Personal Identify and Self

In the novella The Death of Ivan Ilyich, Leo Tolstoy explores the experiences of a person who has to re-evaluate his entire life and his relations with other people.Advertising We will write a custom essay sample on Personal Identify and Self-Reflection in The Death of Ivan Ilyich specifically for you for only $16.05 $11/page Learn More The protagonist is confronted the fact of his inevitable death, and this awareness prompts him to reflect on his identity as well his value for others. To a great extent, the narrative helps the author to portray the self-discovery of the main character. In particular, Ivan Ilyich cherishes an illusion that he is a successful person who has achieved happiness; however, his terminal illness makes him see his shallowness and lack of empathy which is critical for the happiness of a human being. These are the main questions that should be examined in greater detail. They can be viewed as the central themes examined by Tolstoy in this literary work. It should be noted that at the beginning of the novella, Leo Tolstoy describes people’s reaction to the death of the protagonist. For instance, Ivan Ilyich’s colleagues, who purport to be his friends, think only about their promotion, especially the opportunity to occupy the post held by the protagonist (Tolstoy unpaged). They have no concern for the wellbeing of his relatives. Furthermore, his wife feels relief because she was too tired of Ivan Ilyich’s screams. This is one of the details can attract the attention of the reader.Advertising Looking for essay on literature languages? Let's see if we can help you! Get your first paper with 15% OFF Learn More By examining the behavior of various characters, the author demonstrates that other people were not emotionally attached to the protagonist. This is one of the main arguments that can be made. Later, the author looks directly at the experiences of the main character. He p erceives himself as an â€Å"intelligent polished, lively and agreeable man† (Tolstoy unpaged). On the whole, he believes that his life has been quite successful. It seems to him that he has fulfilled his talents. According to the social standards of the nineteenth century, Ivan Ilyich could even be perceived as a role model for others. This is one of the main issues that can be identified. On the whole, Tolstoy shows that up to a certain moment, the main character remains fully satisfied with his himself. Nevertheless, his terminal illness forces him to reassess his worldview. To a great extent, the narrative shows that the protagonist led a very shallow life; in particular, he only â€Å"amused himself pleasantly and decorously† (Tolstoy unpaged). Moreover, the protagonist understands that he never paid attention to the inner qualities of other people. For example, his wife proves to be an ill-tempered person who does not care about the needs of other people. The mai n character is astounded by her callousness at the time when he urgently needs her compassion. Similarly, his so-called friends pay little attention to his misfortunes. Overall, these details show how Ivan Ilyich looks at his past behavior as well as values which turn out to be false. This is one of the main details that should be considered.Advertising We will write a custom essay sample on Personal Identify and Self-Reflection in The Death of Ivan Ilyich specifically for you for only $16.05 $11/page Learn More Moreover, in the course of the story, Ivan Ilyich comes to the conclusion that his life has been artificial because it lacked such an element as empathy for other people. In the past, he did not feel the need for empathy and this is why he underestimated its value. However, he can better appreciate this quality when he notices that people, who surround him, lack this ability to put themselves in the position of others. There are only two excepti ons; in particular, one should speak about his servant Gerasim and his son who try to help Ivan Ilyich. In contrast, other people perceive his suffering as an inconvenience. This is one of the details produces an indelible impression on the main character who is firmly convinced that his wellbeing is vital for other people. Leo Tolstoy shows how a single event can prompt a person to look more closely at one’s self-identity. Ivan Ilyich perceives himself as a successful individual who has achieved every possible goal. Nevertheless, he eventually discovers that he has been a shallow person who failed to bring any value into the lives of others. Moreover, many of his beliefs prove to be erroneous, especially the conviction that he was a successful person. This is one of the reasons why he is so afraid of his mortality. So, Ivan Ilyich’s self-reflection makes him look at many things from a different perspective. Overall, the narrative of this novella is a powerful tool for describing the inner world of the protagonist and his subsequent transformation. The non-linear plot of the story helps Tolstoy to depict the way in which people respond to the death of Ivan Ilyich.Advertising Looking for essay on literature languages? Let's see if we can help you! Get your first paper with 15% OFF Learn More Moreover, this approach is important for describing the way in which the main character looks at his self-identity, his achievements, and values. The protagonist is forced to change his worldviews and values because he is put in a situation when his principles do not work. He discovers that compassion is vital for the wellbeing of a person, and this is one of the things that he lacks. Works Cited Tolstoy, Leo. The Death of Ivan Ilyich. n. d. Web. This essay on Personal Identify and Self-Reflection in The Death of Ivan Ilyich was written and submitted by user L1v1a to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

15 Quotes That Will Help You Identify Flattery and Praise

15 Quotes That Will Help You Identify Flattery and Praise Praise has a therapeutic effect on the receiver. It helps to restore a persons self-esteem. It gives hope. Praise is not flattery. There is a distinct difference between the two. Learn to Differentiate Between Praise and Flattery There is a popular Aesops tale about the foolish crow and the wily fox. A hungry crow finds a piece of cheese and sits on a branch of a tree to enjoy his meal. A fox who was equally hungry sees the crow with the piece of cheese. Since he badly wants the food, he decides to trick the crow with flattering words. He lavishes praise on the crow by calling him a beautiful bird. He says that he would like to hear the crows sweet voice, and asks the crow to sing. The foolish crow believes that the praise is genuine, and opens his mouth to sing. Only to realize that he had been fooled by the wily fox when the cheese was hungrily devoured by the fox. The difference lies in the intent of the words. You can praise someone for their actions, or the lack of it, while flattery can be vague, undefined, and even false. Here are some ways to spot the difference between praise and flattery. Praise Is Specific to an Action; Flattery Is Adulation Without a Cause Praise is an actionable device to encourage a positive outcome. For instance, a teacher could praise her student by saying, John, your handwriting has improved since last week. Good job! Now, such words of praise can help John to improve his handwriting further. He knows what his teacher likes, and he can work on his handwriting to produce better results. However, if the teacher says, John, youre good in class. I think youre the best! these words are unspecific, vague, and offer no direction for improvement to the receiver. John will, of course, feel good about the kind words from his teacher, but he wouldnt know how to be better in his class. Praise Intends to Encourage; Flattery Intends to Deceive Flattery is buttering up. With flattering words, someone hopes to get their job done without any concern for the person who receives the flattery. Flattery is based on an ulterior motive, that only benefits the flatterer. On the other hand, praise benefits the receiver, by encouraging the receiver to see the positive side of life. Praise helps others to recognize their talents, raise their self-esteem, restore hope, and give direction. Praise helps both the giver and the receiver.   Those Who Praise Are Immensely Self-Confident; Those Who Flatter Dont Have Confidence Since flattery is manipulative, flatterers are usually spineless, weak, and of poor character. They feed on others ego and hope to get scraps of goodies from egocentric megalomaniacs. Those who flatter dont have leadership qualities. They lack the personality to inspire and instill confidence. On the other hand, praise givers are usually self-confident and assume leadership positions. They are able to infuse positive energy in their team, and they know how to channel the energy of each member of the team through praise and encouragement. By giving praise, they can not just help others grow, but they also enjoy self-growth. Praise and appreciation go hand in hand. And so does flattery and adulation. Praise Fosters Trust; Flattery Fosters Mistrust Would you trust a person who tells you how wonderful you are, how kind you are, or how great you are? Or would you trust a person who tells you that you are a good co-worker, but you need to improve your social skills? It is tough to spot flattery if the flatterer is cunning enough to veil his words to sound like appreciation. A devious person could make flattery look like genuine praise. In the words of  Walter Raleigh:   But it is hard to know them from friends, they are so obsequious and full of protestations; for a wolf resembles a dog, so doth a flatterer a friend. You have to be careful when you receive compliments that amount to nothing. Flattery according to the Bible, is a form of hatred. Flattery can be used to manipulate, cheat, deceive, and hurt others. Beware of Flattery Because Flatterers Can Hurt You Words that are sweetened with honeyed words can fool the gullible. Dont let others sway you by their sweet words that mean nothing. If you meet someone who praises you without reason or charms you with honeyed words of appreciation, it is time to cock your ears and listen beyond the words. Ask yourself:   Is he or she trying to woo me? What are his/her intentions?  Are these words true or false?Can there be an ulterior motive behind these flattering words? Accept Praise With a Pinch of Salt Let praise or flattery not go into your head. While it is good to hear praise, accept it with a pinch of salt. Perhaps, the person who praised you is usually generous. Or perhaps, the person praising you wants something out of you. Flattery can be exhausting, even if they are generous. It is like eating too much sweet and feeling sick after a while. Praise, on the other hand, is measured, specific, and direct. Know Who Your Real Friends and Well Wishers Are Sometimes, those who criticize you more often than praise you have the best interest in their heart. They may be stingy when it comes to praise, but their words of appreciation are more genuine than compliments you gather from a stranger. Learn to spot your true friends, from those who are friends in good times. Shower praises and compliments wherever necessary, but not because you want to gain a fat favor. Be genuine and specific while praising someone, if you want to be accepted as a well-wisher. If someone flatters you, and you are unable to tell whether it is flattery or praise, double-check with a true friend, who can help you see the difference. A good friend will puncture your inflated ego, and bring you back to ground reality if the need arises. Here are 15 quotes that talk about praise and flattery. Follow the advice given in these 15 inspirational quotes on praise and flattery, and you will be able to tell the difference between praise and flattery every time. Minna Antrim: Between flattery and admiration there often flows a river of contempt.Baruch Spinoza: None are more taken in by flattery than the proud, who wish to be the first and are not.Samuel Johnson: Just praise is only a debt, but flattery is a present.Anne Bradstreet: Sweet words are like honey, a little may refresh, but too much gluts the stomach.Italian Proverb: He that flatters you more than you desire either has deceived you or wishes to deceive.Xenophon: The sweetest of all sounds is praise.Miguel de Cervantes: It is one thing to praise discipline, and another to submit to it.Marilyn Monroe: It is wonderful to have someone praise you, to be desired.John Wooden: You cant let praise or criticism get to you. Its a weakness to get caught up in either one.Leo Tolstoy: In the best, the friendliest and simplest relations flattery or praise is necessary, just as grease is necessary to keep wheels turning.Croft M. Pentz: Praise, like sunlight, helps all things to grow. Zig Ziglar: If youre sincere, praise is effective. If youre insincere, its manipulative.Norman Vincent Peale: The trouble with most of us is that we would rather be ruined by praise than saved by criticism.Orison Swett Marden: There is no investment you can make which will pay you so well as the effort to scatter sunshine and good cheer through your establishment.Charles Fillmore: We increase whatever we praise. The whole creation responds to praise and is glad.

Courses Recommended for Medical School Applicants

Courses Recommended for Medical School Applicants Perhaps it goes without saying that getting into medical school is challenging. With about 90,000 applicants each year and an acceptance rate of 44%, you cannot afford to slack on any entry requirements. It becomes even more challenging  gaining admission to medical school  when you are applying to the top 100 schools in the U.S., whose acceptance rate is a mere 6.9 percent in 2015.   One very simple prerequisite for entry to med school is completing all the required courses necessary to apply. These courses are nonnegotiable because they are required by the Association of American Medical Schools (AAMC), the organization that accredits medical schools. Make sure you have all of the following courses completed (or in the process of being completed) when you apply to medical school. Required Courses Since the medical field is heavy in sciences that concern the body and its environment, one would be right to assume a full year (two semesters) of biology and physics are needed to meet the AAMC prerequisites for applicants. Some schools may also require a semester of genetics and to ensure the applicant receives a well-rounded education and has the skills necessary to communicate well, a full year of English is also required.   Additionally, the AAMC requires applicants to complete one year each of organic and inorganic chemistry. These specific fields of study improve applicants understanding of the fundamentals of science as it relates to the medical field, be it for the chemicals needed in aesthetic treatment or for the chemical components of living matter.   Although thats all of the required courses specific to applying to medical schools, you also have to abide by your colleges curriculum  guidelines in order to earn your degree. Be sure to consult your counselor about which courses are required for your degree and how best to integrate the required courses into your schedule.   Recommended Courses You should also discuss courses that your counselor recommends that will give you a competitive advantage in your admission to medical school. Although these courses are not required, they could greatly help simplify your graduate-level studies. Taking Calculus- which many schools do require- could, for instance, lend to simplifying later chemistry equations youll need to use to pass advanced classes.   Many of the recommended courses also help prepare the potential med school student for being a doctor. Molecular biology, neuroscience, and upper-level psychology are often recommended to help the hopeful doctorate better understand more advanced lessons detailing the body and the brain. Statistics or epidemiology and ethics will help the doctor to understand the variety of patients and potential outcomes he or she may face in his or her career. These recommended courses illustrate the basic educational themes that med schools look for in applicants: the capacity and interest for understanding science, logical thinking,  good communication skills, and high ethical standards.  Ã‚  You don’t need to be a premed major  to complete these courses and meet the prerequisites for medical school, but make no mistake that a premed major certainly helps.

Professional athletes and celebrities as role models Essay

Professional athletes and celebrities as role models - Essay Example 1). As contended by Shaw, Whitehead and Giles, â€Å"celebrities are meaningful figures in the lives of young people in particular, and elicit a much more complex set of responses than simple imitation (577). In this regard, one is firmly convinced that people are able to discern who among the professional athletes and celebrities could be good models and who are anti-role models whose influence could lead those emulating them into significantly disastrous consequences; as such, not all professional athletes and celebrities are good role models who must be imitated and revered. In a study conducted by Read, the author focused on â€Å"ways in which the gendered social construction of the ‘popular girl’ infuses girls’ ideas as to their role models: those representing who they would like to be when they ‘grow up’† (Read 1). Apparently, Read discovered that â€Å"young boys were not likely to consider either their male or female teachers to be r ole models – favouring instead sports or TV stars or male relatives and friends of their family† (Read 5). ... The reasons for selecting these personalities as role models vary. For girls, the reasons range from appearance, accomplishments, and personality (Read). â€Å"Many of the girls who cited aspects of appearance as reasons for choosing particular role models chose celebrities, especially pop singers, as their role models, often (but not always) choosing singers of the same ethnicity as themselves† (Read 7). Likewise, it was contended that the disparities between selecting professional athletes for boys and celebrities for girls stem from this theoretical framework: â€Å"boys have traditionally displayed an active posture and girls, a passive one †¦ girls’ behaviour has historically included a focus on relational and intimacy work, nurturance and emotional supportiveness, and a concern with developing feminine allure† (Adler, Kless, and Adler 170). Regrettably, at very young ages, the development of role models was recognizably premised on external appearances and the image that is projected on the outer facade. There could be danger of emulating celebrities with hidden vices and unconventional behavior. In an article written by Shaw, Whitehead and Giles, the authors explored the contention that â€Å"negative roles models, celebrated in the press, lead to the heightened risk that young people will themselves engage in health risk behaviours such as drug use† (Shaw, Whitehead and Giles 575). Their study focused specifically on Amy Winehouse, a talented singer-songwriter with publicly known image of drug abuse (Shaw, Whitehead and Giles). The authors cited a study written by Boon and Lomore study which disclosed that â€Å"the majority of participants claimed that their idols had a

Crtical response to Duane's Caught Inside Essay

Crtical response to Duane's Caught Inside - Essay Example In this way, bits and pieces of the aforementioned points are revealed in an almost imperceptible way so that the reader gains a more full and complete understanding of the lifestyle and world-view of the individuals involved in the actions of this book. As a means of understanding this unique approach, this author will focus upon Chapter 13 of Duane’s book and enumerate on some of the pertinent themes, sub-themes, and topics that are discussed as a means to outline and understand the level of approach and detail that the author gives to the reader. The material within this particular chapter is organized and presented by means of a journey. As the story teller meets with a friend and ventures to the house of a third party, a general discussion on the life of a surfer, what is important, what matters, traveling, relationships, danger, and the ever present worries over where the funding for the next adventure will come from are all discussed. In this way, the storyteller finds himself perennially comparing his own financial and personal situation to that of those that the story introduces. This is carried out by means of actual physical comparisons to the type and quality of the vehicles that are driven, and the niceties that present themselves within the house of the individual who is being visited. However, all of this description, discussion, and analysis serves as but a type of lead up to the action that is going to take place as the three men join together and embark on a rapid trip to the ocean side to engage in an afternoon full of surfing. The almost religious overtones, the writer describes the awe inspiring spiritual elements that surfing provides to the practitioner (Lanagan 283). Whereas doing this without the background story would not engage the reader and would prove to be nothing more than a very long winded soliloquy of the benefits of a particular type of lifestyle, by interweaving the information regarding this type of lifestyle and rel ying on other means of conveyance (rather than the speaker himself), the author is able to present a clear and well explicated set of reasons for why the particular lifestyle advocated and described is perhaps far superior to almost any other model that is currently in existence. Although this particular life is not for everyone, as the author notes, the benefits that it offers those who engage with it can never truly be understood or explained. Using the wife of the gentleman that is visited as an example, the author works to show the means by which even those that do not understand the lifestyle can at least appreciate the significance that it engenders within the lives of those that they love and respect. The approach that the author takes towards revealing the subject matter and discussing it within this particular chapter is necessarily experiential. Although no model of research can attempt to capture the attention of an individual in the same way that a firsthand account of a dventure and excitement can, the author works to bring out the experiential factors that have encouraged countless others in the past to pursue their dreams at the expense of some semblance of

Refinery And Petrochemical Integrated Development

Refinery And Petrochemical Integrated Development Refinery and Petrochemical Integrated Development is considered as the largest petrochemical complex project currently in the region of South East Asia. RAPID project is located in Pengerang, South Eastern of Johor state. As the main investor, PETRONAS proposed RM60 billion investment for RAPID project. The major production of RAPID is the crude oil refinery with refining capacity of 300,000 BSPD. The crude oil refinery will act as the spine of the project that will supply sufficient feedstock to the petrochemical complex. With conservative estimate, petrochemical complexes will produce an annual combined production of approximately 3 million tonnes of ethylene, propylene, C4 and C5 olefins. The beneficial condition had attracted few company to partner with PETRONAS in the RAPID project. At present, there are five(5) company which had signed an agreement with PETRONAS to jointly own, develop, construct and operate production facilities for a host of specialty chemical products within Petronas proposed RAPID project in Pengerang, Johor. Those five(5) company are ITOCHU Corporation of Japan PTT Global Chemical Public Company Limited, DIALOG, Italy-based Versalis SpA, and Evonik Industries AG. Initially, another German world leading chemical company, BASF, had signed the Head of Agreement (HoA) with PETRONAS. However, in 21 January 2013, PETRONAS announced that the Head of Agreement (HoA) between two parties for a jointly specialty chemicals venture within PETRONAS RAPID project in Pengerang, Johor, has been terminated by mutual agreement. Unfortunately, following negotiations, PETRONAS and BASF concluded that it would be in their mutual interest to terminate the HoA as both parties were unable to come to an agreement on the terms and conditions for the implementation of the proposed venture. After the news of termination of HoA between PETRONAS and BASF was released, another company had signed a Letter of Intent (LOI) with PETRONAS almost at the same time. Evonik Indutstries AG is fully interested to jointly embark on the development of production facilities of specialty chemicals within PETRONAS RAPID project in Pengerang, Johor. Although there are only six(6) company which have signed agreement to be part into PETRONAS RAPID project, it is widely believed that more potential company are yet to join the PETRONAS RAPID project. Therefore, in this chapter, it mostly covers the background and licensors issue of those six(6) company. At the mean time, this chapter will also cover the difference of the development of production facilities of specialty chemicals among the company in different location. Besides that, it will make the comparison of two company in different petrochemical complex based on several aspects. Moreover, this chapter will include the proposed potential company that are feasibility for PETRONAS RAPID project. In addition, this chapter will also analyze the role playing and licensors issue of the latent company within PETRONAS RAPID project. 4.2 Role Playing and Licensor of Company in PETRONAS RAPID project 4.2.1 PETRONAS PETRONAS is considered as the major investor for RAPID project and will own, construct and operate the oil refinery plant and also naphtha cracker plant. PETRONAS, for being one of the leading oil and gas industrial company in the world, has full of experience in constructing and operating the oil refinery plant and also naphtha cracker plant. PETRONAS no doubt has the profession and technology to handle oil refinery plant which refining a capacity of 300,000 BSPD crude oil. PETRONAS has taken the license technology from the previous licensor, Exxon Mobil Research and Engineering (EMRE). Those 300,000 BSPD of crude oil will be refined and converted into different petroleum products, distributed and supplied to entire petrochemical plants within RAPID project. Currently, RAPID project comprised construction work of few petrochemical plants such as hydrogen peroxide plant with a production capacity of 250,000 MTPA, a 220,000 MTPA isononanol plant, an 110,000 MTPA 1-butene plant and a 1,300MW gas-fired power plant. These are only part of the petrochemical plants within RAPID project. There are few investors have not made decision on the construction of petrochemical plants. The decision will be made later the third quarter of this year. On that time, we will know entire plan of RAPID project. However, we can define their move for RAPID project based on the profile of the company such as ITOCHU Corporation of Japan and PTT Global Chemical Public Company Limited. 4.2.2 ITOCHU Corporation of Japan PTT Global Chemical Public Company Limited Both ITOCHU Corporation of Japan and PTT Global Chemical Public Company Limited are the world leading chemical company in oil and gas industry. The Energy Chemical company under ITOCHU Corporation consists of two divisions: the Energy Division and Chemical Division. The Energy Division facilitates the development and trade of bioethanol, focusing on developments in crude oil, natural gas, and other resources, and the supply chain where trade centres around the world originally operate. On the other side, the Chemical Division handles basic chemicals, synthetic resin, synthetic fibre raw materials, electronic materials, secondary battery-related materials and pharmaceutical products, among others. The company creates synergies in both of these globally operating divisions and have created an optimal value chain in petroleum, gas, and chemicals, in an effort to enrich the lives of people in the world. Another party, PTT Global Chemical Public Company Limited is the amalgamation of PTT Chemical Public Company Limited and PTT Aromatics and Refining Public Company Limited to be the chemical flagship of PTT Group. The integration results in reaching a total Olefins and Aromatics production capacity of 8.2 million tons per year and petroleum production capacity of 280,000 barrels per day, making it Thailands largest and Asias leading integrated petrochemical and refining company. PTT Global Chemical Public Company Limited is strengthened with its diversity of product in both Olefins and Aromatics line, which improves its competitive advantage as well as the ability to reduce risk inherent in the petrochemical industry. On 18th May 2012, ITOCHU Corporation of Japan and PTT Global Chemical Public Company Limited (PTTCG) have signed the Head of Agreement (HoA) with PETRONAS for the development of PETRONAS RAPID project in Pengerang, Johor. Mr. Sirisaengtaksin, Chief Executive Officer of PTTGC, said Through this new collaboration, we hope to strengthen our ties and business synergies within the Southeast Asia Region and to also meet the demands of a rapidly growing ASEAN regions population and AEC market growth We hope also to further strengthen our alliance and look forward to a long and sustainable relationship with PETRONAS and ITOCHU far into the future through our collaboration in high value added chemicals to serve the automotive, construction and electronic industries. As mentioned previously, the proposed refinery will have a capacity of 300,000 barrels per standard day and will supply naphtha and liquid petroleum gas (LPG) feedstock for the RAPID petrochemical complex, as well as produce gasoline and diesel that meet European specifications. With such a large amount of crude oil supply, ITOCHU and PTT are able to produce various merchant grades petrochemicals products. In prior, we discuss about the development of ITOCHU Corporation in PETRONAS RAPID project. In fact, ITOCHU Corporation signed a separate Heads of Agreement with PETRONAS and PTT Global Chemical, an integrated refinery, petrochemical, and aromatic player, towards the development of the new project for a few petrochemical downstream projects within the Project RAPID. It is widely believed that the production facilities should be close to the chemical industrial area covered by ITOCHU previously. Therefore, we bravely concluded that ITOCHU Chemical Division will own, develop, constru ct and operate a petrochemical downstream project in PETRONAS RAPID project in Pengerang, Johor. Generally, ITOCHU trades an extensive lineup of products, including basic chemicals, plastics, electronic materials, and pharmaceutical raw materials. ITOCHU has the higher opportunity to operate synthetic fibre production plant. The licensor of synthetic fibre production plant could be UOP Technology. UOP Technology provide the license of technology for ITOCHU and allow ITOCHU to use the particular technology to operate the synthetic fibre production plant. ITOCHU will demand the feedstock of synthetic fibre from PETRONAS oil refinery as there is sufficient capacity of up to 300,00 BSPD refining crude oil supply. Similarity, as the collaboration partner, PTT Global Chemical Public Company Limited (PTTGC), collaborate with ITOCHU Corporation and PETRONAS, to own, develop, construct, and operate at least two petrochemical plants in RAPID project. The petrochemical plants are not specified yet until now. However, based on the speech of Mr. Sirisaengtaksin, Chief Executive Officer of PTTGC, it is widely believed that the production of specialty chemical is mostly high value added chemical to serve the automotive, construction, and electronic industries. The future plan announced by PTTGC mentions that there is $11 billion capex by year 2020. PETRONAS RAPID project is also included and considered as one of the significant project in the future plan. The final decision will be on the middle of this year. Nevertheless, we strongly believed PTTGC, associated with ITOCHU Corporation to operate olefins downstream production plant and aromatic plant. Generally, ethylene and propylene can produce polyeth ylene, polypropylene, HDPE, LDPE, and LLDPE. The capacity of these products is considered large in amount as there is sufficient olefins supply. Besides that, aromatic products such as benzene, toluene and mixed-xylene are also produced through the petrochemical plant as well to supply them as raw materials to generate the downstream industries such as polystyrene. Alongside the massive production of olefins, aromatics, and by-product produced, PETRONAS RAPID is expected to fulfil the requirement and massive demand of feedstock from South East Asia country and Asia country especially China. PETRONAS RAPID is expected to step out to become the major and leading raw material supplier within the region in South East Asia and even the entire Asia region. PTTGC operates the aromatics plant and produces and distributes primary aromatics, namely benzene, paraxylene, orthoxylene, toluene, mixed xylenes, and cyclohexane (intermediate product) as feedstock for intermediate and downstream industries. PTTGC runs two aromatics plants, it boast the technology of UOP, a world-renowned licensor known for constant upgrading. Both facilities allow feedstock and product exchange to optimize paraxylene and benzene production. PTTGC plans to produce a total of more than 2.05 million tons of aromatics with an 88% utilization rate and continuous process efficiency improvement which over the past few years record. Alongside the experience of operating the aromatic plant, PTTGC knows the efficiency improvement move and straightly apply into PETRONS RAPID project. The successive moves such as replacement of heat exchanger of the distillation tower to produce 25,000 tons per year of additional paraxylene and installation of pipeline system to the refinery to produce reformate to add value to excess sour naphtha from aromatics plant. PTTGC may apply the technologies into the aromatics plant in RAPID project and produces greater amount and quality of products. PTTGC may rise RAPID project become the leading petrochemical complex in Asia region. On the other sides, PTTGC Group obtains olefins (a collective name for ethylene and propylene) from PETRONAS naphtha cracker plant for intermediate and downstream petrochemical plants in the industrial estate, for HDPE, LDPE, and LLDPE plants within the Group, and for the ethylene oxide/ethylene glycol (EO/EG) plant, wholly owned by PTTGC. The Group produces and sells olefins by-products, namely mixed C4, pyrolysis gasoline, tail gas, cracker bottom, and hydrogen, to domestic and foreign customers. To supplement value to these, PTTGC will operate the butene-1 and butadiene project from mixed C4 with a combined capacity of about 100,000 tons per year. Today, the plants basic engineering design has been completed, with a start-up date in about the second quarter of 2014. In addition, it is widely believed that PTTGC will owns, constructs and operates a 1,300MW gas-fired power plant within RAPID project. The gas-fired power plant supply power throughout the entire RAPID project. The feedstock used to generate the power plant is natural gas that obtained from the crude oil. In order to achieve green environment, the feedstock also can be obtained from the recycled natural gas from other petrochemical plant. This action has not only achieve green environment yet it helps to cut the cost of production. 4.2.3 Italy-based Versalis SpA Italy-based Versalis SpA is the third petrochemical company to join PETRONAS RAPID project in Pengerang, Johor. On 17th July 2012, PETRONAS and Itay-based Versalis SpA have signed for Head of Agreement (HoA) to jointly own, develop, construct, and operate elastomer plant within PETRONAS RAPID project in Pengerang, Johor. Based on the report statement, under the terms of the HoA, the proposed joint venture will produce and market synthetic rubbers by using Versalis technology license and technology know-how. Versalis (formerly known as Polimeri Europa) is a petrochemical company and flagship company of Eni SpA, an Italian multinational oil and gas company. It handles the production and marketing of a wide portfolio of petrochemical products, using a range of proprietary technologies and state-of-the-art production systems and a wide-reaching and efficient distribution network. Versalis provides its own technology of license and proves that Versalis has much confidence to the application of technology for the elastomer plant. For your information, the patent and proprietary technology portfolio ranges from basic products to polymers phenol and derivatives, polyethylene, styrenics and elastomers, but also catalysts, and special chemical products. Versalis contributes a lot of efforts to develop its own proprietary technology by using the direct experience earned at its research and development centre, its production plants, and also considering the feedbacks of the market towards its products. Throughout this approach, Versalis manages to optimize and strengthen the designing of the single devices and plants, of their performances, of the performances of the proprietary catalysts, of the characteristics of the products getting outstanding results in all the technologies of the companys business areas. And this is the reason that Versalis intends to use its o wn technology license. The elastomer technology used for the elastomer plant within PETRONAS RAPID project are: (1) emulsion polymerized styrene-butadiene rubber (e-SBR), (2) solution polymerized styrene-butadiene rubber (s-SBR), (3) SBS copolymers technology (SBS), (4) NBR butadiene-acrylonitrile rubbers technology (NBR), and (5) High Cis Polibutabiene rubber technology (HCBR NEOCIS). These technology are mostly believed to be brought and applied into the elastomer plant with PETRONAS RAPID project in Pengerang Johor. The brief introduction of each technology is needed for more understanding. Emulsion polymerized styrene-butadiene rubber is one of the most common used polymers in worldwide, used in a large variety of applications which significantly provide good quality of our life. The Versalis proprietary technology achieves wide-range of products which covers all e-SBR field of application like tires, footwears, light coloured and etc. Besides that, High Solids SBR Latices, whose main applications are in moulded foam, gel and non-gel carpet foam and stiffness enhancer Latices, are also leading product based on Versalis proprietary technology. Other the other hand, solution polymerized styrene-butadiene rubber is the most suitable feedstock for highly specified tyre components used in the fabrication of high performance tyres, where the lowest fuel consumption and the highest durability are required. In order to maintain the quality of polymerized styrene-butadiene rubber, s-SBR proprietary technology has been developed as an alternative to emulsion technology to produce new product grades and also to significantly reduce some environmental impact of the emulsion technology. Following by Versalis SBS technology, it is flexible in catering the different product grades required by the SBS market to meet new application requirements. Hence, the competitive production of the most common SBS grades and the additional SBS grades for special applications are allowed by Versalis SBS technology. Besides that, NBR butadiene-acrylonitrile rubbers are copolymers of butadiene (BD) and acrylonitrile (AN) produced by initiation redox catalyst systems to an emulsion polymerisation reaction . The high resistance to oils over a wide temperature range is certainly one of most important feature of Nitrile Rubber. Furthermore, goods NBR-based are normally high strength and resistance to abrasion properties. Originally, Versalis used cold radicalic polymerization technology for NBR production and was then continuously improved and modified its own NBR butadiene-acrylonitrile rubbers production technology based on market requests and feedbacks to meet the safety regulation requirement. At last, High Cis Polibutabiene rubber technology was first developed in the 80s, with the aim to produce rubber grades with specific properties in tyre sector as well as in other industrial applications. Typical High Cis Polibutabiene rubber plant consists of one reaction section, one finishing line and one packaging line. Based on the technology development and experience taken in operation of elastomer plant, it is widely believed that Versalis will focus on the partnership alongside with excellent proven elastomer operation records and wealth of experience and expertise that would significantly contribute towards strengthening PETRONAS and Malaysias position as a key downstream petrochemical player in the South East Asia region or the entire Asia region. 4.2.4 Evonik Industries AG PETRONAS is pleased to announce that a Letter of Intent (LOI) was signed with Evonik Industries AG to jointly engage on the development of production facilities of chemical specialty within PETRONAS RAPID project in Pengerang , Johor. On 13 January 2013, Evonik Industries AG officially signed the Letter of Intent (LOI) with PETRONAS and became the latest petrochemical company investing in RAPID project followed by ITOCHU Corporation, PTT Global Chemical Public Company Limited, and Italy-based Versalis SpA. Evonik, the creative industrial group from Germany, is one of the world leaders in specialty chemicals. Evoniks corporate strategy manages to maintain profitable growth and a sustained increase in the value of the company. Basically, its activities focus on the key megatrends health, nutrition, resource efficiency and globalization. Evonik benefits specifically from its innovative prowess and integrated technology platforms. Under the LOI, Evonik Industries AG planned to form a partnership with PETRONAS to jointly own, develop, construct and operate facilities for the production of hydrogen peroxide, C4 co-monomer and oxo-products within RAPID project.. The proposed plants within RAPID project are expected to produce a capacity of 250,000 metric tons of hydrogen peroxide, 220,000 metric tons of isononanol (INA) and 110,000 metric tons of 1-butene annually. Furthermore, the hydrogen peroxide will be used to produce propylene oxide by the licensed, eco-friendly hydrogen peroxide to propylene oxide (HPPO) process. The licensed technology, HPPO process, was jointly developed by Evonik and ThyssenKrupp Uhde. Evonik is one of the worlds largest producers of hydrogen peroxide and C4 based products with production facilities in Europe, North America, South America, New Zealand, Asia, South Africa and Indonesia. The worldwide capacity of hydrogen peroxide production is in excess of 600.000 tons per year. With more than 100 years of experience in peroxygen chemistry, Evonik is believed able to provide high quality products backed up by professional technical, engineering and sales support within PETRONAS RAPID project. The hydrogen peroxide plant is expected to boast an annual production capacity of 250,000 metric tons thus increasing the current overall hydrogen peroxide in worldwide. The group believes it is going to become the largest manufacturer of hydrogen peroxide. Today, hydrogen peroxide is widely used for various chemical industries. Therefore, it is a wise approach to operate hydrogen peroxide production plant within RAPID project. Generally, hydrogen peroxide (H2O2) is an environmentally friendly chemical used for oxidation reactions, bleaching process in pulp, paper, and textile industries, various waste water and air treatment, and for various disinfection applications. Nevertheless, Evonik has decided to implement the HPPO process with its own technology licensing which is developed by Evonik and ThyssenKrupp Uhde within RAPID project. The innovative HPPO process allows the oxidant to be used to produce propylene oxide. The HPPO process benefits that it requires significantly less investment and allows a high degree of production efficiency. It is also an extremely eco-friendly process. Besides that, oxo-products production plant such as isononanol (INA) production plant will be implemented within RAPID project by Evonik. Basically, isononanol (INA) is the most important raw material used for manufacturing large-volume of plasticizers. Plasticizers are chemical compounds that are used to make PVC materials to be flexible. The plastics become softer and more elastic and pliable for certain desired use. Plasticizers change the physical properties of the plastics without chemically react with the materials. As expected, Evonik plans to produce 220,000 metric tons of isononanol (INA) annually through the plant within RAPID project. This amount of capacity are believed sufficiently for demands throughout the South East Asia region. Most of the isononanol produced renders in the manufacture of DINP (di isononyl phthalate). The technology licensor for the isononanol (INA) production plant will be ThyssenKrupp Uhde. Uhde offers its first-class proprietary technology for the isononanol production plant within RAPID project. Similarly, the proprietary technology is developed based on research and production plants for many years. With this type of approach, the proprietary technology benefits that allows a high degree of efficiency with less investment requirement. In addition, Evonik has confirmed to operate a capacity of 110,000 metric tons annually 1-butene production plant within RAPID project. Evonik uses its own proprietary technology to operate the 1-butene production plant. Basically, 1-butene is used mainly as a co-monomer for polyethylene (LLDPE, HDPE) or co-monomer for ethylene/propylene copolymers. The advantage of 1-butene is mainly to improve for the tear strength of the polymer. Moreover, it is also used as intermediate for the production of various products such as antioxidants, plasticizers, herbicides, corrosion inhibitors or additives to lubricating and hydraulic oils. Evonik Industries AG are focusing on RAPID project seriously as they implement three main petrochemical production plant within PETRONAS RAPID project in Pengerang, Johor. As the Member of the Executive Board of Evonik, Dr. Dahai Yu said, The entire project is set to mark another milestone in our growth strategy in the Asian market. This is why were seeking for a strong long-term strategic partner like PETRONAS. The partnership is expected to strengthen the PETRONAS position as the key downstream petrochemical player as well as to position Malaysia as the number one oil and gas hub in the Asia Pacific region by 2017. Throughout the collaboration, Evonik Industries AG further consolidates its position as one of the world largest producers of hydrogen peroxide and C4-based products. 4.3 The Comparison of RAPID Project and Kerteh and Gebeng Integrated Petrochemical Complex 4.3.1 Construction and Operation Area Kerteh and Gebeng Integrated Petrochemical Complex is playing the significant role in the development of Malaysian petrochemical complexes of the east coast industrial corridor. Although isolated from the nations mainstream economic activities and politically distinctive, these former fishing villages have been transformed into Malaysias petrochemical industrial hub within a thirty years period. Similarly, RAPID project also transforms the fishing villages in Pengerang, Johor into another larger petrochemical industrial hub comparing to the one in east coast industrial corridor (ECIC). Currently, Kerteh and Gebeng Integrated Petrochemical Complex have become the leading role to multi-national petroleum, gas and chemical giants and are widely believed to have received highest concentration of foreign direct investment (FDI) in Malaysia. However, Upon target commissioning date in 2016, RAPID will become the largest petrochemical industrial hub within Asia Pacific Region. Kerteh and Gebeng are two different locations but planned to become industrial townships within the east coast industrial corridor (ECIC) of Peninsula Malaysia. The two town are connected by a dedicated railway. In contrast, RAPID project is planned to constructed at only one town area without any connections from other places. The figure 5.3 and figure 5.4 illustrate the Integrated Petrochemical Complex at Gebeng and location plan of RAPID project. Currently KPIC covers over 2,800 acres of land, and is planned to expand to cover about 13,200 acres by the year 2010. In present, GPIC covers about 8900 acres and it is expected to expand to about 23,700 acres by the year 2008. Initially, as statement from DEIA report, RAPID project is planned to cover 6,242 acres of land in Pengerang. The land covered will be further under expansion to be larger than the combination of IPC in Kerteh and Gebeng and in Melaka on the commissioning date by 2016. Verbund site 4.3.2 Capacity of Crude Oil Refinery In past, KIPC was only used as a crude oil channel, and as a liquefied petroleum gas (LPG) refinery. KIPC channels a capacity of 400,000 BSPD crude oil and 2,200 million cubic feet of LPG. Furthermore, KIPC also received some 250 million of LPG from Indonesia. Comparing to RAPID whereby RAPID is expected to have a refining capacity of 300,00 BSPD of crude oil. Upon target commissioning date in 2016, the countrys total refining capacity is to be increased to 935,300 barrels daily (bpd) from the current 635,300 bpd produced by the PETRONAS refineries in Kertih and Melaka. The refinery production of crude oil in RAPID project is illustrated in figure 4.5. For petrochemical related products, the current production capacity from the PETRONAS complexes in Gebeng and Kerteh is around 2.6 million KMTPA and upon RAPID operation, there will be an increase in production capacity to 6.5 million (KMTPA). It proves that the production capacity of RAPID project is expected to be much greater than GIPC and KIPC. Both Kerteh and Gebeng Integrated Petrochemical Complex and RAPID project have received high concentration of foreign direct investment (FDI) in Malaysia. Kerteh and Gebeng Integrated Petrochemical Complex have attracted foreign company to join partnership to own, develop, construct and operate petrochemical plants. In GIPC, the PETRONAS and its joint-venture plants, the Gebeng IPC is also host to a number of multinational chemical companies, such as Amoco Chemicals, which owns and operates a purified terephthalic acid plant, and Eastman Chemicals, which owns and operates a copolyester plastic resin plant. Figure 4.4 illustrates the major petrochemical plant and its production capacity. The MTBE plant produces a capacity of 300,000 pta of MTBE and 80,000 pta of propylene. Besides that, propane dehydrogenation plant produces another capacity of 300,000 pta of propylene. The propylene production plant also add on produces 80,000 pta of propylene. In addition, the BPC Acrylics Complex produces four(4) various of chemical products which are 160,000 tpa Crude Acrylic Acid, 20,000 tpa Glacial Acrylic Acid, 100,000 tpa Butyl-Acrylate, 60,000 tpa 2-Ethyl Hexyl Acrylate. Furthermore, BPC Oxo-Alcohols and Syngas produces five(5) petrochemical products like 80,000 tpa 2-Ethyhexanol, 40,000 tpa Phthalic Anhydride, 100,000 tpa Plasticizers, 160,000 tpa Butanols, 170,000 tpa Syngas. For BPC Butanediol Complex, a capacity of 100,000 tpa Butanediol is produced through the complex. PETRONAS Integrated Petrochemical Complex (IPC) located within the PETRONAS Petroleum Industry Complex (PPIC) in Kertih, Terengganu is an important link in our gas value chain. Receiving gas feedstock from the fields offshore Terengganu, the Kertih IPC principally consists of ethylene-based petrochemical plants. The plants located within this IPC include two ethylene crackers, a polyethylene plant, an ethylene oxide/ethylene glycol plant, a multi-unit derivatives plant, vinyl chloride monomer/PVC plants, ammonia/synthesis gas plants, an acetic acid plant, an aromatics complex and a low-density polyethylene plant. These plants are owned and operated mainly on a joint venture basis with various foreign partners with the advanced technology and experience, financial strength and market access to add value to the business. Figure 4.4 illustrates the major petrochemical plant and its production capacity. The ethylene plant produces a capacity of 400,000 pta of ethylene. Besides that, poly ethylene plant produces capacity of 200,000 pta of polyethylene and 55,000 pta of pipe compounding. The vinyl chloride monomer production plant also produces 400,000 pta of vinyl chloride monomer. In addition, the Polyvinyl Chloride (PVC) plant produces a capacity of 160,000 tpa PVC, Furthermore, Amonia and Syngas plant produces 450,000 tpa ammonia and 325,000 tpa Syngas. For acetic acid plant, a capacity of 400,000 tpa acetic acid is produced through the plant. The aromatics plant produces capacity production of 500,000 tpa Paraxylene and 188,000 tpa Benzene. Olefins (Second Cracker ) mainly produces 600,000 tpa Ethylene and 95,000 tpa Propylene for downstream production. Ethylene Oxide and Ethylene Glycol production plant produce capacity of 140,000 tpa Ethylene Oxide and 385,000 tpa Ethylene Glycols respectively. Ethylene Derivatives production plant produces five(5) petrochemical products such as 30,000 tpa Ethoxylates, 75,000 tpa Ethanolamines, 60,000 tpa Glycol Ethers, 140,000 tpa Butanol and 50,000 tpa Butyl Acetate to contributes for downstream production uses. The Low Density Polyethylen production plant produces a capacity of 255,000 tpa LDPE. For RAPID project, the capacity of production plants is clearly figured out in previous chapter. Therefore, for the information regarding the capacity of production within RAPID project, you are advised to refer the previous chapter. 4.4 The Comparison of RAPID Project and Titan Petrochemical Complex in Pasir Gudang 4.4.1 Location and Construction and Operation Area Titan petrochemical complex is owned and operated by Titan Chemical Group currently with the name of Lotte Chemical Titan Holdings Sdn. Bhd. Titan petrochemical complex constructed its first facility in Malaysia, a RM300 million polypropylene plant in year 1989. With

Customer Value Marketing Essay

This report based on the study of â€Å"Customer Value Marketing† starts with introduction section. We have mentioned the contents of the study in objectives of the report section. The methodology section deals with the means of preparation of this report and the processes that we have followed. Then the report describes the theoretical aspects of the study in the literature review. This section mainly consists of brief description about different important topics about customer value marketing. Finally in the last section, the report is concluded with findings, bibliography and appendix over the topic. The appendix section contains some International Journals on Customer value marketing. INTRODUCTION Today’s marketing process is highly customer focused. It is all about creating customer value and building profitable customer relationship. Customers are at the center of marketing process. The main theme of marketing is to create customer value and to capture value from customers in return. The goal of every marketer is to create more value for customers. Customers usually face a broad array of products and services that might satisfy a given need. Among these products or services, customers have to choose the products that give them optimum value and satisfaction. That is why creating customer value is considered to be the most important task to be performed by marketing today. The marketers do it through â€Å"customer value delivery system†, a system which is made up of the value chains of a company and its suppliers, distributors and ultimately its customers who work together to deliver value to customers. To deliver superior value to customers the marketers have to design a customer driven marketing strategy. The proper implementation of this strategy will give customers a perceived value, therefore, satisfaction. While buying a product or service, a customer is buying satisfaction. Highest value is derived when a customer is fully satisfied with his or her purchase. Today, value is considered to be an important constituent of relationship marketing and the ability of a company to provide superior value to its customers is regarded as one of the most successful competitive strategies for business. Hence, today’s marketing needs to be based on the concept of customer value. OBJECTIVES OF THE REPORT This report mainly discusses the following subjects: †¢Customer Value †¢Customer Value Strategy †¢Customer Value Positioning Model †¢The implementation of Customer Value Strategy †¢Hypothesis Regarding Customer value †¢Propositions on Customer Value †¢Methods of Customer Value Assessment †¢Customer Lifetime Value METHODOLOGY OF THE REPORT The report in this study is basically a descriptive one. Here, both the primary and the secondary data are been used. The primary data has been collected from lectures given on this topic in the classroom. The secondary sources of data are our textbooks, various international journals & different websites. LITERATURE REVIEW Customer value strategy: Customer value strategy is doing things differently from the competitors and transferring different values to the customers. There are six principles of strategic positioning. They are: †¢Strategy should have the right objectives. †¢The value of positioning should be distinguished from the competitors. †¢Strategic thinking should be reflected from the unique value chain. †¢In order to pursue the uniqueness in certain areas, we must give up some of the other characteristics of products, services or activities. †¢Strategy should enable the effective integration of various activities. †¢Strategy should have sustained direction. Customer Value Positioning Model: A Successful business is always based on its selection of the target customers for value positioning. Customers can be roughly divided into three types, but for different customers have different types of value positioning model: †¢Customers are interested in up-to-dated, modern product. Organizations which meet the needs of these customers can orient the value on â€Å"product leadership†. For example, Microsoft, Hp. †¢Customers prefer cost-effective products and services. They prefer convenient purchase and high quality service. The organizations which aim at this target group of customers orient the value on â€Å"operational excellence†. For example, Wal-Mart, Fed-Ex. †¢Customers want to get exactly what they need, even if they have to pay a higher cost or wait a little longer. Companies which serve these types of customers are committed to improving â€Å"customer intimacy†. For example, Honda, British Airways. The implementation of Customer Value Strategy: Once the customer value strategy is established, the company must ensure the implementation of the strategy by committing everyone in the workplace to its objectives and building support system for it. For this the business must ensure the followings: 1.Strengthening management for core competency: The practice of a strong management system is a prerequisite for achieving customer value. A dynamic management system is needed so that the value strategy can be effectively implied. 2.Establishing culture of the company based on customer value: In order to achieve the strategic objectives of a company, it is necessary to develop a culture based on customer value so that the idea of customer value is deep in the heart of everyone in the workplace. 3.Establishing a highly integrated value system: A highly integrated value system means company’s self-reinforcing system of various activities. 4.Establishing an effective performance measuring system: While implementing customer value strategy, companies continuously measure the performance with goal. Therefore, company should have an effective performance measuring system so that any deviation can be analyzed carefully. 5.Establishing the network marketing system: With the help of network marketing system companies can understand customer’s needs in a better way and thus can strengthen the implementation of customer value strategy. Hypothesis: Rajagopal (2006) has established some hypothesis regarding customer value. They are as follows: †¢Higher perceived value acquired by the customer help consumers to determine their buying decision on the non-conventional products of unfamiliar brands in the market. †¢The brand value of the product is enhanced by developing the communication tools effectively by the firm which help augment the customer value by marginalizing the gap between consumer perception and product attributes. †¢The brand value, quality of the product, competitive advantage and price along with other relational variables determine the customer value. †¢The product attractiveness combined with the effective informational sharing and retailing services help augmenting by providing competitive advantage. Here are some other hypothesis by Weinstein and Abratt (2009): †¢There is a significant correlation between service received from a professional service and customer retention. †¢There is a significant correlation between quality received and customer retention. †¢There is a significant correlation between the image of a professional service and customer retention. †¢There is a significant correlation between the prices charged and customer retention. †¢There is a significant correlation between overall value received from a professional service and customer retention. Propositions: Andreassen (1997) has made some propositions on customer value. They are: †¢Perceived quality is believed to have a positive impact on value †¢Perceived quality and value are believed to have a positive impact on customer satisfaction. Methods of customer value assessment: James, Dipak & Pradeep (1993), introduced some methods for assessing customer value. They are as follows: †¢Internal engineering assessment †¢Field value-in-use assessment †¢Indirect survey questions †¢Focus group value assessment. †¢Direct survey questions †¢Conjoint analysis †¢Benchmarks †¢Compositional approach †¢Importance ratings Customer Lifetime Value: According to Phillip, Mark & Robert (2004), â€Å"Customer Lifetime Value is the present value of the future cash flows attributed to customer relationship.† Therefore, Customer Lifetime Value (CLV), also known as Lifetime Customer Value (LCV) or Lifetime Value (LTV) is the net present value of the cash flows recognized from the relationship with a customer. This is a parameter to determine exactly how much a customer is worth in monetary terms and therefore exactly how much a marketing department should be willing to spend to acquire each customer. According to Jason, Ashutosh and Roberto (2010), â€Å"CLV makes it possible to explicitly link long-term financial returns to marketing actions.† They think that CLV has been gaining significance for two reasons: First, many traditional marketing metrics are not sufficient to evaluate return on marketing investments. Second, customers are not equally profitable. So, it is necessary to understand customer value at individual level which can be done with the help of CVL. CLV is typically used to calculate the cost of acquisition of a customer. For example, if a new customer costs 50000 TK to acquire and his or her lifetime value is 60000 TK, then the customer is considered to be profitable. FINDINGS 1.Customer value helps to develop & manage customer relationship 2.Customer expectation and customer satisfaction are closely related with customer value 3.There are some principles of strategic positioning which can be applied in doing things differently from the competitors and transferring different values to the customers 4.Success in business depends on selection of the target customers for value positioning. 5.The practice of a strong management system is needed for achieving customer value. 6.Developing a culture based on customer value is necessary to achieve the strategic objectives of a company. 7.A highly integrated value system & effective performance measuring system is important for the implementation of customer value strategy. 8.Network marketing system helps to understand customer’s needs in a better way 9.Some hypotheses established by various scholars are helpful for delivering superior customer value. 10. Important methods should be followed for assessing customer value 11.Customer Lifetime Value explicitly links long-term financial returns to marketing action. It also helps to understand customer value at individual level. BIBLIOGRAPHY 1.Komulainen Hanna; Mainela Tuija; Tahtinen Jaana; Ulkuniemi Pauliina (2004) â€Å"Exploring Customer Perceived value in a Technology Intensive Service Innovation†, volume 20, page 27. 2.Ravald Annika; Gronroos Christian, (1996),†The Value Concept and Relationship Marketing†, volume 30, page 12. 3.Lia Chia Chi;(2003) â€Å"The role of Customer perceived value in Generating Customer Satisfaction: An E-business perspective† volume 5, page 15. 4.Lam Shun Yin; Shankar Venkatesh; Erramilli and Murthy; Krishna Bvsan, (2004), †Customer value, Satisfaction, Loyalty and Switching cost: An illustration from a Business to Business Service Context†, volume 32, page 20. 5.Rajagopal, (2006), â€Å"Brand value, Preferences and Customer value effect of Non-conventional utility products: An experimental analysis in Mexican market†, page 23. Weinstein Art and Abratt Russel(2009) â€Å"Marketing Intelligence & Planning† Volume 27 No. 5 page 19, 2009 6. 7. Andreassen Tor Wallin (1997) â€Å"The International Journal of Service Industry Management†, volume. 8, No 4, Page 33 Anderson James C. Jain Dipak C. & Chintagunta Pradeep K.(1993), â€Å"Journal of Business to Business Marketing†Volume 1(1) , Page 29 Pfeifer Phillip E., Haskins Mark E. & Conroy Robert M. Journal of Managerial Issues (2004) page 25 Zhang Jason Q. , Dixit Ashutosh and Friedmann Roberto (2010), â€Å"Journal of Marketing Theory and Practice† Volume 18 no. 2, Page 13 7. 8.www.wikipidia.com