Vulnerability in Cloud Computing Essay Example for Free

Vulnerability in Cloud Computing Essay Abstract— Cloud computing has been developed to reduce IT expenses and to provide agile IT services to individual users as well as organizations. It moves computing and data away from desktop and portable PCs into large data centers. This technology gives the opportunity for more innovation in lightweight smart devices and it forms an innovative method of performing business. Cloud computing depends on the internet as a medium for users to access the required services at any time on pay-per-use pattern. However this technology is still in its initial stages of development, as it suffers from threats and vulnerabilities that prevent the users from trusting it. Various be rainy as well, in other words this technology is not trustworthy as it is affected with threats and vulnerabilities. We have termed a cloud with threats and vulnerabilities as a stormy cloud. Based on Cloud Security Alliance (CSA) and our research, we have identified top seven threats and vulnerabilities that are the causes behind the creation of a stormy cloud [1]. The identified threats and vulnerabilities are ranked from top to bottom as shown in Fig.1. malicious activities from illegal users have threatened this technology such as data misuse, inflexible access control and limited monitoring. The occurrence of these threats may result into damaging or illegal access of critical and confidential data of users. This research paper describes the characteristics (threats, vulnerabilities) associated with a stormy cloud. Keywords- Illegal access, Threats, Vulnerabilities I.INTRODUCTION The traditional era of computing involves the use of software, hardware and storage to achieve the required computational service whereas cloud computing has isolated the services from resources (networks, storage, servers). The required services are provided to the users by utilizing the resources of provider. Users are no longer required to purchase hardware, software or to manage storages. Due the evolution of this technology users are required to pay for cloud services on consumption basis. New cloud based business models are being discussed, defined, and implemented as solutions in form of on-demand services that allows businesses to enhance their efficiency and scalability. Success or failure of this technology relies on users’ trust whether the service provided is reliable, available and secure. Considering the benefits of cloud computing various organizations are moving towards IT solutions that are based on cloud however, before starting the journey to cloud, organizations must considers the possible threats and vulnerabilities that may convert their dreams of enhancing scalability and saving management cost into a nightmare of data loss and misuse. The users must consider that cloud can Figure 1. Characteristics of stormy cloud. In order to create awareness and protect the cloud users from adopting a stormy cloud, we are describing the impacts of threats and vulnerabilities in cloud computing so that organizations or users can adopt this technology with trust and from a trusted provider who has the powerful and trusted security polices as well as efficient techniques for securing the users’ data on cloud. II.CLOUD COMPUTING THREATS As we already mentioned, there are several significant threats that should be considered before adopting the paradigm of cloud computing, these threats are discribed as follows : A. Abuse and Nefarious Use of Cloud Cloud providers facilitate the users with various types of services including unlimited bandwidth and storage capacity. Some cloud service providers offer free limited trial periods that gives an opportunity for hackers to access the cloud immorally, their impact includes decoding and cracking of passwords, launching potential attack points and executing malicious commands. Spammers, malicious code authors and other cybercriminals can conduct their activities with relative impunity, as cloud service providers are targeted for their weak registration systems and limited fraud detection capabilities. For example some cybercriminals use rich content applications such as flash files that enable them to hide their malicious code and utilize users’ browsers to install malware [1]. B. Insecure Interfaces and APIs Cloud users are using software interfaces and APIs to access and manage the cloud services. These APIs need to be secured because they play an integral part during provisioning, management, orchestration and monitoring of the processes running in a cloud environment. The security and availability of cloud services is dependent upon the security of these APIs so they should include features of authentication, access control, encryption and activity monitoring. APIs must be designed to protect against both accidental and malicious attempts to avoid threats. If cloud service provider relies on weak set of APIs, variety of security issues will be raised related to confidentiality, integrity, availability and accountability such as malicious or unidentified access, API dependencies, limited monitoring/logging capabilities, inflexible access controls, anonymous access, reusable tokens/passwords and improper authorizations[1]. C.Malicious Insider Insider attacks can be performed by malicious employees at the provider’s or user’s site. Malicious insider can steal the confidential data of cloud users. This threat can break the trust of cloud users on provider. A malicious insider can easily obtain passwords, cryptographic keys and files. These attacks may involve various types of fraud, damage or theft of information and misuse of IT resources. The threat of malicious attacks has increased due to lack of transparency in cloud provider’s processes and procedures [2]. It means that a provider may not reveal how employees are granted access and how this access is monitored or how reports as well as policy compliances are analyzed. Additionally, users have little visibility about the hiring practices of their provider that could open the door for an adversary, hackers or other cloud intruders to steal confidential information or to take control over the cloud. The level of access granted could enable attackers to collect confidential data or to gain complete control over the cloud services with little or no risk of detection. Malicious insider attacks can damage the financial value as well as brand reputation of an organization. D. Virtualized Technology Due to the cloud virtualization, cloud providers are residing the user’s applications on virtual machines (VMs) within a shared infrastructure. The VMs are virtualized based on the physical hardware of cloud provider. In order to maintain the security of users, providers are isolating the VMs from each other so if any of them is malicious, it will not affect the other VMs under the same provider. The VMs are managed by hypervisor in order to provide virtual memory as well as CPU scheduling policies to VMs. As the hypervisor is main source of managing a virtualized cloud platform, hackers are targeting it to access the VMs and the physical hardware, because hypervisor resides between VMs and hardware [3], so attack on hypervisor can damage the VMs and hardware. Strong isolation should be employed to ensure that VMs are not able to impact or access the operations of other users running under the same cloud service provider. Several vendors such as Xen and KVM are providing strong security mechanisms of securing the cloud hypervisors, but still it is identified that sometimes security of VMs is compromised. E. Data Loss or Leakage Data loss can occur due to operational failures, unreliable data storage and inconsistent use of encryption keys. Operational failure refers to deletion or alteration of records without a backup of the original content that can take place intentionally or unintentionally. Unreliable data storage refers to saving of data on unreliable media that will be unrecoverable if data is lost [4]. The inconsistent use of encryption keys will result into loss and unauthorized accesses of data by illegal users that will lead to the destruction of sensitive and confidential information. Example of data loss is Twitter hacks. The online accounts of Twitter accessed by hackers and their numerous sensitive corporate documents were stolen. These documents were housed in Googles online web office service Google Docs. Although Google was not the one to be blamed for security break-in as the security of documents from twitter was not efficient enough. Instead, the entire company data was only one password crack away from discovery [5]. It’s clear from this example that data loss or leakage can damage one’s brand, reputation and cause a loss that may significantly impact employee, partner and users’ morale as well as trust. Loss of core intellectual property can have competitive and financial implications beside the compliance violations and legal consequences. F.Account or Service Hijacking Account or service hijacking refers to unauthorized access gained by attackers to control the users’ accounts, such as phishing, fraud and exploitation of software vulnerabilities. For example if an attacker gains access to users’ credentials, they can spy on their activities/transactions, manipulate their data, return falsified information and redirect them to illegitimate sites [6]. Users’ account or service instances may become a new base for the attackers who can leverage the cloud service providers’ reputation by launching subsequent attacks. With stolen credentials, attackers can often access critical areas of deployed cloud computing services, allowing them to compromise the confidentiality, integrity and availability of those services. Authentication and authorization through the use of roles and password protecting is a common way to maintain access control when using web-browsers to access cloud computing systems. However, this method is not suff icient enough to secure sensitive and critical data. G.Unknown Risk Profile It is important for the users to know software versions, security practices, code updates and intrusion attempts. While adopting cloud computing services, these features and functionality may be well advertised but what about the details orcompliance ofthe internal security procedures, configuration hardening, patching, auditing and logging. Users must be clarified how and where their data and related logs are stored. However, there is no clear answer that leaves users with an unknown risk profile that may include serious threats [1]. the VM within the virtualized cloud environment.VM escape is a vulnerability that enables a guest-level VM to attack its host. Under this vulnerability an attacker runs code on a VM that allows an OS running within it to break out and interact directly with the hypervisor as shown in Fig.2 [8]. III.CLOUD COMPUTING VULNERABILITIES There are several significant vulnerabilities that should be considered when an organization is ready to move their critical applications and data to a cloud compuitng environment, these vulnerabilities are discribed as follows : A. Session Riding and Hijacking Session hijacking refers to use of a valid session key to gain unauthorized access for the information or services residing on a computer system, it also refers to theft of a cookie used to authenticate a user to a remote server and it is relevant to web application technologies weaknesses in the web application structure at their disposal that gives the chance to hackers in order to accomplish a wide variety of malicious activities. While session riding refers to the hackers sending commands to a web application on behalf of the targeted user by just sending that user an email or tricking the user into visiting a specially crafted website. Session riding deletes user data, executes online transactions like bids or orders, sends spam to an intranet system via internet and changes system as well as network configurations or even opens the firewall [12]. However, the web technologies evolution and refinement also brings new techniques that compromise sensitive data, provide access to theoretically secure networks and pose threats to the daily operation of online businesses. B. Virtual Machine Escape Cloud computing servers use the same OS, enterprise and web applications as localized VMs and physical servers. The ability for an attacker or malware to remotely exploit vulnerabilities in these systems and applications is a significant threat to virtualized cloud computing environments [7]. In addition, co-location of multiple VMs increases the attack surface and risk of VM-to-VM compromise. Intrusion detection and prevention systems need to be able to detect malicious activity at VM level, regardless of the location of Figure 2. VM Escape. It allows the attacker to access the host OS and all other VMs running on that particular host. Hypervisors and VM’s complexity may cause an increase threat to attack surface that weakens security such as paging, check pointing and migration of VMs [8]. C. Reliability and Availability of Service In terms of reliability and availability, cloud computing is not a perfect technology. For-example in February 2008, Amazons Web Service (Amazons-S3) cloud storage infrastructure went down for several hours, causing data loss and access issues with multiple Web 2.0 services. With more services being built on top of cloud computing infrastructures, an outage orfailure can create a domino effect by taking down large amounts of Internet based services and applications which raise several questions such as in cases of failure, what forms of settlement exist for stakeholders? What is the responsibility of cloud providers? What will be appropriate procedures to overcome these issues? [9]. D. Insecure Cryptography Attackers’ can decode any cryptographic mechanism or algorithm as main methods to hack them are discovered. It’s common to find crucial flaws in cryptographic algorithm implementations, which can twist strong encryption into weak encryption or sometimes no encryption at all. For example in cloud virtualization providers uses virtualization software to partition servers into images that are provided to the users as on-demand services [10]. Although utilization of those VMs into cloud providers data centres provides more flexible and efficient setup than traditional servers but they dont have enough access to generate random numbers needed to properly encrypt data. This is one of the fundamental problems of cryptography. How do computers produce truly random numbers that cant be guessed or replicated? In PCs, OS typically monitors users mouse movements and key strokes to gather random bits of data that are collected in a so-called Entropy Pool (a set of unpredictable numbers that encryption software automatically pulls to generate random encryption passkeys). In servers, one that dont have access to a keyboard or mouse, random numbers are also pulled from the unpredictable movements of the computers hard drive. VMs that act as physical machines but are simulated with software have fewer sources of entropy. For example Linux-based VMs, gather random numbers only from the exact millisecond time on their internal clocks and that is not enough to generate strong keys for encryption [11]. E. Data Protection and Portability Although the cloud services are offered based on a contract among client and a provider but what will happen when the contract is terminated and client doesn’t wants to continue anymore. The question is, will the sensitive data of client be deleted or misused by the provider. Secondly if the provider went out of business due to any reason, what will happen to the services and data of the client? Will the provider handout the data of client to some other provider, if yes, will client trust the new provider? Considering these questions we can say that data protection and portability remains as one of main weaknesses of cloud computing. F. Vendor Lock-in This vulnerability occurs due to immature providers and new business models which raise the risk of failure and going out of the business. Lock-in, makes a client dependent on a provider for products and services so they will be unable to deal with another provider without substantial switching costs. Clients must be sure of their potential provider prior to provider selection process. Lack of standards may also lock-in the clients with only one provider. Due to heterogeneous standards and policies settled by each provider, clients are not able to easily migrate from one provider to another even though they want to do so [13]. G. Internet Dependency Cloud computing is an internet dependent technology where users are accessing the services via web browser. What if internet is not available or service is down, what will happen to users systems and operations that are very critical and need to run 24 hours such as Healthcare and Banking systems. In some Asian and African underdeveloped countries where service of internet is not considered as reliable enough, will organizations adopt this paradigm to move their significant systems on cloud? IV.CONCLUSION AND FUTURE WORK In this research paper we have discussed the characteristics of a stormy cloud that contains threats and vulnerabilities. Cloud computing has a dynamic nature that is flexible, scalable and multi-shared with high capacity that gives an innovative shape of carrying out business [14]. However, beside these benefits there are seven deadly threats and vulnerabilities encountered in this technology. Therefore, we believe there is still tremendous opportunity for researchers to make revolutionary contributions in this field and bring significant impact of their development to the industry. There is need to develop and design in-depth security techniques and policies in terms of people, processes and technology. By considering the contributions from several IT industries worldwide, it’s obvious that cloud computing will be one of the leading strategic and innovative technologies in the near future. ACKNOWLEDGMENT The glory of accomplishing this research paper goes to our parents for their moral support. We are also thankful to our supervisor for encouraging us to write this research journal. Finally, we are thankful to IJAEST for assisting us to review this journal and providing us timely response. REFERENCES [1]CSA, â€Å"Security Guidance for Critical Areas of Focus in Cloud Computing V2.1† Cloud Security Alliance, 2009, [Online], Available: https://cloudsecurityalliance.org/topthreats/csathreats.v1.0.pdf, [Accessed: 08-July-2011]. [2]E., Mathisen, â€Å"Security challenges and solutions in cloud computing,† in Digital Ecosystems and Technologies Conference (DEST), 2011 Proceedings of the 5th IEEE International Conference on, 2011, pp. 208-212. [3]Wei Chen, Hongyi Lu, Li Shen, Zhiying Wang, Nong Xiao, and Dan Chen, â€Å"A Novel Hardware Assisted Full Virtualization Technique,† in Young Computer Scientists, 2008. ICYCS 2008. The 9th International Conference for, 2008, pp. 1292-1297. [4]S. Farrell, â€Å"Portable Storage and Data Loss,† Internet Computing, IEEE, vol. 12, no. 3, pp. 90-93, 2008. [5]R., Trope, C., Ray, â€Å"The Real Realities of Cloud Computing: Ethical Issues for Lawyers, Law Firms, and Judges â€Å", [Online], Available: http://ftp.documation.com/references/ABA10a/PDfs/3_1.pdf , 2009, [Accessed: 15-Jul-2011]. [6]Karthick Ramachandran, Thomas Margoni and Mark Perry, â€Å"Clarifying Privacy in the Clouds† in CYBERLAWS 2011 : The Second International Conference on Technical and Legal Aspects of the e- Society, IARIA,2011. [7]S., Subashini, V. Kavitha. â€Å"A survey on security issues in service delivery models of cloud computing†. Journal of Network and Computer Applications, vo l.34, pp.1-11, 2011. [8]Trend Micro, â€Å"Making Virtual Machines Cloud-Ready†, [Online], Available: http://www.whitestratus.com/docs/making-vms-cloud ready.pdf. A Trend Micro White Paper, 2009 [Accessed: 16-Jul-2011]. [9]J., Grimes, P., Jaeger, J., Lin, â€Å"Weathering the Storm: The Policy Implications of Cloud Computing† [Online], Availablehttp://ischools.org/images/iConferences/CloudAbstract13109F INAL.pdf , [Accessed: 19-Jul-2011]. [10] B. Grobauer, T. Walloschek, and E. Stocker, â€Å"Understanding Cloud Computing Vulnerabilities,† Security Privacy, IEEE, vol. 9, no. 2, pp. 50-57, 2011. [11] A., Greenberg, â€Å"Why Cloud Computing Needs More Chaos† [Online], Available:http://www.forbes.com/2009/07/30/cloud-computing- security-technology-cio-network-cloud-computing.html, 2009, [Accessed: 20-Jul-2011]. [12] T. Schreiber, â€Å"Session Riding a Widespread Vulnerability in Todays Web Applications† [Online], Available: http://www.securenet.de/papers/Session_Riding.pdf, white paper, 2004. [Accessed: 20-Jul-2011]. [13] G., Petri, â€Å"Vendor Lock-in and Cloud computing†, [Online], Available: http://cloudcomputing.sys-con.com/node/1465147 , 2010, [Accessed: 23-Jul-2011].

The Psychodynamic Model of Abnormality Essay -- Papers Psychology

The Psychodynamic Model of Abnormality The psychodynamic model of abnormality is useful to an extent. However it has many weaknesses. The psychodynamic model of abnormality was initiated by Sigmund Freud. Sigmund Freud was very interested in hysteria. This is the manifestation of physical causes. He became convinced that unconscious mental causes were responsible not just abnormality but also normality. Freud developed Psychoanalysis. This is a set of techniques for treating the unconscious causes of mental disorders and built up a psychoanalytic theory of how human personality and abnormality develop from childhood. His psychoanalytic approach had a great impact on psychology and psychiatry and was developed by other psychodynamic theorists. Psychoanalysis had a very fixed set of assumptions. One of these is the unconscious processes where many important influences on behaviour come from a part of the mind we have no awareness of called the unconscious. Another assumption is psychodynamic conflict. Different parts of the mind are in constant struggle with each other and the consequences of this are important in understanding behaviour. Freud also believed that behaviour is motivated by sexual and aggressive drives. The drives create psychic energy that builds up and create tension and anxiety if it cannot be released. Another assumption is development where personality is shaped by relationships, experiences and conflict, particularly during childhood. Freud’s psychoanalysis is probably the most important psychodynamic theory. His ideas developed a... ...century. It has had a significant effect on a wide range of disciplines such as anthropology, women’s studies and theology. Also, the sharp distinction between abnormality and normality of the biological model is ignored. Doing this, it has created more sympathy for people with psychological disorders. Psychoanalysis is more humane with its focus on talking as opposed to drugs, shock therapy or brain surgery. It also has the power to enhance our understanding of ourselves and from the number of people who testify how it has helped them in their own lives. In conclusion, the psychodynamic model is useful as it is still being used today by professional psychiatrists and works with many people. However, there are a lot of weaknesses to outweigh the positives, which means that the model can be seriously questioned.

Justice, Gender, and Affirmative Action Essay

                  Affirmative action is a policy that is aimed at providing positive measures to remedy effects of past discrimination against members of certain groups (Clayton & Crosby 1992, p.2). One of the areas that suffer underrepresentation of the diverse, underrepresented individuals and minority group in colleges is the laws schools and subsequently in the legal profession. The questioned posed is â€Å"Is affirmative action the best solution to alleviating this crisis or is it the major cause together with other practices that have contributed to these underrepresentation?                  First of all is the admission procedure. Admission selection considers those with a bachelor’s degree for an accredited university or college. Few underrepresented minority students are able to attend college and obtain the relevant qualifications. Moreover, there are disparities in number of applicants and the number who get enrolled. For example in 2000, 74500 individuals submitted their application to ABA- approved school and an estimate of 67% of the total were admitted (ABA/ LSAC Pre-Conference Report, 2005, p, 4). This illustrates a flaw in the acceptance procedure that focus on higher merit in which its well document trend that underrepresented minorities score less on the Law Schools Admission Test (LSAT).                  Secondly the individual state bar exams are a severe impediment. â€Å"While the LSAT remains a reliable predictor of success in law school and the Law School Admission Council (makers of the LSAT), warn against over-reliance on numerical qualifiers alone† (ABA/ LSAC Pre-Conference Report, 2005, p, 5). Raised cut off points detriment the minorities who are disproportionately at the bottom in addition the bars are also misapplied. The percentage of residents in a state should have a proportionate percentage at the law school. The lack of a national bar does also contribute to this issue.                     The above two examples illustrate why affirmative action is needed in leveling admissions. Higher merit and higher cut off points are serving to lock out minority groups from accessing law education. In coming up with a criteria for selection, the selection board should put into consideration performance of minority groups which is at the lower end of the spectrum.                Terry Eastland suggests that affirmative action promotes discrimination. He argues that there is nothing like positive or negative discrimination. In Higher education for example, when the institution sets a lower grade for color students, the act in itself creates discrimination. These groups of students who will be enrolled under affirmative action are well aware that they are in that position due to their race. It is a negative experience that is not easy to erase. Sometimes attitudes from the majority students will affect the students from the minority. The majority students may not look at the minority as equals.                   Affirmative action leads to stigma. Eastland says that very few people are aware of the abilities and potential of the marginalized groups. In this case they are likely to be less respected and less valued. This can end up psychologically affecting these groups and it can be worsened if they fail to perform. Terry end believes that an environment should an equal working basis. If students have to be enrolled for higher education, it should be based on merit and not race. This will create an equal working environment of mutual relationship.                  Furthermore, Eastland equates ‘Affirmative action’ to ‘lower standards’. The rationale of having a policy that sets asides positions after a normal criterion creates a barrier between quality and less quality. By having this policy, institutions are accepting that results posted from minority groups are of lesser quality and lesser magnitude to that from the majority. Policy makers argue that the minority are affected by certain factors that make them not to equal results of the majority. It then beats logic that it would be easier resolving factors that make minority perform lesser than providing a criterion that guarantee certain results.                  Terry Eastland comments and views in regard to affirmative action tend to disapprove use of affirmative action against underrepresentation based on color. His views do not factor underrepresentation due to gender. However the logic behind his reasons and those of other scholars can equally be equated to affirmative action on gender and sex segregation                  Gender affirmative actions have shown to improve the status of women in the society. In fact advocates for gender affirmative actions have sprung from various women activists and organizations. Women have gained access to representations in legislative organs, various courses in colleges that stereotypically were set for men. However it is urged that continuous paying attention to a group of people will result in then differences becoming more salient than the commonalities among people (Clayton & Crosby 1992, p.11). This statement thus emphasizes Terry Eastland’s arguments against affirmative action.                To conclude, the benefits of affirmative action are actually visible. Moving forward however, the fundamental principles of affirmative action seem to have been overtaken with time. Putting into consideration Terry Eastland arguments in regard to affirmative action, the negatives of affirmative action outweigh the positives. Affirmative action has led to lower productivity, increased segregation and stigmatization. The call to end affirmative actions thus is justified. References Clayton, Susan D, and Faye J. Crosby. Justice, Gender, and Affirmative Action. Ann Arbor, Mich: Univ. of Michigan Press, 1992. Print. Law Schools Admission Council. Pre Conference Report (2005) Collaborating to Expand the Pipeline. Retrieved from http://www.americanbar.org/content/dam/aba/migrated/op/pipelineconf/PipelinePostReport.authcheckdam.pdf Source document

The Tragedy Of William Shakespeare s Hamlet Essay

Shakespeare is most commonly known for his poetry and playwrights. He is globally regarded as the greatest writer in the English language. Plays such as Macbeth, Romero and Juliet, and King Lear were some of his most successful tragedies. What made them so famous was the use of creating the main character to be tragic heroes. They were characters who were destined for suffering and defeat. The reason for their down falls was their defects that lead them to their downfall. He reveals his characters to be ultimimatly human and reveals a sense of potential heroism in everyone. By addressing his message that no one is perfect, he creates a connection with his audience. This creates a plot twist to society’s definition of a happy ending therefore making Shakespeare such a unique writer. In William Shakespeare’s Hamlet, he portrays main character prince Hamlet to have a fault that leads to his downfall in the tragedy. Hamlet is a virtuous character who is destined for defeat; making him a tragic hero. Hamlet is a prince who’s father (king hamlet) was killed in his sleep. At first it is believed that it was a natural death until the ghost of king Hamlet came to him and told him that it was none other than the king’s brother, Claudius, who killed him in his sleep to claim the thrown. â€Å"The serpent that did sting thy father s life now wears his crown (Act I Scene V). Despite, his swearing to avenge King Hamlet. Haste me to know’t that I, with wings as swift as meditation orShow MoreRelatedWilliam Shakespeare s The Tragedy Of Hamlet987 Words   |  4 PagesIn Shakespeare’s The Tragedy of Hamlet, Prince of Denmark, Hamlet speaks this soliloquy at the end of Act 3 Scene 2. At this point, the play-within-the-play has just been perf ormed for the royal court and more specifically, Claudius. Hamlet was ready to observe anything unusual Claudius might do. 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Similarities Between Confucianism And Taoism - 794 Words

Confucianism and Daoism are both chinese religions. They both incorporated religious practices with daily activities in a way that it pertained to philosophy as well as religion, making the secular sacred. Confucianism was grounded in ethics and virtuous socio-political conditions. Daoism, also known as Taoism, sought to establish the proper relation between humans and the cosmos through discernment of the Tao, or Way. Confucianists are more concerned with social relationships and Taoism is of a more broader nature and more mystically oriented and more philosophical. They both focused on relationships that humans had with each other as well as the relationships that humans had with nature. They were atheistic in a sense that they had no†¦show more content†¦Similar to Confucianism, Daoism has concepts of Tien and Te. It also has philosophical and religious concepts that descended from folk traditions. The difference that Daoists has limitations confucius got somethings wr ong. â€Å"Daoists developed a counterpoint to the Confucian focus on social hierarchy, political involvement, emotional and moral discipline, and ritual regimentation, a counterpoint based on the concept of the Dao† (CIWR, 491). The two founders, Laozi and huangzi, developed harmonious life in line with Tau. Laozi had his own philosophy, and Zhuangzi believed things were better with no politics. Similar to Confucianism, Taoism have a concept of Te, only they have a different way of obtaining it. â€Å"The term de in the Daodejing refers to a ‘virtue-power’ that embodies the mystic inner power attained through alignment with the unseen world, the power that allows a sage ruler to infuse his realm with the harmony he has achieved by ‘doing nothing,’ wuwei† (CIWR, 495). Daoists believe that one can point to what something is by implicitly pointing to what it is not. â€Å"To use a finger to show that a finger is not a finger, is not really as g ood as using something that is not a finger to show that a finger is not a finger† (BC, 12-13).Basically, in order to point to a finger and say what’s around it is not a finger, it would be better not to use a fingure. â€Å"The fanciful and the historical exist side byShow MoreRelatedSimilarities Between Confucianism And Taoism902 Words   |  4 PagesThe religions, Confucianism and Taoism, both originate from indigenous Chinese beliefs and practices. Although they come from the same area in the world, they have several differences alongside their similarities. Additionally, they both are influenced by the Tao; however, they have different meanings behind the concept. 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China has many differentRead MoreRelationship between Daoism Confucianism864 Words   |  4 Pagesï » ¿Ethan Martinez Rel1300 Dr. Benjamin Murphy October 21, 2013 Relationship Between Daoism Confucianism History has shown us, that Daoism and Confucianism have many things in common as well as many differences, let me start with what is Daoism and Confucianism. Daoism is also known as Taoism, is a religious tradition originated from China in the 550 B.C.E, it was founded by Lao Tzu, a great philosopher and the author of the â€Å"Dao De Jing† .The â€Å"Dao De Jing† or â€Å"Tao Te Ching† is a Chinese textRead MoreConfucianism and Taoism Essay982 Words   |  4 Pages Confucianism and Daoism are two influential schools of thoughts that have existed in ancient China around the 6th century BCE. The former, led by the politician and philosopher Confucius, proposed that humans live in society according to a set of predefined rules and that they transform society through political action. 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Confucianism was the dominant ideology in China, which is socio-ethical principles deriving from the teaching of the sage. Buddhism seemed to conflict with some Confucian values because Confucianism regarded the family as the foundation of society, and the Buddhist leave their families and renounce. Buddhism seemed to take up where Confucianism left off, and described an unseen world about which Confucianism had little to say about. When the people enquiredRead MoreSimilarities Between Confucianism And Confucianism893 Words   |  4 Pages For centuries, Eastern religions and philosophies of Hinduism, Buddhism, Confucianism Daoism have been practiced by millions. Three similarities distinguishable by all four practices is the focus and teachings of virtuous humanistic practices, compassion and respect for the world around us. Although, similar in intentions each system carries unique attributes. 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Question: Discuss about the Richmont Pte Ltd for Luxury Watches. Answer: Introduction This paper focuses on the business analysis of the Richmont Pte Ltd, a luxury goods company that supplies its products to different parts of the world. While every aspect of the business analysis of the company is essential for analysis, the paper only presents detailed analysis on the PESTEL analysis of the company about the effect the factors has on the company. It also focuses n the Porters Five Forces analysis of the competitive environment of the company. It then provides suggestions to the management recommendations that can be adopted by the company so as to uncover its PESTEL and Porters analysis factors. Description of the Company Compagnie Financire Richemont SA (Richmont Pte Ltd) was formed in 1988 as a spin-off from the Rembrandt Group. The company specializes in the producing luxury goods with major strengths in accessories, luxury watches, and jewelry. It has its headquarters in Switzerland and several branches located in the different market location of the world. Through its subsidiaries, the company business is mainly in the manufacturing, development, and distribution of different luxury products with retail as its major distribution channels. The distribution channels supply the products in the global market with the Europen market as the largest market. Richmont Pte Ltd generates the largest profit proportion from the timepieces and him luxury jewelry it produces. Like many other companies in its category, Richmont Pte Ltd has been building an in-house capacity in anticipation of its shifting supply lines in the matchmaking industry of Switzerland. It good progress and high market competitive strate gy have given it the leeway to the Chinese market with a strong Chinese demand for its products. The company is also known to have strong, well-known brands that encompass clothing, writing instruments, jewelry, and notably many watchmakers. Considering the market and consumer consideration, the unpegging on the Swiss Franc (CHF) is one of the major macroeconomic issues affecting the company operations. In his study, Sinclair (2015) denotes that CHF has a resulting customer appreciation that potentially leads to a big loss in the revenues for the company. Research (2010) reports note that the company issued a profit warning in the April 2016 as a result of the losses on the contract hedges and derivatives linked to the exchange rate issues. As a result, the recent stock price has recorded a downtrend despite the fact that the profit warning is not considered as a long-term concern by the companys internal audit system. On the other hand, the new Apple Watch has seen a positive uptake as good customer reviews that pose threats to other competitors and Swiss watchmakers. The Asian market is the largest consumer base for the Richemont by country majorly China and Hong Kong. Policies such as the anti-corruption crackdown and drive on luxury Xi Jinping as well as the Hong Kongs democracy issues, as well as the cooling Chinese economy have affected the luxury sales in these markets. However, Tajeddini and Trueman (2008) reports that the positive brand image of the Swiss watches together with the strong endorsement from other celebrities such as Gong Li, its long-term horizon will be positive at any moment the Chinese economy will pick up to embrace the foreign products. Pastels Analysis PESTEL analysis is used primarily used by different companies and business organizations to have a track record of the environment and the nature of the market in which the business operates. The abbreviated word PESTEL is an acronym for Political, Economic, Social, Technology, Ecological as well as the Legal factors in the business environment in which the company operates. The PESTEL business structure that influences the business includes the factors in the diagram below according to Humair, Siegrist, and Kueffer, (2014). Figure 1: PESTEL framework in a general Business Environment The Political Aspect According to Wamrack (2014), the political aspect of Richmont Pte Ltd is majorly from the high taxation charges from the Swiss government as well as the federal states where the other branches are located. It as well includes the customs duties which are imposed on the raw materials that are purchased by the company for the production of the jewelry, watches, clothes, among other products. The resulting effect is a limited scale of sales as a result of the increase in the cost of production. Political instability in different federal states has also affected their distribution channels as a result of weakened international relations. It has thus resulted in the reduction of the production as well as the business unit market share for the products of the company (Jack, 2015). Economic Aspect In their market analysis, Wamrack (2014) points out that Banks in Switzerland indicates a possible increase in the interest rates offered to different businesses from the current rates the banks charges. The resulting effect is the increase in borrowing cost as well as the eventual rise in the cost of production thus limiting business expansion to other potential global markets such as China, Kenya, South Africa, etc. The economic status of Switzerland also reports a great reduction in the inflation rate hence resulting in an improvement in the purchasing power of the consumers with the stability of the currency exchange rates. It thus poses a great deal of opportunity to Richmont Pte Ltd to improve on its production and so as to meet the demands of the customers. Socio-Cultural Aspect The significant increase in the world population is coupled with advancement and technological innovations and change in lifestyles as denoted by Yayici (2014). As a result, Richmont Pte Ltd has the opportunity and an increase in the reciprocating demand of digital accessories which has a ready market with the digital error as the target customers. It is because the increasing population as mostly identified with the digital error, which is an opening for the company to increase its innovation strategies and flood the market with customer-winning digital accessories so as to maintain it's competitive and large market share. The noted positive reviews on its innovations, especially in CHF, is also an opening for the market preference for the company coupled with positive remunerations as well as better welfare to the customers and the employees according to Frommer (2014). Technological Aspects Richmont Pte Ltd like any other business organization has adopted the use of the modern technology in the production, advertisement and distribution process. The increased stakeholders spending in search of better technological models to improve its economics of scale has also resulted in its market expansion to different parts of the globe. On the other hand, the company also embraces the use of social media platforms such as Facebook as advertisement platforms to increase its customer base. Legal Aspects Legal laws and policies such as the safety standards, labor laws, ethical demands, as well as environmental and natural conservation procedures have a great effect on the production and distribution process of the company. With the increase in the economic status of the global market, Graw (2011) notes that many businesses are affected by the strict consumer laws that affect the production and the general sales of the products. As a result, Richmont Pte Ltd has to adjust to the legal policies with the aim of the conservation of both human and environmental factors that have become the major concern of the global conservation industries for the sake of the future generation. Environmental Aspects Conservation of natural resources, as well as the environmental issues such as global warming and climate change, calls for every business to ethically consider the use of the natural resources for their production purposes. However, most of the products of Richmont Pte Ltd are environmentally friendly and poses little or no threat t to the environment. It is attributed to the effective waste management by the company that strongly pioneers the production of environmentally safe products. It is hence a great opportunity for the products of the company as they comply with the environmental regulations. Five Forces Porters Analysis The porters five forces analytical tool is used by businesses and companies to ascertain the competitiveness of the organizations in relations to the forces from its competitions. It thus helps in understanding the nature and level of competition the company so as to examine what makes it stands out amidst the stiff global market competition. The tool thus involves the bargaining power of the buyers and suppliers, threat of new entries, competitive revelry, as well as the threat of substitution (Perman, 2016 and Citizen Holding report, 2016). Threat of Substation There are several companies that also embrace the production of watches as well as other jewelry such as Swatch Group, LVMH, and Rolex. As a result, there exist threats of the company facing threats of product substitution by the customers. In the struggle to maintain its market position, Richmont Pte Ltd ensures it maintains the uniqueness of the product features so as to hold their customers from switching to the other products from other manufacturers within the market. Brandimarte (2012) denotes that the company survives the market threats by adopting a wide and vibrant networking with the customers as well as proper inter-organizational coordination (Gretler, 2016). Competitive Rivalry According to Frommer (2014), Apple Watch has a dramatic impact on the Swiss watch industry forcing Richmont Pte Ltd to rush in figuring out its smartwatch strategies. With the uniqueness of the company products, Richmont Pte Ltd has revived the Swiss watch industry that was pronounced dead in the early 1970s. It has thus made a huge comeback and a stiff competitor to the Chinese markets as a result of the diversity in accessories and not only dependent on the watch making. While expensive and mechanical watches are having an increase in their popularity, Richmont Pte Ltd still manufacturers cheaper and affordable quartz-based watches that are preferred by most customers (Rae, 2015). Threat of New Entry The number of established firms or industries in the luxury jewelry and accessory production is low resulting in low threats in the new entrants. The low entry is attributed to the high risks involved in the process of manufacture and production as well as the distribution of the products. The uniqueness of the Richmont Pte Ltd products also lowers the threats and changes in the production industry thus increasing the economies of scale of production for the new firms in the industry (Donze, 2012). Bargaining Power of Buyers Due to the uniqueness of the industry, it becomes very difficult for new firms to enter into the production of similar products despite the stiff global competition from other manufacturers. This, therefore, makes the industry enjoy the monopoly power in the production, thereby giving them authority in the market to dictate the market prices. This lack of very close substitute of similar products that meet specific customer specification, therefore, lowers the bargaining power of customers hence they act as price takers in the market Bargaining Power of the Suppliers In his study, Rae (2015) denotes that the suppliers power in the market for every business can only be felt through a proper input specification which needs to be obtained from other suppliers. Richmont Pte Ltd thus has the power of controlling the switching costs within the markets hence giving them a greater global market share. The strategy strengthens the competitive ability of the company and makes their products stand out in the market. It is also made possible by the power of suppliers has low force in controlling the market for every business to compete in the market effectively. Management Recommendations Despite the company enjoying a great market and competitive advantage from its cost leadership and management strategies, there is still a very stiff competition in the market that needs effective and relevant production strategies. According to Rae (2015), the major drawback of the management strategies is the fact that there are instances when the competitors lower the market price for the products as a result of the improved technology in different production sectors. It is thus necessary that the organization embraces different production while still maintaining the unique features. The accessories should as well be of different sizes and prices so as to meet the demand of the nature of the market where customers have different taste and preferences as well as financial stability. The product differentiation will also enable the company to increase its market share in different segments of the industry. Factors such as the design, size, shape, and interior layout are very essenti al and should fully be considered by the company as a strategy to stand out despite the stiff market competition (Yayici, 2013). Conclusion As evident from the PESTEL and the Porters five analyses, Richmont Pte Ltd has an outstanding performance in the Swiss market and across the borders. The good market position as well as the high customer base is attributed to the uniqueness of the products that the company produces. With other matchmaking and accessories industries increasing in the global market, Richmont Pte Ltd requires adopting unique production strategies that will result in the production of unique accessories. It as well requires proper distribution channels coupled with a well-monitored supply chain management strategy so as to maintain its customer base and market demand. References Brandimarte, P. (2012). Quantitative Methods: An Introduction for Business Management, Manchester: John Wiley Sons Citizen Holdings Co., Ltd. SWOT Analysis. (2016).Citizen Holdings Co., Ltd. SWOT Analysis, 1-7. Donz, P. (2012). The Comeback of the Swiss Watch Industry on the World Market: A Business History of the Swatch Group (1983-2010).Journal Of Strategic Management Education,8(2), 99-130. Frommer, D, (2014). Six things to know about the Swiss watch industry before Apple invades, Retrieved from https://qz.com/316064/six-things-to-know-about-the-swiss-watch-industry-before-apple-invades/ Graw, P. (2011). Business Analysis Formula, International Business Journal, Vol.6, no.1, pgs.24-26 Gretler, C. (2016). An East German Challenge to the Swiss.Bloomberg Businessweek, (4473), 24-25. Humair, F., Siegrist, M., Kueffer, C. (2014). Working with the horticultural industry to limit invasion risks: the Swiss experience.EPPO Bulletin,44(2), 232-238. doi:10.1111/epp.12113 Jack, V. (2015). Switzerland Declares War on the Apple Watch.Forbes,195(6), 114-116. Perman, S. (2016). Swiss Watches Are Getting More Affordable.Fortune.Com, 1. Rae, H. (2015). The Swiss and world watchmaking industry in 2015. International Business Journal. 7 (7) 24-26, Retrieved from https://www.fhs.ch/file/59/Watchmaking_2015.pdf Research, M. (2012). Swiss Watch Market: Industry Analysis Outlook (2016-2020) - Hong Kong and China Cause Plummeting Sales - Research and Markets.Business Wire (English). Sinclair, M. (2015). Connoisseurship as a Substitute for User Research? The Case of the Swiss Watch Industry.Journal Of Research Practice,11(2), 1-20. Tajeddini, K., Trueman, M. (2008). The potential for innovativeness: a tale of the Swiss watch industry.Journal Of Marketing Management,24(1-2), 169-184. Wamrack, W. (2014). The performance and Competitive advantage of small firms: A management Perspective, International Business Journal, Vol.1, no. 2, pg.15 Yayici, E. (2013). Business Analyst's Mentor Book: With Best Practice Business Analysis Techniques and Software Requirements Management Tips, Oxford: On Demand Publishing