Purchasing a Home During a Financial Crisis - 825 Words

During this financial crisis various economic models on interest and inflation rates would be see buy a home as highly irrational, even for consumers who are wealthy. Despite its irrationality many people are still in purchasing or thinking of purchasing a home, and in order for economist to understand this economic action they must take into account the sociological aspects behind it as well. This is due to the idea of purchasing a house being more complex than the economic surface that is seen. There are many other more deeply embedded (and reliable) explanations as to why, especially in a time of total financial crisis, would anyone even explore the thought of purchasing a home. In the field of economical sociology there is a theory†¦show more content†¦This type of cognition is a more intimate type that looks at the environment of the individual and their own experiences in which they base their decision-making. In order to fully understand and interpret the decision-mak ing of an individual purchasing a home, we must take into account the alternative meanings that purchasing a home has. If there were someone who has lived in all other places except an actual house (apartment, hotels or the street), the idea of buy a home would represent a feeling of success and deliverance. Furthermore, associating the purchasing of a home with these two distinct strong feelings becomes so deeply embedded into the individual’s psyche that a borderline catastrophic decline in the real estate market would not come close to thwarting their decision to buy a home. This theory could successfully explain why professional athletes who came from modest backgrounds, purchases a home for either their mother (athletes from these modest backgrounds typically grew up in single-parent households) or family with their first big paycheck. This is done so often because buying a home is not only a great way to show mom you appreciate her, but it is also a representation of â €Å"making it† to the individual who grew up with â€Å"nothing†. Cognitive sociology is often described as the â€Å"middle-ground† of cognitive theory, it explores and implies the previous types of cognition and putsShow MoreRelatedThe Global Financial Crisis 0f 20081181 Words   |  5 Pages The Global Financial Crisis of 2008-2008: The Role of Greed, Fear, and Oligarchs The global financial crisis of 2008-2009 is considered to be worst financial crisis since the Great Depression of the 1930s. Large financial institutions collapsed, banks received bailouts by the government, and stock markets plummeted as well. In result, people were being denied loans. The housing market became a problem because of financial issues and many people were unable to continue to pay their mortgagesRead MoreThe Problem Of Foreclosure Crisis1331 Words   |  6 PagesWhen one thinks of the American dream, a nice home with a loving family and a successful career are just some of the images that come to mind. The year 2010, however, foiled this perfect vision as a foreclosure epidemic struck the country, leaving millions of Americans without a home and in financial straits in the aftermath of the 2010 Foreclosure Crisis. However, as time passes, moving Americans away from the economic devastation of the crisis, foreclosure victims are increasingly qualified toRead MoreThe 2008 Housing Crisis: A Brief Overview of Causes Essay examples1653 Words   |  7 Pages2008 Housing Crisis: A Brief Overview of Causes In 2007, the U.S. fell into a deep financial recession. One of the main causes of this was the bursting of the housing bubble, which lead to a housing crisis. What is a housing bubble? A housing bubble is defined as â€Å"a temporary condition caused by unjustified speculation in the housing market that leads to a rapid increase in real estate prices† (businessdictionary.com 2014). When the bubble bursts, the result is a quick decline in home prices (businessdictionaryRead MoreLending Money For A Home1151 Words   |  5 PagesBefore 2007 borrowing money for a home used to be extremely easy because loans were very easy to obtain from banks regardless of debt. Housing prices continued to increase because money was quickly accessible from banks. Too much money was too readily available. Every part of this financial lending fiasco culminated to a jarring decline from 2007-2008. At that time America suffered a financial crisis that some economists parallel to the Great Depression. 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The cost of implementing such policy is to sacrifice the benefits of household sectors. Over a period of time, household sector will gradually los e the purchasing power due the price rises up. ThereforeRead MoreWhy Buyers Should Not Consider Purchasing A Home1005 Words   |  5 PagesAfter increasing my own financial awareness and witnessing the financial journeys of others during the past recession, I find that boomerang buyers should not consider purchasing a home as their sole financial investment. Mortgages with ballooning payments mixed with hopes of future refinancing are a dangerous combination. These factors precipitated the last housing bubble and the eventual recession period. In order to learn from past behavior, home buyers should ensure that they habitually saveRead MoreSolving the Foreclosure Crisis- Decrease Interest Rates, Create Jobs, Financial Education and Stimulus Programs1098 Words   |  5 Pageseconomy. The foreclosure of homes has decreased the state of the economy, and rendered millions of Americans homeless. There are four key solutions that will stop foreclosures in the United States and able mill ions of American to keep their homes. The first solution is having banks lower their interest rates for all citizens who are in financial need of an interest rate deduction. The second solution is creating jobs that are able to sustain through an economic crisis. The third solution is for statesRead MoreThe Success Of The Great Recession1375 Words   |  6 Pages2010 is often regarded as the greatest economic crisis since the Great Depression which took place during the 1930s. The causes of both crises can be said to be similar as both lie in the actions of the federal government. While the crash of the stock market in 1929 is said to be one of the major causes and sometimes even the main cause of the Great Depression, there are also other circumstances that led to this economic crisis. Bank failures during the 1930s also added to decline in the economy.Read MoreRenting A House On The World Of Home Ownership843 Words   |  4 PagesBuying a home is unlike any other purchase in a c onsumer’s life. The investment is a major decision, both for an individual’s future and their finances, and gathering the courage to make it is challenging under any circumstances--much less after an extreme financial crisis. But there are many viable solutions to the challenges that â€Å"boomerang buyers† are facing today, including (but not limited to) the option of renting-to-own. These strategies enable people who were once â€Å"foreclosure victims† to

Canada s Role During The World Since 1945 - 1062 Words

Benjamin Salebaigi Canada’s Role in the world since 1945 Canada has played a big role in the world since 1945 and this role has continued to this very day. Canada is still to this day being viewed as a peacekeeping nation because of its efforts and contributions in organizations like the United Nations, NATO and NORAD. These have given Canada a bigger and more important role in the world.Canada has made considerable contributions in organizations such as the UN, NATO and NORAD. The United Nations, is a organization that promotes social and economic progress and also focuses on peace world-wide. The North Atlantic Treaty Organization, or NATO, was formed in 1949 and was focused on protecting Western European countries from a possible of invasion by the Soviet Union. The North American Defence System, or NORAD, was an agreement created in 1957 between Canada and the United States. This agreement was made to stop the threat of Soviet attack on North America. The United Nations was formed in April of 1945 and consisted of 50 countries that all shared the same ideals and basic goals. The four basic goals of the United Nations are; maintaining world peace and preventing future wars; improving the standard of living for all countries and encouraging cooperation among nations as well as defending human rights and helping to promote equality. Canada has really played an important role in the General Assembly, and theShow MoreRelatedCanada and the Air Force Wwi and Wwii1379 Words   |  6 PagesPersonnel Canada’s role from WWI to WWII Introduction In the 20th-century Canada in support of its closest ally â€Å"Great Britain† participated in two world wars. These were wars with new technology, specifically the â€Å"fixed wing aircraft† which gave birth to a new battlefield â€Å"the sky†. 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Recently, several historians enlarged the list by demonstrating that the changing nature of the patriarchal family, rising expectations of marriage, and inequalities in relationships between husbands and wives also created marital tensions and divorce was often the result. I would like to focus on the changing roles of women. During the early twentieth century, other

Strategic Innovation A Growth-retainer tool for ARM Holdings

Question: Discuss about the Strategic Innovation for A Growth-retainer tool for ARM Holdings? Answer: Introduction Strategic Innovation is regarded as the pivotal element that drives the business growth. During the process of strategic innovation, an organization re-imagines to bring new reformations in the business. The process of this innovation cannot be created and implemented by a handful of geniuses, but rather, it requires a collaborative effort of all the participants of an organization. This term is more about focus strategy, in which the innovations are devised to meet the specific targets and that too in a lesser time span. While strategically designing an innovation, an organization has to evaluate both WHAT and HOW of the innovation and apply it step by step in compliance with the traditional working strategies of the organization. The What of the process includes the idea of new products and services to be launched and the potential target market segments. (Shahar, 2016) The How of the process decides the way in which the services will be delivered and how will the new potential tar get market segments could be evaluated and reached? The process of Strategic innovation basically revolves around the three major elements: To begin with the process of adopting strategic innovation techniques, an organization needs to develop a new mindset which looks over the available opportunities with a new dimension. The different focus will help the organization to evaluate the hidden potentials and will also help to direct the workflow in different directions. The new tools involved will aid the organization to think beyond the imagination and to keep pace with the ever-changing needs and requirements of the market. Strategic innovation is nothing but an approach adopted by the organization, in times of crisis or during an urgent need of innovation, to optimize the current innovation portfolio of the company or to achieve a sustained competitive advantage. Constructive Critical Analysis The organization that has been chosen here to critically analyze the seven dimensions within a strategic innovation framework is the ARM Holdings, which is regarded as the worlds leading semiconductor intellectual property (IP) supplier. (ARM Ltd. , 2015) This organization is considered to be at the heart of the worlds most advanced digital products. While the implementation of strategic innovation practices, the organization has developed a potential to explore new markets and transform the society with its innovative ideas. The strategic innovation framework, in general, weaves together seven dimensions to produce a portfolio of outcomes that drive growth. These dimensions are: A managed innovation process Strategic Alignment Industry Foresight Consumer / Customer Insight Core Technologies and Competencies Organizational Readiness Disciplined Implementation The above diagram represents the seven dimensions in a pictorial manner. A managed innovation process: This process is an integral part of the creative core of the approach. There are a number of different opportunities and possibilities available in the business world. In order to explore such possibilities, a managed innovation process could be used to amalgamate the internal capabilities of the organization and the external perspectives of the consumers and the merging competitors. An ultimate aim of the innovation process is not just to conduct a brainstorming session, but rather is to carry out a sequential process starting from the idea generation to the implementation of the innovation in the organization. (Burkus, 2013) For a long -term existence, this process combines both the conventional and the non-conventional business strategies. This is done with an idea to remain attached with the traditional working strategies of the organization and at the same time adopting innovations to face the new emerging challenges. From the conventional perspecti ve, this process involves analysis of the usual consumers, the current market trends and the emerging competitors. The non-conventional elements of the process encourage an organization to focus on prevailing challenges and devise new solutions to face them. Strategic Alignment: This dimension is crucially required to gather and build a substantial support for the innovation process. This support is majorly gathered from the senior leadership team, the important external stakeholders and a broad cross-section of the organization. The innovations, as an outcome of this strategic alignment process, often succeeds because they are not simply adapted from outside but are created by the ignited minds of the members of the organization. (Johnson Dr. Luo Kanglong, 2014) Hence this sort of alignment allows an organization to create enthusiasm and commitment within its team members, so that the pending funding decisions could be accelerated easily and quickly. This alignment dimension also builds a strong foundation for the effective implementation of the innovation process. Apart from the provision of a substantial base for implementation, this dimension also ensures that there has been a development of an effective communication with the exter nal stakeholders and they consider themselves as an integral part of the innovation process. Another effective role of this dimension is observed in the operational success of the organization where it is pivotally required in the process of resource allocation and distribution of role and responsibilities. Industry Foresight: This dimension encourages an organization to determine where actually its actions are leading it. This dimension could be used to place a halt to the internal fires and look beyond the boundaries. Researchers have suggested that this dimension is a top to down approach that is intentionally created to explore the drivers, trends, enablers and dislocations within one or more industries. (Freedman Benjamin B. Tregoe, 2003) This dimension allows an organization to explore and implement the ongoing trends that could foster growth in their own business in some way or the other. The major areas to be explored here include the social and political spheres of a county, its potential markets and market segmentation, its demography, its technological trends and its environmental issues. This dimension could also be used as a tool by an organization to go beyond the traditional market research techniques and explore the other potentialities in the target market segments. Th e main purpose of monitoring the trends, by using this dimension, is to avert threats to the existing business and simultaneously identify the potential opportunities on adopting the innovative ideas in their traditional working strategies. This could be regarded as the major stepping stone while adopting the strategic innovation process. This is due to a fact that when an organization tries to leave behind its orthodox approaches and historical beliefs behind to explore new technological capabilities, then it definitely provides new platforms to the organization for its breakthrough growth. Customer / Consumer Insight: The researchers, after a deep research, have unveiled that most of the companies at present are not able to evaluate the actual behavior and needs of their customers and hence fails to make them a part of their organization. The Customer / Consumer Insight is a qualitative bottom up approach that could be used by an organization to evaluate the consumers current needs and potentials and make them a true partner of the organizations innovation process. The organizations, at present, consider themselves as consumer-driven, but they eventually fail in gathering ideas from the consumers, either by validating their ideas involvement or by restricting the interactions with them to feedbacks. (EHRENHARD DR. K. ZALEWSKA-KUREK, 2013) The organization could use this dimension of strategic innovation process to use the available conventional forums in a far more imaginative way. When an organization tries to evaluate and experiment with the non-conventional techniq ues, then it has a greater chance of gaining deeper insights into the future possibilities of growth. If this exploration process is performed in a right manner and by involving the best possible resources, then it has a capability to spark fresh thinking among traditional approaches of an organization and then eventually transform it into a leading growth strategy. Core technologies and competencies: In order to transform the emerging ideas into practical investment-worthy opportunities, an organization needs to have an effective evaluation of its core technologies and competencies. (Geller, 2011) As the market needs and requirements are changing dynamically, hence, in order to keep pace with it, the organizations awareness about the consumer insights and the future trends is not enough. The core competencies may include the patents, the prevailing unique business practices, the relationship with the suppliers and the partners and the type of brand equity. The suggested innovative company has a multiple business units and the operational processes and valuable competencies developed in one group could be shared with the other groups of the organization. Organizational Readiness: This dimension could be defined as the capability of an organization to readily accept the innovation process and implement it in an effective manner and in compliance with the current working strategies of the organization. If the organization is not ready to accept the innovation process, then it will never succeed in implementing the inspired vision and the innovative products. The organizational readiness comprises of 3 basic sub-dimensions: Cultural Readiness, Process Readiness and Structural Readiness. The cultural readiness includes the imaginative power and perceptions that allows individuals to explore and create new innovative solutions. (Gibson, 2011) The process readiness involves the general business practices that basically aim to allow the functional groups to operate in an effective manner and work in a collaborative manner to achieve a common goal. The last sub-dimension includes the organizational structures that support innovation process by assigning the available human resources to high-priority projects. A deep knowledge of this dimension, aids an organization to effectively set a time horizon for completion of tasks, to take initial decisions about project scoping and to set expectations about how effectively the core team members and external stakeholders could be used to attain the prime goal of the innovation process. Disciplined Implementation: To have a meaningful business output and lucrative outcomes of the innovation process, an organization needs to strategically implement the process in-line with the current working strategies of the company. In the terms of strategic innovation, implementation has never been a work of a handful of geniuses, but it requires a constant collaborative support of all the team members of the innovation team. (Management Paradise Team, 2013) The implementation is itself a huge process involving a set of precise steps that are needed to be followed in an order to complete the innovation process in time and in the proposed budget. This process may include the technical development and designing of the product, the transition of the drafts to practical projects and programs, developing effective marketing strategies for better promotion of the innovative ideas, recruiting and training the skilled personnel and collecting feedbacks and customer reviews to employ impr ovements in the current innovation process. (Owens, 2016) Conclusion The process of Strategic Innovation can never be considered as an end-state, but rather, it is a constantly evolving process that demands exploration and experimentation with the traditional approaches of an organization. There is no perfect measure through which the positive impact of this process, over the organization, could be measured. But, the progress and annual increasing annual returns of a company shows the immediate impact of implementation of this process. There are a number of times when a business faces an economic or some other types of turmoil. In such cases, if the organization succeeds in implementing this framework as the guiding principles, then there are chances that the business can cope with such adverse situations. Only identification of the framework will not bring any substantial growth to an organization. To retain its position in a long run, an organization needs to implement this process in-line with all its conventional business strategies. Bibliography ARM Ltd. , 2015. Company Profile. [Online] Available at: https://www.arm.com/about/company-profile/index.php Burkus, D., 2013. 10 Practices from the Most Innovative Organizations. 10 Practices from the Most Innovative Organizations, 23 April. EHRENHARD, D. M. DR. K. ZALEWSKA-KUREK, 2013. STRATEGIC INNOVATION:, s.l.: s.n. Freedman, M. Benjamin B. Tregoe, 2003. THE ART AND DISCIPLINE OF STRATEGIC LEADERSHIP. s.l.:Soundview Executive Book Summaries. Geller, L. W., 2011. The Innovation Advantage. Strategy+Business, 04 April. Gibson, R., 2011. MICHAEL PORTER on Strategic Innovation Creating Tomorrows Advantages - See more at: https://www.innovationexcellence.com/blog/2011/12/29/michael-porter-on-strategic-innovation-creating-tomorrows-advantages/#sthash.goOmfE1Q.dpuf. MICHAEL PORTER on Strategic Innovation, 29 December. Johnson, D. W. Dr. Luo Kanglong, 2014. Strategic Innovation and Sustainability. Journal of Strategic Innovation and Sustainability, 10(01), pp. 1-97. Management Paradise Team, 2013. Strategic Innovation Framework. [Online] Available at: https://www.managementparadise.com/balajiv.ganesh/documents/6085/strategic-innovation-framework/ Owens, D. A., 2016. Leading Strategic Innovation in Organizations. Leading Strategic Innovation in Organizations. Shahar, A., 2016. What is Strategic Innovation?. Imagine your best people ideating, prototyping, and creating togetherso that their innovative ideas lead to dramatic growth..