Inserted-Plate Coated of Methanol Steam Reformer

Inserted-Plate Coated of Methanol Steam Reformer High Efficiency Inserted-Plate Coated of Methanol Steam Reformer: PEM Fuel Cell Applications Methanol can be easily stored and transported and converted to H2 using a reforming reactor that makes it an excellent hydrogen and energy source for fuel cell applicationsEasily storage, transporting and converting to H2 by a reforming reactor using makes it an excellent energy source for PEMFC applications [1-3] During the last decades, there has been a growing interest on developing technologies taking advantage of clean energy sources. The reduction of atmospheric pollution and, namely, the emission of greenhouse gases have become imperative and, among the new technologies for mitigating these emissions, fuel cells have the ability to efficiently convert chemical into electrical energy. In particular, PEMFCs are zero-pollutants emission systems because they transform the chemical energy of the electrochemical reaction within hydrogen and oxygen into clean electrical powerTodays, for environmental issues, growing interest on developing technologies including clean energy sources has been focused. Pollution issue and, especially, the emission of greenhouse gases have become crucial and, the new technology for elimination of these emission, can be achieved by PEMFC. [4, 5] Meanwhile, compared to other feedstocks, methanol exploitation shows various advantages as a hydrogen carrier for fuel cell applications and, namely, it can be produced from renewable sources[9], and the reforming reaction occurs at relatively low temperatures, ca. 240–260 1CAmong these, methanol exploitation leads various advantages as a hydrogen carrier and, especially, reforming reaction applying at relatively low temperature (240-260 C) [6] , compared to the methane reforming, normally performed at 800–1000 1C, compared to the methane reforming, normally carry out at 800-1000 C[7] . Methanol steam reforming (MSR) reaction has been seen as a very attractive and promising process for hydrogen production and, according to the scientific literature on the argument, it can be described by the following chemical reactions:Attractive and promising of the methanol steam reforming process cause especial insight to this reaction which according to the scientific references, occurs by the following chemical reactions: Where reactions 1, 2 and 3 represent MSR reaction, water gas shift reaction and methanol decomposition reaction, respectively.Reaction (1), represents MSR reaction, reaction (2) represents water gas shift reaction and reaction (3) represents the methanol decomposition reaction The reactor design has direct impact on the reaction conversion, but owing to higher technical complexity and manufacturing costs of other designs, the reformers and MRs are normally tubular. However, recent efforts in the area of micro-processing made possible and easier to manufacture other reactor designs and namely well-structured à ¯Ã‚ ¬Ã¢â‚¬Å¡at micro-reactors. A micro-reactor is defined as a device that contains micro structured features, with a sub-millimeter dimension, in which chemical reactions are performed in a continuous manner They present advantages compared to conventional ones such as higher surface-to-volume ratio, smaller mean distance of the specific à ¯Ã‚ ¬Ã¢â‚¬Å¡uid volume to the reactor walls, better heat and matter transfer properties and à ¯Ã‚ ¬Ã¢â‚¬Å¡ow patterns that fit with the reaction needs. Furthermore, à ¯Ã‚ ¬Ã¢â‚¬Å¡at reformers are suitable for stack integration with fuel cells. Packed-bed micro-reactors require well-define catalyst particles, wi th regular shape and much smaller than the internal dimensions of the micro-channels, which is a problem for most of commercial catalysts.The reactor design, directly impress reaction conversion but owning to higher complexity and fabrication costs should be considered. Common normally MRs are in tubular shape. However, recent researches show easier to manufacture and possibility of other designs and namely well-structured flat micro-reactors. A reactor containing micro structure features and sub-millimeter dimension through performing in a continues manner representing advantages such as higher surface to volume ratio, smaller mean distance of the specific fluid volume to the reactor walls, improving heat and mass transfer make appropriate situation of stack integration with fuel cells. [8]. Many studies have been developed to explore the advantages of micro/mini-reactors to produce hydrogen through MSR The design of a reactor targets the maximization of the conversion and selectivity at the lowest costs and its performance is inà ¯Ã‚ ¬Ã¢â‚¬Å¡uenced by the à ¯Ã‚ ¬Ã¢â‚¬Å¡ow pattern, velocity profile, pressure drop and heat transfer, so all these aspects must be consideredTo fabricate an effective micro-reactor having maximum conversion and selectivity at a low cost is impressed by the flow pattern, velocity profile, pressure drop and heat transfer, therefore all these approaches should be considered[9]. For conducting MSR reaction, most of the used reactor designs are rectilinear channels, pin-hole, coil-based and radial (Fig. 2).Coil-based reactor designs allow high conversions, but impose a significant pressure drop penalty, which may be a limitation for compact applications Categorization of the design consist rectilinear channels, pin-hole, coil-based and radial (Fi g. 2). Among these, Coil based leads high conversion and pressure drop preventing compact applications[9]. In the other hand, the rectilinear channel designs exhibit a small-pressure drop, but the conversion is low due to uneven mass distribution and is affected by the Reynolds number while, the first exhibit a small pressure drop, uneven mass distribution cause lower conversion which impressed by Reynolds number[9]. Yet, by adjusting the channels width [69] or by imposing a pressure drop at the channels entrance even distributions on rectilinear channel designs can be obtained, improving the methanol conversion[10]. Conventional packed-bed reactor has disadvantages, such as hot spots, delays in start-up, and mass and heat transfer limitations. For micro-scale reactor, the pressure drop is somewhat higher due to space constraints of channels being blocked with catalysts. A micro-pump used in portable applications may not be capable of overcoming a high pressure drop. On the other hand, microchannel reactor offers advantages, such as fast heating and cooling, large surface-area-to volume ratios, and less energy input The packed-bed reactors as a classic system, have disadvantages, such as hot spot, slow start-up, and heat and mass transfer limitations. Micro-structure scale of this group utilizing a micro pump is necessary, due to high pressure and channel blockage [10]. Some research has shown that wall-coated reactor performs better than packed bed reactor for SRM reaction various researches has proofed better performance of the wall-coated than packed bed reactor for SRM reaction[11, 12]. Experimental Catalyst preparation Firstly, 200 ml deionized water was heated to 80ËÅ ¡C and then metal nitrates of Cu, Zn and Fe (to prepare CuZnFe) were dissolved into the water until get the 0.2M solution. This solution was added to the heated water (80ËÅ ¡C) over stirrer under 350 rpm. To control and adjust pH around 7, the precipitation agent of 0.5M Na2CO3 was used. The obtained precipitates were aged at 60 ËÅ ¡C for 2 h under vigorous stirring. Afterward, the solids were filtered and washed with warm deionized water for several times and dried at 110 ËÅ ¡C for 12 h. then, the dried powder was calcined in a furnace at 350 ËÅ ¡C for 4h. Catalyst slurry preparation PVA (87-90% hydrolyzed, average mol wt 30,000-70,000,SIGMA-ALDRICH) was added to deionized water first, and stirred at 70 C until totally dissolved, then cooled at room temperature. As-synthesized, high-performance CuZnFe catalyst (10 wt.% catalyst) was added into the PVA solution (0.5 wt.%, 1 wt.%, 2 wt.% PVA) as-prepared. The catalyst slurry was kept in the ultrasonic bath for 1 h. Catalyst coating by electrophoretic deposition on stainless steel plates To prepare a regular, controlled catalytic layer, a well-stable suspensions of the catalyst powder are necessary which depend on the particle size, solvent characteristics and additional agents. To do this, the powder were milled to get a uniformity of particle size distribution below 40 micron, at least. Isopropanol was selected as solvent due to lower conductivity limiting solvent transportation than of the aqueous ones. Moreover, presence of aqueous base cause water electrolysis following poor coverage of catalyst. Electrophoretic deposition was performed at constant voltage (140 V) using a power supply unit (SPS-900NP-Navasanpardaz). The stainless steel (AISI-304) palates (7.04 cm2) were used as electrodes in the EPD bath. To cover both sides of the plate, a system including three electrodes was selected which, were mounted at a distance of 15 mm in a cell with a total volume of 120 ml. slurry of 72 g/L of catalyst in isopropanol and 1 g/L of PEI as binder was prepared through 15 min strongly stirring and then, 15 min signification in an ultrasonic bath (1200M-Soltec). The time of 4 min as coating time was fixed for all samples. After coating, the plates were dried in room temperature and then calcination at 350 C for 2 h. Method and materials According to the procedure in fig. 1, a series of CuZnFe slurries and samples were prepared. The synthesized powder was milled at 250 rpm for 10 min (due to initial fine powder structure short milling time was chosen) by a milling apparatus. It make a stable behavior of the slurry and homogenous final layer deposited. Results and Discussion After the coating procedure, the changing structure of the CuZnFe catalyst, the operating parameters and micro-channel characterization affect the efficiency of hydrogen in the output. In this study, explored a number of vital parameters characterization, including channeling arrangement and shape, coating methods and the efficiency of hydrogen production. Micro-Channeling Theory Design and micro-channel arrangement optimization cause select an appropriate structure limited by performance efficiency, constant cost like startup, Fabrication, and variable costs (Catalyst stability, coated layer quality, appropriate life time). Regardless of the constant costs, overall state and changing catalytic plates while the plates have been channelized, replacement and re-channelizing, coating procedure should be more difficult. Although, chein et. Al. [13] adopt three types reformer including the microchannel, the plain channel and the inserted catalyst layer while utilizing channeling over cover plate is different. All proposed structure of a square microchannel have been shown below†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. In this research, flexibility and replacing of an aged micro-reformer has been emphasized, an appropriate configuration with the minimum of fabrication cost through a recoverable coating procedure, minimum catalyst consuming and high efficiency has been adopted. A treated stainless steel as active layer was coated by the high efficiency CuZnFe catalyst which coated in an electrophoretic bath under a high controlling ability condition. The EPD producer will be discussed elsewhere, in detail. According to the optimum condition of a constant parameters, type of micro-channels, length and stability have been investigated. Reactor design The reactors were designed as flat-plate composed of stainless steel 304 plates. The microstructures were introduced by CNC technology. The both cover plate were machined to cover the active catalytic layer and increasing area to volume concept. The active layers were coated by home-made synthesized high efficiency steam reforming catalyst. Subsequently, the housing sealed by graphite gasket and bolts. The size and number of channels are summarized in table 1. Table 1.  Summary of the dimensions of the reactor: the channel dimensions are only provided for the reformate side of the plates Parallel channel Zig-zag channel Length(mm) Wide(mm) Depth(mm) Length(mm) Wide(mm) Depth(mm) The test plates and reformer design details are shown in fig. 1. On the top side of the cover plate, as shown in fig. 1(a), microchannel were patterned zig-zag path to reduce pressure drop along the path, holding high activity of the catalyst through the contact time increasing.(ref) the feed methanol-water mixture is sent to the vaporizer section including an inert alumina granule packed developing the heat transfer, and then, collected in an triangle manifold in the reformer inlet to obtain a more uniformly distributed flow. The design of the reformer channel (as shown in fig) leads splitting-jointing in an alternatively manner. In order to identify the reactant flow pattern effect on the reforming performance, the reformer channels shown in fig.1 were investigated. Catalyst coating The results of coating procedure, have been shown in fig 2. For all the plates, the same catalyst loading of 25mg was coated. Experimental setup A schematic diagram of the experimental setup is shown in fig. 3. The main components of the system are reactants, micro-reformer and products. To provide the heat of the reaction an electrical furnace was used controlled by a TIC. The feedstock system including methanol-water in liquid phase was sent by a syringe pump (model nnn) in a designed feed composition and determined S/C= 1.3 in all the tests. The reformed gas stream was then sent to a cold trap to eliminate the unreacted liquid phase. In continues, the rest of the gases was conducted to a gas chromatography equipped via two columns of carboxen and hysep Q (model shimadzu GC-8A). Based on the achieved fractions and compositions, the methanol conversion, CO selectivity, hydrogen yield and stability of the active layer cab be achieved. A K-type thermocouple connected at the end of the holes which designed to measure temperature of determined spots along the axis, default of the measurement is based on the central point of the reformer for all the tests. Results and Discussion 50 mm parallel microchannel Fig. 4 and fig. 5 display the performance of the microchannels according to the length. The investigation was performed under different temperature and micro channel types. It can be observed that the methanol conversion rates with various lengths is no different although the magnitude of this depends on the micro channel arrangement and for the direct parallel channels is more obvious. In the experiments, the effect of reaction temperature could overcome length and full conversion of methanol was achieved, finally. For the zig zag type, by variation in length in a range of 20 to 50 mm, no difference was observed. The arrangement cause more efficiency in reduction of surface to volume ratio. Actually the need of a sufficient contact time of the reactants on the catalytic active sites is necessary for a satisfying conversion. In the zag-zag type the contact time will increased and the at least of the sufficient length of full conversion is about 25mm. other lengths below those was not possible due to the limitation of the mass flow controller. On the other hand, being endothermic of MSR, the least requirement heat of reaction can be supplied by increasing of the contact time on the cover plate which is contacted to the heating source, consequently following the micro channel length. About the CO content, however, due to being full conversion in considered lengths, there is no significant different among the cases. Higher conversion can cause producing some more CO in the outlet. On the other hand, sufficient existing catalyst affect the CO production due to being active rWGS in lower loading of the catalyst. (ref). Zig-Zag microchannel Felani et al. [ ] proposed that a novel channel arrangement with a certain sizing could guarantee better flow distribution, higher contact time being accessible of reaction and heating, and lower pressure drop than those of conventional ones. The proposed model can increase the methanol conversion. Fig. 6 shows the illustration of the micro-reactor with such zig-zag microchannel. The performances of parallel microchannels and that of zig-zag microchannels are compared by the present experiment. The micro-reactor in this study is different from that of chein et al. [13]. In chein’s paper, the reactor only has simple inserted plate without channelizing. It is noticed that in this experiment novel catalyst of CuZnFe has been used and the goal of this experiment is not the comparison of the cases. Advantages of easily replacing, lower costs of recoating and flexibility managing of the fuel processor. Fig. 7 shows the variation of the methanol conversion with the temperatures. It c an be found that with the increase of the temperature, the methanol conversion decrease. The conversion in zig-zag microchannels were higher than those in parallel microchannels. When the temperature is high, methanol conversion in zig-zag microchannels could be 20% higher than that in parallel microchannels. As mentioned before, zig-zag microchannels induce potential of providing more contact time to react under the help of catalysts, thereby enhancing the methanol conversion. Conclusions In this paper, the experiment of methanol steam reforming were performed in a micro-reformer coated with novel CuZnFe catalyst. The following conclusion can be achieved. 1. The impacts of reaction temperature, gas hourly space velocity, H2O-to-CH3OH molar ratio and catalyst stability were also investigated in this stainless micro-reformer. Condition selection of optimum operation can be achieved by these useful guidance. 2. Micro-reactor with two types microchannel arrangement, including zig-zag path and parallel microchannels, different lengths of 15, 30 and 60 mm were evaluated. It is found that methanol conversion in microchannels with zig-zag path are much higher than that of parallel path. In addition, since zig-zag path cause more contact time of the reactants on active sites of catalyst, there is no different of methanol conversion with length variation, while in the parallel path, it was obvious that higher length leads to more methanol conversion. References [1] D.R. Palo, R.A. Dagle, J.D. Holladay, Chemical Reviews 107 (2007) 3992-4021. [2] L. F Brown, International Journal of Hydrogen Energy 26 (2001) 381-397. [3] C. Liao, P.A. Erickson, International Journal of Hydrogen Energy 33 (2008) 1652-1660. [4] J.-H. Wee, Renewable and sustainable energy reviews 11 (2007) 1720-1738. [5] S. Bose, T. Kuila, T.X.H. Nguyen, N.H. Kim, K.-t. Lau, J.H. Lee, Progress in Polymer Science 36 (2011) 813-843. [6] R.Y. Chein, Y.C. Chen, Y.S. Lin, J. Chung, International Journal of Energy Research 36 (2012) 466-476. [7] A. Basile, A. Iulianelli, T. Longo, S. Liguori, M. De Falco, Membrane Reactors for Hydrogen Production Processes, Springer, 2011, pp. 21-55. [8] V. Hessel, S. Hardt, H. Là ¶we, Chemical micro process engineering: fundamentals, modelling and reactions, John Wiley Sons, 2006. [9] H. An, A. Li, A.P. Sasmito, J.C. Kurnia, S.V. Jangam, A.S. Mujumdar, Chemical Engineering Science 75 (2012) 85-95. [10] X. Ouyang, L. Bednarova, R. Besser, P. Ho, AIChE journal 51 (2005) 1758-1772. [11] A. Karim, J. Bravo, D. Gorm, T. Conant, A. Datye, Catalysis today 110 (2005) 86-91. [12] J. Bravo, A. Karim, T. Conant, G.P. Lopez, A. Datye, Chemical Engineering Journal 101 (2004) 113-121. [13] R.-Y. Chein, Y.-C. Chen, Y.-S. Lin, J. Chung, International Journal of Thermal Sciences 50 (2011) 1253-1262.

Catastrophes in William Shakespeares Romeo and Juliet :: Romeo and Juliet Essays

Catastrophes in Romeo and Juliet      Ã‚  Ã‚  Ã‚  Ã‚   Many characters in William Shakespeare's Romeo and Juliet invite the catastrophes they experience.   These characters are Mercutio, Romeo, and Friar Laurence.   Mercutio because he never thinks before he acts.   He has a very big mouth and will say anything to create a joke.   Romeo because of this fight with Tybalt.   If this fight never occurred then the outcome of the story could have been better for Romeo and Juliet.   Maybe there families could have set aside their differences for there children and live the rest of there lives in harmony.   Friar Lawrence because I do not think he thought about the plan to unite Romeo and Juliet long enough.   He should have gotten a reliable messenger to inform Romeo of the situation.      Ã‚  Ã‚  Ã‚  Ã‚   Romeo's friend Mercutio was a very witty energetic man.   If he held his tongue and thought about what he said before acting on them he would not have gotten into so many fights.   His jokes were probably taken lightly be his friends Romeo and Benvolio because they were accustomed to hearing Mercutio's voice constantly.   Mercutio should not have tried to tease Tybalt because of the rivalry between Tybalt's family and Romeo's family.      Ã‚  Ã‚  Ã‚  Ã‚   While avenging Mercutio, Romeo should have thought about the consequences of slaying Tybalt.   On one hand he filled the urge to kill the man who had killed his friend. On the other hand he killed his wife's cousin.   How can one justify killing a member of their wife's family?   Another consequence he should have taken into consideration was the punishment he was going to receive from Price Escalus.   In act one scene one Prince Escalus already warned everyone in Verona that if anyone was caught fighting again the would pay for it with there lives.   If Romeo had not gotten into the duel with Tybalt Romeo would not have been banished from Verona.   When Prince Escalus exiled Romeo, that was the point in the play which was the biggest catastrophe.   This is because once Romeo was exiled he could not see Juliet ever again and Juliet could never see Romeo again.   Friar Lawrence would have never had to devise a plan to put Juliet into

9-11 Essay

The horrific after math of the tragedy event of 9-11 still impacts the United States government and the life of the citizens living in the United States today. There are still many concerns and question about what can the United States do to help prevent a terror event from taking place again. The United States has made some massive changes in it’s security since 9-11. However, even with all the new laws and regulations some believe that there is still a need for more laws. More laws and regulations that would allow law enforcement and the government to maintain or increase the liberties they have enjoyed prior to 9-11. Today the Unites States has made an enormous improvement in technology to make it safer. With all the new technology improvements since 9-11 the United States is safer, but not as safe as it could be. Citizens living in this county know that in order to make more improvement in our homeland security, counterterrorism, or any other aspect it will require new technology. But new technology doesn’t come cheap; there is a price to pay that isn’t of monetary value, less privacy for citizens. Is the invasion of some of your privacy worth giving up for protection? What can be more important than the safety of your life? One of the marvelous improvements of technology that took place preceding the event of 9-11 was airport security. These improvements were made for the better and have yield good result. With this being said, there is still controversy surrounding the changes made, like the invasion of privacy. Transportation Security Administration performs frisk and pat downs at airports, which do not violate an individual’s constitutional rights, but, there is controversy about how far Transportation Security Administration should be able to go. Today people are told to do things like take their shoes off at airports, (add another thing security does and then put a comma with etc. after it to end the sentence) These still do not violate your constitutional rights. Would you rather have someone take off their shoes or bring a bomb or weapon onto a plane? Airport security raises a lot of concern about, â€Å"how far is too far.† There was an incident with a 90 year old lady at an airport that was ask to take off her diaper. The reason that she was asked was because it was wet and it prevented her from being search properly. Once again the thing that we are overlooking is that the matter of safety overrides everything else. Or what about in 2009, when Umar Farouk Abdulmutallab was found with plastic explosives hidden in his underwear at an airport. Without the new searches and frisk and pad down procedures, the plastic bomb would have been overlooked. It’s obvious that new enforcement of laws have slowed down some of the terrorism acts but there is still much more that still needs to be done. These are just some of the reasons why our government has invested 100s of millions of dollars to speed up technology machines and equipment. One of the types of data that the government gathers about citizens are cell phone records. The National Security Agency collected the phone records of millions of Verizon customers. They ordered that, â€Å"Verizon must provide the phone numbers of both parties on a call, location data, unique identifiers and the time and duration of calls. This applies to calls both within the United States and placed to an international number,† (Welsh, 2013). This is still not an invasion of privacy or constitutional rights. Let’s take some time out to think here, what could our government be doing with this information? If anything, it’s something positive; why won’t the citizens of this country trust their government? The collection of phone numbers is for our safety. We as people should have a right to know if our neighbor is plotting a terrorist attack. If you have nothing to hide, then why would you mind giving up that information to the government? What harm coul d come from phone records. The United States government is something that every citizen in this country should put his or her trust into. With the trust and support of the people we as a whole could worry less about things like bomb threats at races, shootings in school, or shootings at movie theaters. Another type of data that is collected by our government is the gathering of online data of person’s computers records. â€Å"The Internet Surveillance Program collects data from online providers including e-mail, chat services, videos, photos, stored data, file transfers, video conferencing and  log-ins,† (Savage, 2013). Even with our government monitoring these events, which take place every day in every person’s life living in America, it still remains an issue of violating privacy. Once again its comes down to that phase if you have nothing to hide let us in†¦.if you’re a good American. I’m pretty sure the government is not listening or concerned about the foolish meaningless stuff. They can less about who individuals are dating or hanging out with. The Internet Surveillance Program was establishes to catch bad guys and prevent faulty events from taking place. The information like emails, chat service, photos, etc. is private information and should remain confidential. Which the information will, our government is not going to expose this information to the public unless there is some type of suspicion or probable cause. But, even before the situation escalates to that point there would probably be an intensive investigation. We have either seen on the news or read somewhere in a paper about the Federal Bureau Investigation, National Security Agency, or one of the many other organizations being abusive to citizens. We are human, sometimes we are going to make mistakes, but nobody wants to be accused of a crime. When the government holds someone in custody then later finds out that they are innocent, the government should find some way to compensate them for their cooperation and our mistake of false accusations. I believe that we have not left the door open to wide, in my opinion, we should welcome the government into our homes. We should show our government that we are law abiding citizens and that we appreciate what they do to help maintain peace, allowing everyone to feel safer. As far as our liberty goes, we must allow some of it to erode in order to live a safer life. Our founding fathers wrote our rights, such as liberty, many years ago. But since those times, look at how things have evolved over th e past years, such as social media, cell phones, Facebook, etc. So we must also allow our laws to evolve in order to prevent conflicts, such as 9-11. When the next big incident occurs the point of views made in this argument are some issues that will once again be evaluated. Who knows when our government will take action and do what is needed in order to maintain safety and peace. As a citizen of the United States, I am willing to give up  some of my individual rights to ensure that tragic events such as 9-11 do not occur again. The top priority should be the protection and safety of every individual living in the Unites States.

The Impact of Climate Change

In the last few years there has been a lot of attention given to the problem of climate change. Usually we only hear vague ideas about how the Earth is heating up, how we are all going to die and that we are to blame. However climate change is a natural process that experts have said has been sped up by human activity, for example, industrial activities, vehicles and machines producing gases like carbon dioxide and methane. These gases are damaging because of how the Sun's rays heat up the Earth. The rays from the Sun enter the atmosphere, hitting the Earth's surface with most being reflected back without heating up the Earth at all. The ones that are absorbed by the sea and the ground are reflected back as infrared rays therefore heating up the Earth. However as more CO2 and other â€Å"greenhouse gases† are pumped into the atmosphere, fewer and fewer of the Sun's rays are reflected away, hence the rising temperatures. Although there is debate over the largest contributor to the climate change problem that is not my focus for this essay. In this essay I intend to show how climate change would affect the world's water; that is to say 70% of the Earth's surface. The most talked about point in the media about the effect of climate change on water is the sea level. This is because as the Earth heats up the seas and oceans will absorb a lot of the heat causing the water molecules to expand and the sea level to rise. Another possible factor that contributes to the rising sea levels is the melting of the glaciers, ice shelves and ice sheets and this has another effect. As there is less and less ice to reflect back the sun's rays as ice reflects back 90% of the light that hits it while water absorbs the same percentage, this speeds up the warming of the earth even more and as more and more ice melts the problem worsens. There are many inter-linking consequences to the rising sea levels and of global warming. Droughts, floods and even the danger of the Gulf Stream, the warm water current that heats up our region, shutting down. The idea of flooding because of rising sea levels is self-explanatory. As there is more water, rivers, lakes and streams could break their banks and flood. The possibility of the Gulf Stream shutting down is more complicated and will have a much more lasting effect. The Gulf Stream works through a mixture of wind, water salinity and temperature, the shape of the ocean floor and the Earth's rotation. As temperatures continue to fall and more sea ice melts, this adds more fresh water to the Atlantic, reducing the salinity of the water. As there is less dense and less salty water, the Gulf Stream slows down. As it does slow down and weaken it will become more and more unstable and more likely to shut down altogether, lowering temperatures in our region by up to 9oC. Fortunately there are things we can do to help the climate change problem. Saving energy lowers the amount of fossil fuels that are needed to produce that energy and the less coal, oil and gas being burned in power plants, the lower the emissions of carbon dioxide. Saving energy can be a simple matter, such as switching off lights when you leave a room, having showers instead of baths, and turning down central heating systems, even 1oC can save up to 10% on energy bills. One of the most effective ways of helping is properly insulating your home as this reduces the energy needed to heat your home. The second most important greenhouse gas, methane is produced by landfill waste, which comprises 90% of the UK's sixteen million tonnes of waste each year. If we recycle more and more of this waste then there is less need to mine for raw materials and less methane being produced as there is less landfill waste. Two hundred years ago, if we produced the same amount of carbon dioxide as we did now, it probably would not have had any major effect, as there was not the same level as deforestation. The reason this would have made a difference is because trees take in carbon dioxide and produce oxygen. Although the effects of climate change won't be felt for years, we owe it to the future generations to save, if not our planet, our way of life.

The Relation Between the Customer Behavior and Shopping Centre

Title The relation between the customer behavior and shopping centre promotion Author(s) RISHI The relation between the customer behaviour and shopping centre promotion Citation Issue Date 22/3/2012 URL Rights 2002 http://hdl. handle. net/10722/28778 The author retains all proprietary rights, (such as patent rights) and the right to use in future works. The Relation between the Customer Behaviour and Shopping Centre Promotion: A Case Study of Whampoa Garden TSE Chun Wai DISSERTATION Submitted in partial fulfillment of the requirements for the degree of Master of Housing Management The University of Hong KongDecember 2002 DECLARATION i declare that this dissertation, entitled The relationship between the customer behaviours and shopping centre promotion: A case study of Whampoa Garden, represents my own work, except where due acknowledgement is made, and that it has not been previously included in a thesis, dissertation or report submitted to this University or other institution for a degree, diploma or other qualification. un Wai Acknowledgement This paper intends to show the relationship between the customer behaviors and shopping centre promotion, to understand the problem of the shopping entre by studying the customer behaviors and examining the shopping promotion strategies. Firstly the author sincerely thanks Mr. Bonny Chiu who has worked ? n Whampoa Garden ? n the property management department, for his assistance ? n providing information about the details of Whampoa Garden and promotion strategies. Secondly, thanks must be expressed to Ms. Candy Lam and Ms. Jessica Wong; classmates of Master of Housing Management have given valuable information regarding the shopping centre under their management. Thirdly, the author must also thank Ms.June Yau and Mona So for helping with word processing and production of the final typescript and proofreading. Finally, the author wants to thank Dr. Eddie Hui, the supervisor of this dissertation, for his valuable guidan ce and support in the research of this paper. THE UNIVERSITY OF HONG KONG i. I Il W ir . J Thesis Collection Deposited by the Author Contents Acknowledgement Abstract 1. Introduction ti Am and objectives p. 1 1. 2 Methodologies 1. 3 Researchmethod I . 4 Implication of the study 1. 5 Sourceofdata 2. p. 2 p. 3 p. 3 p. 4 P. 4 Customer behavior and shopping centre p. 5 2. 1 The definition fcustomerbehaviour Dynamic customer behaviour Interaction Exchanges 2. 2 Why people go shopping 2. 3 Factors affecting shopping behaviours and motivations 2. 4 Changingofshoppinghabit 2. 5 Goal and characteristic of customer 2. 6 Conceptual models and customer characteristics 2. 1. 1 2. 1. 2 2. 1. 3 2. 6. 1 2. 6. 2 2. 6. 3 2. 6. 4 Huff1s topological model (1960) Timmermans' conceptual model (1982) Sheth's integrative theory 2. 6. 3. 1 Choicecalculus 2. 6. 3. 2 ShoppIng motives 2. 6. 3. 3 Shopping option Lindquist(1974-1975) 3. What is a â€Å"shopping centre†? 3. 1 The principle of a shopping ce ntreIdentification the positioning, role and function of a shopping 3. 1 1 centre 3. 1. 2 Location ata shopping centre 3. 1. 3 Catchmeritarea 3. 1. 4 Accessibility and interlink 3. 1. 5 TenantMix 3. 1. 6 Decoration Shopfront 3. 1. 7 Entrances 3. 1. 8 3. 1. 9 Finishes 3. 1. 10 Signagesystem 3. 1. 11 Marketing 3. 1. 12 Management 3. 1. 13 Promotion . 3. 2 Typeofshoppingcentre 3. 2. 1 3. 2. 2 The neighborhood centre The community shopping centre p. 5 p. 6 p. 6 p. 6 p. 7 p. 8 p. 10 pli p. 11 p12 p. 12 p. 12 p. 13 p. 13 p. 14 p. 14 p. 17 p. 18 p. 18 p. 19 p. 19 p. 19 p. 20 p. 20 p. 21 p. 21 p. 22 p. 22 p. 23 p. 3 p. 23 p. 24 p. 25 p. 26 32. 3 The regonaI shopping centre 3. 2. 4 Specialty shopping centre 3. 3 The development of shopping centre 3. 4 Dev&opment of shopping centres in Hong Kong 3. 4. 1 Firstphase 3. 4. 2 Second phase 3. 4. 3 Third phase 4. CasestudyofwhampoaGarden 4. 1 background information and characteristic of Whampoa Garden 4. 1. 1 Development 4. 1. 2 Accessibility 4. 1. 3 Catchrnentarea and interlink 4. 1. 4 Conceptofnewtown 4. 1. 5 Theme Concept 4. 1. 6 Varietyofshop 4. 1. 7 Continuous refurbishment 4. 1. 8 Shoppingmanagement 4. 1. 9 Cleaning 4. 1. 10 Security 4. 1. 11 Air-conditioning 4. 1. 2 Maintenance & repair 4. 2 Findings Irnageattributes 4. 2. 1 4. 2. 1. 1 Recreational experience 4. 2. 1. 2 Userfriendly 4. 2. 1. 3 Stores 4. 2. 1. 4 Qualityofstores 4. 2. 1. 5 Easeofusebycarandbus 4. 2. 2 Shoppers characteristics 4. 2. 2. 1 Gender 4. 2. 2. 2 Shopping accompanied 4. 2. 2. 3 Travel model 4. 2. 2. 4 Occupation 4. 2. 2. 5 Monthly income 4. 2. 2. 6 Frequency of visits 4. 2. 2. 7 Presence of undesirable characters 5. Problems ofWhampoa Garden p. 32 p. 32 p. 32 p. 32 p. 34 p. 34 p. 34 P. 37 p. 38 p. 38 p. 39 p. 39 P. 40 p. 40 P. 41 p. 41 p. 41 p. 41 p. 4. 2 p. 43 p. 43 p. 43 p. 44 p. 44 p. 45 . 45 p. 45 p. 46 p. 47 Inadequate parking facilities Uncovered footpaths/insufficient interlinks Unsuccessful theme concept p. 48 p. 48 p. 48 p. 49 p. 50 Lack ofanchorteriants p. 51 Recession of retailing industry p. 52 5. 1 Lack of mass transportation network 5. 2 5. 3 5. 4 5. 5 5. 6 p. 27 p. 27 p. 28 p. 29 p. 30 p. 30 p. 30 6. Recommendations and shopping centres in the future 6. 1 Understandshopper'sneed 6. 2 HK$10 Plaza discountoutlets 6. 3 Transportation p. 54. p. 54 p. 54 p. 55 6. 4 Parking spaces arid footpath 6. 5 Marketing strategies 6. 6 Signage 61 Development of theme concept 6. 8 Promotion . 8. 1 Advertising 6. 8. 2 Personal selling 6. 83 Sales promotion 6. 8. 4 Publicity p. 56 p57 p. 57 p. 58 p. 58 p. 59 p. 59 p. 59 p. 59 7. Conclusion p. 61 Questionnaires p. 63 Summary results of questionnaire for customers p. 68 Bibliography p. 73 Abstract In Hong Kong, the accessibility and transportation network of newly constructed site is highly important. The transport links, especially by means of Mass Transit Railway and Kowloon-Canton Railway, are vital to the retailers, as these would increase footfall, which can bring thetn more p otential customers. However, it is all for the shoppers?Where will they go and why will they shop? Customers' shopping habits and preference has changed over years. Most importantly, it has gone along with the development and construction of shopping centre. Now instead of shopping in the sheet, shopping in huge department stores is a new trend. This paper aims at assessing the factors in attributing to the shoppers' decision by starting with a brief description of customer's behavioural models and the development of shopping centre in Hong Kong. Determining elements include convenience, pleasant and entertainment environment, tenant mix, leisure facilities and catchment, etc.Whampoa Garden is selected as the case study Overall, the findings shows active, well planned, coordinated and periodical promotion should be operated throughout the year. Besides promotion, the infrastructure of shopping centres also plays a vital role in deciding the retail pattern and the tenant mix. Therefo re, active promotion activities and continual development of shopping centres should be used as the strategy to meet the ever-changing demand and improve the image of the centre for their specified clientele. 1. Inlroduction Shopping centres are vital to our economy.Different planning of shopping centres causes different sizes and arrangements. However, all these planning would bear two purposes in mind – to provide an optimum retailing environment for the tenants and to meet the needs of customers. In recent decades, shopping centres are becoming increasingly important for the services they provide to individual consumers and many ways in which they benefit the communities in which they are located. Developers should want to know how and why people shop in their shopping centres, but others just have a fare dodging and walking in the centre.From a commercial standpoint, it may distinguish consumer behaviour from other activities. This is the point for the shopping centre bec ause profits are generated when consumers select the shopping centre rather than another. Consumers are more interested in the facilities provided by the shopping centres, so that they could spend their time arid money in there. The improvement of living standard in Hong Kong has to lead the transformation of shopping behaviour of the residents. Formerly, markets were just places where people gather together for retail activities.Nowadays, shopping centres have become multifunctional, and it is an enclosed area not only for shopping, but also for entertainment and amusement. A successful shopping centre must have the right location, (easy to access) good management; effective marketing strategy arid the right tenant mix for the demographic profile of the population it serves. However, the attraction of the shopping centre will slip downwards or fade away with the passage of time: demographic changes, competition arising from the other new shopping centres, etc. All these pose as gre at challenge for the status of an existing shopping centre.Therefore, strategies are required for rejuvenation. The aim far promoting shopping centres is to improve their overall commercial potentials and auxiliary facilities. In addition, the shoppers' behaviors and characteristics, (preference, the choices ofthe retails shops, etc. ) as well as location of the shopping centre also have to consider. Furthermore, the competition from new shopping centres compels existing shopping centres to seek for the best ways and strategies to revive the business of a shopping centre. 1. 1 Aim and Objectives The aims of this study are to investigate and evaluate strategies for the shopping entre promotion in upgrading the value of a shopping centre. Factors such as marketing stand point, competition from other competitors, demographic of the surrounding areas, social and economic situation will be considered. In addition, this paper will study the consumer behaviour and characteristics, such as place of residence, mode oftransportation, frequency ofvisit and consumer images. The objectives ofthis study are as follows: I. I . i To conduct a literature review on the characteristics and the development 2 of shopping centre through a case study on â€Å"Whampoa Garden Shopping Centre† located at Hung Horn; . i . 2 To study the behaviour of the customers; i . 1. 3 To identify the decision problems and preferences ofthe customers; i . i . 4 To analyze the store image from the view ofthe customers; 1. 1. 5 To study why shopping centres require promotion strategies? and; i . 1 . 6 To examine the shopping centre promotion strategies; 12 Methodologies in the theoretical framework, reference has been made to relevant books, magazines, newspaper, annual reports, journals as well as data from census and government statistics. In addition, marketing, promotion and management of shopping centres will also be included.In order to obtain an understanding of the relationship between the customer behaviours and shopping centre promotion, this essay will examine two broad measures. The frequency of visit, purpose, accessibility, facilities, image and overall impression of the shopping centre would be identified. Moreover, the age group, sex, place of living, working condition, income and household size of the customers will be studied. In order to examine the taxonomies adopted by previous researchers of consumer (spatial) shopping behaviour such as Shepherd and Thomas, (1980); Spiggle and Sewell, (1987).The models such as Huffs topological model; Timmerman's conceptual model; Sheth's integrative theory and Lindquist will be reviewed. Those theories are focused on the perception of the shoppers relating to the shopping centre's image. Through the above methods, developers can select the right tenants and promotion strategies to generate income and promote the shopping centre image. On the other hand, a successful shopping centre can through the information such a s age, income group and the customers' behaviour, can decide the trade of business and formulate promotion strategies to attract customers to visit. 1. 4 Implication ofihe StudyThe study will find out the behaviours of customers, and the relationships among the tenants, developers and the customers. In addition, the shopping centre promotion will also influence the investment atmosphere and affect the income of the developers. The above study can be a reference for other aging shopping centres in carrying out revival programme. LS Source of Data This study is hard to get secondary data for the shopping condition since relevant parties are reluctant to provide their business strategies. Surveys would be carried out with the tenants and customers of the shopping centre in order to obtain the 4 first hand-data.On the other hand. , through interviews with the management staff and office staff, more information and data can also be obtained. Surveys and questionnaires will be conducted t o obtain the primary data. The questionnaire is printed in Chinese since the majority of' Hong Kong's population is Chinese. It contains questions about customer behaviour, personal particu1ar and the image of a shopping centre. 5 2. Customer Behaviour and Shopping Centre Customers spend their time in purchasing goods and services, at the appropriate places where they will visit. In addition, they also like to spend their leisure time for their aily activities such as entertainment, gathering arid shopping. Shopping centres provide them a place to meet these needs. What kind of shopping centre would be suitable for them; what kind of function and facilities should the centres have; what kind of market strategies and what kind of promotion can induce more customers to visit the centre. I [J1J1IIff According to Arnould, Price and Zinkham (2002), customer behaviours define as individuals or groups acquiring, using, and disposing of products, services, ideas, or experiences. Consumer be haviour also includes the acquisition and use of information.Therefore, communicating with consumers and receiving feedback from them is a crucial part of consumer behaviour of interest to marketers. Consumers may consist of individuals or groups including families, clubs and organizations, purchasing units within corporations, and government departments. Consumer behaviour is the study of human responses to products, services, arid the marketing of products and services. This topic is of considerable importance to marketing managers and marketing researchers because the focus on the consumers is the key contribution of marketing to business practice.Other business function (e. g. , finance, accounting and production) either neglect the consumer or overlook the consumer entirely. Organizations that lose sight of their consumers cannot compete effectively against firms that stay close to their consumers. Managers who really understand their customers develop better products and servi ces, promote their products and services more effectively, and adopt marketing plans and strategies that foster sustainable competitive advantages for their products and services. Furthermore, managers who know their consumers cari reach and satisfy them more efficiently.Such managers are important assets to any organization and are rewarded accordingly (Kardes 2002). The American Marketing Association defines consumer behaviour as â€Å"the dynamic interaction of affect and cognition, behaviour, arid environmental events by which human beings conduct the exchange aspects of their lives. † There are at least three important ideas that pointed out in this definition: (1) consumer behaviour is dynamic; (2) it involves interactions between effect and cognitions, behaviours, and environmental events; and (3) it involves exchanges. The following implications are put forward. 2. 1. 1 namicCnsumer Behaviour Consumer behaviour is dynamic and means individual consumers, consumers grou ps, and society at ‘arge are constantly changing and evolving across time. 2. 1. 2 Interaction It means that to understand consumers and develop superior marketing strategies, we must understand what they think (cognitions) and feel (effect), what they do (behaviour, and the things and places (environmental) that influence and are 7 influenced by what consumers think, feel, and do. 2. 1. 3 Exchanges These make the definition of consumer behaviour consistent with current definitions of marketing that also emphasize exchange.In fact, the role of marketing is to create exchanges with consumers by formulating and implementing marketing strategies (Peter and Olson, i 993). 2. 2 Why People GoShopping Why do people do the things they do? More specifically, why do they buy and consume the products, services, experiences, and brands they do? People always mention that when they are feeling low or want to reward themselves by shopping, and shopping can be interpreted as a pleasure or a self-gift. The role of shopping and purchasing has taken on dramatic new meaning and trend to be a recreational shopping.The modem, self-enclosed shopping centre in all its variant forms has become a site to which consumers make frequent visits to satisfy a wide variety of needs including those aesthetic enjoyment, problem solving, and personal display. These trends lead the emergence of the largest shopping centre such as Disney World, Universal Studios, and the like. Such shopping centres provide retail environments combine in shopping and entertainment. Going shopping is a major source of relaxation as well as a household chore. [:1 When people realize that a good store exposed the greatest portion of its goods to he greatest number of its shoppers for the longest period of time, which put its merchandise in the path and the field of vision in a way that invites people for consideration. We're all aware of how shopping means different things to different people at different times . We use shopping as therapy, reward, bribery, pastime, as an excuse to get out of the house, as a way to troll for potentia' loved ones, as entertainment, as a forni of education or even workshop, as a way to kill time. There are compulsive shoppers doing serious damage to their bank accounts and credit ratings, who use shopping as a cry for help (Underhil, i 999, p. 5-96). People going to shopping centres as all new modem shopping centres provide leisure spaces and varies facilities such as mini cinema, indoor family games stores and funfafr style shops. In addition, the enclosed environment, controlled climate, patrol of centre's security guards and the promotion events give customers a feeling of warmth, safety, comfort and satisfaction. In addition, people going shopping can be broadly divided into three categories, they visit the supermarket to buy household chores; occasional visits the regional shopping centre to buy fashion goods, elecirical app1iances and recently shopping centre as place for people gathering together and enjoy of fun. As Beddington stated in i 99 1 that shopping is a primary human activity in which almost every individual in civilized society Building and services for takes part, inevitably almost daily. shopping are as closely related to housing as those for education, health, administration and entertainment. Bund1in of products, product components, and services is an important consideration for manufacturers, retailers, and service providers bringing their goods and services to market. Bundling typically takes one or two forms: pure or mixed (Adams and Yellen, i 976).There are four factors that affecting customers' intention to buy product and service. (1) whether the product and service are pure and mixed; (2) the price discounts of a pure goods and service in comparison to the sum of the component of mixed; (3) the functional relationship among the components and (4) number of components. As more and more shopping centres estab lished with the development of property market, it is undeniable that the competition becomes more intense. Also as the economy recession of Hong Kong has not yet fully recovered, customers cautiously evaluate the goods and services when they use their savings, and he anchor product and service that they can obtain as they are become extra pricesensitive. On the other hand,, Shenzhen, a city in mainland China just about one hour from Hong Kong by train, offers attractive entertainment facilities and low- priced retail goods in various shopping complex. To a certain extent, it actually draws much Hong Kong customers away from Hong Kong' s more expensive stores and restaurants. In general, most retail shops inside shopping centres use lo price as its competitive tool to combat competition. It is not difficult to find that shopping malls range from metropolitan to eighborhood emphasize the concept of â€Å"Discount†, † Mega Sale† it is especially obvious in some fest ivals which usually highlight the provision of ‘crazy sa1e during festival. As a result, the provision of discount become a general practice to marketers and become a norm to shoppers. Without the benefit of discount, customers are more Likely to delay their consumption or shift to others stores with the provision of discount. Thus, it is not a long-term measure to combat competition. Ji}! iIU1iIk') tii flhlTi In the past, daily products such as provisions, wet foods are gathered in market; atching movie, shopping, entertainment, games and shopping are located in different places, performed at different times for specific people. Recently, the new modem shopping centres are characterised by new spatial form including leisure and consumption activities at the same place for different people. Centres are all modem and well-managed, together with special layout to attract tenants and customers. Many centres adopt the policy of encouraging independent and specialist outlets to pro vide more choices and lower price for the customers.The concept of tenant mix is widely used is shopping management, it provides a one-stop services for the customers, so that customers can obtain their needs in one trip. In addition, the centre is also provided security patrol system, cleaning 11 service, temperature controlled and the promotion events, customers can enjoy their life here in the enclosed environment, make them feel warmth, comfort, safety and satisfaction. Furthermore, people are looked busier; they would like to save their shopping time and use for entertainment and pursuit of personal interest and other leisure time activities.Nowadays, people are more enjoy the largest one-shop shopping centres, which providing them convenient and efficient shopping. In order to attract more customers visiting the shopping centre, shopping centre not only providing convenient and efficient shopping for customers, it also develop as a place for leisure activities and create parti cular themes to upgrade their ability to competition. Recently, there has been a trend for developer to provide mini cinemas, indoor family games stores, funfair style shops and food courts inside the shopping centre. Therefore, customers regard as part of their life or entertainment and enjoyment of their leisure time, this lead to increasing the pedestrian flow. In order to attract more pedestrian flow, developer recognized that some of the customers are only spent their leisure time in the centre without any purchasing. However, the large of pedestrian flow will induce investors and tenants to invest in the shopping centres, in which with recreational, entertainment and extra facilities. Finally, shoppers like to visit shopping centre when shopping promotion is held. As lifestyle of Hong Kong people is so excited, more and more shoppers strive for he feeling of relaxation during their weekends or holidays with families and 12 friends. They usually prefer to spend a day at shoppin g centre, which can provide one-stop services. 2. 5 Goal and Characteristic of CuMomer Women shop not out of devotional love for family members, and their shopping behaviours is an investment in their families and relationships with family members. Purchasers are rationalized not in terms of what was spent, but in terms of savings and thrift. The savings and thrift generated through shopping then constitute funds that can be given to dependents and descendents (Price, Arnould, Zirikhan, 2002). 6 Conceptual Mxle1s and Customer Characteristics In the following, the major ideas from and models derived by Huff, Timmerman, Sheth, Lindquist and Wee be briefly discussed. 2. 6. 1 Huff's Topological Model (1960) It attempts to derive simple deductive models of consumer spatial behaviour and cognition, Potter (1982) considers that one ofthe landmarks was the graph theoretical or topological model of consumers space preferences developed by Huff(1960) (McGoldrick, Peter J, and Thompson, Mark G . (1992, p. 46)).According to Huff, consumer spatial behaviour was determined by the interaction of three systems; the value, behaviour-space perception and movement imagery. These refer to (i) the geographical location of the consumer of the consumer and his/her personal traits; (ii) the perceived characteristics of the retail outlet; and (iii) the perceive and objective features 13 of the transport network and the mode of travel. 2. 6. 2 Timmermans' ConceptiialModel (1982) The model suggests that the decision problem such as the type of goods to be bought, together with the consumers value system, information levels, etc. , efines a set of decision criteria for the consumer which conditions the perception of the objective physical environment containing all potential outlets (McGoldrick, Peter J, and Thompson, Mark G. (1992, p. 47)). The decision making process makes this model involves an evaluation of each destination, base on the rating to evaluate attributes and Timmerman assu mes that consumer will chose their the destination with the highest scale value. In addition, he further points out that familiarity with the various shopping opportunities and whether they are within reasonable travel time are two important factors in this respect. . 6. 3 Sheth's integrative theory Sheth formulates a theory of shopping behaviour and a theory of shopping preference. A theory of shopping behaviour includes four types of unexpected events can intervene between preference and behaviour, such as events occur between the time and place when shopping preference and intentions are established and when actual shopping behaviour takes place (McGoldrick, Peter J and Thompson, Mark G. (1992, p. 47)). Sheth further postulated three basic constructions interact to determine a shopper' s preference or shopping predisposition. 14 2. 6. 3. Choice calculus Sheth used three systems such as sequential, dominant and tradeoff as the first construct by which consumers may match their sho pping motives with their shopping operation. In which sequential calculus eliminated shopping options that do not satisfy this motive until all shopping motives have been utilized. Tradeoff calculus involves the evaluation of each shopping option on aU shopping motives simulianeously to obtain an overall acceptability score. Finally, dominant calculus evaluates each shopping option only on the most impor. ant shopping motive. 2. 6. 3. 2 SlmppingmotivesShopping motives refer to shopper's needs and wants related to the choice that shoppers looking for. In 1983, Sheth provided a distinction between functional needs and non-functional needs; functional need is the shoppers need for the low prices or some products such as food, and non-functional need is the shoppers want to shop just for relieve boredom or some products such as clothes. In addition, Sheth mentioned that personal values, social values and epistemic values influence shopper's shopping motives. He further mentioned that sp ecial products also can influence shopper' s motives. 2. 6. 3. Shopping option According to Sheth, shopping options are determined by three market factors such as location, retail structure and positing/image. 15 2. 6. 4 Lindguist (1974-1975) Store image attributes groupings (McGoldrick, Peter J, and Thompson, Mark G. (1992, p. 59)). In this mode1 it describes nine store image attributes, which contributes to image formation or to favourable/unfavourable consumer attitudes towards outlets of various types. 2. 7 Shopping Centre Image Attributes AccordIng to Wee (1986) a basket of 27 attributes was worked out though an examination of coefficient alpha values.It was thought to adequately represent the domain of shopping centre image. By grouping the 27 attributes into different categories, 8 major factors of the customers towards store image are come out for ease analysis. Detail ofthe factor analysis is as follows:- Factor 1: Recreational Experience According to Wee, this factor accou nts for 3 1 . 2% of the variance and incorporates most of the â€Å"activity oriented†. These are, in descending order of leadings, a place to spend time, an â€Å"in place† to go, a place to go when the weather is bad, a place to take children and a place to eat or drink. Two feature related variables, ecor and spaciousness, also lead significantly and are consistent with this interpretation. Factor 2: JJr Friendliness This label was chosen to describe the group of variables loading with factor 2. Most of these attributes are features, which make the centre an easier and more 16 pleasant place to use. These attributes that are unique to this factor are the helpfulness of store staff, friendliness of the atmosphere, standard of security, toilet facilIties, seating area and air condoning. The two other attributes, place to eat or drink and a place to take children, load higher with factor i.Factor3: Stores It comprises the four attributes relating to stores at the cente r, rather than the centre itself. These rated the choice of major stores, the variety of stores, the product selection available within the stores and the general quality ofthe stores. Factor 4: Quality of Environment It combines the four attributes relating to the appearance and design of the centre, namely, cleanliness, lighting, spaciousness and decor. Factor 5: Ease ofUse by Car It represents the level of accessibility to car users, who tend to be in the majority at this centre. t is possibly surprising that layout loaded within this factor, rather than factor 2 or 4. This could suggest that the layout of at very large centre is associated more strongly with accessibility than with the internal feature of the centre. Factor6: Others Factor 6 was labeled â€Å"crowding† incorporating the level of crowds and the number of undesirable characters. Factor 7, labeled â€Å"ease of use by bus† combines the opening hours and access by bus; this provides a reminder that ope ning hours are, 17 in effect one element of accessibility. Only on attribute loads significantly ithin factor 8, the general leveL of prices. In this essay, survey will be conducted by using some attributes, which are mentioned above, for the analysis of the consumer behaviour of Whampoa. 18 3. What is a â€Å"SltoppingCentre†? The use of the world â€Å"mall† to describe a pedestrianised shopping street almost certainly originated in North America in ari effort to convey a greater sense of space, quality and elegance than is normally associated with an arcade. Malls are usually covered and wide enough to provide a central area for planting, seating, fountains and other furniture.Although shops fronting an arcade are usually smaller than those in a shopping mall, the basic difference between a mall and an arcade lies not in the types of shops found in them but in the volume of space between the frontages (Northen and Flaskoll 1977). The shopping centre is distinct from other forms of commercial retail development. It is a specialized, commercial land use and building type, which today is found throughout the world but until the late 1 970s thrived primarily in America suburbia, occurring only rarely in downtowns or rural areas. Over the years, it has been ransformed from a suburban concept to one with much broader and varies applications (Shopping Centre Development Handbook). According to Urban Land Institutes (1990), shopping centre is defined as â€Å"A group of commercial establishments, planned, developed, owned, arid managed as a unit related in location, size and type of shops to the trade area it serves; it provides on-site parking in definite relationship to the types and sizes ofthe store (James (1993, p. 3)). Recently, Urban Land Institutes has redefmed this definition so that a shopping centre must have a minimum of three commercial establishments, and, in the case of urban 9 shopping centres, their on-site parking needs may be relat ed not only to the types and sizes of the stores but also to the availability of of-site parkings and alternate means of access (Shopping Centre Development Handbook). However, it is not easy to derive a universally accepted definition of shopping centre because of several reasons. Shopping centres range in size from a very few shops to those with hundred number of shops, offering a full range of shopping provisions including large department stores, restaurants, supermarkets, entertainment facilities and parking spaces as well. 3. 1 The Principle ola ShopphigCentreThe successful of a shopping centre depends on many factors such as design and layout, its locatIon, its catehment areas, the way the business is run by the shop traders and whether there is any competition within the vicinity. ! Before constructing of the shopping centre, developer should understand the position of the centre in order to avoid competition with other centres The centre will depend on the size and the popu lation to classify as community shopping centre or regional shopping centre. Also it will depend on the location that the transport can be reached together with visiting carparks.Then, developers should identify the role and function, and choose the most 20 suitable theme and target groups of retailers and shoppers. For any type of shopping centre will play different role and provide different goods and services to the specified catchment population. A good shopping centre requires to strength its image by special features and good facilities. 3. 1. 2 Locationnfa Shopping Centre Location is one of the paramount important elements for a shopping centre, accessibility and visibility should be taken into account. The best location for a shopping centre should e located at strategic location in well-developed district such as area close to railway stations or any transport interchanges. Retailers will decide to run their business as high visibility and easy accessibility of a shopping c entre will increase the pedestrian flow; also shoppers from other districts will be attracted to this centre. 3. 1. 3 Catchment Area To defme the catchment area is one of the major factors affecting the success of a shopping centre, developer should understand the needs of customers, and tailor-made the design and different type of shopping centre will have different criteria for catchment area. . 1. 4 Accessibility and Interlink The key to a successnul shopping centre plan is to attracted more pedestrians as they are potential shoppers. The greater the concentration, the better the shops will be run their business. The City Plaza at Taikoo Shing and New Town Plaza in Shatin, pedestrians have passed through the shopping centre; 2! the provision of covered footbridge linking to all shopping centres is an example of diverting the pedestrian flow. The more time the shoppers stayed in the shopping centre, the more chance they spend.The trades of the retailers must make special arrangeme nt, so that shoppers visit all parts of the shopping centre will not feel tired and lose their interest. 3. 1. 5 Ten ant Mix Selection of well-known brand names and anchor tenants is critical to strengthen the centre and appeal to others as pulling effect may be result by such tenant. It can also attract shoppers to visit all parts of the centre and maximize the attraction ofprospective customers. However, the routing of centre should be well designed and balanced for all retailers.The success of a shopping centre may rely on proper designation of trades in its appropriate locations to create pedestrian flow to induce shoppers. In addition, a trade balance is also good for a shopping centre. Apart from catering the local needs, anchor tenants may attract more shoppers. Major tenants such as department stores, supermarkets, large Chinese and Western restaurants, chain stores and entertainment facilities such as iceskate field and cinemas. Beside the desigiated trades, some criterion for different trades should be considered. a) licensing requirements such as food premises require the provision of drainage, extra water supply and exhaust arrangement; (b) eleclricity supply for fast food shop and large consumption of electricity imdes; 22 (e) air conditioning for some trades require addition cold water and (d) floor loading will be considered for some trades that require installing heavy machines. 3. 1. 6 DecoratiGn hi order to attract tenants running their business in the shopping centre, the decorations should be glamour and attractive to induce potential and anchor raders. The layout of the shopping centre is a key factor in patronage and increasing the business promising. In addition, it is also ensured that customers could be convenient and easy to follow the route; the signages are easily to identify, so that to attract them from one end to the others, and from the first floor to the second, third and up to the fourth floor, etc. Furthermore, any dead-end t o be avoided, and harmony standard in design and layout of the shopping centre should be included the design of the shopfront entrances and finishes. . 1. 7 Sliopfront Standard glass panels are installed in the front of each shop, which enable tenants to display their products or demonstrate the services to be provided in order to attract customers. To maintain a continuity and uniformity of the shopfront, all tenants are requested to make use of the metal facade above the glass panels to place their trade name and logo. 3. 1. 8 Entrances The entrances for a shopping centre must be as attractive as possible; locations 23 must be at a concentration of pedestrian flow.In addition, a successful shopping centre should provide enough customers flow especially in peak hour and season, and each entrance should be conspicuous and brig1t enough to draw attention of the pedestrians arid passers-by. It also is as wide or grand a possible so as to produce an elegant or classic image in order to impress both tenants and shoppers. A narrow entrance gives an unpleasant outlook and is unattractive. 3. 1. 9 Finishes The finishes should make customers feel comfortable, in which colour should be consistent with the theme of the shopping centre.The external wail facade of the shopping centre should be furnished with pink and yellow tiles together with tempered glass glazing, in which light coloured materials could brighten up the appearance of the shopping centre. For internal wall facade with the corridors, mirrors should be installed on the wall. It makes customers feel more comfortable as space in the corridor looks like ‘arger. In addition, in the prominent places, the wall should be covered by stainless steel, porcelain enamel or coated metal cladding. Furthermore, floors could be applied ceramic tiles and granite tiles in the open areas.However, for those areas in the centre of the shopping centre could pave granite slab and polished homogenous tiles to upgrade the sh opping centre. Finally, the false ceiling with light trough could be covered the ceiling. 3. 1. 10 Signage System In order to direct pedestrian flow and strengthen the identity of the shopping 24 centre, a sizable name of the shopping centre with logo should be placed in the external wall; in which is easy eye-catching for the customers. In addition, an external advertising paniel for anchor tenants should be installed on the Mall facade the main street.Furthermore, name of the tenants is shown in each floor together with a guide map, directories showing each tenant at each floor on the wall near the escalators and staircases. Main directories showing tenants under different trade groups can be installed at the main access to facilities customers to identify and locate specified trade more easily. However, restriction must also be imposed on the size, colour and method of illuminating the signboards so as to obtain a better appearance as a whole. The amount of wording used and the s ize of lettering should be strictly controlled. . 1. 11 Marketing Marketing in which plays an Important role In the retailing business. the chief target is provided a pleasant environment for the customers to spend their money, while tenants to promote their sales. The duty ofthe marketing people must realize that the aggressive advertising and promotion campaigns required huge amounts to pay for such activities. In addition, the on-going market analysis to explore the ever changing of market conditions, customers' behaviours, purchasing power, attitude, social taste and trend should be studied to adapt the change.Market exposure is an important to gain the latest market intelligence, so that pro-active strategies could be formulated to strike for survival and expansion. 3. 1. 12 Management 25 A successful centre can also be attributed to an efficient and effective management; management a centre is a challenging role that requires all ski11s knowledge of a professional Management C ompany. From the shop tenants' point of view, they desire reasonable profits, while from the customers' point of view; they expect an attractive, comfortable and constant flow of traders.Due to face with ever changing environment, high expectation from the tenants and customers, and the competitiveness in the vicinity, it is essential that effective and efficient management together with innovative marketing concepts should be adapted. 3. 1. 13 Promotion The centre should be designed to strengthen promotional and publicity activities with an aim to draw the public's awareness to generate traffic and patronage, so as to create additional sales. More creative and innovative promotion activities, free coupons for shopping arid particular prize winning events will be introduced.In additIon variety show features and popular artists will be invited during holIdays. Promotion campaign will include: to work out promotional programmes schedules to be linked with the theme of the centre; to a rrange seasonal and festival decorations; to issue shopping guide, display panels and newsletter; to maintain a web site to publicize information and activities relating to the Mall; arid arrange gatherings and meetings with shop tenants, district Councils and community groups. oT;u) ifs] s] sjflfl 26 Much of the impetus for shopping centre development came from USA and by the id-1950s; three main types of shopping centre had been recognized by developers, architects, plamiers and geographers (Dawson 1983). Shopping centres were originally divided into three principal types – neighbourhood, community and regional; recently, the development of specialized markets opportunity, numerous types of shopping centres have evolved. The acceptance of this three-fold classification has become one of the established truths of modern urban geography and remained in common use despite the subsequent development ofmany centres which clearly do not fit any ofthe three ategories. The classifi cation has become less meaningnzl because there are increases in the numbers of centres arid the irmovations in tenant policy design, location and development practices (Dawson 1983). The increase in hybrid shopping centre makes the types of shopping centres difficult to distinguish; therefore the major tenant classifications and to a lesser extent the centre size and trade area determinate the type of centre. 4_ ff1rf ;i;rn; i The neighbourhood shopping centres provide for the sale of convenience goods such as food, drugs, sundries and personal services.This centre is usually based on a supermarket and covers a wide range of convenience goods including personal services such as laundry, dry cleaning and shoe repairs. It serves a localized catchment population less than 50,000. (Planning Department, 2001). It provides convenience goods and services which 27 consumers needs immediately and frequently. Shoppers as a rule find it most convenient to buy such goods and services near home or near workplace. Majority ofthis shopping centre is located in public housing estates. Most are less than 30,000-100,000 square feet (Shopping Centre DevelopmentHandbook, 1999). Typical Gross Leasable area is 50,000 square feet. Shopping centres locate in public and private housing estates are typical example such as Metiopolis Plaza locates at Sheung Shui near the Kowloon Canton Railway. The shopping arcade is on level I and 2 just underneath the three domestic blocks, with 60 shops of a total rentable area of 56,433 square feet. There are 129 private car and i i 9 bicycle parking spaces respectively. The centre is also accessible by public bus, public light bus and taxi, In addition, there are 22 lorry carpark spaces and 2 cargo lifts for loading and unloading.Between level i and 2, there are 2 escalators for customers. The centre is satisfied for local residents' need as it includes food & beverage shops, convenience shops, boutique shops, shoes and leather shops, electrical a ppliance shops and others. 3. 2. 2 The Crnmnunity Shopping Centre Community shopping centre is built around a small department store or variety stores as anchor tenant. In addition to a supermarket provides convenience goods and offers a wide range of comparison goods and personal services. It usually locates in new town centre with convenient transportation network and erves a catehment population of about 50,000 to 1,OOOOOO (Planning Department, 2001). The range of the area is 100,000-450,000 square feet (Shopping Centre Development Handbook, 1999). Typical Gross rental area is 28 150,000 square feet. This type of shopping cenfre also offers greater depth and range of merchandise and goods than neighbourhood shopping centre. It provides certain categories of goods, particularly commodities, which are less likely to be found in regional shopping centre. It attracts shoppers through the provision offull range ofshopping faciLities and goods. The maIn attraction ofthis kind f centre is usually the department store or some anchor tenants like ParkN Super Store, McDonald's Restaurant and Maxim's Chinese Restaurant. On the other hand, neighbourhood shopping centres have potential power to be a community shopping centre as their sizes and populations are strong enough to support them, just as some community shopping centre can expand into regional shopping centre. Therefore, the position of community shopping centre is the â€Å"in-between† centre, and it is hard to categorize. Tuen Mun Town Plaza and Shatin New Town Plaza, Telford Garden in Kowloon Bay are categorized as regional shopping centre.Shopping centres in Hong Kong such as Hang Fa Chuen in Chai Wan and City plaza in Taikoo Shing with several residential blocks in the vicinity, are categorized as community centres. 3. 2. 3 The Regional Shopping Cenfre Regional shopping centre usually has one or two full-line department stores, and the size can be range from 300,000 to 900,000 square feet, which can be served more than 150,000 populations. This type of shopping centre is a comparison trading centre, customers are visited on a regularly period or 29 occasional shopping trip to purchase goods such as fashion, shoes, furniture nd electrical appliances; customers usually make the prices comparison before they buy. It usually serves Hong Kong people as a whole. It includes local residents, office people as well as tourists. For example, Landmark at Central, it provides consumer durable goods, personal services as well as entertainment. The catchrnent area of this centre involving into different district areas and serves for large group of population. Shopping centres such as Pacific Place, Landmark, Time Square at Causeway Bay arid Ocean Terminal at Tsim Sha Tsui and Festival Walk that serve for people in different districts. . 2. 4 Specialty Shopping Centre J_n Hong Kong, this kind of shopping centre represents relatively small categories of the market, typical example such as gol den Shopping Centre in Shamshuipo for various types ofcomputer hardware and software. Golden Shopping Arcade is suited at Yen Chow Street and Kwei Lin Street in Shamsbuipo district. It is just a few steps away from the Shamshuipo Mass Transit Railway station, and public buses, public light buses and taxi can also be accessed. There are about 70 shops occupying two levels of the arcade. Beside he retailing shops, there are shops selling computer hardware and software of various brands and models. No matter new and experienced computer users, the arcade attracts them as the centre provides various software and hardware at lower prices. 30 3. 3 The Development f Shopping Centre According to Schiller, i 985, the term of shopping centre is ambiguous in Britain. It can mean either a comprehensive shopping development, as it does it most other countries, or a clustering of traditional shops in a town centre. Town centre can include planned and unplanned retail areas; however shopping centr e is often oosely used to mean a group of shops, which has been designed, planned, developed, owned, marketed and managed as a unit. Shopping centre is a planned assemblage of shop units which may or may not exist as part of sopping district, in which a shopping district can consist oftwo or more shopping centres. In Britain, many town centres has been developed as a shopping centre. According to McGildrick & Thompson, 1991), the massive suburban expansion in the last thirty to forty years has produced the features of urban landscape usually associated with the term â€Å"Shopping Centre†, but the British residential sprawl

The importance of the illustration to the meaning/interpretation of the poem

The illustration shows two distinct characters – a child and a man. The child is the representation of innocence while the man is for experience. Significantly, the background of trees and herd sheep brings the viewer to a deeper meaning that is within. The existence of the illustration enables us to visualize what William Blake wants us to see, know, and achieve by opening our minds to what has become of the world (his world at his time) from what it is supposed to be.Amongst our senses, vision could be the primary and perhaps the summary for whatever we touch, hear, read, and feel, we need to visualize them far beyond what our human eyes plainly see. The visualization of the â€Å"Songs of Innocence and Experience† through the illustration draws larger and multiple interpretations amidst the variations in the arts’ coloring and legibility which major role could be the enhancement and clarity of the core subject of the piece – human being, both in drawing and words – human being. 2. â€Å"Tintern Abbey†It is evident in the poem how Wordsworth illustrated nature and used it to present and depict movement and development of his work. He used it to transcend dull feelings to ethereal ones. Nature mirrors beauty – a call for transcendence that we are supposed to see amidst human chaos and emptiness, both within ourselves and within society. The poem opens with the line â€Å"five years have past†¦ â€Å", and goes on to the description of a beautiful landscape that is always impressive and amazingly beautiful, highly personifying nature (These waters, rolling from their mountain-springs, With a soft inland murmur.— Once again.. ), and vividly describing natures cycle yet unchanged beauty. The repetition of â€Å"Once again† leads to the persona's frequency of viewing nature and brings us the consistency of nature's beauty amidst time and space, where he/she highly recognized, recollected, and fo und solace. Unceasingly, the beauty of nature is hailed, and its role to our lives not just being the primary source of our survival through provision of our needs but also what nature is amidst material provision.The naked truth behind its existence – learn from nature as it transcends us to a state of joy and fulfillment. The persona recognized nature as: â€Å"anchor of purest thoughts, , nurse, guide, guardian of the heart, and soul of moral being†. In so doing, the poem implicitly reminds us not to exploit nature. How are we suppose to relate with nature is also foreshadowed. Nature, in the last stanza is personified as friend and a sister. It is highlighted as well, that â€Å"it never betrays as heart that loved it, which brings us to the golden rule.Lastly, it relates to us the intimate relationship of the persona to nature and how nature is recognized, praised, and loved by him that beyond human wanderings, loneliness, and emptiness, consolation, companionshi p, and love is laid bare to us by nature. The answer to the universal longing for peace and joy is nature. Nature transcends us to spiritual satisfaction. 3. â€Å"Kubla Khan† â€Å"Kubla Khan† is Coleridge attack against sexual abuse by man of power.His use of sound, rhythm, sound, imagery, language, and rhetorical effects to achieve unity and singularity of theme â€Å"war: warrior and victim† which is drawn and placed to a metaphorical meaning elevates his work and reveals his style. The poem opens with the description of a supposed kingdom and a man which holds on a deeper meaning beyond superficial or denotative meaning. His distinctive pairing of words in ‘sinuous rills, sunless sea’ draws the reader to a more sophisticated unelaborated meaning. The line â€Å"mighty fountain momently was forced† depicts the beginning of sexual intercourse.All through, beginning from the title, to the combination of the sounds of war (from a mans vantag e point and the lonely music of the woman (victim), a more meaningful work is created – a record of a sexual abuse established implicitly that beneath his grandeur and might is an abusive and dangerous man. 4. â€Å"In ‘Ode to the West Wind’ and in ‘To a Skylark† Shelley searches in the physical world for reassuring analogies to substantiate his belief that regeneration follows destruction, that alteration does not mean obliteration, and that mankind should heed the prophetic voice of poets.† The introduction of a season in the â€Å"Ode to the Wes Wind† depicts a cycle of generation and regeneration. Shelley’s belief that regeneration follows destruction is evidently seen in the whole poem – in the sequence of the seasons, after winter comes spring. In the third stanza, the persona visualizes old palaces and towers overgrown with azure moss, and flowers. Through time, it has been altered yet remained sweet – a clear evidence that alteration does not mean obliteration.In the last stanza, the persona calls on the west wind to scatter the poets words, which could be a defense to poetry, to mankind depicting poets work as prophetic in effect timeless and awaken mankind’s mind 5. â€Å"Ode to a Nightingale† and â€Å"Ode on a Grecian Urn†: A search for a reconciliation of the world’s loveliness and its evanescence, its pain with its pleasure. â€Å"Beauty is truth, truth beauty† – that is all Ye know on earth, and all ye need to know† – with this line the five-stanza ‘Ode the Grecian Urn† emphatically ends, which draws several interpretation from different literary scholars.It summarizes the message of the author, an answer to the multiple â€Å"what- questions† in the first stanza. The work, while it presents duality and separation, or perhaps defiance of what is expected depicted in the lines: â€Å"Heard melodies are swee t, but those unheard are sweeter†¦ Bad lovers never, never canst thou kiss†, it challenges us to find reconciliations between opposites/dualities that would sum up to the world’s loneliness and its evanescence, where every silence is a sound (second stanza), and along happiness comes sorrow (third stanza).While the first stanza is deeply concern with â€Å"what† to mean what are our lives for whichever walk is followed, the last stanza answers it. The answer to that search for a reconciliation of the world’s loveliness and its evanescence is embodied in the line â€Å"Beauty is truth, truth beauty†¦, which is to solely recognize that life is beautiful, that duality and opposition is real and is embodied in the same beauty however all has an end and we are but temporal beings – the only answer as to how we all should live.â€Å"Ode to the Nightingale† is a heavy depiction of pain evident throughout the poem and crowding in the first three stanzas. Amidst pain, is the search for pleasure and for love beyond â€Å"to-morrow† pointing what is beyond time and space. To fly or soar high like that of the nightingale and not to dwell and be consumed and drowned in pain could be the answer. Source: It is indicated in the instructions of this paper that own analysis and interpretation is encouraged. www. blakearchive. org/blake

FINANCIAL MARKETS AND MONETARY POLICY Essay Example | Topics and Well Written Essays - 1750 words

FINANCIAL MARKETS AND MONETARY POLICY - Essay Example Structure of Interest Rates The connection that occurs amid interest rates or the bond yields and dissimilar terms or developments. The word structure of interest rates can also be known as the yield curve and it shows a vital part in the economy. The word structure reflects expectations of marketplace participants’ almost future variations in interest rates and their valuation of financial policy environments (Greenwood 2010). Yield curves in the UK from 01.01.2008  to  31.12.2012 As far as Macro Economic Analysis Partition is concerned, the Bank of England estimates the yield curvatures for United Kingdom being on a day-to-day basis and are two types: the first one, customary, is located on yields on UK administration bonds (gilts) and comprises of nominal and real vintage curves and the increase period structure. The second one is founded on (LIBOR) i.e. Interbank rates that are sterling; earns on mechanisms connected to LIBOR, undersized sterling prospects, forward rat e bargains and LIBOR-based interest ratio exchanges. These profitable bank liability curves are minimal lone (Addison 1998). The government obligation nominal yield curves are also derived from the UK gilt prices and it offers an overall Security (GC) repo rates. The actual yield is copied from or they are derived from the UK index-linked bond values. However, by appealing to the Fisher relationship , the oblique inflation terms structure is therefore put in numbers and calculated as the change of rapid nominal frontward rates and rapid real onward real rates (section 2 makes clear exactly what these terms mean). The instruments used in the construction of the commercial bank’s liability curvature are first converted into synthetic bonds, and a similar technique is then used to crop the lucrative bank accountability curve as is used in the nominal inquiry (Gurkaynak 2012). Now, we are by means of the repo rate using asan flawed proxy for the riskless rate. In the approach to the end of the year, or the yearly the spread therefore widens. This result is known called the ‘year-end turn’ and can be detected in a number of ways in other markets. Without the three months at the end of the previous two years, the middling spread between the two rates has however, been about 35 basis points. Previously we noted that G Crapo (at least at two-weeks’ development) inclines to be biased on the downwards compared to the Bank’s repo rate. So about 15 base facts of this banquet are likely to be related to the liquidity and contract differences deliberated: Bonds of Zero-coupon, in order to do the price computation, together with the yield so as to extract the existing price of any fixed coupon instrument. In order to calculate the price’s yield, discount rates etc. Municipal, the treasury bills, existing bonds are utilized. To calculate price and extent callable bonds, agency options can be adjusted. Permanent and floating rates, the range, all are utilized in the computation of accumulated interest rates and the range. The shape of the yield was quite consistent with the main theories of the term structure, because