Heart Disease And Cardiovascular Disease - 1028 Words

Houston Community College Coleman Heart Disease Paper Julissa Diaz Ms. Williams ECRD 1211 Spring 2017 Diaz 2 Heart Disease Paper A heart disease or cardiovascular disease are problems such as, coronary artery disease, high blood pressure, congestive heart failure or arrhythmia. Our heart sends blood around our body and if we have any sort of failure with our hearts it will not transport oxygen and nutrients throughout the body causing for a disease to start or occur. Some diseases come heredity but most can be avoided by properly taking care of yourself and being healthy. From my family roots, my grandfather on my father’s side suffers from both high blood pressure and heart congestion failure. High blood pressure is very common. High†¦show more content†¦This is another heart problem that my grandfather deals with. Bouchez stated in her article, â€Å"Women tend to think that breast cancer is their biggest health threat. And while it s important, heart disease remains the No. 1 killer of women, even young women.† After reading this information it scares me knowing that this is the number 1 killer in women and it runs in the family. This can increase the chances of me getting the disease. Ways to avoid this disease would be to stop smoking and stay healthy. I chose high blood pressure as a potential risk in my life because my grandfather’s suffers from it and chances are if a close relative has high blood pressure you can get it too. I researched how high blood pressure can affect a young women and according to the â€Å"What Causes High Blood Pressure in Young Women† article it states that, â€Å"The three most common risk factors for high blood pressure in women 35 and under are pregnancy, drugs and diet.† With this being said, I believe the risk that most suits me is the diet and drugs. I did not put pregnancy under one of my risks because I don’t have any future plans involving me being pregnant until I’m maybe 30 if not later. Since simple medications such as ibuprofen and Tylenol fall under drugs and those are medications that we are able to take for small aches on any day or any time, that is a risk in which I’m taking. The biggest risk that scares me is diet. I am very unhealthy; in the way I eat. I love fastShow MoreRelatedCardiovascular Disease And Heart Disease981 Words   |  4 PagesCardiovascular disease has reportedly been the number one disease killer for men and women in the United States of America. Every one out of four deaths is caused by heart disease in the United States alone (Centers for Diseases Control and Prevention). Heart disease refers to the different types of conditions and symptoms that can affect the one’s heart and its functions to the body (May o Clinic). Cardiovascular/Heart disease has many causes and conditions, prevention methods and symptoms, andRead MoreCardiovascular Disease And The Heart Disease Essay1727 Words   |  7 PagesCardiovascular diseases are diseases which involve the heart or blood vessels, they are in fact the leading causes of death and disability in the world. Cardiovascular diseases include coronary artery disease, or ischaemic heart disease (heart attack), cerebrovascular disease (stroke) and diseases of the aorta and arteries including hypertension and peripheral vascular disease (Mendis, Puska, Norrving, 2011). They are all due to a disease known as atherosclerosis which affects arteries (GeorgeRead MoreCardiovascular Disease And Heart Disease1904 Words   |  8 PagesAccording to the American Heart Association, cardiovascular disease or heart disease is one of the leading causes of death in America. Cardiovascular disease refers to a disease of the heart and/or blood vessels. It is also know n as heart disease. The term cardiovascular disease covers many conditions and is extremely dangerous. Atherosclerosis is one of the major conditions that falls under the cardiovascular disease category. Atherosclerosis is a condition that develops when plaque, made from variousRead MoreCardiovascular Disease And Its Effects On The Heart985 Words   |  4 PagesCardiovascular disease is conditions that involve narrowed or blocked blood vessels that can lead to stroke, heart attack, and chest pain. Heart disease is the leading cause of death in men and women in the United States (CDC 2015). Numerous problems in the heart lead to atherosclerosis. Atherosclerosis is an active process involving molecular signals that produce altered cellular behavior as well as endothelial dysfunction and a subsequent inflammatory response (Swain 2013). Atherosclerosis is aRead MoreCardiovascular Disease : A Disease That Affects The Heart And Blood Vessels1910 Words   |  8 PagesCardiovascular disea se is a disease that affects the heart and blood vessels which may cause various problems relating to the blood flow to the heart. Many complications arise from cardiovascular disease, which may lead up to other life threatening illnesses such as heart attack or stroke. According to the American Heart Association a heart attack occurs when the blood flow of blood to part of the heart is blocked by a blood clot; if the clot cuts the flow of blood part of the heart muscle beginsRead MoreCardiovascular Disease : The Congestive Heart Failure, Stroke, And Coronary Heart Disease Essay1752 Words   |  8 PagesIntroduction Cardiovascular disease comprises the congestive heart failure, stroke, and coronary heart disease. These conditions have continued to be the major causes of morbidity and mortality in the United States of America today. The occurrence of cardiovascular diseases is influenced by various factors such as physical, political, environmental, and social factors (Kochanek, 2011). These factors entail access to quality and affordable health care services, affordability to healthy diets, conditionsRead MoreA Research Study On Cardiovascular Heart Disease1079 Words   |  5 PagesIntroduction Cardiovascular heart disease, the leading cause of death in Tennessee, is the result of many health problems including high blood pressure, high cholesterol levels, diabetes mellitus and obesity (â€Å"Statistics and Reports†, n.d.). The mismanagement of these chronic health problems will very likely lead to more fatal conditions that can be prevented simply by making necessary lifestyle changes. Cardiovascular disease comes in a variety of forms, but the most common are coronary arteryRead MoreCardiovascular Disease : The Heart And / Or Blood Vessels1419 Words   |  6 Pages Introduction Cardiovascular disease is the prevalent and singularly predominant underlying cause of premature death and disability in the modern world, attributing to 4.35 deaths per year in Europe alone. 1 This general category collectively comprises of all diseases of the heart and/or blood vessels including atherosclerosis, which is a chronic inflammatory disease that manifests in the wall of arteries 2 causing their narrowing and hardening due to the aggregation of fatty plaque depositsRead MoreCardiovascular Disease : A Heart Failure, Arrhythmia And Mitral Valve1071 Words   |  5 PagesWith the increased consumption of fast-food and poor lifestyle choices, we have become an increasingly obese nation. For this reason, diseases such as cardiovascular disease have been on the rise. Cardiovascular disease is the combined term for a number of diseases concerning the heart and the blood vessels. Many of these life threatening diseases are related to a condition called atherosclerosis. The condition creates plaque build-up on the walls of the blood vessels. The plaque effects the flowRead MoreCardiovascular Diseases ( Cvds ) Are A Group Of Disorders Of The Heart And Blood Vessels881 Wor ds   |  4 PagesAccording to the World Health Organization, â€Å"cardiovascular diseases (CVDs) are a group of disorders of the heart and blood vessels.† These include coronary heart disease and ischemic stroke. CVD has been a main public health topic since the late 1990s because of its high prevalence. â€Å"Nearly 800,000 people die in the U.S. each year from cardiovascular disease, accounting for 1 in 3 deaths and more than $300 billion in direct medical costs and lost productivity† (CDC Looks Ahead: 13 Public Health

What Types Of Nutrition Changes Can I Make - 835 Words

Preventing Foodborne Illness Foodborne illness, also called food poisoning, is an illness caused by eating food or drinking liquid that is contaminated with harmful bacteria, viruses, parasites, or poisons (toxins). Bacteria and viruses cause most foodborne illnesses. Common symptoms of foodborne illness are sudden nausea, vomiting, belly pain, diarrhea, and fever. Most foodborne illnesses go away in a few days without treatment. However, if you have a severe case, treatment may be needed. You can prevent foodborne illness with by choosing to eat safe foods, preparing your food properly, and other precautions. WHAT TYPES OF NUTRITION CHANGES CAN I MAKE? †¢ Take extra care with foods that can spoil (perishable foods) like meat and dairy products. Germs can start to grow in these foods whether they are raw, cooked, or prepared. Make sure you: ââ€"‹ Check labels to see if foods need to be refrigerated. ââ€"‹ Freeze or refrigerate all perishable foods within two hours. In the summer, freeze or refrigerate perishable foods within one hour. Your refrigerator should be set to 40 degrees or colder. †¢ Check the cooking instructions for all foods. Heating kills many germs and toxins. Use a meat thermometer to make sure you have cooked meats to the right temperature to make them safe. ââ€"‹ Pork should be cooked to 145 °F (62.8 °C). ââ€"‹ Whole cuts of beef, veal, and lamb should be cooked to 145 °F (62.8 °C). ââ€"‹ Ground meat should be cooked to 160 °F (71.1 °C). ââ€"‹ PoultryShow MoreRelatedPersonal Action Plan for Nutrition and Diet1225 Words   |  5 PagesIntroduction The first step in preparing an action plan for nutrition and diet begins with an analysis of my past records on these things, and of the changes that I made over the course of the semester as I became more aware of these issues. The first study was done during January at the beginning of the semester, and the second study of my nutrition intake was done in at the beginning of March. These two studies are the basis of my nutritional plan, and a similar methodology was used with respectRead MoreMy Job As A Wellness Educator961 Words   |  4 PagesI have always been interested in health, wellness, physical activity and healthy behaviors. I knew from a very young age that I wanted to teach or do something in the health-related field. I have always played sports and been active my entire life. I am driven to eat well (although not perfect), stay healthy and stay in shape. This belief and practice was instilled early in my life by my parents. Recently, I have been more drawn to actively become more proficient in the nutrition-specific contentRead MorePreventing Type 2 Diabetes Mellitus. Type 2 Diabetes (Type1028 Words   |  5 PagesPreventing Type 2 Diabetes Mellitus Type 2 diabetes (type 2 diabetes mellitus) is a long-term (chronic) disease that affects blood sugar (glucose) levels. Normally, a hormone (insulin) moves glucose from food into tissue cells, where glucose is used for energy. In type 2 diabetes, lack of insulin or lack of a normal response to insulin causes glucose to build up in the blood instead of going into tissue cells. As a result, high blood glucose levels develop, which can cause many complications. BeingRead MoreNutrition And Motivational Interviewing : The Health And Healing1273 Words   |  6 PagesNutrition and Motivational Interviewing in Adolescence Health and Healing 1 Georgian College Harrison Klein 200321230 Although we all know what nutrition is, are we nutritious? Do we have the education and knowledge to be nutritious? A lot of people do not, and that is why this topic is relevant to society, especially adolescence. No matter what, good nutrition is essential for everyone, but it is especially important for growing teenagers. Proper nutritionRead MoreThe Dietary Patterns Of Americans Essay1291 Words   |  6 Pagesof Americans differ widely, but most Americans eat a diet that could best be described as in need of improvement†. Compared to other countries, the American diet is very different. I have first hand experienced how much different Americans eat from other countries. For a brief, but very beneficial and productive time, I lived in Barcelona, Spain with my host family. Over in Spain, they eat much more fresh, organic food. There was a lot more seafood in the average diet. The meal configuration overRead MoreThe Dietary Analysis Helped Me Become More Aware Of Me Current Health919 Words   |  4 Pageshealth. Because I am on the go most of the time, I find it very easy to pick up something fast to eat rather than making a full healthy meal. It was until things assignment that i noticed I eat a lot of more calories than I thought I did. I learned that I eat a lot of protein. Sometimes I eat protein bars because I think they are healthy. Before taking this class I never really payed attention to food labels. I am now a lot more alter while checking food labels. Before this class I would often justRead MoreCreating a Solution Essay1702 Words   |  7 Pagesindustries to understand its costumers and eventually led the way towards focusing specifically on making their restaurants more family orientated to gain exponential profits from not only the people on the go, but every type of costumer. The fast-food industries have became, so aware of what people want they practically profit from knowing how people think. These industries did not become so famil iar with its consumers over night; these people have spent their whole business careers focusing on gainingRead MoreThe Food Of Food Programs916 Words   |  4 Pagesinterest in cooking and trying different types of cuisine. I then became overweight from eating too many different types of food I had seen on TV. I knew that I was eating large amounts of unhealthy food and not exercising enough. I studied more on nutrition which changed my unhealthy eating habits and became healthier as I grew older. Throughout culinary school and working in restaurants I have seen how easy it is to become overweight when food is the focus. I aim to create nutritious food that peopleRead MoreRecommendation Report On Children With Diabetes1719 Words   |  7 Pagesknowledge. Parents, school, communities and the health care systems must work together to provide information to direct them to what this disease is and why it’s occurring in more in children’s life in an everyday basis. †Å"Diabetes is a problem with your body that causes blood glucose (sugar) levels to rise higher than normal.† – ADA Types of Diabetes Type 1 diabetes â€Å"Type 1 is the body does not produce insulin. The body breaks down the sugars and starches you eat into a simple sugar called glucoseRead MoreType Two Diabetes : A Burdon On Public Health Essay1114 Words   |  5 PagesType Two Diabetes: A Burdon on Public Health Intervention Paper Introduction: Type two diabetes is one of the leading causes of death in the United States. It affects more Americans than most non-communicable diseases (Healthy People 2020, 2016). This public health issue has an urgency to be addressed and resolved. Several interventions should take place in order to see what works best for prevention and treatment of type two diabetes. Diet and physical activity are two of the most common predicators

Change of Leadership Styles in Last Three Decades

Question: Discuss about the Change of Leadership Styles in Last Three Decades. Answer: Introduction Leadership is a striking feature of valuable skill that refers to the connection amid the frontrunner and mass associates of a functional team which subsequently integrates a virtuous allowance of guidance with responsibility of varied forms of assessments. It directs the members of the well-designed squad of an organization owing to professional or enlightening purpose with vivid motives of ethical, legal, physical, communal elements to enrich the ultimate values of behavior and conduct. The personality of the characters is molded as per the perspectives of the establishment and required attributes of the overall environment of the society. The authorized rights edged by heads as well as group followers remain in the immensity of serviceable insinuation of creative presentation of the characteristic qualities (Adair, 2010). This conviction monitors the followers when the technique of handling individuals and jobs diverges from the ideologies of dictatorship in the direction of mutual arrangement of founding judgment. Thus, the concept of leadership style and elegance has transformed a lot from the early years of trends that governed the situations within and outside the control of varied types of institutes. The Academic, charitable, vocational, technological, legal and didactic foundations are erected on the platform of the guidance of eminent leader who directs the path of approaching towards the desired goals of career and pursuits of life. Furthermore, the standards of control recurrently fluctuate that are accountable to the talent as anticipated and utmost suitable at the precise period. Whatsoever this designates, it discloses that the maximum high-ranking individual of an operative team does not continuously changes the principles of action, the forefront leader gives importance to the prioritie s based on supremacy of doctrines that would be urgently needed to carry out the responsibilities of the selected tasks at the specific moment The crucial subtleties for an endorsed, firm besides the shared concern encompass the variance of strength of mind (Bass, 2010). The Investigative Research shows that the policies of leadership arrive as soon as the Lead is affirmed to be accountable and encouraging others. The Heads in the course of the cultural heritage are involved in generating decisions in conjunction with these units that need to be up-to-date about the delicate state of affairs to be discovered. The problems stand as the key factors to be determined (Azaralli, 2013). The Superior person compares the performance of the commercial or benevolent unit in accordance with the demands of statuses of actions. The statistical examination acclaims that the lead may possibly be liable for directing 15-45% of the portrayal of a concern to suit the purpose of the activities and intentions to achieve success in the respective sphere of production of physical and intellectual effort. The systematic explanation of the proficiency of leadership educations exposes that the pioneers activities be supposed to own 66 % vision of successively chasing a self- reliant upshot in the staging of a formation of group. Background of the study The values of Leadership organize for fine-tuning and flexibility to regulate with the stresses of the state of affairs. The Most senior heads recondition the formations to track the prominent culture. The Constitutional activities are particularly multidimensional to subsidize to the success of reputation to headship facilities outer to the leaders prevailing courage to guide the understanding of the concern. Every now and then, the aptitude of leaders may be in good health to be flourished by different structures of the well-designed circumstances of skilled lineup of personalities with robust willpower of purposes as well as technical arrangements with the essential implements of hardware plus software organization founded on the set-up of precise valuations (Conger and Riggio, 2012). The individualities and movements of the portents include the deepest abilities that assist the lead to achieve efficaciously in innumerable conditions of actions. The occurrences encompass of self-assurance in addition to problem-solving competence. The behavior and refinement of Groundbreaker signifies the events of the commander that occupies his or her illustrative technique of fulfilling the responsibilities. The Cases cover participative route, standing of attitude, assignment of measures of interface and so forth. The topographies of Range of Followers entail the assets of the convention of supporters. The occurrences encircle their aptitude besides the astounding phase of eagerness which provides the head with the accountability of realizing a brilliant work. The central and peripheral state of affairs incorporates the authorities of the set of circumstances which will conceivably or may not be directed by the maxims of the principles of forerunner. The configurations of illu strations comprise of financial plan, diversity of teams, organizational standards and so on. (Mazenod, 2013). The general personality of a front-runner expresses the life force of self-possession, modesty, Essential impressions of self-appraisals, evenness, and acceptability, extraversion impudent desire, resilience and responsiveness with acceptance of intelligence while resolving conflicts. The operation interconnected matters comprise self-awareness, self-supervisory capability, mutual perception of concepts while dealing with correspondence with the group members and others, impression of mobility plus quietness, primary opinion of governing features as well as heroism. The rational evolution or talent by which cognizance is congregated empowers the heads to explain the principal complications within the place of work with balanced supports to meritoriously accumulate, exercise, and stack essential confirmation. The understanding or exploration of facts with clear-sightedness penetrates to the practical acquaintance of the working group for accomplishing the assigned project or inventive ness that encourages having unobtrusive revelation of individuals and settings or decision over and above substantial foundations of values (Hughes and Beatty, 2011). Literature Review According to Doyle and Stern (2010), leadership always devises a vital matter subsequently for the establishments and enterprises that are enduringly in a relentless tussle to be progressively competitive. Headship is an imperative occupation of administration which supports to capitalize on competence and to succeed directorial aims. The manifestation of guidance has been labeled in relationships of the place, disposition, accountability, inspiration progression; apparatus to accomplish an objective, or activities. Most explanations have a collective subject of leading an assembly on the way to an end. Consequently, the leadership may be approximately demarcated as the rapport concerning a person as well as a cluster constructed about some communal interest in which the assemblage performs in a method with focused or uncompromising approach by the prime person. Leaders may impact on the deeds of their supporters over and done with the routine of changed panaches, or methods, to supervision of others. For the previous three spans, a pair of leading sophistications of governance, such as, transactional in addition to transformational direction has established a noteworthy volume of consideration. Alternatively, operative assurance has extensively been a matter of awareness to administrative investigators. The unique of the foremost causes for its attractiveness positions such that the establishments have sustained to treasure and endure competitive lead from end to end with the bands of dedicated personnel. Many examiners started that a groups accomplishment is indomitable, in measure; by devising a great step of logistic assurance (Conger and Riggio, 2012). Structural assurance has engrossed all-embracing devotion in concept and investigation for the reason of its challenge to comprehend and illuminate the strength and constancy of operative perseverance to effort in groups. The Researchers of management studies portrays that administrative potential is demarcated as a followers documentation with the assignment, objectives, and revelation of the institute. Bestowing to the concept of legislative obligation, the characteristics of leadership has been distinctively produced in a varied pattern of behaviors. Most philosophers, nevertheless, comprise some or additional boldness of essentials as a vital measures of their characterization as per robust confidence plus recognition of the aims and standards of the establishments with readiness to exercise substantial power and support of the group, and a resilient aspiration to uphold the involvement in the association. Mostly, higher or subordinate stages of assurance have been exposed to be a foremost driver of personnel continuing with or parting an institute. The assurance of Employees reproduces the superiority of the guidance in an association Directorial obligation affords a wide-ranging degree of the success of control which proposes an approach to promote and discover the matter of the correlation among leadership and promise. Nevertheless, establishments are constantly regarding for the steadfast human assets with the intention of accomplishing its premeditated purposes (Davis, 2011). Precisely, administrators ought to ensure the accountability to draw attention towards their juniors with the relationship and influence to the accomplishment of the association and to appreciate the consequence of constructing an encouraging affiliation with their corresponding charges to augment the dependents promise to the institute Hughes and Beatty (2011) explained that the leadership method reflects two classes of control: transformational as well as transactional. To inspire the personnel, the transactional lead practices perceptible recompenses as, cash and position despite the fact that the transformational system applies insubstantial benefits, such as individual development, self-confidence, and specialized ethics. Bass (2010) initially familiarized the perceptions of transformational in addition to transactional guidance in his conduct of radical management; on the other hand this tenure is at the present applied in group psychology in addition. The persons usually stretch the determination by enlightening the self- convinced tools that motivate transformational on top of transactional guidance Davis (2011) delineated that transformational direction serve the technique of chasing shared objectives over and done with the common selection of frontrunners besides groups purpose with the foundations en route for the attainment of the envisioned change. Transformational control may be understood once frontrunners and supporters help mutually to develop them to reach a sophisticated status of morality as well as enthusiasm However, Marquis and Huston (2011) defined transformational headship as a bravura of sequence that converts the factions to upswing beyond their self-centeredness by changing their confidence, principles, benefits, and ethics, inspiring them to execute better than primarily projected. Jones (2013) emphasized that transformational governance transpires when influential leaders enlarge and upraise the comforts of their teams, while they produce alertness and recognition of the commitments and undertaking of the assembly, as well as at the time they stimulate thei r workers to watch further than their individual egotism for the worthy of the assemblage. Mazenod (2013) represented transformational control as encompassing four dissimilar influences: charisma, stimulation, customized deliberation and knowledgeable encouragement. Charisma is presented by frontrunners that perform as title role representing them as models, to generate a sagacity of documentation with a collective cognitive therapy, as well as introduce superiority and confidence in groups by irresistible hindrances. This measurement is moreover identified as perfect encouragement and might be promoted into two substitute issues - idealistic stimulation accredited and flawless impact on behavior. Motivation is well-defined as exciting plus authorizing the supporters to devotedly accept and track thought-provoking aims as well as a task. Modified deliberation entails of performances for instance, collaborating with individual reverence to the supporters by generous and focused consideration, by handling each person independently, as well as by distinguishing everyones exce ptional desires. Lastly, the frontrunners who reflect ancient complications in new-fangled customs, express these novel thoughts, and inspire the groups to reconsider their foreseeable exercise and philosophies are supposed to be logically thought-provoking. Vision effects with the outlook of leadership if internal aspects of structural morals and aims reassure the entities to accept the anticipated behaviors. Marquis and Huston (2011) demarcated vision as per an unmatched model that signifies common principles and claimed that charismatic frontrunners establish a summation of performances, together with expressing n belief that augments precision of objectives motivation on assignment and assessment of correspondence. Inspirational message refers to the manifestation of affirmative and promising communications concerning the group and declarations that shape the features of enthusiasm as well as buoyancy. Inspiration denotes the degree to which frontrunners arouses interest amid dependents for the exertion of the assembly and declares effects to shape secondary assurance within their capability to accomplish the allotted tasks efficaciously besides attaining customary aims (Davis, 2011). Supportive control stands as a module of modified deliberation of leadership. Personalized reflection arises before a forerunner devises a changing alignment in the direction of supervisors and exhibits modified consideration to supporters and reacts correctly to their particular desires. Supportive front-runners direct their performance en route for the fulfillment of attendants' requirements and predilections, demonstrate concern for dependents' wellbeing, as well as fashion a responsive and emotionally supportive functional atmosphere (Oliver, 2010). Intellectual encouragement is improving operatives' attentiveness in addition to responsiveness of complications and accumulating their capability to contemplate about difficulties in innovative traditions. Intellectual motivation intensifies adherents' talents to theorize, follow, and investigate difficulties and improve the worth of clarifications (Yukl and Mahsud, 2010). Individual acknowledgment is the endowment of recompenses for instance, admiration in addition to greeting of determination for accomplishment of itemized objectives. Particular appreciation transpires while a groundbreaker specifies that the concerned person values personages' exertions plus rewards the triumph of upshots dependable by means of the visualization over and done with compliment and response of admirers energies. Transactional type of leadership denotes a self-motivated argument among superior person and their underlings, where the trailblazer creates detailed objectives, displays advancement, and categorizes rewards that may be likely on realization of aim. It encompasses an interchange method amongst the groundbreaker plus the supporters, projected to raise supporters amenability to the forerunner in addition to the executive directions. Conger and Riggio (2012) regarded the transactional leaders as the unique individuals who functions in the present arrangement or principles, devises a partiality for evasion of threat, pays courtesy to stretch of restrictions and effectiveness, besides desires the method in excess of constituents as resources for preserving mechanism. Bass ideal of guidance embraces three magnitudes: contingent remuneration, management-by-exception, besides laissez-faire, or non-headship comportment. Contingent remuneration transmits back to prior labor lead anywhere since the frontrunner allocates power plus then recompenses the supporters for performing the job. The leaders manage with factions by satisfying the work agreement, expressing what to consolidate to improve rewards, exhausting undesired accomplishment, and providing additional opinion and elevations for respectable exertion. Bass (2010) highlighted that as long as conditional rewards are considered, a transactional leader may possibly motivate a sensible gradation of participation, faithfulness, obligation and concert from dependents. Management-by exception (MBE) embraces to come reflexively for mistakes to transpire and then appealing curative accomplishment. The groundbreaker depend comprehensively on flaccid management-by-exception, interferes on the actions of the cluster merely when measures and values for completing jobs are not encountered It possibly will be essential when security stands as a concern. The leader lookouts and explores for nonconformities from rubrics and values, takes remedial deed (Bass, 2010). In the additional and vigorous procedure of management-by-exception, leaders stab to expect errors or complications. Laissez-faire control stands as a difference to the vigorous guidance panaches of transformational as well as transactional guidance. It is practically an escaping sequence of guidance of performances; when a discrete type of person escapes from producing choices and validates a inactive insignificance to both responsibilities and supporters. Conclusion The influential people fashions a prediction to build an appropriate practice of functioning. Actual leaders correspondingly succeed to manage up and around from end to end justifying all forms of interventions just round the corner to the reinforcement of positive accomplishments of expansions of the projects. The persons own the influence to monitor them as well as the exterior matter can take over them. The peripheral impacts upon the heads supervisory contrivance enforce a sophisticated brand on the professional effects of the inventiveness than the measures of the leadership. References Adair, J. (2010) Strategic Leadership: How to Think and Plan Strategically and Provide Direction. 5th ed. London: Kogan Page. Armstrong, M and Taylor, S. (2014) Armstrong's Handbook of Human Resource Management Practice. 13th ed. London: Kogan Page Limited Azaralli, N. (2013). Effects of transformational leadership on empowerment and team effectiveness. Leadership Org Development J, 24(6), pp.335-344. Bass, B. (2010) The Bass handbook of leadership: Theory, research, and managerial applications. New York, NY: Simon Schuster. Boulding, W., Staelin, R., Ehret, M. and Johnston, W. J. (2010) A customer relationship management roadmap: what is known, potential pitfalls, and where to go. Journal of Marketing, 69(4), 15566 Conger, J. A. and Riggio, R. E. (2012) The Practice of Leadership: Developing the Next Generation of Leaders, 2nd ed. Oxford: Butterworth Heinemann. Davis, A. (2011) Leadership, Teamwork and Trust. 3rd ed. New York: Harper Collins. Doyle, P. and Stern, P. (2010) Marketing Management and Strategy. 7th ed. Hoboken N.J: Wiley. Hughes, R. L. and Beatty, K. M. (2011) Becoming a Strategic Leader: Your Role in Your Organization's Enduring Success, 2nd ed. San Francisco: Jossey-Bass Jones, A. (2013). Conceptualising business mobilities: Towards an analytical framework. Research in Transportation Business Management, 9, pp.58-66. Marquis, B. L. and Huston, C. J. (2011) Leadership Roles and Management Functions in Nursing: Theory and Application, 6th ed. London: Elsevier. Mazenod, A. (2013) 'Engaging Employers In Workplace Training - Lessons From The English Train To Gain Programme'. International Journal of Training and Development 18(1), pp.53-65 Oliver, R. (2010). A Cognitive Model of the Antecedents and Consequences of Satisfaction Decisions. Journal of Marketing Research, 17(4), p.460. Sousa, C, Filipe Coelho,C., and Guillamon, E. (2012) 'Personal Values, Autonomy, And Self-Efficacy: Evidence From Frontline Service Employees'. Int J Select Assess 20(2), pp. 159-170. Taormina, R J., and Jennifer, H. (2013) 'Maslow And The Motivation Hierarchy: Measuring Satisfaction Of The Needs'. The American Journal of Psychology 126(2), pp. 155-177. Yukl, G. and Mahsud, R. (2010). Why flexible and adaptive leadership is essential. Consulting Psychology Journal: Practice and Research, 62(2), pp.81-93.

Value Drivers Of The Pharmaceutical Industry Essay Example

Value Drivers Of The Pharmaceutical Industry Essay The size of the global pharmaceutical industry was estimated at US$362.8 billion (December 2000) with North America being the largest market (44%), followed by Europe (24%), Latin America (6%) and Asia, Africa and Australia having a combined share of 26%. With a size of Rs. 231 billion in FY2001, and growing at a compounded annual growth rate (CAGR) of around 17% per annum, the Indian pharmaceutical industry is one of the largest among developing countries. It contributes 8% in volume terms but only 1% in value terms to global pharmaceutical sales. The domestic companies meet about 90% of the countrys total bulk drugs requirement and almost the entire demand for formulations. There are over 20,000 players in the industry, with a large number of them involved in the production of unbranded products. The structure of the Indian pharmaceutical industry (as that of its global counterpart) is characterized by fragmentation, with over 20,000 players-a large number of which are in the small-scale sector, competing for market share. However, a trend of consolidation is visible at the top with the 5 players in the Indian pharmaceutical industry account for 22% of the retail formulations market. We will write a custom essay sample on Value Drivers Of The Pharmaceutical Industry specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Value Drivers Of The Pharmaceutical Industry specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Value Drivers Of The Pharmaceutical Industry specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Evolution. The evolution of the Indian pharmaceutical industry can be explained in terms of six broad phases, as discussed here. Period up to 1947 The industry was almost non-existent in this period and despite the existent need, demand was limited due to low-income levels and lack of access to medicines. 1947-1970 In 1954, Government established Hindustan Antibiotics Limited (HAL), followed by Indian Drugs and Pharmaceuticals Limited (IDPL) in 1961. These companies emerged as major producers of critical drugs such as penicillin and other anti-infectives. The Government also provided incentives to multinational companies so that they were encouraged to set up manufacturing bases in India. 1970-1979 In 1970, two major policy initiatives were taken by the Indian Government to strengthen the domestic pharmaceutical industry. Drug Price Control Order (DPCO) was issued to control the prices of drugs and make them affordable to consumers and Indian Patent Act was enacted to provide legal recognition to process patents for pharmaceutical products. The Government also provided incentives to small-scale pharmaceutical units which led to the surfacing of many such units in the formulations segment, where technology was not the most important criteria. 1979-1995 Government made amendments to the DPCO in 1979 reducing the number of drugs under DPCO from 347 to 163. Moreover, higher margins were permitted on the production cost. Further, the export incentives and the advantage of low production costs combined to provide a substantial boost to exports (especially of bulk drugs). The DPCO was again amended in 1987, resulting in a reduction in the number of drugs under price control from 163 to 146. 1995-2001 Government reduced the number of drugs under DPCO further from 146 to 74. It also signed the General Agreement on Tariffs and Trade (GATT) and was expected to introduce the system of product patents (as opposed to process patents) and provide legal protection to Trade Related Intellectual Property Rights (TRIPS). The signing of the GATT induced a series of changes in the business strategy of the existing pharmaceutical companies. The focus of the companies shifted, and research emerged as the inevitable driver of long-term growth. A large number of companies underwent restructuring and quite a few mergers and acquisitions were witnessed; consolidation at all levels in the industry-brands, assets and acquisition of companies-took place. The move also augmented the interest of multinationals in India. During 2001, at the Ministerial Conference held at Doha (Oman), a declaration on Public Health was signed by the member countries of the World Trade Organisation (WTO the successor to GATT). This declaration clarifies that the TRIPS agreement would not prevent WTO members from taking measures to protect public health and provides them the right to determine what constitutes a national emergency or circumstances of extreme urgency. The WTO members would be allowed to determine the grounds on which such licences are granted and grant such compulsory licences. 2002 Pharmaceutical Policy 2002 was announced, wherein the number of drugs under price control has been reduced from 74 (under DPCO 95). Also, both the houses of Parliament have recently cleared the Patents Amendment Act, 2002. The main features of this Act are the extension of patent term to 20 years from the date of application, incorporation of a provision relating to right of import and changes in the provisions relating to compulsory licensing. High Cost Process with Long Time Lead The average length of time required to develop a drug is estimated at 12-15 years, increasing over the years, mainly because of the tightening of the regulations associated with drug approval in different countries. The rate of failure is relatively high. Typically, out of 10,000 compounds synthesised, only around 20 reach the animal testing stage. Of these 20, only around 10 reach clinical trials, and finally, just about one attains the approval of the drug regulatory authorities. Moreover, only around three out of every 10-drug products recover their RD costs. Therefore, companies have to rely on highly successful products to fund their RD activities. Clinical trials account for about half the total time involved in new drug discovery. This phase is of crucial importance and over 40% of the total cost is incurred in this phase. Growth pattern of the sector Growth in the pharmaceutical industry is linked to the introduction of new drugs and increase in prices, among other factors. It is characterized by relative immunity to economic cycles in the short to medium term. However, extreme situations like prolonged recession may affect the growth rate of the industry. The size of a pharmaceutical market increases as a result of various factors, the most prominent among which are discussed here. * Increase in prices: Demand is relatively price- insensitive implying that the market size increases along with an increase in prices. * Increase in volume: With the demographic profile changing following the increase in the number of people in the old age segment, the volume of sales of pharmaceutical products is also expected to increase. * New product introduction: A new product broadens the existing market in terms of its reach and drive growth in the following manner: o Drugs that serve unmet needs for a relatively small patient base. The selling expenses for these drugs are also lower as they are cheaper to launch than blockbusters. o Drugs that increase demand in existing markets o Drugs that create demand for products that did not exist earlier: A recent example of this is Pfizers Viagra. Declining Share of Multinationals Initially, Government policies for the pharmaceutical sector encouraged multinational companies to establish manufacturing bases in India, leading to the dominant control of the Indian pharmaceutical market by these MNCs (market share of over 80% ). With the introduction of the Indian Patents Act and the Drug Price Control Order in 1970, Indian players discovered new avenues of growth, and consequently, the share of the multinationals declined. The Patent Act, 1970, provided opportunity to Indian players by allowing reverse process engineering of known molecules (under and off patent). Thus, the multinationals felt discouraged to introduce their latest products in the Indian market even as the Indian companies increasingly took up the manufacturing of formulations. Cost structure. The three important cost heads for the Indian pharmaceutical industry are: material costs; marketing selling costs; and employee costs. This is in contrast to the cost structure of the global majors, for whom the key costs are: selling costs, general and administration costs; manufacturing costs; and RD expenses. The companies that are present The Indian pharmaceutical industry, estimated at Rs 231 billion, is the fourth largest in the world in terms of volumes. The industry has been growing at a CAGR of 17% over the last 5 years. The industry has around 20,000 players and is characterized by an increasing concentration at the top. It is this segment that we are analyzing in the project. Hence, Large Indian companies like Ranbaxy, DRL etc who are members of both the OPPI and the IDMA will form the basis of our study. There is also a large segment of unbranded drugs in the market. The introduction of regulatory norms by the Government of India favoring process patents coupled with the high import tariff and low prices of the domestic drugs has gone a long way in the development of the domestic industry against the multinationals operating in the country. Today, India is not only self sufficient in drugs and formulations, we also export to different countries in Europe and North America.

Marxism essays

Marxism essays Marxs work seems to be more of a criticism of Hegelian and other philosophy, than a statement of his own philosophy. While Hegel felt that philosophy explained reality, Marx felt that philosophy should be made into reality, a hard thing to do. He thought that one must not just look at and inspect the world, but must try to transform the world, much like Jean Paul Sartres view that man must choose what is best for the world; and he will do so. Marx is unique from other philosophers in that he chooses to regard man as an individual, a human being. This is evident in his Economic and Philosophic Manuscripts of 1844. There, he declares that man is a natural being who is endowed with natural [and] vital powers that exist in him as aptitudes [and] instincts.1 Humans simply struggle with nature for the satisfaction of mans needs. From this struggle comes mans awareness of himself as an individual and as something separate from nature. Therefore, he seeks to oppose nature. He sees that history is just the story of man creating and re-creating himself and sees that man creates himself, and that a god has no part in it. This might explain the communist belief in no religion. Marx also says that the more man works as a laborer, the less he has to consume for himself because his product and labor are estranged from him. Marx says that because the work of the laborer is taken away and does not belong to the him, the laborer loses his rightful existence and is made alien to himself. Private property becomes a product and cause of alienated labor and through that, causes disharmony. Alienated labor is seen as the consequence of market product, the division of labor, and the division of society Therefore, capitalism, which encourages the possession of private property, enco ...

The American Exchange - Shaping the Modern World essays

The American Exchange - Shaping the Modern World essays The voyages of historical European explorers in the early modern era between 1500 and 1800 resulted in short and long term consequences in both the Eastern and Western hemispheres. The diffusion of plants, food crops, human populations, disease pathogens, and animals changed the worlds biological fabrication for the first time since the continental drift. In 1492 Christopher Columbus stepped foot in the Americas with the desire to obtain basic resources, food, and land. The Europeans introduced the Americas to crops of wheat, barley, rice, and turnips, although these crops had little effect on the new world. When the Europeans introduced the Americas crops of white potatoes, sweet potatoes, maize, and manioc to the old world; they experienced improved nutritional value diets, increase caloric intake, and population growth. The white potato and maize had the most dramatic effect on the old world; Southern Africa adopted maize as a staple and began to harvest it; helping to format trading posts there. The white potato began to thrive in Europe having the most significant effect on Ireland where it promoted a rapid population increase. Ireland became so dependent on the white potato that when a potato blight raved the crops, Ireland experienced widespread famine. Europe experienced the most benefit from the exchange of foods and crops during this time; old world crops such as sugar, coffee, soybeans, oranges, and bananas could be cultivated in new world climates which fueled the demand for these crops . This increased the available supply of food and significantly dropped the prices, allowing the general population access leading to the adoption of new foods in all parts of the world. Perhaps the most beneficial crop discovery in the new world was the cinchona trees that produced quinine. Quinine was the first effective treatment for malaria between 1500 and 1800, as contact between the two worlds increased, malar...

Identify Gaps or Weaknesses of the Research or Outcomes Essay

Identify Gaps or Weaknesses of the Research or Outcomes - Essay Example Weaknesses refer to the quality of lacking strength or firmness. It refers to a state of having defective or inadequate character. The researcher finds Corporate Social Responsibility as an area of major concern in the society. All people and the government should emphasize on it since it addresses many issues affecting the diverse community. Research shows that there is numerous violations to CSR and the government should undertake measures to curb it. Description of research is unfocused and thus inefficient in describing the purpose of research There are many people who question the validity and authenticity of Corporate Social Responsibility since there is evidence of contradiction between what corporations do and say. This makes the description of the research appear as unfocussed or inefficient in describing its purpose. Despite that companies adhere to the rules governing Corporate Social Responsibility, impunities persist. These include the global economic crisis and other et hical issues involving pharmaceutical companies, child labour, and sweatshops. People, therefore, do not realize the relevance of Corporate Social Responsibility in the society since impunity and corporate abuses is increasing (Westhuizen and Maree, 2009). The hypothesis is doubtful, ill-defined, and unsound as the evidence is insufficient The research does not give comprehensive analysis of a wide range of information to assess the credibility of the information. To determine whether Corporate Social Responsibility is still significant, it carries out a documentary analysis of some articles only. The research should not rely on documentary analysis of articles only but should gather information from different sources. It should gather information from websites, journals, newspapers, research, and other documentaries that will enhance the credibility of the information. This will ensure that the research is thoroughly reliable and appropriate for decision making since it is credible . The research is inconsistent in defining Corporate Social Responsibility and gives various definitions that differ. This is an indication that the research is doubtful, unsound, insufficient or ill-defined since it has inconsistencies that should not exist. This definition makes it ambiguous to decision makers and deters them from assess the impacts of its each dimension to the company (Narayan, 2002). There are various ways that the researchers should design their method of research to overcome the weaknesses or plug the gaps. One of the major ways of achieving this role is by providing sound and sufficient evidence. The researchers should gather information for or against Corporate Social Responsibility from many different sources to avoid ambiguity. They have only relied on a few documentary articles. They do not provide sufficient information that one needs to make a viable conclusion about Corporate Social Responsibility. For a paper to have credibility of information, it sho uld ensure that it should gather information from different sources at different periods (Hoque, 2006). The fact that people question the validity and authenticity of Corporate Social Responsibility makes the description of the paper appear as unfocussed. Companies claim to follow the Corporate Social Responsibility rules, yet impunity is at the highest marked by various ethical problems in the society like child labour. This is an indi

Values of a servant leader Essay Example | Topics and Well Written Essays - 500 words

Values of a servant leader - Essay Example According to Myra, (1999), the term servant leader is used to describe ones power and authority to serve others through leadership. A nursing director is mandated to guide his or her followers by initiating and sustaining a relationship that support others in their work place and the environment (Savage-Austin, & Honeycutt, 2011). Servant leadership theory is practically a philosophy which explains the support of people that choose to serve first. It also encourages collaboration, trust, listening, and use of ethical power and empowerment. This theory explains the role of a servant leader and emphasizes on their duty to serve his or her followers, thus have desire to serve and this goes beyond desire to lead. Leadership is the art of the conduct and the person in any given organization. When persons are said to possess good or bad leadership qualities, it all depends on the way they carry themselves. According to Savage-Austin, & Honeycutt, (2011), great leadership works through emotions. However, it depends on whether these emotions are positive or negative. Positive emotions bring out the best outcomes from a leader. In this case, much of what a nursing director does when he or she is optimistic, can highly yield positive returns. On the other hand, when the director is negative about what he does, then, this leads to dissonance. Many people try to become leaders but they eventually fail. Those who succeed usually practice leadership strategies that are effective for them to be able to meet their desired goals or targets. One of the character traits of an effective leader is talent (Savage-Austin, & Honeycutt, 2011). Many people say that leaders are born with the talent but for them to be successful, they must gain experience through practice. It is apparent that most of the renowned and successful directors worldwide are very qualified

The Modern Prometheus Essay Example for Free

The Modern Prometheus Essay Frankenstein, costing just over $30 million dollars needed to re coup the costs. Therefore changes had to be made; such as the plot, character or action. The director had to edit and cut scenes to make it fit into the one hour and 40 minute time slot. The scenes had to be carefully put together to create a particular style and to create a certain effect. The director edited the scene where the daemon was being created. In this scene there was huge sets, dramatic music and a lot of hand-held camera work and many effective camera angles to capture the enormity of the laboratory. Many images were cut closely together to build up tension and suspense. This was a set piece designed for a modern audience. It is a very visual climax; where as in the book the creation of the monster is shown by, I became myself capable of bestowing animation upon lifeless matter. As a film is intense for a long time and when read a book you graze and they are much more complex; the director has to make it appealing and want to make you watch on. Often commercial pressures mean that the film is not a true or faithful adaptation of the novel. The film Frankenstein is lavish, sumptuous and has high production values. It is full of action sequences and set pieces. Frankenstein is a horror film and its purpose is to scare the audience. But the film cannot be all blood and gore of it would be given an 18 certificate, which would mean that not as many people could see it. Films are censored so that we can restrict groups of society from seeing them. But it is far more difficult to restrict people from reading published novels. In literature authors can truly express themselves. The film s a serious adaptation of the novel and there is an attempt to recreate authentically the period in which the novel is set. There is great care over detail such as costume, sets and props. The first half of the film sets about establishing the relationships, especially between Elizabeth and Victor, this way; if anything happens to them it would have a greater impact on us. It is hard to make a film and still stay faithful to the novel. When reading a novel, the reader has to use his or her imagination to what the characters look like and the background. But in a film it is laid out for you to take in. Because of this most people prefer to read the book rather than watch the film. When the director came to make Frankenstein he had to make a careful decisions about Victors mothers death. In the novel she dies peacefully in her sleep of Scarlet fever, but this had to be changed to fit the film. In the end the director made it, that his mother dies whilst giving birth to his brother. It is very dramatic and looks painful. The stains of blood on the white gown and the birthing chair made the scene very horrific and much more gripping. It also gave Victor and incentive to go and create life and rid the world of disease. The biggest dilemma for the director is to know what scenes to keep and which to change. The directors job is very demanding. The director is the person with ultimate responsibility for everything that takes place on a film set, from the technical aspects up to the movements of the actors. Many directors make a contractual obligation that the released film is their cut. However many directors come under great pressure from the producers to make compromises for commercial reasons. The producers make suggestions in what happens but it is the directors who have the final say in how the film is put together to create a certain effect. The producers represent those who have given financial backing to the film. They can have significant influence on how the film develops. They want to make a high grossing film, with high ratings to bring in the money. The whole project has to be some kind of compromise. The director will highlight the main elements of the novel and remain faithful to those. The rest of the film will be subject to dramatic licence. The film Frankenstein tries very hard to stay to the book. It shows the essence of the novel. The film employs a technique of voice-over briefly at key points within the narrative and this helps to summarise a characters actions, thoughts and motivations. A voice-over can help to cover significant sections of the novel in a short time, as the story is very long and complex. Amy Barrett Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Mary Shelley section.

Global Marketing :: essays papers

Global Marketing Internet Paper The internet’s first role is the delivery and collection of timely information about products and services. We will have a look at the realistic role that the internet might play in assisting firms to reach their international marketing objectives. There are two types of impediments to the internet’s adoption and growth in international marketing: structural and functional. Structural issues are likely to have greater impact on consumer internet marketing than on business-to-business marketing. Functional issues are likely to have a greater influence on consumer marketing because businesses are easier to identify, segment, and reach. Functional issues A distinction can be made in the use of the internet: a passive use and an active use. The passive mode is used when the company recognizes the importance of having a presence on the web. The company will offer products, services, contact opportunity and other information that can be used by the consumer. Much more complex is the active use of the internet. It demands the identification of its appropriate role in the firm’s global strategic marketing plan. One functional issue is the market segmentation that should be chosen by the company. At this moment the mass marketing via the internet can not be pursued yet since there are still some limitations at this moment. A limitation is that the public access to the internet is still limited. Prospects are declaring that, when correctly applied, the internet is quickly adopted by the target audience and grows rapidly. Another limitation is that there is no programming per se to attract the individual surfer on the internet. However, the internet is well-suited for relatively homogeneous products that enjoy a broad appeal. Second, advertising has been the most natural and perhaps best developed use of the internet to date. The internet can be viewed as a mulitmedium, so it should be treated with the same principles as other advertising media. Promotion is a very important issue in this whole concept since with promotion brand recognition can be reached. Pricing is a third issue that should be mentioned. Pricing on the internet at the manufacturer level makes it easier for the competition to accumulate relevant price data and modify its current marketing program. Even a new strategy can be developed to compete for a bigger share of the market.

Monopolistic Competition

INTRODUCTION Pure monopoly and perfect competition are two extreme cases of market structure. In reality, there are markets having large number of producers competing with each other in order to sell their product in the market. Thus, there is monopoly on the one hand and perfect competition, on the other hand. Such a mixture of monopoly and perfect competition is called monopolistic competition. It is a case of imperfect competition. The model of monopolistic competition describes a common  market structure  in which firms have many competitors, but each one sells a slightly different product. Monopolistic competition as a market structure was first identified in the 1930s by American economist  Edward Chamberlin, and English economist  Joan Robinson. Many small businesses operate under conditions of monopolistic competition, including independently owned and operated high-street stores and restaurants. In the case of restaurants, each one offers something different and possesses an element of uniqueness, but all are essentially competing for the same customers. The aim of the given work is the study of monopolistic competition. The paper consists of introduction, body, conclusion and bibliography. In the introduction the aim of the work is defined and the structure of the paper is described. The body gives the definition of monopolistic competition, studies it main characteristics and comments on the main advantages and disadvantages of monopolistic competition. Conclusion sums up the results of the study. Bibliography comprises the list of references used when carrying out the work. MONOPOLISTIC COMPETITION Monopolistic competition  is a type of  imperfect competition  such that competing producers sell products that are  differentiated  from one another as good but not perfect  substitutes, such as from branding, quality, or location. In monopolistic competition, a firm takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other firms. In a monopolistically competitive market, firms can behave like  monopolies  in the  short run, including by using market power to generate profit. In the  long run, however, other firms enter the market and the benefits of differentiation decrease with competition; the market becomes more like a  perfectly competitive  one where firms cannot gain economic profit. In practice, however, if consumer rationality/innovativeness is low and heuristics are preferred,  monopolistic competition  can fall into  natural monopoly, even in the complete absence of government intervention. In the presence of coercive government, monopolistic competition will fall into  government-granted monopoly. Unlike perfect competition, the firm maintains spare capacity. Models of monopolistic competition are often used to model industries. Examples of industries with market structures similar to monopolistic competition include  restaurants,  cereal,  clothing,  shoes, and service industries in large cities. The â€Å"founding father† of the theory of monopolistic competition is  Edward Hastings Chamberlin, who wrote a pioneering book on the subject  Ã¢â‚¬Å"Theory of Monopolistic Competition†Ã‚  (1933). Joan Robinson  published a book  Ã¢â‚¬Å"The Economics of Imperfect Competition†Ã‚  with a comparable theme of distinguishing perfect from imperfect competition. Monopolistically competitive markets have the following characteristics: * There are many producers and many consumers in the market, and no business has total control over the market price. * Consumers perceive that there are non-price differences among the competitors' products. There are few  barriers to entry  and exit. * Producers have a degree of control over price. The long-run characteristics of a monopolistically competitive market are almost the same as a perfectly competitive market. Two differences between the two are that monopolistic competition produces heterogeneous products and that monopolistic competition involves a great deal of non-price competition, which is based on subtle product differentiation. A firm making profits in the short run will nonetheless only  break even  in the long run because demand will decrease and average total cost will increase. This means in the long run, a monopolistically competitive firm will make zero  economic profit. This illustrates the amount of influence the firm has over the market; because of brand loyalty, it can raise its prices without losing all of its customers. This means that an individual firm's demand curve is downward sloping, in contrast to perfect competition, which has a  perfectly elastic  demand schedule. Monopolistically competitive markets exhibit the following characteristics: 1. Each firm makes independent decisions about price and output, based on its product, its market, and its  costs of production. . Knowledge is widely spread between participants, but it is unlikely to be perfect. For example, diners can review all the menus available from restaurants in a town, before they make their choice. Once inside the restaurant, they can view the menu again, before ordering. However, they cannot fully appreciate the restaurant or the meal until after they have dined. 3. The   entrepreneur  has a more significant role than in firms that are perfectly competitive because of the increased risks associated with decision making. 4. There is freedom to enter or leave the market, as there are no major  barriers to entry  or exit. 5. A central feature of monopolistic competition is that products are differentiated. There are four main types of differentiation: a. Physical product differentiation, where firms use size, design, colour, shape, performance, and features to make their products different. For example, consumer electronics can easily be physically differentiated. b. Marketing differentiation, where firms try to differentiate their product by distinctive packaging and other promotional techniques. For example, breakfast cereals can easily be differentiated through packaging. c. Human capital differentiation, where the firm creates differences through the skill of its employees, the level of training received, distinctive uniforms, and so on. d. Differentiation through distribution, including distribution via mail order or through internet shopping, such as Amazon. com, which differentiates itself from traditional bookstores by selling online. 6. Firms are  price makers  and are faced with a downward sloping  demand curve. Because each firm makes a unique product, it can charge a higher or lower price than its rivals. The firm can set its own price and does not have to ‘take' it from the industry as a whole, though the industry price may be a guideline, or becomes a constraint. This also means that the demand curve will slope downwards. 7. Firms  operating under monopolistic competition usually  have to engage in advertising. Firms are often in fierce competition with other (local) firms offering a similar product or service, and may need to advertise on a local basis, to let customers know their differences. Common methods of advertising for these firms are through local press and radio, local cinema, posters, leaflets and special promotions. 8. Monopolistically competitive firms are assumed to be  profit maximisers  because firms tend to be small with entrepreneurs actively involved in managing the business. 9. There are usually a large numbers of independent firms competing in the market. Product differentiation Monopolistic competition firms sell products that have real or perceived non-price differences. However, the differences are not so great as to eliminate other goods as substitutes. Technically, the cross price elasticity of demand between goods in such a market is positive. In fact, the XED would be high. Monopolistic competition goods are best described as close but imperfect substitutes. The goods perform the same basic functions but have differences in qualities such as type, style, quality, reputation, appearance, and location that tend to distinguish them from each other. For example, the basic function of motor vehicles is basically the same – to move people and objects from point A to B in reasonable comfort and safety. Yet there are many different types of motor vehicles such as motor scooters, motor cycles, trucks, cars and SUVs and many variations even within these categories. There are many firms in each monopolistic competition product group and many firms on the side lines prepared to enter the market. A product group is a â€Å"collection of similar products†. The fact that there are â€Å"many firms† gives each MC firm the freedom to set prices without engaging in strategic decision making regarding the prices of other firms and each firm's actions have a negligible impact on the market. For example, a firm could cut prices and increase sales without fear that its actions will prompt retaliatory responses from competitors. How many firms will an MC market structure support at market equilibrium? The answer depends on factors such as fixed costs, economies of scale and the degree of product differentiation. For example, the higher the fixed costs, the fewer firms the market will support. Also the greater the degree of product differentiation – the more the firm can separate itself from the pack – the fewer firms there will be at market equilibrium. In the long run there is free entry and exit. There are numerous firms waiting to enter the market each with its own â€Å"unique† product or in pursuit of positive profits and any firm unable to cover its costs can leave the market without incurring liquidation costs. This assumption implies that there are low start up costs, no sunk costs and no exit costs. The cost of entering and exit is very low. Each monopolistic competition firm independently sets the terms of exchange for its product. The firm gives no consideration to what effect its decision may have on competitors. The theory is that any action will have such a negligible effect on the overall market demand that an MC firm can act without fear of prompting heightened competition. In other words each firm feels free to set prices as if it were a monopoly rather than an oligopoly. Monopolistic competition firms have some degree of market power. Market power means that the firm has control over the terms and conditions of exchange. An MC firm can raise it prices without losing all its customers. The firm can also lower prices without triggering a potentially ruinous price war with competitors. The source of an MC firm's market power is not barriers to entry since they are low. Rather, an MC firm has market power because it has relatively few competitors, those competitors do not engage in strategic decision making and the firms sells differentiated product. Market power also means that an MC firm faces a downward sloping demand curve. The demand curve is highly elastic although not â€Å"flat†. There are two sources of inefficiency in the MC market structure. First, at its optimum output the firm charges a price that exceeds marginal costs, the MC firm maximizes profits where MR = MC. Since the MC firm's demand curve is downward sloping this means that the firm will be charging a price that exceeds marginal costs. The monopoly power possessed by an MC firm means that at its profit maximizing level of production there will be a net loss of consumer (and producer) surplus. The second source of inefficiency is the fact that MC firms operate with excess capacity. That is, the MC firm's profit maximizing output is less than the output associated with minimum average cost. Both a PC and MC firm will operate at a point where demand or price equals average cost. For a PC firm this equilibrium condition occurs where the perfectly elastic demand curve equals minimum average cost. A MC firm’s demand curve is not flat but is downward sloping. Thus in the long run the demand curve will be tangent to the long run average cost curve at a point to the left of its minimum. The result is excess capacity. While monopolistically competitive firms are inefficient, it is usually the case that the costs of regulating prices for every product that is sold in monopolistic competition far exceed the benefits of such regulation. The government would have to regulate all firms that sold heterogeneous products—an impossible proposition in a  market economy. A monopolistically competitive firm might be said to be marginally inefficient because the firm produces at an output where average total cost is not a minimum. A monopolistically competitive market might be said to be a marginally inefficient market structure because marginal cost is less than price in the long run. Another concern of critics of monopolistic competition is that it fosters  advertising  and the creation of  brand names. Critics argue that advertising induces customers into spending more on products because of the name associated with them rather than because of rational factors. Defenders of advertising dispute this, arguing that brand names can represent a guarantee of quality and that advertising helps reduce the cost to consumers of weighing the tradeoffs of numerous competing brands. There are unique information and information processing costs associated with selecting a brand in a monopolistically competitive environment. In a monopoly market, the consumer is faced with a single brand, making information gathering relatively inexpensive. In a perfectly competitive industry, the consumer is faced with many brands, but because the brands are virtually identical information gathering is also relatively inexpensive. In a monopolistically competitive market, the consumer must collect and process information on a large number of different brands to be able to select the best of them. In many cases, the cost of gathering information necessary to selecting the best brand can exceed the benefit of consuming the best brand instead of a randomly selected brand. Evidence suggests that consumers use information obtained from advertising not only to assess the single brand advertised, but also to infer the possible existence of brands that the consumer has, heretofore, not observed, as well as to infer consumer satisfaction with brands similar to the advertised brand The advantages of monopolistic competition Monopolistic competition can bring the following advantages: 1. There are no significant  barriers to entry; therefore markets are relatively  contestable. 2. Differentiation creates diversity, choice and utility. For example, a typical high street in any town will have a number of different restaurants from which to choose. 3. The market is more efficient than monopoly but less efficient than perfect competition – less allocatively and less productively efficient. However, they may be dynamically efficient, innovative in terms of new production processes or new products. For example, retailers often constantly have to develop new ways to attract and retain local custom. The disadvantages of monopolistic competition There are several potential disadvantages associated with monopolistic competition, including: 1. Some differentiation does not create utility but generates unnecessary waste, such as excess packaging. Advertising may also be considered wasteful, though most is informative rather than persuasive. 2. As the diagram illustrates, assuming profit maximisation, there is allocative inefficiency in both the long and short run. This is  because price is above marginal cost in both cases. In the long run the firm is less allocatively inefficient, but it is still inefficient. . There is a tendency for excess capacity because firms can never fully exploit their fixed factors because mass production is difficult. This means they are  productively inefficient  in both the long and short run. However, this is may be outweighed by the advantages of diversity and choice. As an economic model of competition, monopolistic competition is more realistic than perfect competition – many famil iar and commonplace markets have many of the characteristics of this model. Conclusion Our study gives us an opportunity to come to the following conclusion. Monopolistic competition is a  market structure  in which several or many  sellers  each produce similar, but  slightly  differentiated  products. Each producer  can set its  price  and quantity without affecting the marketplace as a whole. Monopolistic competition differs from perfect competition in that production does not take place at the lowest possible cost. Because of this, firms are left with excess production capacity. It is a type of competition within an industry where: * All firms produce similar yet not perfectly substitutable products. All firms are able to enter the industry if the profits are attractive. * All firms are profit maximizers. * All firms have some market power, which means none are price takers. Monopolistic competition has certain features, one of which is that there are large number of sellers producing differentiated products. So, competition among them is very keen. Since number of sellers is large, each seller produces a very smal l part of market supply. So no seller is in a position to control price of product. Every firm is limited in its size. Product differentiation is one of the most important features of monopolistic competition. In perfect competition, products are homogeneous in nature. On the contrary, here, every producer tries to keep his product dissimilar than his rival's product in order to maintain his separate identity. This boosts up the competition in market. So, every firm acquires some monopoly power. The feature of freedom of entry and exit leads to stiff competition in market. Free entry into the market enables new firms to come with close substitutes. Free entry or exit maintains normal profit in the market for a longer span of time. Selling cost is another unique feature of monopolistic competition. In such type of market, due to product differentiation, every firm has to incur some additional expenditure in the form of selling cost. This cost includes sales promotion expenses, advertisement expenses, salaries of marketing staff, etc. And the last feature of monopolistic competition is that a firm is facing downward sloping demand curve i. e. elastic demand curve. It means one can sell more at lower price and vice versa. BIBLIOGRAPHY 1. Ayers R. and Collinge R. , Microeconomics, Pearson, 2003 2. J. Gans, S. King, N. Gregory Mankiw, Principles of Economics, Thomson Learning, 2003 3. Hirschey, M, Managerial Economics Rev. Ed, Dryden, 2000 4. http://www. britannica. com/EBchecked/topic/390037/monopolistic-competition 5. http://www. investopedia. com/terms/m/monopolisticmarket. asp 6. http://kalyan-city. blogspot. com/2010/11/monopolistic-competition-meaning. html Monopolistic Competition INTRODUCTION Pure monopoly and perfect competition are two extreme cases of market structure. In reality, there are markets having large number of producers competing with each other in order to sell their product in the market. Thus, there is monopoly on the one hand and perfect competition, on the other hand. Such a mixture of monopoly and perfect competition is called monopolistic competition. It is a case of imperfect competition. The model of monopolistic competition describes a common  market structure  in which firms have many competitors, but each one sells a slightly different product. Monopolistic competition as a market structure was first identified in the 1930s by American economist  Edward Chamberlin, and English economist  Joan Robinson. Many small businesses operate under conditions of monopolistic competition, including independently owned and operated high-street stores and restaurants. In the case of restaurants, each one offers something different and possesses an element of uniqueness, but all are essentially competing for the same customers. The aim of the given work is the study of monopolistic competition. The paper consists of introduction, body, conclusion and bibliography. In the introduction the aim of the work is defined and the structure of the paper is described. The body gives the definition of monopolistic competition, studies it main characteristics and comments on the main advantages and disadvantages of monopolistic competition. Conclusion sums up the results of the study. Bibliography comprises the list of references used when carrying out the work. MONOPOLISTIC COMPETITION Monopolistic competition  is a type of  imperfect competition  such that competing producers sell products that are  differentiated  from one another as good but not perfect  substitutes, such as from branding, quality, or location. In monopolistic competition, a firm takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other firms. In a monopolistically competitive market, firms can behave like  monopolies  in the  short run, including by using market power to generate profit. In the  long run, however, other firms enter the market and the benefits of differentiation decrease with competition; the market becomes more like a  perfectly competitive  one where firms cannot gain economic profit. In practice, however, if consumer rationality/innovativeness is low and heuristics are preferred,  monopolistic competition  can fall into  natural monopoly, even in the complete absence of government intervention. In the presence of coercive government, monopolistic competition will fall into  government-granted monopoly. Unlike perfect competition, the firm maintains spare capacity. Models of monopolistic competition are often used to model industries. Examples of industries with market structures similar to monopolistic competition include  restaurants,  cereal,  clothing,  shoes, and service industries in large cities. The â€Å"founding father† of the theory of monopolistic competition is  Edward Hastings Chamberlin, who wrote a pioneering book on the subject  Ã¢â‚¬Å"Theory of Monopolistic Competition†Ã‚  (1933). Joan Robinson  published a book  Ã¢â‚¬Å"The Economics of Imperfect Competition†Ã‚  with a comparable theme of distinguishing perfect from imperfect competition. Monopolistically competitive markets have the following characteristics: * There are many producers and many consumers in the market, and no business has total control over the market price. * Consumers perceive that there are non-price differences among the competitors' products. There are few  barriers to entry  and exit. * Producers have a degree of control over price. The long-run characteristics of a monopolistically competitive market are almost the same as a perfectly competitive market. Two differences between the two are that monopolistic competition produces heterogeneous products and that monopolistic competition involves a great deal of non-price competition, which is based on subtle product differentiation. A firm making profits in the short run will nonetheless only  break even  in the long run because demand will decrease and average total cost will increase. This means in the long run, a monopolistically competitive firm will make zero  economic profit. This illustrates the amount of influence the firm has over the market; because of brand loyalty, it can raise its prices without losing all of its customers. This means that an individual firm's demand curve is downward sloping, in contrast to perfect competition, which has a  perfectly elastic  demand schedule. Monopolistically competitive markets exhibit the following characteristics: 1. Each firm makes independent decisions about price and output, based on its product, its market, and its  costs of production. . Knowledge is widely spread between participants, but it is unlikely to be perfect. For example, diners can review all the menus available from restaurants in a town, before they make their choice. Once inside the restaurant, they can view the menu again, before ordering. However, they cannot fully appreciate the restaurant or the meal until after they have dined. 3. The   entrepreneur  has a more significant role than in firms that are perfectly competitive because of the increased risks associated with decision making. 4. There is freedom to enter or leave the market, as there are no major  barriers to entry  or exit. 5. A central feature of monopolistic competition is that products are differentiated. There are four main types of differentiation: a. Physical product differentiation, where firms use size, design, colour, shape, performance, and features to make their products different. For example, consumer electronics can easily be physically differentiated. b. Marketing differentiation, where firms try to differentiate their product by distinctive packaging and other promotional techniques. For example, breakfast cereals can easily be differentiated through packaging. c. Human capital differentiation, where the firm creates differences through the skill of its employees, the level of training received, distinctive uniforms, and so on. d. Differentiation through distribution, including distribution via mail order or through internet shopping, such as Amazon. com, which differentiates itself from traditional bookstores by selling online. 6. Firms are  price makers  and are faced with a downward sloping  demand curve. Because each firm makes a unique product, it can charge a higher or lower price than its rivals. The firm can set its own price and does not have to ‘take' it from the industry as a whole, though the industry price may be a guideline, or becomes a constraint. This also means that the demand curve will slope downwards. 7. Firms  operating under monopolistic competition usually  have to engage in advertising. Firms are often in fierce competition with other (local) firms offering a similar product or service, and may need to advertise on a local basis, to let customers know their differences. Common methods of advertising for these firms are through local press and radio, local cinema, posters, leaflets and special promotions. 8. Monopolistically competitive firms are assumed to be  profit maximisers  because firms tend to be small with entrepreneurs actively involved in managing the business. 9. There are usually a large numbers of independent firms competing in the market. Product differentiation Monopolistic competition firms sell products that have real or perceived non-price differences. However, the differences are not so great as to eliminate other goods as substitutes. Technically, the cross price elasticity of demand between goods in such a market is positive. In fact, the XED would be high. Monopolistic competition goods are best described as close but imperfect substitutes. The goods perform the same basic functions but have differences in qualities such as type, style, quality, reputation, appearance, and location that tend to distinguish them from each other. For example, the basic function of motor vehicles is basically the same – to move people and objects from point A to B in reasonable comfort and safety. Yet there are many different types of motor vehicles such as motor scooters, motor cycles, trucks, cars and SUVs and many variations even within these categories. There are many firms in each monopolistic competition product group and many firms on the side lines prepared to enter the market. A product group is a â€Å"collection of similar products†. The fact that there are â€Å"many firms† gives each MC firm the freedom to set prices without engaging in strategic decision making regarding the prices of other firms and each firm's actions have a negligible impact on the market. For example, a firm could cut prices and increase sales without fear that its actions will prompt retaliatory responses from competitors. How many firms will an MC market structure support at market equilibrium? The answer depends on factors such as fixed costs, economies of scale and the degree of product differentiation. For example, the higher the fixed costs, the fewer firms the market will support. Also the greater the degree of product differentiation – the more the firm can separate itself from the pack – the fewer firms there will be at market equilibrium. In the long run there is free entry and exit. There are numerous firms waiting to enter the market each with its own â€Å"unique† product or in pursuit of positive profits and any firm unable to cover its costs can leave the market without incurring liquidation costs. This assumption implies that there are low start up costs, no sunk costs and no exit costs. The cost of entering and exit is very low. Each monopolistic competition firm independently sets the terms of exchange for its product. The firm gives no consideration to what effect its decision may have on competitors. The theory is that any action will have such a negligible effect on the overall market demand that an MC firm can act without fear of prompting heightened competition. In other words each firm feels free to set prices as if it were a monopoly rather than an oligopoly. Monopolistic competition firms have some degree of market power. Market power means that the firm has control over the terms and conditions of exchange. An MC firm can raise it prices without losing all its customers. The firm can also lower prices without triggering a potentially ruinous price war with competitors. The source of an MC firm's market power is not barriers to entry since they are low. Rather, an MC firm has market power because it has relatively few competitors, those competitors do not engage in strategic decision making and the firms sells differentiated product. Market power also means that an MC firm faces a downward sloping demand curve. The demand curve is highly elastic although not â€Å"flat†. There are two sources of inefficiency in the MC market structure. First, at its optimum output the firm charges a price that exceeds marginal costs, the MC firm maximizes profits where MR = MC. Since the MC firm's demand curve is downward sloping this means that the firm will be charging a price that exceeds marginal costs. The monopoly power possessed by an MC firm means that at its profit maximizing level of production there will be a net loss of consumer (and producer) surplus. The second source of inefficiency is the fact that MC firms operate with excess capacity. That is, the MC firm's profit maximizing output is less than the output associated with minimum average cost. Both a PC and MC firm will operate at a point where demand or price equals average cost. For a PC firm this equilibrium condition occurs where the perfectly elastic demand curve equals minimum average cost. A MC firm’s demand curve is not flat but is downward sloping. Thus in the long run the demand curve will be tangent to the long run average cost curve at a point to the left of its minimum. The result is excess capacity. While monopolistically competitive firms are inefficient, it is usually the case that the costs of regulating prices for every product that is sold in monopolistic competition far exceed the benefits of such regulation. The government would have to regulate all firms that sold heterogeneous products—an impossible proposition in a  market economy. A monopolistically competitive firm might be said to be marginally inefficient because the firm produces at an output where average total cost is not a minimum. A monopolistically competitive market might be said to be a marginally inefficient market structure because marginal cost is less than price in the long run. Another concern of critics of monopolistic competition is that it fosters  advertising  and the creation of  brand names. Critics argue that advertising induces customers into spending more on products because of the name associated with them rather than because of rational factors. Defenders of advertising dispute this, arguing that brand names can represent a guarantee of quality and that advertising helps reduce the cost to consumers of weighing the tradeoffs of numerous competing brands. There are unique information and information processing costs associated with selecting a brand in a monopolistically competitive environment. In a monopoly market, the consumer is faced with a single brand, making information gathering relatively inexpensive. In a perfectly competitive industry, the consumer is faced with many brands, but because the brands are virtually identical information gathering is also relatively inexpensive. In a monopolistically competitive market, the consumer must collect and process information on a large number of different brands to be able to select the best of them. In many cases, the cost of gathering information necessary to selecting the best brand can exceed the benefit of consuming the best brand instead of a randomly selected brand. Evidence suggests that consumers use information obtained from advertising not only to assess the single brand advertised, but also to infer the possible existence of brands that the consumer has, heretofore, not observed, as well as to infer consumer satisfaction with brands similar to the advertised brand The advantages of monopolistic competition Monopolistic competition can bring the following advantages: 1. There are no significant  barriers to entry; therefore markets are relatively  contestable. 2. Differentiation creates diversity, choice and utility. For example, a typical high street in any town will have a number of different restaurants from which to choose. 3. The market is more efficient than monopoly but less efficient than perfect competition – less allocatively and less productively efficient. However, they may be dynamically efficient, innovative in terms of new production processes or new products. For example, retailers often constantly have to develop new ways to attract and retain local custom. The disadvantages of monopolistic competition There are several potential disadvantages associated with monopolistic competition, including: 1. Some differentiation does not create utility but generates unnecessary waste, such as excess packaging. Advertising may also be considered wasteful, though most is informative rather than persuasive. 2. As the diagram illustrates, assuming profit maximisation, there is allocative inefficiency in both the long and short run. This is  because price is above marginal cost in both cases. In the long run the firm is less allocatively inefficient, but it is still inefficient. . There is a tendency for excess capacity because firms can never fully exploit their fixed factors because mass production is difficult. This means they are  productively inefficient  in both the long and short run. However, this is may be outweighed by the advantages of diversity and choice. As an economic model of competition, monopolistic competition is more realistic than perfect competition – many famil iar and commonplace markets have many of the characteristics of this model. Conclusion Our study gives us an opportunity to come to the following conclusion. Monopolistic competition is a  market structure  in which several or many  sellers  each produce similar, but  slightly  differentiated  products. Each producer  can set its  price  and quantity without affecting the marketplace as a whole. Monopolistic competition differs from perfect competition in that production does not take place at the lowest possible cost. Because of this, firms are left with excess production capacity. It is a type of competition within an industry where: * All firms produce similar yet not perfectly substitutable products. All firms are able to enter the industry if the profits are attractive. * All firms are profit maximizers. * All firms have some market power, which means none are price takers. Monopolistic competition has certain features, one of which is that there are large number of sellers producing differentiated products. So, competition among them is very keen. Since number of sellers is large, each seller produces a very smal l part of market supply. So no seller is in a position to control price of product. Every firm is limited in its size. Product differentiation is one of the most important features of monopolistic competition. In perfect competition, products are homogeneous in nature. On the contrary, here, every producer tries to keep his product dissimilar than his rival's product in order to maintain his separate identity. This boosts up the competition in market. So, every firm acquires some monopoly power. The feature of freedom of entry and exit leads to stiff competition in market. Free entry into the market enables new firms to come with close substitutes. Free entry or exit maintains normal profit in the market for a longer span of time. Selling cost is another unique feature of monopolistic competition. In such type of market, due to product differentiation, every firm has to incur some additional expenditure in the form of selling cost. This cost includes sales promotion expenses, advertisement expenses, salaries of marketing staff, etc. And the last feature of monopolistic competition is that a firm is facing downward sloping demand curve i. e. elastic demand curve. It means one can sell more at lower price and vice versa. BIBLIOGRAPHY 1. Ayers R. and Collinge R. , Microeconomics, Pearson, 2003 2. J. Gans, S. King, N. Gregory Mankiw, Principles of Economics, Thomson Learning, 2003 3. Hirschey, M, Managerial Economics Rev. Ed, Dryden, 2000 4. http://www. britannica. com/EBchecked/topic/390037/monopolistic-competition 5. http://www. investopedia. com/terms/m/monopolisticmarket. asp 6. http://kalyan-city. blogspot. com/2010/11/monopolistic-competition-meaning. html