Report Essay Example | Topics and Well Written Essays - 500 words - 21

Report - Essay Example The data for the analysis of the situation was collected through interviews and administration of questionnaires. The criteria for decision making was based on a comprehensive comparison of the information given by the various participants in the study. However, the entire process for the investigations was not that smooth. For instance, some interviewees were unwilling to respond to questions presented, and some confessed that they were afraid of giving information due to the repercussions that might follow. This report focuses on evaluating the problem of drug abuse among the company’s employees and provide the way forward in solving the problem. Apparently, the report seeks to survey the addiction challenge among the company’s employees. The illegal use of drugs has resulted in dwindling performance of the company’s employees. As a result, the profits have reduced significantly following a reduction in the quality of output. Therefore, it is imperative to investigate the causes of the increased cases of illegal and institute policies that will facilitate the formulation of effective policies that can counter the issue of illegal use of drugs. Most employs of the company have been reported to engage in the illegal use of drugs. In essence, a recent survey revealed that the performance of individual employees has fallen below average. Most employees advocate for drug testing for joining the company’s workforce. However, a substantial number to the survey participants advocated for drug testing once an employ is suspected to be under the influence of drug abuse. An analysis of the company’s workforce situation reveals that the failure by the management to establish effective policies for monitoring employees’ behavior while within the company’s premises (Fernando, et al.  7). In essence, the established

To Find Common Identifying Factors in different financial scandals Essay Example for Free

To Find Common Identifying Factors in different financial scandals Essay Financial scandals are known for their adverse effects on businesses. They can cripple a business entity or lead to total collapse. Thus, the value of looking into the issue of scandals constitutes a study area of great value both to the academic discourse and the general knowledge. This paper looks into financial scandals with a view to finding common factors underlying them. Through a case study approach, the Amaranth Advisors, Allfirst Group, and Soceite Generale are examined. Through the use of relevant literature review, it is established that though scandals are different in the nature of their emergence, there are a host of common factors that occasion them. The study finds that poor regulating posed by both internal and external mechanisms are to blame for this phenomenon. It is also established that issues such as rogue trading, office politics, laxity in rule application and sluggish responding constitute the other common factors underlying the scandals. The paper concludes by calling upon the tightening of measures, updating technologies, de-politicizing organizational business, and the adoption of stringent regulation to tame the vice. Introduction Financial scandals involve business and political misdeeds by executives entrusted with large public and private institutions. These schemes entail complex methodical application of schemes with a view to misdirecting and/or misusing funds. Other forms of scandals may pertain to understating expenses, underreporting business liabilities, overstating of revenues, overstating of assets, etc. This is normally done by officials and subordinates of businesses. In public enterprises, this kind of action constitutes fraud. In cases where scandals have been detected or reported, the norm is always to launch investigations with a view to unearthing the issues underlying the engagement of such criminal activity. The oversight agencies like Securities and Exchange Commission in the United States are responsible for investigating the emergence of this kind of crime. Scandals typically present a seriously dangerous scenario as most investigations point that such scams are nothing but a ‘tip of an iceberg’. As this paper finds out scandals are often led by officials within organizations. The officials are given support by either laxity or complacency by relevant organs. Literature review In any research, the use of literature review is of undisputed value. Literature review enables a researcher to find the status of an issue area. This is possible as literature review offers what other researchers have done on the study issue. On this basis, this study is no exception as it heavily relies on the works of other scholars towards raising important findings. The case of Societe Generale The scandal involving Societe Generale went on for a long period of time. It was first reported via an email on November 7th of 2007. A surveillance office stationed at Eurex raised the mater before a compliance officer of the bank. It was revealed that a trader; Jerome Kerviel, had engaged in a number of transactions which were suspicious in nature (Martin, Allen, Allen and Samuel, 1). The bank bid its time and launched its own response in 20th of November. In this response, a risk control expert at the bank purported that there was nothing irregular in the transactions executed between the bank and the client; Jerome Kerviel. In his response, the bank official claimed that the then ongoing volatility in the financial markets especially in the United States of America and Europe stocks, was the reason behind the bank’s requirement of after-hours trading (Martin, Allen, Allen and Samuel, 1). The office at Eurex did not stop there. On November 26, it sent a second email to the bank explaining its displeasure at the way the matter was handled by the bank. This explains what led the bourse to demand further information regarding this issue. The bank, Societe Generale provided further information on 10th of December. On this basis, the two parties; Societe Generale and the Eurex office let the issue disappear (Martin, Allen, Allen and Samuel, 1). When Kerviel raised another alarm, coming five weeks later, it proved too little too late. He made a lot of profit based on the surreptitious trading amounting to around two billion US dollars. However, this gain was soon to evaporate as a loss in the region of seven billion US dollars. The bank basically unwound the financial standing of Kerviel on 21st and 22nd of January (Clark and Jolly, 1). A spokesperson of Societe Generale declined to comment on the warning issued earlier by Eurex claiming an internal inquiry led by a special committee composed of independent directors was underway. It is hypothesized at this stage that ignoring the red flag raised by Eurex was a serious misstep in aiding this scandal. The loss suffered by the bank is almost wholly attributable to the actions of ignorance on the side of the bank (Sage, 1). The bank, despite being in business for over one hundred and forty four years, it failed by allowing a culture of risk taking to flourish within its ranks. Simply put, this seriously exposed the bank as it allowed for major flaws to characterize its operations. It is hypothesized that it is this allowance that paved way for the rogue businessman to rock the bank and make away with a good amount of money while leaving the bank with gaping holes in its financial status. The manner in which Kerviel was let to undertake his mischief undetected by a bank of Societe Generale stature serves to underscore this realization (Gregory and Anne-Sylvaine, 1). Instead of discouraging the making of big bets by clients, the Societe Generale group rewarded traders who made such risky investments. It is further revealed that it was never uncommon for traders to exceed the limits put on trading momentarily before holding back. This was however against controls limiting this (Martin, Allen, Allen and Samuel, 1). During January 2008, Societe Generale lost over 4. 9 billion euros as it closed positions in three days. At this time, the market was experiencing a big drop in equity indices. It is claimed by the bank that these positions were fraudulent creations of one, Jerome Kerviel, a rogue trader. However, more surprises were sprung up as the police claimed they did not have the evidence to charge the culprit with fraud instead preferring abuse of confidence charges against Jerome Kerviel. Jerome Kerviel claimed that his actions were well known to the superiors at the bank and the major reason behind the collapse of the bank was based on panic selling (Sage, 1). It is claimed by bank officials that throughout the year 2007, Jerome Kerviel was trading profitably anticipating a fall in market prices. This was however done beyond authorized levels. The culprit is accused of engaging in trade totaling almost 50 billion, a figure way above the bank’s sum market capitalization. It is further revealed that Jerome Kerviel attempted to hide this engagement by intentionally creating losing trades in a bid to offset the early gains he had made. In addition to the above allegation, Jerome Kerviel is thought to have made over 1. 5 billion US dollars in hidden profits (Martin, Allen, Allen and Samuel, 14). The case of Allfirst John Rusnak, a former currency businessman at Allfirst bank, at the time an affiliate of AIB Company was given a 71/2 years jail term in connection to his role in the disappearance of six hundred and one US million dollars. This sum of money was lost due to the banking system’s encouragement of bad bets. The bad debts were later to snowball leading to a monstrous scam ever witnessed in the banking industry. The culprit, Rusnak John was transferred from prison to his house in June of 2008 to be under house detention until September the same year and later let free in 5th January 2009. This meant that in total, Rusnak served less than six years in incarceration (Robert, 45). If the original sentence could have been adhered to the later, Rusnak could have been held in prison for a period of over 30 years. However, the original sentence was a presentation of a plea bargain hammered in collaboration with the US prosecutors. While being released, it was alleged that Rusnak had earned good behavior and completed a drug treatment module. On his release, Rusnak was expected to begin paying one thousand US dollars a month to cater for his time in probation (Robert, 45). Though Rusnak was held responsible for the loss of six hundred and ninety one million US dollars, the case prosecutors claimed whatever amount to be paid was to depend on what the culprit was able to make after being freed. The fraudulent activities engineered by Rusnak were very harmful to the entire stakeholder ship as over one thousand and one hundred Allfirst employees lost their jobs during the sale of the company (Robert, 45). Early on at the discovery of the fraud, the executives at Alllfirst and AIB believed that there was no any form of conspiracy between Rusnak and any other member or official of the bank (Brian, 54). This finding may absolve the bank of any blame in the eyes of the public. However, this is a devastating finding since it paints a grisly picture on the part of the bank. That is to say if one bank official would carry out a fraud of this magnitude, then things were quite wrong. Simply put, the bank’s monitoring and self regulating mechanism was in tatters to say the least. The Ludwig report confirmed that the bank’s back office did not make attempts towards confirming the bogus options alongside their Asian counterparts. The negligence fronted by the company’s middle and back offices from confirming the foreign exchange rate from an independent source also puts the bank on the spot. It is also alleged that the internal audit done in 1999 did not bring out the real picture. Later in 2000, an audit carried only examined a single transaction to determine whether indeed there was impropriety. These failures of the bank only present actions that appear in support of graft (Brian (a), 34). The back office at the treasury had issued a warning regarding the events at the bank. The fact that the bank chose to let the opportunity points to gross misconduct by leadership. The treasury, backroom office had raised a host of issues regarding Rusnak’s personality concerns and confirming trades conducted by Rusnak. The culprit seemed excellent in playing organizational politics to his advantage. This is reflected by the fact that the back office desisted from reporting the actions of the trader as the management was behind Rusnak’s activities. If the back office had received support from the top management, then the rogue activities could have been curtailed (Brian, 54). Foreign exchange rules require that suspicious activities should be discouraged (Brian (a), 34). The two prime brokerage provision banks failed to uncover what Rusnak was undertaking. This was a notable omission on the part of the two banks. The Historical Rate Rollovers should never have been used to uncover fraud deals as it happened. The trading system at Allfirst was literary flawed as one employee was trying to run a hedge fund. Rusnak had no knowledge, diversification, skills, and other requisite attributes necessary to run the trading system (Brian (a), 35). The case of Amaranth Advisors The year 2006 was one of the most devastating in reference to the history of the Amaranth group. It is during this year that Amaranth Advisors lost in excess of two billion US dollars over a span of few weeks (Robert, 37). Amaranth Advisors engaged in a very risky venture in regards to trading. This left the business entity hugely exposed to the frugalities that characterise the business world. Liquidity is an aspect that should be closely monitored if businesses ae to be safe. But taking risks as this business did implies a readiness in the business to test the waters of uncertainty. Launched as a hedge fund business, Amaranth operated a very risky venture as its portfolio could change up to 80 percenty in reflection of the energy trade. As this soared, the group, Amaranth changed tack and put onside the concept of diversification with a view to mitigating the risks that were emerging. the group traded on Credit Arbitrage, Convertible Bond Arbitrage, Merger Arbitrage, Energy Arbitrage, etc. Initially, the the amount in Convertible Arbitrage reflected sixty percenty of te worth of the company. however, by september 2006, this had shifted to almost two percent. Such is the volatility that characterised the company activities (Robert, 37). One factor emerges at this point; there were no limits concerning the regulation of concentration. Leverage was also unrestricted. when leverage is unrestricted, it means that a company can engage in trading beyond the set limit or outside the confines of its budget. this portends ill for a business as in the case of a loss, the company can easily go under (Robert, 37). Brian Hunter who was hired in 2004 takes blame for the financial fiasco experienced by this group. Brian Hunter had already cut a niche for himself in the corridors of wall street. While trading in energy futures, Hunter had achieved great success and it is perhaps on this basis that Amaranth hired him. The trader was so renowned such that When he threatened to quit in 2004, his perks were adjusted upwards to tie him there. Hunter was also given the oportunity to trade separately from the group boss and awarded adittional compenation. Equally of note rests on the fact that the individual was given the privilege of relocating o his hometown and trade from there (Robert, 38). On the basisof the United States Senate Permanent Subcommitte on Finance, Amaranth lost money in the region of two bilion US dollars beginning the first week of August. This loss was attributed to the trading in natural gas which led to high liquidity in the entire company portfolio. The John Marthinsen estimates put the losses at around 6. 5 billion. The Amaranth group was deeply engaged in various types of contracts that captured futures, options, and swaps. The company position remained hugely independent on the future prices of natural gas (Robert, 38). Historically, natural gas prices rose during the winter times. This was held as natural gas is commonly used as a heating source at tis tme. so it was commonsense that gas prices would rise during te time. Amaranth was banking on this norm to enable the company reap profits. However, this is an instinctive way of runing business which cannot be relied upon though it wored previously. this ponts to a lack of well oiled strategies in running the business (Robert, 38). Allfirst hired John Rusnak as a currency trader with a view to help in the proprietary exchange of foreign currency. This was a costly acquistion as the fellow cost the bank around 691 million dollars. Through the use of various methods, Rusnak overstepped his mandate and traded beyond limits putting the bank’s fortunes at stake in the process (Robert, 38). The wild derivatives were the first error towards the financial meltdown. It appears like Brooksley Born, the then chairperson of Commodity Futures Trading Commission had foreseen the danger posed by deregulation of derivatives. The idea to extend the regulation mandate as proposed by Brooksley was rebuffed by the officials of the Securities and Exchange Commission, the Federal Reserve, and the Treasury Department. While it remains debatable whether the regulation could prevent or alter the financial trend, few dispute the idea that such control would have slowed the emergence of the problem. Financial analysts believe if this was introduced 10 years or earlier, the control would have mitigated the rise of the problem (Blinder, 1). Wild derivatives have adverse effects on any business, the deregulation of derivatives at Amaranth, Allfirst, and Societe Generale point to the fact that such a precedent is dangerous as it portends ill for a business. Blinder has observed that the alarm bells signaling the financial credit crunch went long ago and individuals in positions of influence refused to act rather preferring to protect huge business interests. The innermost government sanctums were basically to blame as they chose to protect few businesses at the expense of the common good (Blinder, 1). Brooksley, while serving at CFTC made it clear to congress that controlling the financial markets was necessary. The financial instruments commonly known as derivatives were the focus point. It is little surprise that ultimately the collapse of the derivatives market served as a trigger towards the 2008 financial crisis. Brooksley was overly concerned about the ‘swaps’ unregulated trading (Blinder, 1). This unregulated trading led to the near collapse of the economy. Similarly the unregulated nature of activities of the three companies presented the necessary conditions for the scandals to take place. For an efficient market operation, there are no illusions, regulation by an independent body is necessary. On the basis of Blinder’s observation ‘sky high leverage’ an issue that arose in 2004 leads to serious effects on businesses (1). During this period, the S. E. C allowed securities firms to up their leverage to levels unmatched before. Prior to this instance, leverage stood at 12 to 1. After this event, the leverage sky rocketed to 31 to 1 (Blinder, 1). This is a pointer to madness on the side of the S. E. C and firms’ heads. It is known that at 33 to 1 leverage, a small decline, for example a three percent decline in assets valuation can lead to a wiping out of a business company. If the authorities had ensured that the leverage was kept at 12 to 1, then the firms would have remained stable as they would not have grown that big or exposed to vulnerability. The firms being examined in this study equally let their officials exceed their normal leverage explaining why the effects were lethal. Findings When Eurex issued a warning, the Societe Generale officials did not respond adequately, instead they took to time wasting with a view to getting the issued buried. Warnings are expected to serve an entity to refocus or correct something going wrong. The Societe Generale group did not heed this, nor did Amaranth do. The officials of Societe Generale affirmed that there was nothing wrong with the transactions executed by Kerviel. This is an indication that Kerviel must have been operating under the protection of big officials at the institution or that the institution checking mechanisms were amiss. The internal self regulating and checking mechanism were in a total mess. This explains why Kerviel was able to wage such criminal activities without being noticed. However, this may point to another issue concerning politics of organization. Accomplices must have been used from the highest levels of management. For Kerviel to engage in this act, he must have been damn aware that there was some form of protection that would come his way. Risk ventures hold huge potential both in reference to loss and profit making. Societe Generale encouraged traders to continue engaging in such ventures. Jerome Kerviel claimed that superiors were aware of his actions. The losses incurred by Societe Generale were reflected in a very short time; three days. This does not however imply that prior to this; the business was in a sound position. This is because before such a position is reached, there must have been factors at play. The senior management based in Dublin and Baltimore failed to focus on the happenings at Allfirst. The role of any management team in all organizations is and remains one of overseeing the transactions executed. Simply put, the management should sanction all activities. Activities which carry the importance as the one carried out by Jerome Kerviel should have been closely monitored. However, this was not done. The betting business is a risky business venture which Allfirst bank encouraged. It is a fact that profits can be made in this business. However, it is also possible to make huge losses which may lead to collapse of a business entity. On this basis, there are regulative measures always put in place to guide in the setting the right amount to be gambled. Laxity in rules comes into the fore as Rusnak was given a relatively big sentence at the beginning but this was watered down to a mere 7 years though the culprit ended up serving even less. The amount payable back; 1 000 US dollars presented a slap in the face of justice considering the amount of losses the person had led Allfirst into incurring. The foreign exchange rules requiring the disapproval of suspicious ventures was also discarded as Rusnak continued with his business unhindered. Internal mechanisms at Allfirst and AIB at first claimed there was nothing sinister about Rusnak’s engagements. All other bank officials were cleared of any wrong doing claiming that there was no form of collusion between Rusnak and any member at the bank. The middle and the back office must have slept on the job. They did little to seek valid information from independent sources regarding exchange rates. In addition to this, the audit carried out by the bank examined only a single transaction involving the activities of Rusnak. How fair was this? The back office at the treasury issued a warning of impropriety at the bank concerning Rusnak’s activities, but this was either unheeded or ignored. The senior management monitoring and control system like auditing were overrated as they miserably failed on the very aspect they were there for. Just like Allfirst and the Societe Generale group, Amaranth Advisors engaged in a very risky trading system. Thus the uncertainty in the bank was bound to reflect on its financial and business health. Unregulated leverage was the crucial issue that brought down the bank. Brian Hunter the fellow behind the scam at Amaranth Advisors was given special treatment. Rusnak overstepped his mandate and traded beyond Amaranth Advisors’ limits. While Rusnak was doing this, the Amaranth Advisors just like the other two companies had internal mechanisms of regulating and monitoring activities within the organization. Outside regulators were also in place. The fact that both internal and outside sources of regulation failed to act puts such bodies or departments on the spot. Comparison of findings Poor rules and regulations regarding business operations are found to be reflected by the three business entities. Rules and regulations play a very pivotal role in the running of a business. Such rules and regulations stem from either within or from outside a business. The regulations relating to trading limits were flouted. Internal and external mechanisms equally failed to unearth these events. Where they were unearthed by external offices, the establishments at the three companies poured cold scorn on the advice. It appears like engineering episodes that were bound to happen. In the three cases, there are single individuals masterminding huge scandals. What baffles scholars and the public alike is the manner in which the events proceeded undetected for a long period of time. With the current levels of technology, it also leaves a lot to be desired why institutions like these could not use such technological assistance. Office politics, a regular phenomenon in most public offices also rears its ugly head again. The revelation by the former chief economist, Yves-Marie Laulan that what happened at Soceite Generale was inevitable offers strong support to this position. Yves-Marie Laulan further claimed that some things are hard enough and thus difficult to control, an implication that the economist could have well been aware the scam was in the making. The fact that when red flags were raised in these scandals nothing of note was taken by the companies serves as a pointer that senor and powerful individuals were behind the scams. Only that, they were achieving their goals through proxies. The proxies in the cases include the three individuals mentioned as the perpetrators of the scam. Rules regarding business operations were flouted. If rules and regulations are not obeyed things are bound to go awry at some point. The trading limit rules were ignored by these companies. Risk ventures which were suspect in nature were let tom thrive. As if that wasn’t bad enough, warnings issued were ignored. Where they were heeded, the approach was truly sluggish in nature. The companies; Amaranth, Allfirst, and Societe Generale presented cases of flouting expected levels of leverage. It is crucial that leverage levels be kept at the right level if businesses are to remain afloat. In the cases of the three businesses, this was never observed. The failure to observe set rules and regulations serves to point to impropriety in handling the businesses. Discussion On the basis of findings, it is discernable that there was laxity in rule implementation. Every trade has its regulations which aid operations in day to day transactions. The three entities examined in this survey exhibit an unwillingness or sluggish nature in implementing the regulations of business. In the three cases, the three culprits wee found to have operated way beyond the limits set by their businesses. System weakness and other failures are equally found to have served as impediments in the success of business. The scandals raised or rather examined in this paper are of big magnitude. However, despite calls for investigations and the raising of alarm bells in reference to the scandals at their initial stages, nothing worthy was engineered to curtail the explosion of the scandal. Every system is supposed to regulate itself fully. A system that fails this test is out of sorts and lacks the legitimacy of being in operation. Assuming that there was no abetting of these criminal activities in the respective scandals, then the systems regulation and control mechanisms were a total mess. Such systems should e replaced and completely done away with. Technology plays a critical role in present day business activities. For example, it aids the flow of transactions in a very expedient and efficient manner. Thus each company is encouraged to employ latest and up to date technologies in order to move a business forward in tandem with present trends. However, the scenario at Alfirst points to a different direction. The use of the Crossmar Matching System to monitor trade should have been used, working as a group would have equally helped. Instead of applying this latest technological support, Allfirst was employing the use of telephone and fax. The use of spreadsheets to feed information regarding exchange rates to the business is also another shortcoming attributable to the inability of the business from taking important and necessary steps in addressing business requirements. Simply put, it is a shame that a company of Alllfirst’s stature could be using the methods mentioned above. Whichever explanation is given in support of this position is unacceptable and unwelcome to level headed individuals. One of the greatest mistakes of the companies though not expressly captured in the paper relates to office politics. Office politics is almost commonplace in every business as human beings often tend to align themselves to different cocoons at the work place. However, it is the duty of the top management to focus on this aspect and ensure that office politics does not work to the detriment of an entity. If a business leadership fails on this, then there is no good in the office leadership being in office. A closer look at events in the three scandals implies an absence of good leadership characterized by political intrigues. When warnings were issued at initial stages of the scandal, the top leadership in the organizations seemed to brush aside the allegations. They equally failed to investigate and either authenticate or dispel the rumors in total. This, in my considered view, was an act outlining a possibility of role playing in which case the top leadership was an accomplice in the scandals. In the case of Allfirst, the preferential treatment of one employee illustrated by receiving extra perks and being allowed to work from home also underscores the point. The key to success in any business rests on good management practices (Barrett, 51). This points to the ability of the management to set achievable goals and embarking on a mission towards realizing them. For success to be attained, the management must outline the necessary tasks in setting up and managing the business. The goals set for the business must be measurable in performance terms. Towards that end, major goals should be broken into smaller goals. These sub goals should have timelines which must be observed. This is an area in which the businesses failed leading to the witnessed scandals. After setting goals and the sub goals, the individual owner or manager must move into action and make the necessary steps towards attaining them. The efforts required in achieving the different goals and sub goals are different, then the deviations should be reflected in the actions or the steps taken towards the achievement. The required effort must remain reasonable so as not to discourage the manager. Caution should be taken to avoid chasing too many goals as such pursuit may scuttle the success of a business (Wright, 75). In this regard, priorities must be set. The businesses studied in this research should prioritize vigilance and caution while trading. The planning and setting of goals must be done well in advance. This enables the manager to understand what to expect in most circumstances. As the business grows the set goals should gradually be achieved as such achievement is expected to motivate the manager. Normally, obstacles will be on the way of any business venture, this should be anticipated and provided for in terms of arrangements to counter or mitigate the effects (Wright, 75). The businesses mentioned in this study should have done this to avoid such scandals.

Marketing fundamentals essay

Marketing fundamentals essay Introduction In 1964 Neil H. Borden published the article: The Concept of the Marketing Mix. The marketing mix in Bordens concept originally included product planning; pricing; branding; channels of distribution or place; personal selling; promotions; advertising; packaging; display; servicing; physical handling; and fact finding and analysis, (Zineldin and Philipson, 2007, p231). According to this concept, the list of twelve ingredients of the marketing mix is adjustable. It could depend on what kind of elements or areas researchers want to focus on or emphasize to change more, but in The Concept of Marketing Mix, Borden (1964) already explained explicitly why he chose the twelve elements as the marketing mix. However, even though the idea of the marketing mix is derived from Borden, the 4Ps marketing mix which is known to the public was introduced by Jerome McCarthy: Product, Price, Promotion, Place (Constantinides, 2006; Gummesson, 2008). As Anderson and Taylor (1995, p2) claim: The major step in popularizing the marketing mix was the publication of Jerome McCarthys, Basic Marketing: A Managerial Approach in 1960. The purpose of this paper is to discuss whether the marketing mix is still a suitable approach to modern day marketing. For instance, with new technology and subsequent changes in peoples lifestyles, new marketing concepts are springing up, such as relationship marketing and service marketing. Therefore, is the marketing mix still useful today, or should it be improved or even replaced by other new themes; this is a controversial area. The marketing mix and relationship marketing A lot of criticisms are fined at McCarthys 4Ps model because researchers generally think that 4Ps are too simplified. Those who attack the paradigm have suggested that the model should have more factors added into it (Traynor, 1985; Magrath, 1986; and Doyle, 1994) or even use other factors, such as 4Cs to substitute 4Ps (Lauterborn, 1990). Grà ¶nroos (1994) even stated that it is time for the marketing mix to step down and let a new paradigm shift emerge. Moreover, during the past few decades, the debate that the marketing mix needs to be replaced by other new paradigm shift marketing concepts is going on (Constantinides, 2006; Gummesson, 2008). As discussed by Grà ¶nroos (2006), relationship marketing is one of the strongest candidates among so many competitors who are eager to substitute the marketing mix. Furthermore, as Grà ¶nroos (1994, p5) states: In marketing education, teaching students how to use a toolbox had become the totally dominating task instead of discussing the meaning and consequences of the marketing concept and the process nature of market relationships. This indicates that the marketing mix is a good model and memorable for students to understand the general marketing strategy concept. It may, nonetheless, limit students creativity idea in order to fit the framework at the same time. In fact, the marketing mix is still adopted by many scholars and is published in the majority of textbooks, but some have argued that customer relationship is an emerging trend in recent years (Grà ¶nroos, 1994). With time change, the pattern and relationship between sellers and buyers have a significant difference now than before (Coviello and Brodie, 2001). Take hospital industry in Taiwan for example: over the last few decades doctors have played a vital role in this industry. They are the kings and they are independent, because hospitals rely on them to make profits. In addition, the qualifications required to enter this industry are relatively high compared to other fields, so during that era the supply (hospitals) was much less than the demand (patients). This also results in hospitals not needing a good manager or a proper marketer to run the business, and yet they still can make money. It is common that, if patients are ill, they have to put their name on a long waiting list . Sometimes even if they have already made an appointment, due to too many patients in the same time period, they still need to wait. Moreover, after a long waiting time, when it is finally their time to see doctors, most of the time doctors are not so friendly. However, this kind of situation is totally different now. Health care industry is no longer a monopoly. As more hospitals are established, the competitions become more intense. As a result, owners of health care organizations start to emphasize the relationship between doctors and patients. In addition, managers also think that employees who may contact with customers are all part-time marketers (Gummesson, 1990). The main factor to cause this kind of change is that buyers (patients) have more choices nowadays. For instance, if there are two sellers (doctors) equipped with the same conditions, but one provides more support on intangible service and has good relationships with buyers, then buyers will definitely go to the one who shows more concern for them. Consequently, managers of health care organizations have to value patients and doctors relationships or they may keep losing customers. This also shows that relationship marketing is a new trend now. While it is interesting to note that some researchers attack the marketing mix is being outdated and in fact that it cannot be deemed as an unchallengeable foundation of marketing, they believe that it formed almost 40 years ago; the concept of it, they argue, in contemporary business or academic research is no longer useful. By contrast, relationship marketing is the new upcoming theme of marketing. Relationship marketing is neither original thinking nor a novelty theory, but it has already been in existence for quite a long time. Zineldin and Philipson (2007, p229) argue that relationship marketing is one of the oldest approaches to marketing. As early as about 25 years ago, the term was introduced as a strategy to service marketing by Berry in 1983, according to Crosby and Stephens (1987). By comparing the transaction-oriented marketing, which is part of the marketing mix feature with relationship marketing, most companies still put emphasis on attracting new customers rather than focusing on establishing a long-term relationship with their existing customers. As reported by Zineldin and Philipson (2007), finding new customers costs less than retaining current customers. Moreover, having a long-term relationship with clients is indeed profitable, but consumers desire is also endless. With more services are provided and a variety of products are easy to access currently, consumers just will want more rather than less, and their mind changes frequently. Accordingly, for companies to maximize profits immediately is both necessary and important for them (Zineldin and Philipson, 2007). Furthermore, relationship marketing focuses on not only the connection amid corporations and customers, but also the relationship between corporations. Consequently, relationship marketing may not be the case for all corporations. For example, if a tin companys ingredients are all from the same supplier, then once the food that the supplier offers has a problem, then the tin companys business will definitely be affected by lack of ingredients. As a result, some companies may not want to rely on another company too much (Zineldin and Philipson, 2007). The other point many academic scholars criticize about the marketing mix is that some standard marketing ingredients are not integrated with the marketing mix into textbooks to become a complete whole body (Grà ¶nroos, 1994;Gummesson, 2002). They are just like toppings on the pizza: the toppings are those additional Ps and the model of 4Ps is the base. The reason why it causes this kind of outcome is owing to model being oversimplified, from a list of elements into four Ps. However, at the same time it cannot be denied that the contribution of the marketing mix and four Ps is significant (Jobber, 2007). Although a lot of new concepts have emerged, it does not mean that the marketing mix will be replaced. To some certain extent, it is still a useful approach and provides a fundamental theory for people who want to study or explore this field. By combining the marketing mix with other spring up theories, it can allow marketing theory to become better. Even Grà ¶nroos is against the m arketing mix, but he also claims the following (1994, p14): [E]ven if marketing mix management is dying as the dominating marketing paradigm and the Four P model needs to be replaced, this does not mean that the Ps themselves, and other concepts of the managerial approach such as market segmentation and indeed the marketing concept (McKitterick, 1957; Keith, 1960), would be less valuable than before. Relationships do not function by themselves. Hence, no matter how marketing concepts develop, the root of these new paradigms is related to the marketing mix. It is of course relevant to contemporary marketing means and still regarded as a core value of marketing. The marketing mix and e-commerce marketing In the 21st century, business may not only be based on physical activities, but also on virtual activities. Therefore, discussing whether the marketing mix can be adapted to e-commerce is a signal to see if it is still relevant to contemporary thinking. As Peattie (1997, p142) point out: Although the marketing implications of emerging electronic or virtual markets are being discussed, the implications for the management of the marketing mix are often being overlooked. Already many innovative companies are taking advantage of the new generation of technologies to enhance or re-engineer key elements of the marketing mix, giving marketing a leading role in introducing companies to the revolutionary world of third age computing. They stress that the marketing mix in this industry is revolutionizing and 4Ps have another new definition to fit e-commerce and marketing function. In a practical aspect, it had been put into practice for many organizations (Peter and Olson, 2005). In addition, virtual value chain also used 4Ps to illustrate the effect of it on electronic business (Bhatt and Emdad, 2001). Many companies still use the marketing mix and 4Ps as their strategy, but with little change on the traditional 4Ps. Allen and Fjermestad (2001, p22) also indicate that Although many of the e-commerce strategy frameworks offer a unique contribution to strategic planning, integrating these models into the traditional product, price, place and promotion framework can provide a more complete analysis of strategy. It reinforces the view that the marketing mix and 4Ps are the cornerstone of marketing and the basis of strategy marketing. More importantly, it is still applied to 21st century new trend business, electronic commerce. In consequence, it is identified that the marketing mix just needs some small changes to be integrated well with other re-discovery concepts; it then plays the most vital role in contemporary marketing theory yet. Conclusion The marketing mix and marketing are just like the constitution is to a country. Constitution is the foundation of a nation. The law may be changed or adjusted with time because the environment and the way people think is greatly different from that of those who were born 50 years ago. Consequently, it is unavoidable that the law should be changed, eliminated or have more rules added to it. Nevertheless, no matter how the rule is amended, the basic rule is always there. It represents a countrys spirit and belief, and this is unchangeable. Hence, this is just as the marketing mix to marketing, in my opinion. Even though some scholars criticize that marketing is not an appropriate approach currently, it needs to be replaced with other rising marketing principles. Nonetheless, common terms such as relationship marketing, service marketing and e-commerce marketing, are focusing on just a part of marketing. They can tackle the problem of a specific area but the marketing mix and 4Ps are the basis of a much more general theory. Moreover, although those who attack the marketing mix for being an old concept and of less relevance today, they also support that the relationship between the marketing mix and marketing is still very close. The influence of the marketing mix is still strong today but certainly not as profound as it has been in the past, and indeed the concept of it still shows signs of practical implementation in contemporary society. References Allen, E. and Fjermestad, J. (2001) E-commerce marketing strategies: an integrated framework and case analysis, Logistics Information Management, Vol. 14 Number 1/2, pp. 14-23. Anderson, L. McTier and Taylor, Ruth L. (1995) McCarthys 4Ps: Timeworn or Time-tested?, Journal of Marketing Theory and Practice, Vol. 3 Issue 3, pp.1-9. Berry, D. (1990) Marketing mix for the 90s adds an S and 2 Cs to 4Ps, Marketing News, Vol. 24 Issue 26, December, p.10. Bhatt G. and Emdad, A. F. (2001) An analysis of the virtual chain in electronic commerce, Logistics Information Management, Vol. 14 Number 1/2, pp. 78-85. Borden, Neil H. (1964) The Concept of the Marketing Mix, Journal of Advertising Research, pp. 7-12 Constantinides, E. (2006) The Marketing Mix Revisited: Toward the 21st Century Marketing, Journal of Marketing Management, Vol. 22 Number 3, pp.407-438. Coviello, Nicole E. and Brodie, Roderick J. (2001) Contemporary marketing practices of consumer and business-to-business firms: how different are they?, Journal of Business and Industrial Marketing, Vol. 16 Issue 5, pp. 382-400. Crosby, L. and Stephens, N. (1987) Effects of Relationship Marketing on Satisfaction, Retention, and Prices in the Life Insurance Industry, Journal of Marketing Research, Vol. 24 Number 4, pp. 404-411. Doyle, P. (1994) Marketing Management and Strategy. Hemel Hempstead: Prentice Hall. Grà ¶nroos, C. (1994) From Marketing Mix to Relationship Marketing: Towards a Paradigm Shift in Marketing, Management Decision, Vol. 32 Number 2, pp. 4-20. Grà ¶nroos, C. (2006) On Defining Marketing: Finding a New Roadmap for Marketing, Marketing Theory, Vol. 6 Number 4, pp.394-417. Gummesson, E. (1990) The Part-Time Marketer. Karlstad: CTF Service Research Center. Gummesson, E. (2002) Practical value of adequate marketing management theory, European Journal of Marketing, Vol.36 Number 3, pp. 325-349. Gummesson, E. (2008) Total Relationship Marketing, 3rd edition. Amsterdam; Oxford: Butterworth-Heinemann. Jobber, D. (2007) Principles and Practice of Marketing, 5th edition. Maidenhead: McGraw-Hill. Lauterborn, B. (1990) New marketing litany: four Ps passà ©: C-words take over, Advertising Age, Vol. 61 Issue 41, October, p. 26. Magrath, A. J. (1986) When Marketing Services, 4Ps Are Not Enough, Business Horizons, Vol. 29 Issue 3, pp.44-50 Peattie, K. (1997) The marketing mix in the third age of computing, Marketing Intelligence Planning, Vol. 15 Number 3, pp. 142-150. Peter, J. Paul and Olson, Jerry C. (2005) Consumer Behavior Marketing Strategy. New York: McGraw-Hill/Irwin. Traynor, K. (1985) Research deserves status as marketings fifth P', Marketing News, Vol.19 Issue 23, November, pp.7, 12. Zineldin, M. and Philipson, S. (2007) Kotler and Borden are not dead: myth of relationship marketing and truth of the 4Ps, Journal of Consumer Marketing, Vol. 24 Number 4, pp.229-241.

Discuss Eliot’s treatment of the theme of the modern city in Essay exam

Discuss Eliot’s treatment of the theme of the modern city in Preludes. Also refer to The Love Song of J. Alfred Prufrock if you wish. In both ‘Preludes’ and ‘The love song of J. Alfred Prufrock’, the modern city is one of the main themes. Eliot’s fascination with the modern city could stem from the fact that he was an American, and so when he moved to England in 1915, the modern city was a part of England of which he was in awe. Eliot was also influenced by the French poet, Charles Baudelaire who explored the poetic possibilities of â€Å"the more sordid aspects of the modern metropolis.† I believe that this is what Eliot is doing in Preludes; I believe he is exploring the poetic possibilities of the city. In ‘Preludes’, Eliot begins the poem with â€Å"The winter evening settles down / With smell of steaks in passageways / Six o’clock.† Here, Eliot has personified the weather and made wide use of sibilance. By using sibilance, he makes the â€Å"passageways† seem eerie and mysterious. Eliot then continues with â€Å"The burnt-out ends of smoky days / And now a gusty shower wraps.† These two lines suggest endings, as life is firstly compared to a cigarette, where it burns away to nothing and then the line â€Å"And now a gusty shower wraps† makes use of pathetic fallacy, as the turbulent day in the city is over, just like the â€Å"gusty shower† has finished. The last two lines of the stanza create the impression of a city atmosphere which is dingy and dark; â€Å"And at the corner of the street / A lonely cab horse steams and stamps.† The cab horse could mirror people in the city, as many of them are lonely, and â€Å"at the corner of the street† suggests isolation and dinginess mixed with a familiar city image. In the second stanza, El... ... mirroring the harsh world which the city is. â€Å"The worlds revolve†¦Ã¢â‚¬  suggests that in cities people are living in their own different worlds, behind â€Å"masquerades†, which is a theme also present in ‘The Love Song of J. Alfred Prufrock’ with the line â€Å"To prepare a face to meet the faces that you meet.† In ‘Preludes’ and ‘The Love Song of J. Alfred Prufrock’, Eliot illuminates the modern city in a very harsh light. Eliot seems to focus on the negative points of the city such as its darkness, loneliness and how threatening it can be. This could be due to the fact that Eliot was writing about these city themes after Darwinism, and just before World War One, when the city and civilisation were seen as the things which would eventually destroy man. Eliot discusses the theme of the modern city truthfully and writes about it in the stark way in which he views it.

African Reaction to Colonialism Through Resistance and Collaboration Essay

By the end of World War I, most of Africa had been effectively colonized. European colonialists had managed to quell the efforts by Africans to resist the establishment of colonial rule. The next two decades, the period historians call the inter-war years, were relatively quiet years in colonial Africa. This relative quiet, however, did not indicate that the colonized people of Africa were happy with colonial rule-that there was no opposition to colonialism. During the inter-war years opposition to colonialism was expressed in one of the following forms: Demands for opportunity and inclusion: Many Africans at this time accepted the reality of colonial rule but they did not accept the harsh discrimination and the lack of opportunity that was a central part of the colonial experience. Opposition to these aspects of colonialism was particularly strong among educated Africans. Educated Africans believed that â€Å"all humans are created equal. Discriminatory colonial policies and practice restricted economic opportunities and participation in the political process. During this period, educated Africans formed organizations to promote their interest for an end to discriminatory policies and for an increase in opportunities. However, these organizations had limited membership, and they did not make radical demands for the end of colonial rule. The South African National Congress and the West African National Congress (Nigeria/Ghana) are examples of elite African organizations. Religious opposition: A number of the early anti-colonial up-risings featured in the last section were led by religious leaders. The Chimurenga (Zimbabwe) and Maji-Maji (Tanganyika) uprisings were led by African priests who were strongly opposed to colonial rule. This tradition of religious opposition to colonialism continued throughout the 20th century. However, unlike the earlier acts of religious resistance, the new opposition was led by African Christians. African Christians took seriously the Christian teachings on equality and fairness-values that were not practiced by colonial regimes. By the 1920s, some African Christian leaders were forming their own churches, sometimes called African Independent Churches. These churches that were formed in Southern, Eastern, Central and West Africa, provided a strong voice for justice. One of many examples is the Kimbaguist Christian Church formed in the Congo by Simon Kimbangu in the 1920s. In spite of Kimbangu’s imprisonment for many years by the Belgians, the Kimbanguist church grew rapidly. When the Congo became independent in 1960, the church had a membership of over one million. Economic opposition: During this time period economic opposition was often not well organized. However, there were attempts in the 1920s and 1930s by mine workers in southern Africa and port workers in West and East Africa to organize into unions. While important, these activities had little impact on the majority of African peoples. Of greater impact were the less organized but more widespread efforts of African farmers to resist colonial demands on their labor and their land. Module Nine: African Economies provides an example of how small scale African farmers in Mali quietly, but effectively, resisted the attempts by colonial officials to control the production of cotton. Mass protests: During the inter-war era, there were few mass protests against colonial policies. One of the most important and interesting exceptions was the Aba Women’s War that took place in southeastern Nigeria in 1929. Ibo market women were upset with a number of colonial policies that threatened their economic and social position. In 1929, the women staged a series of protests. The largest protest included more than 10,000 women who had covered their faces with blue paint and carried fern-covered sticks. The women were able to destroy a number of colonial buildings before soldiers stopped the protest, killing more than fifty women in the process. Not surprisingly in contemporary Nigeria, the Aba Women are considered to be national heroes!

70 Million Years of Primate Evolution

70 Million Years of Primate Evolution Many people take an understandably human-centered view of primate evolution, focusing on the bipedal, large-brained hominids that populated the jungles of Africa a few million years ago. But the fact is that primates as a whole - a category of megafauna mammals that includes not only humans and hominids, but monkeys, apes, lemurs, baboons, and tarsiers - have a deep evolutionary history that stretches as far back as the age of dinosaurs. (See a gallery of prehistoric primate pictures and profiles.) The first mammal that paleontologists have identified as possessing primate-like characteristics was Purgatorius, a tiny, mouse-sized creature of the late Cretaceous period (just before the K/T Impact Event that rendered the dinosaurs extinct). Although it looked more like a tree shrew than a monkey or ape, Purgatorius had a very primate-like set of teeth, and it (or a close relative) may have spawned the more familiar primates of the Cenozoic Era. (Genetic sequencing studies suggest that the earliest primate ancestor may have lived a whopping 20 million years before Purgatorius, but as yet theres no fossil evidence for this mysterious beast.) Scientists have touted the equally mouse-like Archicebus, which lived 10 million years after Purgatorius, as the first true primate, and the anatomic evidence in support of this hypothesis is even stronger. Whats confusing about this is that the Asian Archicebus seems to have lived around the same time as the North American and Eurasian Plesiadapis, a much bigger, two-foot-long, tree-dwelling, lemur-like primate with a rodent-like head. The teeth of Plesiadapis displayed the early adaptations necessary for an omnivorous diet - a key trait that allowed its descendants tens of millions of years down the line to diversify away from trees and toward the open grasslands. Primate Evolution During the Eocene Epoch During the Eocene epoch- from about 55 million to 35 million years ago- small, lemur-like primates haunted woodlands the world over, though the fossil evidence is frustratingly sparse. The most important of these creatures was Notharctus, which had a telling mix of simian traits: a flat face with forward-facing eyes, flexible hands that could grasp branches, a sinuous backbone, and (perhaps most important) a bigger brain, proportionate to its size, than can be seen in any previous vertebrate. Interestingly, Notharctus was the last primate ever to be indigenous to North America; it probably descended from ancestors that crossed the land bridge from Asia at the end of the Paleocene. Similar to Notharctus was the western European Darwinius, the subject of a big public relations blitz a few years back touting it as the earliest human ancestor; not many experts are convinced. Another important Eocene primate was the Asian Eosimias (dawn monkey), which was considerably smaller than both Notharctus and Darwinius, only a few inches from head to tail and weighing one or two ounces, max. The nocturnal, tree-dwelling Eosimias - which was about the size of your average Mesozoic mammal - has been posited by some experts as proof that monkeys originated in Asia rather than Africa, though this is far from a widely accepted conclusion. The Eocene also witnessed the North American Smilodectes and the amusingly named Necrolemur from western Europe, early, pint-sized monkey ancestors that were distantly related to modern lemurs and tarsiers. A Brief Digression - The Lemurs of Madagascar Speaking of lemurs, no account of primate evolution would be complete without a description of the rich variety of prehistoric lemurs that once inhabited the Indian Ocean island of Madagascar, off the east African coast. The fourth-largest island in the world, after Greenland, New Guinea, and Borneo, Madagascar split off from the African mainland about 160 million years ago, during the late Jurassic period, and then from the Indian subcontinent anywhere from 100 to 80 million years ago, during the middle to late Cretaceous period. What this means, of course, is that its virtually impossible for any Mesozoic primates to have evolved on Madagascar before these big splits- so where did all those lemurs come from? The answer, as far as paleontologists can tell, is that some lucky Paleocene or Eocene primates managed to float to Madagascar from the African coast on tangled thatches of driftwood, a 200-mile journey that could conceivably have been accomplished in a matter of days. Crucially, the only primates to successfully make this trip happened to be lemurs and not other types of monkeys - and once ensconced on their enormous island, these tiny progenitors were free to evolve into a wide variety of ecological niches over the ensuing tens of millions of years (even today, the only place on earth you can find lemurs is Madagascar; these primates perished millions of years ago in North America, Eurasia, and even Africa). Given their relative isolation, and the lack of effective predators, the prehistoric lemurs of Madagascar were free to evolve in some weird directions. The Pleistocene epoch witnessed plus-sized lemurs like Archaeoindris, which was about the size of a modern gorilla, and the smaller Megaladapis, which only weighed 100 pounds or so. Entirely different (but of course closely related) were the so-called sloth lemurs, primates like Babakotia and Palaeopropithecus that looked and behaved like sloths, lazily climbing trees and sleeping upside-down from branches. Sadly, most of these slow, trusting, dim-witted lemurs were doomed to extinction when the first human settlers arrived on Madagascar about 2,000 years ago. Old World Monkeys, New World Monkeys and the First Apes Often used interchangeably with primate and monkey, the word simian derives from Simiiformes, the infraorder of mammals that includes both old world (i.e., African and Eurasian) monkeys and apes and new world (i.e., central and South American) monkeys; the small primates and lemurs described on page 1 of this article are usually referred to as prosimians. If all this sounds confusing, the important thing to remember is that new world monkeys split off from the main branch of simian evolution about 40 million years ago, during the Eocene epoch, while the split between old world monkeys and apes occurred about 25 million years later. The fossil evidence for new world monkeys is surprisingly slim; to date, the earliest genus yet identified is Branisella, which lived in South America between 30 and 25 million years ago. Typically for a new world monkey, Branisella was relatively small, with a flat nose and a prehensile tail (oddly enough, old world monkeys never managed to evolve these grasping, flexible appendages). How did Branisella and its fellow new world monkeys make it all the way from Africa to South America? Well, the stretch of Atlantic Ocean separating these two continents was about one-third shorter 40 million years ago than it is today, so its conceivable that some small old world monkeys made the trip accidentally, on floating thatches of driftwood. Fairly or unfairly, old world monkeys are often considered significant only insofar as they eventually spawned apes, and then hominids, and then humans. A good candidate for an intermediate form between old-world monkeys and old-world apes was Mesopithecus, a macaque-like primate that, like apes, foraged for leaves and fruits during the day. Another possible transitional form was Oreopithecus (called the cookie monster by paleontologists), an island-dwelling European primate that possessed a strange mix of monkey-like and ape-like characteristics but (according to most classification schemes) stopped short of being a true hominid. The Evolution of Apes and Hominids During the Miocene Epoch Heres where the story gets a bit confusing. During the Miocene epoch, from 23 to 5 million years ago, a bewildering assortment of apes and hominids inhabited the jungles of Africa and Eurasia (apes are distinguished from monkeys mostly by their lack of tails and stronger arms and shoulders, and hominids are distinguished from apes mostly by their upright postures and bigger brains). The most important non-hominid African ape was Pliopithecus, which may have been ancestral to modern gibbons; an even earlier primate, Propliopithecus, seems to have been ancestral to Pliopithecus. As their non-hominid status implies, Pliopithecus and related apes (such as Proconsul) werent directly ancestral to humans; for example, none of these primates walked on two feet. Ape (but not hominid) evolution really hit its stride during the later Miocene, with the tree-dwelling Dryopithecus, the enormous Gigantopithecus (which was about twice the size of a modern gorilla), and the nimble Sivapithecus, which is now considered to be the same genus as Ramapithecus (it turns out that smaller Ramapithecus fossils were probably Sivapithecus females!) Sivapithecus is especially important because this was one of the first apes to venture down from the trees and out onto the African grasslands, a crucial evolutionary transition that may have been spurred by climate change. Paleontologists disagree about the details, but the first true hominid appears to have been Ardipithecus, which walked (if only clumsily and occasionally) on two feet but only had a chimp-sized brain; even more tantalizingly, there doesnt seem to have been much sexual differentiation between Ardipithecus males and females, which makes this genus unnervingly similar to humans. A few million years after Ardipithecus came the first indisputable hominids: Australopithecus (represented by the famous fossil Lucy), which was only about four or five feet tall but walked on two legs and had an unusually large brain, and Paranthropus, which was once considered to be a species of Australopithecus but has since earned its own genus thanks to its unusually large, muscular head and correspondingly larger brain. Both Australopithecus and Paranthropus lived in Africa until the start of the Pleistocene epoch; paleontologists believe that a population of Australopithecus was the immediate progenitor of genus Homo, the line that eventually evolved (by the end of the Pleistocene) into our own species, Homo sapiens.