Thursday, September 3, 2020
The Four messages that will be seen all through the article are : Cousin Kate by Christina Rossetti, PorphyriaÃ¢â¬â¢s darling by Robert Browning, To his Coy Mistress by Andrew Marvel and Romeo Juliet by William Shakespeare. Romeo and Juliet is around two darlings Ã¢â¬ who worship each other so much, similarily PorphyriaÃ¢â¬â¢s sweetheart is about a man who cherishes Porphria so much, which leads on to him slaughtering her. At that point, To his Coy Mistress was the point at which the storyteller laid down with the woman and engaged in sexual relations, similarily Cousin Kate was comparable as the storyteller had intercourse with one individual at that point sold out her for another person for the cash. In Act 1 Scene 1 of Romeo and Julliet. Romeo appears to be extremely (Obsessed) with Rosaline. Rosaline is the young lady that Romeo began to look all starry eyed at profoundly. Montague portrays how profoundly and Distraught Romeo is feeling to the way that Rosaline doesn't cherish Romeo back. He doesnÃ¢â¬â¢t need to show his loved ones what's going on yet he continues wailing. a sonnet about a little youngster who ge Additionally In Act 1 Scene 1 Teenage Love is appeared among Romeo and Rosaline. He communicates a profound activity in the profundity of adoration like a Teenager. Romeo, we discover, has been sulking around in a Ã¢â¬Å"grove of sycamore,Ã¢â¬ which, incidentally, is ShakespeareÃ¢â¬â¢s method of indicating that Romeo is love wiped out or Ã¢â¬Å"sick amourÃ¢â¬ . This shows a lovesick youngster. Romeo meanders in and readily reveals to Benvolio that heÃ¢â¬â¢s in affection with a young lady who doesnÃ¢â¬â¢t love him back. He is humiliated and terrified to tell simply like a youngster. Besides, In Act 1 Scene 5 Ã¢â¬ Romeo changes significantly, when he meets Juliet and his affection with Rosaline had all evaporated. He says that he has never observed a Ã¢â¬ËTrue BeautyÃ¢â¬â¢ till this night Ã¢â¬ like Juliet. This shows he was not in adoration with Rosaline and tells that he is a very unloyal love with individuals. Juliet had started RomeoÃ¢â¬â¢s eye profoundly and had connected on RomeoÃ¢â¬â¢s heart. In spite of the fact that, the fixation in Act1 Scene1 was profound into the affection with Rosaline. This shows the affection for youthful youngster who doesnÃ¢â¬â¢t comprehend what a genuine romance is and can get effectively caught by a great deal of adoration connections. This in youngsters point of view is valid and an extremely basic thing that occurs in high school love. Romeo is an extremely whimsical youngster with regards to Love. Romeo is a flighty character since one he is love with one individual which was Rosaline then changes his affection to Juliet. The statement that shows is Ã¢â¬ËIÃ¢â¬â¢ve never observed a genuine stunner till this nightÃ¢â¬â¢. This shows how an alternate individual he can get in matter of time. This additionally connects with his adolescent love disposition. Additionally, In act1 Scene 5 Ã¢â¬ Romeo and Juliet when they initially meet is exceptionally solid and eye catchyFrom over the room, Romeo sees Juliet, and asks a servingman what her identity is. The servingman doesn't have a clue. Romeo is transfixed; Rosaline evaporates from his brain and he pronounces that he has never been enamored until this second. Traveling through the group, Tybalt hears and perceives RomeoÃ¢â¬â¢s voice Then Romeo contacts JulietÃ¢â¬â¢s hand.
Wednesday, August 26, 2020
The four essential administration systems to contend globally - Essay Example This exploration will start with the explanation that advertisers need to discover available resources to distinguish persistent interest and match the requests with the items and administrations which they are best at the contribution. On the off chance that the interest has immersed, at that point advertisers need to recognize neglected needs and request and make request. Truth be told, promoting opportunity is having the option to distinguish neglected needs or make new interest. The globe presents a plenty of new markets with a large group of neglected needs and requests and thus inferring a large group of chances. Globalizing an organizationÃ¢â¬â¢s activities can be summed up by saying that an association tries to enter new markets. However entering new markets implies submitting the restricted assets required to create a focused on return on the venture which could have been put to other showcasing choices each having their own arrival on speculations, or we may likewise say that globalization has its chance expense. In this manner associations for the most part choose to globalize their activities when they anticipate an adequate gainfulness in doling out their restricted assets to outside market(s) higher than the normal pace of come back from other advertising choices. AnsoffÃ¢â¬â¢s lattice plainly compares the choice to enter new markets with other showcasing choices. The methodologies which an association embraces to contend internationally relies upon numerous elements, for example, Its targets, intensity, assets, items, and administrations. The engaging quality of the outside market. The expense of entering the market.
Saturday, August 22, 2020
The most recent pattern or Ã¢â¬Å"crazeÃ¢â¬ per state of the twenty first century has been that of natural nourishments. The U. S showcase for natural food at one time was developing at a pace of 20% every year, which is altogether more prominent when contrasted with the 3-4% of the food division in general. This verifiable developing interest in natural nourishments grabbed the eye of Douglas Degn, an official VP of the uncontrollably well known association, Wal-Mart. With the interest of natural items regularly surpassing gracefully, Degn was confronted with the choice of whether to hop on this lack and give individuals what they ask for from organics from Wal-Mart, or on the off chance that he should keep on expanding on the items they effectively offer to shoppers, so as to raise benefits. In the wake of investigating the market and creation for natural food and surveying Wal-Marts business system, it is suggested that Wal-Mart leave behind the enticements of the natural food industry, and ought to submit their cash and vitality in improving the items they effectively offer. We will compose a custom article test on Natural Growth Walmart or on the other hand any comparative point explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page The reasons why Wal-Mart should wander away from plunging into the natural food pool are many. As a matter of first importance, Wal-Marts business plot that has driven their association is purchasing in mass, mass amounts, having the option to sell these items while generally undermining their rivals, and still be gainful. In the natural food advertise, flexibly has been overwhelmed by request, so there is no conceivable way Wal-Mart would have the option to proceed with this methodology, as there is basically insufficient gracefully. While the organization had referenced the chance of worldwide sourcing, and bringing in these new nourishments from Chile and somewhere else, this would corrupt the entire Ã¢â¬Å"organicÃ¢â¬ notoriety, and would turn customers off of their item. Regardless of whether they attempted to go neighborhood, it would be an extremely monotonous errand to discover enough ranchers to accommodate their amount, and natural ranchers would not endure them requesting to deliver more past what they are equipped for in light of the fact that they are particularly worried about the watering down of measures for natural items. Another explanation is concerning the way that Wal-Mart the board considered creation cost premiums 10% over the comparable non-natural things. When contrasting these numbers with the universes current biggest retailer of natural items, Whole Foods, who charges a value premium of 20-30%, one would think Wal-Mart is in an ideal situation. Anyway Wal-Mart must consider the way that shoppers of natural food are eager to pay half more for nourishments that have not been hereditarily altered. This negates with Wal-Marts low estimating of natural nourishments in that these clients are going to consider how they can sell natural items at such a limited cost, and it might persuade that their natural items are broken. Purchasers will be dubious of why such an exceptionally significant item, is being given to them at such a low worth cost. Primary concern is that these buyers are willing and hoping to follow through on a high premium cost, for a high premium item. Regardless of whether Wal-Mart chose to charge these high premium costs so as to engage the higher salary natural purchasers, they risk defiling their picture to current customers, and lower pay buyers may feel that they are not, at this point well off enough to shop at Wal-Mart, and they could lose an innumerable measure of steadfast buyers. Those equivalent steadfast clients, which ascribed to $192 billion in income in the U. S alone; would they like to risk that? Once more, in contrasting Wal-Mart with Whole Foods; they are organization that is exclusively dedicated to selling produce and other basic food item things, this is their claim to fame. Wal-Mart then again additionally sells a wide assortment of family unit things, garments and toys, they donÃ¢â¬â¢t have one explicit item bunch center. Natural shoppers won't feel good purchasing their top notch natural nourishments from a similar spot they could purchase modest home machines, childrenÃ¢â¬â¢s toys, or unfashionable dress. What it is prescribed Wal-Mart do so as to help their business is to improve the picture of the items they as of now have, so clients will purchase more. The one territory wherein they could exceptionally profit improving is their attire, which is a higher-edge segment that is falling behind in deals. By moving into selling increasingly upscale, in vogue garments and housewares, Wal-Mart would empower itself to speak to higher pay shoppers, conceivably connecting with that 15% of the populace who don't shop at Wal-Mart, or in any event, luring current customers to buy these high edge items. They could achieve this by making a Ã¢â¬Å"fashion merchantÃ¢â¬ position that would visit Wal-Mart and contenders stores, and recommend approaches to adjust stock, floor plans and attire to various gatherings. Degn ought to reevaluate the way that Wal-Marts business system of Ã¢â¬Å"everyday low pricesÃ¢â¬ is the thing that has made them into the fruitful organization they are today and shouldnÃ¢â¬â¢t stray to a long way from what has made them effective so as to expand benefits. Degn should take a shot at improving the items Wal-Mart at present sells as opposed to concentrating on natural food, which is something they have never done. In the event that they can patch up a portion of their higher edge items, for example, their dress or housewares, they ought to have the option to connect with a more extensive assortment of clients, and have the option to get present clients to purchase more, as this is the territory Wal-Mart is slacking in. By working with what they know and have Wal-Mart ought to have the option to expand deals, rather than taking a chance with the misfortunes that are probably going to happen on the off chance that they attempted to get into the natural food business, as it is a business that isnÃ¢â¬â¢t at present trustworthy in their organization picture. At the present time, natural food to Wal-Mart resembles McDonalds attempting to sell a fine cut of steak. Incomprehensible.
Rosa Parks is generally known as the African-American lady who would not get off her seat on a transport. She would not like to relinquish her seat all together for a white individual to supplant her. She was captured and arrested without wanting to, on the grounds that she wanted to remain on the seat she believed she legitimately merited. On December first, 1955, as per history, Rosa Parks was worn out and depleted from a taxing day of work. Actually, under various conditions, she would have likely surrendered her seat readily to a youngster or older individual. In any case, now ever, Parks was worn out on the treatment she and other African-Americans got regularly of their lives. This included bigotry, isolation, partiality and the Jim Crow laws of the time. After she took a position, Americans appeared to see and the laws and guidelines of the time were addressed and along these lines, overhauled. Prior to her capture, Parks had the fire within her to change what wasn't right wit h things that were shameful. She filled in as secretary of the NAACP and later a counselor to the NAACP Youth Council and attempted to enroll to decide on numerous events when it was fundamentally difficult to do as such. In addition to the fact that parks was a real figure in the African-American people group, yet in addition she started change without truly acknowledging so. After the transport occurrence, the foundation of the Montgomery Improvement Association was executed, driven by a youthful minister named Dr. Martin Luther King, Jr. The present reality is obviously extraordinary all on account of Rosa Parks declining to surrender her seat. Her activity lead to response, which is the most significant part in setting up change. Her demonstration of resistance started a development that finished legitimate isolation in America. This implied individuals of various shading could at long last beginning drinking from a similar drinking fountain, bathrooms were not assigned Ã¢â¬Å"c oloredÃ¢â¬ and Ã¢â¬Å"white,Ã¢â¬ and one of the most significant things was that schools began integrating, which implied highly contrasting youngsters could go to similar schools. This last thing was at long last executed by the death of the Brown v. Leading body of Education law, however it would not have had the option to occur if Rosa Parks had gotten up from her seat. Had she done that, our future as Americans would have been undermined and the laws that are dynamic today may have been something African-Americans would in any case be battling for.
Friday, August 21, 2020
Amazon Self-Publishing How to Publish on Amazon Step-by-Step Amazon Self-Publishing: How to Publish on Amazon Step-by-Step Amazon independently publishing is on the ascent. With it being the #1 retailer for books around the world, that makes sense.But in the event that you end up making a few blunders in distributing on Amazonlets simply state your outcomes as a writer will be not exactly satisfactory.After all, the independently publishing industry is really delicate to those creation mistakes.But Amazon independently publishing is simply the best choice distribute and weve made it much simpler for you with this guide forÃ¢ doing it with Kindle Direct Publishing.You no longer need to experience careful endeavors to land a book bargain which secures you in ridiculous cutoff times and removes you of the greater part of the earnings.You would now be able to have full oversight of your book and its incomes by Amazon self-publishing.But numerous journalists get overpowered by the plenitude of data about independently publishing. It tends to be scaring for first-time distributers. We get it we were much the s ame as you!So to facilitate some uneasiness and vulnerability, we made this bit by bit extensive independently publishing guide for you to follow so as to get your book distributed on AmazonÃ¢â¬â¢s Kindle Direct Publishing Network.Here is your full guide for Amazon Self-Publishing:Creating a Kindle Direct Publishing AccountCrafting Your Book Title SubtitleWriting Your Book DescriptionChoosing the Right KeywordsSelecting the Right CategoriesUploading Your ManuscriptCreating a Book CoverPricing Your BookLetÃ¢â¬â¢s get started!NOTE: We spread everything in this blog entry and considerably more about the composition, promoting, and distributing process separated with recordings in our VIP Self-Publishing Program.If you are prepared to distribute your book NOW at that point try to look at our thorough, bit by bit manual for turning into a smash hit. Become familiar with it hereAmazon Self-Publishing Why its the Best OptionTraditional distributing is in transit out. This has been the truth for quite a while and for good reason.While customary distributing had its time and was once theonly choice for distributing a book, the framework set up right currently is one made for the following Stephen Kings not for the individuals who have an incentive to impart to the world.Why Amazon Self-Publishing is the Best OptionThough conventional distributing is as yet a suitable alternative for a few, Amazon independently publishing is the best choice and heres why:Over 70% of books are sold on Amazon310 million book purchasers through Amazon last yearThose purchasers represented over $178billion in salesIts simpler and quicker with Amazon self-publishingThere are significant contrasts between conventional versus independently publishing with most of writers picking to take their gifts to Amazon rather than through one of the Big 5 distributing houses.And you ought to as well. What is Kindle Direct Publishing (KDP)?Throughout this guide, youll read the term Kindle Direct Publi shing or KDP. It may sound plain as day however well spread some basics.This is an Amazon independently publishing stage that permits you to make and deal with your Kindle eBook, soft cover, and even book recordings in a solitary spot. ItÃ¢â¬â¢s broadly used to construct books from the beginning luckily, setting up your KDP account is simple, and ought to be the initial step you complete.Your Guide for Amazon Self-PublishingSure, anybody can in fact independently publish on Amazon, however that doesnt mean it will progress admirably and really sell. You need to know the points of interest, from setting up your KDP record to the estimating of your book.If done effectively, you can anticipate a fruitful dispatch and a generous measure of automated revenue. Here are our means for Amazon self-publishing.#1 Create a Kindle Direct Publishing (KDP) AccountBefore you can begin with Amazon distributing, you initially must have a record set up with them.Heres how to set up your Kindle Direc t Publishing account:Go to https://kdp.amazon.com and register with either your Amazon account or with your email address.Next, click Ã¢â¬Å"UpdateÃ¢â¬ in your record data and fill in your expense data. ItÃ¢â¬â¢s critical to take note of that you have to finish your expense data BEFORE you can distribute your first book. So donÃ¢â¬â¢t avoid this step!Once your duty data is finished, click Ã¢â¬Å"FinishedÃ¢â¬ and come back to the primary page.Your profile is complete!With your KDP account arrangement, continue to setting up the subtleties of your book, as found in the territories below.#2 Choose a Book Title and SubtitleIn your Kindle Direct Publishing profile, you have to fill in the title and caption of your book. While a caption is discretionary, having a decent caption is something you should consider to get more perspectives and make more grounded interest and assist individuals with finding your book when searching.Here are two or three hints to creating an extraordin ary book title:Use a Book Hook: Your book snare ought to address the peruser in a remarkable voice that catches their eye and feeds into what they are looking for.List the Benefits: Your potential perusers need to realize what they will get from perusing your book. One strategy is to convey the advantages in the caption, giving enough enticing data to additionally pull in readers.Think about what you would be pulled in to in a book title. Keep it straightforward, clear, and one of a kind. Research the title you need to utilize and ensure it hasnt been gathered up by a high-performing book already.You dont need to make rivalry for yourself.#3 Write Your Book Description for AmazonYou need a ground-breaking book depiction all together for potential purchasers to peruse what its about. Despite the fact that the spread and caption ought to work admirably of this, we as a whole need more data with regards to putting cash toward something.HereÃ¢â¬â¢s what individuals notice first when s eeing another book:TitleCoverBook DescriptionA book portrayal is basically a short composed story that outlines what your book is about. It ought to be composed like a business page to catch the enthusiasm of your reader.This is essential on the grounds that the portrayal, by and large, is the last factor that decides if the peruser will peruse your book or not. That, and incredible Amazon reviews.When done accurately, an elegantly composed book depiction can for all intents and purposes sell a book on its own.Here are a few procedures to help make your ideal description:Make your first sentence as alluring as possibleWrite your portrayal like a business page or promotion, not a dry outline of your bookHave the portrayal feel individual and empatheticDetail the advantages your peruser will pick up by perusing your bookHeres an extraordinary case of a full book depiction on Amazon:You can discover all the more astounding portrayal models with these books:Champion Mindset: Tactics to Maximize Potential, Execute Effectively, Perform at Your Peak Ã¢â¬ Knockout Mediocrity!By Patrick KingNovice to Expert: 6 Steps to Learn Anything, Increase Your Knowledge, and Master New Skills by S.J. ScottSpend some time making your eye-getting book depiction. It will make your book stand apart to your perusers and propel them to buy your book.For the best outcomes, we suggest utilizing the Free Amazon Book Description generator at kindlepreneur.com#4 Choose Your Amazon KeywordsIf you need your book to appear in Amazon and Google web crawlers, youÃ¢â¬â¢ll need the correct blend of catchphrases. Since Amazon permits just seven catchphrases for every book, watchword determination requires strategy.But whatare watchwords exactly?Keywords are explicit words or expressions used to depict your book. In the event that somebody was searching for a book on your subject, they may type one of those watchwords into Amazon or Google so as to discover it.For model, if your book is about pers istence, you may discover catchphrases like this useful:how to have perseverancewhat is perseveranceperseverance examplesperseveringpersevering when its hardThese are for the most part expressions or words individuals hoping to better themselves with determination would type into web crawlers so as to discover what theyre searching for, as in the picture below.You can explore the correct catchphrase states by utilizing search devices such as:KDP Rocket: This is an incredible instrument for contrasting Google query items with Amazon. It gives you a serious score from 1-99, watchword results from both Google and Amazon, and how much cash different books are making.KW Finder: This apparatus gives an investigative perspective on the catchphrase fame utilizing a serious positioning. You can scan for five catchphrases for nothing for every day.AmazonÃ¢â¬â¢s Autofill Function: Take bit of leeway of AmazonÃ¢â¬â¢s search box to discover great watchwords. AmazonÃ¢â¬â¢s recommendations d epend on search history so you need to look for words that are high sought after with little competition.Make a rundown of potential catchphrases for your book, at that point influence the devices above to test your watchwords. Investing the effort to get watchwords right will have your book rank higher and show up more much of the time to readers.#5 Select Your Amazon CategoriesAmazon gives an assortment of classifications and subcategories to look over. Like watchword choosing, you will probably search for slanting regions that donÃ¢â¬â¢t have huge amounts of competition.If you visit your book page, these classes will show up mostly down the page, showing the rank like in the picture model below.These classifications are what you will rank as a smash hit, where is the reason you need to ensure you pick fitting classifications that are explicit, yet additionally not too serious. You need to stand out.You can likewise check the rankings of the best three books on the principal pag e of each category.Amazon deals positioning estimates how well an item is selling contrasted with its rivals. All books that are positioned 2,000 or less are viewed as profoundly bought items in that specific category.Here are a couple of tips when distributing on Amazon so as to rank in more categories:Research your rivals keywordsChoose inclining classes with lower competitionAcquire extra classifications by reaching Amazon and requesting watchword placementUnless you have an e
Friday, August 14, 2020
2009 Let There Be Bloggers! Hello everyone! So should I introduce myself or talk about the 2009 Blogger application? Thats a silly question, isnt it. In the annals of competition there are iconic achievements: the gold medal, the yellow jersey the coveted 50 pixel avatar of an Admissions Blogger. Sure you wont be hounded with endorsement deals (well okay maybe Snively is) but its a pretty big deal to us. The annual blogger selection is like the Admissions offices own running of the bulls, only with more emoticons and Dr. Horrible references and no bulls and quite a few vegetarians, actually. Its not a perfect metaphor. All MIT undergraduates are encouraged to apply. That being said, I have to bear the bad news that were primarily looking for 4 incoming freshmen to compliment our contingent of talented upperclassmen. However if your first thought is, Bah! They will all fall weeping before the pure, as yet unwitnessed genius of my rapier wit! (or hopefully something a bit less piratical) then show us what youve got. Im not saying that we absolutely wont add upperclassmen, just that the bar is set pretty high. The exception will be for video. Were looking to add video to the blog this fall, so a video podcast, killer clip or a demonstration of creative production skills would go a long way toward convincing us that we just cant live without another upperclassman blogger. The application process is similar to last year. The selection committee will include our senior bloggers Jess, Keri and Cristen. 2009 Blogger Application To be considered for a blogger position, you should email me (dmcowen at the usual) by 5pm on Tuesday, August 18, 2009 and provide the following: Blog/writing stuff Provide a link to your portfolio. This will be the single most important part of your application.While you do not need to have a current blog, we have found that students who already keep blogs are the most active bloggers and best make the transition to being public bloggers for the MIT Admissions program. While we cannot say for certain that we will only hire someone with an active blog, we will have a preference for folks who do have active blogs. âÃ ®âÃ ®If you do not currently keep a blog, you may wish to start a new blog and start writing over the next couple weeks. Or, you may just submit a portfolio of writings/videos. âÃ ®âÃ ®If you do have a current blog, please send a link to it. If your blog is locked/protected, please also include a way for the committee to read the entries youd like us to see. (You dont need to clean it up we will understand that a very public, unlocked site would contain different writing than a locked, personal journal) âÃ ®âÃ ®If you post regularly on any admissions (or related) forums such as College Confidential, please provide URLs and username/screenname/etc. (If you dont, no worries neither do I) Biographical stuff Tell us your major, or (for freshmen) possibilities of your major.âÃ ® Tell us what activities hope to become involved with at MIT, or (for upperclassmen) what youre currently involved with on campus.âÃ ® Let us know your living group. For freshmen, tell us which dorm youve been temped in. For upperclassmen, tell us where you live, and, if applicable, any FSILG affiliations. Short Answer Essays (complete both) Short answer #1 In a paragraph or two, describe why you want to be an admissions blogger and what unique things you feel youll contribute to the program.âÃ ® Short answer #2 In either a video or a written post with photos, introduce us to a part of your life, house, town, etc. that you find wildly interesting. Good luck! For the curious, links to previous blogger application results: 2008 2007.
Sunday, June 21, 2020
ASSESS THE PROFITABILITY OF UK BANKS INTRODUCTION The issue of the profitability of banks in the UK market has been the subject of controversy for sometime now. For the past twenty years there has been a substantial increase in the number of financial firms entering the banking sector in the UK. This has mainly been due to the fact that the financial industry in the UK is not as fiercely competitively fought, in comparison to other European banks and other banks around the world. This has made the UK market attractive with regard to foreign banks wanting to come and set up shop in the UK. In the UK alone there are about 500 banks that operate, but the big five namely, Barclays, Lloyds TSB, Royal Bank of Scotland, HSBC, and HBOS, dominate the UKÃ¢â¬â¢s retail commercial banking industry. It is argued that Britons get the banks and the levels of innovation they deserve. However the hypothesis is that because most people in the UK are not too bothered about the level of service provided by most financial banks, most banks exploit this consumer apathy and notably consumerÃ¢â¬â¢s reluctance to switch accounts to swell the profits of the major banks. Recent research has shown that most people in the UK change their bank account as infrequently as they change their spouse, i.e. they have low expectations of the services provided by banks. It is argued that the only reason most banks make such astronomical profit margins is because we as consumers allow them to g et away with it, Fraser (2005). Recent calculations show that if UK consumers were to switch to the bank offering the best rates and level of service on offer, they would be better off to the tune of Ã £15 billion per year. With this in mind, this paper goes on to address the issue of profitability generation within the UK banking sector. This will be done by using published material from articles, journals and already established theoretical concepts. The idea is to try and visually picture exactly what factors lead banks in the UK to be able to generate such huge profit margins in comparison to other banks around the world. Therefore, this paper will start of by carrying out a literature review, and then the use of already established theory namely monopoly would then be described. Following, one would look at any matches or mismatches with regard to the literature review and the established theory of monopoly and then a conclusion will be arrived at the end. LITERATURE REV IEW The Cruickshank Report (2004) on competition in UK banking, established that there was a Ã¢â¬Ëcomplex monopolyÃ¢â¬â¢ that existed between the big five UK high street banks and that this position has not been corrected by the government. Bank consumers have continued to be financially disadvantaged or in plain English worse off. Additionally, the banks have been allowed to enjoy a further five years of monopolistic profiteering in an area that affects every UK consumer in their daily life. He argues that nothing has been done to boost competition among banks and the profits should sound alarm bells. The headlines surrounding this report into the state of the UK banking industry have tended to concentrate on the accusation that the industry is making Ã¢â¬Ësupernormal profitsÃ¢â¬â¢ of Ã £3 to Ã £5 billion a year. The question here is why given the recent excellent profits made by UK banks do completely new players not enter the market? The unwritten rules, he argues ma ke partnership with an existing bank a condition of market entry. The British Bankers Association (2005) argues that Ã £30 billion profits make UK banks jittery. Perhaps the banks think they will appear to be profiteering? After all, theyÃ¢â¬â¢ve all been pretty successful, making huge profits over more than a decade. They also argue how cheap it is in the UK to bank and how much better off we are than those in the US who pay for checking accounts. In an article by the Money Observer (2005), banks were blasted for their billions in profit making. It was stated that Banks were resisting calls for a windfall tax despite record profits. In particular HSBC and Barclays record profits led to calls for a windfall tax to be imposed on the whole sector as Weatherill (2005) puts it, Ã¢â¬Ëbanks treat their customers very shoddily while demanding sky-high charges for inferior productsÃ¢â¬â¢. A windfall tax is the only way to make this industry sit up and take notice. The consumers assoc iation (2004) accused the main high street banks of exploiting their strangle hold over the high street to make excessive profits. In another article by the Daily Express (2005), it was argued that Banks in the UK were conning their most loyal customers out of millions of pounds a year by failing to offer them the best rates. Savers and borrowers who stick with their bank through thick and thin are likely to suffer huge financial penalties because they are not offered the competitive deals designed to attract new customers. A report, from savings account provider ING Direct, argues that HSBC had posted record profits of almost Ã £10billion. Weatherill (2004) states that the big banks have always made their money by penalizing those customers they considered captive. These people reasonably think the bank will be honourable towards them because they act honourably towards the bank. ING direct (2005) said 40 percent of individual customers who had left a financial institution in the past year did so because of their banks two tier approach to dealing with customers. This means that the many savings account providers will allow existing customers to advantage of new better rates. However, this relies on the customers finding out about the better rate themselves. Most lenders will not allow existing borrowers to take advantage of new deals unless they think the customer is about to go elsewhere. If people moved from their current bank and looked for a better deal, they will make savings and get better service, Daily Express (2005). In another article by the Guardian (2005), HSBC unveiled profits of more than Ã £9 billion but denied the record figure by a London based bank had been made at the expense of UK customers. The 37% rise in annual profits forms part of a Ã £30 billion industry-wide haul that has left UK banks facing calls for a windfall tax and accusations that the sector runs a complex monopoly structure. HSBC denied this and stated that its profits a re owed much to the growth and favourable conditions in the United States and China, as less than a quarter of its earnings came from the UK. In the Herald (2005), it was argued that it takes more than a week to be able to draw money from a single deposited cheque. Banks such as the Royal Bank of Scotland, Alliance and Leicester, and the Co-operative Bank took the longest to clear cheques in a survey conducted by the Herald of 12 of the major high street banks. Even an electronic money transfer in which there are an estimated 3.5 billion transactions a year by phone or the internet will take a minimum of three and a maximum of five working days to be credited to accounts. That time, as the adage goes, is money, as the bank can then use the uncleared amount to earn interest on it. Customers in Britain have to wait longer than almost all their western European counterparts for funds to pass through the clearing process. While 12 million cheques are written every day in the UK, it is o nly the ones paid in to Barclays that will benefit from instant withdrawals and interest, before the clearing cycle has barely had time to revolve. Consumer groups say banks are making millions every year from the limbo of uncleared funds. Finally, in the Financial Times (2005), UK focused banks such as HBOS and Lloyds TSB argue that most of their profits came from business banking and corporate lending rather than UK consumers. The banks argue that UK retail banking profitability is falling and they have cuts costs to compensate for falling profit margins and say that net interest margins, i.e. the profit made on lending has been falling for years. THE CONCEPT OF MONOPOLY A monopoly occurs when one firm, called a monopolist or a monopoly firm, produces an industryÃ¢â¬â¢s entire output. In contrast to perfectly competitive firms, which are price-takers, a monopolist sets the market price. Because the monopoly firm is the only firm in its industry, there is no distinction bet ween the market demand curve and the demand curve facing a single firm as there is in perfect competition. Thus, the monopoly firm faces a negatively sloping market demand curve and can set its own price. However, this negatively sloped market demand curve presents the monopoly firm with a trade-off; sales can be increased only if price is reduced, and price can be increased only if sales are reduced. One must note here that monopoly firms have U shaped short-run cost curves just as perfectly competitive firms do and this is a consequence of the law of diminishing marginal returns. However, this negatively sloped market demand curve presents the monopoly firm with a trade-off; sales can be increased only if price is reduced, and price can be increased only if sales are reduced. When the monopoly firm charges the same price for all units sold, average revenue per unit is identical to price. Thus, the market demand curve is also the firmÃ¢â¬â¢s average revenue curve. But un like the firms in perfect competition, the monopoly firmÃ¢â¬â¢s demand curve is not its marginal revenue curve, which shows the change in total revenue resulting from the sale of an additional (or marginal) unit of production. Because its demand curve is negatively sloped, the monopoly firm must lower the price that it charges on all units in order to sell an extra unit. It does follow that the addition to its revenue resulting from the sale of an extra unit is less than the price that it receives for that unit (less by the amount that it loses as a result of cutting the price on all the units that it was selling already). The monopoly firmÃ¢â¬â¢s marginal revenue is less than the price at which it sells its output. Now to show the profit maximisation equilibrium of a monopoly firm, we bring together information about its revenues and its costs and then apply two rules. First, the firm should not produce at all unless there is some level of output for which price is at least equal to average variable cost. Secondly, if the firm does produce, its output should be set at the point where marginal cost equals marginal revenue. The following diagram illustrates this. Figure 1: The equilibrium of a monopoly When the monopoly firm equates marginal cost with marginal revenue, it reaches the equilibrium shown in figure 1. The profit-maximizing output is the level at which marginal cost equals marginal revenue. The point on the demand curve corresponding to that output determines the price at which that output can be sold. The monopoly produces the output Q0 for which marginal revenue equals marginal cost. At this output the price of P0, which is determined by the demand curve, exceeds the average variable cost. Total profits are the profits per unit of P0 Ã¢â¬â C0 multiplied by the output of Q0, which is the area marked X on the graph. When the monopoly firm is in profit-maximizing equilibrium, equating marginal revenue with marginal cost, both are l ess than the price it charges for its output. This is because the firmÃ¢â¬â¢s marginal revenue is always less than the price it charges. The fact that a monopoly firm produces the output that maximizes its profits tells us nothing about how large these profits will be, or even whether there will be any profits at all. Additionally, because the monopolist is the only producer in an industry, there is no need for separate analysis of the firm and industry, as is necessary with perfect competition. The monopoly firm is the industry. Thus, the short-run, profit-maximizing position of the firm, as shown in figure 1, is also the short-run equilibrium of the industry. Allocative inefficiency of a monopoly Output under monopoly is lower compared to perfect competition, and so must result in a smaller total of consumersÃ¢â¬â¢ and producersÃ¢â¬â¢ surpluses. When the monopoly chooses an output below the competitive level, market price is higher than it would be under perfect com petition. As a result, consumersÃ¢â¬â¢ surplus is diminished, and producers; surplus is increased. In this way, the monopoly firm gains at the expense of consumers. This is not however, the whole story. When output between the monopolistic and competitive levels is not produced, consumers give up more surplus than the monopolist gains. There is thus a net loss of surplus for society as a whole. This loss of surplus is called the Ã¢â¬Ëdeadweight loss of monopolyÃ¢â¬â¢. It follows that there is a conflict between the private interest of the monopoly producer and the public interest of all the nationÃ¢â¬â¢s consumers. This creates a rational case for government intervention to prevent the formation of monopolies if possible or, if that is not possible, to control their behaviour. Entry Barriers In both monopolized and perfectly competitive industries, profits and losses provide incentives for entry and exit. If the monopoly firm is suffering losses in the short-run, it will continue to operate as long as it can cover its variable costs. In the long-run, however, it will leave the industry unless it can find a scale of operations at which its full opportunity costs can be covered. If the monopoly firm is making profits, other firms will wish to enter the industry in order to earn more than the opportunity cost of their capital. If such entry occurs, the equilibrium position shown in figure 1 will change and the firm will cease to be a monopolist. Entry barriers may be natural or firm-created. If a monopoly firmÃ¢â¬â¢s profits are to persist in the long-run, effective entry barriers must prevent the entry of new firms into the industry. Barriers determined by technology Natural barriers most commonly arise as a result of economies of scale. When the long-run average cost curve is negatively sloped over a large range of output, big firms have significantly lower average total costs than small firms. A natural monopoly occurs when, give n the industryÃ¢â¬â¢s current technology, the demand conditions allow no more than one fir to cover its costs while producing at the minimum point of its long-run cost curve. In a natural monopoly, there is no price at which two firms can both sell enough to cover their total costs. Another type of technologically determined barrier is set-up cost. If a firm could be catapulted fully grown into the market, it might be able to compete effectively with the existing monopolist. However, the cost to the new firm of entering the market, developing its products, and establishing such things as brand image and dealer net-work might be so large that entry would be unprofitable. Policy created barriers Many entry barriers are created by conscious government action and are, therefore, officially condoned. Patent laws, for instance, may prevent entry by conferring on the patent-holder the sole legal right to produce a particular product for a specific period of time. A firm may also be granted a charter or a franchise that prohibits competition by law. Regulation and licensing of firms, often in service industries, can restrict entry severely. For example, the 1979 Banking Act required all banks in the UK to be authorized by the Securities and Investment Board (sib) or some other recognized regulatory body. Regulation and authorization of all financial firms, including banks, was formally transferred to the financial services authority in December 2001. Other barriers can be created by the firm or firms already in the market. In extreme cases, the threat of force or sabotage can deter entry. Barriers such as set-up costs for a new market entrant might play a significant factor of a firm gaining entry into a market. For example, the threat of price-cutting, designed to impose unsustainable losses on a new entrant, and heavy brand-name advertising could act as a major stumbling block for new market entrants. Now, because there are no entry barriers in perfect competition, profits cannot persist in the long-run. Profits attract entry, and entry erodes profits. In monopoly, however, however, profits can persist in the long-run whenever there are effective barriers to entry. Entry barriers frustrate the adjustment mechanism that would otherwise push profits towards zero in the long-run. In the very long run technology changes. New ways of producing old products are invented, and new products are created to satisfy both familiar and new wants. This has important implications for entry. A monopoly that succeeds in preventing the entry of new firms capable of producing its current product will sooner or later find its barriers circumvented by innovations. A firm maybe able to use new processes that avoid some patent or other barrier that the monopolist relies on, to bar the entry of competing firms. Another firm may compete by producing a new product that, although somewhat different, still satisfies the firm might get around a natural mon opoly by inventing a technology that produces the good at a much lower cost than the existing monopoly firmÃ¢â¬â¢s technology. (The cost curve maybe lowered throughout this range, and the minimum level of costs may be reached at a lower output than previously thought). The new technology may subsequently allow several firms to enter the market and still cover costs. Matches and Mismatches with regard to the Literature review and the concept of Monopoly in Bank Profits. Most importantly, the Cruickshank report (2000), stipulates that there exists behaviour of a Ã¢â¬ËComplex MonopolyÃ¢â¬â¢ between the big five UK high street banks in the banking industry and that this position has not been corrected by the government as at today. This tallies with the established theory of a monopoly, because the five high street banks are the dominant firms in the banking industry and so they have the market power to control the level of service that needs to be provided in the banking se ctor. Also, the fact that the banking industry is reported to be making supernormal profits of between Ã £3 to Ã £5 billion a year; why then do new players not enter the market? This tallies with the fact that there are serious technological barriers to entry and firm-created barriers to entry. Infact, most new entrants into the UK banking sector have tended to either merge or acquire a bank in the UK, so as to have a solid and useful foundation in order to gain entry into this sector. Additionally, the fact that banks treat their customers very shoddily while demanding sky-high charges for inferior products as stated in the literature review, tallies with the established theory of dead-weight loss. Due to monopoly power, the firm charges a high price, reduced output or poor quality products and services are provided to the consumer, which leads to an allocative inefficient market. This is very typical of the banking industry as mentioned in the literature review, with regar ds to the level of service and financial products provided by the major high street banks. This is why the Cruickshank report was commissioned by the government to investigate possible solutions to this very serious problem. One issue that doesnÃ¢â¬â¢t correlate with the literature review is the fact that under monopoly firmÃ¢â¬â¢s price discriminates, i.e. charging more than one price for the same product. However, it all boils down to the information that is provided to the customer. Now, it is not every banks business to inform a customer about what the other bank rates are of its major competitors. It is up to the customer to go and shop around for the best bank rates. SUMMARY AND CONCLUSION This paper has mentioned the five dominant banks in the UK banking industry, namely, HSBC, Royal Bank of Scotland, Barclays, HBOS, and Lloyds TSB. In the context of the literature review, the contending issues that relate to the profitability of banks in the UK, such as, poor le vel of service; innovation; not enough competition in the banking sector; the barriers to entry; proper information being provided with regards to what options customers have; and technological issues pertaining the clearance of cheques and withdrawals; are all scrutinized. Also one has used the concept of monopoly to explain the banking industry. Sub-issues under monopoly such as allocative inefficiency; entry barrier, such as barriers determined by technology and policy Ã¢â¬â created barriers are all mentioned. Finally, a look at any correlations or mismatches with regard to the literature review and the concept of monopoly is then put into play. As a whole it will be worthwhile to conclude that, as technology evolves and we humans evolve with technology, the barriers to entry within the banking sector will begin to breakdown. Why? Because it is more convenient, easier and cheaper, for customers to be able to carry-out transactions online, without a physical presence at a ba nk. Additionally, this will lead to reduced profits for banks; however, they will be able to tap into developing markets in order to revise methods for profit maximisation. Examples of which are HSBCÃ¢â¬â¢s acquisitions of small to big banking conglomerates around the world, which has more than tripled their profits. Thereby, in the long Ã¢â¬â run competition in these markets would become rife. REFERENCES AND BIBLIOGRAPHY British Bankers Association, (2005), Article, Ã £30 billion profits make UK banks Ã¢â¬ËJitteryÃ¢â¬â¢. Bulletin in the Banking News and Comments. Lipsey, R.G., and Chrystal, K.A., (2004), Economics, Tenth Edition, Oxford University Printing Press. Financial Times, (2005), Article, UK Bank profits head for Ã £1,000 a second, 31/01/2005 Fraser, I., (2005), Their profitÃ¢â¬ ¦Ã¢â¬ ¦. Whose Loss, Article in The Sunday Herald, 13/20/2005. The Financial Regulator, (2000), Re-writing the contract, Financial market trends, No. 75. The Herald , (2005), Article, Slow cash makes fast money. The Cruickshank Report, (2004), Competition in UK Banking. Consumers Association, (2004), Article, How can banks keep growing? The Evening Standard, February. Daily Express, (2005), Rip Ã¢â¬â off banks do loyal clients out of millions, in Your Money, March. ING Direct, (2005), Daily Express, Your Money, in article, Rip-off banks do loyal clients out of millions. The Guardian, (2005), in article, HSBC denies profits accusations, February. Weatherill, E., (2005), Independent Banking Advisory Service, in article, Banks blasted for their billions, Money Observer, April. Weatherill, E., (2004), Independent Banking Advisory Service, in article, Watch dog to quiz Bradford and Bingley on debt tactics, Sunday Express, June. 1 Footnotes  This law states that if one or more of the factors of production are fixed, e.g. land; increasing the inputs of the variable factors of production, i.e. labour, raw materials, etc are increased; will eventually lead to a diminishing marginal product.