Fraud Detection in Banking Transactions - 4072 Words

Preface Purpose The purpose of this document is to detail the description of the Real Time (Active) Fraud Detection in Banking Transactions (FDBT) Project. This document is a key project artifact and is used during the design, construction, and rollout phases. Scope The objective of this project report is to capture the functional and non-functional requirements for the Real Time FDBT project. This report lists out the complete system requirements and design architecture of the project. The requirements contained herein will include, but not be limited to: Capabilities or system functionality – What a system does, to include, but not be limited to: Interfaces (internal and external hardware) Business Rules Data†¦show more content†¦If any transaction is more than 80% credit limit in 48 hours (one transaction or sum or transactions in the 48 hour period). Deposit activity out of the normal range for any account Invalid Routing Transit numbers Excessive numbers of deposited items Total deposit amounts greater than average Large deposited items masked by smaller deposit transactions The amount exceeds the historical average deposit amount by more than a specified percentage A duplicate deposit is detected Deposited checks contain invalid routing or transit numbers The level of risk can be managed based on the age of the account (closed account getting lot of transactions suddenly). The number of deposits exceed the normal activity by the customer Consider the proximity of the customer’s residence or place of business Wire transfers, letters of credit, and non-customer transactions, such as funds transfers, should be compared with the OFAC lists before being conducted. A customer’s home/business telephone is disconnected. A customer makes frequent or large transactions and has no record of past or present employment experience. A customer uses the automated teller machine to make several bank deposits below a specified threshold. Wire transfer activity to/from a financial secrecy haven, or high-risk geographic location without an apparent business reason, or when it is inconsistent with the customer’s business or history.Show MoreRelatedFinancial Risks Of Online Banking1683 Words   |  7 Pages2.2 Fraud risks in online banking The threat landscape The section above traced the evolution of the banking industry’s adoption of IT based innovations with the aim of offering a suite of products and services to delight their retail and corporate customers and to gain cost reduction and market share. Whilst these developments have grown the market universe exponentially it has also created opportunities for crime syndicates and fraudsters to take advantage of the wider canvas and customer ignoranceRead MoreThe Impact Of Technology On The Banking Industry1801 Words   |  8 PagesCONCLUSION RECOMMENDATIONS Conclusion The pace of technology adoption in the banking industry in general and in online banking in particular is quickly changing the way business is being done in the UK. In a win-win situation the banks have embraced the technological innovations resulting in major cost reductions and profitability. The competitive landscape has resulted in growing the overall market with a rich suite of products and services which has left the customers delighted and askingRead MoreThreat Landscape Of Online Fraud Risk Management1460 Words   |  6 PagesIntroduction to threat landscape of online fraud risk management The Online banking and financial services have revolutionised the consumer and corporate banking industry in the last few decades or so by giving customers the power to conduct their banking anytime, anywhere and without all kinds of paperwork and branch visits. This has been possible with the help of massive investments in information technology, systems and communication infrastructure linking the banking industry network with their universeRead MoreOnline Banking And Financial Services1440 Words   |  6 PagesINTRODUCTION Online banking and financial services have revolutionised the consumer and corporate banking industry in the last few decades or so by giving customers the power to conduct their banking anytime, anywhere and without all kinds of paperwork and branch visits. This has been possible with the help of massive investments in information technology, systems and communication infrastructure linking the banking industry network with their universe of customers. This empowerment has also givenRead MoreThe Surveillance Of Cctv Cameras1613 Words   |  7 Pagesand Germany, among other well-known and developed countries (Tchudi, 1993). As per Laura Woods article, â€Å"How online banking evolved into a mainstream financial tool†, (Woods L, 2014), online banking starts as early as the beginning of the 1900’s. However, it became popular in the late 1980’s though very different in respect to the highly sophisticated, well-organized online banking system today. New York became the first to test this recently developed innovative way of conducting business, usingRead MoreThe Security Of A Bank Transaction, Online Shopping Or Booking Flight Tickets On Our Mobile App8041 Words   |  33 PagesWhether it be transferring of funds, making a bank transaction, online-shopping or booking flight tickets on our mobile app, these things have never been so quick and hassle free as today. Evolution of banking sector has been phenomenal. Moreover, the present, ever expanding, inculcation of digital technology has accommodated, within its premise, a further lag in analyzing the consequential stakes. A common pr actice of espionage targets both banking institution as well as its customers. StrikinglyRead MoreBenefits Of Using Big Data1464 Words   |  6 PagesBenefits of using Big Data The big data has application in the detection of fraud. The banking industry acquires data concerning clients from the global world. The information analyzed from various sources makes the banks ensure they do not transact with the unauthorized individual. The data helps the bank to engage in business transactions with the credit worth clients who have not been declared bankrupt (Jerome, 2014). The access to the big data repository centers provides compliance reportingRead MoreQuestions On E Commerce Fraud1221 Words   |  5 PagesE-commerce fraud refers to any type of scheme that uses websites, emails, or any Internet related function in order to present fraudulent solicitations, steal personal information, conduct fraudulent transactions, or transmit money from bank to bank or to other cyber criminals. Fraud is not exclusive to credit or debit cards and criminals have become more sophisticated in their usage of malware in order to take over online banking logins via consumers’ phones, tablets and computers. The stolen bankingRead MoreFraud, Corruption, Theft, Misappropriation, And Fraud1738 Words   |  7 PagesThere is no specific definition for fraud if looked at from different perspectives. The term fraud is used to describe acts such as deception, corruption, theft, misappropriation, false presentation, bribery, fault partnership, forgery etc. Some may even d escribe fraud as practical process of deception to gain an advantage, or to cause loss to another entity or individual. While some people might not even anticipate to commit fraud, others might do so if they contemplate they have a way to be covertRead MoreInternal Factors That Shape Corporate Governance Essay1479 Words   |  6 Pagesthe corporate governance structures for Islamic banks differ from those of the Western conventional banks as the Islamic banking institutions must comply with a different set of rules that are laid out in the Holy Quran and the Shari’ah. Strong Shari’ah corporate governance practices increase accountability, transparency, responsibilities, fairness, and honesty of Islamic banking institutions while augmenting the confidence that the stakeholders place in the activities of a specified Islamic bank

Manot Cave - Early Modern Humans Out of Africa and Into the Levant

Manot Cave is an active karst cave with abundant speleothems, and, more to the point, evidence of multiple Middle and Upper Paleolithic occupations likely associated with both Neanderthals and  anatomically modern humans (abbreviated AMH). The cave is located in what is today Israel, some 40 kilometers (25 miles) northwest of the similarly dated Neanderthal site of Qafzeh Cave and about the same northeast of the four Neanderthal sites at Mount Carmel, and about 220 meters (656 feet) above sea level. The interior of the cave is an elongated main hall (80 m [262 ft] long, 10-25 m [30-80 ft] wide), and it has two lower chambers connected from the north and south. A skull cap (calvaria) from a hominin skull was found in the side chamber extending eastward from the northeastern wall of the main cave, covered by a thin calcite crust. The chamber is 7.7x4 m (25x13 ft) in floor area and 1-2.5 m (4-8 ft) high. The skullcap was resting on a flowstone ledge, without loose sediment nearby, and is not associated directly with any stratified archaeological layers found elsewhere in the cave. The calcitic crust directly covering the calvaria was direct-dated by Uranium-Thorium methods to 54,700 /- 5,500 years ago: researchers suggest that given the constant wetness of the cave today, the crust date likely approximates the true age of the skull. AMH is thought to have arrived in Europe ca. 45,000 years ago (bp). Chronology Excavations indicate the cave was intensively occupied during the Upper Paleolithic period, and, to a lesser extent, the Middle Paleolithic. Dates include both Accelerator Mass Spectrometer radiocarbon dates and Uranium-Thorium dates. Collapse of the cave, 30,000 years bpUpper Paleolithic (Areas C and E)  Levantine Aurignacian  (39,000-35,000 bp), carinated and nosed endscrapers on blades, bladelets and antler spear points, comparable to Hayonim Cave and Ksar Akil Rockshelter; Columbella rustica and Nassarius gibbosulus shells, some perforated, presumably for personal ornamentationAhmarian (46,000-42,000 bp): long, narrow blades with punctiform platforms, burins, endscrapers and el-Wad pointsTerminal Middle Paleolithic/Initial Upper Paleolithic (60,200-49,200 bp): blade cores, endscrapers, Levallois-like blades, similar to Ksar Akil, Ucagizli Cave, Boker TachitMiddle Paleolithic (Areas A, C, D): Levallois cores and flakes, some of which were found in the later assemblages Features of Manot Cave Features associated with the habitation of the cave include Area E, a thin living surface associated with the Upper Paleolithic component. Area E included charcoal remains, flint artifacts, animal bones and two combustion areas, one of which is a hearth with white calcified wood ash, surrounded by a layer of burnt clay. Artifacts in Area E included endscrapers, burins and Dufour bladelets. Area C is primarily an Early Upper Paleolithic occupation, with a scatter of Middle Paleolithic tools. Flint tools include Aurignacian-like blades and blade tools, el-Wad points, and antler points. Area C also included perforated shells and red ochre. A recent study of the lithics from Area C (Weiner et al) suggests that 19 of 20 examined artifacts were heat-treated, a characteristic of AMH first definitively used about 70,000 years ago in South Africa. The faunal record of the cave indicate the inhabitants were exploiting mountain gazelle and Mesopotamian fallow deer. See the Manot Cave project gallery page at Antiquity by Marder et al. for details and photographs of the artifacts and site features. Calvaria at Manot Cave A large intact portion of a human skull was recovered from Manot Cave, including of the uppermost part of the frontal bone, two nearly complete parietal bones and the occipital. The calvaria is relatively small and gracile, but is believed to be from an adult. Cranial capacity is estimated to be 1,100 milliliters, well within Anatomically Modern Human  (AMH) ranges. Indeed, most aspects of the skulls form fall within the range of modern humans, although others, including a coronal keel and an occipital bun, do not. Excavators Hershkovitz and colleagues argue that the skull cap contains a mosaic of archaic and modern traits like other hominins found across sub-Saharan Africa and the Levant as recently as 35,000 years ago. Given the date and formal aspects of the skull, Hershkovitz et al. argue that the Manot 1 individual likely was a member of a population that migrated  out of Africa  and established itself in the Levant during the late Middle Paleolithic or Middle-Upper Paleolithic interface. Thus, say the scholars, Manot 1 is either an early local Levantine Anatomically Modern Human, or it represents a hybrid between Neanderthals and early AMHs. In either case, suggest the scholars, the residents of Manot Cave did live in close proximity to Neanderthals, and thus the Manot skullcap may have been one of the first descendants of AMH populations to have interbred with Neanderthals prior to the migration into Europe. Archaeology Manot was found by construction workers in the early 21st century and excavated by an international team led by Tel Aviv University between 2010-2014. Sources This article is a part of the About.com guide to the Upper Paleolithic, and the Dictionary of Archaeology. Hershkovitz I, Marder O, Ayalon A, Bar-Matthews M, Yasur G, Boaretto E, Caracuta V, Alex B, Frumkin A, Goder-Goldberger M et al. 2015. Levantine cranium from Manot Cave (Israel) foreshadows the first European modern humans.Nature in press. doi: 10.1038/nature14134 Marder O, Alex B, Ayalon A, Bar-Matthews M, Bar-Oz G, Bar-Yosef Mayer DE, Berna F, Boaretto E, Caracuta V, Frumkin A et al. 2012. The Upper Palaeolithic of Manot Cave, Western Galilee, Israel: the 2011–12 excavations. Antiquity Project Gallery. Weiner S, Brumfeld V, Marder O, and Barzilai O. 2015. Heating of flint debitage from Upper Palaeolithic contexts at Manot Cave, Israel: changes in atomic organization due to heating using infrared spectroscopy. Journal of Archaeological Science 54:45-53. doi: 10.1016/j.jas.2014.11.02s wasahave come from

The Treaty of Versailles was Too Harsh on Germany Essay

The Treaty of Versailles was Too Harsh on Germany I think that the treaty of Versailles was harsh on Germany because even though they were a part of the war, so were the allies, yet they didnt take any blame for the war. The French wanted revenge and Wilson wanted peace. These two, conbined, still made a harsh treaty. Lloyd George tried to get a halfway point between the two but ended up going mostly to France because that was what the British people wanted. The blank cheque that was given to Germany was like putting a blindfold over their eye, but they had no way out. All Germany could do was hope that the big three, Lloyd George, Clemenceau, Wilson, would take pity on them, so they also†¦show more content†¦From the Germans point of view there was an act of disgrace. Germany was annoyed because they thought the Treaty was going to be mostly Wilsons 14 points when it wasnt they got very angry and the revenge built up, they were very angry with France and Britain. If the Treaty was less harsher it wouldnt have dragged on wi th the payments and the arguments and Germany might not of had that much revenge stored away. All the countries could have learnt to live with each other and concentrate on the problems in their countries, like poverty. However, from the reaction when Russia had a revolution and pulled out of the war, this might have not been the case. Germany were very harsh on Russia and they took away their land and made them pay. Maybe Germany, if they had won would have done a worse treaty and therefore should be punished. France did have a good point when they said that they should have most say in the treaty because the war was all fought on their land and they had the most casualties including innocent people. Francess argument against Lloyd George and Woodrow Wilson was America is far away, protected by the ocean. Not even Napoleon himself could touch England. You are both sheltered - we are not. Germany was dangerous and could start another war. If they were poor and had no back up from countries overseas. What would be the point because France would be thrivingShow MoreRelatedThe Treaty Of Versailles After World War I1538 Words   |  7 PagesThesis: The peace treaty that resulted from World War 1 was not too harsh of a punishment for the offenses committed. I. To help better one’s opinion, one must first understand the events leading up to the results of the treaties. A. The terms of the peace treaty were an attempt to prevent wars in the future. B. The peace treaty did not succeed because it was not enforced. II. Second, the treaty of Versailles was not too harsh of a punishmentRead MoreThe Treaty of Versailles1684 Words   |  7 PagesInvestigation The Treaty of Versailles was created to bring peace between nations after WWI. This investigation will answer the following question: To what extent did the Treaty of Versailles bring peace? In this investigation, the extent of the Versailles Treaty’s success will be evaluated by examining the period of its development, 1918, to the rise of Hitler, 1933. Several sources were used in this investigation including a number of books that look at the terms of the Treaty of Versailles and the reactionsRead MoreWhy Did the 1919 Paris Peace Settlement Not Provide a Durable Peace in Europe1570 Words   |  7 PagesWar, was without a doubt one of the most tragic events in the history of people. It was fought on a scale, and at a cost in human suffering, unparalleled in the history of man kind. Countries from every continent, including most of those in Europe, had taken part. Whole populations had been marshalled to serve their countries war efforts1. All these came to an end when on 1 1 November 1918, Germany finally agreed to sign an armistice. What is very important to know, is that this armistice was actuallyRead MoreEssay about Germanys Objections to the Treaty of Versailles676 Words   |  3 PagesGermanys Objections to the Treaty of Versailles Subsequent to the German government conceding defeat in World War I, Britain, America and France wrote up a treaty that Germany had no option but to sign. This treaty was the Treaty of Versailles and was widely considered to be one of the harshest treaties ever written. The German public obviously had many objections to the terms of the treaty and this essay will discover what these objections are and how far they areRead MoreEssay Woodrow Wilson and The Treaty of Versailles815 Words   |  4 PagesWoodrow Wilson and The Treaty of Versailles Woodrow Wilson, Premier Clemenceau, Prime Minister Lloyd George and Premier Orlando started the Versailles Treaty committee. Wilson worked to win the Senates consent of the Treaty of Versailles when he returned to America in July of 1919. Basically the treaty forced on Germany the burden of reparations, and to take complete blame for the war. Woodrow Wilson felt that the treaty was too harsh, placing unrealistic goals on Germany. Wilson wanted to addRead MoreTreaty of Versailles1349 Words   |  6 PagesThe Treaty of Versailles was intended to be a peace agreement between the Allies and the Germans, instead with the harsh end terms for Germany, it created political and economic chaos in Germany. By the end of the First World War, Germany had surrendered and signed a peace agreement. The task of forming a peace agreement was now in the hands of the Allies. In December of 1918, the Allies met in Versailles to start on the peace settlement. The main countries and their representatives were: The UnitedRead MoreThe Treaty of Versailles Effect Essay1490 Words   |  6 PagesThe Treaty of Versailles Effect The Era of the World Wars was a terrible time in both American and European History. It started with World War I between the Allies Powers and the Central Powers. The major powers that made up the Allies were the Unites States, the Soviet Union, the United Kingdom, and France. The major powers that made up the Central Powers were Germany and Austria-Hungary. The end of the First World War resulted in the Allies winning, after the four long years of battle. When theRead MoreHow Responsible Was Hitler for the Outbreak of Ww21219 Words   |  5 PagesHitler was responsible for the outbreak of World War 2(1939) to a significant extent. The many things that he did like going against the Treaty of Versailles which included the rearmament of Germany, his Lebensraum policy where he wanted to take over neighboring lands and gain more territory for Germany and his disrespect to the treaties he made. While Hitler was a great cause for World War 2, he was not the sole reason. The Great Depre ssion, the weak leaders of the League of Nations and theirRead MoreTreaty of Versailles Igcse Notes1317 Words   |  6 PagesTREATY OF VERSAILLES a)Which terms of the peace settlement of 1919 directly affected France? -France gained territory such as Alsace Lorraine and the Saarland (which were important industrial areas) -Also, german colonies become mandates ruled by the League of Nations and France would be able to make use of them. -The league of nations menat that France’s safety would concern other countries as it woul act as an international police force. -France’s safety was assured by the terms of theRead MoreThe International Agreement And The Treaty Of Versaille1353 Words   |  6 PagesThe International agreement, â€Å"The Treaty of Versaille† concluded the first World War, but was biased against Germany which may have sparked World War Two due to the reduction of military power and land, the overwhelming debt, and the unfairness of the treaty. After the war Germany was not a very popular country across the world to say the least, because of this some countries may want to seek revenge. It is unfair to the innocent people of Germany to have such a small form of protection against possible

Techniques And Fraud Schemes Off Balance Sheet Techniques

Techniques and Fraud Schemes Off Balance Sheet Techniques. The research of Giroux (2008) revealed that Enron resourced to complex and deceptive initiatives of fabricating fictitious and guaranteeing its own Special Purpose Entities (SPE) and off-shore accounts to move debt off the balance sheet and transfers the liabilities of the special purpose entity by recording cash as a cash from operations rather than cash from financing (p.1216). The research of Ahmad et al. (2013) on WorldCom indicated that the top executives overstated earnings by routinely manipulating and treating operation expenses as capital (pp.8-10). Likewise, Crumbley et al. (2013) research on WorldCom indicated that the internal auditor discovered the shift of line cost expenses to capital accounts (p.4121). The research of Crumbley et al. (2013) on Adelphia Communication specified that the company’s management and owners falsified number of cable TV subscribers, created false management fees and were hiding off-balance sheet debt from i nvestors (p.4191). Ahmad et al. (2013) research on Tyco International showed that the companies inflated its cash flow by improperly recording booking expenses as capital (pp.8-10). â€Å"Cookie Jar†, Bad Debt Reserve and â€Å"Big Bath† Scheme. Giroux (2008) research on Enron further revealed that the energy deregulation cause earnings volatility by using the mark-to-market accounting and/or accrual accounting as opportunity set up a large reserve cookie jar scheme to cover forShow MoreRelatedFraud Is A Global Problem1003 Words   |  5 PagesFraud is deliberate deception to secure unfair or unlawful gain. Fraud is both a civil wrong (i.e., a fraud victim may sue the fraud perpetrator to avoid the fraud and/or recover monetary compensation) and a criminal wrong (i.e., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities). Fraud is not prejudice; culture, ethnicity, and religion, are not factors in determining who will commit fraud. Finding fraud can be difficult. We re constantly reminded at every clientRead MoreBernard Lawrence Madoff s Life1407 Words   |  6 PagesMadoff Net Worth is worth %800 Million, He pleaded guilty in March 2009, to 11 federal felonies and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded a lot of his investors for about billions of dollars. Bernie is the admitted operator of a Ponzi scheme, the largest financial fraud in U’S history, and the former non-executive chairman of the NASDAQ stock market. Moreover, in 1960, the Wall Street firm Bernard L. Madoff Investment Securities LLC foundedRead MoreBenefits Of A Program Programs Rewards Employees For Poor Performance ( P. 424 ) Essay719 Words   |  3 Pageshappen with Cendant Corp. Weld et al. (2004) research titled â€Å"Anatomy of a Financial Fraud† regarding a forensic examination of HealthSouth (p.44). Weld summarized that according to PricewaterhouseCoopers forensic study, HealthSouth and its CEO overstated earnings from $3.8 billion to 4.6 billion, while Ernst Young LLP received $3.6 million for 2001 financial statement audit, which denied knowledge of the fraud and cited HealthSouth executives for systemic deception (pp.44-45). Weld quoted SEC DirectorRead MoreDetermining The Cost Of Fraud Essay2270 Words   |  10 PagesOccupational fraud can be defined as â€Å"the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets† (ACFE, 2016). Asset misappropriation proved to be the most common form of occupational fraud with 83% of cases but it has the smallest median loss of $125,000 whereas the Financial statement fraud occurs in less th an 10% of cases but its median loss of $975,000 (ACFE, 2016). This figure only shows the amountRead MoreLennar Corporation Case Study1395 Words   |  6 Pagesof its current major homebuilding markets in multiple states both organic growth and acquisitions. As the world goes into recession in 2009, one of the top five homebuilders, Lennar is accused of fraud charges for extensive use of joint ventures by a method used to finance investments â€Å"off-balance sheet.† Causing the company’s stock price plunged and trading volume increased dramatically. This paper discusses Corporate Social Responsibility (CSR) in the context of business ethics, a S.W.O.T. analysisRead MoreEnron Case Study Analysis1699 Words   |  7 Pagesproject went under due to an overly involved government). They also had a trading business, called Enron Capital amp; Trade Resources. They also purchases Portland General Electric Co around 1997. In 1998 they purchased Wessex Water. From this they spun off a firm in 1999. In 2000, the Energy Financial Group named the 6th largest energy company in the world. The current situation the company finds itself in is the fact that all of the illegal business they were doing is now out in the open, and theyRead MoreWall Street Has Been Performing Criminal Acts Ever Since1781 Words   |  8 Pagesbeen performing criminal acts ever since its inception, and many of these schemes have become infamous public events. Scandals have included fraud, blackmail, and even outright stealing of money. These schemes have involved different techniques over Wall Street’s history, many of which fundamentally changed how the world deals in finance and regulates the economy. 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In the 1960s, what legendary U.S. crime-fighter began to emphasize fraud detection in his federal government bureau? Edgar Hoover 22.What was the title and who was the author of the first forensic book? Francis C. Dykeman â€Å"Forensic Accountant: The Accountant as Expert Witness’’ 23. Forensic accounting alsoRead MoreInternal Auditing in an Organization and Its Effects on Financial Administration and Controls14791 Words   |  60 Pagesstudy. An audit is the examination and checking of financial statements by a professional auditor or accountant who has had no part in its preparation. The process involves an examination of the evidence from which the final revenue accounts and balance sheet, or other statements of an organization have been prepared, in order to ascertain that they present a true reflection of the summarized transactions for the period under review and of the financial state of the organization at the end date, so

Free Tuition for College Students Free Essays

Free Tuition for College Students Gabriela Mendoza English 091 7:15 March 25, 2013 Free Tuition for College Students United States has been in a recession for quite some time now. College students need assistance during these hard times. Estrella Mountain Community College students are asking government to lend a helping hand with college expenses. We will write a custom essay sample on Free Tuition for College Students or any similar topic only for you Order Now EMCC students believe education should be paid for if students are able to maintain a 3. 0 GPA or higher. Their reasoning exemplifies that good work ethic should be rewarded. In the year 2011, â€Å"College seniors graduated with an average of nearly $27,000 in student loan debt†, and the amount of debt has only continued to rise then (Ellis). Students that are able to maintain a 3. 0 GPA or higher should have tuition paid for in full by the government because it would decrease debt and loan amounts and will allow more people the opportunity at a higher education. Today’s society believes that the government lends out a lot of money to college students that do not even wind up finishing college. If students default on loans and are not able to pay them back then the government lent the money out for no reason at all. According to an article posted by CNN, the percentage of borrowers who defaulted on their federal student loans within two years of their first payment jumped to 9. 1 percent in the fiscal year of 2011 from an 8. 8 percent the previous year (Ellis). â€Å"This represents 375,000 of the more than 4. 1 million borrowers who were required to start making payments on their student loans in the 12 months prior to October 2010 and defaulted before September 2011† (Cunningham 44). Education paid for by the government for students that earn it would be money better spent. EMCC students agree that it would make more sense for the government to pay for education expenses for students that deserve it, rather than just lending out loans to students that will possibly default and not return payment. Having tuition paid for would change the lives of many individuals attending college, and would also be beneficial for the government to award students that deserve such an opportunity. No debt from loans would definitely play a role in helping out the recession many are experiencing, especially students. With the petition put into action, students that are not financially stable will be able to receive a fully paid education that is debt free. In the article, â€Å"Delinquency: The Untold Story of Student Loan Borrowing† the writer does a great job explaining that in many cases students take out bigger loans than necessary to help with other expenses outside of education. (Cunningham, Alisa F. nd Gregory S. Kienzl 44). This dilemma that authors Cunningham and Kiezl so greatly explain in fact contribute to the amount of debt a student is accumulating. If students were awarded according to the petition being put forth from EMCC students, the borrowing of loans would not be as excessive. The students of EMCC understand that a college education can offer better career options, a higher salary, and a better life. It would be easier to attain these luxuries withou t accumulating debt in the process. Today’s recession should not affect the life of students. Students keeping their academics up with a minimum of a 3. 0 GPA should be rewarded. In all, whether student can or cannot afford an education will not make any difference; their college expenses will depend on their academics standings. If the required GPA is met, their education will be paid for by the government. This will improve the economic hardships that many students are facing today. Works Cited Cunningham, Alisa F. Gregory S. Kienzl, and Policy Institute for Higher Education. â€Å"Delinquency: The Untold Story of Student Loan Borrowing. † Delinquency: 2011 Institute for Higher Education Policy. htt://www. eric. ed. gov/contentdelivery/servlet/ERICServlet? accno=ED517424. Ellis, Blake. â€Å"Average Student Loan Debt Nears $27,000. † CNNMoney. Cable News Network, 18 Oct. 2012. Web. 24 Feb. 2013. The Percentage of Borrowers Who Defaulted on Their Federal Students Loans within Two How to cite Free Tuition for College Students, Papers

Sale Promotion Essay Sample free essay sample

I ) Summary This study has covered the inquiry i. e. what consumer-oriented techniques need to be considered in bettering gross revenues publicity and organisation? The study illustrates the definition and the importance of gross revenues publicities in concern. Gross saless publicities are divided into two major countries ( consumer-oriented gross revenues publicity and trade-oriented gross revenues publicity ) . based on the difference of targeted parties and within the context of this study. merely consumer-oriented techniques will be discussed. The most common consumer-oriented techniques are trying. couponing. premiums. refunds. fillip battalions. price-off trades and trueness plan. This study chiefly analyses the advantages and disadvantages of these tools and the consequence of each techniques on concern net incomes. two ) Justification Most of the companies’ underside line is to maximise gross revenues volume and velocity up the merchandising procedure. The basic tools used to accomplish an organization’s communicating aims are publicizing. direct selling. public dealingss. personal merchandising and gross revenues publicity. I have chosen Marketing as my major in college ; I find that gross revenues publicity is the basic and of import tool to increase concern success. To be more specific. I choose to analyse consumer-oriented publicities in this study. which is one country of gross revenues publicities beside trade-oriented publicities. I. Introduction The undermentioned study combines researched information and collected informations to see what are gross revenues publicity and consumer-oriented gross revenues publicities techniques every bit good as the influences of these tools on test rates. which are defined as â€Å"speed and extent to which consumers in a market do a first clip purchase of a new merchandise or a new brand† ( Roddy. 2010 ) . Furthermore. this study discusses the effects of these tools used in publicity plan in order to carry through higher gross revenues publicity. Overall. this study states that gross revenues publicities every bit good as consumer-oriented techniques are really important as they have a great impact on concern success. These tools will help in forcing up the gross revenues volume every bit good as in heightening the company’s overall public presentation. II. What are Gross saless Promotions?A. Definition Gross saless publicities have been defined as short-run activities that are designed to promote consumers to buy a merchandise or promote resellers to stock and sell a merchandise ( Elliott 2010 ) . Gross saless publicities offer some excess benefit or inducement above and beyond the intrinsic value of the merchandise. Gross saless publicities are frequently used in combination with advertisement. which gives clients the ground to purchase a merchandise or service. gross revenues publicities. on the other manus. seek to actuate clients to do immediate purchases ( Terence. 2010 ) . In fact. gross revenues Promotions are used by most organisations. including makers. distributers. retail merchants. trade associations and non-profit establishments. They are targeted towards the consumer or concluding purchaser. concern clients. the trade or retail merchant and the company’s gross revenues force. B. The importance of Gross saless Promotion First. gross revenues publicity involves some type of incentive that provides an excess inducement to purchase. This inducement is normally the cardinal component in the promotional plan. ranges from a voucher. sample. price-off trade or premium such as the free film DVD as in the instance of Kellogg’s Corn Flakes. The publicity produced more than 2 million DVD and helped bring forthing 10 million units of cereal purchases. Kellogg Company took full advantage of this publicity to better purchase frequence and construct long-run repute for its group of household and grownup cereals ( Costello. 2000 ) Second. gross revenues publicity is an acceleration tool. which is designed to hike the merchandising procedure and maximise gross revenues volume. By offering an excess inducement. gross revenues publicity techniques can actuate consumers to purchase a larger measure of a trade name or shorten the purchase rhythm of the trade or consumers by promoting them to take more immediate action ( Belch 2009 ) . C. Major Gross saless Promotions Tools Harmonizing to Kotler ( 2001 ) . gross revenues publicity activities can be targeted to different parties in the selling channel. Based on that status. gross revenues publicities can be divided into two major classs: consumer-oriented gross revenues publicities and trade oriented gross revenues publicities. 1. Consumer Oriented Gross saless PromotionsConsumer-oriented gross revenues publicities include trying. couponing. premiums. refunds and discounts. fillip battalions. price-off trade and trueness plan. 2. Trade Oriented Gross saless PromotionsTrade-oriented gross revenues publicities include trader competitions and inducements. trade allowances. point-of-purchase shows. gross revenues developing plans. trade shows. concerted advertisement. and other plans designed to actuate distributers and retail merchants to transport a merchandise and do an excess attempt to force it to their clients. III. Consumer Oriented PromotionsA. Aims Different gross revenues publicities activities are used for different aims. As with any promotional mix component. sellers need to transport out a state of affairs analysis and make up ones mind gross revenues promotion’s specific function in the incorporate selling communications plan. In other words. the end of the publicity and the targeted parties of the publicity in the market must be determined. so that directors are forced to believe beyond the short-run gross revenues hole ( Pickton. 2005 ) . Therefore. the basic aims of consumer-oriented gross revenues publicity techniques are to increase short-run gross revenues. assist construct long-run market portion. entice consumers to seek new merchandises. enticement consumers off from competitors’ merchandises. encourage consumers to ‘load up’ on a mature merchandise. clasp and wages loyal clients ( Belch. 1993 ) . B. Consumer Oriented Gross saless Promotion Techniques 1. Free Samples Sampling is by and large considered the most efficient tool to bring forth test and it generates much higher test rates than any other techniques. Samples are offers of test sum of a merchandise. Some samples are free ; for others. the company charges a little sum to countervail its cost. It is known that the most common sampling methods include: delivered door to door. sent by mail. handed out in a shop. attached to another merchandise or featured in ads. The thought is that holding tried the sample a proportion of consumers will see the merchandise straight. derive a greater grasp for its benefits and Begin to purchase it. For new trade names of trade name extensions ( a new shampoo. fabric conditioner. nutrient or drinks ) this signifier of publicity is an effectual manner of deriving consumer test. For bing trade names that have a low test but high buying rate. sampling may be effectual. As it would look that many of those who try the trade name like it and purchase it once more. raising the test rate through free samples could hold a good long-run consequence ( Kotler. 2001 ) . However. although sampling is of import in promotional run. it has some restrictions. As companies have to give away free merchandises. it might be really dearly-won. Another restriction is that the sampled consumers may non reiterate buying and might return back to other trade names as they have more different picks. The cost of trying plan can be recovered merely if it gets a figure of consumers to go regular users of the trade name at full retail monetary value. 2. Coupons Coupons are certifications that give purchasers a salvaging when they purchase specified merchandises. They can excite gross revenues of a mature trade name or advance early test of a new trade name. Coupons can be delivered to the place. look in magazines or newspapers. or look on battalions. Nowadays. concerns distribute vouchers through direct mail. print vouchers within some publications or on the dorsum of supermarket dockets ( Volk. 2007 ) Couponing is the oldest. most widely used. and most effectual gross revenues publicity tool and is regarded as 2nd merely to trying for bring forthing test. Coupons are rather advantageous for both new and established merchandises. First. it is possible to offer a monetary value decrease merely to price-sensitive consumers who by and large purchase because of vouchers. while others who are non as disquieted about monetary value purchase at full monetary value. Coupons besides can cut down the retail monetary value of a merchandise independently from the retail merchants for cooperation Finally. as with vouchers. consumers can buy goods at a lower monetary value. it makes them loath to purchase new trade name and even reiterate purchase after initial test or seek a new. improved version of a trade name. On the other manus. when utilizing vouchers. companies have to get by with some jobs. The figure of consumers utilizing vouchers and when they use them are difficult to gauge. While trying induce consumers to buy instantly. vouchers provides clients longer period ( about two to six months ) so that they can buy before the expired day of the month. The job occurred is that harmonizing to a survey of voucher salvation forms by Inman and McAlister. many vouchers are used merely before the termination day of the month instead than the period following the initial voucher bead. Another job is that it is hard to pull new purchasers as most vouchers are likely used by consumers who already use the trade name and would likely buy the merchandise without the vouchers anyhow. As a consequence. it ends up cut downing the company’s net income. 3. Premiums Premiums are goods offered either free or at low monetary value that is an excess inducement for buyers. Harmonizing to Jobber ( 2010 ) . there are two basic types of premiums. which are free premiums and self-liquidating premium. Free premiums are normally little gifts included in the merchandise bundle or mailed to consumers who have sent in a cogent evidence of purchase. A premium may come inside the bundle ( in-pack ) or outside the bundle ( on-pack ) . both of these free premiums offer toys. balls. trading cards. compact phonograph record or other points included in cereal bundles. Based on â€Å"The Great American Blow-Up: Puffery in Advertising and Selling† of Ivan L. Preston ( 1975 ) . in/on-package premiums are consumers’ favourite type of publicity However. several jobs are associated with their usage. Similar to the two above tools. premiums are rather expensive ensuing from premiums every bit good as excess packaging. It is hard for concern to bring forth a desirable premium with a sensible cost. particularly in the grownup markets. Furthermore. sellers have to be cognizant that if premiums are ill designed. it may do a negative impact. lower net income because no 1 is interested in buying and higher cost of production. Self-liquidating premium is a premium that requires consumers to pay some or all of the cost of the premium plus handling and mailing costs. This premium offers consumers. who request it. lower-than retail value. which is the end of self-liquidating premium instead than doing a net income. The benefit of this tool is that it creates involvement in the trade name and good will ( â€Å"items such as cognition. contracts or repute that can hold a fiscal consequence on a concern and are hence measured in fiscal terms† ( Wood. 2008 ) ) that reinforces the brand’s image. Self-liquidating premium is frequently used together with advertisement publicity so it can spread out the advertisement message to consumers. However. there are some fortunes that consumers do non desire to pay excess money for the premiums added. which ends up retail merchants have a big stock of those premiums that are difficult to dispose of. 4. Refunds and Rebates Refunds ( besides known as discounts ) are like vouchers except that the monetary value decrease occurs after the purchase instead than at the retail mercantile establishment. The consumer sends ‘a cogent evidence of purchase’ to the maker. which so refunds part of the merchandise purchase monetary value ( Elliott. 2010 ) . Refunds and discounts can besides promote consumers to reiterate purchase as they can offer a impermanent monetary value decrease or refunds and discounts can hold a combination with others tools such as couponing. which besides fosters buying. The jobs which come up with refunds are that consumers have to make full in application signifier for refund and give up some personal inside informations such as phone figure and reference. which are rather troublesome. Therefore. people will non do an attempt to demand for refund. And sometimes. refunds make consumers confused about the existent monetary value and value of a merchandise or service. which means that sellers have to utilize this technique decently. 5. Bonus Battalions Comparison with the above tools. fillip battalions are less complicated as fillip battalions are the excess sum of the merchandise ( e. g. excess units or larger containers ) at the regular monetary value. In an easier manner. fillip packs offer consumers lower cost of each unit and more value of the merchandise with the same sum of money. Bonus battalions can be in the signifier of individual bundle at a lower monetary value or two related merchandises combined together ( toothbrush and toothpaste ) ( Schultz. 1998 ) . Bonus battalions are really effectual in short-run gross revenues. even more than vouchers. Consumers do non necessitate to make such complex stairss as vouchers and refunds to acquire the publicity. The decreased monetary values are designed straight on the label of bundle. which has a strong impact on the purchase determination at the clip of purchase. However. fillip battalions can besides hold negative effects. Bonus packs require a favourable show in shops so that consumers can detect them. It means that manufacturer must hold a good relationship with retail merchants or they must supply excess net income for the retail merchants to hold extra shelf infinite for their merchandises. As a consequence. cost of production additions if trade relationships are non good. Another disadvantage is that fillip battalions may merely involvement the current users who are more or less likely to purchase the merchandise anyhow or the unpatriotic clients. 6. Price-Off Deals Direct price-off trade is another common technique used by sellers. This tool is used to offer a decrease of the monetary value of the trade name. which is offered right on the bundle through peculiar monetary value battalions. The decrease. is usually is about 20 % to 25 % of the regular monetary value. which comes out from the producer’s net income border. The price-off does non from the retail merchant in order to maintain the retailer’s border and keep its aid and partnership. Price-off publicity is used for some grounds. First. as decrease is from the manufacturer. it can do certain that the promotional price-off reaches the consumer efficaciously. Similar to bonus battalions. price-off trade entreaties to consumers by the visual aspect of the merchandise so that they can acknowledge the price reduction. Hence. price-off trade besides can promote consumers to buy larger measure of the merchandise. take over in topographic point of other competitors’ trade names. However. price-off trades besides like vouchers and fillip battalions. merely attracts the current users non the nonusers so it do non increase much net income for the maker. 7. Loyalty Plans The purpose of trueness plans is to raise consumers’ buying rate by honoring them based on the sum they spend. The wagess can be price reductions. verifiers. free gifts and so on. American Airlines was one of the first companies to use this method when it presented its AAdvantage frequent-flyer plan in 1981. There are more than 50 million members in its AAdvantge plan while Marriott International has merely more than 20 million travellers into its Rewards Program ( Anonymous. 2011 ) . Nowadays. there are more and more companies try to develop trueness plan. such as Nestle. Kraft and particularly supermarkets. Why trueness plans become so popular? Loyal members are the chief consumers of companies. so developing strong relationship with them to promote them to utilize company’s merchandises and services continuously. And with this plan. sellers can follow their best clients every bit good as understand more about their demands and features so as to develop better relationships. The chief drawback is that this plan requires consumers to pay an tremendous sum of money in a given clip period to acquire the publicity. which may deter consumers from being loyal to the company. IV. Decision In short. there are a batch of techniques used to increase gross revenues volume and test rate. The common and of import tools used by sellers are sale publicities tools. which designed to promote consumers to buy more and retail merchants to stock and sell merchandises. Gross saless publicities have two major classs. consumer-oriented and trade oriented techniques. The benefits and drawbacks of every peculiar consumer-oriented tool. which are designed to aim on consumers’ behaviour. are discusses exhaustively. Although the purpose of these tools is to hike consumers’ buying rate and raise companies’ net incomes. it is the marketers’ occupation to take sagely which tool is appropriate for the current market so that it is to the full utilised. V. Recommendation When analyzing selling. it is necessary to understand really clearly all facets of selling every bit good as the publicity techniques. Furthermore. farther research is required to hold a more specific overview of the market every bit good as consumers’ penchant towards the merchandise and their demand of the new merchandise. Based on those. appraisals can be made ; hence. suited technique can be chosen and used decently and expeditiously. This recommendation could besides be taken into consideration non merely by concerns but besides by who intends to come in Marketing classs in college. VI. Bibliography 1. Belch. G. E. ( 1993 ) . Introduction to advertisement A ; publicity: an incorporate selling communications perspective ( 2nd erectile dysfunction ) . Homewood. Illinois: Irwin 2. Belch. G. E. A ; Belch. M. A. ( 2009 ) . Ad and Promotion:an incorporate selling communications perspective ( 8th erectile dysfunction ) . New York: McGraw-Hill 3. Costello. J. ( 2000 ) . Kellogg publicity creates Corn Flakes fad. The Wall Street Journal. 1. 4. Elliott. G. ( 2010 ) . Marketing. Australia: John Wiley A ; Sons 5. Jobber. D. 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Ad. publicity. and other facets of incorporate selling communications. Mason. Ohio: South-Western Cengage Learning 12. Volk. J. †Coupons and Gross saless Promotion† . 18 June 2007. lt ; hypertext transfer protocol: //www. jonathanvolk. com/internet-marketing/coupons-and-sales-promotions. hypertext markup language gt ; ( 3 June 2011 ) . 13. What’s the best air hose trueness plan? Frequent-flyer plans 2001. The Economist. 14. Wood. F. A ; Sangster. A. ( 2008 ) Partnerships histories and company histories. Business Accounting 1 ( 11th erectile dysfunction ) . England: Pearson Education.