The document discusses consumer mindsets in the context of the UK credit crunch and recession of 2008-2009. It identifies four main consumer typologies - Recreational, Reserved, Retrenchers, and Reality - and describes the characteristics, perspectives, and consumption behaviors of consumers in each group. It also provides insights into how different consumer segments have approached specific spending categories like utilities in the challenging economic environment.
This document summarizes research conducted by Expressions Planning on consumer mindsets and behaviors during the credit crunch of 2008-2009 in the UK. It describes four focus groups conducted in February 2009 to understand consumer perspectives. It then profiles three types of consumer mindsets observed - "Recreational", "Reserved", and "Reality" - and how each views and responds to the economic situation differently, with the Recreational mindset feeling most confident and the Reality mindset directly experiencing economic hardship.
The document discusses research conducted by Expressions Planning on consumer mindsets and behaviors during the credit crunch of early 2009 in the UK. It identifies four main consumer typologies that emerged from the research: Recreational, Reserved, Retrenchers, and Reality. The Recreational mindset sees the crisis as an opportunity but is not prepared to significantly alter their lifestyle. The Reserved mindset is focused on maintaining their lifestyle efficiently through budgeting and future planning. The Retrenchers feel vulnerable and are proactively reducing expenses in preparation for potential job or income loss. The Reality mindset has already experienced job or income loss and is taking immediate, desperate actions to minimize spending.
IBM Global Finance - Building strong IT Business Cases in the New Economic WorldVincent Kwon
This document discusses how IT projects can be approved in the new economic world. It outlines the challenges facing CFOs, including constraints on access to credit and the need to prioritize short-term financial matters. It then provides advice on addressing the priorities of finance departments by cutting costs, increasing productivity, and seeking alternative financing such as leasing. The document recommends focusing business cases on metrics like ROI, clarity on benefits, and clear execution plans to gain project approval from CFOs.
1) The document discusses challenges in financial advising from the perspective of behavioral finance. It covers intuitive vs reflective minds, investor paralysis after the 2008 crisis, lack of investor discipline, and loss of trust in financial institutions.
2) To address investor paralysis, the document recommends an "Invest More Tomorrow" strategy where investors pre-commit to periodic investments to overcome loss aversion and procrastination.
3) To address lack of discipline, it suggests a "Ulysses Strategy" where investors pre-commit to a rational investment plan through a signed memorandum to resist herd behavior.
4) To regain trust, advisers should demonstrate competence by admitting luck, discussing downsides, showing empathy through frequent contact, and
Securities are offered through Raymond James Financial Services, Inc., member FINRA/SIPC, an independent broker/dealer, and are not insured by FDIC, NCUA or any other financial institution insurance, are not deposits or obligations of the financial institution, are not guaranteed by the financial institution, and are subject to risks, including the possible loss of principal. Raymond James is not affiliated with the financial institution or the investment company. Material prepared by Raymond James for use by its advisors.
The CEO's Guide to Corporate Finance outlines four principles, or cornerstones, to help executives make strong financial decisions independently of the CFO. The four cornerstones are: 1) the core-of-value principle focuses on returns on capital and growth as drivers of value, 2) the conservation-of-value principle states that only improving cash flows creates value, 3) the expectations treadmill principle explains how share prices reflect changing expectations rather than just performance, and 4) the best-owner principle states that a business's value depends on its owner and strategy. Applying these principles can help executives evaluate acquisitions, divestitures, projects, and compensation to make decisions that create rather than destroy value.
A New Arrow for The Pension Practitioners Quiver: Pension Risk TransferJay Dinunzio
Webinar Presentation Slides
Gone are the days of group annuity contracts only being able to satisfy the plan termination objectives of a pension plan sponsor. Today, there are a wide variety of useful applications for guaranteed institutional annuity contract structures to provide an alternative to traditional fixed income investments. Are you or your pension clients:
•Struggling with cost and volatility issues surrounding a defined benefit pension plan?
•Considering a liability driven investment strategy that will de-risk the plan investment and allow for stable, predictable funding?
•Limited by fixed income funds that only allow for simple duration matching, and expose the plan to cash flow mismatch risks?
•Unaware of the variety of customized institutional insurance contract structures available?
•Lacking a fiduciary process for evaluating and monitoring the attractiveness of insured pension solutions?
This document summarizes research conducted by Expressions Planning on consumer mindsets and behaviors during the credit crunch of 2008-2009 in the UK. It describes four focus groups conducted in February 2009 to understand consumer perspectives. It then profiles three types of consumer mindsets observed - "Recreational", "Reserved", and "Reality" - and how each views and responds to the economic situation differently, with the Recreational mindset feeling most confident and the Reality mindset directly experiencing economic hardship.
The document discusses research conducted by Expressions Planning on consumer mindsets and behaviors during the credit crunch of early 2009 in the UK. It identifies four main consumer typologies that emerged from the research: Recreational, Reserved, Retrenchers, and Reality. The Recreational mindset sees the crisis as an opportunity but is not prepared to significantly alter their lifestyle. The Reserved mindset is focused on maintaining their lifestyle efficiently through budgeting and future planning. The Retrenchers feel vulnerable and are proactively reducing expenses in preparation for potential job or income loss. The Reality mindset has already experienced job or income loss and is taking immediate, desperate actions to minimize spending.
IBM Global Finance - Building strong IT Business Cases in the New Economic WorldVincent Kwon
This document discusses how IT projects can be approved in the new economic world. It outlines the challenges facing CFOs, including constraints on access to credit and the need to prioritize short-term financial matters. It then provides advice on addressing the priorities of finance departments by cutting costs, increasing productivity, and seeking alternative financing such as leasing. The document recommends focusing business cases on metrics like ROI, clarity on benefits, and clear execution plans to gain project approval from CFOs.
1) The document discusses challenges in financial advising from the perspective of behavioral finance. It covers intuitive vs reflective minds, investor paralysis after the 2008 crisis, lack of investor discipline, and loss of trust in financial institutions.
2) To address investor paralysis, the document recommends an "Invest More Tomorrow" strategy where investors pre-commit to periodic investments to overcome loss aversion and procrastination.
3) To address lack of discipline, it suggests a "Ulysses Strategy" where investors pre-commit to a rational investment plan through a signed memorandum to resist herd behavior.
4) To regain trust, advisers should demonstrate competence by admitting luck, discussing downsides, showing empathy through frequent contact, and
Securities are offered through Raymond James Financial Services, Inc., member FINRA/SIPC, an independent broker/dealer, and are not insured by FDIC, NCUA or any other financial institution insurance, are not deposits or obligations of the financial institution, are not guaranteed by the financial institution, and are subject to risks, including the possible loss of principal. Raymond James is not affiliated with the financial institution or the investment company. Material prepared by Raymond James for use by its advisors.
The CEO's Guide to Corporate Finance outlines four principles, or cornerstones, to help executives make strong financial decisions independently of the CFO. The four cornerstones are: 1) the core-of-value principle focuses on returns on capital and growth as drivers of value, 2) the conservation-of-value principle states that only improving cash flows creates value, 3) the expectations treadmill principle explains how share prices reflect changing expectations rather than just performance, and 4) the best-owner principle states that a business's value depends on its owner and strategy. Applying these principles can help executives evaluate acquisitions, divestitures, projects, and compensation to make decisions that create rather than destroy value.
A New Arrow for The Pension Practitioners Quiver: Pension Risk TransferJay Dinunzio
Webinar Presentation Slides
Gone are the days of group annuity contracts only being able to satisfy the plan termination objectives of a pension plan sponsor. Today, there are a wide variety of useful applications for guaranteed institutional annuity contract structures to provide an alternative to traditional fixed income investments. Are you or your pension clients:
•Struggling with cost and volatility issues surrounding a defined benefit pension plan?
•Considering a liability driven investment strategy that will de-risk the plan investment and allow for stable, predictable funding?
•Limited by fixed income funds that only allow for simple duration matching, and expose the plan to cash flow mismatch risks?
•Unaware of the variety of customized institutional insurance contract structures available?
•Lacking a fiduciary process for evaluating and monitoring the attractiveness of insured pension solutions?
The Quest for Yield: The Roles of Dividend and Interest Income - Dec. 2011RobertWBaird
This document discusses investors' increasing focus on yield in light of historically low interest rates. It outlines two key considerations when evaluating yield-generating investments: 1) current market conditions have pushed yields to low levels, making high past yields difficult to achieve; and 2) pursuing higher yields often requires taking on greater risk. The document emphasizes balancing yield objectives with the associated risks and volatility to avoid chasing returns without understanding risks.
The document summarizes the key topics discussed in a presentation about macroeconomic and financial policies before and after the global financial crisis:
1) Financial policies in the run-up to the crisis, including deregulation, lack of regulation of derivatives and mortgage lenders, and inadequate regulatory resources.
2) The role of Glass-Steagall elimination and government-sponsored enterprises like Fannie Mae and Freddie Mac in subsidizing home loans and fueling the subprime mortgage market.
3) How global imbalances including large US trade deficits, low US interest rates, and European bank investment in subprime products contributed to the crisis.
4) The initial policy response including coordinated fiscal stimulus, interest rate
How to reduce portfolio risk through periodic re-balancing. The impact of dividends on total portfolio return. Thoughts on Social Security’s future.
Investment Styles: Large growth versus large value
Behavioral Corporate Finance Book ReviewLynn Sears
The document provides a detailed book review of Behavioral Corporate Finance by Hersh Shefrin. The review summarizes the key points made in the book about how psychological biases can negatively impact business decisions and financial performance. Specifically, it discusses how overconfidence, optimism, and hubris can lead managers to make poor strategic decisions. The review also analyzes specific company examples to illustrate concepts like escalation of commitment, opportunity costs, and groupthink. Overall, the review recommends the book for helping recognize behavioral pitfalls that can undermine rational decision-making.
The Business of IT - Surviving Budget ChaosPaul Wohlleben
For Federal CIOs, the pending sequestration, if implemented, will cause significant turmoil in funding agency IT operations and programs. But even if the sequestration is avoided, cutting Federal costs will be a key action area in moving towards a more balanced budget and reducing the deficit. How will Federal executives fare as they tackle this issue? Can CIOs effectively position IT as a significant tool for delivering efficiency?
Russell Investments provides a forecast for the US economy in 2013. They predict a 65% probability of a modest recovery with growth near 2.0% and inflation staying near the Fed's 2% target. Unemployment is forecast to be 7.3% by the end of 2013. Political risks from fiscal policy decisions could impact markets. The recovery faces challenges from the ongoing recession in Europe and China's economic rebalancing.
This newsletter discusses several year-end investment strategies to consider from a tax perspective:
1) Review your portfolio and rebalance if one asset class has outperformed, which could allow harvesting losses to offset gains or realizing gains to offset losses.
2) Sell losing positions to harvest tax losses to offset up to $3,000 in ordinary income. Consider the wash sale rule.
3) Be aware of mutual fund year-end distributions which could generate taxes even if your shares haven't appreciated. Time purchases and sales accordingly.
4) Strategically select shares to sell based on cost basis methods to maximize tax advantages when selling shares in a taxable account.
5) Taking some time
PivotalCRM - How to profit in a downturn_usPivotal CRM
Many businesses are currently struggling to find ways to cut costs and make ends meet, and ambitious new strategies and growth goals are being put on hold till the economy rebounds. But even in a time of uncertainty and contraction, smart companies can find opportunity and growth.
2011 Senior Executive Forum Final Presentationphil_waldeck
The document summarizes key points from a conference on managing employee benefits. It discusses increased focus by finance executives on pension benefits risk management and cost reduction due to challenges posed by healthcare reform and pension regulations. Specific solutions covered for mitigating pension plan risks include liability driven investing, buy-ins where an insurer takes over a portion of liability, and buy-outs where the insurer fully assumes the plan's liability. Developing a long-term strategy to transition pension plans through selective buy-ins or full buy-outs is recommended.
If you’re like many Americans, you’ve been setting aside money for your retirement. Now that you’re nearing retirement age, it may soon be time to start drawing money from your qualified retirement plans. When it comes to taking distributions, you face a number of important decisions, including which money to use first.
In November 2008, CFO Research conducted a
survey among mid-size companies in the United
States on the actions that senior fi nance executives
are taking to ensure adequate capitalization to support
their companies’ growth over the next year.
We collected 129 responses from qualifi ed senior
fi nance executives.
This document discusses 401(k) retirement plans and whether they have fallen short. It provides context on the origins of 401(k) plans and how they have become the most common retirement vehicle in the US. However, 401(k)s are fundamentally different than pensions in that they offer more flexibility but also put more responsibility on individuals for funding, investing, and managing their retirement savings. Some argue 401(k)s have fallen short because many Americans do not have enough savings and lack the financial expertise to manage their retirement funds successfully. The document examines some of the misunderstandings around 401(k)s and debates whether they or the individuals using them are truly at fault for any perceived shortcomings.
Portfolio Perspectives discusses how emotions can negatively impact investment decisions. It explains two cognitive biases - confirmation bias and hindsight bias - that can lead investors to make poor choices. The article advocates practicing discipline and patience by sticking to a diversified long-term investment plan despite emotional urges to change course in response to market fluctuations. Maintaining an asset class approach requires accepting risk-return tradeoffs and tuning out short-term noise to achieve financial goals.
This document provides an overview of behavioural corporate finance. It discusses how behavioural corporate finance studies the decisions made by company managers and owners that affect company value, examining how psychological biases influence corporate finance decisions. Some key biases discussed include narrow framing, confirmation bias, and overconfidence. The document also summarizes assumptions of behavioural corporate finance, and discusses topics like corporate dividend policy, empirical data on dividend presence and absence, ex-dividend day behavior, announcing good and bad news, using behavioral factors systematically, neurophysiology of risk taking, and linking personality traits to risk attitudes.
Adapating A Practice For Retirement Income Planningdglickman
The document discusses the challenges financial advisors face as the industry shifts from asset accumulation to retirement income planning. It notes that retirement income planning is more complex and time-intensive than traditional accumulation services. Additionally, compensation models may need to adapt as retired clients' portfolios shift to more conservative assets that generate less commission revenue. The document provides strategies for advisors to adapt their practices, such as expanding expertise, utilizing technology, and developing new compensation approaches.
1) The document provides advice on how to survive a bear market, which is a sharp, prolonged decline in share prices of 20% or more.
2) It recommends keeping a cool head and staying calm during bear markets, as panicked reactions often cause investors to make poor decisions.
3) The best strategy is to remain committed to your long-term investment plan and not make sudden changes in reaction to short-term market fluctuations. Bear markets provide opportunities to buy quality investments at discounted prices.
Behavioral economics and equity compensationfwhittlesey
This document discusses issues that have arisen with equity compensation and attempts that have been made to address them. It notes that traditional economic theory did not fully explain the recent financial crisis, and behavioral economics is important to understanding human decision-making. There is a perception that equity compensation, such as stock options, can incentivize unnecessary risk-taking. In response, there have been various regulations targeting the structure and use of equity plans. However, these reactions have not addressed the fundamental framework for assessing equity compensation effectiveness. As a result, shareholders remain dissatisfied with dilution, while companies are dissatisfied with increased complexity and costs of equity plans. A new framework is needed that considers both the benefits and costs of equity compensation.
Este documento presenta los resultados de una evaluación del método de dilución
neutralización para determinar la concentración bactericida de un desinfectante en gel a base
de alcohol, de acuerdo con la Norma Técnica Colombiana 5473 de 2007. El estudio utilizó
tres microorganismos de prueba y varias condiciones experimentales. La implementación del
método produjo resultados precisos y demostró una reducción logarítmica superior a cinco
del desinfectante frente a los microorganismos de control. El establecimiento de las
El documento discute la importancia de respetar la naturaleza. Argumenta que las culturas pasadas veían el mundo como un organismo vivo en el que estamos interconectados, mientras que la cultura occidental moderna ve la naturaleza como un mecanismo. También sugiere que debemos encontrar estilos de vida más sencillos y sustentables para proteger el medio ambiente.
Las TIC como la mensajería instantánea, correo electrónico y teléfonos móviles permiten la comunicación sin limitaciones de tiempo o distancia, lo que contribuye al desarrollo comunicativo de los jóvenes de manera informal. Además, las últimas generaciones consideran medios como el cine, la televisión e Internet como parte integral de su vida diaria, por lo que un sistema educativo moderno debe incorporar estas herramientas tecnológicas para conectar con los estudiantes.
The Quest for Yield: The Roles of Dividend and Interest Income - Dec. 2011RobertWBaird
This document discusses investors' increasing focus on yield in light of historically low interest rates. It outlines two key considerations when evaluating yield-generating investments: 1) current market conditions have pushed yields to low levels, making high past yields difficult to achieve; and 2) pursuing higher yields often requires taking on greater risk. The document emphasizes balancing yield objectives with the associated risks and volatility to avoid chasing returns without understanding risks.
The document summarizes the key topics discussed in a presentation about macroeconomic and financial policies before and after the global financial crisis:
1) Financial policies in the run-up to the crisis, including deregulation, lack of regulation of derivatives and mortgage lenders, and inadequate regulatory resources.
2) The role of Glass-Steagall elimination and government-sponsored enterprises like Fannie Mae and Freddie Mac in subsidizing home loans and fueling the subprime mortgage market.
3) How global imbalances including large US trade deficits, low US interest rates, and European bank investment in subprime products contributed to the crisis.
4) The initial policy response including coordinated fiscal stimulus, interest rate
How to reduce portfolio risk through periodic re-balancing. The impact of dividends on total portfolio return. Thoughts on Social Security’s future.
Investment Styles: Large growth versus large value
Behavioral Corporate Finance Book ReviewLynn Sears
The document provides a detailed book review of Behavioral Corporate Finance by Hersh Shefrin. The review summarizes the key points made in the book about how psychological biases can negatively impact business decisions and financial performance. Specifically, it discusses how overconfidence, optimism, and hubris can lead managers to make poor strategic decisions. The review also analyzes specific company examples to illustrate concepts like escalation of commitment, opportunity costs, and groupthink. Overall, the review recommends the book for helping recognize behavioral pitfalls that can undermine rational decision-making.
The Business of IT - Surviving Budget ChaosPaul Wohlleben
For Federal CIOs, the pending sequestration, if implemented, will cause significant turmoil in funding agency IT operations and programs. But even if the sequestration is avoided, cutting Federal costs will be a key action area in moving towards a more balanced budget and reducing the deficit. How will Federal executives fare as they tackle this issue? Can CIOs effectively position IT as a significant tool for delivering efficiency?
Russell Investments provides a forecast for the US economy in 2013. They predict a 65% probability of a modest recovery with growth near 2.0% and inflation staying near the Fed's 2% target. Unemployment is forecast to be 7.3% by the end of 2013. Political risks from fiscal policy decisions could impact markets. The recovery faces challenges from the ongoing recession in Europe and China's economic rebalancing.
This newsletter discusses several year-end investment strategies to consider from a tax perspective:
1) Review your portfolio and rebalance if one asset class has outperformed, which could allow harvesting losses to offset gains or realizing gains to offset losses.
2) Sell losing positions to harvest tax losses to offset up to $3,000 in ordinary income. Consider the wash sale rule.
3) Be aware of mutual fund year-end distributions which could generate taxes even if your shares haven't appreciated. Time purchases and sales accordingly.
4) Strategically select shares to sell based on cost basis methods to maximize tax advantages when selling shares in a taxable account.
5) Taking some time
PivotalCRM - How to profit in a downturn_usPivotal CRM
Many businesses are currently struggling to find ways to cut costs and make ends meet, and ambitious new strategies and growth goals are being put on hold till the economy rebounds. But even in a time of uncertainty and contraction, smart companies can find opportunity and growth.
2011 Senior Executive Forum Final Presentationphil_waldeck
The document summarizes key points from a conference on managing employee benefits. It discusses increased focus by finance executives on pension benefits risk management and cost reduction due to challenges posed by healthcare reform and pension regulations. Specific solutions covered for mitigating pension plan risks include liability driven investing, buy-ins where an insurer takes over a portion of liability, and buy-outs where the insurer fully assumes the plan's liability. Developing a long-term strategy to transition pension plans through selective buy-ins or full buy-outs is recommended.
If you’re like many Americans, you’ve been setting aside money for your retirement. Now that you’re nearing retirement age, it may soon be time to start drawing money from your qualified retirement plans. When it comes to taking distributions, you face a number of important decisions, including which money to use first.
In November 2008, CFO Research conducted a
survey among mid-size companies in the United
States on the actions that senior fi nance executives
are taking to ensure adequate capitalization to support
their companies’ growth over the next year.
We collected 129 responses from qualifi ed senior
fi nance executives.
This document discusses 401(k) retirement plans and whether they have fallen short. It provides context on the origins of 401(k) plans and how they have become the most common retirement vehicle in the US. However, 401(k)s are fundamentally different than pensions in that they offer more flexibility but also put more responsibility on individuals for funding, investing, and managing their retirement savings. Some argue 401(k)s have fallen short because many Americans do not have enough savings and lack the financial expertise to manage their retirement funds successfully. The document examines some of the misunderstandings around 401(k)s and debates whether they or the individuals using them are truly at fault for any perceived shortcomings.
Portfolio Perspectives discusses how emotions can negatively impact investment decisions. It explains two cognitive biases - confirmation bias and hindsight bias - that can lead investors to make poor choices. The article advocates practicing discipline and patience by sticking to a diversified long-term investment plan despite emotional urges to change course in response to market fluctuations. Maintaining an asset class approach requires accepting risk-return tradeoffs and tuning out short-term noise to achieve financial goals.
This document provides an overview of behavioural corporate finance. It discusses how behavioural corporate finance studies the decisions made by company managers and owners that affect company value, examining how psychological biases influence corporate finance decisions. Some key biases discussed include narrow framing, confirmation bias, and overconfidence. The document also summarizes assumptions of behavioural corporate finance, and discusses topics like corporate dividend policy, empirical data on dividend presence and absence, ex-dividend day behavior, announcing good and bad news, using behavioral factors systematically, neurophysiology of risk taking, and linking personality traits to risk attitudes.
Adapating A Practice For Retirement Income Planningdglickman
The document discusses the challenges financial advisors face as the industry shifts from asset accumulation to retirement income planning. It notes that retirement income planning is more complex and time-intensive than traditional accumulation services. Additionally, compensation models may need to adapt as retired clients' portfolios shift to more conservative assets that generate less commission revenue. The document provides strategies for advisors to adapt their practices, such as expanding expertise, utilizing technology, and developing new compensation approaches.
1) The document provides advice on how to survive a bear market, which is a sharp, prolonged decline in share prices of 20% or more.
2) It recommends keeping a cool head and staying calm during bear markets, as panicked reactions often cause investors to make poor decisions.
3) The best strategy is to remain committed to your long-term investment plan and not make sudden changes in reaction to short-term market fluctuations. Bear markets provide opportunities to buy quality investments at discounted prices.
Behavioral economics and equity compensationfwhittlesey
This document discusses issues that have arisen with equity compensation and attempts that have been made to address them. It notes that traditional economic theory did not fully explain the recent financial crisis, and behavioral economics is important to understanding human decision-making. There is a perception that equity compensation, such as stock options, can incentivize unnecessary risk-taking. In response, there have been various regulations targeting the structure and use of equity plans. However, these reactions have not addressed the fundamental framework for assessing equity compensation effectiveness. As a result, shareholders remain dissatisfied with dilution, while companies are dissatisfied with increased complexity and costs of equity plans. A new framework is needed that considers both the benefits and costs of equity compensation.
Este documento presenta los resultados de una evaluación del método de dilución
neutralización para determinar la concentración bactericida de un desinfectante en gel a base
de alcohol, de acuerdo con la Norma Técnica Colombiana 5473 de 2007. El estudio utilizó
tres microorganismos de prueba y varias condiciones experimentales. La implementación del
método produjo resultados precisos y demostró una reducción logarítmica superior a cinco
del desinfectante frente a los microorganismos de control. El establecimiento de las
El documento discute la importancia de respetar la naturaleza. Argumenta que las culturas pasadas veían el mundo como un organismo vivo en el que estamos interconectados, mientras que la cultura occidental moderna ve la naturaleza como un mecanismo. También sugiere que debemos encontrar estilos de vida más sencillos y sustentables para proteger el medio ambiente.
Las TIC como la mensajería instantánea, correo electrónico y teléfonos móviles permiten la comunicación sin limitaciones de tiempo o distancia, lo que contribuye al desarrollo comunicativo de los jóvenes de manera informal. Además, las últimas generaciones consideran medios como el cine, la televisión e Internet como parte integral de su vida diaria, por lo que un sistema educativo moderno debe incorporar estas herramientas tecnológicas para conectar con los estudiantes.
Este documento contiene una lista codificada de cuentas contables utilizadas para clasificar activos, pasivos, capital, ingresos y gastos de una empresa. Las cuentas están agrupadas en categorías como efectivo, cuentas por cobrar, inventarios, propiedades, planta y equipo, cuentas por pagar, capital contable, ingresos y gastos.
El documento habla sobre el universo. Explica que el universo tiene aproximadamente 13.73 mil millones de años y por lo menos 93 mil millones de años luz de extensión. También describe que el Big Bang fue el evento que dio inicio al universo y desde entonces ha estado expandiéndose. Además, discute que a pesar de la expansión del universo, dos objetos pueden separarse a más de 93 mil millones de años luz debido a que el espacio mismo puede expandirse a una velocidad mayor que la de la luz.
El documento describe los diferentes tipos de proyectos disponibles en Visual Studio y cómo crear y modificar proyectos. Visual Studio incluye plantillas predefinidas para diferentes tipos de proyectos como aplicaciones de Windows, servicios, aplicaciones WPF y librerías. Los usuarios también pueden crear sus propias plantillas de proyecto o modificar las existentes. Una vez creado, un proyecto se puede personalizar agregando o eliminando elementos.
El documento presenta conceptos básicos sobre tecnología, incluyendo que la tecnología es un tipo de conocimiento que permite transformar la naturaleza, y que existe en forma incorporada en objetos y personas o desincorporada. También clasifica la tecnología en libre y no libre, describe operaciones científico-tecnológicas como la copia y adaptación, e identifica competencias tecnológicas como la capacidad de transformar elementos tangibles y encontrar soluciones prácticas.
Introduced to protect the citizens from various crimes or disasters that can occur anytime, anywhere.
Implemented to correct the difficulties in collecting and using image information in accident and crime.
investigation, due to the separate CCTV operation of the departments of each district office.
Installation of CCTV in crime prone and vulnerable areas with a CCTV Integrated Control Center in each.
district will provide 24/7/365 real-time monitoring.
The rapid response system has been built to allow departments, such as the fire brigade and police, to
use real-time video in the integrated control center in each district to respond to various accidents and incidents.
El documento presenta información sobre la Ley Orgánica sobre el Derecho de la Mujer a una Vida Libre de Violencia de Venezuela. Define violencia de género y establece que el Estado tiene la obligación de adoptar medidas para garantizar los derechos de las mujeres y asegurar el cumplimiento de la ley. Además, describe la estructura de la ley en nueve capítulos y nueve secciones.
El documento describe el ciberacoso, que implica el uso de medios electrónicos como correo electrónico, redes sociales y mensajes de texto para acosar a alguien de manera repetitiva y causar daño emocional. El ciberacoso puede constituir un delito penal e incluye amenazas y discurso de odio. Los ciberacosadores recopilan información privada sobre la víctima y sus contactos para enviar mensajes difamatorios con el fin de manipular a los demás y dañar la reputación de la víctima.
The document summarizes key concepts related to demand, supply, and market equilibrium. It defines the laws of demand and supply, explaining the inverse relationship between price and quantity demanded, and the direct relationship between price and quantity supplied. It discusses how demand and supply curves are determined from schedules and how they interact to reach market equilibrium. The summary also outlines factors that can cause shifts in demand or supply and how these shifts impact equilibrium price and quantity. Disequilibrium situations like surpluses, shortages, price floors and ceilings are also covered.
JClic es un programa educativo de código abierto que permite crear, editar y publicar actividades multimedia. Ofrece ventajas como permitir completar las exposiciones en clase con actividades variadas y motivadoras para los estudiantes. Algunos desafíos incluyen la curva de aprendizaje inicial y requerir conocimientos básicos de informática. El documento describe los componentes de JClic como el autor y el reproductor, así como su formato de archivo XML de código abierto.
POR UMA RESSIGNIFICAÇÃO DO ENSINO DE LÍNGUA INGLESA NO ÂMBITO DA REDE FEDERAL...Carlos Fabiano de Souza
O documento discute propostas para melhorar o ensino de inglês no Instituto Federal de Educação, Ciência e Tecnologia Fluminense (IFF). Atualmente, o foco é principalmente no desenvolvimento de habilidades de leitura. As propostas incluem: 1) Oficinas de comunicação oral para desenvolver a habilidade de falar; 2) Uso de tecnologia móvel para práticas comunicativas simuladas; 3) Criação de centros de convívio multicultural com falantes nativos para exposição à língua e culturas em contexto
El documento describe la estructura y función del bloque académico de un aula virtual basada en la metodología PACIE. El bloque académico se compone de cuatro secciones: exposición, rebote, construcción y comprobación. Cada sección tiene un propósito específico para presentar información, generar interacción entre estudiantes y conducir al aprendizaje.
Revival of spirit formation of freedom; solidarity economy development pers...Barka Foundation
This document discusses the concept of solidarity economy and how it relates to freedom, spirituality, and long-term economic development. Some key points:
1. Solidarity economy emphasizes interpersonal solidarity and social cooperation over individualism. It argues this is necessary for real freedom and for those struggling under new economic conditions.
2. A solidarity economy requires reviving spiritual life and recognizing that economic activity should serve human beings, not abstract ideology.
3. Taking a long-term view, cultural and social elements like trust and solidarity are more important than natural resources for economic development. A solidarity economy aims to harmonize economic, social, and spiritual dimensions of life.
Este documento describe los roles y responsabilidades de un gerente en una organización educativa. Explica que la gerencia implica planificar, organizar, coordinar, dirigir y controlar los recursos de una organización para lograr sus objetivos de manera eficiente y efectiva. Un buen gerente se enfoca en establecer metas claras y asegurar que los procesos y personal estén alineados para cumplir con dichas metas.
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1. CREDIT CRUNCH:
WHERE YOUR CONSUMERS ARE AT TODAY
EXPR ESSIO N S
B R A N D P LA N N IN G
PHASE 3 [FULL REPORT]
Julian Rodway
Expressions Planning Limited
416a King’s Road
London SW10 OLJ
Tel: +44 (0)20 7376 3356
Fax: +44 (0)20 7376 3447
Email: julian@expressionz.com
April 2009
2. CREDIT CRUNCH CONTEXT
The last quarter of 2008 was a dress rehearsal for 2009
The UK economy experienced record rises in fuel, impacting on:
• Home heating
• Transport costs
• Production costs
Compounding these fundamental costs was the credit crunch
From a consumer perspective the world was changing:
• Mortgage companies were failing
Icons of consumerism were crumbling:
• High street shops were closing
Banks were bailed out:
• Motor manufacturers were looking for economic support
Consumers were experiencing the cold winds of change
Expressions Planning Credit Crunch - 1
3. A YEAR LONG REVIEW
Expressions conducted 4 groups in March 2009:
• 2 in Birmingham
• 2 in London
In each location one group was conducted amongst:
• Consumers confident about their economic future
• Consumers experiencing recent economic difficulties and concern over jobs
The aim is to understand the current environment:
• Select 8 households for an ethnographical study
The intent is to follow the fortunes of these 8 families monthly over the year
In this third phase we explored 4 categories
• Utilities
• Finance and savings
• Luxury food and flowers – in home
• Cars
We invite you to submit other categories and specific questions to be explored during the
subsequent monthly interviews
This is a free service
Expressions Planning Credit Crunch - 2
5. RECESSIONARY CONSUMER TYPOLOGIES
Driven by a need to conform to situation
Confident
Conscious that conspicuous consumption is
not socially or politically correct
Selectively join in but will also exploit opportunities
Recreational Relatively confident they will not be impacted on
Not overly concerned about serious economic issues
Recognise situation as an opportunity to review
& reduce household expenditure
Reserved
Elements of regaining control of expenses
Participation is about cutting back:
- not cutting out
Perceive household as vulnerable to unemployment
Need to be proactive, manage their household expenses
Retrenchers Matter of prioritising expenditure
Cutting back & out without being too puritanical
Concerned
Experiencing economic difficulties; adjusting & adapting
Reality
Desperate measures need to be enforced by many
Optimistic belief means some adopt a
progressive cut back/out policy
Learning to adjust to a different set of priorities
Prominence
Expressions Planning Credit Crunch - 4
6. DYNAMICS OF RECESSION TO DEPRESSION
The economy is fuelled by individuals spending
When this necessary impetus is slowed or restricted
recession spirals downwards
As more consumers lose confidence the economy is
disproportionately impacted
Recreational Recreational & Reserved need to retain their
sense of buoyancy & optimism
Reserved Recreational
Reserved
Retrenchers Retrenchers
Reality
Reality
Expressions Planning Credit Crunch - 5
7. RECESSIONARY CONSUMER TYPOLOGIES: SUMMARY
Reserved Summary
Recreational Summary
Not overly concerned
Need to conform
Opportunity to review & reduce
Selectively join in
expenditure
Exploit opportunities
Regaining control
Relatively confident
Cutting back, not cutting out
Reality Summary
Retrenchers Summary
Experiencing economic
Vulnerable to unemployment
difficulties
Need to be proactive
Desperate measures
Prioritising expenditure
Progressive cut out policy
Cutting out & back
Learning to adjust
Expressions Planning Credit Crunch - 6
8. RECREATIONAL MINDSET
Economically comfortable; adopt a secure attitude to employment
Typically working in public sector or companies supporting essential
services
Boast about low mortgages or tracker mortgages
Context
Perceive themselves as financially astute
Not prepared to alter their lifestyle but less overt about it:
“…we’re still going skiing but feeling a bit guilty about it…”
Voyeurs of crisis; a topic of discussion not an imminent threat
Opportunity for some to carefully and covertly exploit:
“…at least you can now negotiate over prices…”
“…you can now get a builder and at a reasonable price…”
Crisis
Critical of the ‘doom & gloom’ of economic news; considered an
irritant:
“…the media don’t help, full of depressing stories…”
“…stopped listening to Radio 4…too depressing…”
Expressions Planning Credit Crunch - 7
9. RECREATIONAL MINDSET (Cont’d)
Feel an opportunity to review household expenditure
More about exploiting offers than consolidating:
- minimizing expenditure & getting greater value:
“…Sky are doing some good offers…”
Considerations
Concern over value of sterling & foreign holidays
For the brave an opportunity for investments:
“…house prices are going to fall…they’ll be some bargains
about…”
Belief in buying brands unshaken; not going to compromise
Conversely, many aware of brands being discounted:
- from chocolate biscuits to BMWs
Resist changing established and efficient shopping habits
Brands
Recession more about being seduced to remain loyal to
existing suppliers:
- exploiting an opportunity
Expressions Planning Credit Crunch - 8
10. RECREATIONAL MINDSET (Cont’d)
Confident, to an extent complacent
Perceive situation as an opportunity to exploit
Voyeuristic and vulture mentality
Not prepared to compromise on lifestyle
Summary
Respect need to be less conspicuous consumers
More likely to buy a bigger car at reduced rate:
- than a smaller more economical car
Crisis is about selectively joining in when it suits them
Expressions Planning Credit Crunch - 9
11. RESERVED MINDSET
Younger couples, some professionals (teachers, librarian, IT
workers)
Feel relatively secure in job; unemployment not an issue
Context
Focus is on maintaining lifestyle by efficient finances
Concern is about the future and future planning
Impact is by association; house prices have fallen
Constraining plans for family improvements:
“…we wanted to move to a bigger house this year…”
Talk about friends and relatives being affected; second hand
experience:
Crisis
“…my brother-in-law’s badly hit, he’s a builder…”
Period of reconsidering financial situation, reviewing expenses
Sensitive to the plight of others; cutting back part of conformity:
“…you see people buying more economy lines…so you
think you might too…”
Expressions Planning Credit Crunch - 10
12. RESERVED MINDSET (Cont’d)
Reference the need to budget and consider expenditure carefully
Future plans involving big ticket items or household improvements put
on ice
Holiday plans have become less extravagant & UK based due to the £:
- no longer able to enjoy cheap €
Considerations
Looking to make savings where possible without sacrifice
Mood of being prepared for worse times:
- preparing a plan to cope
- a phased strategy from cutting back to cutting out
Still remaining loyal to ‘icon’ brands (washing
products, butter, cereals, etc):
- switching where deemed less important:
“…I’m not down to buying the economy own labels but
Brands
cutting back where possible…it is a sign of the times…”
Challenge mentality towards expenditure:
“…I feel as if I have to justify what I buy to myself…”
Expressions Planning Credit Crunch - 11
13. RESERVED MINDSET (Cont’d)
Feeling of being prepared
Gaining control of expenditure
Prioritising values
Refreshing attitude to extravagant consumerism
Adopting more family and free entertainment
Summary
Turning from consumerism to culture
Need to justify purchases; element of guilt over extravagance
Seeking to compensate when cut back:
- indulgent meal in rather than a night out
Initiating family values and appreciating of money management
Expressions Planning Credit Crunch - 12
14. RETRENCHERS MINDSET
Concerned about unemployment
Experience of friends, family and colleagues who have been
made redundant
Context
Work in sectors vulnerable to downturn (building
related, catering, manufacturing, etc)
Anxiety about surviving through meeting essential commitments
Driven by the need to be prepared
Having a sort of plan, campaign management
Unspoken expectation of at least one partner’s income being
affected
Crisis
Have often reviewed household finances and cut down and out:
“…we haven’t pared back to the bones …but should it happen
we know we can be more ruthless…”
Expressions Planning Credit Crunch - 13
15. RETRENCHERS MINDSET (Cont’d)
Staged reduction in unnecessary expenditure and lifestyle
Desire to implement drastic cuts after Christmas:
“…we knew we had to do it but wanted to have a good
Christmas first for everybody…”
All household bills and outgoings reviewed:
- some subscriptions cut out (mobile phones, Sky, etc)
Considerations
- some services switched to exploit offers (dual fuel discounts, cheaper
suppliers, etc)
- some cut back (basic Sky package, selling 1 car, etc)
Desire to revisit mortgage but concern about ‘opening a can of worms’
Want to be living as expediently as possible; weaning themselves off credit
Some brands non negotiable (coffee, cereal, shampoo, toothpaste, etc)
Perceived as false economy
All discretionary expenses cut back
Experiment with other stores and own label products:
Brands
“…I’ve always driven past Morrison’s to get to Sainsbury’s but now I’m
converted…excellent fresh fruit and veg…”
A period of redefining household tastes and expectations
Trading down whenever possible and practical
Expressions Planning Credit Crunch - 14
16. RETRENCHERS MINDSET (Cont’d)
Planning for the worst
Learning to live on a reduced budget
Challenging past consumer aspirations
Acclimatising the family; changing tastes and expectation
Learning different shopping regimes
Summary
Seek non extravagant rewards and treats
Family based activities evident
Parental concern on children not being the innocent victims
Prepared to compensate children and family with small shared
indulgences
Expressions Planning Credit Crunch - 15
17. REALITY MINDSET
One or both partners made redundant or hours shortened
Immediately impacting on household finances and emotions
Take desperate and immediate expenditure decisions:
Context
- driven by necessity
Pride prevents consideration of outside financial planning and help
Reluctance to talk to mortgage provider or landlord
Living through economic turmoil
Perceived themselves as victims, want to apportion blame
Government and banks cited as being responsible for ‘the mess’:
“…it’s about people in power playing with our lives…”
Crisis
Adopt a pessimistic view of the future:
“…I’m 48, I’m not likely to get another job in engineering
again…or at all!”
Expressions Planning Credit Crunch - 16
18. REALITY MINDSET (Cont’d)
Radical change of life
Minimising expenditure and impact on family:
“…you know there are plenty of us out there and there will be plenty
Considerations
more but you don’t want your kids to be affected…”
Evident psychological impact
Brands are luxuries that need to be justified:
“…it’s only a few pence more for Heinz and they can tell
the difference even if I hide the tin…”
Challenge is to survive on a reduced budget
Economies are essential, not optional:
“…heating or eating…”
Brands
Significant change in shopping and eating habits:
“…now buying more vegetables and cooking from
scratch…found some really good recipes…”
Discount stores now offer a shopping relevance:
“…now go to Aldi first…what I can’t get there I get at Tesco’s…”
Expressions Planning Credit Crunch - 17
19. REALITY MINDSET (Cont’d)
Challenges and changes family life
Learning to cope with circumstances
For some adoption of different value systems
Different coping strategies; resignation to optimism
In a changing world brand loyalty perceived as a luxury
Consumers looking for survival strategies
Summary
However cheap does not always represent value
Need to treat themselves and family
Distractions deemed important; family outings, gaming consoles
Discovery of a different set of values and consuming
experiences:
- eg swapping culture or exchanging items on EBay
Expressions Planning Credit Crunch - 18
21. UTILITIES
Comfortable & confident about utilities generally
Aware of fuel costs escalating last year but could
appreciate why (world energy costs)
Increases did not really impact on household
Need to maintain comfort of home
Recreational
Only switch(ed) supplier due to moving home
Conservative about utility companies, looking for
comfort, believe in tried & trusted
Interest distracted by conservation & ecology
messaging
Have previous experience of switching:
- incentivised by offer of savings
Prompted by a personal call (door 2 door or phone)
Disappointing experience for most
Problems of having to pay 2 bills & admin errors
Reserved
Promised reductions only short lived:
“…after 6 months wrote to us...direct debit needed
adjusting…more than we were paying before…”
Poor switching experience made customers loyal by
default; avoidance of mechanics of switching
Expressions Planning Credit Crunch - 20
22. UTILITIES (Cont’d)
One of the most considered items of household expenditure
Easier to switch than other direct debits, eg mortgage
Some serial switchers looking for cheapest/cheaper supplier
Tend to review utilities relatively regularly anyway:
But prompted by threat of reduced income
More inclined to adopt an immediate & commodity
Retrenchers perspective:
- want savings today, less concerned about tomorrow
Attempt to save on energy usage, implement economy
programmes & strategies
Have considered insulation as part of this
Some switched to water meters to reduce bills (where
perceived as viable)
Struggling with paying utility bills, monthly problem to meet
direct debit
Have considered pay as go & charge cards:
- rejection over added cost & stigma
Reluctance to switch due to cost implications & losing
Reality perceived loyalty credits for current suppliers
New supplier maybe less sympathetic if situation worsened
Implementing tough conservation strategies
Turning down thermostats, shutting off radiators, nothing left
on standby
Reluctant & embarrassed to ask for help from utilities
Expressions Planning Credit Crunch - 21
23. UTILITIES (Cont’d)
Most respondents aware of U-Switch and similar websites
Switching
Internet sites considered objective and often the first port of call
Strategies
Reluctance to accept cheapest quote due to concerns over service and
administrative efficiencies
Consumers wanted a degree of brand reassurance with their utility
company
Whilst consumers were confident they could switch gas & electricity
supplier they were less confident about water
Many liked the idea of taking control over the cost of water rates
Water
Some had looked into water meters
Water meters were only thought appropriate where there were 1 or 2 in the
household; for many water meters were perceived as a consumer gamble
Did have the halo of environmental considerations
Against this they were considered to be another meter requiring supplier
intervention to regularly read & monitor
Expressions Planning Credit Crunch - 22
24. UTILITIES (Cont’d)
Generally utilities were perceived as a commodity item
Offers were seen as ‘much of a muchness’ with only minor cost differences
between suppliers
However, there were considered to be distinct service differences
British Gas & previously deregulated companies still believed to offer
superior tangible service (LEB, MEB)
Switching
Past experience tended to dissuade many:
- perceived as disappointing & too much hassle for too little saving
Believed to be a passé activity
Moreover past experience prompted concerns over need to pay 2 bills:
- disincentive for financially concerned
Expressions Planning Credit Crunch - 23
25. UTILITIES (Cont’d)
Savings by energy conservation were of more interest
Savings could be implemented through greater efficiency via insulation
(Recreational & Reserved)
Or savings could be imposed on the household through greater
Savings
consideration of usage (Retrenchers & Reality)
Consumers relatively blasé about insulation & home efficiency
Most believed greater economies could be made through greater control
of energy usage
For many energy was perceived as an invisible cost & a cost which could
not credibly or readily be controlled
Consumers generally interested in all aspects of energy savings, either
due to ecological responsibility or their financial positioning
Prospect of meters to enable them to gauge consumption was a powerful
attraction
Expressions Planning Credit Crunch - 24
26. UTLITIES (Cont’d)
Utilities were thought to have profiteered from rising fuel prices in the
recent past
Consumers were aware through the media about increased domestic fuel
Utility Attitude
costs
Some were appreciative that the utilities needed to increase their costs
However many were critical over utilities still maintaining inflated costs after
market prices had returned to near normality
Many considered utility companies to be opportunistically exploiting rising
fuel prices
Expressions Planning Credit Crunch - 25
27. UTILITIES: LEARNING
Utilities perceived as a household necessity
Often the first point of call when consumers are looking at household budgeting
The vogue of switching supplier was approached with caution
Experience of switching, both personal and through family and friends, was one of
disappointment through:
• Process
• Long term savings
Consumers were more interested in reducing energy costs by conservation through
either insulation or reducing usage
Most consumers were relatively complacent about the level of insulation of their home
There was an evident reluctance to invest in insulation to save money
Consequently conservation was of more general interest
Energy conservation in a household often prompted tension between partners or parents
and children
Consumers consider themselves relatively ignorant over conservation strategies beyond
basic procedures
Consumers believe they need to work in partnership with the utilities to save energy
The incentive varied dependent upon consumer typology and circumstance, with the
incentive being either ecological or financial
Expressions Planning Credit Crunch - 26
29. FINANCE AND SAVINGS
Some positively impacted by recession:
- tracker mortgages = cheaper monthly outgoings
Some saving the residual, others investing it in the home on
improvements & extensions
These consumers considered it a good time for household
improvements & investment:
- too precarious to move
Recreational
- supply of cheap(cheaper) builders
Interest rates considered a disincentive to save:
- consequently a desire to spend was evident
Concern over interest rates eventually rising caused a
restriction on big ticket spending:
- less long term investments, eg cars
- more short term enjoyment, eg holidays
Had not experienced any significant financial impact
Considered it more prudent or acceptable to be more
financially discreet
Frustrated over savings/low interest; look for other investments
Often have reviewed finances prompted by media exposes &
interest rates
Reserved
Become less apathetic over switching accounts:
- beginning to appreciate minor rate differences
Concern more about exploiting a better product offer than
changing bank/building society
Expected & wanted more imaginative products to encourage
investment
Expressions Planning Credit Crunch - 28
30. FINANCE AND SAVINGS (Cont’d)
Have reviewed savings to see how long they could survive
redundancy or reduced income
Past savings have become current security:
- appreciation of their financial prudence
Despite reduced income (for some) still subscribe to
saving ethic, particularly for children’s savings
Retrenchers Some considering using savings to compensate for
reduced income (inherent reluctance)
Savings have become a war chest to fight the threat of
recessionary impact
Undergoing a balancing of reducing household
expenditure & increasing savings to protect from
redundancy
Undergoing a financial crisis
Family’s financial rhythms are completely disrupted:
- however large outgoings can be negotiated &
reorganised
Liaising with building society about mortgage options:
- extending, interest only, holiday
Reality
Desire to ‘make ends meet’ without using now valued
savings
Despite desperate finances relatively optimistic about
finding a new job or temp employment (black economy)
No surplus cash to top up savings
However want savings to work hard to earn interest
Expressions Planning Credit Crunch - 29
31. FINANCE AND SAVINGS (Cont’d)
For some, especially those on tracker mortgages, the financial impact
has been positive
These consumers stated they had more money at the end of the month
Allied to this there was a perceived opportunity to exploit cheaper
services & trades:
Spending
- thus an opportunity to indulge in home extensions & improvements
Others were less confident about long term or high ticket investments
Generally there was reluctance to save by Recreational & Reserved
who saw saving as unnecessary:
- wanted to indulge themselves and exploit spending opportunities
on holidays etc
Expressions Planning Credit Crunch - 30
32. FINANCE AND SAVINGS (Cont’d)
Low interest rates acted as a disincentive for those who could to save
Savings Acting as an incentive amongst the financially concerned (Retrenchers)
was the imminent threat or redundancy or reduced income
In a time of economic uncertainty these consumers wanted to build up a
war chest:
Motivation was survival rather than interest
Interest Apathy Low rate of interest had prompted many savers to review product
conditions & options
Consumers spoke of managing their savings more carefully
Savings becoming more important to their short to medium term security
Expressions Planning Credit Crunch - 31
33. FINANCE AND SAVINGS (Cont’d)
Savings vs
Realisation that savings were false economy where they had loans
Loans
Perceived as financially astute to use savings to pay back loans
General reluctance to acquire short term debt either on credit cards or
loans if unnecessary
Many households talking of reducing collective loans
For some in preparation of the possibility of reduced income
Despite experiencing or the imminent threat of redundancy there was a
degree of financial optimism
Retrenchers & Reality consumers believed they would weather the
recession
Major household expenses such as mortgage & utilities were perceived as
negotiable
Financial
Thought that lending institutions & utilities were & would be sympathetic to
Optimism
the current situation
Most believed that should redundancy happen then it would only be a
temporary situation
General view of ‘something will turn up’ & that they needed to be flexible &
versatile about future employment
Expressions Planning Credit Crunch - 32
34. FINANCE AND SAVINGS: LEARNING
For some the recession has been favourable (tracker mortgages)
These consumers are experiencing monthly surpluses
These are being invested in either home improvements or personal indulgences
For these consumers the interest rates are a disincentive to save
Where saving was evident it was as a safety net against the recession and redundancy
These savers were less incentivised by interest rates as survival
The sense of saving apathy previously experienced had been replaced by an interest
and proactive concern over managing savings
Consumers were likely to be more involved and interrogate saving options
Propensity to switch existing savings to capitalise on recession oriented offers
General frustration over lack of imaginative savings products
Evident need for savings products to accommodate redundancy payments and
consequential need to draw down on these
Expressions Planning Credit Crunch - 33
35. LUXURY FOOD AND FLOWERS IN HOME
Expressions Planning Credit Crunch - 34
36. LUXURY FOOD AND FLOWERS IN HOME
Appreciate a number of tempting offers
Lack of budget constraints means tempted to trade up
Encouragement to experiment with:
- promotional offers
- value meals
Perceive themselves as positively exploiting the situation
Recreational
Spread of instore bargains on premium lines such as
meat, fish & flowers
Restriction is not financial but family acceptance
Conflicting emotions evident:
- indulgence in a period of public prudence
Share many of the values of above
However, justify trading up to superior cuts or more expensive
items; home entertaining replacing going out
Emotional justification also given; light relief in a period of
gloom:
“…need something to brighten our lives up…why not treat
Reserved
ourselves…it’s cheaper than it’s been for a long time…”
Believe they are making certain longterm or larger sacrifices &
home indulgences compensate for these
Element of rewarding & indulging the family:
- asserting or reaffirming their economic positioning
Encouraged to regularly take advantage of such promotions
Expressions Planning Credit Crunch - 35
37. LUXURY FOOD AND FLOWERS IN HOME (Cont’d)
Need to reward & indulge still evident
However, excuse needed; special occasion, Mother’s Day, etc
Perceived as treating self & family consequently infrequent
For some a quality cut of meat or fish serves as compensation:
“…if we’ve had an economical week of casseroles & sausage
Retrenchers
then I don’t feel too bad about splashing out at the weekend…”
Prawns considered a typical example of a family indulgence
Often bought on promotion & stored for an occasion (formal or
informal)
Considered a reassuring token to the family
Extravagant cuts of meat/fish only for very special occasions:
“…you can’t economise forever…you have to eat good
food…it’s a way of the whole family joining in…”
While good food could be justified as a family treat:
- flowers were a housewife indulgence
- consequently perceived as selfish unless a gift
Reality
Shopper extremely conscious of shopping on a budget but
always susceptible to a bargain:
“…they always have some fish on promotion…it’s even
cheaper if it’s getting close to the sell by date…”
Tend to be cautious over unusual cuts of meat (uncertainty
over cooking) & experimenting with fish (don’t want wastage)
Expressions Planning Credit Crunch - 36
38. LUXURY FOOD AND FLOWERS IN HOME (Cont’d)
Evident attempts to cut back on meat from Retrenchers & Reality
Cuts/joints of meat being replaced with other dishes
Occasionally substitutes were meat oriented, eg sausages, burgers, etc
Often consumers trying different proteins (fish & fowl) & pasta
Looking for bargains when shopping & did tend to shop the meat fixture
looking for promotions or special offers
A few had tried substitute meat; found it okay to extend but not to replace
Meat Believe these consumers lacked the vegetarian conviction
Moreover several found substitute as expensive as the real thing
When shopping for meat consumers tended to be selective:
- resisting overly fatty looking pieces
Market would appear to be polarising with Recreational & Reserved
consumers looking for adventurous & indulgent cuts of meat:
- Retrenchers & Reality tended to look for economy offers
Expressions Planning Credit Crunch - 37
39. LUXURY FOOD AND FLOWERS IN HOME (Cont’d)
Similar motivations & mechanics were happening in the fish market
A few felt they were eating more fish nowadays:
- health & price imperative
Retrenchers especially believed that fish offered a cheap alternative:
- especially for active families where a ‘proper’ protein was seen as
essential:
“…my husband’s a manual worker, I can’t expect him to come home
Fish
to a bowl of pasta, he needs meat and veg or fish…”
The more financially challenged were prepared to experiment with more
economic fish options
However some concern over family acceptance & wastage
Incentivising some to the fish counter was the popularity of fish
recipes, particularly for the spring weather
Expressions Planning Credit Crunch - 38
40. LUXURY FOOD AND FLOWERS IN HOME (Cont’d)
Perceived as polarising:
- some consumers resisted them as being bottom feeders &
potentially problematic
Amongst prawn advocates they were seen as adult oriented indulgence
Usage of prawns was not thought to have been too adversely affected by
the recession, even amongst the Retrenchers
Frozen prawns were considered to be an item often on promotion and
when on promotion were bought in quantity & stored in the freezer
Fresh prawns were considered more of an indulgence & were less likely
to be promoted
Prawns
Amongst many frozen was seen as not just an expedient substitute for
fresh but a comparable product
Apparent that when considering prawns many spontaneously referenced
the larger, king prawns
Smaller (coldwater prawns) were thought to be less of an indulgence &
more of an ingredient
Usage of coldwater prawns tended to be more for sandwiches or to bulk
out king prawns in Mediterranean dishes
Suggested that whilst king prawns had indulgent status & believed worth
‘splashing out on’, coldwater prawns lacked this sense of occasion
Expressions Planning Credit Crunch - 39
41. LUXURY FOOD AND FLOWERS IN HOME (Cont’d)
Research coincided with Mother’s Day & for some the beginning of Easter
Fresh flowers were seen as a treat more for the housewife than the
household
Recreational & Reserved still enjoyed the notion of fresh flowers in the
home
Believed flowers complemented the home in terms of aesthetics &
fragrance:
- an icon of home comfort
Flowers
Retrenchers & Reality believed fresh cut flowers were unaffordable
luxuries at the moment
Exception of this was if they were bought as a present which was
welcomed or hand picked when their intrinsic value was even greater
The earlier work on flowers was around Valentine’s Day, here women
expected both flowers & wine/chocolates as a measured token of affection
For Mother’s Day flowers alone were deemed acceptable
Expressions Planning Credit Crunch - 40
42. LUXURY FOOD AND FLOWERS IN HOME (Cont’d)
Perceived as part of the in-home entertaining process
Entertaining friends at home rather than going out was a recessionary
benefit
Consumers enjoyed entertaining at home & the ability to indulge
Indulgence was justified due to comparative economy
Even family entertainment at home was often valued when it replaced a
more conventional meal or evening out
Thus consumers were prepared to spend more on such occasions
This included trading up in terms of wine:
“…if I’m staying in rather than going out I think I can afford to pay £5 for
Dips
a bottle of wine…that wouldn’t buy you even half a glass in the
pub…”
This compensatory extravagance extended to other snack products:
“…a bag of crisps in the pub would cost you 75p, for £1 you can buy a
rather nice big bag…”
“…if you go out & get stung for a round it’s easily £10-12 and for that
you can get a nice bottle of wine and some snacks to go with it…”
When buying such snacks consumers were looking for adventurous
recipes to complement known & acceptable favourites
Expressions Planning Credit Crunch - 41
43. LUXURY FOOD AND FLOWERS IN HOME (Cont’d)
For families, especially those with teenagers, smoothies were enjoyed:
- however they were seen as expensive
Against this perception smoothies were acknowledged as being healthy
Mothers argued a smoothie was a good way of ensuring their growing
teenagers or younger children approached their 5 a day target
Smoothies Smoothie acceptance was believed to be due to the taste combinations
Mothers approved of the blends, combining unusual fruits & occasionally
super fruits
A litre of smoothie was thought relatively economical compared to buying
the same quantity of fruit:
- notion of producing own smoothies was ruled out
Credit Crunch - 42
44. LUXURY FOOD AND FLOWERS IN HOME (Cont’d)
Consumers perceived a vegetable juice to be something like tomato juice
Several referenced V8
Some did make a connection between a vegetable juice & a fruit smoothie
The concept was highly polarising
It was only those who regularly bought into tomato juice who found it to
have any intrigue
Concept currently suffers from a lack of intrigue with consumers believing
Vegetable Juice a vegetable juice will comprise a blend of conventional vegetables:
- carrots and tomatoes
Careful consideration needs to be given to the development of this
Concept needs to arouse taste curiosity & motivate consumers primarily
on a taste platform and secondly on health
Evident need to entice on taste intrigue:
- breakdown resistance of vegetable juice prejudice
Expressions Planning Credit Crunch - 43
45. LUXURY FOOD AND FLOWERS IN HOME: LEARNING
Consumers want to indulge in quality foods whenever possible or whenever they can
justify
Quality food was something the family could share
Respondents aware of supermarkets promoting cuts of meat & selected fish, enabling
them to take advantage
Slight resistance to buying unusual cuts of meat as consumers were not confident about
recipes and promised economy
Similar considerations occurred with fish with consumers needing fish to have family
acceptance:
• Acted as a barrier to experimentation
Consumers could be incentivised to buy into more adventurous foods if seduced by
appealing, convenient recipes
In terms of luxury food consumers are now going through a transformation and more
diligently shopping fixtures
Certain consumers are looking for value not necessarily bargains
Equally some consumers are looking for indulgence whilst others are looking for
expedient meal solutions
A bargain hunter on one occasion could be an indulgent purchaser on another
Expressions Planning Credit Crunch - 44
46. LUXURY FOOD AND FLOWERS IN HOME: LEARNING (Cont’d)
Whilst luxury food has the potential to be a treat for the family to enjoy, bought flowers
were seen as an indulgence for the housewife
Many financially constrained believed this to be selfish, unless the flowers could be
justified as a present or reward
Expressions Planning Credit Crunch - 45
48. CARS: BUYING, SERVICING AND REPAIRING
Most in this sector were at least 2 car households
Several were considering replacing their car:
- incentivised by downturn & hope of a bargain, esp. used
cars
Expectations fuelled by media coverage were that the trade
was desperate:
Recreational
- respondents motivated by price rather than auto altruism
Experience proved anticipated bargains were not available:
“…I didn’t think they’d fill the glove box with fifty pound notes
but I was expected a better offer than I got…”
Adding to the new car draw was the low level of interest:
- again actual experience proved disappointing:
“…I get 1% on my savings…4-5% on a car loan…”
Less enthusiastic to enter into a major purchase
More keen to maintain status quo until economy more stable
Adding to consumer uncertainty were recent fuel cost
fluctuations; uncertainty to go for economy or performance
Emission charging, company parking & impending budget
Reserved
acted as further barriers to progressing
Current cars were likely to be relatively new, thus serviced at
main dealer:
- older cars (3+ years) did not warrant the extra expense
Expressions Planning Credit Crunch - 47
49. CARS: BUYING, SERVICING AND REPAIRING
Despite redundancy threat & financial impact reluctance to get
rid of car or cutting back to 1 car
Respondents argued car(s) a necessity for household routine
Little consideration given to alternatives
Public transport, bikes, motor bikes dismissed as impractical
Retrenchers
Consumers argued the car or second car was worth so little as
to be not worth selling
Belief they could manage to significantly reduce running costs
Saving on service by using cheaper source, insurance by
online quote, some even considered 6 month tax
Economic running was a critical issue to these respondents
Even having been made redundant the car was rationalised as
a necessity:
“…I need it to get around for job interviews…you couldn’t
depend on public transport…you’d turn up later & how would
that look…”
Reality
For these respondents the car was an expensive household
item but deemed essential
Consequently all associated costs need to be pared back
Friends or family encouraged to service when absolutely
necessary; deals were done for mechanical expertise
Cheap parts were sought rather than branded replacements
Expressions Planning Credit Crunch - 48
50. CARS: BUYING, SERVICING AND REPAIRING (Cont’d)
Bikes were believed only appropriate for children
Evident resistance to using a bike in place of a car for daily transport
Bikes were associated more with leisure activity & exercise than a
practical means of transport
Respondents in urban areas resisted the use of bikes, considering them
a danger for commuting & an inconvenience:
“…you’d have to turn up to work & have a shower before you could do
anything…”
“…you’d have to carry wet weather gear & set off an hour earlier…”
Bikes As a substitute for the car bikes were resisted
Conversely as a leisure activity bikes were encouraged
Biking was a good means of getting exercise & family involvement
Purchase of a bike was still perceived as a present to mark a birthday or
Christmas
For some buying a bike was a rite of passage, marking the child as:
- old enough to ride a bike
- responsible enough to ride a bike to school
- independent
Expressions Planning Credit Crunch - 49
51. CARS: BUYING, SERVICING AND REPAIRING (Cont’d)
Acquiring a For most Halfords was the first point of call when acquiring a bike
Bike
Some believed a more personalised service would be available from a
local bike shop
These consumers liked the idea of more personalised service attention
when buying:
- and later when servicing the bike
Expressions Planning Credit Crunch - 50
52. CARS: BUYING, SERVICING AND REPAIRING (Cont’d)
Irrespective of consumer category new cars were thought to warrant
main deal servicing
This was believed to be part of the guarantee for the first 3 years
Consumers were contractually obliged in these circumstances to fit
branded parts and had little say in the service
Once car was out of manufacturer’s warranty then consumers were on
their own
This necessitate them being selective about how they serviced the car
For economic reasons many believed an older car did not warrant main
dealer servicing:
- and could be more cheaply serviced at a generic garage
Cars: Servicing
- or by a competent friend, mechanic, mate of a mate, etc
When the car was out of warranty consumers were less concerned about
the quality of the parts used & more focused on costs
Consumers stated they would find it difficult to judge the value of
parts, even if they were asked
It was a desire to abrogate all responsibility to the garage or mechanic:
- in terms of sourcing, selecting and fitting parts
Most of these consumers wanted to keep at arm’s length, with car
mechanics being perceived as ‘too complicated’
Expressions Planning Credit Crunch - 51
53. CARS: BUYING, SERVICING AND REPAIRING (Cont’d)
Engine oil was something that was rarely checked by all motorists we
spoke to
Prompting a check would be a long journey or a specific concern, such
as drops of oil under the car or loud noises
Many (men & women) said they did not know where the oil would go
Consumers accepted the logic that a serviced car could save significant
amounts of money in terms of fuel efficiency
Extending this logic some believed an engine oil could also contribute to
Cars: Oil
economy through greater efficiency:
- however many felt this would be marginal
For such a claim to be credible it would need to be endorsed or
reinforced by an objective mechanically respected body:
- or the mechanic trusted to service the car
The message of an oil with an economy dimension needs to be primarily
directed at the mechanic and secondarily at the consumer
Expressions Planning Credit Crunch - 52
54. CARS: BUYING, SERVICING AND REPAIRING - LEARNING
Evident reluctance to cut down or consolidate on cars
Consumers argued household routine and status quo is dependent on use of the car(s)
A car was seen as a necessity, even for the redundant for job interviews
General awareness of economic impact on car industry arouses expectations of
bargains
Disappointment that manufacturers not promoting more deals
Additional disappointment over car finance not reflecting the low bank rate
Concern amongst some over future fuel fluctuations
Adds uncertainty as to what type of car would suit them in the future (fuel efficiency vs
comfort)
Allied to this there were other Government uncertainties which detracted from
progressing a car purchase:
• Emission charges
• Taxing company parking
Expressions Planning Credit Crunch - 53
55. CARS: BUYING, SERVICING AND REPAIRING – LEARNING (Cont’d)
Those with new cars (under 3 years) believed they needed to service their car at a
reputed dealer in order to ensure continuity of warranty
Those with older cars felt they had more latitude to select a garage, but whilst selecting
a garage did not want to select spares
These consumers wanted to abrogate complete responsibility to the mechanic
Thus the choice of spares was largely dependent on the mechanic with consumers
briefing the mechanic as to the standard of service expected
Economy was seen as a benefit of regular servicing
Notion of an oil which would contribute to economy & greater mileage was considered
credible but possibly only marginal in terms of its financial impact
Expressions Planning Credit Crunch - 54
57. OBSERVATIONS AND ANOMOLIES
The fieldwork for this phase took place during the mid to end of March
At the time the media was still bleak about the world economy:
• Unemployment and Government bail outs dominated the headlines
Despite this consumers were adopting a resigned attitude
Even those who fell into the Retrenchers and Reality categories were not overly
despondent
Many believed they had already put in place or formed economic initiatives and
contingency plans
There was an evident sense of ‘wait and see’
It is believed this month was a pivotal moment with Obama’s policies being put in place
and the prospect of the G20 Summit
It would appear that March was about holding consumers’ economic breath
Expressions Planning Credit Crunch - 56
58. PRINCIPAL LESSONS
Economic recession is about a collective consciousness
Individuals will be affected but react differently
Marketing opportunities are about understanding different consumers’ needs and desires
An economic recession need not result in consumer psychological depression and brand
pessimism
Indulgences and rewards are sought as displacements and distractions
Consumers are more open to experiment with different regimes and behavioural patterns
Status quo is challenged by many wanting to make economies and efficiencies
Many had already put in place economic contingencies
Household funds had already been scrutinised
Utilities, where desirable, had been either switched or bills interrogated in terms of
conservation
Household plans had been drawn up, but with an optimistic accent
Evident reluctance to dramatically alter household’s economic patterns and rhythms
unless desperate
This extended to cars:
• With even the unemployed maintaining their car was a necessity
Expressions Planning Credit Crunch - 57
59. PRINCIPAL LESSONS (Cont’d)
Luxury items were also found to have a significant role:
• Either in reassuring consumers of their economic comfort
• Or serving as small rewards and tokens the whole family could share in
Consumers were becoming acutely aware of value and were prepared to change
behavioural patterns in order to achieve value
At one level in phase 1 we saw this impacted on shopping and their selected retailers
This also equates to shopping per se with some consumers actively choosing to opt out
of leisure and pleasure shopping and only shopping when necessary
Others adopted more stringent shopping strategies, seeking out value
Exploitation of the current situation seems to lessened in terms of retail shopping
Exploitation however was still evident in considering household improvements
In addition to the recession impacting on behaviour, the economic situation has shaken
many out of monetary apathy
Consumers were becoming more interested in household financing and reviewing
interest rates on savings vs loans
There was an apparent sense of household accounting acumen
Expressions Planning Credit Crunch - 58
60. PRINCIPAL LESSONS (Cont’d)
Despite some families being close to their limits there was an evident sense of optimism
about the future
Most believed they had not pared their household finances completely down
No one wanted to be too puritanical about the current situation
Belief that an optimistic approach was appropriate
Perception that the economic situation was a short term problem which would be
overcome… eventually
Expressions Planning Credit Crunch - 59
61. ECONOMICS AND RECESSION: ACCORDING TO THE CUL-DE-SAC CONSUMER
Expressions Planning Credit Crunch - 60
62. APPORTIONING BLAME
Inherent greed of banks
Short term profit at whatever cost
Banks and bankers
Individuals driven by the incentives of banking
bonus
Lack of regulation & control of banking market
Exploitation of naïve market & investors:
America & George W
- Bernard Madoff
Bush
Bush’s support for oil industry
Courting & lack of control of financial market
UK economy dependent on service & finance
UK & Gordon
Brown’s denial of the boom & bust economic
Brown
cycle & lack of preparation
Exploitation of developing economies;
Empire
Brazil, Russia, India & China (BRIC)
building
Moving production & HQs from UK to source &
entities
benefit from cheap production & tax opportunities
Specifically oil related companies
OPEC
Inability to regulate demand & supply &
& energy
consequently:
companies
- control retail price of energy
Expressions Planning Credit Crunch - 61
63. PROBLEM RESOLUTION AND CONSUMER REACTIONS
US & UK Governments bail out banks
Tax payers’ money used to ‘bank aid’ the system
Radical reduction of bank rate to ‘defibrillate’
chronic economic solutions
A sop to the UK consumer with a reduction of VAT
Resentment that perceived catalyst should be reactively
supported
Frustration that first trench of funds not distributed:
Banks & bankers
- banking paralysis, risk aversion or greed
Perceived as nationalisation of high street finances
Savings & mortgages now state dependent
International, some foreign owned, monolithic businesses
looking for hand outs
Empire building Retrenchment of foreign companies perceived as exploiting
entities UK; workers & government economic hospitality
Perception of companies having lost interest in UK:
- emerging BRIC economies
View these companies were profiteering by escalating retail
fuel costs
Energy Recently confirmed by record profits for Shell & BP
companies Call for windfall tax on energy companies displaced by
complexity of the economic situation
Expressions Planning Credit Crunch - 62
64. BANK AID: TOP DOWN ECONOMICS
Government intervention focussed on:
“…helping the perpetrators…”
“…rewarding the guilty…”
Undermines consumers’ faith in credible solutions
Shoring-up the Compounding this mistrust is ineffectiveness of
System Government intervention:
“…lent the banks billions but not doing anything
with it…”
“…lowest bank rate for 100 years but I’m still being
charged 6% on my mortgage…”
From a consumer perspective recent measures
have been:
- reactionary and restricted
- ill conceived and executed
Emphasis has been on securing the status quo:
- saving the decrepit system that caused the
problem
Expressions Planning Credit Crunch - 63
65. CONSUMER CENTRIC: BOTTOM UP ECONOMICS
Lack of trust in banking systems & bankers
Concern over security of savings & honouring loans
Disillusioned with structures & regulations
Disappointment of banks parental positioning & control
and exposed management
Resentment over public monies bailing out banking
system
Re-engineering & gearing
Impact on consumer is to inflate uncertainty & insecurity
Most consumers perceive themselves as victims of the
crisis & still vulnerable to unforeseen events
Causes many consumers to consolidate & reduce
spending:
“…it’s like a rabbit caught in the headlights… freezes…”
Rather than kick-starting the economy the measures
cause consumer economic paralysis
“…they shouldn’t have given billions to
Belief consumers being excluded from economic
the banks but thousands to each
considerations – fundamental flaw:
family…that’s the way to start the
“…we are the economy…”
recovery…”
Expressions Planning Credit Crunch - 64