Lobbyists Essay Example | Topics and Well Written Essays - 1000 words

Lobbyists - Essay Example Lobbying is therefore, the practice of promoting, opposing, or in any manner influencing or attempting to influence the introduction, defeat, or enactment of legislation before any legislative body; opposing or in any manner influencing the executive approval, veto, or amendment of legislation. It is also the practice of promoting, opposing, or in any manner influencing or attempting to influence the enactment, promulgation, modification, or deletion of regulations before any regulatory body (Smith). A lobbyist is therefore a term that includes the following; a person who receives compensation from another person, group or entity to do the lobbying work. A lobbyist is also the person who lobbies as a regular and usual part of employment irrespective of whether there is compensation in addition to regular salaries and benefits is received. a lobbyist is also the a consultant to the state, county, or municipals parts of the government, they are employed to make an influence legislation or regulations irrespective of whether they are paid or not; in full or in part the funds that relates to these forms of government (Luneburg, William, and Susman). Lobbying is quite an important act given the experience they give to the Lobbyist groups. From research it is clear that experienced and successful lobbyists extensively understands the legislative process and therefore they have a strategic plan which enables them to ensure a close follow up that is quiet significant to the client or group that they present. The understanding of the process is quite complex due to the increased competition of the recent past in the field. Lobbying through the Lobbyists helps the congress to follow issues in a timely manner making issues to be handled quite in time due to the avoidance of the delay likely to be created. This is driven by the fact that opportunities and challenges often present themselves with quite a short time to respond to such allegations prompting the need for lobby ing and lobbyist groups. Ongoing, active representation in Canadian legal departments is critical to effectively responding to these situations (Luneburg, William, Thomas, Susman, and Gordon). Lobbying is therefore meant to help specialists groups which may be of a special religion, belief or industry to get their voices to be heard by members of any law making body of a nation. In addition, lobby groups of large amounts of money are able to influence the opinions of the crowds in their favor making politicians against them vulnerable (Smith). Currently, Lobbying has become a way for corporations, religions, and other private and special interest groups present their influence over the legislature and essentially circumvent the standard law-making procedure. Lobbying is therefore protected by the model of government in place and since corporations and other special interests are legally considered a singular entity, they are represented in the same context in Congress (Smith). The d ata from the office of the Commission of Lobbying of Canada shows us the various lobbying groups that exists in

Ethics - Terms to know Essay Example for Free

Ethics Terms to know Essay WorldviewThe way the world is seen made sense of; framework of individual understanding. e.g. Deism God abandoned creation Nihilism Reality has no value; traditional values unfounded Existentialism Life has no meaning but what we give it Eastern Pantheism Polytheism, i.e. Hinduism Naturalism Secular humanism / modernism; God is irrelevantnothing exists but natural world New Age Pantheism All is one; no distinction between plants, people; all are God Judeo-Christianity There is only one God who created universe; God is involved w/ creation Post Modernism God is dead; truth is a social construct; relativism prevails EthicsThe explicit, philosophical reflection on moral beliefs and practices. (The difference between ethics and morality is similar to the difference between musicology and music. Ethics is a conscious stepping back and reflecting on morality, just as musicology is a conscious reflection on music). Descriptive EthicsStating actual moral beliefs. Normative EthicsStudy of what is really right or wrong. MetaethicsStudy about field of Ethics. Metaethics Theories ObjectivismThere are correct and incorrect answers. SubjectivismThere are no correct or incorrect answers. AbsolutismAll moral rules hold without exceptionthere is only one truth; opposite of relativism, contrasts with consequentialism. RightsJustified claims upon other(s) for actions or non-actions. Negative Obligation (Right)An obligation to refrain from something or entitlements to do something without interference from other people. See also autonomy. Positive Obligation (Right)An obligation to perform / provide, etc., or entitlements that obligate others to do something positive to assist you. In remUniversal rights (obligations fall on all moral agents). In personamRestricted rights (obligations fall on selected individuals). General Obligationsmoral requirements of all moral beings. Role-related Obligationsmoral requirements of specific roles, e.g. MD, priest, etc. Strong PaternalismForced acts of beneficence on person able to decide. Weak PaternalismForced acts of beneficence on person unable to decide. Negative PaternalismRefraining from doing something to/for someone. 4 Main Ethical Principles / Values NonmaleficenceDo no harm; (Primum non nocere first, do no harm); a negative right. BeneficenceDo good; promoting the welfare of others; actively avoiding harm; a positive right. AutonomyNon-interference with others choices and freedom to make choices / self determination. Justice / Social JusticeEqual treatment for all. Ethical Systems Theories (*Related concepts) *ConsequentialismThe end justifies the means; the rightness or wrongness of any action depends on its consequences. *Utilitarianism (act)To act in a beneficial way based strictly on the good consequences for the most people; case-by-case analysis of each act. *Utilitarianism (rule) To act in a beneficial way (with good consequences for the most people) based on moral rules; categorical imperative? DeontologismIts not whether you win or lose, its how you play the game; some actions are right or wrong regardless of their consequences; contrasts with consequentialism. Relativismit all dependsall points of view are equally valid. Also: When in Rome, do as the Romans do (cultural relativism). Beauty is in the eye of the beholder (personal relativism). *Doctrine of Double Effectintention is everything; concerns only intended means or ends, not actual means or ends even if predictable (i.e. chemo side-F/Xs). Patient Relationship Models Engineering ModelJust the facts, maam; healthcare professionals as scientists presenting factspatients make decisions based on these facts. Paternalistic ModelDo what I say; decisions are made by healthcare professionals. Contractual ModelLets make a deal; healthcare professionals give informationassist patients in decision-making by making recommendations. ConfidentialityNot divulging information which another has revealed on condition of secrecy; patients right to privacy (of information). Deontological Argument for the Obligation of ConfidentialityRespecting confidentiality respects patient autonomy. Consequentialistic Argument for the Obligation of ConfidentialityRespecting confidentiality protects and promotes well-being of patients. 3 Accepted Exceptions for Divulging a Patient ConfidencePatient not competent, required by law, protect public interest. Truth Telling (Veracity)Obligation to tell the truth. Consequentialistic Case for Telling and Withholding the TruthDo what will most benefit/least harm patient; truth-telling / withholding truth context dependent. 3 (actually 4) Possible Exceptions to the Truth-Telling RuleFamily request, patient request, for the good of others (less so now), avoiding disastrous consequences (extreme cases). 5 Elements of Informed ConsentCompetence, information disclosure, understanding, voluntariness, and authorization.

Analysis Of The Financial Report Of Burberry Finance Essay

Analysis Of The Financial Report Of Burberry Finance Essay In this section we are considering the Annual Report 2009-10 of Burberry and will compare Burberrys performance in this year with the previous years. When financial year 2009-10 started i.e. April 2009, Burberrys main issues of concerns were weak and highly uncertain consumer spending environment (because of prevalent recession). Following which groups main goals were established: Expense Reduction Working Capital Management Indeed, they succeeded up to a remarkable level under most strategic, operational and financial measures. Performance of Burberry was among the best relative to its peers either public or private. Highlights of Burberrys important strategic and operational decision in 2009-10:  £50 M cost efficiency program-helped in reduction of Cost of Sales Upgrading wholesale distribution and restructuring the operations in Spain To maximize Gross Margin, continued to reduce assortment size across categories-resulting in increased Gross Margin from 52.1 % to 59.7% Improved inventory management- inventory reduced 36% over year Added 21 stores with 9% space extension These mentioned decisions helped Burberry perform strongly in 2009-10 and resulted in improved financial strength. Key financial strengths during the period are: Total revenue growth 7%- Revenue  £1.3bn Adjusted operating profit increased 22%  £220M increase Diluted adjusted EPS increased 16% to 35.1p Financial Ratios: Financial ratios are widely used be managers, shareholders, creditors and analysts for all kind of purposes. Firth (1975) proclaimed that these can be used for two purposes. These are: To compare companys latest performance with its performance in earlier periods To make comparisons with corresponding ratios of other firms Following is an analysis of the companys financial ratios and a comparison with the preceding year and its peers: Profitability Ratios: Return on Capital Employed (ROCE): Formula: Net profit before tax/ (All shareholders fund + long term debt) Significance: Profits earned from the two major sources of finance for the company viz. investment by shareholders- shareholders fund and financial institutions mostly- long term debt. The effectiveness of the management in utilising the funds is indicated by ROCE. The return for the FY 2009-10 is 26.03%. It shows a significant change when compared to the previous years return of NEGATIVE 2.78%. A quick glance at the operating profit for the last two years reveals the reason behind such a big leap forward. The company has performed tremendously in the last financial year. From an operating LOSS of  £9.9M for the year ended 31 March 2009 to a significant operating PROFIT of  £171.1M for the year ended 31 March 2010, shows the efficient and effective measures the company had adopted over the year. Even if the comparison is made between adjusted operating profits (after considering the exceptional items) for the last two years, we can see a significant difference of  £39.1M (219.9-180.8). All of this shows that the business is effectively earning on shareholders fund and long term debt generated. Ratio Formula Significance Net margin Net profit before tax/ Total revenue The net profit percentage on the entire revenue earned for the financial year Gross margin Gross profit/ Total revenue The gross margin percentage on the revenue earned for the financial year It is the one of the most commonly used profitability ratio. It shows the net margin with respect to the amount of sales. In 2010 it got increased from -1.34% (2009) to almost 13%. In 2009, Burberry reported negative profit i.e. loss. Main reasons behind this were: High Cost of Sales in 2009 (12.5 % higher than 2010) Higher operating cost (6.71%)in 2008-09 which was mainly because of Goodwill impairment in global market(mainly Spain)  £116.2 million Relocation of headquarters Store impairment and onerous lease provisions Increase in NPM shows that Burberry has controlled its costs effectively in 2009-10. It demonstrates effectiveness of Burberry at converting sales into actual profit. Gross Margin: There is an increase from 55.41% (2009) to 62.82%. It shows that Burberry has increased its gross profit by 7.4 p per  £1 of turnover. It is because of higher sales and low cost of sales in 2010. Sales Growth: Formula: (Present sales- Previous sales) / Previous sales Sales increased from  £1200M (2009) to  £1280M (2010) i.e. an increase by almost 7%. Adapted: Burberry Annual Report 2009-10 Sales growth is one of the KPIs. The above graph shows the revenue earned by Burberry in the last five years. The overall growth shows the increasing trend followed by the company in spite of its macro-economic conditions. This proves the companys ability to capture the market being a luxury brand. Liquidity Ratios: They show the companys ability and the ease with which it can lay its hands on liquid cash. In other words, these ratios signify the liquidity position of the company. The main components of these ratios are the current assets and current liabilities which are also the factors that determine the working capital of the company. Current Ratio: Formula: Total Current Assets/ Total Current Liabilities This is the one of the best known measures that indicates the liquidity position of the company. There is an increase in Current Ratio in 2010 as compared to 2009 which indicates that Burberry has improved its ability to meet the payment schedule of its current debts. The change from 1.36:1 in 2009 to 1.53:1 in 2010 shows the efficiency in working capital requirements. Having current assets equivalent to 1.53 times of current liabilities shows a moderate approach from the management not being too aggressive by holding less current assets nor too conservative by holding more current assets leading to high opportunity cost. Quick Ratio/Acid Test: Formula: (Total current assets-stock)/total current liabilities It measures companys ability to meet short-term obligations with its most liquid assets. An acceptable ratio should be at least 1:1. However in 2009 it was .87 which is not sufficient. An increase from .87 to 1.2 over a period of one year demonstrates that Burberry has stronger liquidity position than it had before. Shareholders POV: Collier (2009) state that Dividends are a decision made by directors on the basis of the proportion of profits they want to distribute and capital needed to be retained in the business to fund growth. (p.114) Shareholders invest in a companys stock with the motive of higher returns through dividends or capital gains. The idea of investing in the shares of a company may give higher returns compared to the other secure investments like bank. However, the risk is also more. The investors measure the prospects of a stock under various scales. Few of them are as follows: Dividend per share (DPS): Formula: Dividends paid/ number of shares Often DPS is the measure of a companys performance because it indicates how profitable a company is over a period of time. In Burberrys case, its excellent performance is reflected through the increase in the dividend per share paid to shareholders. As at 31st march 2010, Burberry had 435,024,782 ordinary shares, of which 77,215 were held as treasury shares, shares that have been bought back by the issuing corporation and is available for retirement or resale; it is issued but not outstanding; it cannot vote and pays no dividends. (http://wordnetweb.princeton.edu/perl/webwn?s=treasury%20shares) As per annual report, Burberry has proposed dividend of  £45.7M, which is 20% higher than last year ( £37.7M). This increases its dividend per share to 10.5p from 8.65p. It also increased interim dividend, which is declared and distributed before the calculations of companys annual earnings, per share slightly from 3.35p to 3.50p during year. So, the total dividend per share is 14p for the year ending 2010 giving a 17% increase from 12p in 2009. Dividend Yield: Formula: Dividend per share/ market value per share It shows the relationship between dividends and market share by expressing a companys dividend as a percentage of its share price. However, dividend yield fluctuates with share price. Burberrys shares price was 276.25 on 27 March 2009 and 725.00 on 1 April 2010. (http://www.google.co.uk/finance?client=obq=LON:BRBY) Using its share price value at financial year end, dividend yield is 1.93% in 2010 and 4.3% in 2009. This need not represent that Burberry has decreased its value in investors eye. This fall is because of 163% increase in share price of Burberry, which made increase in dividend less significant. Dividend Payout Ratio: Formula: Dividend paid / (profit after tax i.e. net income) or the ratio of dividend per share and earnings per share. It helps in predicting how well earnings support the dividend payments. Investors seeking high current income and limited capital growth prefer companies with high Dividend payout ratio. However investors seeking capital growth may prefer lower payout ratio because capital gains are taxed at a lower rate. (http://en.wikipedia.org/wiki/Dividend_payout_ratio) For 2010: it is 14/36 = 38.88 % 2009: 12/31= 39.2% It is almost similar in both years, which shows that Burberry is maintaining the balance between interest of shareholders and expansion of business. Earnings per share (EPS): Formula: profit after tax or net earnings/ number of shares Burberry calculates EPS on the basis of both diluted and basic. When all convertible securities such as convertible preference shares, convertible debts, convertible debentures and warrants exercised; number of outstanding shares increases. This is called Diluted weighted average number of shares, the basis of Diluted EPS. As number of outstanding shares increases, Diluted EPS is always lower than Basic EPS. It is more accurate to use a  Diluted EPS over the reporting term; because the  number of shares outstanding can change over time (We can observe this in annual report that Burberry has always mentioned diluted EPS). In 2010, Diluted weighted average number of shares was about 442 million with dilution effect of 9.3 million. In 2009, it was 438.1 million with dilution effect of 6.8 million. Earnings were  £81.4 million in 2010 as compared to loss of 6 million in 2009, because of reasons mentioned before. This leads Basic EPS to 18.8p (-1.4% in 2009) and Diluted EPS to 18.4p (-1.4% in 2009). Using details of exceptional items in note 4 of annual report 2009-10, adjusted earnings are  £155.2million and  £132.1 million for 2010 and 2009 respectively. This leads to Adjusted Basic EPS to 35.9p (30.6p in 2009) and Adjusted Diluted EPS to 35.1 (30.2 in 2009). Increase in Adjusted Diluted EPS by 17 % is mainly because of 17 % increase in adjusted profit as weighted number of shares is almost same. This increase represents better performance of Burberry in 2009-10. Price-Earnings (P/E) Ratio: Formula: Market value per share/ EPS It is the valuation of companys current share price compared to the per share earnings. This ratio reveals the popularity of a stock because it reflects how much people are willing to pay for it (http://library.thinkquest.org/3298/NoFrames/help/glossary.html). The P/E ratio can be interpreted as number of years of earnings to pay back purchase price, ignoring the time value of money (http://en.wikipedia.org/wiki/P/E_ratio). For 2010 P/E ratio is 725/35.9= 20 and for 2009 it is 276/30.1= 9.2 There is almost two times increase in P/E ratio. This is because of increase in share price by 163%. This increase makes Burberrys stock more attractive than previous year. Bottom line: The above analysis from a shareholders POV leaves an overall positive impact on the investors or the potential investors. Considering the shareholders return, profitability, growth rate the company has been maintaining and the increasing trend in the share value, it would be more than likely a wise decision to invest in the Burberrys stock. Gearing effect: Tools used: Gearing ratio: long-term debt/ (shareholders funds + long-term debt) This ratio gives the proportion of funds which is borrowed from outside in the entire capital employed, than from the shareholders (through issue of shares). This is also called the leverage ratio. The method of introducing debts in place of equity is referred to as trading on equity leverage Collier (2009) states that Higher the gearing, higher is the burden on repaying the debts and the associated interest. Also, if profits turn down, there are substantially more risks carried by the highly geared business. (p.108) However, there is a relationship between risk and return which is to be analysed. Higher proportion of long term debt signifies two issues: Higher return for shareholders Less tax burden Burberry in 2009 has a gearing of 52.72%. For the year ending 2010, it is 43.06% i.e. 56.94% of equity. This shows that their almost half of the sources of finance is through long term borrowings. The effect of generating finance through debts than through equity is shown on the return the shareholders are enjoying. It also shows the company has been closely monitoring tax burden. This is because the provision made for the interest obligation/payment is reflected in reducing the profits, thereby a lower tax on lower profits. However, the debts carry with them the interest obligation and repayment commitments. This way the company has been trying to balance between debt and equity. In the financial year 2009-10, the company has reduced its debt content trying to be a little conservative. The capital structure can be considered to be moderate. Interest cover: Profit before interest tax/ interest payable This represents the profit available, to meet the interest obligation, in terms of the interest payable (number of times). Higher interest cover leaves less strain on the profits and giving a cushion with profit AFTER interest and before tax. Profit before interest and tax: Interest payable: For 2010:  £171.1M  £6.2M For 2009:  £ (9.9) M Loss  £13.4M Interest cover for the year 2009-10 is 27.6 times. This is a highly impressive cover leaving a comfortable position. Considering the loss in the previous year and still maintaining this is very efficient. The decrease in interest commitment this year can be related to the reduction in the debt content of the capital structure (gearing ratio). Financial Risk Management Overview: Burberry deals with variety of financial instruments viz. derivatives, short term and long term borrowings, trade receivables/payables etc. It also combines with variety of financial risks. However, the risk management is carried out by a dedicated Group Treasury under the approval of Board of Directors. Guidelines/ Tools: To reduce the financial risk and ensure sufficient (OPTIMAL) liquidity position Work closely with the business requirements Uses derivative instruments to hedge certain risk exposures Market Risk: Foreign Exchange Risk: Risk: Multiple foreign currency transactions because of international operations Tools/Policies: Entering into forward foreign exchange contracts Hedge anticipated cash flows in each major foreign currency Monitor the desirability of hedging the net assets of the overseas subsidiaries when translated into Sterling for reporting purposes. At 31 March 2010, the Group has performed sensitivity analysis to determine the effect of non-Sterling currencies strengthening/weakening. Price Risk: Risk: Fluctuations in employers national insurance liability due to movements in the share price. Tools/Policies: Entering into equity swaps at the time of granting share options. Monitor the fluctuations in the liability on a continuous basis. Cash flow interest rate risk: Risk: Fluctuations in the interest rates. Tools/Policies: Use interest rate swap derivatives to manage fixed and floating rate borrowings within limits. Credit Risk: Risk: Possible bad debts. Tools/Policies: Wholesale sales only with appropriate credit history/check. Retail sales only through cash or major credit cards. Maximum credit risk exposure is classified separately and attended. Liquidity Risk: Risk: Maintaining sufficient cash balance. Tools/Policies: Maturity profile is established All short term creditors, accruals, bank overdrafts and borrowings within one year. Compliance with all the committed banks credit guidelines. Capital Risk: Risk: Returns to shareholders and other stakeholders; Maintain Going concern. Tools/Policies: Maintain strong credit rating. Appropriate capital structure mix debt and equity. Adjustments according to the economic changes and its strategic objectives. Analysis of the above: All of the above represents the measures adopted by Burberry to meet the Financial Risks. The company having a dedicated risk management team in order to face the risks gives a confidence in the minds. However, they should be continuously aware of the fact that a large corporate like Burberry will have to attend to growing/new risks by anticipating well in advance. They may include a deeper analysis in the following areas: Working capital cycle: Inventory management, EOQ/JIT methods, optimum cash model. Financing needs. Other sources of finance can be analyzed like debt factoring. Capital budgeting decisions before expanding or investing on a project. WACC Weighted average cost of capital is to be considered before deciding the capital structure. Comparisons with the market rate and interest rates prevailing. The overall financial risk management shows the companys ability to address almost all the possible risks efficiently and effectively. Conclusion: With comparison to most of the essential parameters, it can be concluded that Burberry plc showed a promising performance in the last completed financial year 2009-10. Not just with regard to the financial performance, but also in satisfying the shareholders with competent returns. A birds eye view shows the company has made a great comeback this year with a significant profit. However, a deeper penetration/analysis into the last year financials reveals that the loss made in 2008-09 is because of high cost of sales with a difference of  £59.8M compared to the recent year, goodwill impairment charge to the extent of  £116.2M, relocation of HQ costing around  £7.9M and other expansion charges. Also, the above report shows the companys transparency in complying with the Corporate Governance and commitment in attending to its Corporate Social Responsibility, employees welfare etc. Burberry showed continuous interest in brand integrity, being a true leader in luxury brands, and market growth through expansion. Indeed, highly motivated. All this leads to only reaffirm the companys continued efforts in excelling beyond horizons among its peers financially, ethically, and morally!

Why I Give Back to the Community Essay -- Community Service, Service L

"We make a living by what we get, but we make a life by what we give." - Winston Churchill I see community service as the key element to my future. I believe that each person should leave the world a little better than how they found it. Community service has held a huge part of my life already. I currently am very involved with a program called Candlelighters. Candlelighters is a program that works with cancer patients and their families. As a part of the Candlelighters program I have seen many children lose their lives to cancer. Each child has left a mark on my heart, and I am a better person for knowing them. All my life I have wanted to be an attorney. I had my whole life paved out. I knew what I was going to do and how I was going to get there. These children have taught me ...

Splitting a message, and processing and gathering

This recipe will show you how you how to split a message into individual fragments, process each fragment individually, and re-aggregate the processed exchanges back Into a single exchange. In EIP terms, this is known as a Composed Message Processor, and Is made up of a combination of a Splitter and an Aggregated. How to do It†¦ In order to split and aggregate (Join) a message, combine a split DSL statement with an associated Congo as follows: 1. Define an Segregationist's Instance as described In the Aggregating related messages recipe.For this example, we will reuse theSetAggregationStrategy Implementation from that recipe: 2. Define a regular split block as per the Splitting a message into fragments recipe, breaking up the payload as you see fit through the use of an expression. Reference the Segregationist's instance through the strategy attribute in the split element: ${body) In the Java DSL, refer to the Segregationist's instance as the second parameter to the split() stat ement: from(â€Å"direct:in†) . Split(body(), new Straightforwardness()) . End() . To(â€Å"mock:out†); How it works†¦When an exchange reaches the split statement, It Is broken up Into Individual fragments as expected, each of which Is processed through the steps defined within the block. When each split fragment's exchange reaches the end of the split block, It Is passed Into theAggregationStrategy for aggregation. When all of the fragments have been processed, the final aggregated message proceeds down the route from the split block. This Is different from the normal Splitter behavior, which forwards the original message to that statement after the split statement.TIP By default, all processing Is performed by a single thread. You can parallelize the processing of each message fragment by using theparallelprocesslng option as described in the Processing split messages in parallel recipe. There's more†¦ An Segregationist's. When an exception is thrown during the processing of the fragment, the exchange will be immediately passed to Segregationist's. It is then up to the strategy to decide what to do with this information.

Consumer and Organisation Markets

Consumer and Organisation Markets Define business markets and explain how the business markets differ from consumer markets. Give relevant examples to support your answer.A business market is one consisting of individuals and organisations purchasing products and services for use in production of further goods and service for sale, lease or rental at a profit. In general a market is:"The set of all actual and potential buyers of a product or service. Buyers often share a particular demand or need which can be satisfied through exchanges or relationships." - Kotler.Consumer markets, on the other hand, consist of individuals and households that purchase services and goods for their own personal use or satisfaction, Consumers vary in age, gender, income, education and taste. For example: I may prefer to buy local milk for myself and my family, but my neighbour may buy Italian milk just for herself.One way of differentiating between these two markets is to ask whether or not the purchase represents the final purchase? Wi ll the product be consumed? Is the product being purchased for personal satisfaction?Business markets tend to have a relatively small number of purchasers.Market Square, EnniscorthyThere may be hundreds or thousands of manufacturers, which is a small amount in relation to the number of consumers. The relatively small number of purchasers to be reached, may therefore enable direct personal sales visits by sales representatives and be a major way of promoting sales.Consumer markets tend to have a relatively large number of purchasers. Millions of consumers may be interested in a particular product or service and consequently marketers will rely heavily on the media (e.g.: television, newspapers, radio) to promote services or products to a large number of people at once.High value purchases are widely evident in business markets. For example, Pizza Hut will order enough cheese...