Hindustan Unilever Limited Is Indias Largest Company Marketing Essay

Hindustan Unilever Limited Is Indias Largest Company Marketing Essay HUL was formed in 1933 as Lever Brothers India Limited and came into being in 1956 as Hindustan Lever Limited through a merger of  Lever Brothers, Hindustan Vanaspati Mfg. Co. Ltd. and United Traders Ltd. Its headquarters is in  Mumbai, India. It has employee strength of over 15,000 employees. The company was renamed in June 2007 as Hindustan Unilever Limited. Hindustan Unilevers distribution covers over 1 million retail outlets across India directly and its products are available in over 6.3 million outlets in the country. It estimates that two out of three Indians use its many home and personal care products, food and beverages. In the villages: HUL has also revamped its sales organisation in the rural markets to fully meet the emerging needs and increased purchasing power of the rural population. The company has brought all markets with populations of below 50,000 under one rural sales organisation. The team comprises an exclusive sales force and exclusive redistribution stockists, under the charge of dedicated managers. The team focuses on building superior availability, while enabling brand building in the deepest interiors. HULs distribution network in rural India already directly covers about 50,000 villages, reaching about 250 million consumers. Political Factor It means to what degree government intervenes in the economy. Political factors include areas such as tax policy, labour law, environmental law, trade restrictions, tariffs, and political stability. Political factors may also include goods and services which the government wants to provide or be provided. Further more, governments have great influence on the health, education, and infrastructure of a nation. Economic Factor -These include economic growth, interest rates, exchange rates and the inflation rate. For example, interest rates affect a firms cost of capital and therefore to what extent a business grows and expands. Exchange rates affect the costs of exporting goods and the supply and price of imported goods in an economy. Social Factor These include the cultural aspects and include health consciousness, population growth rate, age distribution, career attitudes. Trends in social factors affect the demand for a companys products and how that company operates. Technological Factor -These factors include technological aspects such as research and development activity, technology incentives.They can determine barriers to entry. Furthermore, technological shifts can affect costs, quality, and lead to innovation. Here are some more factors which can affect a business:- Environmental Factors -These include ecological and environmental aspects such as weather, climate, which may especially affect industries such as tourism, farming, and insurance. Furthermore, growing awareness of the impacts of climate change is affecting how companies operate and the products they offer, both creating new markets and diminishing or destroying existing ones. Legal Factors These include different type of laws such as discrimination law, consumer law, employment law, and health and safety law. These factors can affect how a company operates, its costs, and the demand for its products. The impacts of these factors on Hindustan uniliver limited. These 6 are the most common factors which can affect a business directly or indirectly. Hindustan uniliver limited is an old organisation.It has produced many products like soaps,surfs,detergents and etc.In all the retailing Stores we will find the products of hidustan uniliver limited as there products are very famous all over the country.A company like hul is all affected with some factors.The factors we have discussed earlier. There are factors like political and now the political factors can affect the working of an organisation in a big way.Political factors includes tax policy, labour law, environmental law, trade restrictions, tariffs.These are the some items which can affect a organisation politically.Government can change the Tax policy or tarrifs etc.Government can impose the restrictions on trade etc and company will have to accept the changes as they are made by the government. The second factor which have affected Hindustan uniliver limited is economic factor. Economic factor include many things like economic growth, interest rates, exchange rates and the inflation rate. These are the main things which are considered in economic factors. Economic growth means the rate at which the the growth of the economy is going. Exchange rates means the rates at which the exchange takes place between two organisations. Inflation means where there is excess demand and shortage of supply.If the inflation rate goes high then the organisation will be affected as demand will be more and supply of goods will be less. The third factor which have affected the Hindustan uniliver limited is social factor.Social factor include health consciousness, population growth rate, age distribution, career attitudes. Social factors also affects the organisation in a big way.If the population is growing at a high rate then it will affect the organisation as there are more demand for products than supply. The fourth and the most important factor is technological factors. Technology is the most important factor which the organisation have to look. As we know that technology changes very quickly.we see in daily life that almost everyday a new technology is invented.The organisation will have to keep updated with the new technologies and it should also educate the employees about the technologies.Hindustan Uniliver is affected by the technology factor because the company has not adopted the new technologies.

Impact of Terrorism on Financial Markets of Pakistan Essay

Since the emergence of 9/11 event in U.S.A., the world has witnessed significant increase in terrorist activities. Pakistan unfortunately has been the most vulnerable to the paradigm shift of terrorism. Its vulnerability is mainly subjected to its geographical location. Nonstop terrorist activities toppled over the country’s political, social and economic structure. Now the life of a normal citizen is at risk. State of infrastructure has become deplorable owing to the series of terrorist activities. Resultantly economic activity reduced manifold. Being a frontline state on â€Å"war on terror† the loss of Pakistan’s economy was a natural consequence. Pakistan’s economy was affected almost at all economic fronts which comprises of external, industrial, agricultural, business and services sector, etc. The continued rise in the terrorist activities also affected the confidence of foreign investors which caused the stoppage of FDI, besides withdrawal of the po rtfolio investment. The impact of terrorism was also felt in all the areas of the economy with varying degree and intensity. The most prominent areas included tourism, hotelling, manufacturing, cottage industry, transportation, trade, etc. These industries have reinforcing effect on each other. Factors such as heavy influx of Afghan immigrants, particularly Taliban; porous Pak-Afghan border; political instability; external conspiracies, demographic weaknesses and its geographical attractiveness have accentuated the process of Terrorism in Pakistan. All these factors combined with global â€Å"war on terror† have deteriorated Pakistan’s economic situation as a whole. Financial markets, which are the nucleus of any economic system, are also supposed to be affected due to terrorist activities. In the aftermath of the terror attacks of 11 September 2001 in New York and 11 March 2004 investors’ confidence deteriorated beyond national boundaries because of contagion effects (Johnston and Nedelescu, 2006). Under the current wave of terrorism in Pakistan, particularly the stock market, forex m arket and money markets are affected the most. These markets are highly important as most of the policy impacts are transmitted through these markets. Therefore, any disruption in the smooth working of these markets may affect the achievement of overall economic target set by the government. Especially the stock market, which is considered to be the barometer of economic health of a country, appeared to have been affected by the rise in extremism or terrorism in recent times. The negative impact of the market to hype in such activities is reflected by the selling of bonds of the target firm’s, but the magnitude and consistency of the negativity stirred in the market and of the spill over effects is questionable (Karolyi, 2006). Similarly, the forex market which is also obviously affected by the uncertainty prevailing in the economic environment bears adverse effects of the related events. As regard the banking sector of Pakistan, it is also found to be inflicted due to the aftermath of the terrorist activities. The size and distribution of the effect of these activities would depend on the myriad of factors such as nature of terrorist attack, target of the attack, the multiplier effect, policy response and the resilience of the financial market (Bruck and Wickstrom, 2004). Besides Lal Masjid operation, the hall mark of the terrorist activities over the sample period is loss of internationally known Pakistani Political personality i.e. Benazir Bhutto. After the assassination of the said Pakistan’s banking sector faced substantial losses due to damage to the infrastructure and robberies of the bank. Downfall of any of the financial market associated with a terrorist activity reduces the incentive to spend as opposed to save, a process that can spread through the economy and the rest of the world through normal business cycle and trade channels (Johnston and Nedelescu, 2006). Keeping in view the significance of financial market for Pakistan’s economy, the quantification of the impact of terrorists’ activities on financial market becomes an interesting area of research work. Especially, this requires empirical quantification of the impact of various kinds of terrorist activities that either occurred in key business centers or happened in the far flung areas. II. Literature Review We find very limited literature on the subject issue. Although a few studies are found to be discussing the overall consequences of terrorism on world economies, we do not find much evidence about the quantification of the impact of terrorist activities on financial markets using such high frequency data and with special reference to Pakistan. For the benefit of readers, the review of some of the relevant studies has been made which is given as under: After the eruption of terrorism in Spain in the 1970’s, Abadie and Gardeazabal (2001) discovered the fact that there was ten percent deterioration in the per capita GDP of the Basque region as opposed to a synthetic control region. They also found out that this difference widened due to the rise in the terrorist activities. Chen and Siems (2004) assessed the degree to which the U.S. Stock market reacted to fourteen extremist acts in the past ninety years by using the event study methodology. They also tried to assess the impact o f the September 11 attacks and the raid on Kuwait by Iraq on the stock markets of different nations of the world. They found certain proof of flexibility in the fact that the encounter with such extremists’ lead to a decrease in the market reaction. Moreover, they came to know that the impact of the September 11 incidence and the Iraqi raid were more unfavorable and harmful on the stock markets of nations around the world as opposed to the U.S. stock markets. The study by Johnston, et al. (2005) attempted to explore the impact of terrorism on financial markets. They found that how financial markets react to different shocks stemming from terrorist attacks. By making use of the data on financial markets such as the government securities market, the repo market, the insurance industry and the capital market of U.S, the study analyzed the reaction of the financial markets to the September 11 ‘2001 terrorist attacks in the New York, and March 11, 2004 attacks in Madrid. They concluded that given the accurate timely response of the authorities and rogue disaster management, the financial markets of U.S and Spain respectively were attributed with diversity and resilience to absorb the shocks of terrorist attacks. Both the central banks laden with the sense of responsibility of the â€Å"lender of the last resort† also came to rescue their respective financial systems in the aftermath of these acts of terrorism. In addition, the globalization trends also incepted the cross border cooperation among the central banks which mitigated the diffusion of contagion effects through the chain process of business cycle. Barth, and et al (2006) used panel data on terrorism and employed some of the control variables which proved the negative, depressing and unfavorable influence of terrorism on economic progress. In broad-spectrum, these extremists’ occurrences and events have a substantial destructive impact on the economy of a country and thus rende r a depreciation and deterioration of the economy. Their outcome also sheds some light on the fact that the aim of such attacks also makes a difference. Extremists’ attacks directed at places and properties other than that of public have an unconstructive link commonly with development and capital structure and generation. Gulley and Jahangir (2006) used the statistical data available for the stock, bond and foreign exchange rate and stock market from 1968 to July 2005, for a group of countries i.e Australia, Canada, France, Germany, Italy, Japan, UK and the US. Data on terrorist attacks has been collected from The National Memorial Institute for Prevention of Terrorism (MIPT) for exactly the same time period characterizing the date, time, location, type and target of the attack. Since the data is high frequency data, they have employed â€Å"Generalised Autoregressive Conditional Heteroscadastisity (GARCH) Model† to study the impact of terror attacks on the return (level) and volatility of the financial markets of the sample area, while their theoretical model is based on asset pricing model. Their results are well collaborated with the perceived expectations and the theory. They found negative returns with increasing terrorist activities for the stock market, while for the bond market lower yields were observed. Terrorist attacks had not been found associated with additional volatility in stock market in the given set of countries under observation. Liquidity of the foreign exchange market is significantly higher than other markets. Abadie and Gardeazabal (2007) attempt to measure the impact of terrorism on the foreign direct investment in an open economy. They made use of the data set on net stock of FDI obtained from the UNCTAD (United Nation Conference on Trade and Development) for 98 countries and GTI (Global Terrorism Index) for measuring data on terror activities which have the 100 European Journal of Social Sciences – Volume 18, Number 1 (2010) advantage over other measures by being popular among the international investors’ who use it to evaluate specific country’s risk. During their regression analysis, keeping the other types of risks constant, it was concluded that small changes in terror activities have the potential to bring big change in the allocation of the productive resources across the countries, keeping the international economy sufficiently open. They have statistically proved that wit the increasing standard deviation of the terror attacks, the net FDI shrinks by 5 percent of GDP. Melnick and Eldor (2007) used discounted-cash-flow valuation model in order to calculate the media exposure created due to such terrorist acts and also for the assessment of costs in term of the foregone alternatives of the liberated and unbound media exposure provoked by such extremists’ acts and their impact on the single stock market fun ctioning in Israel, â€Å"Tel Aviv Stock Exchange†, to measure the influence on the economy. They reached to the conclusion that there a statistic importance and significance of the opportunity cost variable and that it provides a role as an adequate indicator including the whole content required to portray the impact of militant acts on the stock market. The outcome clearly shows the converse relationship between the degree of media exposure and the deterioration in the value of stocks. However, it was also found that not any of the elements arising out of terrorism are statistically substantial and significant after the insertion of the opportunity cost variable in the equation. Berrebi and Klor (2008) took the sample of 125 Israeli defense and security companies that are traded in American markets and a number of American companies as controls for Israeli companies. The data on terror attacks, collected from Israeli foreign ministry, was based on daily terror attacks and noncombatant fatalities arising from them. They made use of the event study methods in order to measure and assess the positive impact of terrorism on the return of the stocks of the sample companies relative to those of control group. It was empirically found that Israeli defense related companies experienced comparatively lowered (negative) abnormal returns than those of American controls during the first part of the period under analysis i.e. before Palestinian uprising (January 1st, 1998 – September 28th, 2000). They had also been successful in proving that average cumulative difference in abnormal returns (CDRAR) of the defense related companies exhibit downward slope before the Palestinian uprising where as the trends reverses abruptly during the second part of period under analysis (second Palestinian uprising). During the second uprising, the defense realted companies gained around 70 percentage points while the non defense companies lost over 60 percentage points. Out of the myriad of research problems pertaining to this area of interest, quantification of the terrorist activities and measuring its impact on the fluctuation of various economic variables is imperative owing to the possibility of plausible relationships between two variables which may result in biased empirical results (Berrebi and Klor, 2008). In this paper, this problem has been tried to sought out by using Durban Watson statistics in order to check the variables for autocorrelation issue. This study is different in several aspects from the existing studies which were conducted on the subject matter. Some of the distinguishing features are given as under: †¢ It uses daily data on all the financial markets and the terrorist activities. Earlier studies present on this topic have examined the financial markets on a much lower frequency data. †¢ This study is first of its kind with reference to Pakistan. No research has been done in Pakistan before on the same lines. †¢ Different aspects of terrorism have been incorporated in this study in terms of the kind of terrorist activity, its intensity, the location of incidence and the target. †¢ The study examines the effect of each kind of terrorist activity on stock, forex and money markets separately. III. Research Methodology Data Description The study uses time series data for this piece of research work. It uses high frequency data, which is a daily data, over a period of two and a half years (i.e. from 31st December 2005 to 30th June 2008). The 101 European Journal of Social Sciences – Volume 18, Number 1 (2010) data has been collected from different resources. Secondary data has been used for three financial markets separately, i.e. banking market which represents the money market while stock market (KARACHI STOCK EXCHANGE) and the FOREX market represent the capital market. The data on the KSE Index has been taken from the KSE website. The data on the foreign exchange (i.e. rupee dollar parity) has been acquired from the Monetary Policy Department of the State Bank of Pakistan. The data on KIBOR (Karachi Inter Bank Offer Rate) has also been obtained from Domestic Markets & Monetary Management Department (DMMD), State Bank of Pakistan. The most cumbersome process of the primary data collection has been the collection of terrorists’ activities on daily basis. Daily information on these activities has been collected from various news papers including â€Å"The Daily Dawn†. Since various kinds of terrorists’ activities were found in the news papers, an attempt was made to choose the most relevant activities which has some impact on the working of financial market. While finding out the impact of terrorists’ activities on the financial markets of Pakistan we categorize the terrorists’ activities into four distinct dummy variables. The terrorists’ activities have been grouped together in four different categories naming D1, D2, D3 & D4. Each activity has been assigned a particular group according to its intensity. A brief discussion of dummy variables used in the study is given as under; †¢ D1 is equal to 1 for the kind of terrorists activities which have targeted the key p ersonnel (political or otherwise) of the country and 0 for not happening of such event. †¢ D2 is equal to 1 for the happenings of the terrorists’ activities in the cities that are financially active or are the economic centers of the country and 0 for not happening of such events. †¢ D3 is equal to 1 for occurrence of major activities but in the non financial cities, †¢ Whereas D4 equals 1 for minor terrorists’ events taking place in small cities and 0 for not happening of such events. †¢ DST is equal to 1 in case of any structural change that has taken place during the period under study, otherwise it is equal to 0. Though most of the activities placed in D4 are not minor in terms of cost of human lives and infrastructure of the cities, but may be because of the peaking magnitude of the terrorism in the country for the past two and a half years or so, we as a nation, has become so much resilient to such attacks that loss of lives of normal citizens or human beings or blowing up of country’s resources does not mean much loss to u s, neither in moral sense nor in financial terms. Analytical Techniques For the estimation of results, E-views, which is time series econometric software, has been extensively used. For the purpose of analysis, the model used is â€Å"MULTIPLE REGRESSION MODEL†. This model not only tells us the extent of the impact of terrorists’ activities on the individual financial markets but it also tells us the direction of the relationship between the regressors and the regressands. In this study the regressand are KSEI, FOREX rate and KIBOR while the four categories of terrorist activities are regressors. The study asseses the impact of terrorist activities on these three market. The functional form of the model would be as follows; (1) FM = f (Di) Where; FM indicates any type of the above mentioned financial market. Di indicates dummy variable capturing the impact of any type of the terrorist activity which affects the financial markets in Pakistan. To assess the impact, the functional form of the equation no. 1 is converted i nto mathematical equation, which is as follows; FM = ÃŽ ± + ÃŽ ²Di (2) Where; FM = any financial market operating in Pakistan e.g. ÃŽ ± = intercept ÃŽ ² = parameter to be estimated or coefficient. Di = dummy variables ranging from D1 to D4. WhileD1, D2, D3 and D4 are already explained. For KIBOR analysis, the study uses an additional dummy variable namely DST. It denotes any structural changes occurring in the economy which has imminent impact on the inter bank market. Since the dependent variable (financial markets) is also affected by many other variables which are called stochastic or error terms, so we need to convert the equation no. (2) into an econometric equation, which is represented as follows; FM = ÃŽ ± + ÃŽ ²Di + ei (3) Where ei is an error term. Since the dynamics of each kind of financial markets are a bit different. We need to estimate the results separately using a different equation for estimation purpose. These are given below; i. Stock Market Since KSE is the most active or most efficient of all the financial markets in Pakistan, we analyze the impact of four dummy variables on KSE 100 index first. In order to particularly analyze the growth of KSE Index we convert the daily values of KSE 100 Index into their log values. As the stock market show significant volatility over the last few years, we take natural log of the equation no. (2) for smoothening of the KSE Index. KSEI = ÃŽ ± + ÃŽ ²Di + ei (4) Taking natural log on the left hand side we get; Ln(KSEI) = ÃŽ ± + ÃŽ ²Di + ei (5) This is the final equation which can now be used for estimation of the impact analysis of terrorist activities on KSE. The equation reads as the natural log of Karachi Stock Exchange 100 Index is a function of the Di viz D1, D2, D3 and D4 representing various forms and intensity levels of terrorist activities. After regressing all the dummy variables (D1 to D4) separately on the LnKSEI, we see adverse effect of D1, D2 and D4 on the LnKSEI. It is important to note that the individual effect of D1 and D2 seemed suppressed. So in order to enhance the collective effect of D1 and D2 we combine both the variables and name it as D1†². So that the terrorists’ activities targeting key personnel and major financial areas are singularly termed as â€Å"major events† (grouped in D1†²) while D3 and D4 remain the same. By applying OLS regression technique, we estimate the following equation;(6) Ln(KSEI) = a + ÃŽ ²D1†² + ÃŽ ³D4 + ei Where; Ln(KSEI) = natural log Karachi Stock Exchange Index. D1†² = terrorists’ activities targeting key personnel and major financial cities. D4 = minor activities in small cities. ÃŽ ±, ÃŽ ², ÃŽ ³ = parameters to be estimated. ei = stochastic/ error/residual term. ii. FOREX Market Foreign exchange market of a nation is the arena where country’s currency is traded for other currencies. The daily buying and selling of a currency determines the daily average rate of a currency. The trading takes place in domestic and international market simultaneously and hence the equilibrium point of the demand and supply of a currency determines the daily average FOREX rate. The rate can be determined in terms of any foreign currency. The exchange of currency typically takes place via brokers, but overall many institutions like commercial banks, investment banks, brokerage houses, clearance houses, foreign exchange markets on the whole and individuals are involved in the process. FOREX market is the biggest financial market of the world but with reference to Pakistan it stands second. Since foreign exchange rate can be expressed i n two ways, i.e;  i. Direct quotation ii. Indirect quotation. In this study we have used the direct quotation of the Pak rupee (PKR). We take the exchange rate of PKR in terms of U.S Dollar and express the exchange rate as I/PKR (direct quotation). Taking its natural log reduces the volatility of the exchange rate. In our analysis we are required to determine the impact of terrorists’ activities on the Exchange Rate stability or to critically see how much of the underlined activities depreciate the domestic currency in terms of the foreign currency (U.S. Dollar). We have derived the following equation: Ln (ER) = ÃŽ ± + ÃŽ ²Di + ei (7) Where; ER = exchange rate. While for analysis purpose we use the following equation. (8) Ln (ER) = ÃŽ ± + ÃŽ ²1(D1) + ÃŽ ²2(D2) + ÃŽ ³(D4) + ei where; Ln (ER) = natural log of exchange rate D1 = terrorists’ activities targeting the key personalities D2 = terrorists’ activities taking place in the major financial cities D4 = minor terror events in small cities. ÃŽ ±, ÃŽ ², ÃŽ ³ = parameters to be estimated ei = residual/ error term. It is clear from equation (8) that ER is influenced by the terrorist activities grouped in D1, and D2. For the empirical findings, we regress the g iven econometric equation by applying OLS technique. iii. KIBOR Karachi Inter Bank Offer Rate (KIBOR) is the average of daily offer rates of commercial banks. It is the average daily rate on which a bank offers short term loans to other commercial banks. In other words, KIBOR is a yardstick to measure the capability of banking industry of a country to accommodate short term loans and funds. The underlined activities may also affect KIBOR rates. Interbank rate is the relative indicator of performance and efficiency of banking industry since it indicates the borrowing ability of the commercial banks. Econometric equation for KIBOR is given as; KIBOR = ÃŽ ± + ÃŽ ²Di + ei (9) To find out the empirical results of impact of terrorism on banking industry (KIBOR) weestimate the following econometric equation by OLS technique. KIBOR = ÃŽ ± + ÃŽ ²D1 + ÃŽ ³DST + ei (10) Where; KIBOR = Karachi Inter Bank Offer Rate D1 = major terrorists’ activities targeting key personalities. DST = dummy variable for structural changes. ÃŽ ±, ÃŽ ², ÃŽ ³ = parameters to be estimated ei = stochastic/error/residual term. IV. Empirical Findings As already explained, we separately estimate the impact of terrorists’ activities on three types of financial markets mainly due to having different dynamics and sensitivity of events. The final impact analysis is given as under; i. KSEI Using equation no. (6) we obtain the impact of underlining activities on KSE market. 104 European Journal of Social Sciences – Volume 18, Number 1 (2010) It is apparent from the results that the value of R2 is 0.98 or 98% which means that our model is best fitted. It implies that 98% of variations in the dependant variable (LnKSEI) are explained by the independent variable. Durbin Watson Statistics is equal to 1.96, which is closer to 2, shows that the regression model is not ploughed with the problem of autocorrelation. Standard error of the model is also reasonably small (0.016336) which is responsible for increasing the calculated value of t-statistics, thus we reject null hypothesis (i.e. Ho: ÃŽ ² & ÃŽ ³ = 0). F-statistics is 14379.05, which is comparatively very high indicating the overall significance/fitness of the model. C or ÃŽ ± is actually the intercept which is the weighted average of all the ignored variables that might affect the KSE index. Its value is 9.441305 which are significant at 1 % level of significance (highly significant). This indicates that KSEI is affected by variety of events not included in this analysis due to time constraint factor. Most probably the factors like capital taxes on earnings of stocks, capital inflows, and future strategies of companies registered at stock market, external shocks might be included in the test. Similarly, the terrorist activities also adversely affect KSE. Particularly, the value of D1 dummy variable (ÃŽ ² = -0.005021 at 2% level of significance) indicates that 1 percent increase in relevant terrorists’ activities might negatively affect KSE 100 Index by 0.5 percent. It means that the terrorists’ activities occurring in major financial hubs and those targeting key personalities of the country negatively and significantly impacts the performance of the KSE. To put it the other way round, KSE 100 Index might decline when any such terrorist activity occurs in the region. In the same way, the dummy variable D4 has also affected the KSE 100 Index negatively . It indicates that minor terrorist attacks occurring in small cities do not impact the KSE 100 Index significantly, although the impact in negative. Here, the estimated negative value of ÃŽ ³ (-0.000137) means to support the argument that small terrorist activities have negative impact on KSE. More appropriately, the said terrorist activities grouped in D4 combined with other residual factors also affect the functioning of the KSEI negatively. The impact of such activities on KSE performance may become significant because of the important paradigm shift in policy measures. Policies of the government or other concerned institutions are greatly affected by the magnitude of terrorism in a region. Greater the magnitude of the terrorist activities, greater would be the uncertainty in economic environment, and consequently greater would be the rate of change of policy measures. Since Karachi provides the centre of financial activities to the country and Karachi Stock Exchange is the biggest stock market of the country, so the vulnerability of the city to the terrorism is most likely to create volatility of the liquidity in the economy. Greater the occurrence of terrorist activities in the city, greater would be the likelihood of adverse effect on the financial markets, particularly KSE. Consequently the result would be the higher outflow of capital, lower investments, lesser exports and depletion of foreign reserves. ii. FOREX Rate Using the equation no.(8) the results of the impact of terrorist activities on FOREX market has been estimated by OLS technique. According to the results obtained, the value of the R2 is 0.99 or 99%, which implies that 99% of the variations in dependant variable (ER) are explained by the variations in explanatory variables. The value of R2 is pretty high indicating that the model is a best fit. Durbin Watson statistics is equal to 2 showing that there is no issue of autocorrelation in the regression model. The F- statistics value is also very high and significant showing the overall significance of the model. Standard error of the regression is very low, making t- statistics pretty high. The intercept term, C or ÃŽ ± is -4.078457 which is quite significant indicating that the ignored variables caused depreciation of Pak rupee against U.S. Dollar. As regards the impact of dummy variable D1, it is negative but insignificant. So we are able to interpret that the terrorist activities named as D1 do adversely affect the exchange rate of PKR but the impact is not at all significant. Similarly, the coefficient of D2 is also very small which indicates that the response of the FOREX market to underlying activities is almost negligible. It determines that D2 activities have a negative and insignificant impact on the determination of FOREX rate. The impact of D4 activities on FOREX is interpreted in the same way as that of D1 and D2. European Journal of Social Sciences – Volume 18, Number 1 (2010) From all of the above coefficient values we can infer a negative relationship between the terrorism and the FOREX rate. The negative sign indicates that any such happening is responsible for the depreciation of the domestic currency in terms of the foreign currency (U.S. Dollar in the present case). Though this impact is not significantly visible with reference to Pakistan but there might be several possible explanations for this suppressed relationship. From Pakistan’s standpoint the impact might be insignificant because of high resilience of the financial markets here. From the daily data of the terrorist activities it is evident that these events have been taking place at a very high frequency over the sample period. The magnitude of these activities ranges from mild offensive happenings to very high terror attempts that scare off the whole humanity. In this scenario, it is likely to expect the convergence of financial markets. The impact has to be adverse because such happenings produces uncertainty in the economic environment, increases the risks and liquidity shortage, reduces exports, depreciates currency, lowers the domestic and foreign investments and thus definitely there is a flight of capital from economy. But in case of Pakistan, high frequency of such events might be responsible for the cold blooded attitude of nation as a whole and these events may seem a routine happening to the people involved in currency trading or in any other financial market. It is because of this reason that the variation in depreciation of PKR is very less as compared to the perceived expectations. So we can safely say, terrorism does not signify its impact on foreign exchange market of Pakistan, unless the ev ent is highly adverse or of global attention like that of assassination of the former prime minister of Pakistan, Benazir Bhutto. iii. KIBOR By using OLS technique on equation no.(10) we get the following results on impact of terrorist activities on the money market or interbank market (KIBOR). The results showed us that the value of R2 is 0.98 or 98% which means that it is a best fitted model. 98% of the variations in the dependant variable, KIBOR, are determined by the variations in the explanatory (independent) variable. The estimated value of Durbin Watson Statistics is 1.95 which is used to indicate that the results are not ploughed with the menace of autocorrelation problem. This reflects the accuracy of results, as it can be used in the policy formulation process concerning the KIBOR. Standard Errors are very small which means higher values of t-statistics. Values of F-statistics are again very high i.e. 15109.34 showing the overall significance of the model. The value of intercept, C or ÃŽ ± is 8.474 is high, which is significant at 1% level of significance. It is indicative of the fact that other factors are more likely to be responsible for the increase in the bank rate. The value of the coefficient of D1 i.e ÃŽ ²1 is 0.001382. The terrorist activities grouped in D1 do affect the KIBOR positively but insignificantly. Positive sign indicates that greater the occurrence of the activities, higher will be the interbank rate. The coefficient of D2 is also positive (highly significant at 1 % level of significance). It indicates that factors other than terrorist activities play a key role in bringing about changes in the KIBOR rate. The impact of terrorist activities on KIBOR is widespread as compared to that of stock market (KSE). It is because of the fact that we find a bank branch network throughout the country, while KSE is confined to one city only. So the likelihood of the affect of terrorism increases on banking industry. The increased impact can be seen in the shape of the KIBOR rate. V. Conclusions and Recommendations This study was primarily aimed at estimating the impact of various kinds of terrorist activities on the three financial markets viz Karachi stock market, Foreign exchange market and the money market. The findings of the OLS regression model enable us to conclude; †¢ The economy of Pakistan has been adversely affected by the ongoing terrorist activities. †¢ The terrorists’ activities in Pakistan have adversely and significantly affected the performance of KSE. Further, the KSE has been relatively more affected by the terrorist events compared to  the other markets. This might be due to it’s vary nature as KSEI is relatively more sensitive to events rather than economic fundamentals. The terrorist activities have insignificant but adverse effect on FOREX market. One reason behind the insignificant impact of terrorist activities on FOREX rates might be the inter bank data used in the analysis. As the SBP continue to interfere in the FOREX market, therefore, any volatility arising due to such events might be subdued due to SBP proactive intervention. The impact on KIBOR rate although negative but estimated to be insignificant is a very positive development as KIBOR rate is considered as an indicator of short term loans extended by banks. In case of significant adverse impact of terrorist activities on KIBOR, it may affect investment plans of the country, which might have been negative implication for Pakistan’s economy. Most of the findings of this study are consistence with the theoretical expectations. The result estimates for the KSE 100 Index and KIBOR rate are per expectations. The econometric results for the second regression are although correctly directed but not consistent with the theory to extent as expected. The rising magnitude of terrorism in a country definitely adversely affects the economy in general and financial markets in particular. Last but not the least, targets of the terrorist activities play an important role in determining the impact on financial markets. There might be many shortcomings in the study which mainly accounts to the time constraints. light of the present study some policy recommendations could be made, following are some of †¢ In the light of the study, its empirica l findings and conclusions the government and the state ought to work on the institutional development on account of terrorism. Anti terrorism policy framework of international concern shall be formulated, enhanced and made available to the general public under this institution. Masses be given advanced warnings before occurring of any such event and rehabilitation be an important immediate step after the event has happened. Besides the well being of the general masses, effective contingency planning to mitigate the financial risk faced by the financial firms and the over all economy has to form a major constituent of the anti terrorism policy making institution. Since the adverse impact of terrorism on the financial markets has been econometrically proved in this study, economic policy should form an eminent part of the anti terrorism policy making. Effective measures shall be devised to counter the wave of disruption created in any of the above mentioned financial markets. With the continuous attacks of terror on the economy, as in Pakistan, the major domestic and international investor’s draw their money out of the financial markets. There is a flight of capital out of the economy which is a major set back to the domestic currency. To mitigate the risk of depreciation of the currency, policies regarding increasing the money supply and lowering the interest rates in order to perk up investor’s confidence and to keep the foreign reserves build up shall be enacted. Policy has to be formed to strengthen the financial structure of the economy and increase its resilience to absorb the shocks to the maximum limit. Opportunities to the domestic manufacturers’ shall be accentuated to increase exports and thus demand of domestic currency. This is an important measure to avoid the depreciation of currency and also it will make the trade deficit unlikely to occur. This is an important policy implication for the money market. Investment in research and development and innovative security measures is also need of the day. European Journal of Social Sciences – Volume 18, Number 1 (2010) Lastly, policies should be made and extended on the global level to increase the cooperation and coordination among the major stake holders in the global financial markets. Policies regarding benign relationships among the central banks of international importance shall also be encouraged so as to extend financial help during the crucial financial crunch after any enormous act of terrorism. Based on the results findings, the study mainly recommends that the concerned policy makers must take into account the impact of terrorist activities while formulating policies for the three kinds of financial markets. However, the impact of terrorist activities varies on each market in terms of its intensity, place of occurrence etc. †¢ References [1] [2] [3] [4] [5] [6] [7] Abadie, A. and Gardeazabal, J. (2001). The Economic Costs of Conflict; A Case-Control Study for the Basque Country. Research Working Paper No. 01/048. Harvard University. Faculty Research Working Paper Series. Retrieved from: http://papers.ssrn.com/abstract=293120 Abadie, A. and Gardeazabal, J. (2007). Terrorism and the World Economy. Available at: http://www.hks.harvard.edu/fs/aabadie/twe.pdf Barth, J.R., Li, T., McCarthy, D. (2006). Economic Impacts of Global Terrorism: From Munich to Bali. Capital studies, Milken Institute. Berrebi, C. and Klor, E. F. (2008). The impact of terrorism on defense industry. Working paper No. 597. RAND labor and population working paper series. Retrieved from: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=729006 Bruck, T. and Wickstrom, B. A. (2004). The economic consequences of terror: A Brief Survey. HiCN Working paper 03. Paper presented at Household in Conflict Network, University of Sussex, April 2004. Chen, A. H. and Siems T. F. (2004). Effects of terrorism on global capital markets. European journal of political economy. Vol. 20, pp: 349-346. Chesney, M., Reshetar, G. and Karaman, M. (2010). The Impact of Terrorism on Financial Markets: An Empirical Study. Retrieved from: http://www.google.com.pk/search?hl=en&q=The+Impact+of+Terrorism+on+Financial+Market s:+An+Empirical+Study&btnG=Search&aq=f&aqi Gujrati, D. N. (2004). Basic Econometrics. United States Military Academy, West Point, Mc Graw Hill Publications. Gulley, O. D. and Sultan, J. (2006). Risk Premium Volatility, and Terrorism: New Evidence. Milken Institute. Gupta, S., Clements, B., Bhattacharya, R., and Chakravarti, S. (2002). Fiscal Consequences of Armend Forces and Terrorism in Low and Middle-Income Countries. IMF Working Paper No: 02/142. International Monetary Fund ,Fiscal Affair Department. Glaeser, E. L. and Shapiro, J. M. (2001). Cities And Warfare: The Impact Of Terrorism On Urban Form. NBER Working Paper No: 8696. National Bureau of Economic Research. Jalalzai, M. K. (2002). The Holy Terror -Islam, Violence and

Cyber Bullying Is A Serious Problem - 1569 Words

Take a moment to think about how important technology is in our world today. Our generation depends solely on the internet, using it for social media, entertainment, and study purposes. What is behind the internet that we do not realize? Bullying comes in many different forms whether getting targeted on the playground, at work, or even on the internet. Bullying is a violent and harmful act. This violence has been around for as long as schools have been around, but bullying has increased elsewhere. The act of cyberbullying, which is bullying that takes place on any form of technology, is expanding abundantly, with â€Å"more than one out of every ten young people saying they have experienced cyberbullying† (â€Å"Social Media Bullying Has Become a Serious Problem.†). While certain precautions can be taken to in attempts to bypass this violence, the thought of avoiding cyberbullies is unattainable. When accessing any form of technology, online bullying cannot be averted d ue to the growth of technology, social expectations, and anonymity. There are many precautions that can be taken in attempts to avoid cyberbullying. Technology users of younger ages can be taught very valuable information, â€Å"[t]eaching kids to respect others and take a stand against bullying of all types† will help avoid bullying all together (â€Å"STOP Cyberbullying: Preventing Cyberbullying.†). What happens when respect is not being taught? Bullies will be unavoidable, since this is the case in our world today. Respect isShow MoreRelatedThe Internet and Cyberbullying Essay576 Words   |  3 PagesCyber Bullying Nowadays, the Internet is regarded as the most widely used source of social media and the fastest way to exchange knowledge and information all over the world, playing a vital role in everyone’s daily life. The internet has countless functions, useful for everyday work and entertainment, but it is being abused by people nowadays. One of the ways it is being abused is by cyber bullying. Cyber bullying is when people use the internet to make fun of others, belittle them, andRead MoreIs Bullying A Serious Problem?1683 Words   |  7 PagesHistory of the Problem Bullying has been an ongoing problem all over the world for as long as people can remember. Bullying by definition is, to use superior strength or influence to intimidate (someone), typically to force him or her to do what one wants. Bullying is a very serious problem, victims of bullying are more prone to depression. Bullying does not affect just one group, it can happen to anyone making it a prevalent threat to all of society. Approximately 160,000 teens skip school everyRead MoreCyber Bullying Is An Action Of Harassing Or Harming People Using Technology945 Words   |  4 PagesCyber bullying is an action of harassing or harming people using technology. It is increasing with the increasing technology. People of all ages are victims for this where majority of them are teenagers. It includes posting rumors or gossip about a person and insulting them or sometimes it may include morphing of their photos and posting them in social media networks to embarrass them. A victim can t cyber predict the cyber bully and is difficult to know that person. A cyber bully can be any unknownRead MoreEssay on Different Kinds of Bullying1017 Words   |  5 PagesBullying, in its many forms, is becoming an extremely hazardous problem that many individuals endure. Bullies torment others because they themselves have insecurities, have been bullied themselves, or have a mental illness that brings out the worst in them. 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Grounds for the claim is that cyber bullying is becoming more dangerous for students and parentsRead MoreCyber Bullying1455 Words   |  6 PagesRunning head: Bullying Issues 1 Bullying Issues: Cyber bullying vs. Traditional Bulllying Horache Allen Compostion1 Jan 29, 2013 Bullying Issues 2 Bullying Issues: Cyber Bullying vs. Traditional Bullying Are you a victim of cyber bullying? Or were you theRead MoreCyber Bullying And Its Effects1411 Words   |  6 PagesStudies indicate that cyber-bullying incidents have quadrupled in past five years (Ross). Cyber-bullying has become a huge issue recently. Every time you turn on the news there is another bullying, or a suicide related to bullying, incident being reported. â€Å"Love is louder† has been a common phrase among celebrities and influential figures lately. They are trying to send out a message to their followers saying that bullying is not right and should not be tolerated. The expansion of communication technologiesRead MoreEfforts to Fight Cyber Bullying1182 Words   |  5 Pagesthat mimic its treacherous definitional predecessors. The click of a mouse has cause youthful individuals to commit suicide and live lifestyles that are indulged in depression. Cyber bullying is a fairly new type of violence and this is why it is so hard to counter. One of the most prominent forms of counter-cyber bullying that the United States implements is through legislations, which have resulted in mixed results. Psychologist and Sociologist agree that the negative reinforcement approach doesn’t

Stereotypes And Stereotypes Of Stereotypes - 794 Words

Stereotypes are by definition a widely held but fixed and oversimplified image or idea of a particular type of person. Stereotypes can apply to other things as well but I will focus on the stereotypes seen in society. As we have seen in â€Å"To Kill a Mockingbird†, stereotypes have been present throughout history. However, it seems that even though stereotypes usually carry negative effects on people with their presence, they have lingered with us for some strange reason. Stereotypes exist today because it is easier, socially, to treat people based on what group you think they fit into. Just explaining how stereotypes work already exposes multiple problems. We’ve all heard of the saying â€Å"Don’t judge a book by it’s cover†, yet stereotypes do exactly that to humans and ruins how positively we may think of some groups of people, but stereotypes do have a basis in truth. Stereotypes begin when society starts to notice common characteristics that a certain group of people portray more than any other group, characteristics so broad that they apply to most to all of the people in that group. Once that category of people receive a stereotype, it grows when that category of people begin to show the same characteristics over and over again until the rest of society and even the category of people themselves think that all and everyone who belongs to that category of people will always show certain characteristics no matter what. Truthfully, that is not the case. There is aShow MoreRelatedThe Stereotypes Of Stereotypes And Stereotypes977 Words   |  4 PagesBreaking Stereotypes The labeling or stereotyping of different races often define how they are supposed to act, think, and conduct themselves within society. 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Stereotypical ideasRead MoreStereotypes And Stereotypes Of Stereotypes1660 Words   |  7 Pagesand Usage of Stereotypes on Individuals On an average day, one might turn on the television to a variety of shows. Some may display a husband coming home from work to a meal cooked by his wife, and others may show a blonde girl proving her lack of common sense. Nevertheless, this comes to show how commonly it occurs that stereotypes are presented in our daily lives. Stereotypes are considered to be widely generalized perceptions of particular groups of people. There are stereotypes in regards toRead MoreStereotypes And Stereotypes Of Stereotypes1765 Words   |  8 PagesStereotypes can be defined in several ways and are typically used in a negative or positive manner. 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Stereotypes are inevitable and present in all places and therefore are a factor in all human beings lives whether they knowRead MoreStereotypes And Stereotypes Of Stereotypes771 Words   |  4 PagesStereotypes: â€Å"...a fixed, over generalized belief about a particular group or class of people.† (Cardwell, 1996). Stereotypes create an unconscious perception on a group of people. Generalization ignores differences between individuals; theref ore we pass assumptions towards others that may not be accurate. Stereotypes enables us to respond quickly to situations because we may have had similar experiences before. The use of stereotypes is an involuntary way we simplify our social world; they reduceRead MoreStereotypes And Stereotypes Of Stereotypes1357 Words   |  6 Pagesthing is known as a stereotype. Everyone has a stereotype of someone or something, whether they know it or not. It has become more common to have stereotypes in today s world. 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Facebook And Social Networking Sites Essay - 1619 Words

New media has been easily made available everywhere and Facebook in particular as one of the world most popular social networking site (SNS) can be made accessible from desktops, laptops, smartphones and tablet because of this, almost everybody can have access to Facebook anywhere they go. For the most reason, due to the introduction of new media, Facebook plays a key role communication and staying in touch with families, friends, acquaintances, businesses, groups meetings and a whole lot of others. Moreover it has also been useful in growing markets and advertising mediums through big companies, brands and highly respectable top class businesses. New media as a broad topic can be defined as a â€Å"form of communication which transmits information through a medium that uses routers and servers via high-speed internet and involves materials been received via desktops, computers, tablets and smartphones†. In this paper, I will like to convey how the dramaturgical model of socia l interaction on the use of Facebook reveal how humans communicate their identities using front stage, back stage and impression management to have a perceived view about the world as well as how it reflects Facebook users everyday lives. To begin with, the world’s largest Social media site (Facebook) has made it possible for your front stage, back stage and impression management to be different due to the individual view of how they want to be perceived, howShow MoreRelatedFacebook : A Social Networking Site857 Words   |  4 Pages　　When one joins a social networking site, they basically sign their rights over to that site (Friends Without Boarders). Many people do not read the terms and conditions when making an account to begin with, so they never know what they are really getting into (Friends Without Boarders). 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Zuckerberg went to Harvard to study psychology and while he went there he developed a number of social networking sites that allowed students to view other students with the same d egree and others where users could rate people’s attractiveness. When Facebook was first launched in February of 2004 it was called â€Å"The Facebook†. 1,200 Harvard students signed up and had a Facebook profile within the firstRead MoreFacebook : A Social Networking Sites Essay2202 Words   |  9 PagesThrough its years of operation, Facebook has been able to evolve and remain as one of the most popular social networking sites ever created. Facebook’s purpose is for users to connect, share,†¯and communicate with each other across the†¯internet. The case explores the beginning of Facebook, in 2003, when Harvard student, Mark Zuckerberg first created an on-campus website called Facemash. 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It is the world’s second largest social networking site and was originally known as â€Å"The Facebook† which was changed a couple of years later to facebook.com, which it is known as from today (2014). The site remains free to join and makes its profits through advertising revenue. (Phillips, S.2007) Facebook has adapted greatly over the last 10 years, itRead MoreDo Social Networking Sites Such as Facebook and Twitter Cause More Harm Than Good1017 Words   |  5 PagesDo social networking sites such as Facebook and Twitter cause more harm than good? As time changes almost everyone around the world spends time using internet instead watching television these days. They seek help from internet, communicate through internet, and play games online and many more. People starting from minor to adult, they all love to be in the very popular social networking sites such as â€Å"Facebook† and â€Å"Twitter†. Actually, theseRead MoreSocial Networking Sites Among People1130 Words   |  5 PagesContinuance intention of Facebook among people related to different aspects of user psychology. People with high self-esteem use Facebook for number of hours to enhance their social life. People who are narcissist by nature are prone to get addicted easily to social networking sites. People who are extravert spend more time on Facebook to enhance their social life. 2.0 Introduction Social networking sites help diversity of people of different culture to communicate with each other. In thisRead MoreEssay on Social Networking in Business1149 Words   |  5 PagesMike Swanstrom 3/29/2010 Social Networking In Business Introduction Social networking in business is the study of individuals interacting socially for business purposes. This can be done either electronically, or not electronically. Usually when social networking occurs electronically, it is achieved through network-based interfaces. 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The Activity Of Service Learning Education Essay Free Essays

Service acquisition is an activity in which a voluntary provides his or her clip to function something or person in their community. Besides, in order for it to be considered service larning the voluntary must larn something from their activity whether it is a accomplishment acquired or another signifier of benefit received. ( Moore, Cassie ) Personally, I believe service acquisition should be compulsory in all colleges across the state. We will write a custom essay sample on The Activity Of Service Learning Education Essay or any similar topic only for you Order Now Providing community service in college has many positive impacts on a studentaa‚ ¬a„?s hereafter some of which include presenting a strong work ethic, every bit good as doing the pupil more active in their community. Finally, implementing experiential acquisition creates a safer environment around the college for the pupils. The chief ground that most pupils are at college is to derive cognition and advance their hereafter, unluckily there are other pupils whose concluding for go toing college is more of a joyride/partying experience. This is one of the chief grounds why service acquisition should be compulsory for college pupils. The act of embarking out into the community and supplying aid to another individual or organisation will get down to learn pupils about pull offing their clip more efficaciously, and will assist fix them for a occupation. Pull offing clip efficaciously is a major job in college because some pupils procrastinate and this leads towards low classs and skipped categories. However, if experiential acquisition was compulsory in college so pupils would be forced to fix a rigorous agenda around their needed activities, and they would hold to make up one’s mind what activities that are more recreational and un-required in their modus operandi. This scheduled system would make mor e dedicated pupils and would hence take to increased classs at the college, every bit good as more organized pupils. College pupils do n’t recognize how much free clip they have, because most of it is wasted on leisure activities and slumber. College categories are normally non taken on every twenty-four hours of the hebdomad so most pupils do hold clip that they could give towards assisting their community either on or off campus. Besides, acknowledging demands is another accomplishment learned from community engagement as it influences pupils to get down acquiring involved in other activities to be able to separate themselves when seeking for a occupation. Bing able to state that you performed much more community service while in college will hike as pupils opportunities at having a extremely coveted occupation. Harmonizing to the Delaware Valley College of Science and Agriculture ‘s employment plan pupils who volunteer, â€Å" benefit by basking a high degree of sta tion graduation success, increased calling satisfaction and consistence, higher wages, and increased success in being accepted to and prosecuting alumnus and professional plans of survey. † The survey subsequently goes onto say that employers can be ensured that they are engaging dedicated, reliable, and skilled workers. ( Ellis, Jr. , Michael ) All of these properties are acquired from the pupil being active in a service larning atmosphere. Along with bring forthing a really strong work moral principle in college pupils, service acquisition besides will do a pupil more involved in their community. By supplying a service the pupil is forced to go active in their community and go a portion of activities which they may hold ne’er been involved with antecedently. Bing involved in a pupils community allows pupils to assist the country around them, but besides personally profit by larning information. This is explained in a survey demoing that wise mans non merely merely learn information but they besides learn from the people that are being taught. ( Banks ) Being active is of import for some pupils because they begin to believe that when they do n’t hold category that they can remain at place watching telecasting all twenty-four hours. However, small do pupils cognize that most larning in college is done outside of the schoolroom and that is where service acquisition can come into the image. If colleges enforc ed service larning an copiousness more of information could be acquired by the pupil instead than merely larning what is required to go through a trial. This could include trades/skills that an activity could learn them which would profit them in the hereafter. For illustration, an active pupil versus inactive pupil would distinguish in the mode of the non active pupil cognizing book information while the active pupil may cognize custodies on how to execute a undertaking. This is really helpful for graduating college pupils because the work force is looking for people who know what they ‘re making and are good at it instead than cognize about it. Besides, most colleges are taking this into consideration because they believe that pupils should offer their service in times of convulsion. They believe that college pupils are more willing to offer their clip during a crisis, and that this should be changed towards compulsory experiential acquisition on a regular footing. ( Strout, Erin ) Another benefit of compulsory service larning in college would be a safer environment around the college campus for pupils. By coercing pupils to go involved in activities around their community they learn about their milieus and possible unsafe scenes that may approach their lodging country. All service larning undertakings are different and if a pupil feels uncomfortable they begin to recognize how different their life may be than person else ‘s. This normally causes a pupil to maturate to another degree and do them esteem the environment around them more than they did antecedently. This could run from driving more reserved to restricting litter. For illustration if picking up litter is a undertaking chosen by a pupil they may be influenced to litter less due to the acknowledgment of the work required to clean up the rubbish. In bend, this will make more healthful milieus at college campuses. In decision, I strongly believe that experiential acquisition should be required for all college pupils. There are multiple positive benefits towards doing pupils voluntary in their community, including a safer and more mature environment at the campus. Besides, a pupil will be forced to take part in the community more often every bit good as create a strong work moral principle which will assist pupils happen a womb-to-tomb calling. The benefits of coercing a pupil to take part in service larning greatly outweigh those in resistance, and hence I strongly believe that every college pupil must take part in service acquisition. How to cite The Activity Of Service Learning Education Essay, Essay examples

Security Program for FoodLand

Question: Discuss about the Security Program for FoodLand. Answer: Introduction In this report, the security aspects of FoodLand Supermarkets, a retail store in South Australia is evaluated and highlighted. FoodLand has been witnessing strong growth during the past decades and there is a need to establish strong security measures to protect their systems and data from threats. The growth of the internet and related technologies has benefitted the company to expand their operations using the world-wide-web. At the same time as threats and attacks on transactions, systems are on the rise, FoodLand is facing the threat of cyber security attack in their operations. In order to establish, a strong security mechanism for the company, the existing security scenario in FoodLand is first examined . FoodLand Supermarkets perform business transactions through their website. The recent security incidents and breaches on the internet show there has been an increase in cyber crime (Roberts, et al. 2012) particularly targeting e-commerce sites, where hackers target financial accounts and customer data along with personal details like credit card numbers, passwords, and bank details. The company has a good reputation, and also respects the privacy of its customers using the website, but concerned due to data breach their customers personally identifiable information could be compromised and misused by hackers (Weber, 2010). In addition to this, the company also shares their customer data with vendors and other partners who offer extended offers, coupons, and promotions for FoodLands customers. This is again a threat because the company does not have control of their customer data. However, the website offers authentication by username and password, and after verification, the customer can make an online purchase transaction. Many consumers in Australia prefer to make online purchases on a daily basis for its convenience and ease of use (McHenry, 2013). At the same time the online fraud is also on the rise. There are numerous cases to show hackers steal important credit card information when a user is making an online transaction, and hackers more find it easy when consumers make use of open wireless networks for transacting (Hu et al. 2011). Security Challenges faced by FoodLand Supermarket The following security challenges are faced by the retailer in their services. Threats and attacks from the internet on their online consumers Hackers stealing personal consumer informationbank details, credit card numbers, passwords, etc. for misuse and personal gains. Security breaches are possible in their point-of-sale (PoS) systems, databases, transaction and accounting systems Misuse of consumer information while sharing with their vendors, trading partners, etc. because they are external parties Types of attacks envisaged by the company are phishing attacks, DoS, unauthorized access, malicious activity, security breaches, card payment fraud, and so on. Attacks and threats envisaged have wide negative implications for their business. All threats and attacks are due to vulnerabilities present in their existing IT systems and infrastructure which must be handled to secure and protect information Objectives of the report The objectives of the report are as follows: Explore methods to improve the information security for FoodLands Provide an analysis of the overall security program in FoodLands Explore the option of implementing ISO security standards and development of good security practices Assess risks for the type of controls needed to minimize the impact of attacks Report structure Having understood the threats faced by FoodLand, the report provides details on the security program required by the company. The report also explores the need for security structure in their organization and identifies training needs on security (Puhakainen and Siponen, 2010). The use of ISO standards in the implementation of a security plan is explored for its suitability in FoodLand. The need for security certifications in the implementing good security practices and procedures may help in improving its security posture. The need for security certification as an option is examined. Lastly, the report provides a risk assessment that identifies key threats for FoodLand and the type of controls required to mitigate risks to bring them to a minimum level is provided. Security Assessments and Discussions As mentioned earlier, customers make use of unsecured wireless networks to make online transactions. In addition to this, the number of customers using their online services is increasing. It is important to understand that unsecured wireless networks pose serious threats to data when they are transmitted (Cavallari et al. 2014). Due to unsecured networks, there are many top threats and vulnerabilities that exist and make retailers like FoodLands Supermarket an easy target for attackers and hackers (Romanosky et al. 2011). Therefore, it is crucial for FoodLands to safeguard their customer details, data and protect against security threats. The large proliferation of Internet of Things (IoT) devices used in retail business processes (Haller and Magerkurth, 2011) adds to the existing threat landscape. Retailers make use of IoT devices to manage inventory, perform mobile transactions, measure temperature of certain food stuff, monitor store temperature, and so on. IoT devices are connected to the main IT network infrastructure and transmit data constantly in the network. These devices are easily vulnerable to attacks, particularly when IoT devices participate in wireless networks, their level of vulnerability increases. This is one important challenge the company has to make adequate security measures. In addition to the wireless networks and use of IoT device, the company is vulnerable to credit-card payment fraud which is another major problem worldwide (Dal Polozzo et al. 2014). Credit card theft is quite common when it is not protected by a chip and as well as PIN (Personal Index Number) (Asani, 2014). The security issues arising out of credit card fraud has resulted in deterioration of brands and customer trust (Rao et al. 2014). FoodLands is aware of these concerns in their PoS systems and online portal. Data security breach is another significant threat where attackers steal customer data and misuse it for their gains. Normally customer data is more vulnerable and may be exposed to POS systems at the time of purchasing products or while making an online payment (Murdoch and Anderson, 2010). This is another important aspect of security in FoodLands. Security vulnerabilities and attacks can have a huge negative impact on business operations, reputation and profits. A review of overall security indicated that business could be impacted by Loss of value with shareholders reduced profits, the decline in trust with customers, deterioration of brand and reputation. This can further result in significant reduction in online transactions thus reducing profits for the company. In addition to these effects, hackers make use of holiday season to exploit a maximum number of vulnerabilities in retailer systems (Burner, 2014). Therefore, security data involves not only overcoming technical flaws in systems but also involves many aspects such as customer service, awareness of security issues, user training and protection of individual rights. Comprehensive security measures required for FoodLands will include, Multi-layer access controls Deterrence against threats (use of firewalls, hardware, and software security systems can be considered or implementation) Detection (The company can make use of intrusion prevention systems (IPS) or intrusion detection systems (IDS) to identify any malicious activity in their systems) Assessment will involve a thorough analysis on threat landscape and their implications to their systems Response measures will involve the implementation of data encryption in wireless networks, encryption for databases and storage of important data in the company can also be considered. The overall security program (Norman, 2016) will consist of the following Security Policies and Procedures Defining access levels for all staff, customers, partners and vendors Access controls refers to a particular user can have access to only those data as appropriate for his/her role and level User authorization and there can be 2-way authentication in online transactions Implementing perimeter security measures for the network to prevent penetration attacks Having a security awareness program Training on security Deploying special countermeasures to overcome unique vulnerabilities The overall security program will take into consideration the above aspects along with user training on security is required so they are aware of the security implementation. Professional plan of training requirements Security implementations may require following new procedures like authentication or validation. A successful security project implementation will assimilate the proposed changes in the organization. When new technologies and policies are implemented in FoodLands, there is a need for employee training and education. The training is mostly done after the new policies and procedures in security are already implemented and in place. It is also highly important to note that untrained users can work around to bypass controls and this can create additional vulnerabilities in the system (Whitman and Mattord, 2012). FoodLands must plan for training within three weeks before the new policies and security systems are implemented and they are online. In addition to training, the security project must ensure compliance documents are made available to all employees or them to read, understand and agree on new policies. Training plans will also ensure users to follow certain procedures while using IT systems and are aware of the importance of information in the company. The following points can be fulfilled through training, Users are made aware of the selected controls and their effectiveness Through training, the management can find it easy to implement procedures for promptly identifying security violations and respond to security events Training will help organize information security and incident management. In an organization, security is supported and a chief security officer (CSO) is the main focal point for communication and coordination of all security matters, supervision, and management of countermeasures, implementation, for security planning and awareness programs. The users and staff can understand their accountability in using the system. Training is an inherent part of ensuring a culture of security (Tsohou et al, 2010) in the company. ISO security standards FoodLands can consider the best practices and global standards in implementing their systems security and ensure data protection. International Standards Organization (ISO) provides the requirements for products and services to meet world markets in a transparent manner. ISO security framework also offers assessment mechanisms to verify if the security standards measure up to the standards. The ISO/IEC 27001:2013 is a set of requirements for implementing, maintaining and improving information security management within the context of any type of organization (ISO, 2013). This standard provides a method to evaluate security risks which can be customized for FoodLands. The requirement in ISO 27001:2013 is generic and they are advantageous for information systems security by Standardizing terminologies through consensus Providing a uniform understanding and agreements on functional and non-functional requirements in the design of information systems to be compatible in diverse environments Strengthening interoperability These three advantages are highly required for FoodLands, because when they operate their business in the world-wide-web catering to online users, their systems and applications must function consistently and efficiently when users are accessing from a variety of devices. In addition to this, FoodLands will also comply with global standards in information security which can benefit the organization in the long run, like while planning to move to a cloud service and so on. By implementing the standards in ISO 27001: 2013, the company will be able to enhance their security standards through their information security standards concept, interlinks, and categories (Berr, 2010). This standard is a framework that will serve two purposes for FoodLands, that include Links existing security practices in a coherent and systematic manner Provides guidelines to CSO in making effective security management decisions. The guidelines are based mainly on the security management code of practice (ISO/IEC 27002: 2005) and specification of requirements (ISO/IEC 237001:2005) standards The ISO standards provide a framework for FoodLands to organize effective security management procedures and implement practices in accordance with security standardization activities. Information Security Certifications FoodLands, in order to enhance their security systems for data protection, can also consider hiring security personnel with specialized certifications (Merkow and Breithaupt, 2014). There are a variety of information security certifications available from international bodies compiled below: Certified Information Systems Security Professional (CISSP) which is recognized globally and a standard for all IT professionals. Certified Information Systems Auditor (CISA) is suitable for staff interested in auditing, monitor, control and in the access of an organizations business IT. Certified Information Security Manager (CISM) is focused on designing, managing and evaluate information security in organizations. Certified Ethical Hacker (CAH) is for individuals interested in specific network security from the neutral perspective of vendors. This certification program will provide knowledge for security officers, auditors, administrators and any expert specializing in the integrity of network infrastructure. In addition to the above certifications, there are many more accreditation programs provided by vendors such as CISCO, CompTIA, and so on. In the case of FoodLands, the security program is to design, manage, monitor and evaluate information security for the company to protect their data from attacks. Hence the security certification recommended for the CSO of FoodLands can be either CISM or CISSP. Risk assessment The risk assessment activity for FoodLands follows a development lifecycle. A risk management framework is used to continually evaluate the risk management by observing the following steps: Perform an analysis of impact and categorize information stored, processed and transmitted by the system Based on organizational assessment, select initial set of security controls for assessments of risk and local conditions Implement security controls and demonstrate how the controls can be used within FoodLands Review security controls using evaluation methods to determine if the controls are established correctly and meeting the security needs Information system must be authorized only for registered users and establish access controls based on their engagement with FoodLands Monitor security controls and updating security procedures is an ongoing activity. The risk management framework considered for FoodLands is shown in figure 1. Figure 1: Security risk management framework (Whitman and Mattord, 2012) Risk assessment is an ongoing activity and highly crucial for business operations. It is important to note that implementing security policies and procedures require the need for certification for the individual in FoodLands. Conclusion In this report, the risk assessment and an overall risk management plan for FoodLands are provided for its information security system. Due to the expansion of their operations to cater to online customers, the company allows online transactions for its customers. Since customers on the internet can make use of any type of device (computers, tablets, smartphones) to access the system and perform online transactions it has become highly crucial to protect the information stored in the companys system from attacks on the internet. It is highly important for FoodLands to protect their online customer data. It is also seen the existing systems are not well protected and vulnerabilities can be found in those areas while analyzing the existing IS scenario in the company. The report provides the overall security program by evaluating possible risks which are due to open wireless networks and credit card thefts. Usually, these issues are found on the internet in addition to another type of attacks. The company decided to implement robust security policies and procedures, however, there is a need for security certification program to be completed by their existing IT staff to gain expertise. The security certification programs available are highlighted and appropriate certification is recommended in the context of FoodLands. The importance of ISO risk management processes for information security is considered for the chosen company because it provides flexible risk management processes which can be tailored and can incorporate existing security practices in place. 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