to speak for the advertising and sale of luxury brands. Reference List Boshoff, C, Gerber, C 2008, ‘Sponsorship recall and recognition: The case of the 2007 Cricket World Cup’, South African Journal Of Business Management, vol. 39 , no. 2, pp. 1-8. Carrillat, F, Harris, E, Lafferty, B 2010, ‘Fortuitous brand image transfer’,  Journal Of Advertising, vol. 39, no. 2, pp. 109-123. Gellers, S 2004, ‘Living the Lush, Affordable Luxury Life’, DNR: Daily News Record, vol. 34, no. 33, p. 52, Hakala, K 2011, ‘Sponsorship: Leap Taking a Daring Leap. ABA Bank Marketing, vol. 43, no. 1, p. 38. Kaiser, A 2005, ‘Russia, Middle East Have Luxe Potential’, DNR: Daily News Record, vol. 35, no. 26, p. 6 Lipke, D 2006, ‘Penguin Targeting Luxury Retailers’, DNR: Daily News Record, vol. 36, no. 4, p. 20 Nygaard, S 2005, ‘Kenneth Cole Stakes Out Luxury Territory’, DNR: Daily News Record, vol. 35, no. 25, p. 11 Pahl, D, Lloyd, B, Wilhelm, M, Harmon, A, Vargo, J 2007, ‘Retailers await last-minute surge stores report strong sales of cashmere sweaters, leather jackets and luxury topcoats as consumers procrastinate’, DNR: Daily News Record, vol. 37, no. 51, p. 12 Seringhaus, F 2005, ‘Selling Luxury Brands Online’, Journal Of Internet Commerce, vol. 4, no. 1, p. 1 ‘The rise of no-name designers’ 2012, Economist, vol. 405, no. 8808, p. 68, Wang, X, Chow, C, Luk, C 2013, ‘Does Service Employee Arrogance Discourage Sales of Luxury Brands in Emerging Economies?’, Psychology Marketing, vol. 30, no. 10, pp. 918-933 Westerbeek, H, Linley, M 2012, ‘Sponsorship and branding: Research paper Building city brands through sport events: Theoretical and empirical perspectives’, Journal Of Brand Strategy, vol. 1, no. 2, pp. 193-205. 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Tuesday, March 17, 2020

3 Good Study Habits for College Students by Lauren Gartner

3 Good Study Habits for College Students by Lauren Gartner 3 Habits of Top Students You Should Grow Students who possess good study habits are more likely to have better grades than students who don’t. They are also less likely to suffer from school related anxiety. This is largely due to the fact that they are less likely to fall behind, or to realize at the last minute they don’t understand something. There are some good study habits that apply to students of all ages. Presumably most people reading this know most, if not all of these. What this posting is going to discuss is a few specific study habits for college students. These 3 good study habits for college students are sure to help students start the school year on the right track. Don’t Toss Homework Assignments, Tests, or Quizzes Save these, and take the time to correct wrong answers if your professor hasn’t done so already. Highlight items that are particularly important or that you found most difficult. Then, stick them in a binder with a tab that indicates the specific subject each one covers. When you are finished, what you will have is your own study guide for the class. This is perfect for studying for your final exam. If you would rather not keep paper copies, scan them into your smartphone, and organize them with a note taking app. You’ll still have a study guide, and you’ll be able to take it with you wherever you go. Don’t wait for Down Time to Study If you wait until you have the opportunity to be at your desk in a quiet bedroom, apartment, or dorm room to study, you will never get any studying done. Your residence hall will always be noisy, you’ll always have someplace that you need to be. You may have had a block of time every evening in high school where your parents made sure that you had a quiet and distraction free place to study. Nobody is going to guarantee you a distraction free study area in college, and there’s a good chance that you won’t have a block of time each evening. So, get an app to organize your study notes. Study while you eat your lunch. Review your notes while you ride the bus to work. Do you have 20 minutes between classes? Squeeze in some study time. In fact, studying in short bursts like this may help you to retain information for longer periods of time. Emulate the Study Habits of the Busiest Students It may seem logical to emulate the study habits of students who get the best grades. In reality, however, these students often have horrible study habits. This is because many of them simply don’t need to study. They just pick things up naturally. In other instances, these students study obsessively and unhealthily. The best study habits are often displayed by college students who manage to maintain respectable grades while leading exceptionally busy social and work lives. If you want to learn how to improve study habits, these are the people to ask.

Sunday, March 1, 2020

Connotation (of Words) - Definition and Examples

Connotation (of Words) s Connotation refers to the emotional implications and associations that a word may carry, in contrast to its denotative (or literal) meanings. Verb: connote. Adjective: connotative. Also called intension or sense. The connotation of a word can be positive, negative, or neutral. It can also be either cultural or personal. Heres an example: To most people the word cruise connotessuggestsa delightful holiday; thus its cultural connotation is positive. If you get seasick, however, the word may connote only discomfort to you; your personal connotation is negative.(Vocabulary by Doing, 2001) In his book Patterns and Meanings (1998), Alan Partington observes that connotation is a problem area for learners of a language: [Because] it is an important mechanism for the expression of attitude, it is of paramount importance that learners be aware of it in order to grasp the illocutionary intent of messages. Etymology:  From the Latin, mark along with Examples and Observations In the East the wilderness has no evil connotation; it is thought of as an expression of the unity and harmony of the universe.(William O. Douglas)Exercise addiction.It sounds like an oxymoronexercise has a healthy connotation, while addiction sounds negative.But experts are seeing some people abuse a healthy lifestyleand for one Los Angeles woman, the addiction lasted nearly 20 years.(Jessica Ryen Doyle, Woman Battles Exercise Addiction for Nearly 20 Years. Fox News.com, October 17, 2012)In the real world, procrastination has a negative connotation.People who leave things to the last minute are often characterized as lazy, unprepared and inefficient.In professional sports, though, procrastination isn’t a label to be ashamed about. In fact, putting things off until the last possible moment might be the sign of a true champion.(Ian Mendes, Procrastinate Like a Champion. Ottawa Citizen, October 15, 2012)Debt is a four letter word. For many people it has the same connotation as m any other four letter words. However, not all debt is bad. . . . In general terms good debt is defined as debt that allows someone to invest in the future such as business loans, student loans, mortgages and real estate loans.(How to Know When Debt Is a Four Letter Word. MarketWatch, October 17, 2012) Stimulus is Washington talk, said Rahm Emanuel, the coming White House chief of staff with a sandpapered-fingertip sensitivity to the familiar connotation of words. Economic recovery is how the American people think of it.(William Safire, Recovery. The New York Times, Dec. 12, 2008)Synonyms and ConnotationsA group of synonyms cannot by definition be distinguished in terms of their denotation, but they usually display noticeable differences of connotation, as in the case of car, automobile, runabout, buggy, banger, bus, hot rod, jalopy, old crock, racer, and so on.(David Crystal, The Cambridge Encyclopedia of the English Language. Cambridge University Press, 2003)A Rose by Any Other Name- Mr. Powers: Jones. I dont like that name. Its going to handicap you, young man. Now wait a minute. Ive got some sort of a name here. Yes. Haverstock. Huntley Haverstock. Sounds a little more important, dont you think, Mr. Fisher?Mr. Fisher: Oh, yes, yes. Very dashing.Mr. Powers: . . . Well, speak up young man. You dont mind being Huntley Haverstock, do you?Johnny Jones: A rose by any name, sir.(Harry Davenport, George Sanders, and Joel McCrea in Foreign Correspondent, 1940)- What’s Montague? it is nor hand, nor foot,Nor arm, nor face, nor any other partBelonging to a man. O! be some other name:What’s in a name? that which we call a roseBy any other name would smell as sweet.(Juliet in Romeo and Juliet by William Shakespeare)- Lisa: A rose by any other name smells as sweet.Bart: Not if you call them Stench Blossoms.(The Simpsons) Light CigarettesAltria said it had used terms like light as well as packaging colors to connote different tastes, not safety. But study after studyincluding ones by the industry disclosed in tobacco lawsuitshas shown consumers believe the terms and colors connote a safer product.(Duff Wilson, Coded to Obey Law, Lights Become Marlboro Gold. The New York Times, Feb. 18, 2010)Pork Butt or Boston Roast?In an effort to boost sales going into the grilling season and make shopping at the meat counter a bit easier, the pork and beef industries are retooling more than 350 names of meat cuts to give them more sizzle and consumer appeal. . . .[By summer,] the pork chop will be gone. Instead, grocery retailers could be stocking stacks of porterhouse chops, ribeye chops and New York chops. The pork butt which actually comes from shoulder meatwill be called a Boston roast.(New Meat Names Mean Bye Bye, Pork Chop; Hello, Ribeye. Chicago Tribune, April 10, 2013)ReservationThe name reservation has a negative connotation among Native Americansan intern camp of sorts.(John Russell) TribeSince tribe has assumed a connotation of primitiveness or backwardness, it is suggested that the use of nation or people replace the term whenever possible in referring to Native American peoples.(R. B. Moore, Racism in the English Language, in The Production of Reality, ed. J. OBrien, 2005)Socialism and Capitalism[For many], socialism implies egalitarianism and that people are living for society, while capitalism has been given the connotation of materialism, greedy, selfish, self-serving, and so on.(Milton Friedman)Denotation and Connotation in a Poem by E.A. RobinsonIn the following poem by Edwin Arlington Robinson, distinguish between the denotative and connotative meanings of the words in italics.Richard Cory (1897)Whenever Richard Cory went down town,We people on the pavement looked at him:He was a gentleman from sole to crown,Clean favored, and imperially slim.And he was always quietly arrayed,And he was always human when he talked;But still he fluttered pulses when he sa id,Good-morning, and he glittered when he walked.And he was richyes, richer than a king,And admirably schooled in every grace:In fine, we thought that he was everythingTo make us wish that we were in his place.So on we worked, and waited for the light,And went without the meat, and cursed the bread;And Richard Cory, one calm summer night,Went home and put a bullet through his head. Denotation and Connotation in a Poem by Henry David ThoreauIn the following poem we have italicized a number of key words whose connotative meaning directs our response to the images. Although the poem is mostly imagesthe overt commentary is confined to the first two linesthe poets attitude is anything but neutral.Pray to What Earth Does This Sweet Cold Belongby Henry David Thoreau (1817-1862)Pray to what earth does this sweet cold belong,Which asks no duties and no conscience?The moon goes up by leaps, her cheerful pathIn some far summer stratum of the sky,While stars with their cold shine bedot her way.The fields gleam mildly back upon the sky,And far and near upon the leafless shrubsThe snow dust still emits a silver light.Under the hedge, where drift banks are their screen,The titmice now pursue their downy dreams,As often in the sweltering summer nightsThe bee doth drop asleep in the flower cup,When evening overtakes him with his load.By the brooksides, in the still, genial ni ght,The more adventurous wanderer may hearThe crystals shoot and form, and winter slowIncrease his rule by gentlest summer means.(David Bergman and Daniel Mark Epstein, The Heath Guide to Literature. D.C. Heath, 1984) The Lighter Side of Connotations: Purses and HandbagsWhy is it a handbag instead of a purse?The General simultaneously rolled her eyes and released a tired sigh. A purse is a cheap, plastic discount store thing. A handbag is what contemporary, fashion-conscious women carry. And thats what we sell. Expensive designer handbags. An assortment of the latest trends and must-have famous names. They are handbags and you need to refer to them that way. You can say bag for short, but never, ever, ever say the word purse Its an insult to the exclusive designers we carry. Got it?Got it.But I didnt really get it. The whole thing sounded kind of snooty and stupid.(Freeman Hall, Retail Hell: How I Sold My Soul to the Store. Adams Media, 2009)The Lighter Side of Connotations: PantiesTheres a certain light connotation attached to the word panties. Can we find another name for them?(Joseph N. Welch as Judge Weaver in Anatomy of a Murder, 1959) Pronunciation: kon-no-TAY-shun Also known as: affective meaning, intensional meaning Also see: Choosing the Best Words: Denotations and ConnotationsAssociative MeaningBertrand Russell on the Connotative Power of WordsConceptual MeaningCommonly Confused Words:  Connotation  and  DenotationCommonly Confused Words:  Connote  and  DenoteDysphemism  and  EuphemismGlittering GeneralitiesLoaded WordsOrthophemismParadiastolePejorative LanguagePhonaestheticsReflected MeaningSemanticsSemioticsSnarl Words Purr WordsSubtextSynonym  and  SynonymyUsage NoteWord ChoiceWriters on Writing: Ten Tips for Finding the Right Words